SAN DIEGO, Feb. 8, 2012 /PRNewswire/ — BioMed Realty Trust, Inc. (NYSE: BMR – News ), a real estate investment trust focused on Providing Real Estate to the Life Science Industry, currently voiced financial results is to fourth entertain and full-year finished December31,2011.
Fourth Quarter 2011 Highlights
Generated complete revenues is to entertain of $112.4 million, up 7.0% from $105.0 million in the same time in 2010. Rental revenues is to entertain increased by 7.6% to $85.1 million from $79.2 million in the same time in 2010, the top in the company’s story is to eighth uninterrupted quarter.
Executed 21 leasing exchange representing roughly 253,900 block feet:
14 new leases totaling roughly 141,100 block feet.
Seven franchise renewals totaling roughly 112,800 block feet.
The stream working portfolio was roughly 90.2% leased at entertain end, on a weighted-average basis.
Increased combined net working income on a money basement is to entertain by 7.6%, to $75.4 million from $70.1 million in the same time in 2010. For the fourth entertain of 2011, the company’s working border increased to 71.2%, and its working responsibility liberation commission of 81.8% outlines the top opening since the third entertain of 2008.
Increased the combined portfolio leased commission by 70 basement points as compared to the third entertain of 2011, driven by an enlarge of 140 basement points is to company’s properties in Boston.
Completed a follow-on open gift of familiar stock, raising roughly $399.6 million in net proceeds.
Acquired Prudential Real Estate Investors’ (PREI) 80% fascination in the Rogers Street properties in Cambridge, Massachusetts for $308.0 million, that are right away entirely easy and 100% owned by the firm and comprising roughly 602,000 block feet of laboratory and office space.
Increased supports from operations (FFO) is to entertain to $46.9 million ($0.30 per widely separated share), as compared to $43.6 million ($0.30 per widely separated share) in the fourth entertain of 2010.
Increased practiced supports from operations (AFFO) is to entertain to $43.9 million ($0.28 per widely separated share), as compared to $40.6 million ($0.28 per widely separated share) in the fourth entertain of 2010.
Reported net income existing to stockholders is to entertain of $12.1 million ($0.08 per widely separated share), as compared to $8.5 million ($0.06 per widely separated share) is to same time in 2010.
Subsequent to entertain end, the firm entered in to a decisive consent to buy the Cambridge Place skill in Cambridge, Massachusetts for roughly $119.0 million. The skill will be roughly 80% leased at merger and comprising roughly 286,900 block feet. The merger is currently scheduled to shut in February 2012, and is theme to traditional shutting conditions.
Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, remarked, “The fourth entertain results demonstrate, once again, the long-term worth of certain and solid carrying out of our business model. Our burly financial results, led by record let revenues is to eighth uninterrupted quarter, were driven by one after another robust sum leasing volume of 253,900 block feet, that pushed our last five-quarter leasing volume to two million block feet and 165% of our initial goal. In addition, you opportunistically stretched our footprint in Cambridge, Massachusetts, the world’s leading core of life scholarship investigate and discovery, to 3.2 million block feet by receiving full tenure of the Rogers Street properties during the quarter, and inclusive the merger of Cambridge Place, that is approaching to shut this month. Our postulated working success is a byproduct of providing optimal laboratory and office space for leading life scholarship organizations, aggregation the industry’s highest-quality portfolio in the most appropriate locations, and developing devoted interaction with our tenants by bargain their unique needs.”
2011 Highlights
During the full year 2011, the company:
Increased complete revenues 13.8% to $439.7 million from $386.4 million in 2010 and let revenues 12.0% to $330.6 million from $295.1 million in 2010.
Generated FFO is to year of $174.8 million ($1.19 per widely separated share), as compared to $147.4 million ($1.16 per widely separated share) in 2010.
Increased AFFO to $167.7 million ($1.14 per widely separated share) is to year, as compared to $131.4 million ($1.03 per widely separated share) in 2010, an enlarge of 11% per widely separated share.
Reported net income existing to familiar stockholders of $26.0 million ($0.19 per widely separated share), as compared to $21.9 million ($0.19 per widely separated share) for 2010.
