San Diego Business Journal

BioMed Reports Record Revenue for First Quarter

Friday, May 3, 2013

BioMed Realty Trust Inc. posted a company record $160.5 million in revenue for its first quarter ending March 31, an increase of 33.7 percent from the year-ago period.

Net income available to common stockholders was $8.4 million for the quarter, compared with a net loss of $1.3 million a year ago, according to a statement from the San Diego-based real estate investment trust.

Adjusted funds from operations, a supplemental industry metric gauging the performance of real estate portfolios, totaled $81.4 million, up from $50.5 million a year ago.

The company during the first quarter entered into a $640 million merger agreement to purchase holdings of Baltimore-based Wexford Science & Technology Inc., subject to closing conditions. It also acquired Woodside Technology Park in Redwood City for $87 million, and The Campus at Lincoln Centre in Foster City for $37 million, among other transactions.

Officials said BioMed executed 29 leasing transactions totaling 583,700 square feet during the quarter, and its portfolio was approximately 91.7 percent leased as of March 31. The portfolio includes 13.2 million rentable square feet, with an additional 4.4 million square feet available for development.

BioMed, with headquarters in Rancho Bernardo, invests in life sciences real estate and trades under the symbol BMR on the New York Stock Exchange.

— SDBJ Staff Report