| BioMed Realty Trust Announces Acquisition of Three Properties | | SAN DIEGO, Oct. 1 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR - ) today announced that it has completed the acquisition of the three
remaining properties previously described in the Company's IPO prospectus.
The Company acquired the first of two portions of the Bridgeview property,
located near San Francisco, California, for cash consideration of
approximately $4.4 million using the net proceeds of its initial public
offering and the assumption of $11.9 million of debt. The remaining portion
of the Bridgeview property, representing $16.1 million (or approximately 50%
of the total purchase price), has not yet been completed. The seller of the
property exercised its right to extend the closing date on that portion of the
property to March 2005 to facilitate a like-kind exchange under Section 1031
of the Internal Revenue Code. The McKellar Court and Science Center Drive
properties, located in San Diego, California, were acquired for aggregate cash
consideration of approximately $1.3 million using the net proceeds of the
Company's initial public offering, an aggregate of 541,998 limited partnership
units in the Company's operating partnership and the assumption of
$22.6 million of debt. Together, the three properties represent a total of
approximately 340,000 rentable square feet and increase the Company's total
portfolio to 13 properties with an aggregate of 2.3 million rentable square
feet.
BioMed Realty Trust, Inc. is focused on acquiring, owning, leasing,
managing and selectively developing laboratory and office space for lease to
life science tenants, including biotechnology and pharmaceutical companies,
scientific research institutes, government agencies and other entities
involved in the life science industry. The Company targets properties located
in certain markets with established reputations as centers for scientific
research, including San Diego, San Francisco, Seattle, Maryland, Pennsylvania,
New York/New Jersey and Boston. 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 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 California region;
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 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. 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.
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