SAN DIEGO,
July
28, 2015
/PRNewswire/
-- BioMed Realty Trust, Inc.
(NYSE: BMR), investing in the highest quality institutional real
estate to meet growing demand across the life science industry,
today reported funds from operations (FFO) and core FFO (CFFO) per
diluted share of $0.58 for the second
quarter ended June 30, 2015, driven
by the company's strong leasing, development deliveries, and
investment acumen over the past four quarters.
The company's unique platform, anchored by a deep
team of life science real estate professionals, delivered a new
record for gross leasing in the quarter with 1.3 million square
feet led by new leases with Eli Lilly and Alnylam Pharmaceuticals
in Cambridge, Massachusetts,
Regeneron Pharmaceuticals in New
York, and Illumina in Cambridge,
United Kingdom, as well as leases to top tier research
institutions Duke University and
Wake Forest University. Total gross
leasing in the second quarter resulted in approximately 218,400
square feet of positive net absorption in the operating portfolio
and an additional 370,300 square feet of absorption across the
company's development portfolio.
Second Quarter Highlights
The company:
- Continued to leverage its well-leased development
pipeline, comprising approximately 2.3 million rentable square
feet, by delivering two Class A life science buildings during the
quarter: 430 Cambridge Science Park in Cambridge, United Kingdom, which is 100%
leased to Takeda, and 450 Kendall Street in Cambridge, Massachusetts. The 450 Kendall
Street property, in the heart of Kendall Square, is approximately
66% leased as of today, including Eli Lilly and MPM Capital, with
ongoing discussions and negotiations for the remainder of the
space;
- Added two new projects totaling approximately
439,500 rentable square feet to its development pipeline with the
start of construction on a 155,000 square foot build-to-suit for
Illumina at Granta Park in Cambridge,
United Kingdom and approximately 284,500 square feet at the
Chesterfield Building in Durham, North
Carolina, which is anchored by a 100,000 square foot lease
to Duke University.
- Expanded its presence and value creation
opportunity in the growing and supply-constrained University Towne
Centre submarket of San Diego with
the acquisition of Towne Centre Technology Park, comprising
approximately 182,900 square feet of laboratory and office space
and additional development potential of 104,500 square feet, for
approximately $84.0
million;
- Generated net gains totaling approximately
$50.5 million, primarily from the
sale of an equity investment in a single life science company;
and
- Earned an upgrade to its investment grade corporate
credit rating from Moody's Investors Service to Baa2 from
Baa3.
Alan Gold, Chairman,
President and Chief Executive Officer of BioMed Realty, commented,
"The health and strength of the life science industry continues to
drive robust growth and demand for high quality real estate. This
growth and demand that we are seeing further validates our strategy
of staying focused on the entire continuum of the life science real
estate sector."
Second Quarter 2015 Portfolio Update
During the quarter ended June 30,
2015, the company executed 46 leasing transactions
representing a record 1.3 million square feet of gross leasing,
driving positive net absorption for the quarter of 218,400 square
feet within the operating portfolio, and an additional 370,300
square feet of absorption across the company's development
portfolio. As of June 30, 2015, the
operating portfolio leased percentage based on square footage
improved 180 basis points from 89.2% to 91.0%. The active new
construction portfolio now comprises eight projects totaling over
2.3 million square feet. At quarter end, five of the eight projects
are 100% pre-leased with a weighted-average lease term in excess of
15 years, and the entire portfolio is 75.0% pre-leased.
Second quarter leasing was comprised of:
- 28 new leases totaling approximately 1.0 million square
feet, highlighted by new and expanded tenant relationships
with:
- Alnylam Pharmaceuticals for approximately 295,000 square
feet at the 675 West Kendall Street property in Cambridge, Massachusetts;
- Illumina for a 155,000 square foot build-to-suit lease
transaction at Granta Park in Cambridge,
United Kingdom;
- Regeneron Pharmaceuticals for approximately 116,200
square feet at the Landmark at Eastview
campus in Tarrytown, New
York;
- Wake Forest University for
approximately 115,300 square feet at the Wake 60 property in Winston-Salem, North Carolina;
- Duke University for 100,000
square feet at the Chesterfield Building in Durham, North Carolina; and
- Eli Lilly for approximately 22,400 square feet at the 450
Kendall Street and 60 Hampshire properties in Cambridge, Massachusetts.
