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BioMed Realty Trust Reports Fourth Quarter and Year-End Financial Results: Acquisition Program Ahead of Plan

SAN DIEGO, Feb. 17, 2005 (PRIMEZONE) -- BioMed Realty Trust, Inc. (NYSE:BMR) today announced results for its fourth quarter and year ended December 31, 2004, marking its first full quarter as a public company since the completion of its initial public offering in August 2004.

Net income for the fourth quarter was $3.0 million, or $0.09 per diluted share. Funds from operations (FFO) were $8.9 million, or $0.26 per diluted share, and adjusted funds from operations (AFFO) were $9.6 million, or $0.28 per diluted share, for the same period. Revenue for the fourth quarter was $19.7 million.

For the year, the company reported net income of $4.8 million, or $0.15 per diluted share. FFO were $13.1 million, or $0.39 per diluted share, and AFFO were $14.3 million, or $0.42 per diluted share. Revenue for the year was $28.7 million. The weighted average number of basic and diluted shares outstanding was 31,107,856 and 34,129,493, respectively, for the fourth quarter and 30,965,178 and 33,767,575, respectively, for the year ended December 31, 2004.

The above financial results for the year ended December 31, 2004 do not include results of the company's predecessor from the period prior to the company commencing operations on August 11, 2004. Management does not believe that historical financial results are indicative of the company's expected future operating performance, because year-to-year financial comparisons with the predecessor company are not meaningful given the predecessor's limited operations.

FFO and AFFO are supplemental non-GAAP financial measures 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 to FFO and AFFO is included at the end of this release.

"During the fourth quarter of 2004, we further strengthened our life science property portfolio -- acquiring the San Diego Science Center in October and the Ardentech Court property, located in Northern California, in November. In addition, we established a presence in the important Maryland life science market with the acquisition and leaseback of two properties from Guilford Pharmaceuticals Inc. (Nasdaq:GLFD) in December. These transactions, combined with the acquisition of 13 properties under contract at the time of our initial public offering in August, increased the company's total portfolio at year end to 17 properties with an aggregate of 2.6 million rentable square feet," said Alan D. Gold, president and chief executive officer of BioMed Realty Trust.

"We begin 2005 with a growing pipeline of acquisition properties and a solid financial foundation, as well as the professional resources to manage our expansion within the fragmented life science industry," Gold added.

Gold highlighted the company's announcement subsequent to year end of a lease with Nuvelo, Inc. (Nasdaq:NUVO) for approximately 55,000 rentable square feet of vacant space at the company's Industrial Road property in San Carlos, California and the appointment of M. Faye Wilson, a former director of Home Depot (NYSE:HD), to its board.

The company's current 17 properties, located in San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York, consist of 33 buildings with 2.6 million rentable square feet of life science and laboratory real estate that was 95.3 percent leased as of December 31, 2004. As previously disclosed, the company expects to acquire the third building on the Bridgeview property in March 2005, as a result of the seller exercising its right to extend the closing date to facilitate a like-kind exchange. The company also owns undeveloped land that it estimates can support up to 548,000 square feet of laboratory and office space.

During the fourth quarter the company completed a $49.3 million, five-year mortgage financing with The Northwestern Mutual Life Insurance Company, which will be used to finance acquisitions and for other corporate purposes. The loan is secured by the company's Bayshore Boulevard, Monte Villa Parkway and Towne Centre Drive properties, bears interest at a fixed rate of 4.55 percent per annum and has a maturity date of January 1, 2010.

The company also declared a dividend of $0.27 per share of common stock for the fourth quarter. As previously announced, the dividend was paid on January 14, 2005 to stockholders of record as of December 31, 2004. The dividend, which is the first full quarterly dividend paid by the company, is equivalent to an annualized dividend of $1.08 per common share.

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) today to discuss the company's financial results and operations for the year. 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.companyboardroom.com, or live by calling (877) 226-4265 with call ID number 3830436. Participants who wish to participate in the live call are encouraged to pre-register by email at info@maierco.com or by calling (310) 442-9852. The call will be archived for two weeks on both web sites. A telephone playback of the conference call will also be available from 1:00 p.m. Pacific Time on Thursday, February 17, 2005 through midnight Pacific Time on Tuesday, February 22, 2005 by calling (800) 642-1687 (domestic) or (706) 645-9291 (international) and using access code: 3830436.

