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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.