BioMed Realty Trust Reports Third Quarter 2013 Financial Results

       BioMed Realty Trust Reports Third Quarter 2013 Financial Results

Wexford Operating Properties Achieve Early Stabilization; Same Property Cash
NOI Increases 5.7%, Year-over-Year

PR Newswire

SAN DIEGO, Nov. 5, 2013

SAN DIEGO, Nov. 5, 2013 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR),
the leading provider of real estate to the life science industry, today
announced financial results for the third quarter ended September 30, 2013.

Third Quarter 2013 Highlights

  oExecuted 37 leasing transactions during the quarter representing
    approximately 340,100 square feet, contributing to an operating portfolio
    leased percentage on a weighted-average basis of approximately 90.7% at
    quarter end, and comprised of:

       o24 new leases totaling approximately 229,500 square feet, highlighted
         by:

            +a new lease with Ipsen for approximately 62,600 square feet at
              650 East Kendall Street in Cambridge, Massachusetts which BioMed
              Realty owns through a joint venture with Prudential Real Estate
              Investors on behalf of institutional investors; and
            +a new lease with Cambridge Innovation Center for approximately
              32,400 square feet at Wexford Science & Technology's Heritage @
              4240 property in St. Louis, Missouri, which is currently under
              development, and a new lease with Forsyth Technical Community
              College for approximately 23,900 square feet at Wexford Science
              & Technology's Piedmont Triad Research – Wake 90 property in
              Winston-Salem, North Carolina, which is currently under
              development.

       o13 lease renewals totaling approximately 110,600 square feet,
         highlighted by lease extensions with Washington University in St.
         Louis totaling approximately 58,000 square feet at Wexford Science &
         Technology's 4320 Forest Park Avenue property in St. Louis, Missouri.
       oApproximately 111,300 square feet of positive net absorption during
         the third quarter.

  oThe Wexford Science & Technology operating portfolio reached
    stabilization, and is now approximately 90.0% leased, up over 350 basis
    points since the acquisition was announced at the end of the first
    quarter.
  oSame property net operating income on a cash basis for the third quarter
    increased 5.7% versus the same period in 2012 and increased 7.0% excluding
    the Oyster Point properties in South San Francisco, which were leased to
    Life Technologies after the company received a $46.5 million lease
    termination payment from Elan Corporation in the second quarter.
  oCore funds from operations (CFFO) was $0.33 per diluted share. Funds from
    operations (FFO) calculated in accordance with standards established by
    NAREIT was also $0.33 per diluted share. Adjusted funds from operations
    (AFFO) for the quarter was $0.29 per diluted share.
  oGenerated total revenues for the third quarter of approximately $159.2
    million, up from approximately $134.5 million in the third quarter of
    2012. Rental revenues for the quarter increased to approximately $116.9
    million from approximately $101.5 million in the same period in 2012 and
    were the highest in the company's and the industry's history.
  oReported net income available to common stockholders for the quarter of
    approximately $4.2 million, or $0.02 per diluted share.
  oAmended and restated the company's senior unsecured credit facility to
    increase the revolving capacity under the credit facility to $900 million,
    add a $350 million term loan, reduce the fully-drawn borrowing cost by 35
    basis points and extend the maturity date to March 24, 2018. At quarter
    end, the company had $880 million available under the $900 million
    revolver.

Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, said, "We
are very pleased with the operating and financial results of the third
quarter, highlighted by our gross leasing of over 2.4 million square feet
during the past four quarters, including significant contributions from our
Wexford team. In addition, we further strengthened our already strong
liquidity position by expanding our unsecured credit and term loan facility to
$1.25 billion. Our investment acumen, which has produced the industry's
highest-quality portfolio, combined with our operating and leasing success and
our disciplined capital strategy, continues to drive our success."

Portfolio Update

The company executed 37 leasing transactions in the quarter ended September
30, 2013, representing approximately 340,100 square feet, comprised of 24 new
leases totaling approximately 229,500 square feet and 13 lease renewals
totaling approximately 110,600 square feet.

