After the quarter's end, on April 22, 2008, the company completed the sale of 6,129,000 shares of common stock at $25.50 per share, resulting in gross offering proceeds of approximately $156.3 million.
"The ability of our joint venture with Prudential Real Estate Investors to secure $245.0 million at reserve adjusted LIBOR plus a 150 basis point spread is a testament to the strength of the joint venture, our proven ability to execute on our business model and the world-class quality of the assets we are developing through the joint venture. Coupling this financing with the extension of our joint venture's existing facility to April 2009 and the raising of approximately $156.3 million in gross proceeds in our April 2008 follow-on public offering, we were able to further enhance what was already a very solid financial position," commented Kent Griffin, Chief Financial Officer of BioMed Realty Trust.
During the quarter, the company acquired the 500 Fairview Avenue property, an approximately 22,000 square foot building which is fully leased to the State of Washington and targeted for future redevelopment as laboratory/office space, located adjacent to the company's 530 Fairview Avenue property in Seattle, Washington.
As of March 31, 2008, BioMed Realty Trust owned or had interests in 112
buildings, located predominantly in the major U.S. life science markets of
Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New
York/New Jersey. The company's portfolio was comprised of the following,
with its operating portfolio 93.2% leased to 113 tenants, as of March 31,
Rentable Square Feet
Operating portfolio 6,613,665
Repositioning and redevelopment properties 1,863,817
Construction in progress
|SOURCE BioMed Realty Trust, Inc.|
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