Real Estate Central

SAN DIEGO, April 30 /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 first quarter ended March 31, 2008.



Highlights:

— Funds from operations (FFO) for the quarter were $31.3 million, or
$0.46 per diluted share

— Increased quarterly common stock dividend by 8.1% to $0.335 per share,
equivalent to an annualized common stock dividend of $1.34 per share

— Executed a long-term lease for 90,000 square feet with Revance
Therapeutics, Inc. at the Pacific Research Center, marking the
company’s first life science tenant at the Pacific Research Center,
located in the San Francisco market

— Acquired the 500 Fairview Avenue property, an approximately
22,000 square foot building in Seattle, Washington that is fully leased
to the State of Washington and targeted for future redevelopment as
laboratory/office space

— Entered into a

45.0 million secured construction loan facility
through our joint venture with Prudential Real Estate Investors, at an
initial interest rate of reserve adjusted LIBOR plus a spread of
150 basis points, to fund the remaining anticipated cost to complete
construction at our 650 East Kendall Street property

— Extended the term of the secured acquisition and interim loan facility
of our joint venture with Prudential Real Estate Investors to April 3,
2009

“We delivered yet another strong quarter of financial results in the
first quarter. Our operating performance was solid and we are making good
progress in our development and redevelopment pipeline, and steady progress
in our leasing program. We remain cautiously optimistic that the limited
correlation between the currently volatile credit markets and the long-term
demand for research in the life science industry will allow us to continue
our stable growth through 2008 and beyond,” commented Alan D. Gold,
President and Chief Executive Officer of BioMed Realty Trust.

First Quarter 2008 Financial Results

Rental revenues for the quarter were $50.3 million, representing a 6.0%
increase versus the first quarter of 2007. Same property net operating
income increased 4.9% on a cash basis for the first quarter of 2008
compared to the first quarter of 2007.

Total revenues for the quarter were $67.4 million, compared to $68.8
million in the first quarter of 2007. Total revenues, net income and FFO
for the first quarter of 2007 included the effect of a $4.8 million lease
termination fee (or approximately $0.07 per diluted share) related to the
company’s Elliott Avenue property. Net income available to common
stockholders for the quarter was $12.6 million, or $0.19 per diluted share,
compared to $16.0 million, or $0.25 per diluted share, in the first quarter
of 2007.

FFO during the quarter was to $31.3 million, compared to $34.2 million
in the comparable period in 2007. FFO per diluted share was $0.46 for the
first quarter of 2008 versus $0.50 in the first quarter of 2007.

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.

Financing Activity

On February 13, 2008, the company’s joint venture with Prudential Real
Estate Investors entered into a secured construction loan facility with
Wachovia Bank, National Association and other lenders to provide borrowings
of up to approximately

45.0 million in connection with the construction
of 650 East Kendall Street, an approximately 280,000 square foot Class A
laboratory/office building located in East Cambridge, Massachusetts.
Proceeds from the secured construction loan were used in part to repay a
portion of the joint venture’s secured acquisition and interim loan
facility and will also be used to fund the balance of the anticipated cost
to complete construction of the project. The secured construction loan
initially bears interest at a floating rate equal to reserve adjusted LIBOR
plus a spread of 150 basis points. The secured construction loan has a
maturity date of August 13, 2010 and is secured by the 650 East Kendall
Street property and related collateral.

On February 19, 2008, the company’s joint venture with Prudential Real
Estate Investors extended the term of its secured acquisition and interim
loan facility by one year to April 3, 2009, with no additional changes to
the pricing or terms of the facility.

As of March 31, 2008, the company’s consolidated debt included
fixed-rate mortgage indebtedness with an aggregate outstanding principal
amount of $377.7 million, including $10.3 million of debt premium, and a
weighted-average effective interest rate of 5.5% at quarter-end; the
company’s

50 million secured term loan, with a weighted-average effective
interest rate of 4.8% at quarter-end; $175 million aggregate principal
amount of 4.50% exchangeable senior notes due 2026; $310.7 million in
outstanding borrowings under the company’s $600 million unsecured revolving
line of credit, with a weighted-average effective interest rate of 4.1% at
quarter-end; and $457.6 million in outstanding borrowings under the
company’s acquisition and construction loan secured by the Center for Life
Science | Boston property, with a weighted-average effective interest rate
of 4.2% at quarter-end. The company’s debt to total capitalization ratio
was 45.5% at March 31, 2008.

After the quarter’s end, on April 22, 2008, the company completed the
sale of 6,129,000 shares of common stock at

5.50 per share, resulting in
gross offering proceeds of approximately $156.3 million.

“The ability of our joint venture with Prudential Real Estate Investors
to secure

45.0 million at reserve adjusted LIBOR plus a 150 basis point
spread is a testament to the strength of the joint venture, our proven
ability to execute on our business model and the world-class quality of the
assets we are developing through the joint venture. Coupling this financing
with the extension of our joint venture’s existing facility to April 2009
and the raising of approximately $156.3 million in gross proceeds in our
April 2008 follow-on public offering, we were able to further enhance what
was already a very solid financial position,” commented Kent Griffin, Chief
Financial Officer of BioMed Realty Trust.

Portfolio Update

During the quarter, the company acquired the 500 Fairview Avenue
property, an approximately 22,000 square foot building which is fully
leased to the State of Washington and targeted for future redevelopment as
laboratory/office space, located adjacent to the company’s 530 Fairview
Avenue property in Seattle, Washington.

