BioMed Realty Trust Inc. (BMR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Biomed Realty Trust Inc. has a market cap of $1.89 billion; its shares were traded at around $19.05 with a P/E ratio of 10.3 and P/S ratio of 5.2. The dividend yield of Biomed Realty Trust Inc. stocks is 2.9%. Biomed Realty Trust Inc. had an annual average earning growth of 27.6% over the past 5 years.BMR is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Other Income. Other income was $1.3 million for the three months ended March 31, 2010 compared to $4.5 million for the three months ended March 31, 2009. Other income for the three months ended March 31, 2010 primarily comprised realized gains from the sale of equity investments in the amount of $865,000 and development fees earned from our PREI joint ventures. Other income for the three months ended March 31, 2009 primarily comprised consideration received related to early lease terminations of approximately $3.8 million and development fees earned from our PREI joint ventures. Termination payments received for terminated leases for the three months ended March 31, 2010 and 2009 aggregated $62,000 and $3.8 million, respectively.
Rental Operations Expense. Rental operations expense decreased $4.3 million to $17.9 million for the three months ended March 31, 2010 compared to $22.2 million for the three months ended March 31, 2009. The decrease was primarily due to the write-off of accounts receivable and accrued straight line rents related to early lease terminations of approximately $4.5 million in 2009, partially offset by properties that were under redevelopment or development for which partial revenue recognition commenced during 2009 (principally at our Landmark at Eastview and Pacific Research Center properties). Same property rental operations expense decreased $5.2 million, or 33.2%, for the three months ended March 31, 2010 compared to 2009 primarily due to the write-off of certain assets related to early lease terminations and a reduction in rental operations expense due to lease expirations and changes during 2009 at certain properties where the tenant began to pay vendors directly for certain recoverable expenses and net decreases in utility usage and other recoverable costs compared to the same period in the prior year, partially offset by lease commencements in 2010 and 2009.
Depreciation and Amortization Expense. Depreciation and amortization expense increased $1.6 million to $28.9 million for the three months ended March 31, 2010 compared to $27.3 million for the three months ended March 31, 2009. The increase was primarily due to a recorded adjustment for a cumulative understatement of depreciation expense related to an operating property of approximately $1.0 million that we determined was not material to our previously issued consolidated financial statements and the commencement of partial operations and recognition of depreciation and amortization expense at certain of our redevelopment and development properties during 2009 (principally at our Landmark at Eastview and Pacific Research Center properties), partially offset by the acceleration of depreciation on certain assets related to early lease terminations of approximately $3.7 million in the three months ended March 31, 2009.
During the three months ended March 31, 2010, we capitalized $1.6 million of interest compared to $4.1 million for the three months ended March 31, 2009. The decrease reflects the cessation of capitalized interest at our Center for Life Science | Boston, Landmark at Eastview, and 530 Fairview Avenue development projects and our Pacific Research Center redevelopment project due to the commencement of certain leases at those properties or the cessation of development or redevelopment activities. We expect capitalized interest costs on properties currently under development or redevelopment to decrease or cease as rentable space at these properties is readied for its intended use through 2010, partially offset by an increase in interest capitalized at a development project beginning in April 2010. Net of capitalized interest and the accretion of debt premiums and a debt discount, interest expense increased $9.2 million to $21.3 million for the three months ended March 31, 2010 compared to $12.1 million for the three months ended March 31, 2009. We expect interest expense to continue to increase as additional properties currently under development or redevelopment are readied for their intended use and placed in service, from higher interest expense associated with debt secured by our Center for Life Science | Boston property as a result of the repayment of the variable-rate secured construction loan and the closing of fixed rate mortgage loans (see Note 4 in the footnotes to the consolidated financial statements), due to the amortization of the remaining deferred interest costs of approximately $61.5 million in other comprehensive income related to the forward starting swaps, and from the anticipated increases in interest costs related to our variable-rate indebtedness.
Gain/(Loss) on Derivative Instruments. The gain on derivative instruments for the three months ended March 31, 2010 is primarily related to changes in the fair-value of a stock purchase warrant, which are recorded directly to the consolidated income statement as they occur, partially offset by hedge ineffectiveness on cash flow hedges due to mismatches in maturity dates and interest rate reset dates between the interest rate swaps and corresponding debt. During the three months ended March 31, 2009, a portion of the unrealized losses related to a $100.0 million forward starting swap previously included in accumulated other comprehensive loss, totaling approximately $4.5 million, was reclassified to the consolidated income statement as loss on derivative instruments as a result of a change in the amount of forecasted debt issuance relating to the forward starting swaps, from $400.0 million at December 31, 2008 to $368.0 million at March 31, 2009. The loss on derivative instruments for the three months ended March 31, 2009 also includes approximately $4.4 million of gains from changes in the fair-value of derivative instruments (net of hedge ineffectiveness on cash flow hedges due to mismatches in forecasted debt issuance dates, maturity dates and interest rate reset dates of the interest rate and forward starting swaps and related debt).
