BioMed Realty Trust Reports Second Quarter 2008 Financi...(d to $14.2 million or $0.22 per diluted ...),Health

Date:7/30/2008

d to $14.2 million, or $0.22 per diluted share, in the second quarter of 2007. Net income available to common stockholders for the second quarter of 2007 included $1.3 million, or $0.02 per diluted share, in income from discontinued operations and $2.9 million, or $0.04 per diluted share, in lease termination fees.

FFO during the quarter was $34.5 million, compared to $33.8 million in the comparable period in 2007. FFO per diluted share was $0.47 for the second quarter of 2008 versus $0.50 in the second quarter of 2007. FFO for the second quarter of 2007 included $2.9 million, or $0.04 per diluted share, in lease termination fees.

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 available to common stockholders to FFO and a definition of FFO are included at the end of this release.

Financing Activity

On April 22, 2008, the company completed the sale of 6,129,000 shares of common stock at $25.50 per share, resulting in net proceeds of approximately $149.7 million. The net proceeds were utilized to repay a portion of the outstanding indebtedness on the company's unsecured line of credit and for general corporate and working capital purposes.

As of June 30, 2008, the company's consolidated debt included fixed-rate mortgage indebtedness with an aggregate outstanding principal amount of $373.6 million, including $9.8 million of debt premium, and a weighted-average effective interest rate of 5.5% at quarter-end; the company's $250 million secured term loan, with a weighted-average effective interest rate of 4.1% at quarter-end; $175 million aggregate principal amount of 4.50% exchangeable senior notes due 2026; $213.2 million in outstanding borrowings under the company's $600 million unsecured revolving line of credit, with a weighted-average effective interest r
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SOURCE BioMed Realty Trust, Inc. Copyright©2008 PR Newswire. All rights reserved

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