Third quarter same property net operating income on a cash basis increased
5.7% year-over-year, primarily as a result of sustained leasing success and
contractual rent escalations. Excluding the two Oyster Point properties in
South San Francisco which were leased to Life Technologies after the company
received a $46.5 million lease termination payment from Elan in the second
quarter, same property cash NOI increased 7.0% year-over-year.

The total operating portfolio was approximately 90.7% leased on a
weighted-average basis as of September 30,2013. At September 30,2013, the
company's total portfolio comprised approximately 16.3 million rentable square
feet, with an additional 4.3 million square feet of development potential. 

During the quarter, the company received gross proceeds of $8.0 million and
recognized a gain on sale of approximately $230,000 associated with the
disposition of two properties totaling 49,250 square feet.

Kent Griffin, BioMed Realty's President and Chief Operating Officer, noted,
"The Wexford team contributed significantly to our continued strong leasing
results during their first full quarter as part of the company. The Wexford
operating portfolio reached stabilization ahead of plan with over 350 basis
points of positive net absorption since the acquisition was announced. The
integration program has worked very effectively and we remain on schedule to
deliver the additional 994,000 square feet in 2014 from the three in-process
developments."

Third Quarter 2013 Financial Results

Total revenues for the third quarter were approximately $159.2 million,
compared to approximately $134.5 million for the same period in 2012, an
increase of 18.4%. Rental revenues for the third quarter were approximately
$116.9 million, compared to approximately $101.5 million for the same period
in 2012, an increase of 15.2%, and the highest in the company's history.

CFFO for the third quarter was $0.33 per diluted share, compared to $0.34 per
diluted share for the same period in 2012. FFO per share, calculated in
accordance with standards established by NAREIT, was also $0.33 per diluted
share for the quarter, as compared to $0.34 per diluted share in the third
quarter of 2012. AFFO for the quarter was $0.29 per diluted share, as
compared to $0.33 per diluted share in the third quarter of 2012. The company
reported net income available to common stockholders for the quarter of
approximately $4.2 million, or $0.02 per diluted share. FFO, CFFO 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 available
to common stockholders to FFO, CFFO and AFFO and definitions of terms are
included at the end of this release.

Financing Activity

During the third quarter, the company amended and restated its senior
unsecured credit facility, increasing the revolving capacity under the credit
facility to $900 million and adding a $350 million term loan. The maturity
date of the amended credit facility was extended to March 24, 2018, but can be
extended for six months to September 24, 2018 at the company's option. In
addition, the terms of the amended and restated facility permit BioMed Realty
to increase the amount available under the credit facility by an additional
$550 million to $1.8 billion after satisfying certain conditions. The company
used the proceeds from the term loan portion of the facility to repay the
outstanding indebtedness under the revolving portion of its existing credit
facility and for other general corporate and working capital purposes.

The interest rate paid on amounts drawn under the amended revolver is
initially set at LIBOR plus 130 basis points, plus a facility fee of 25 basis
points, for a fully drawn rate of LIBOR plus 155 basis points. This represents
a 25 basis point reduction in the margin from the previously existing credit
facility and a 35 basis point reduction in the fully drawn rate. The interest
rate on the new term loan is LIBOR plus 150 basis points. The company also
entered into interest rate swap agreements, which are intended to have the
effect of fixing interest payments associated with $200 million of the term
loan at approximately 2.2% for a three-year term. These rates are subject to
adjustment based on changes to the company's credit ratings.

Quarterly and Annual Distributions

BioMed Realty Trust's board of directors previously declared a third quarter
2013 dividend of $0.235 per share of common stock, which is equivalent to an
annualized dividend of $0.94 per common share.

Earnings Guidance

The company's updated 2013 guidance for net income per diluted share, FFO per
diluted share and CFFO per diluted share are set forth and reconciled below.
Projected net income per diluted share, FFO per diluted share and CFFO per
diluted share are based upon estimated, weighted-average diluted common shares
outstanding of approximately 198.0 million.

