San Diego Business Journal

BioMed Posts Increases in Revenue, Net Income

By Lou Hirsh Friday, May 2, 2014

Revenue at BioMed Realty Trust Inc. (NYSE: BMR) rose 5 percent from a year ago in the company’s first quarter ending March 31, reaching $168.9 million.

Net income available to common stockholders was $18.8 million, up from $8.4 million in the year-ago quarter, the San Diego-based real estate investment trust reported. Officials said BioMed’s total revenue figure and its $120 million in rental revenue for the quarter both set company records.

Funds from operations available to common shareholders, a supplemental industry metric gauging real estate portfolio performance, totaled $81.7 million, up from $69.6 million a year ago.

Officials said BioMed completed 59 leasing transactions during the quarter, representing approximately 480,400 square feet. The company’s operating portfolio was 91.5 percent leased and its development portfolio was 81.7 percent leased at the end of the quarter.

Headquartered in Rancho Bernardo, BioMed invests primarily in real estate used by companies and institutions in life science industries. As of March 31, its portfolio totaled approximately 16.3 million rentable square feet in the U.S. and U.K., with an additional 4.9 million square feet available for development.