San Diego Business Journal

BioMed Boosts Revenue in First Quarter

By Lou Hirsh Friday, May 4, 2012

Life sciences real estate investment firm BioMed Realty Trust Inc. posted a company record $120 million in revenue in its first quarter ending March 31. The figure was 14.1 percent ahead of the year-ago period, the San Diego-based company announced May 1.

A company statement said BioMed posted a net loss available to common stockholders of $1.3 million for the quarter, due primarily to a $4.6 million noncash impairment charge related to the disposition of one of its portfolio properties. A year ago, the company had net income of $5.5 million available to common stockholders.

Funds from operations, an industry-recognized metric gauging the performance of real estate companies, rose 19 percent from a year ago, to $50.2 million.

BioMed Chairman and CEO Alan Gold called the quarter’s performance an “exceptional start to 2012.” He said the company during the period bolstered leasing activity, grew its portfolio with an acquisition in Cambridge, Mass., and maintained liquidity with a new $400 million senior unsecured term loan.

Gold said the company also increased its common stock dividend during the quarter by 7.5 percent, to 21.5 cents per share, “while maintaining conservative payout ratios.”

BioMed has headquarters in Rancho Bernardo and trades under the symbol BMR on the New York Stock Exchange.