San Diego Business Journal

Leasing Income Growth Helps Boost BioMed Revenue

Friday, February 10, 2012

Revenue at BioMed Realty Trust Inc. was up 7 percent from a year ago in the quarter ending Dec. 31, with revenue for the year rising 13.8 percent, as the San Diego-based company reported continued strong growth in rental income.

The real estate investment trust posted total revenue of $112.4 million for the quarter and $439.7 million for 2011, according to a Feb. 8 company statement.

Net income available to common stockholders rose 42 percent for the quarter, to $12.1 million, and increased 18.7 percent for the year, to $26 million.

Funds from operations, an industry metric gauging performance of real estate portfolios, totaled $174.8 million for the year, up 18 percent from 2010.

Chairman and Chief Executive Officer Alan D. Gold said the latest results were led by rental revenue that reached a company high for the eighth consecutive quarter. Rental income topped $85 million for the quarter and $330 million for the year.

BioMed Realty Trust has headquarters in Rancho Bernardo and invests primarily in life-sciences real estate. The company trades under the symbol BMR on the New York Stock Exchange.

— Lou Hirsh