First Quarter 2013 Highlights Include:

• Executed 29 leasing transactions during the quarter representing approximately 583,700 square feet, contributing to an operating portfolio leased percentage on a weighted-average basis of approximately 91.7% at quarter end, and comprised of:
• 16 new leases totaling approximately 419,700 square feet, highlighted by:
• a pre-lease with Life Technologies Corporation for approximately 204,900 square feet at the company's Science Center at Oyster Point property in South San Francisco, California;
• a pre-lease with Momenta Pharmaceuticals, Inc. for approximately 104,700 square feet at the company's 320 Bent Street property in Cambridge, Massachusetts;
• a lease expansion with Risk Management Solutions for approximately 31,500 square feet at the company's Pacific Research Center in Newark, California; and
• a new lease with a global pharmaceutical company for approximately 30,200 square feet at the company's Monte Villa property in Bothell, WA.
• 13 lease renewals totaling approximately 164,000 square feet, highlighted by:
• a lease extension with Momentive Performance Materials, Inc. for approximately 61,900 square feet at the company's The Landmark at Eastview campus in Tarrytown, New York; and
• a lease extension with Fujifilm Diosynth Biotechnologies for approximately 30,600 square feet at the company's 3000 Weston Parkway property in Cary, North Carolina.
• In connection with the new Life Technologies lease at the company's Science Center at Oyster Point, the company entered into a lease termination agreement with Elan Corp. related to their departure from this property in South San Francisco. The company received a termination fee of $46.5 million which is expected to increase funds from operations by approximately $35.2 million, of which approximately $21.6 million ($0.12 per diluted share) was recognized during the first quarter. The remaining $13.6 million is expected to be recognized in the second quarter.
• Core funds from operations was $0.42 per diluted share, as compared to $0.30 per diluted share in the first quarter of 2012. FFO, calculated in accordance with standards established by NAREIT, was $0.41 per diluted share, as compared to $0.30 per diluted share in the first quarter of 2012.
• Adjusted funds from operations (AFFO) for the quarter was $0.47 per diluted share, as compared to $0.30 per diluted share in the first quarter of 2012.
• Same property net operating income on a cash basis increased 3.5% as compared to the same period in 2012.
• Generated total revenues for the quarter of approximately $160.5 million, up from approximately $120.0 million in the same period in 2012 and the highest in the company's history. Rental revenues for the quarter increased to approximately $103.0 million from approximately $91.5 million in the same period in 2012.
• Reported net income available to common stockholders for the quarter of approximately $8.4 million, or $0.05 per diluted share.
• Acquired the Woodside Technology Park property in Redwood City, California for $87.0 million, excluding transaction costs, comprised of three buildings with an aggregate of approximately 256,000 square feet of laboratory and office space, which was 100% leased to five tenants at acquisition.
• Acquired The Campus at Lincoln Centre in Foster City, California from Life Technologies Corporation for $37.0 million, excluding transaction costs. The company intends to redevelop the 19-acre site, which currently includes seven buildings encompassing approximately 280,000 square feet.
• Completed a follow-on public offering of common stock, raising approximately $287.0 million in net proceeds.
• Completed the redemption of all 7,920,000 shares of its Series A preferred stock at $25.30217 per share, equal to the original issuance price of $25.00 per share, plus accrued and unpaid dividends up to the redemption date.
• Continued to enhance the breadth and depth of the company's organization:
• Appointed Daniel M. Bradbury, former Chief Executive Officer of Amylin Pharmaceuticals, to its Board of Directors; and
• Promoted Denis J. Sullivan, Jr. to Vice President, Acquisitions.
• Entered into a definitive agreement to merge with Wexford Science & Technology, a private real estate investment and development company that owns and develops institutional quality life science real estate for academic and medical research organizations. Wexford Science & Technology owns approximately 1.6 million square feet of laboratory and office space in U.S. educational and research centers, in addition to three properties under construction expected to comprise approximately 935,000 square feet of rentable space upon completion, as well as other pipeline projects.
• Subsequent to the end of the quarter:
• Completed a follow-on public offering of common stock, raising approximately $354.1 million in net proceeds.
• Entered into a build-to-suit transaction to construct two new buildings pre-leased to Regeneron Pharmaceuticals for a 15 year term totaling approximately 297,000 square feet at The Landmark at Eastview in Tarrytown, New York, and extended Regeneron's lease for approximately 360,500 square feet at The Landmark into 2029.

Check back with GlobeSt.com for an update on the firm's portfolio, financial activity, financial results, as well as more on the specifics behind the Wexford deal.