SAN DIEGO, April 26, 2005 (PRIMEZONE) -- BioMed Realty Trust, Inc. (NYSE:BMR) today announced it has leased an additional 79,667 rentable square feet of space at its King of Prussia property located in Radnor, Pennsylvania to Centocor, Inc., a subsidiary of Johnson & Johnson (NYSE:JNJ), under a five-year, triple-net lease commencing on May 1, 2005. With the new lease, Centocor, a strong Tier I tenant, will represent approximately 12.0% of BioMed's total annualized base rent, up from 10.7% at the end of 2004.
The new lease replaces the existing portion of the master lease with an affiliate of The Rubenstein Company, the original seller of the property, with respect to this space. Annualized base rent of approximately $1.3 million and certain tenant reimbursements received under the new lease will correspondingly reduce the rent received under the master lease.
BioMed also announced it has acquired its eighth property in San Diego, located on Nancy Ridge Drive in the Sorrento Mesa submarket. The Nancy Ridge Drive property contains approximately 42,100 rentable square feet of laboratory and office space that is 100% leased to two tenants. The total purchase price of approximately $12.8 million was funded with cash and the assumption of approximately $7.0 million of debt.
The acquisition increases the company's real estate portfolio to 23 properties, representing 45 buildings with approximately 3.1 million rentable square feet.
"Leasing the additional space, which will be fully improved by Centocor, further allows Centocor to expand its research activities at the King of Prussia property. We also are pleased to have further expanded in the important San Diego market through the acquisition of the Nancy Ridge property," said Alan D. Gold, president and chief executive officer of BioMed Realty Trust.
About Centocor
Centocor, a subsidiary of Johnson & Johnson, is a leading biopharmaceutical company that creates, acquires and markets cost-effective therapies that yield long-term benefits for patients and the healthcare community. The company is dedicated to the research and development of treatments for a wide range of diseases including cancer, infectious diseases, cardiovascular and metabolic diseases and Immune-Mediated Inflammatory Disorders (I.M.I.D.), such as arthritis and inflammatory skin diseases.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry. Our tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. The company's primary acquisition targets and current properties are located in markets with well established reputations as centers for scientific research, including San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York/New Jersey and Boston. Additional information is available at www.biomedrealty.com.
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 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 California region; risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; 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. 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.