SAN DIEGO, Feb. 10 /PRNewswire-FirstCall/ -- BioMed Realty Trust,
Inc. (NYSE:BMR), a real estate investment trust focused on
Providing Real Estate to the Life Science Industry®, today
announced financial results for the fourth quarter and full-year
ended December 31, 2009. (Logo:
http://www.newscom.com/cgi-bin/prnh/20091005/BIOMEDLOGO) Fourth
Quarter 2009 Highlights -- Increased total revenues for the fourth
quarter to $88.2 million, up 6.3% from $83.0 million for the same
period in 2008. -- Generated funds from operations (FFO) for the
quarter of $0.28 per diluted share, or $28.0 million. Excluding the
impact of the write-off of deferred loan fees and debt discount
associated with the repurchase of exchangeable senior notes during
the quarter, FFO would have been $0.31 per diluted share. --
Executed 17 leasing transactions representing approximately 589,000
square feet: -- Eleven new leases totaling approximately 326,000
square feet. -- Six leases amended to extend their terms, totaling
approximately 263,000 square feet. -- Acquired three land parcels
totaling approximately 36 acres adjacent to the company's The
Landmark at Eastview campus in Tarrytown, New York for
approximately $2.5 million. -- Invested approximately $10.3 million
in the McKellar Court joint venture to repay the joint venture's
existing mortgage on the McKellar Court property in San Diego,
California, of which the Company's pro rata share was approximately
$2.1 million. -- Raised approximately $7.3 million in net proceeds
from the sale of 547,900 shares of common stock under the company's
continuous offering program established in September 2009. --
Increased aggregate borrowing capacity on the company's unsecured
line of credit by $120 million to $720 million. -- Completed cash
tender offer for $61.3 million aggregate principal amount of
exchangeable senior notes. -- Promoted Karen A. Sztraicher to
Senior Vice President, Asset Management. -- Increased the company's
common stock dividend by 27.3% over its third quarter 2009 dividend
to $0.14 per share of common stock, which is equivalent to an
annualized dividend of $0.56 per common share. 2009 Highlights
During the full year 2009, the company: -- Increased total revenues
19.6% to $361.2 million from $302.0 million in 2008. -- Generated
FFO for the year of $155.5 million, or $1.64 per diluted share,
compared to $132.5 million, or $1.76 per diluted share, in 2008.
Excluding the impact of the extinguishment of debt related to the
repurchase of exchangeable senior notes in the fourth quarter, FFO
for the year would have been $158.4 million, or $1.67 per diluted
share. -- Executed 58 leasing transactions representing over 1.5
million square feet: -- 42 new leases totaling approximately
904,000 square feet. -- 16 leases amended to extend their terms,
totaling approximately 625,000 square feet. -- Completed the
following development projects: -- 361,000 square foot corporate
headquarters and research facilities at The Landmark at Eastview
campus in Tarrytown, New York for Regeneron Pharmaceuticals, Inc.,
including a 230,000 square foot build-to-suit and 131,000 square
feet of newly developed laboratory and office space subsequently
leased to Regeneron. -- 700,000+ square feet at the Center for Life
Science | Boston, which achieved Gold LEED® certification. --
96,000 square feet at the Fairview Research Center in Seattle,
Washington. -- Further strengthened its balance sheet by completing
the following transactions: -- Closed on a $350 million loan for
the Center for Life Science | Boston. -- Closed on an $18 million
loan for the company's 9865 Towne Centre Drive property in San
Diego, California. -- Closed on a $203 million secured loan
facility for the company's joint venture with a fund managed by
Prudential Real Estate Investors (PREI®) which owns, among other
properties, approximately 600,000 square feet of life science space
in Cambridge, Massachusetts. -- Increased the aggregate borrowing
capacity on its unsecured line of credit to $720 million. --
Completed a cash tender offer for $61.3 million aggregate principal
amount of exchangeable senior notes, resulting in a loss on
extinguishment of debt of approximately $2.9 million. --
Repurchased $20.8 million face value of exchangeable senior notes
at approximately 61% of par, resulting in a gain on extinguishment
of debt of approximately $7.0 million. -- Completed a follow-on
public offering of common stock, raising approximately $166.9
million in net proceeds. "BioMed's robust business model and
disciplined execution were clearly evident from the strong results
of the fourth quarter and full-year 2009," said Alan D. Gold,
BioMed's Chairman and Chief Executive Officer. "Powerful long-term
demand drivers for the life science industry continue to fuel drug
research and development efforts throughout the seven core life
science markets which, in turn, attract capital used to fund
mission-critical laboratory space. Despite macro-economic
headwinds, BioMed succeeded in leasing more than 1.5 million square
feet of laboratory and office space in 2009 and delivering over one
million square feet of space from our development pipeline, which
was collectively 91% leased at year-end, to premier research