As of March 31, 2008, 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. The company’s portfolio was comprised of the following,
with its operating portfolio 93.2% leased to 113 tenants, as of March 31,
2008:





Rentable Square Feet
Operating portfolio 6,613,665
Repositioning and redevelopment properties 1,863,817
Construction in progress 1,941,000
Total portfolio 10,418,482

Land parcels 1,367,000
Total proforma portfolio 11,785,482



Quarterly Distributions
BioMed Realty Trust’s board of directors previously declared a first
quarter 2008 dividend of $0.335 per share of common stock, an 8.1% increase
over the previous quarterly dividend of $0.31 per share, and a dividend of
$0.46094 per share of the company’s 7.375% Series A Cumulative Redeemable
Preferred Stock for the period from January 16, 2008 through April 15,
2008.

Earnings Guidance

To reflect the impact of the company’s common stock offering of
6,129,000 shares completed on April 22, 2008, the company has revised 2008
guidance for net income per diluted share and FFO per diluted share as set
forth and reconciled below.





2008
(Low - High)
Projected net income per diluted share available
to common stockholders $0.70 - 0.78
Add:
Minority interest in operating partnership $0.03
Real estate depreciation and amortization $1.10
Projected FFO per diluted share $1.83 - 1.91


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, 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 are available in the Investor
Relations section of the company’s web site at http://www.biomedrealty.com.

Teleconference and Web Cast

BioMed Realty Trust will conduct a conference call and audio web cast
at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time) Thursday, May 1, 2008
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 http://www.earnings.com, or live by
calling (866) 314-4483 (domestic) or (617) 213-8049 (international) with
call ID number 39235728. The call will be archived for 30 days on both web
sites. A telephone playback of the conference call will also be available
from 3:00 p.m. Pacific Time on Thursday, May 1, 2008 through midnight
Pacific Time on Monday, May 5, 2008 by calling (888) 286-8010 (domestic) or
(617) 801-6888 (international) and using access code 64617789.

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(R). 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 Realty Trust owns or
has interests in 69 properties, representing 112 buildings with
approximately 10.4 million rentable square feet, including approximately
1.9 million square feet of development in progress. The company also owns
undeveloped land parcels adjacent to existing properties that it estimates
can support up to 1.4 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 and the use of debt
to fund acquisitions and developments; 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, except share and per share data)

March 31, December 31,
2008 2007
(Unaudited)

ASSETS
Investments in real estate, net

,868,432

,805,983
Investment in unconsolidated partnerships 21,356 22,588
Cash and cash equivalents 19,383 13,479
Restricted cash 8,351 8,867
Accounts receivable, net 4,716 4,457
Accrued straight-line rents, net 40,682 36,415
Acquired above-market leases, net 5,374 5,745
Deferred leasing costs, net 112,334 116,491
Deferred loan costs, net 14,554 15,567
Other assets 30,767 27,676
Total assets $3,125,949 $3,057,268

LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net $377,675 $379,680
Secured construction loan 457,628 425,160
Secured term loan 250,000 250,000
Exchangeable senior notes 175,000 175,000
Unsecured line of credit 310,747 270,947
Security deposits 7,326 7,090
Dividends and distributions payable 27,385 25,596
Accounts payable, accrued expenses, and other
liabilities 134,751 95,871
Acquired below-market leases, net 22,199 23,708
Total liabilities 1,762,711 1,653,052
Minority interests 16,690 17,280
Stockholders’ equity:
Preferred stock 222,413 222,413
Common stock 656 656
Additional paid-in capital 1,279,852 1,277,770
Accumulated other comprehensive loss (54,824) (21,762)
Dividends in excess of earnings (101,549) (92,141)
Total stockholders’ equity 1,346,548 1,386,936
Total liabilities and stockholders’
equity $3,125,949 $3,057,268



BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)

For the Three Months
Ended March 31,
2008 2007
(Unaudited)
Revenues:
Rental $50,342 $47,508
Tenant recoveries 16,582 16,510
Other income 434 4,780
Total revenues 67,358 68,798

Expenses:
Rental operations 13,865 13,115
Real estate taxes 5,269 5,916
Depreciation and amortization 17,687 17,254
General and administrative 6,194 5,343
Total expenses 43,015 41,628
Income from operations 24,343 27,170
Equity in net (loss)/income of
unconsolidated partnerships (172) 22
Interest income 155 231
Interest expense (6,937) (6,852)
Income from continuing operations before
minority interests 17,389 20,571
Minority interests in continuing operations
of consolidated partnerships 8 –
Minority interests in continuing operations
of operating partnership (589) (699)
Income from continuing operations 16,808 19,872
Income from discontinued operations before
gain on sale of assets and minority interests — 387
Minority interests attributable to
discontinued operations — (16)
Income from discontinued operations — 371
Net income 16,808 20,243
Preferred stock dividends (4,241) (4,194)
Net income available to common
stockholders $12,567 $16,049

Income from continuing operations per share
available to common stockholders:
Basic and diluted earnings per share $0.19 $0.24

Net income per share available to common
stockholders:
Basic and diluted earnings per share $0.19 $0.25
Weighted-average common shares outstanding:
Basic 65,350,512 65,289,950
Diluted 68,429,903 68,231,124



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):

For the Three Months
Ended March 31,
2008 2007

Net income available to common stockholders $12,567 $16,049
Adjustments:
Minority interests in operating partnership 589 715
Depreciation and amortization –
unconsolidated partnerships 451 20
Depreciation and amortization –
consolidated entities-discontinued operations — 137
Depreciation and amortization –
consolidated entities-continuing operations 17,687 17,254
Depreciation and amortization — allocable
to minority interest of consolidated joint
ventures (8) –
Funds from operations available to common
shares and partnership and LTIP units $31,286 $34,175
Funds from operations per share — diluted $0.46 $0.50
Weighted-average common shares outstanding
— diluted 68,429,903 68,231,124


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.



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Source: Real Estate Newswire