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Biomed Realty Trust Inc. has a market cap of $1.89 billion; its shares were traded at around $19.05 with a P/E ratio of 10.3 and P/S ratio of 5.2. The dividend yield of Biomed Realty Trust Inc. stocks is 2.9%. Biomed Realty Trust Inc. had an annual average earning growth of 27.6% over the past 5 years.BMR is in the portfolios of John Buckingham of Al Frank Asset Management, Inc., Manning & Napier Advisors, Inc, Jim Simons of Renaissance Technologies LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
Rental Revenues. Rental revenues increased $2.2 million to $70.6 million for the three months ended March 31, 2010 compared to $68.4 million for the three months ended March 31, 2009. The increase was primarily due to properties that were under redevelopment or development for which partial revenue recognition commenced during 2009 (principally related to buildings placed into service at our Landmark at Eastview property) and the commencement of leases. Same property rental revenues decreased $3.3 million, or 5.9%, for the three months ended March 31, 2010 compared to the same period in 2009. The decrease in same property rental revenues was primarily due to lease expirations and early lease terminations resulting in the accelerated amortization of below-market lease intangible assets of $2.7 million in 2009 for which the vacated space has not yet been fully released. The decrease is partially offset by the commencement of new leases at certain properties in 2010 and 2009, and increases in lease rates related to CPI adjustments and lease extensions (increasing rental revenue recognized on a straight-line basis).Other Income. Other income was $1.3 million for the three months ended March 31, 2010 compared to $4.5 million for the three months ended March 31, 2009. Other income for the three months ended March 31, 2010 primarily comprised realized gains from the sale of equity investments in the amount of $865,000 and development fees earned from our PREI joint ventures. Other income for the three months ended March 31, 2009 primarily comprised consideration received related to early lease terminations of approximately $3.8 million and development fees earned from our PREI joint ventures. Termination payments received for terminated leases for the three months ended March 31, 2010 and 2009 aggregated $62,000 and $3.8 million, respectively.
Rental Operations Expense. Rental operations expense decreased $4.3 million to $17.9 million for the three months ended March 31, 2010 compared to $22.2 million for the three months ended March 31, 2009. The decrease was primarily due to the write-off of accounts receivable and accrued straight line rents related to early lease terminations of approximately $4.5 million in 2009, partially offset by properties that were under redevelopment or development for which partial revenue recognition commenced during 2009 (principally at our Landmark at Eastview and Pacific Research Center properties). Same property rental operations expense decreased $5.2 million, or 33.2%, for the three months ended March 31, 2010 compared to 2009 primarily due to the write-off of certain assets related to early lease terminations and a reduction in rental operations expense due to lease expirations and changes during 2009 at certain properties where the tenant began to pay vendors directly for certain recoverable expenses and net decreases in utility usage and other recoverable costs compared to the same period in the prior year, partially offset by lease commencements in 2010 and 2009.
Depreciation and Amortization Expense. Depreciation and amortization expense increased $1.6 million to $28.9 million for the three months ended March 31, 2010 compared to $27.3 million for the three months ended March 31, 2009. The increase was primarily due to a recorded adjustment for a cumulative understatement of depreciation expense related to an operating property of approximately $1.0 million that we determined was not material to our previously issued consolidated financial statements and the commencement of partial operations and recognition of depreciation and amortization expense at certain of our redevelopment and development properties during 2009 (principally at our Landmark at Eastview and Pacific Research Center properties), partially offset by the acceleration of depreciation on certain assets related to early lease terminations of approximately $3.7 million in the three months ended March 31, 2009.
During the three months ended March 31, 2010, we capitalized $1.6 million of interest compared to $4.1 million for the three months ended March 31, 2009. The decrease reflects the cessation of capitalized interest at our Center for Life Science | Boston, Landmark at Eastview, and 530 Fairview Avenue development projects and our Pacific Research Center redevelopment project due to the commencement of certain leases at those properties or the cessation of development or redevelopment activities. We expect capitalized interest costs on properties currently under development or redevelopment to decrease or cease as rentable space at these properties is readied for its intended use through 2010, partially offset by an increase in interest capitalized at a development project beginning in April 2010. Net of capitalized interest and the accretion of debt premiums and a debt discount, interest expense increased $9.2 million to $21.3 million for the three months ended March 31, 2010 compared to $12.1 million for the three months ended March 31, 2009. We expect interest expense to continue to increase as additional properties currently under development or redevelopment are readied for their intended use and placed in service, from higher interest expense associated with debt secured by our Center for Life Science | Boston property as a result of the repayment of the variable-rate secured construction loan and the closing of fixed rate mortgage loans (see Note 4 in the footnotes to the consolidated financial statements), due to the amortization of the remaining deferred interest costs of approximately $61.5 million in other comprehensive income related to the forward starting swaps, and from the anticipated increases in interest costs related to our variable-rate indebtedness.
Gain/(Loss) on Derivative Instruments. The gain on derivative instruments for the three months ended March 31, 2010 is primarily related to changes in the fair-value of a stock purchase warrant, which are recorded directly to the consolidated income statement as they occur, partially offset by hedge ineffectiveness on cash flow hedges due to mismatches in maturity dates and interest rate reset dates between the interest rate swaps and corresponding debt. During the three months ended March 31, 2009, a portion of the unrealized losses related to a $100.0 million forward starting swap previously included in accumulated other comprehensive loss, totaling approximately $4.5 million, was reclassified to the consolidated income statement as loss on derivative instruments as a result of a change in the amount of forecasted debt issuance relating to the forward starting swaps, from $400.0 million at December 31, 2008 to $368.0 million at March 31, 2009. The loss on derivative instruments for the three months ended March 31, 2009 also includes approximately $4.4 million of gains from changes in the fair-value of derivative instruments (net of hedge ineffectiveness on cash flow hedges due to mismatches in forecasted debt issuance dates, maturity dates and interest rate reset dates of the interest rate and forward starting swaps and related debt).
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