Executed 87 leasing exchange representing roughly 1.6 million block feet:
52 new leases totaling roughly 1.1 million block feet.
35 leases nice to expand their conditions totaling roughly 540,500 block feet.
Including leasing wake up in the fourth entertain of 2010, the firm executed roughly 2.0 million block feet of sum leasing transactions, representing roughly 165% of its formerly disclosed five-quarter objective of 1.2 million block feet.
Leasing success gathering year-over-year net take in in same skill portfolio of 420 basement points and increased the complete working portfolio leased commission by 370 basement points to 87.2% at year-end.
Acquired 8 new properties for a complete investment of roughly $431.2 million, stepping up the company’s sum properties year-over-year by 13.5% to $4.9 billion at year-end. The properties were 85.0% leased at merger and consist of roughly 973,400 rentable block feet:
Cambridge/Boston:
Acquired PREI’s 80% fascination in the Rogers Street properties comprising 4 properties for a complete investment of $308.0 million. BioMed moreover contributed roughly $35 million to pay back its part of the feel safe merger and meantime loan allocated to the Rogers Street properties. The Rogers Street properties add two laboratory and office services at 301 Binney Street and 320 Bent Street, together with the Kendall Crossing Apartments and the 301 Binney Street Garage. The 301 Binney Street and 320 Bent Street properties are 75.7% leased and consist of roughly 601,700 rentable block feet. BioMed formerly acquired a 20% fascination in the properties in April 2007 simultaneous with the J.V. entered in to between BioMed and PREI.
Acquired 450 Kendall Street in Cambridge, Massachusetts comprising roughly 53,000 block feet of growth promising in the Kendall Square area for roughly $8.2 million.
San Diego: Acquired the Wateridge Circle skill in the Sorrento Valley submarket for roughly $46.5 million. The skill was 100% leased at merger and comprises roughly 106,500 rentable block feet.
Maryland: Acquired the 1701/1711 Research Boulevard skill for roughly $17.5 million. The property, that was formerly vacant, is right away 100% leased to Meso Scale Diagnostics, LLC and comprises roughly 104,700 rentable block feet, together with roughly 145,000 block feet of growth potential.
New York: Acquired the Ardsley Park skill for roughly $18.0 million. BioMed is move on an endless restoration of the property, with an estimated complete investment by BioMed in the skill on franchise start of roughly $36.0 million. The skill is 100% leased to Acorda Therapeutics, Inc. and ICL-IP America, Inc. and comprises 160,500 rentable block feet, together with roughly 500,000 block feet of future redevelopment and growth potential.
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Completed early smoothness of Gazelle Court, a 176,000 block feet build-to-suit investigate trickery for Isis Pharmaceuticals, Inc. in Carlsbad, California.
Further extended the company’s liquidity location and change sheet:
Entered in to a new, stretched $750 million unsecured line of credit, replacing the previous unsecured line of credit, with fascination paid on drawings beneath the new line of credit set at LIBOR in addition to 155 basement points, theme to adjustments formed on changes to the company’s credit ratings.
Raised net deduction of $399.6 million by the sale of 22,562,922 shares of familiar stock.
Issued $400 million aggregate principal amount of 3.85% unsecured comparison records due 2016, agreeable 3.99% to maturity.
Paid off roughly $60.2 million in housing loan records with a weighted-average fascination rate of 7.43%.
Repurchased 1,280,000 shares of BioMed Realty Trust, Inc.’s Series A elite batch for roughly $31.1 million, or $24.30 per share, net of accrued dividends of roughly $250,000, or $0.20 per share.
Extended the manhood date to Aug 2013 is to building loan feel safe by the 650 East Kendall Street property, that is owned by the company’s J.V. with a account managed by PREI.
Repurchased and redeemed in full the outstanding principal change of $19.8 million of the company’s equivalent comparison records due 2026.
Continued to complement the extent and height of the company’s organization:
Added Janice L. Kameir as Vice President, Human Resources.
Added Robert M. Sistek as Vice President, Finance.
Grew the company’s group of professionals to 162 employees at December 31, 2011.