Supplemental Information

Supplemental operating and financial data are available in the Investor Relations section of the company's web site at www.biomedrealty.com.

About BioMed Realty Trust

BioMed Realty Trust, Inc. is a real estate investment trust focused on acquiring, owning, leasing, managing and selectively developing laboratory and office space for lease to life science tenants. Tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies, physician groups and other entities involved in the life science industry. The company targets properties located in markets with established reputations as centers for scientific research, including San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York/New Jersey and Boston. Additional information is available at 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 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.



                           #      #      #

                      (Financial Tables Follow)

                      BIOMED REALTY TRUST, INC. AND
              INHALE 201 INDUSTRIAL ROAD, L.P. (PREDECESSOR)
                       CONSOLIDATED BALANCE SHEETS
                  (In thousands, except per share data)
                            (Unaudited)


                                                        Inhale 201
                                  BioMed Realty       Industrial Road,
                                   Trust, Inc.       L.P.(Predecessor)
                                    ---------           ---------
                                   December 31,        December 31, 
                                      2004                 2003
                                    ---------           ---------
        Assets
 Rental property:
  Land                              $  68,755           $  12,000
  Ground lease                         14,217                  -- 
  Buildings and improvements          388,785              37,588
                                    ---------           ---------
                                      471,757              49,588
  Less: accumulated
   depreciation and
   amortization                        (3,269)             (2,563)
                                    ---------           ---------
   Net rental property                468,488              47,025
 Investment in unconsolidated
  partnership                           2,470                  -- 
 Cash and cash equivalents             27,869                 157
 Restricted cash                        2,470                  -- 
 Accounts receivable, net               1,837                  -- 
 Accrued straight-line rents,
  net                                   3,306               2,427
 Acquired above market leases,
  net                                   8,006                  -- 
 Deferred leasing costs, net           61,503                 287
 Deferred loan costs, net               1,700                  29
 Prepaid expenses                       1,531                  -- 
 Other assets                           2,543                 131
                                    ---------           ---------
   Total assets                     $ 581,723           $  50,056
                                    =========           =========

        Liabilities and Stockholders' and Owners' Equity

 Liabilities
  Secured notes payable, net        $ 102,236           $  34,208
  Security deposits                     4,831                  -- 
  Due to affiliates                        53               3,000
  Dividends and distributions
   payable                              9,249                  -- 
  Accounts payable and accrued
   expenses                             7,529                 389
  Acquired lease obligations,
   net                                 13,741                  --
                                    ---------           ---------
   Total liabilities                  137,639              37,597

 Minority interests                    22,267                  -- 
 Stockholders' and owners'
  equity:
   Preferred stock, $.01 par
    value, 15,000,000 shares
    authorized, none issued or
    outstanding                            --                  -- 
   Common stock, $.01 par
    value, 100,000,000 shares
    authorized, 31,386,333
    shares issued and
    outstanding                           314                  -- 
   Additional paid-in capital         434,075                  -- 
   Deferred compensation               (4,182)                 -- 
   Dividends in excess of
    earnings                           (8,390)                 -- 
   Owners' equity                          --              12,459
                                    ---------           ---------
    Total stockholders' and
     owners' equity                   421,817              12,459
                                    ---------           ---------
    Total liabilities and
     stockholders' and owners'
     equity                         $ 581,723           $  50,056
                                    =========           =========



                        BIOMED REALTY TRUST, INC. AND
                INHALE 201 INDUSTRIAL ROAD, L.P. (PREDECESSOR)
                      CONSOLIDATED STATEMENTS OF INCOME
                   (In thousands, except per share data)
                                  (Unaudited)

                                                    Inhale 201
                                                Industrial Road, L.P.
                      BioMed Realty Trust, Inc.   (Predecessor)
                           ------------            ------------ 
                         Three Months ended      Three months ended
                         December 31, 2004       December 31, 2003
 Revenues:
  Rental                   $     13,326            $      1,569
  Tenant recoveries               6,344                     187
                           ------------            ------------
   Total revenues                19,670                   1,756
                           ------------            ------------
 Expenses:
  Rental operations               8,004                     200
  Depreciation and
   amortization                   5,602                     242
  General and
   administrative                 2,011                      --
                           ------------            ------------
   Total expenses                15,617                     442
                           ------------            ------------
   Income from
    operations                    4,053                   1,314

