Financing Activity
During the quarter, the company repaid $44.0 million in mortgages, which were scheduled to mature in January 2010, with proceeds from the company's unsecured line of credit and utilized cash flow from operations, in part, to pay down the amounts outstanding under the company's unsecured line of credit. The net effect of this financing activity reduced the company's consolidated indebtedness to $1.346 billion, down from $1.363 billion at the end of the previous quarter and down from $1.538 billion as of September 30, 2008.
At September 30, 2009, the company's debt to total assets ratio was 40.9%, the lowest level for this measure since September 30, 2006, with approximately 87.3% of the company's consolidated debt bearing interest at fixed rates or subject to interest rate hedges. The company's consolidated debt as of September 30, 2009 included $321.1 million in outstanding borrowings under the company's $600 million unsecured line of credit, with a weighted-average effective interest rate of 1.35% at quarter end.
On September 4, 2009, BioMed entered into equity distribution agreements with three sales agents under which the company may offer and sell shares of its common stock having an aggregate offering price of up to $120.0 million over time. As of September 30, 2009, no shares had been issued under any of the equity distribution agreements.
Portfolio Update
During the quarter ended September 30, 2009, the company executed eleven leasing transactions, representing approximately 272,000 square feet, including eight new leases totaling approximately 229,000 square feet. Three leases, totaling approximately 43,000 square feet, wer
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