- 18 lease renewals and extensions totaling approximately
264,800 square feet.
During the second quarter, the company completed
construction of two development projects, which were delivered on
time and on budget, including:
- An approximately 63,500 square foot laboratory and office
building at 450 Kendall Street in Cambridge, Massachusetts, located in close
proximity to three of the company's properties in the heart of the
Kendall Square: 500 Kendall Street, 675 West Kendall Street and 650
East Kendall Street.
- An approximately 42,400 square foot laboratory and office
build-to-suit development which is 100% leased to a subsidiary of
Takeda Pharmaceutical Company at 430 Cambridge Science Park in
Cambridge, United
Kingdom.
Also during the second quarter, the company acquired the
Towne Centre Technology Park for $84.0
million to meet the strong and growing demand in the
expanding core life science submarket of University Towne Centre in
San Diego. The three-building
property, comprised of approximately 182,900 square feet, is part
of the active redevelopment pipeline and includes additional
potential development of 104,500 square feet in the company's land
bank.
In the quarter, the company recorded an impairment loss of
$35.1 million, primarily as a result
of the sale of its King of Prussia
property in Radnor, Pennsylvania
for approximately $35.2 million in
gross proceeds.
Subsequent to the end of the second quarter, the
company:
- Completed the acquisition of a historical
rehabilitation development project in Providence, Rhode Island which is expected to
comprise approximately 267,000 square feet and is 100% leased to
Brown University, the University of Rhode Island and Rhode Island College for expected use as office
space and a nursing school. The project also includes development
of 172 residential units primarily for use by Brown University graduate school students and a
750-space parking garage; and
- Executed three new leases at the Pacific
Research Center aggregating approximately 102,800 square feet,
including new leases with Stanford Health Care and Carbylan
Therapeutics. As a result of these three leases, the Pacific
Research Center is now approximately 88% leased.
Second Quarter 2015 Financial
Results
Total revenues for the second quarter were
approximately $158.0 million,
compared to approximately $171.2
million for the same period in 2014. Rental revenues for the
second quarter were approximately $116.3
million, compared to $120.9
million for the same period in 2014.
CFFO and FFO, calculated in accordance with
standards established by NAREIT, for the second quarter were
$0.58 per diluted
share. This amount includes realized gains
totaling $50.5 million, or
$0.24 per diluted share, net of an
allocation of income attributable to noncontrolling interests,
primarily from the sale of equity investments in a single life
science company. CFFO and FFO for the same period
in 2014 were $0.40 per diluted
share.
Adjusted funds from operations (AFFO) was
$0.48 per diluted share for the
quarter, compared to $0.32 per
diluted share for the same period in 2014. The
company reported net income attributable to common stockholders for
the quarter of approximately $23.6
million, or $0.11 per diluted
share, compared to $18.6 million, or
$0.10 per diluted share, for the same
period in 2014.
"The combination of extraordinary leasing
success and value creation from strategic investments throughout
the past few quarters generated strong top and bottom line results
for the second quarter and first half of 2015," said Greg Lubushkin, BioMed Realty's Chief Financial
Officer. "Equally important is that we are successfully expanding
the platform for our future growth by reinvesting proceeds from
strategic asset recycling and direct investments in the robust life
science industry into world-class laboratory and office facilities
in the core centers of life science innovation, in particular
Boston/Cambridge, the San
Francisco Bay Area and San
Diego. These growth opportunities are, and will continue to
be, funded by a sound, pro-actively managed capital structure,
which was further validated during the quarter with the upgrade to
our investment grade corporate credit rating from
Moody's."
