SAN DIEGO, CA-BioMed Realty Trust, Inc., a leading provider of real estate to the life science industry, today announced financial results for the third quarter ended September 30.

The company executed 37 leasing transactions in the quarter, representing approximately 340,100 square feet, comprised of 24 new leases totaling approximately 229,500 square feet and 13 lease renewals totaling approximately 110,600 square feet.

Third quarter same property net operating income on a cash basis increased 5.7% year-over-year, primarily as a result of sustained leasing success and contractual rent escalations.  Excluding the two Oyster Point properties in South San Francisco which were leased to Life Technologies after the company received a $46.5 million lease termination payment from Elan in the second quarter, same property cash NOI increased 7.0% year-over-year.

The total operating portfolio was approximately 90.7% leased on a weighted-average basis as of September 30, 2013. At September 30, 2013, the company's total portfolio comprised approximately 16.3 million rentable square feet, with an additional 4.3 million square feet of development potential. 

During the quarter, the company received gross proceeds of $8.0 million and recognized a gain on sale of approximately $230,000 associated with the disposition of two properties totaling 49,250 square feet.

Kent Griffin, BioMed Realty's President and COO, noted, “The Wexford team contributed significantly to our continued strong leasing results during their first full quarter as part of the company.  The Wexford operating portfolio reached stabilization ahead of plan with over 350 basis points of positive net absorption since the acquisition was announced.  The integration program has worked very effectively and we remain on schedule to deliver the additional 994,000 square feet in 2014 from the three in-process developments.”

Alan D. Gold, Chairman and Chief Executive Officer of BioMed Realty, said, “We are very pleased with the operating and financial results of the third quarter, highlighted by our gross leasing of over 2.4 million square feet during the past four quarters, including significant contributions from our Wexford team. In addition, we further strengthened our already strong liquidity position by expanding our unsecured credit and term loan facility to $1.25 billion.  Our investment acumen, which has produced the industry's highest-quality portfolio, combined with our operating and leasing success and our disciplined capital strategy, continues to drive our success.”