“Our full-year 2011 results were outstanding,” mentioned Kent Griffin, President and Chief Operating Officer of BioMed Realty. “We go on to broach conform to bottom-line success driven by postulated leasing wake up and burly carrying out opposite the board. In addition, you done $431 million of tactical new investments that enable us to rise scale, emanate popular growth opportunities and produce burly risk-adjusted complete returns. We one after another to exercise steady, pro-active change piece administration ancillary the one after another carrying out on our proven business model and developing long-term worth for our stockholders. Our long-term financial success is scored equally to the high quality of our properties and their locations, and equally attributable to our low group of talent and coordinated service smoothness that supports the world’s most moving life scholarship research.”
Fourth Quarter and Full-Year 2011 Financial Results
Total revenues is to fourth entertain were $112.4 million, compared to $105.0 million is to same time in 2010, an enlarge of 7.0%. For 2011, complete revenues increased 13.8% to $439.7 million from $386.4 million in 2010. Rental revenues is to fourth entertain were $85.1 million, compared to $79.2 million is to same time in 2010, an enlarge of 7.6% and the top in the company’s story is to eighth uninterrupted quarter. Rental revenues for 2011 were $330.6 million, compared to $295.1 million in 2010, an enlarge of 12.0%.
The stream working portfolio was 90.2% leased on a weighted-average basement as of December31,2011. Leasing success gathering year-over-year positive net take in in the same skill portfolio of 461,000 block feet and increased the leased commission from 75.8% to 80.0%. Of the leased block footage in the same skill portfolio, 588,000 block feet of newly leased space had not nonetheless commenced money rents as of December 31, 2011, consequent in an enlarge in same skill net working income (NOI) on a money basement of 2.2% is to entertain compared to the same time in 2010.
Net income existing to familiar stockholders is to fourth entertain was $12.1 million, or $0.08 per widely separated share, compared to $8.5 million, or $0.06 per widely separated share, is to same time in 2010. Net income includes a earn of $4.7 million established on the merger of the determining fascination of the Rogers Street properties. The earn on the Rogers Street contract is released from FFO and AFFO results.
FFO is to entertain was $46.9 million, or $0.30 per widely separated share, compared to $43.6 million, or $0.30 per widely separated share, is to same time in 2010. FFO for 2011 was $174.8 million, or $1.19 per widely separated share, compared to $147.4 million, or $1.16 per widely separated share, in 2010. AFFO is to entertain was $43.9 million, or $0.28 per widely separated share, compared to $40.6 million, or $0.28 per widely separated share, is to same time in 2010. AFFO for 2011 was $167.7 million, or $1.14 per widely separated share, compared to $131.4 million, or $1.03 per widely separated share, in 2010.
FFO and AFFO are supplemental non-GAAP financial measures used in the real estate attention to measure and compare the working opening of real estate companies. A complete settlement containing adjustments from GAAP net income existing to familiar stockholders to FFO and AFFO and definitions of conditions are enclosed at the finish of this release.
Portfolio Update
During the entertain finished December31,2011, the firm executed 21 leasing exchange representing roughly 253,900 block feet.
During 2011, the firm executed a complete of 87 leasing exchange representing roughly 1.6 million block feet, inclusive 52 new leases totaling roughly 1.1 million block feet and 35 leases nice to expand their conditions totaling roughly 540,500 block feet. Including leasing wake up in the fourth entertain of 2010, the firm executed roughly 2.0 million block feet of sum leasing transactions, representing roughly 165% of its initial five-quarter objective of 1.2 million block feet.
During the entertain finished December 31, 2011, the firm acquired the outstanding 80% fascination in the Rogers Street properties in Cambridge, Massachusetts for $308.0 million, stepping up the company’s tenure to 100%. BioMed moreover contributed roughly $35 million to pay back its part of the feel safe merger and meantime loan allocated to the Rogers Street properties. The Rogers Street properties consist of roughly 601,700 block feet of laboratory and office space and add 320 Bent Street, 301 Binney Street, 301 Binney Garage and the Kendall Crossing Apartments.
Subsequent to entertain end, the firm executed a contract to buy the Cambridge Place skill in Cambridge, Massachusetts for roughly $119.0 million. The skill will be roughly 80% leased at merger and comprising roughly 286,900 block feet. The merger is currently scheduled to shut in February 2012, and is theme to traditional shutting conditions.