institutions and large, publicly traded companies. These
exceptional results in 2009, and throughout our five-year history,
demonstrate the ability of our outstanding team of professionals to
support the life science industry's real estate needs and position
the company well for future growth opportunities, continuing to
create value for our shareholders." Fourth Quarter and Full-Year
2009 Financial Results Total revenues for the fourth quarter were
$88.2 million, compared to $83.0 million for the same period in
2008, an increase of 6.3%. For 2009, total revenues increased 19.6%
to $361.2 million from $302.0 million in 2008. Rental revenues for
the fourth quarter were $67.3 million compared to $63.5 million for
the same period in 2008, an increase of 6.0%. Rental revenues for
2009 were $269.9 million, compared to $227.5 million in 2008, an
increase of 18.6%. The same property portfolio was 89.1% leased as
of December 31, 2009. Same property net operating income on a cash
basis increased 2.0% for the quarter compared to the same period in
2008. Excluding four properties for which lease terminations
resulted in the company recognizing $10.3 million of other income
during 2009, net operating income on a cash basis increased 2.8%,
primarily as a result of contractual rent escalations. Net income
available to common stockholders for the fourth quarter was
$477,000, or $0.00 per diluted share, compared to $5.6 million, or
$0.07 per diluted share, for the same period in 2008. FFO for the
quarter was $28.0 million, or $0.28 per diluted share, compared to
$32.3 million, or $0.39 per diluted share, for the same period in
2008. Excluding the impact of extinguishment of debt associated
with the repurchase of exchangeable senior notes during the quarter
pursuant to a cash tender offer, net income available to
stockholders would have been $3.4 million, or $0.03 per diluted
share, while FFO would have been $30.9 million, or $0.31 per
diluted share. Net income available to common stockholders for 2009
was $41.8 million, or $0.45 per diluted share, compared to $44.1
million, or $0.61 per diluted share, in 2008. FFO for 2009
increased 17.4% to $155.5 million, or $1.64 per diluted share, from
$132.5 million, or $1.76 per diluted share, for 2008. Excluding the
impact of the extinguishment of debt related to the tender for the
exchangeable notes in the fourth quarter, FFO for the year would
have been $158.4 million, or $1.67 per diluted share. FFO is a
supplemental non-GAAP financial measure used in the real estate
industry to measure and compare the operating performance of real
estate companies. A complete reconciliation containing adjustments
from GAAP net income available to common stockholders to FFO and a
definition of FFO are included at the end of this release.
Financial information for the current and, where applicable, prior
periods has been presented to reflect the application of new
accounting guidance on noncontrolling interests, convertible debt
instruments that may be settled in cash upon conversion, and
share-based payment transactions that are participating securities
adopted by the company effective January 1, 2009. Financing
Activity At December 31, 2009, the company's debt to total assets
ratio was 41.5%. During the fourth quarter, the company completed
the following debt-related transactions: -- Increased aggregate
borrowing capacity on its unsecured line of credit by $120 million
to $720 million, with no other material changes to the terms of the
facility. -- Completed cash tender offer for $61.3 million
aggregate principal amount of exchangeable senior notes. Subsequent
to the end of the quarter, the company announced that its operating
partnership subsidiary, BioMed Realty, L.P., completed a private
placement of $180 million of 3.75% exchangeable senior notes due
2030. In addition to the fourth quarter activity described above,
the company completed the following debt-related transactions in
2009: -- Closed on a $350 million loan for the Center for Life
Science | Boston. -- Closed on an $18 million loan for the
company's 9865 Towne Centre Drive property in San Diego,
California. -- Closed on a $203 million secured loan facility for
the company's joint venture with a fund managed by PREI® which
owns, among other properties, approximately 600,000 square feet of
life science space in Cambridge, Massachusetts. -- Repurchased
$20.8 million face value of exchangeable senior notes at
approximately 61% of par, resulting in a gain on extinguishment of
debt of approximately $7.0 million. -- Repaid approximately $44.0
million of mortgage debt prior to its scheduled maturity. During
2009, the company completed the following equity issuances the net
proceeds of which were used to repay a portion of the outstanding
borrowings on the company's unsecured line of credit and for other
general corporate and working capital purposes: -- In May 2009, the
company completed a follow-on public offering of common stock,
raising net proceeds of approximately $166.9 million. -- In
November 2009, the company raised approximately $7.3 million in net
proceeds from the sale of common stock pursuant to its continuous
offering program established in September 2009. Commenting on the
