BioMed Realty, L.P, the operating partnership subsidiary of
BioMed Realty Trust, Inc. (
recently priced a public offering worth $250 million principal
amount of 4.25% senior notes due 2022. The notes were priced at
99.126% of the principal amount to yield 4.358% on maturity and
fully guaranteed by BioMed Realty.
The net proceeds generated from the operating partnership will
be used to repay a portion of the outstanding debts under its
unsecured line of credit and for other general corporate
During the first quarter 2012, the company obtained a new $400.0
million senior unsecured term loan facility scheduled to mature on
March 30, 2017. The interest rate paid on drawings under the new
facility was set to LIBOR plus 1.65%.
During the first quarter 2012, FFO (funds from operations) stood
at $50.2 million or 30 cents per share, compared with $42.1 million
or 29 cents per share in the year-earlier quarter. Fund from
operations, a widely used metric to gauge the performance of REITs,
is obtained after adding depreciation and amortization and other
non-cash expenses to net income.
BioMed Realty focuses on providing real estate solutions to the
life science industry in the United States. Its tenants primarily
include biotechnology and pharmaceutical companies, scientific
research institutions, government agencies, and other entities
involved in the life science industry.BioMed Realty has interests
in properties comprising approximately 13.0 million rentable square
BioMed Realty currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We also have a long-term
Neutral recommendation on the stock. One of its competitors,
Liberty Property Trust
) also holds a Zacks #3 Rank.
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