San Diego Business Journal

BioMed Posts 2nd Quarter Increases in Revenue, Net Income

Thursday, August 8, 2013

San Diego-based BioMed Realty Trust Inc., which invests in life-sciences real estate, reported gains in revenue and net income for its second quarter ending June 30.

The real estate investment trust posted total revenue of just over $159.6 million, up 27.9 percent from the year-ago period. Adjusted funds from operations, an industry recognized supplemental metric gauging the performance of real estate portfolios, totaled $73.9 million for the period, up 34 percent from $55.3 million a year ago.

BioMed (NYSE: BMR) reported $14.8 million in net income available to common stockholders, compared with a net loss of $8.7 million in the year-ago period.

The company’s second-quarter leasing volume of 898,000 square feet, the largest in its history, pushed its 2013 volume well ahead of its full-year target, said Chairman and CEO Alan Gold. The operating portfolio was approximately 90.8 percent leased as of June 30.

BioMed has its headquarters in Rancho Bernardo. It owns or has interests in U.S. properties totaling approximately 16.3 million rentable square feet.

— SDBJ Staff Report