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 second quarter, the company's investment
grade corporate credit rating was upgraded by Moody's Investors
Service to Baa2 from Baa3. The upgrades came approximately one year
after Standard & Poor's Ratings Services upgraded the company's
rating to BBB with a stable outlook.
Subsequent to the end of the second quarter, the
company refinanced the loan secured by its PREI joint venture's 650
East Kendall Street property which was scheduled to mature on
August 13, 2015. Under the terms of
the new loan, the amount financed was increased to $160 million from approximately $139 million and the applicable credit spread
over LIBOR was reduced from 205 basis points to 140 basis points
over a new five-year term. The facility matures in August 2020, with two one-year extension options
exercisable at the joint venture's discretion.
Earnings Guidance
The company's updated 2015 guidance for net income
per diluted share and FFO (and CFFO) per diluted share are set
forth and reconciled below. Projected net income per diluted share
and FFO (and CFFO) per diluted share are based upon estimated,
weighted-average diluted common shares outstanding of approximately
208.0 million and 209.0 million, respectively.
|
|
|
|
|
2015
|
|
|
|
|
|
(Low -
High)
|
Projected net income per diluted share
attributable
|
|
|
|
|
|
to common stockholders
|
|
|
|
|
$0.36 –
$0.42
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
Impairment of real estate,
net
|
|
|
|
|
0.16
|
Real estate depreciation and
amortization
|
|
|
|
|
1.21
|
Noncontrolling interests in
operating partnership
|
|
|
|
|
0.01
|
|
|
|
|
|
|
Projected FFO per diluted share
|
|
|
|
|
$1.74 –
$1.80
|
|
|
|
|
|
|
Add:
|
|
|
|
|
|
Acquisition-related
expenses
|
|
|
|
|
0.01
|
|
|
|
|
|
|
Projected CFFO per diluted share
|
|
|
|
|
$1.75 –
$1.81
|
|
|
|
|
|
|
Key assumptions underlying the company's
updated projections of 2015 net income per diluted share and FFO
(and CFFO) per diluted share are included in the company's
Supplemental Operating and Financial Data for the three months
ended June 30, 2015 available on the
company's website. In addition, the company has posted an updated
slide presentation for the second quarter on its website under the
title "Investor Presentation – July
2015".
The company's 2015 FFO and CFFO estimates
reflect the impact of previously announced new investments and
dispositions. The foregoing estimates also include the impact of:
(i) lease terminations recorded through the six months ended
June 30, 2015, aggregating
$16.2 million, or $0.08 per diluted share, (ii) investment gains
and losses, net of an allocation of income attributable to
noncontrolling interests, estimated for the full year 2015 to be
approximately $76.7 million, or
$0.37 per diluted share, and (iii)
the impact of the new development project in Providence, Rhode
Island. These estimates also do not
include the effect of any other lease termination revenue or
investment gains or
losses.
The company continues to target new investment
opportunities, including acquisitions and new development projects;
however, the company's 2015 FFO and CFFO estimates do not reflect
the impact of any other future new investments (acquisitions or
development), or related financing activity, as the 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, timing of revenue
recognition, interest rates, financings, acquisitions,
dispositions, 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, July 29, 2015 to discuss
the company's financial results and operations for the
quarter. The call will be open to all interested
investors through a live audio web cast at the Investor Relations
section of the company's web site at www.biomedrealty.com, which
will include an online slide presentation to accompany the call, or
live by calling (888)
895-5479 (domestic) or (847)
619-6250 (international) with call ID number
40272432. 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 12:30 p.m. Pacific Time on Wednesday, July 29, 2015 until midnight Pacific Time on Tuesday, August 4, 2015 by calling (888) 843-7419
(domestic) or (630) 652-3042 (international) and using access
code 40272432#.
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 18.7 million rentable square
feet. Additional information is available at
www.biomedrealty.com. Follow us on Twitter
@biomedrealty.