 Equity in net loss
  of unconsolidated
  partnership                       (11)                     --
   Interest income                   66                       1
   Interest expense                (962)                   (751)
                           ------------            ------------
    Income before
     minority
     interests                    3,146                     564
   Minority interests              (191)                     --
                           ------------            ------------
    Net income             $      2,955            $        564
                           ============            ============
 Basic earnings per
  share                    $       0.10
                           ============
 Diluted earnings per
  share                    $       0.09
                           ============
 Weighted-average
  common shares
  outstanding:
    Basic                    31,107,856
                           ============
    Diluted                  34,129,493
                           ============


                       BIOMED REALTY TRUST, INC. AND
               INHALE 201 INDUSTRIAL ROAD, L.P. (PREDECESSOR)
                    CONSOLIDATED STATEMENTS OF INCOME
                  (In thousands, except per share data)
                              (Unaudited)


                      BioMed Realty  Inhale 201 Industrial Road, L.P.
                       Trust, Inc.           (Predecessor)
                      ------------    ----------------------------
                         Period          Period
                     August 11, 2004   January 1,     
                        through       2004 through     Year Ended
                      December 31,     August 17,     December 31, 
                          2004            2004            2003
                      ------------    ------------    ------------
 Revenues:
  Rental              $     19,432    $      3,339    $      6,275
  Tenant recoveries          9,222             375             744
                      ------------    ------------    ------------
   Total revenues           28,654           3,714           7,019
                      ------------    ------------    ------------
 Expenses:
  Rental operations         11,619             353             830
  Depreciation and
   amortization              7,853             600             955
  General and
   administrative            3,130              --              --
                      ------------    ------------    ------------
   Total expenses           22,602             953           1,785
                      ------------    ------------    ------------
   Income from
    operations               6,052           2,761           5,234

 Equity in net loss
  of unconsolidated
  partnership                  (11)             --              --
   Interest income             190              --               1
   Interest expense         (1,180)         (1,760)         (2,901)
                      ------------    ------------    ------------
    Income before
     minority
     interests               5,051           1,001           2,334
   Minority
    interests                 (269)             --              --
                      ------------    ------------    ------------
    Net income        $      4,782    $      1,001    $      2,334
                      ============    ============    ============
 Basic earnings per
  share               $       0.15
                      ============
 Diluted earnings
  per share           $       0.15
                      ============
 Weighted-average
  common shares
  outstanding:
    Basic               30,965,178
                      ============
    Diluted             33,767,575
                      ============


                       BIOMED REALTY TRUST, INC.
                        FUNDS FROM OPERATIONS
                 (In thousands, except per share data)
                            (Unaudited)

                                             Period August 11, 2004
                         Three Months ended        through
                         December 31, 2004      December 31, 2004
                           ------------          ------------
 Net income                $      2,955          $      4,782
 Adjustments:
  Minority interests                278                   414
  Depreciation and
   amortization -- real
   estate assets                  5,652                 7,903
                           ------------          ------------
 Funds from operations
  (FFO)                           8,885                13,099
  Master lease receipts             872                 1,327
  Capital expenditures              (57)                  (57)
  Amortization of
   deferred loan costs              113                   162
  Amortization of fair
   value of debt
   acquired                        (219)                 (307)
  Non-cash stock
   compensation                     544                   872
  Straight-line rents              (750)               (1,125)
  Fair value lease
   revenue                          175                   287
                           ------------          ------------
 Adjusted funds from
  operations (AFFO)        $      9,563          $     14,258
                           ============          ============
 FFO per share --
  diluted                  $       0.26          $       0.39
                           ============          ============
 AFFO per share --
  diluted                  $       0.28          $       0.42
                           ============          ============
 Weighted-average common
  shares outstanding --
  diluted                    34,129,493            33,767,575
                           ============          ============

We present funds from operations, or FFO, 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.

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs. We calculate AFFO by adding to FFO (a) amounts received pursuant to master lease agreements on certain properties, which are not included in rental income for GAAP purposes, and (b) non-cash operating revenues and expenses. Other equity REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other equity REITs' AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our operations.

CONTACT: Maier & Company, Inc.
Gary S. Maier
(310) 442-9852