                                                                       2013
 Projected net income per diluted share available
 to common                                                          $0.16
stockholders 
 Add:
 Real estate depreciation and amortization       $1.32
 
 Noncontrolling interests in operating                            ($0.00)
partnership
 Less:
 Net effect of assumed conversion of exchangeable       ($0.03)
 senior notes due 2030 
Projected FFO per diluted share           $1.45

 Add:
 Acquisition                                                      $0.03
costs 
 Projected CFFO per diluted                                         $1.48
share 

The company's full-year 2013 CFFO guidance implies approximately $0.32 of CFFO
per diluted share in the fourth quarter, considering the company's previously
reported CFFO per diluted share of $0.42, $0.41 and $0.33 for the first,
second and third quarters, respectively.

The company's initial 2014 guidance for net income per diluted share and FFO
per diluted share are set forth and reconciled below. Projected net income per
diluted share and FFO per diluted share are based upon estimated,
weighted-average diluted common shares outstanding of approximately 208.5
million.

                                                                     2014
                                                                      (Low -
                                                                     High)
 Projected net income per diluted share available
 to common                                                        $0.14 –
stockholders      $0.24
 Add:
 Real estate depreciation and amortization     $1.26
 
 Noncontrolling interests in operating                          $0.00
partnership
 Less:
 Net effect of assumed conversion of exchangeable  ($0.03)
 senior notes due 2030
Projected FFO per diluted share                             
                            $1.37 –
                                                                     $1.47

Key assumptions underlying the company's projections of 2014 net income per
diluted share and FFO per diluted share are as follows (dollars in thousands):

                                                Full-year 2014
Rental revenues                              $475,000 to $500,000
Interest expense                               $100,000 to $112,000
Capitalized interest                            $16,000 to $19,000
General & administrative expense                $48,000 to $52,000
Fan Pier construction loan revenue              $8,000 to $9,000
Operating margins                               66% to 70%
Tenant recoveries                              74% to 77%
Same property cash NOI growth                   5% to 7%
Leasing                                         Five-quarters ending
                                               12/31/14
Gross leasing (in square feet)                  1.2 million to
                                               1.8 million
Net absorption (in square feet), excluding     250,000 to 500,000
theKing of Prussia expiration
Capital                              Remaining investments
Active development                            $262,000
Active redevelopment                         $25,000
Leasing
 Signed leases                            $55,000
 Projected leasing                          $60,000 to $80,000

The company expects to repay the 7.75% mortgage secured by the Center for Life
Science | Boston early in the second quarter of 2014, potentially with secured
or unsecured fixed-rate borrowings.

The company continues to target new investment opportunities, including
acquisitions and new development projects; however, the company's 2013 CFFO
and FFO and 2014 FFO estimates do not reflect the impact of any future new
investments (acquisitions or development), or related financing activity, as
the CFFO and FFO impact of such investments may vary significantly based on
the nature of these investments, timing and other factors. 

The foregoing estimates are forward-looking and reflect management's view of
current and future market conditions, including certain assumptions with
respect to leasing activity, rental rates, occupancy levels, interest rates,
financings, acquisitions, development and redevelopment and the amount and
timing of acquisitions, development and redevelopment activities. The
company's actual results may differ materially from these estimates.

Supplemental Information

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

Teleconference and Webcast

BioMed Realty will conduct a conference call and webcast at 10:00 a.m. Pacific
Time (1:00 p.m. Eastern Time) on Wednesday, November 6, 2013 to discuss the
company's financial results and operations for the quarter. 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 www.biomedrealty.com
and at www.earnings.com, which will include an online slide presentation to
accompany the call, or live by calling (800) 708-4540 (domestic) or (847)
619-6397 (international) with call ID number 35977439. The complete webcast
will be archived for 30 days on both web sites. A telephone playback of the
conference call will also be available from 1:00 p.m. Pacific Time on
Wednesday, November 6, 2013 until midnight Pacific Time on Monday, November
11, 2013 by calling (888) 843-7419 (domestic) or (630) 652-3042
(international) and using access code 35977439#.