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 security breaches and other disruptions to the company's
information technology networks and related systems; 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)
|
|
|
June 30, 2015
|
|
December 31, 2014
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Land
|
$
|
651,201
|
|
|
$
|
704,958
|
|
Building and improvements
|
4,956,823
|
|
|
4,877,135
|
|
Land under development
|
248,225
|
|
|
151,242
|
|
Construction in progress
|
777,766
|
|
|
629,679
|
|
Investments in real estate, gross
|
6,634,015
|
|
|
6,363,014
|
|
Accumulated depreciation
|
(1,026,103)
|
|
|
(946,439)
|
|
Investments in real estate, net
|
5,607,912
|
|
|
5,416,575
|
|
Investments in unconsolidated
partnerships
|
34,469
|
|
|
35,291
|
|
Cash and cash equivalents
|
45,329
|
|
|
46,659
|
|
Accounts receivable, net
|
10,740
|
|
|
14,631
|
|
Accrued straight-line rents, net
|
169,592
|
|
|
163,716
|
|
Deferred leasing costs, net
|
229,290
|
|
|
219,713
|
|
Other assets
|
240,877
|
|
|
274,301
|
|
Total assets
|
$
|
6,338,209
|
|
|
$
|
6,170,886
|
|
LIABILITIES AND EQUITY
|
|
|
|
Mortgage notes payable, net
|
$
|
488,945
|
|
|
$
|
496,757
|
|
Exchangeable senior notes
|
—
|
|
|
95,678
|
|
Unsecured senior notes, net
|
1,294,614
|
|
|
1,293,903
|
|
Unsecured senior term loans
|
750,856
|
|
|
749,326
|
|
Unsecured line of credit
|
369,000
|
|
|
84,000
|
|
Accounts payable, accrued expenses and other
liabilities
|
353,947
|
|
|
381,280
|
|
Total liabilities
|
3,257,362
|
|
|
3,100,944
|
|
Equity:
|
|
|
|
Stockholders' equity:
|
|
|
|
Common stock, $.01 par value, 250,000,000 shares
authorized, 203,567,974 shares and 197,442,432 shares issued and
outstanding at June 30, 2015 and December 31, 2014,
respectively
|
2,036
|
|
|
1,975
|
|
Additional paid-in capital
|
3,750,959
|
|
|
3,649,235
|
|
Accumulated other comprehensive loss,
net
|
(24,544)
|
|
|
(2,214)
|
|
Dividends in excess of earnings
|
(710,913)
|
|
|
(645,983)
|
|
Total stockholders' equity
|
3,017,538
|
|
|
3,003,013
|
|
Noncontrolling interests
|
63,309
|
|
|
66,929
|
|
Total equity
|
3,080,847
|
|
|
3,069,942
|
|
Total liabilities and equity
|
$
|
6,338,209
|
|
|
$
|
6,170,886
|
|
BIOMED REALTY TRUST, INC.
