First Quarter 2009 Operating and Financial Results
Rental revenues for the quarter were $68.4 million compared to $50.3 million in the same period in 2008, an increase of 35.9%. Total revenues for the quarter were $94.0 million, compared to $67.4 million of total revenues for the same period in 2008, an increase of 39.5%.
Same property net operating income on a cash basis for the quarter was $45.1 million compared to $42.5 million for the same period in 2008, an increase of 6.0%.
During the quarter, the company terminated leases totaling approximately 138,000 square feet. The first quarter financial results included approximately $2.3 million of rental revenues, $3.8 million of other income and $3.4 million of operating expenses associated with lease terminations.
Net income attributable to common stockholders for the quarter was $19.0 million, or $0.23 per diluted share, compared to $12.3 million, or $0.19 per diluted share, for the same period in 2008.
FFO for the quarter was $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.
FFO is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income attributable to common stockholders to FFO and a definition of FFO are included at the end of this release.
Financial information for the current and, where applicable, prior periods has been presented to reflect the application of the following new accounting guidance adopted by the company effective January 1, 2009: FASB Staff Position APB 14-
|SOURCE BioMed Realty Trust, Inc.|
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