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BioMed Realty Trust Reports First Quarter 2009 Operating and Financial Results
Date:4/29/2009

  • Closed on a $203 million secured loan facility for the company's joint venture with a fund managed by Prudential Real Estate Investors (PREI(R)), in which BioMed has a 20% interest, the net proceeds of which were used to repay a portion of the outstanding balance of the existing facility.
  • Further de-leveraged through the repurchase of exchangeable senior notes with a face value of $12.0 million for approximately 58% of par, resulting in a gain on debt extinguishment of approximately $4.4 million.
  • Increased same-property cash-basis net operating income 6.0% over the prior year period, primarily resulting from continued leasing successes and scheduled rent escalations.
  • Generated net income attributable to common stockholders of $19.0 million for the quarter, up 54.3% from the same period in 2008. On a per share basis, net income attributable to common stockholders was $0.23 per diluted share, compared to $0.19 per diluted share for the same period in 2008.
  • Funds from operations (FFO) for the quarter were $0.56 per diluted share, or $47.7 million, compared to $0.45 per diluted share, or $31.1 million, for the same period in 2008. Excluding the gain on debt extinguishment of approximately $4.4 million, or $0.05 per diluted share, FFO would have been approximately $0.51 per diluted share.

  • Alan D. Gold, Chairman and Chief Executive Officer of BioMed, remarked, "Once again, BioMed delivered strong financial results in the face of a challenging economic environment and uncertain credit markets. The sustained strong operating and financial success of the first quarter, on the heels of an excellent 2008, is a direct result of our team's ability to focus and execute on our proven business plan, while maintaining a conservative capital structure and leveraging the expertise and experience of our real estate professionals throughout the company."


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    SOURCE BioMed Realty Trust, Inc.
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