Biomed Realty Trust Inc., (BMR)

Q2 2010 Earnings Call

July 29, 2010 01:00 pm ET


Rick [Hearl] - Director of Corporate Communications

Alan Gold - Chief Executive Officer

Kent Griffin - President

Matthew McDavid - Executive Vice President of Real Estate

Greg Lubushkin - Chief Financial Officer


Bill Crow - Raymond James

Brendan Moran - Wells Fargo

Mark Lutensky - BMO Capital Markets

Gordon Saddler - KeyBanc Capital Markets

Arun Nagarajan - FBR Capital Markets

Chris Carter - Morgan Stanley



Welcome to the Second Quarter 2010 Biomed Realty Trust Incorporated Earnings Conference Call. At this time, all participants are in a listen-only mode. We will facilitate a question-and-answer session towards the end of the conference. (Operator instructions). I will now turn the call to your host for today, Mr. Rick [Hearl], Director of Corporate Communications; please proceed.

Thank you Lakida and welcome everyone. Today’s second quarter 2010 earnings call includes the slide presentation to accompany our prepared remarks. If you are not currently viewing the slides and would like to, please go to Click on the investor relations tab on the left and then click the Q2 2010 Biomed Realty Trust Inc. earnings conference call link.

We’ve also posted these slides on the investor relations tab of our website. Presenting today are Alan Gold, Chief Executive Officer, Kent Griffin, President, Matthew Mc.David, Executive vice President of real estate and Greg Lubushkin, Chief Financial Officer.

Now before we begin, I would like to remind everyone of the safe harbor statement included in yesterday’s news release. The Private Securities Litigation Reform Act of 1995 provides the safe harbor with certain forward-looking statements including statements made during the course of today’s conference call. These forward-looking statements are based on the company’s current expectations and involves significant risks and uncertainties, some of which are beyond the control of the company and are subject to change based on various factors. Actual results may differ materially from those expressed or implied by these forward-looking statements. For a detailed discussion of some of the on-going risks and uncertainties of the company’s business, I refer you to the news release issued yesterday and filed with the SEC on Form 8-K as well as the company’s other SEC filings including most recent annual report on Form 10-K and quarterly reports on form 10-Q. The company disclaims any intention or obligation or update or revise any forward looking statements whether is the result of information, future events or otherwise.

With that I will turn the call over Alan Gold. Alan

Alan D. Gold

Thank you, Rick. And welcome everyone to Biomed second quarter 2010 earnings call presentation. And I am very pleased to report another outstanding operating and financial quarter for Biomed driven by the focused execution of our robust business model. The second quarter results were underscored by higher revenues, key additions to our premier tender base, expansion of our footprint in the core life science markets chose selective acquisition. The promotion of Greg Lubushkin to Chief Financial Officer and additional measured steps to advance our capital plan. And especially now they are with a new investment in the second quarter and to also first half of 2010 during which we had over a half a million square feet to our portfolio. Transactions in the second quarter expanded Biomed for present core US life science market along the IT 70 quarter in Maryland and our home base in San Diego with a number of high quality tenants including the Jaycread bentor institute a world renowned research institution and medical center drive in Maryland. MedImmune, a whole new [indiscernible] and existing tenant at our bridge view technology park in the bay area. And now at our 55 west walk in the Mill road after the Maryland and in June, we broke down on the new 176,000 square foot well this is research facility in San Diego, north county for eye pharmaceuticals and valued tenant of us in 2005 and now one of our top ten tenants. And if you know watch the reports, so at this point, I would turn it over to Kent Griffin who would review our second quarter highlights and walk you through the key events in the life science industry during the quarter, Kent!.

R. Kent Griffin

Thanks Alan. Biomed strong operating and financial performance continued in the second quarter at FFO came at 28¢ per would share. We saw 8% year over year growth in total revenues primarly as a result of 10% growth in rental revenue of the second quarter of 2009 reflecting our ongoing leasing success and recent acquisitions. Our leasing team delivered 150,000 square feet of reaching down the quarter resulting in positive net absorption for the quarter of 110,000 square feet and putting us at 90% of our five protocol of 1 million square feet of total leasing with 2 quarters remaining. We continue to steadily interactively manage our balance sheet and as we previously discuss during the second quarter we received the best corporate credit ratings both from [indiscernible] and executed a $299 following common stock operating and a $250 million unsecure to unit offerings. In additive, we have completed over 650 million in capitalizing transactions in 2010 today and lastly in not lease August we during the second quarter we announced the promotion of Greg Lubushkin, the Chief Financial Officer many of you already know Greg who have served as our Chief Accounting officer in April 2007. We are excited about Greg’s continuing contribution to our leadership team. And turning to the fair and life science industry, in the capital market, the MX Biotech in that was of about 17% alongside the general decline in the equity market. However scientific advancement in capital raising remain rubout. Partner in transaction exceeded 8.9 billion in the second quarter and increased about 11% verses the second quarter of 2009. And of almost 18% to $15 billion for the first time for 2010. Earlier this week, we going on another partner in success with a Stellas former which like which extended their life agreement and stayed verge on a $165 million upfront with another $130 million in 2018.

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