financial results for the fourth quarter and full year, Kent
Griffin, President and Chief Financial Officer of BioMed, said, "We
maintained a steady course in 2009, continuing our proactive
approach to managing our capital structure. We successfully
executed a number of important, but measured steps in advancing our
capital plan, including the $350 million single-asset, non-recourse
secured loan in June and the successful upsizing of our unsecured
line of credit from $600 million to $720 million in December with
no change in terms. These were landmark financing transactions,
whether considered in isolation or when viewed in the light of the
macro-economic environment and the financial market collapse. In
combination with our May 2009 common stock offering and January
2010 exchangeable senior notes offering, these achievements
position BioMed with an enviable capital position and exceptional
financial flexibility. We are very appreciative of the strong,
sustained support we have received from our lenders, financial
partners and investors." Portfolio Update During the quarter ended
December 31, 2009, the company executed 17 leasing transactions
representing approximately 589,000 square feet, comprised of: --
Eleven new leases totaling approximately 326,000 square feet,
including: -- an 80,000 square foot lease with the Broad Institute
at the company's joint venture property with PREI® at 301 Binney
Street in Cambridge, Massachusetts; -- a 131,000 square foot lease
with Regeneron Pharmaceuticals of newly developed laboratory and
office space at The Landmark at Eastview campus; and -- a 63,000
square foot lease with Progenics Pharmaceuticals at The Landmark.
-- Six leases amended to extend their terms, totaling approximately
263,000 square feet, including: -- an 86,000 square foot lease
extension with Progenics Pharmaceuticals at The Landmark; -- a
64,000 square foot lease extension with Momentive Performance
Materials USA Inc. at The Landmark; -- a 73,000 square foot lease
extension with Quidel Corporation at the McKellar Court property in
San Diego, California; and -- a 16,000 square foot lease extension
with the General Services Administration at the Balboa Avenue
property in San Diego. During 2009, the company executed 58 leasing
transactions representing over 1.5 million square feet, including
42 new leases totaling approximately 904,000 square feet and 16
leases amended to extend their terms, totaling approximately
625,000 square feet. Including leasing activity in the fourth
quarter of 2008, the company executed 1.7 million square feet of
gross leasing transactions, approximately 172% of its original
five-quarter goal of 1.0 million square feet provided during its
third quarter 2008 earnings call. During the quarter ended December
31, 2009, the company purchased three land parcels totaling
approximately 36 acres adjacent to the company's The Landmark at
Eastview campus in Tarrytown, New York for approximately $2.5
million. The parcels include an existing parking facility that
supports The Landmark campus and increases the size of The Landmark
campus to approximately 150 acres. In addition, the company
invested approximately $10.3 million in the McKellar Court joint
venture to repay the joint venture's existing mortgage on the
McKellar Court property in San Diego, California. The company's
pro-rata portion of the debt repayment was approximately $2.1
million. Also in 2009, the company delivered three key projects
into service from its development pipeline: -- 361,000 square foot
corporate headquarters and research facilities at The Landmark at
Eastview campus for Regeneron, including a 230,000 square foot
build-to-suit and 131,000 square feet of newly developed laboratory
and office space subsequently leased to Regeneron. -- 700,000+
square feet at the Center for Life Science | Boston, which achieved
Gold LEED® certification and was 91% leased at the end of the year.
-- 96,000 square feet at the Fairview Research Center in Seattle,
Washington. As of December 31, 2009, BioMed Realty Trust owned or
had interests in 112 buildings, located predominantly in the major
U.S. life science markets of Boston, San Diego, San Francisco,
Seattle, Maryland, Pennsylvania and New York/New Jersey. As of
December 31, 2009, the company had 121 tenants and the current
operating portfolio was approximately 87.4% leased. The company's
property portfolio included the following as of December 31, 2009:
Rentable Square Feet ----------- Current operating 8,540,305
Long-term lease up (Pacific Research Center) 1,389,517
Redevelopment 154,341 Pre-development 152,145 Development 280,000
------- Total portfolio 10,516,308 ---------- Land parcels
1,548,000 --------- Total proforma portfolio 12,064,308 ==========
Quarterly and Annual Distributions BioMed Realty Trust's board of
directors previously declared a fourth quarter 2009 dividend of
$0.14 per share of common stock, and a dividend of $0.46094 per
share of the company's 7.375% Series A Cumulative Redeemable
Preferred Stock for the period from October 16, 2009 through
January 15, 2010. The fourth quarter common share dividend
represented a 27.3% increase over the third quarter 2009 dividend.
