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BioMed Realty Trust, Inc., a real estate investment trust focused on Providing Real Estate to the Life Science Industry®, today announced financial results for the second quarter ended June 30, 2010.
Second Quarter Financial Results
Total revenues for the second quarter were $92.9 million, compared to $86.1 million for the same period in 2009, an increase of 7.9%. Rental revenues for the second quarter were $72.4 million, compared to $65.7 million for the same period in 2009, an increase of 10.1% and the highest in the company’s history.
The current operating portfolio weighted average leased percentage increased to 89.1% as of June 30, 2010 from 88.0% as of March 31, 2010. The same property portfolio increased to 88.2% leased as of June 30, 2010. Same property net operating income on a cash basis increased 3.5% for the quarter compared to the same period in 2009. Excluding four properties for which lease terminations resulted in the company recognizing $10.3 million of other income during 2009, same property net operating income on a cash basis increased 4.2%, primarily as a result of contractual rent escalations.
Net income available to common stockholders for the second quarter was $4.2 million, or $0.04 per diluted share, compared to $18.2 million, or $0.20 per diluted share, for the same period in 2009. FFO for the quarter was $31.4 million, or $0.28 per diluted share, compared to $44.0 million, or $0.48 per diluted share, for the same period in 2009.
FFO is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies.
