- Acquires Three Properties for $53.3 Million -
SAN DIEGO, Aug. 24 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc.
(NYSE: BMR) today announced that it has closed a $147 million loan secured by
the company's Shady Grove Road property in Rockville, Maryland. The loan
bears interest at 5.97% and will mature on September 1, 2016. BioMed used the
proceeds of this new mortgage loan, along with borrowings on its unsecured
revolving credit facility, to repay the company's $150 million bridge loan,
which was secured by the same property.
"We are very pleased to have entered into this new loan with Keybank,
allowing us to obtain long-term fixed-rate financing at a very attractive
interest rate," said Kent Griffin, Chief Financial Officer of BioMed Realty
Trust. "In addition to lowering our borrowing costs for the Human Genome
Sciences, Inc. headquarters acquisition, we were able to significantly reduce
our exposure to floating interest rates. We continue to manage our capital
structure in a manner supportive of our growth strategy. Our balance sheet
provides us with additional borrowing capacity for acquisitions and the
necessary flexibility to operate our business."
The company also announced it has closed on the previously announced
acquisitions of three properties, totaling 224,358 rentable square feet of
laboratory and office space, for an aggregate purchase price of approximately
$53.3 million. The properties include a 76,389 square foot property located
at 2-30 Spring Mill Drive, Malvern, Pennsylvania for approximately
$9.4 million; the Array BioPharma Inc. life science campus located in
Longmont, Colorado for approximately $20.8 million; and, a 69,946 square foot
two-story office and laboratory facility located at 3545-3575 John Hopkins
Court in San Diego, California for approximately $23.1 million.
"These acquisitions, when combined with our previously announced
acquisitions, bring our total property investments to over $310 million for
the third quarter, and demonstrate our ability to execute our stated strategy
of acquiring life science assets in our target markets," said Alan D. Gold,
President and Chief Executive Officer of BioMed Realty Trust.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused
on Providing Real Estate to the Life Science Industry(TM). The company's
tenants primarily include biotechnology and pharmaceutical companies,
scientific research institutions, government agencies and other entities
involved in the life science industry, and its properties and primary
acquisition targets are generally located in markets with well established
reputations as centers for scientific research, including Boston, San Diego,
San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey.
BioMed's real estate portfolio consists of 52 properties, representing
89 buildings with approximately 7.7 million rentable square feet in each of
the major life science markets in the United States. 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, without limitation: 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 company's target markets; 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, including the company's
most recent annual report on Form 10-K and quarterly reports on Form 10-Q.
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.
SOURCE BioMed Realty Trust, Inc.
CONTACT: Kent Griffin, Chief Financial Officer of BioMed Realty Trust,
Web site: http://www.biomedrealty.com