For the full year 2011, the firm acquired 8 new properties for a complete estimated investment of roughly $431.2 million comprising roughly 973,400 rentable block feet, that were 85.0% leased at merger on a weighted-average basis. In addition, the firm completed early smoothness of Gazelle Court, a 176,000 block feet build-to-suit investigate trickery for Isis Pharmaceuticals, Inc. in Carlsbad, California.
At December31,2011, the company’s complete portfolio comprised roughly 12.4 million rentable block feet, with an extra 3.7 million block feet of growth potential.
Financing Activity
During 2011, the firm completed the subsequent to capital raising activities:
March 2011: Issued $400 million aggregate principal amount of 3.85% unsecured comparison records due 2016, agreeable 3.99% to maturity.
July 2011: Entered in to a new, stretched $750 million unsecured line of credit, replacing the previous unsecured line of credit, with fascination paid on drawings beneath the new line of credit set at LIBOR in addition to 155 basement points, theme to adjustments formed on changes to the company’s credit ratings.
August 2011: Extended the manhood date to Aug 2013 is to building loan feel safe by the 650 East Kendall Street property, that is owned by the company’s J.V. with a account managed by PREI.
November 2011: Raised net deduction of $399.6 million by the follow-on open gift of 22,562,922 shares of familiar stock.
During 2011, the firm completed the subsequent to other financing transactions:
Paid off roughly $60.2 million in housing loan records with a weighted-average fascination rate of 7.43%.
August 2011: Repurchased 1,280,000 shares of the company’s Series A elite batch for roughly $31.1 million, or $24.30 per share, net of accrued dividends of roughly $250,000, or $0.20 per share.
October 2011: Repurchased and redeemed in full the outstanding principal change of $19.8 million of the company’s equivalent comparison records due 2026.
At December 31, 2011, the company’s debt to complete sum properties proportion was 34.5%.
According to Greg Lubushkin, BioMed Realty’s Chief Financial Officer, “In the fourth quarter, you modernized our core change piece plan of tie in appropriation investments with permanent capital by raising over $400 million in equity capital forward of our new investments in Cambridge. As was the box in 2011, you begin 2012 with really solid financial and liquidity positions that will enable us to go on to capitalize on future growth opportunities via the forthcoming year.”
Quarterly and Annual Distributions
BioMed Realty Trust’s house of directors formerly spoken a fourth entertain 2011 division of $0.20 per share of familiar stock, and a division of $0.46094 per share of the company’s 7.375% Series A Cumulative Redeemable Preferred Stock is to time from October 16, 2011 by January 15, 2012. For the full year 2011, the firm spoken dividends totaling $0.80 per familiar share, representing a 27% enlarge over familiar batch dividends spoken in 2010, and $1.84376 per Series A elite share.
Earnings Guidance
The company’s revised 2012 superintendence for net income per widely separated share and FFO per widely separated share is set onward and reconciled below. Projected FFO per widely separated share is formed on estimated, weighted-average widely separated familiar shares outstanding of roughly 167 million is to full year, inclusive the effect of the insincere conversion of the company’s equivalent comparison records due 2030.
The 2012 superintendence has been
Supplemental Information
Supplemental working and financial information are existing in the Investor Relations section of the company’s website at www.biomedrealty.com .
Teleconference and Webcast
BioMed will actions a discussion call and webcast at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time) on Thursday, February 9, 2012 to confer the company’s financial results and operations is to quarter. The call will be open to all meddlesome investors possibly by a live audio web throw at the Investor Relations section of the company’s web site at www.biomedrealty.com and at www.earnings.com , that will add an online slip display to accompany the call, or live by mission 866-730-5765 (domestic) or 857-350-1589 (international) with call authorization number 58496845. The complete webcast will be archived for 30 days on both web sites. A write playback of the discussion call will moreover be existing from 1:00 p.m. Pacific Time on Thursday, February 9, 2012 until midnight Pacific Time on Tuesday, February 14, 2012 by mission 888-286-8010 (domestic) or 617-801-6888 (international) and using access ethics 27497353.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry. The company’s tenants essentially add biotechnology and curative companies, systematic investigate institutions, supervision agencies and other entities entangled in the life scholarship industry. BioMed owns or has interests in properties comprising roughly 12.4 million rentable block feet. The company’s properties are located predominantly in the major U.S. life scholarship markets of Boston, San Francisco, San Diego, Maryland, New York/New Jersey, Pennsylvania and Seattle, that have timeless reputations as centers for systematic research. Additional information is existing at www.biomedrealty.com .
