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BioMed Realty Trust, Inc. Announces Acquisition of Five Properties and Closing of $100 Million Credit Facility
SAN DIEGO, Aug. 25 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR - ) today announced that, since the issuance of its last press release on August 16, 2004, it has completed the acquisition of five additional properties previously described in the Company's IPO prospectus. The Company acquired four properties, Elliott Avenue and Monte Villa Parkway, located near Seattle, Washington, Bayshore Boulevard, located near San Francisco, California, and Towne Centre Drive, located in San Diego, California, for aggregate cash consideration of approximately $131.4 million using the net proceeds of its initial public offering and the assumption of $17.1 million of debt. In addition, the Industrial Road property, located near San Francisco, California, was acquired for aggregate cash consideration of approximately $56.5 million using the net proceeds of the Company's initial public offering and an aggregate of approximately 1.5 million limited partnership units in the Company's operating partnership. Together, the five properties represent a total of 657,000 rentable square feet and increase the Company's total portfolio to 10 properties with an aggregate of 2.0 million rentable square feet.

The Company also announced today that it has closed a three-year $100.0 million revolving unsecured credit facility. The facility bears interest at either a base rate or LIBOR plus a margin, which could vary between 120 basis points and 180 basis points depending on the Company's overall leverage. The credit facility is led by U.S. Bank National Association, as Administrative Agent and Lead Arranger, KeyBank National Association, as Syndication Agent, and Royal Bank of Canada, as Documentation Agent. The facility includes an accordion feature which would allow the Company to increase the size of the facility to up to $200.0 million.

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); 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.