|
|
CONSOLIDATED STATEMENTS OF
INCOME
(In thousands, except share
data)
(Unaudited)
|
|
|
For the Three Months Ended
|
|
For the Six Months Ended
|
|
June 30,
|
|
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenues:
|
|
|
|
|
|
|
|
Rental
|
$
|
116,260
|
|
|
$
|
120,924
|
|
|
$
|
233,780
|
|
|
$
|
240,950
|
|
Tenant recoveries
|
41,573
|
|
|
40,280
|
|
|
85,529
|
|
|
79,015
|
|
Other revenue
|
141
|
|
|
9,957
|
|
|
16,675
|
|
|
20,072
|
|
Total revenues
|
157,974
|
|
|
171,161
|
|
|
335,984
|
|
|
340,037
|
|
Expenses:
|
|
|
|
|
|
|
|
Rental operations
|
55,270
|
|
|
53,636
|
|
|
113,917
|
|
|
106,159
|
|
Depreciation and amortization
|
61,272
|
|
|
62,736
|
|
|
128,352
|
|
|
125,145
|
|
General and administrative
|
12,531
|
|
|
12,443
|
|
|
25,320
|
|
|
24,385
|
|
Executive severance
|
—
|
|
|
—
|
|
|
9,891
|
|
|
—
|
|
Acquisition-related expenses
|
1,100
|
|
|
1,134
|
|
|
1,564
|
|
|
2,384
|
|
Total expenses
|
130,173
|
|
|
129,949
|
|
|
279,044
|
|
|
258,073
|
|
Income from operations
|
27,801
|
|
|
41,212
|
|
|
56,940
|
|
|
81,964
|
|
Equity in net income / (loss) of unconsolidated
partnerships
|
139
|
|
|
(10)
|
|
|
292
|
|
|
(148)
|
|
Interest expense, net
|
(19,315)
|
|
|
(23,131)
|
|
|
(40,710)
|
|
|
(51,141)
|
|
Impairment of real estate
|
(35,071)
|
|
|
—
|
|
|
(35,071)
|
|
|
—
|
|
Other income
|
64,021
|
|
|
1,027
|
|
|
76,905
|
|
|
9,190
|
|
Net income
|
37,575
|
|
|
19,098
|
|
|
58,356
|
|
|
39,865
|
|
Net income attributable to noncontrolling
interests
|
(13,997)
|
|
|
(462)
|
|
|
(17,433)
|
|
|
(2,396)
|
|
Net income attributable to the
Company
|
23,578
|
|
|
18,636
|
|
|
40,923
|
|
|
37,469
|
|
Net income per share attributable to common
stockholders:
|
|
|
|
|
|
|
|
Basic and diluted earnings per
share
|
$
|
0.11
|
|
|
$
|
0.10
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
Weighted-average common shares
outstanding:
|
|
|
|
|
|
|
|
Basic
|
202,055,325
|
|
|
191,003,248
|
|
|
201,423,721
|
|
|
190,954,827
|
|
Diluted
|
207,458,236
|
|
|
196,800,354
|
|
|
206,997,405
|
|
|
196,673,649
|
|
BIOMED REALTY TRUST, INC.
|
|
CONSOLIDATED FUNDS FROM
OPERATIONS
|
(In thousands, except share
data)
|
(Unaudited)
|
|
Our FFO and CFFO attributable to common shares and OP
units and a reconciliation to net income for the three and six
months ended June 30, 2015 and 2014 (in thousands, except per
share and share data) were as follows:
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income attributable to the
Company
|
|
$
|
23,578
|
|
|
$
|
18,636
|
|
|
$
|
40,923
|
|
|
$
|
37,469
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
Impairment of real estate
|
|
35,071
|
|
|
—
|
|
|
35,071
|
|
|
—
|
|
Noncontrolling interests in operating
partnership
|
|
613
|
|
|
514
|
|
|
1,070
|
|
|
1,035
|
|
Depreciation and amortization - unconsolidated
partnerships
|
|
1,050
|
|
|
403
|
|
|
2,056
|
|
|
776
|
|
Depreciation and amortization - consolidated
entities
|
|
61,272
|
|
|
62,736
|
|
|
128,352
|
|
|
125,145
|
|
Depreciation and amortization - allocable to
noncontrolling interest of consolidated joint
ventures
|
|
(773)
|
|
|
(599)
|
|
|
(1,585)
|
|
|
(1,040)
|
|
FFO attributable to common shares and units -
basic
|
|
120,811
|
|
|
81,690
|
|
|
205,887
|
|
|
163,385
|
|
Interest expense on Exchangeable Senior