About BioMed Realty Trust

BioMed Realty, with its trusted expertise and valuable relationships, delivers
optimal real estate solutions for biotechnology and pharmaceutical companies,
scientific research institutions, government agencies and other entities
involved in the life science industry. BioMed Realty owns or has interests in
properties comprising approximately 16.3 million rentable square feet.
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, the use of debt to fund acquisitions, developments and other
investments, and the ability to refinance indebtedness as it comes due;
failure to maintain the company's investment grade credit ratings with the
ratings agencies; failure to manage effectively the company's growth and
expansion into new markets, or to complete or integrate acquisitions and
developments successfully; reductions in asset valuations and related
impairment charges; risks and uncertainties affecting property development and
construction; risks associated with tax credits, grants and other subsidies to
fund development activities; risks associated with downturns in foreign,
domestic and local economies, changes in interest rates and foreign currency
exchange rates, and volatility in the securities markets; ownership of
properties outside of the United States that subject the company to different
and potentially greater risks than those associated with the company's
domestic operations; risks associated with the company's investments in loans,
including borrower defaults and potential principal losses; 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.

(Financial Tables Follow)



BIOMED REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
                                                   September 30,  December 31,
                                                   2013           2012
                                                   (Unaudited)
ASSETS
Investments in real estate, net                    $  5,172,102   $ 4,319,716
Investments in unconsolidated partnerships         31,978         32,367
Cash and cash equivalents                          29,230         19,976
Accounts receivable, net                           10,580         4,507
Accrued straight-line rents, net                   169,272        152,096
Deferred leasing costs, net                        202,393        172,363
Other assets                                       278,600        133,454
Total assets                                       $  5,894,155   $ 4,834,479
LIABILITIES AND EQUITY
Mortgage notes payable, net                        $  716,733     $ 571,652
Exchangeable senior notes                          180,000        180,000
Unsecured senior notes, net                        894,850        894,177
Unsecured senior term loans                        755,226        405,456
Unsecured line of credit                           20,000         118,000
Accounts payable, accrued expenses and other       311,287        180,653
liabilities
Total liabilities                                  2,878,096      2,349,938
Equity:
Stockholders' equity:
Preferred stock, $.01 par value, 15,000,000 shares
authorized: 7.375% Series A cumulative redeemable
preferred stock, no shares issued and outstanding  —              191,469
at September 30, 2013; and 7,920,000 shares issued
and outstanding at December 31, 2012, $198,000
liquidation preference ($25.00 per share)
Common stock, $.01 par value, 250,000,000 shares
authorized, 192,106,749 shares issued and
outstanding at September 30, 2013; and 200,000,000 1,921          1,543
shares authorized, 154,327,818 shares issued and
outstanding at December 31, 2012 respectively
Additional paid-in capital                         3,552,595      2,781,849
Accumulated other comprehensive loss, net          (38,618)       (54,725)
Dividends in excess of earnings                    (545,819)      (443,280)
Total stockholders' equity                         2,970,079      2,476,856
Noncontrolling interests                           45,980         7,685
Total equity                                       3,016,059      2,484,541
Total liabilities and equity                       $  5,894,155   $ 4,834,479



BIOMED REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share data)
(Unaudited)
                         For the Three Months         For the Nine Months
                         Ended                        Ended
                         September 30,                September 30,
                         2013       2012              2013         2012
Revenues:
 Rental         $  116,884    $  101,467    $   327,932   $  288,650
 Tenant           38,907        31,765        104,037       89,155
recoveries
 Other revenue    3,441         1,305         47,352        1,590
 Total       159,232       134,537       479,321       379,395
revenues
Expenses:
 Rental           51,688        38,944        134,182       112,717
operations
 Depreciation and 61,898        51,372        186,219       143,882
amortization
 General and      11,934        10,226        32,358        27,416
administrative