This press let go contains forward-looking statements inside of the meaning of the Private Securities Litigation Reform Act of 1995 formed on stream expectations, forecasts and assumptions that engage risks and uncertainties that could result in actual outcomes and results to deviate materially. These risks and uncertainties include, without limitation: broad risks affecting the real estate attention (including, without limitation, the incapacity to come in in to or replenish leases, coherence on tenants’ financial condition, and contest from other developers, owners and operators of real estate); inauspicious mercantile or real estate developments in the life scholarship attention or the company’s aim markets; risks related with the accessibility and conditions of financing, the use of debt to account acquisitions and developments, and the aptitude to refinance high regard as it comes due; disaster to sustain the company’s investment rank credit ratings with the ratings agencies; disaster to succeed effectively the company’s growth and enlargement in to new markets, or to complete or confederate acquisitions and developments successfully; reductions in item valuations and related spoil charges; risks and uncertainties affecting skill growth and construction; risks related with downturns in the national and local economies, increases in fascination rates, and sensitivity in the bonds markets; promising guilt for uninsured losses and environmental contamination; risks related with the company’s promising disaster to validate as a REIT beneath the Internal Revenue Code of 1986, as amended, and probable inauspicious changes in taxation and environmental laws; and risks related with the company’s coherence on key crew whose one after another service is not guaranteed. For a serve list and outline of such risks and uncertainties, see the reports filed by the firm with the Securities and Exchange Commission, inclusive the company’s most new annual inform on Form 10-K and quarterly reports on Form 10-Q. The firm disclaims any intention or obligation to refurbish or correct any forward-looking statements, whether as a result of new information, future events or otherwise.
We present supports from operations, or FFO, and practiced supports from operations, or AFFO, existing to familiar shares and partnership and LTIP units because you ponder them critical supplemental measures of our working opening and think they are often used by bonds analysts, investors and other meddlesome parties in the analysis of REITs, many of that present FFO and AFFO when stating their results.
FFO is intended to leave out GAAP chronological cost debasement and amortization of real estate and related assets, that assumes that the worth of real estate properties diminishes ratably over time. Historically, however, real estate values have risen or depressed with marketplace conditions. Because FFO excludes debasement and amortization unique to real estate, gains and losses from skill dispositions and unusual items, it provides a opening measure that, when compared year over year, reflects the effect to operations from trends in occupancy rates, let rates, working costs, growth activities and fascination costs, providing viewpoint not immediately apparent from net income. We discriminate FFO in conformity with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. As tangible by NAREIT, FFO represents net income (computed in conformity with GAAP), on the contrary gains (or losses) from sales of property, spoil charges, in addition to real estate related debasement and amortization (excluding amortization of loan fad costs) and after adjustments for unconsolidated partnerships and joint ventures.
We calculate AFFO by adding to FFO: (a) amounts received pursuant to chief franchise agreements on certain properties, that are not enclosed in let income for GAAP purposes, (b) non-cash revenues and expenses, (c) repeated capital expenditures and reside improvements, and (d) leasing commissions.
Our mathematics of FFO and AFFO might deviate from the methodology for working out FFO and AFFO employed by other equity REITs and, accordingly, might not be similar to such other REITs. Further, FFO and AFFO do not act for money upsurge existing for management’s optional use since indispensable capital deputy or expansion, debt service obligations, or other commitments and uncertainties. FFO and AFFO should not be deliberate as an substitute to net income (loss) (computed in conformity with GAAP) as an indicator of our financial opening or to money upsurge from working activities (computed in conformity with GAAP) as an indicator of our liquidity, nor is it demonstrative of supports existing to account our money needs, inclusive our aptitude to pay dividends or make distributions. FFO and AFFO should be deliberate usually as supplements to net income computed in conformity with GAAP as measures of our operations.
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