Notes
|
|
—
|
|
|
1,688
|
|
|
183
|
|
|
3,375
|
|
FFO attributable to common shares and units -
diluted
|
|
120,811
|
|
|
83,378
|
|
|
206,070
|
|
|
166,760
|
|
Acquisition-related expenses
|
|
1,100
|
|
|
1,134
|
|
|
1,564
|
|
|
2,384
|
|
CFFO attributable to common shares and units -
diluted
|
|
$
|
121,911
|
|
|
$
|
84,512
|
|
|
$
|
207,634
|
|
|
$
|
169,144
|
|
FFO per share - diluted
|
|
$
|
0.58
|
|
|
$
|
0.40
|
|
|
$
|
0.99
|
|
|
$
|
0.80
|
|
CFFO per share - diluted
|
|
$
|
0.58
|
|
|
$
|
0.40
|
|
|
$
|
0.99
|
|
|
$
|
0.81
|
|
Weighted-average common shares and units outstanding
- diluted (1)
|
|
208,969,199
|
|
|
208,887,941
|
|
|
209,100,647
|
|
|
208,761,935
|
|
|
|
Our AFFO available to common shares and partnership
and LTIP units and a reconciliation of CFFO to AFFO for the three
and six months ended June 30, 2015 and 2014 was as
follows:
|
|
|
Three Months
Ended
|
|
Six Months Ended
|
|
June 30,
|
|
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
CFFO - diluted
|
$
|
121,911
|
|
|
$
|
84,512
|
|
|
$
|
207,634
|
|
|
$
|
169,144
|
|
Adjustments:
|
|
|
|
|
|
|
|
Recurring capital expenditures and second generation
tenant improvements
|
(21,600)
|
|
|
(21,553)
|
|
|
(37,382)
|
|
|
(29,284)
|
|
Leasing commissions
|
(2,205)
|
|
|
(1,929)
|
|
|
(5,761)
|
|
|
(3,839)
|
|
Non-cash revenue adjustments
|
(5,405)
|
|
|
(1,830)
|
|
|
(8,641)
|
|
|
(4,752)
|
|
Deferred revenue
|
520
|
|
|
311
|
|
|
863
|
|
|
590
|
|
Non-cash debt adjustments
|
2,482
|
|
|
3,376
|
|
|
5,442
|
|
|
6,501
|
|
Non-cash equity compensation
|
3,347
|
|
|
3,729
|
|
|
11,354
|
|
|
7,479
|
|
Depreciation included in general and administrative
expenses
|
838
|
|
|
757
|
|
|
1,682
|
|
|
1,497
|
|
Share of non-cash unconsolidated partnership
adjustments
|
(90)
|
|
|
18
|
|
|
(44)
|
|
|
36
|
|
Adjustments for noncontrolling
interests
|
420
|
|
|
80
|
|
|
775
|
|
|
121
|
|
AFFO available to common shares and
units
|
$
|
100,218
|
|
|
$
|
67,471
|
|
|
$
|
175,992
|
|
|
$
|
147,493
|
|
AFFO per share – diluted
|
$
|
0.48
|
|
|
$
|
0.32
|
|
|
$
|
0.84
|
|
|
$
|
0.71
|
|
Weighted-average common shares and units outstanding
-
diluted (1)
|
208,969,199
|
|
|
208,887,941
|
|
|
209,100,647
|
|
|
208,761,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The six months ended
June 30, 2015 includes 593,709 shares of common stock
potentially issuable pursuant to the exchange feature of the
Exchangeable Senior Notes based on the "if converted" method. The
three and six months ended June 30, 2014 both include
10,578,132 shares of common stock potentially issuable pursuant to
the exchange feature of the Exchangeable Senior Notes based on the
"if converted" method. The
three months ended June 30, 2015 and 2014 include 1,510,963
and 1,590,455 shares of unvested restricted stock, respectively,
which are considered anti-dilutive for purposes of calculating
diluted earnings per share. The six months ended June 30, 2015
and 2014 include 1,509,533 and 1,510,154 shares of unvested
restricted stock, respectively, which are considered anti-dilutive
for purposes of calculating diluted earnings per share.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/biomed-realty-trust-reports-second-quarter-2015-financial-results-300120184.html
SOURCE BioMed Realty Trust, Inc.