BioMed Realty Trust, Inc. (NYSE: BMR), a real estate investment trust focused on Providing Real Estate to the Life Science Industry®, today announced operating and financial results for the third quarter ended September 30, 2009.
Highlights:
- Increased total revenues for the third quarter to $93.0 million, up 15.1% from $80.8 million for the same period in 2008.
- Generated funds from operations (FFO) for the quarter of $0.35 per diluted share, or $35.8 million.
- Delivered a build-to-suit development of an approximately 230,000 square foot corporate headquarters and research facility at The Landmark at Eastview campus in Tarrytown, New York for Regeneron Pharmaceuticals, Inc.
- Executed eleven leasing transactions during the quarter, representing approximately 272,000 square feet:
- Eight new leases totaling approximately 229,000 square feet, including leases with Progenics Pharmaceuticals, Inc. and Momentive Performance Materials USA Inc., encompassing approximately 92,000 and 64,000 square feet, respectively, at The Landmark at Eastview campus; and
- Three leases totaling approximately 43,000 square feet amended to extend their terms.
- Repaid approximately $44.0 million of mortgage debt prior to its scheduled maturity, resulting in a lower aggregate borrowing cost. The company's debt to total assets ratio decreased to 40.9% at September 30, 2009.
- Implemented equity distribution agreements in which the company may offer and sell shares of its common stock over time having aggregate gross proceeds of up to $120.0 million.
Commenting on BioMed's third quarter results, Chairman and Chief Executive Officer Alan D. Gold said, "Our asset class continues to demonstrate the strength and stability that make the investment opportunities so appealing. I am particularly pleased that the disciplined approach to managing our business and our properties is allowing us to reap rewards. Our delivery of two new buildings to Regeneron in the third quarter, combined with today's announcement regarding the lease with the Broad Institute, serves as further testimony to the quality of our life science property portfolio and the expertise of our team that continues to excel in an otherwise challenging environment."
Mr. Gold added, "The third quarter was positive for the life science industry, as capital availability from follow-on equity offerings and partnership transactions continued at a very robust pace. BioMed is very well-positioned to continue executing on our core business strategy and capitalizing on future opportunities as a result of the long-term demand drivers and sustained funding of the life science industry."
Third Quarter 2009 Operating and Financial Results
Rental revenues for the quarter were $68.5 million, compared to $59.4 million for the same period in 2008, an increase of 15.3%. Total revenues for the quarter were $93.0 million, compared to $80.8 million for the same period in 2008, an increase of 15.1%. The revenue increases resulted primarily from increased rents associated with successful leasing activity in 2008 and 2009 and the delivery of properties from the company's development pipeline.