San Diego Business Journal

BioMed Posts 20 Percent Revenue Increase in Third Quarter

Thursday, November 3, 2011

San Diego-based BioMed Realty Trust Inc., which invests in life science-related real estate, saw total revenue in its third quarter rise 20.1 percent from a year ago, reaching $115 million, the company announced Nov. 1.

A company statement said the period ending Sept. 30 marked the fourth consecutive quarter that it attained record revenue.

Rental revenue in the quarter topped the year-ago figure by 14.9 percent, reaching $83.8 million, also a company record for the fourth consecutive quarter. Funds from operations, a supplemental measure commonly used by the industry to gauge the performance of real estate portfolios, rose 7.1 percent from a year ago, to $43.8 million.

BioMed Chairman and Chief Executive Officer Alan D. Gold said gross leasing of 327,000 square feet at its properties helped the company far surpass a five-quarter leasing goal of 1.2 million square feet, with one quarter remaining.

Gold said the results stem from “disciplined execution” of the company’s business model, geared to investing in high-quality, state-of-the-art research facilities throughout the United States.

As of Sept. 30, the company’s portfolio totaled approximately 12.3 million rentable square feet, with an additional 3.7 million square feet available for potential development.

BioMed, with headquarters in Rancho Bernardo, trades on the New York Stock Exchange under the symbol BMR.

— Lou Hirsh