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

1 "Accounting for Convertible Debt That May be Settled Upon Conversion (Including Partial Cash Settlement)"; Statement of Financial Accounting Standard No. 160 "Noncontrolling Interests in Consolidated Financial Statements - An Amendment of ARB No. 51"; and FASB Staff Position EITF 03-6-1 "Determining Whether Instruments Granted in Share Based Payment Transactions are Participating Securities."

Financing Activity

During the first quarter, the company completed the refinancing of the secured acquisition and interim loan facility held by the company's joint venture with a fund managed by PREI(R). The original secured acquisition and interim loan facility was used by the joint venture to acquire, among other properties, approximately 600,000 square feet of life science space in Cambridge, Massachusetts. Proceeds from the refinancing were approximately $203 million, and were used to repay a portion of the outstanding indebtedness under the existing secured acquisition and interim loan facility. BioMed's share of the financed amount is approximately $40.7 million, based on its 20% interest in the joint venture. BioMed repaid its remaining portion of the outstanding balance on the existing secured acquisition and interim loan facility by drawing on the company's $600 million unsecured line of credit.

Also during the first quarter, the company 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.

At March 31, 2009, the company's debt to total assets ratio was 43.0%.

Commenting on the company's financial performance in the first quarter, Kent Griffin, President and Chief Financial Officer of BioMed, said, "We continue to view prudent stewardship of capital as a core component of our business strategy and our ability to navigate
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SOURCE BioMed Realty Trust, Inc.
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