Acquisition-related   907           176           5,263         13,055
expenses
 Total       126,427       100,718       358,022       297,070
expenses
 Income from 32,805        33,819        121,299       82,325
operations
 Equity in net
loss of               (112)         (339)         (697)         (1,011)
unconsolidated
partnerships
 Interest         (27,870)      (26,817)      (79,890)      (72,863)
expense, net
 Other expense    (687)         (208)         (4,079)       (580)
 Income
from continuing       4,136         6,455         36,633        7,871
operations
 Loss from
discontinued          —             —             —             (4,370)
operations
Net    4,136         6,455         36,633        3,501
income
Net loss /
(income) attributable 111           (46)          (268)         156
to noncontrolling
interests
Net
income attributable   4,247         6,409         36,365        3,657
to the Company
 Preferred   —             (3,651)       (2,393)       (10,952)
stock dividends
 Cost on
redemption of         —             —               (6,531)     —
preferred stock
Net income / (loss)
available to common   $  4,247      $  2,758      $   27,441    $  (7,295)
stockholders
Income / (loss) from
continuing operations
per share available
to common
stockholders:
Basic and diluted     $  0.02       $  0.02       $   0.15      $  (0.02)
earnings per share
Loss from
discontinued
operations per share

available to common
stockholders:
Basic and diluted     $  —          $  —          $   —         $  (0.03)
earnings per share
Net income / (loss)
per share available
to common
stockholders:
Basic and diluted     $  0.02       $  0.02       $   0.15      $  (0.05)
earnings per share
Weighted-average
common shares
outstanding:
Basic                 190,646,722   152,785,451   179,138,169   152,739,130
Diluted               196,131,643   155,728,209   183,121,240   152,739,130

BIOMED REALTY TRUST, INC.

CONSOLIDATED FUNDS FROM OPERATIONS
(In thousands, except share data)
(Unaudited)
Our FFO and CFFO available to common shares and partnership and LTIP units
and a reconciliation to net income for the three and nine months ended
September 30, 2013 and 2012 was as follows:
                     Three Months Ended          Nine Months Ended
                     September 30,               September 30,
                     2013          2012          2013             2012
Net income / (loss)
available to the     $   4,247     $   2,758     $  27,441     $  (7,295)
common stockholders
Adjustments:
(Gain)/loss on sale  (230)         —             (230)         4,552
of assets
Noncontrolling
interests in         118           53            534           (140)
operating
partnership
Depreciation and
amortization –       380           323           1,116         968
unconsolidated
partnerships
Depreciation and
amortization –       61,898        51,372        186,219       143,882
consolidated
entities
Depreciation and
amortization –       —             —             —             92
discontinued
operations
Depreciation and
amortization –
allocable to
noncontrolling       (515)         (28)          (709)         (83)
interest of
consolidated joint
ventures
FFO available to
common shares and    $   65,898    $   54,478    $  214,371    $  141,976
units – basic
 Interest
expense on               1,688         1,688        5,063         5,063
exchangeable senior
notes
FFO available to
common shares and    $   67,586    $   56,166    $  219,434    $  147,039
units – diluted

Acquisition-related      907           176          5,263         13,055
expenses
CFFO available to
common shares and    $   68,493    $   56,342    $  224,697    $  160,094
units – diluted
FFO per share –      $   0.33      $   0.34      $  1.13       $  0.88
diluted
CFFO per share –     $   0.33      $   0.34      $  1.15       $  0.96
diluted
Weighted-average
common shares and    207,952,002   167,350,914   194,899,709   167,275,526
units outstanding –
diluted (1)