For the full year 2009, the company declared dividends totaling
$0.695 per common share and $1.84376 per Series A preferred share.
Earnings Guidance Based on the strong results for the fourth
quarter and the dilutive impact of the exchangeable notes offering
in January 2010, the company has revised its initial 2010 guidance
for net income per diluted share and FFO per diluted share. The
company's revised guidance is set forth and reconciled below. 2010
(Low - High) Projected net income per diluted share available to
common stockholders $0.21 - $0.31 Add: Noncontrolling interests in
operating partnership $0.01 Real estate depreciation and
amortization $1.01 Projected FFO per diluted share $1.23 - $1.33
Consistent with the initial 2010 guidance, the company's revised
2010 guidance does not include the impact of potential future
financing and investment activities. The foregoing estimates are
forward-looking and reflect management's view of current and future
market conditions, including certain assumptions with respect to
leasing activity, rental rates, occupancy levels, financing
transactions, interest rates, and the amount and timing of
development and redevelopment activities. The company's actual
results may differ materially from these estimates. Supplemental
Information Supplemental operating and financial data, as well as
the updated Investor Presentation, are available in the Investor
Relations section of the company's website at
http://www.biomedrealty.com/. Teleconference and Webcast BioMed
Realty Trust will conduct a conference call and webcast at 10:00
a.m. Pacific Time (1:00 p.m. Eastern Time) on Thursday, February
11, 2010 to discuss the company's financial results and operations
for the quarter. The call will be open to all interested investors
either through a live audio web cast at the Investor Relations
section of the company's web site at http://www.biomedrealty.com/
and at http://www.earnings.com/, which will include an online slide
presentation to accompany the call, or live by calling 800.599.9816
(domestic) or 617.847.8705 (international) with call ID number
75689290. The complete webcast will be archived for 30 days on both
web sites. A telephone playback of the conference call will also be
available from 1:00 p.m. Pacific Time on Thursday, February 11,
2010 until midnight Pacific Time on Tuesday, February 16, 2010 by
calling 888.286.8010 (domestic) or 617.801.6888 (international) and
using access code 19195358. 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 primarily include biotechnology and pharmaceutical
companies, scientific research institutions, government agencies
and other entities involved in the life science industry. BioMed
owns or has interests in 69 properties, representing 112 buildings
with approximately 10.5 million rentable square feet. The company's
properties are located predominantly in the major U.S. life science
markets of Boston, San Diego, San Francisco, Seattle, Maryland,
Pennsylvania and New York/New Jersey, which have well-established
reputations as centers for scientific research. Additional
information is available at http://www.biomedrealty.com/. This
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
based on current expectations, forecasts and assumptions that
involve risks and uncertainties that could cause actual outcomes
and results to differ materially. These risks and uncertainties
include, without limitation: general risks affecting the real
estate industry (including, without limitation, the inability to
enter into or renew leases, dependence on tenants' financial
condition, and competition from other developers, owners and
operators of real estate); adverse economic or real estate
developments in the life science industry or the company's target
markets; risks associated with the availability and terms of
financing, the use of debt to fund acquisitions and developments,
and the ability to refinance indebtedness as it comes due; failure
to manage effectively the company's growth and expansion into new
markets, or to complete or integrate acquisitions and developments
successfully; risks and uncertainties affecting property
development and construction; risks associated with downturns in
the national and local economies, increases in interest rates, and
volatility in the securities markets; potential liability for
uninsured losses and environmental contamination; risks associated
with the company's potential failure to qualify as a REIT under the
Internal Revenue Code of 1986, as amended, and possible adverse
changes in tax and environmental laws; and risks associated with
the company's dependence on key personnel whose continued service
is not guaranteed. For a further list and description of such risks
