San Diego Business Journal

Life-Science REIT Reports Higher Revenue, Net Income

Friday, May 6, 2011

San Diego-based BioMed Realty Trust, which invests in life-science-related properties, reported record total revenue of $105.5 million for its first quarter ending March 31.

Revenue rose 13.8 percent from the same period of 2010, the real estate investment trust announced May 4. Net income available to common stockholders rose 28 percent, to $5.5 million.

The company also said rental revenue from its properties rose 13.6 percent from a year ago, to $80.2 million, setting a company record for the second consecutive quarter.

In a statement, Chairman and Chief Executive Officer Alan Gold said the company started 2011 with sustained leasing activity and robust net income growth for properties that were in its portfolio a year ago.

Gold said the REIT signed new leases during the quarter with prominent tenants including Harvard University at its Center for Life Science campus in Boston; and Bionovo at its Bridgeview Technology Park near San Francisco. It also expanded existing leasing relationships with Ironwood Pharmaceuticals Inc. in Cambridge, Mass., and NanoString Technologies in Seattle.

Stock in BioMed Realty Trust trades on the New York Stock Exchange as BMR.

— Lou Hirsh