BioMed Realty Trust Reports Third Quarter 2007 Financi... (in the third quarter of 2006 due primari...)

BioMed Realty Trust Reports Third Quarter 2007 Financial Results

Date:11/7/2007

in the third quarter of 2006, due primarily to the addition of properties through acquisitions, partially offset by a reduction in revenues from properties generating revenues in 2006 which are currently undergoing redevelopment. Net income available to common stockholders for the quarter was $12.2 million, or $0.19 per diluted share, compared to $10.8 million, or $0.18 per diluted share, in the third quarter of 2006.

FFO during the quarter increased 2.7% to $30.8 million from $30.0 million in the comparable period in 2006. FFO per diluted share was $0.45 for the third quarter of 2007 versus $0.47 in the third quarter of 2006.

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 August 1, 2007, the company amended its $250 million secured term loan facility and $500 million unsecured revolving line of credit, reducing the borrowing rates under the facilities and increasing the available borrowings under the revolving facility from $500 million to $600 million. The borrowing rate under the secured term loan was reduced by 60 basis points, which, when combined with the interest rate swap agreement previously entered into by the company, provides an effective interest rate of 5.81% for the facility until the swap expires in 2010. The amendment also extends the term of the secured facility to August 1, 2012 and provides greater flexibility with respect to covenants.

In addition to increasing the available borrowings to $600 million, the amendment to the unsecured line of credit extends the term to August 1, 2011, reduces the borrowing rate and provides greater flexibility with respect to covenants. BioMed may extend the maturity date of the revo
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