and uncertainties, see the reports filed by the company with the
Securities and Exchange Commission, including the company's most
recent annual report on Form 10-K and quarterly reports on Form
10-Q. The company disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. (Financial Tables
Follow) BIOMED REALTY TRUST, INC. CONSOLIDATED BALANCE SHEETS (In
thousands) (unaudited) December 31, ------------ 2009 2008 ----
---- ASSETS Investments in real estate, net $2,971,767 $2,960,429
Investment in unconsolidated partnerships 56,909 18,173 Cash and
cash equivalents 19,922 21,422 Restricted cash 15,355 7,877
Accounts receivable, net 4,135 9,417 Accrued straight-line rents,
net 82,066 58,138 Acquired above-market leases, net 3,047 4,329
Deferred leasing costs, net 83,274 101,519 Deferred loan costs, net
8,123 9,754 Other assets 38,676 38,256 ------ ------ Total assets
$3,283,274 $3,229,314 ========== ========== LIABILITIES AND
STOCKHOLDERS' EQUITY Mortgage notes payable, net $669,454 $353,161
Secured construction loan - 507,128 Secured term loan 250,000
250,000 Unsecured line of credit 397,666 108,767 Exchangeable
senior notes due 2026, net 44,685 122,043 Security deposits 7,929
7,623 Dividends and distributions payable 18,531 32,445 Accounts
payable, accrued expenses and other liabilities 47,388 66,821
Derivative instruments 12,551 126,091 Acquired below-market leases,
net 11,138 17,286 ------ ------ Total liabilities 1,459,342
1,591,365 Equity: Stockholders' equity: Preferred stock, $.01 par
value, 15,000,000 shares authorized: 7.375% Series A cumulative
redeemable preferred stock, $230,000,000 liquidation preference
($25.00 per share), 9,200,000 shares issued and outstanding at
December 31, 2009 and 2008 222,413 222,413 Common stock, $.01 par
value, 150,000,000 and 100,000,000 shares authorized, 99,000,269
and 80,757,421 shares issued and outstanding at December 31, 2009
and 2008, respectively 990 808 Additional paid-in capital 1,843,551
1,661,009 Accumulated other comprehensive loss (85,183) (112,126)
Dividends in excess of earnings (167,429) (146,536) --------
-------- Total stockholders' equity 1,814,342 1,625,568
Noncontrolling interests 9,590 12,381 ----- ------ Total equity
1,823,932 1,637,949 --------- --------- Total liabilities and
equity $3,283,274 $3,229,314 ========== ========== Financial
information for the current and, where applicable, the prior period
has been presented to reflect the application of new accounting
guidance on noncontrolling interests, convertible debt instruments
that may be settled in cash upon conversion, and share-based
payment transactions that are participating securities adopted by
the company effective January 1, 2009. BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME (In thousands, except share and
per share data) (unaudited) For the Three For the Twelve Months
Months Ended December 31, Ended December 31, ------------------
------------------ 2009 2008 2009 2008 ---- ---- ---- ----
Revenues: Rental $67,294 $63,518 $269,901 $227,464 Tenant
recoveries 19,895 18,869 77,406 72,166 Other income 982 646 13,859
2,343 --- --- ------ ----- Total revenues 88,171 83,033 361,166
301,973 ------ ------ ------- ------- Expenses: Rental operations
17,675 17,255 73,213 61,600 Real estate taxes 8,532 6,181 31,611
23,129 Depreciation and amortization 26,853 25,703 109,620 84,227
General and administrative 6,556 6,406 22,919 22,834 ----- -----
------ ------ Total expenses 59,616 55,545 237,363 191,790 ------
------ ------- ------- Income from operations 28,555 27,488 123,803
110,183 Equity in net loss of unconsolidated partnerships (506)
(862) (2,390) (1,200) Interest income 82 115 308 485 Interest
expense (20,429) (12,137) (64,998) (41,172) (Loss)/gain on
derivative instruments (86) (19,222) 203 (19,948) (Loss)/gain on
extinguishment of debt (2,888) 14,783 3,264 14,783 ------ ------
----- ------ Net income 4,728 10,165 60,190 63,131 Net income
attributable to noncontrolling interests (10) (306) (1,468) (2,077)
--- ---- ------ ------ Net income attributable to the Company 4,718
9,859 58,722 61,054 Preferred stock dividends (4,241) (4,241)
(16,963) (16,963) ------ ------ ------- ------- Net income
available to common stockholders $477 $5,618 $41,759 $44,091 ====
====== ======= ======= Net income per share available to common
stockholders: Basic and diluted earnings per share $0.00 $0.07
$0.45 $0.61 ===== ===== ===== ===== Weighted-average common shares
outstanding: Basic 97,706,262 79,692,998 91,011,123 71,684,244
========== ========== ========== ========== Diluted 101,666,673
83,485,531 91,851,002 75,408,153 =========== ========== ==========
========== Financial information for the current and, where
applicable, the prior periods has been presented to reflect the
