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Biomed Realty Trust to Acquire Remaining 80% Interest in Rogers Street Properties in Cambridge, Massachusetts for $308 Million - Increasing Ownership to 100%
Date:12/13/2011

Crossing Apartments.

Alan D. Gold, BioMed's Chairman and Chief Executive Officer, commented, "We are very excited to take full ownership of the Rogers Street properties in the center of the most vibrant life science market in the world today. This acquisition of PREI's interests in these properties represents another step forward in our trusted, mutually beneficial relationship over the past four and a half years. Our combined life science property expertise and understanding of the specialized requirements of our tenants have created unique environments at 301 Binney Street and 320 Bent Street that cultivate life science discoveries and create growing value for our shareholders. We look forward to continuing to operate and manage the properties for our valued existing tenants and attracting more world-class life science organizations to Cambridge and Rogers Street."

Excluding closing costs, the aggregate amount expected to be paid by BioMed to or on behalf of PREI to fully acquire PREI's interest in the Rogers Street properties is approximately $308 million.  BioMed will also contribute approximately $35 million to repay its portion of the secured acquisition and interim loan allocated to the Rogers Street properties.  BioMed will use cash on hand and draw on its unsecured line of credit to fund the $343 million total cash required for the transaction.  Following the transaction, the Rogers Street properties will be owned 100% by BioMed and will be fully unencumbered.

BioMed will continue to own a 20% interest in a joint venture with PREI that owns the 650 Kendall Street property and the Kendall Square Garage. 

BioMed estimates the aggregate cash and GAAP 2012 net operating income for the Rogers Street properties to be approximately $23.1 million and $16.9 million, respectively, not including the impact of any additional lease up of the properties.  The difference between cash and GAAP net operating income larg
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SOURCE BioMed Realty Trust, Inc.
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