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BioMed Realty Trust, Inc. Announces Exercise of Over-Allotment Option and Acquisition of Five Properties
SAN DIEGO, Aug. 16 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR - ) today announced that the underwriters of its initial public offering have exercised their over-allotment option in full to purchase an additional 4,050,000 shares of common stock to be offered at the public offering price of $15.00 per share, all of which are being sold by the Company. Raymond James & Associates, Inc. is the sole lead book-running manager, with Friedman, Billings, Ramsey & Co., Inc., KeyBanc Capital Markets, a division of McDonald Investments Inc., Legg Mason Wood Walker, Incorporated, and RBC Capital Markets Corporation acting as co-managers.

In total, the Company sold 31,050,000 shares of common stock at $15.00 per share in its initial public offering, raising gross offering proceeds of $465.8 million. The proceeds are being used principally to fund property acquisitions, repay indebtedness and for general corporate purposes.

The Company also announced today that, since the completion of its initial public offering on August 11, 2004, it has completed the acquisition of five of the properties previously described in the Company's prospectus. The Company acquired two properties, King of Prussia, located in Radnor, Pennsylvania and Landmark at Eastview, located in Tarrytown, New York, for aggregate cash consideration of approximately $187.1 million using the net proceeds of its initial public offering. Three properties, Bernardo Center Drive, located in San Diego, California, Balboa Avenue, located in San Diego, California, and Eisenhower Road, located in Norristown, Pennsylvania, were acquired for an aggregate of approximately 867,000 limited partnership units in the Company's operating partnership and the assumption of $2.3 million of debt. Together, the five properties represent a total of 1.3 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.

The registration statement relating to the common shares has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such common shares in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities will be made only by means of a prospectus, copies of which may be obtained by contacting Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716.

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.