application of new accounting guidance on noncontrolling interests,
convertible debt instruments that may be settled in cash upon
conversion, and share-based payment transactions that are
participating securities adopted by the company effective January
1, 2009. BIOMED REALTY TRUST, INC. FUNDS FROM OPERATIONS (In
thousands, except share and per share data) (unaudited) The
following table provides the calculation of our FFO and a
reconciliation to net income available to common stockholders (in
thousands, except per share amounts): Three Months Ended Twelve
Months Ended December 31, December 31, ------------ ------------
2009 2008 2009 2008 ---- ---- ---- ---- Net income available to
common stockholders $477 $5,618 $41,759 $44,091 Adjustments:
Noncontrolling interests in operating partnership 30 319 1,532
2,086 Depreciation and amortization - unconsolidated partnerships
662 662 2,647 2,100 Depreciation and amortization - consolidated
entities- continuing operations 26,853 25,703 109,620 84,227
Depreciation and amortization - allocable to noncontrolling
interests of consolidated joint ventures (23) (16) (81) (40) ---
--- --- --- Funds from operations available to common shares and
partnership and LTIP units $27,999 $32,286 $155,477 $132,464
======= ======= ======== ======== Funds from operations per share -
diluted $0.28 $0.39 $1.64 $1.76 ===== ===== ===== =====
Weighted-average common shares outstanding - diluted (1)
101,666,673 83,485,531 95,082,074 75,408,154 =========== ==========
========== ========== (1) The twelve months ended December 31, 2009
include 3,231,072 OP and LTIP units which are considered
anti-dilutive for purposes of calculating diluted earnings per
share. Financial information for the current and, where applicable,
the prior periods has been presented to reflect the application of
new accounting guidance on noncontrolling interests, convertible
debt instruments that may be settled in cash upon conversion, and
share-based payment transactions that are participating securities
adopted by the company effective January 1, 2009. We present funds
from operations, or FFO, available to common shares and partnership
and LTIP units because we consider it an important supplemental
measure of our operating performance and believe it is frequently
used by securities analysts, investors and other interested parties
in the evaluation of REITs, many of which present FFO when
reporting their results. FFO is intended to exclude GAAP historical
cost depreciation and amortization of real estate and related
assets, which assumes that the value of real estate assets
diminishes ratably over time. Historically, however, real estate
values have risen or fallen with market conditions. Because FFO
excludes depreciation and amortization unique to real estate, gains
and losses from property dispositions and extraordinary items, it
provides a performance measure that, when compared year over year,
reflects the impact to operations from trends in occupancy rates,
rental rates, operating costs, development activities and interest
costs, providing perspective not immediately apparent from net
income. We compute FFO in accordance with standards established by
the Board of Governors of the National Association of Real Estate
Investment Trusts, or NAREIT, in its March 1995 White Paper (as
amended in November 1999 and April 2002). As defined by NAREIT, FFO
represents net income (computed in accordance with GAAP), excluding
gains (or losses) from sales of property, plus real estate related
depreciation and amortization (excluding amortization of loan
origination costs) and after adjustments for unconsolidated
partnerships and joint ventures. Our computation may differ from
the methodology for calculating FFO utilized by other equity REITs
and, accordingly, may not be comparable to such other REITs.
Further, FFO does not represent amounts available for management's
discretionary use because of needed capital replacement or
expansion, debt service obligations, or other commitments and
uncertainties. FFO should not be considered as an alternative to
net income (loss) (computed in accordance with GAAP) as an
indicator of our financial performance or to cash flow from
operating activities (computed in accordance with GAAP) as an
indicator of our liquidity, nor is it indicative of funds available
to fund our cash needs, including our ability to pay dividends or
make distributions.
http://www.newscom.com/cgi-bin/prnh/20091005/BIOMEDLOGO
http://photoarchive.ap.org/ DATASOURCE: BioMed Realty Trust, Inc.
CONTACT: Rick Howe, Director, Corporate Communications of BioMed
Realty Trust, Inc., +1-858-207-5859, Web Site:
http://www.biomedrealty.com/
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