Our AFFO available to common shares and partnership and LTIP units and a
reconciliation of CFFO to AFFO for the three and nine months ended September
30, 2013 and 2012 was as follows:
                     Three Months Ended             Nine Months Ended
                     September 30,                  September 30,
                     2013             2012          2013          2012
CFFO available to
common shares and    $    68,493         56,342     $  224,697    $  160,094
units – diluted
Adjustments:
Recurring capital
expenditures and     (9,857)          (2,739)       (32,251)      (9,084)
second generation
tenant improvements
Leasing commissions  (1,703)          (2,001)       (5,268)       (4,755)
Non-cash revenue     (3,661)          (2,590)       (1,239)       (3,994)
adjustments
Non-cash adjustment  —                —             2,825         545
for securities
Non-cash debt        3,305            3,026         9,463         8,535
adjustments
Non-cash equity      3,489            3,094         9,567         8,670
compensation
Cost on redemption   —                —             6,531         —
of preferred stock
Depreciation
included in general  629              483           1,675         1,380
and administrative
expenses
Share of non-cash
unconsolidated       24               26            95            53
partnership
adjustments
AFFO available to
common shares and    $    60,719         55,641     $  216,095    $  161,444
units
AFFO per share –     $    0.29           0.33       $  1.13       $  0.96
diluted
Weighted-average
common shares and
units outstanding -  207,952,002      167,350,914   194,899,709   167,275,526

diluted (1)



    The three and nine months ended September 30,2013 include 10,405,224
    shares of common stock potentially issuable pursuant to the exchange
    feature of the exchangeable senior notes due 2030 based on the "if
    converted" method. The three and nine months ended September 30, 2012
    include 10,127,232 shares of common stock potentially issuable pursuant to
    the exchange feature of the exchangeable senior notes due 2030 based on
(1) the "if converted" method. The three months ended September 30,2013 and
    2012 include 1,415,135 and 1,495,473 shares of unvested restricted stock,
    respectively, which are considered anti-dilutive for purposes of
    calculating diluted earnings per share. The nine months ended September
    30, 2013 and 2012 include 1,373,245 and 1,457,250 shares of unvested
    restricted stock, respectively, which are considered anti-dilutive for
    purposes of calculating diluted earnings per share.



We present funds from operations, or FFO, FFO excluding acquisition-related
expenses, or CFFO, and adjusted funds from operations, or AFFO, available to
common shares and partnership and LTIP units because we consider them to be
important supplemental measures of our operating performance and believe they
are frequently used by securities analysts, investors and other interested
parties in the evaluation of REITs, many of which present FFO, CFFO and AFFO
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. As defined by NAREIT, FFO represents net income (computed in
accordance with GAAP), excluding gains (or losses) from sales of property,
impairment charges on depreciable real estate, real estate related
depreciation and amortization (excluding amortization of loan origination
costs) and after adjustments for unconsolidated partnerships and joint
ventures.

We calculate CFFO by adding acquisition-related expenses to FFO. We calculate
AFFO by subtracting from CFFO: (a) non-cash revenues and expenses, (b)
recurring capital expenditures and second generation tenant improvements and
(c) leasing commissions.

Our computations of FFO, CFFO and AFFO may differ from the methodologies for
calculating FFO, CFFO and AFFO utilized by other equity REITs and,
accordingly, may not be comparable to such other REITs. Further, FFO, CFFO and
AFFO do 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, CFFO and AFFO should not be
considered as an alternative to net income/(loss) (computed in accordance with
GAAP) as indicators of our financial performance or to cash flow from
operating activities (computed in accordance with GAAP) as indicators of our
liquidity, nor are they indicative of funds available to fund our cash needs,
including our ability to pay dividends or make distributions. FFO, CFFO and
AFFO should be considered only as supplements to net income computed in
accordance with GAAP as measures of our operations.



SOURCE BioMed Realty Trust, Inc.

Website: http://www.biomedrealty.com
Contact: Rick Howe, Senior Director, Corporate Communications, 858.207.5859,
richard.howe@biomedrealty.com
 
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