CFFO for the first quarter was $0.42 per diluted share, compared to $0.30 per diluted share for the same period in 2012, an increase of 40.0%. FFO per share, 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, an increase of 36.7%. AFFO for the quarter was $0.47 per diluted share, as compared to $0.30 per diluted share in the first quarter of 2012, an increase of 56.7%.

The company reported net income available to common stockholders for the quarter of approximately $8.4 million, or $0.05 per diluted share.

Greg Lubushkin, CFO of BioMed Realty, says in a prepared statement that “Our growth in the first quarter and into 2013 is directly attributable to our ongoing leasing success, the ability to leverage our expertise and our relationships, and our strong, flexible balance sheet. The two follow-on equity offerings completed in 2013, which raised in aggregate approximately $641 million in net proceeds, exemplify our prudent approach to managing our leverage that has enabled us to capture attractive growth opportunities which we believe offer superior risk-adjusted returns, such as the Wexford investment. As a result of this activity, we continue to operate our business with very healthy liquidity and one of the strongest credit profiles in the industry.”

Portfolio Update

During the quarter the company acquired two properties:

• Woodside Technology Park in Redwood City, CA for $87 million, excluding transaction costs. The property is 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; and
• The Campus at Lincoln Centre in Foster City, California from Life Technologies Corporation for $37 million, excluding transaction costs. The company intends to redevelop the 19-acre site, which currently comprises seven buildings aggregating approximately 280,000 square feet.

Same property net operating income on a cash basis increased for the period by 3.5% and the same property leased percentage increased by 310 basis points for the quarter compared to the same period in 2012, primarily as a result of sustained leasing success and contractual rent escalations.

The total operating portfolio was approximately 91.7% leased on a weighted-average basis as of March 31, 2013. At March 31, 2013, the company's total portfolio comprised approximately 13.2 million rentable square feet with an additional 4.4 million square feet of development potential.

Wexford Science & Technology

During the quarter, the company entered into a definitive agreement to merge with Wexford Science & Technology LLC, a private real estate investment and development company that owns and develops institutional quality life science real estate for academic and medical research organizations. The aggregate consideration for Wexford Science & Technology is approximately $640 million, excluding transaction costs and subject to adjustment based on working capital levels and construction and development costs incurred prior to closing, comprising:

Approximately $551 million for Wexford Science & Technology's operating portfolio, which includes approximately 1.6 million rentable square feet of newly developed research facilities located on or immediately adjacent to leading academic, medical system and research institution campuses, including University of Pennsylvania Health System, Washington University in St. Louis, Wake Forest University, the University of Maryland, the University of Miami, Old Dominion University, the Illinois Institute of Technology and Penn State University. Wexford's operating portfolio was approximately 86% leased at year-end 2012, with an estimated 66% of annualized base rents generated from academic and medical institutions and A-rated life science companies.

Approximately $89 million for approximately 935,000 square feet of rentable space in three projects currently under development that are, collectively, approximately 68% pre-leased, and anchored by the University of Pennsylvania Health System, Wake Forest University and Washington University in St. Louis. Wexford Science & Technology also owns parking garages in Philadelphia and Baltimore with 419 and 638 stalls, respectively, that support Wexford Science & Technology's life science developments, and owns additional land parcels that can support an estimated 300,000 square feet in additional development potential.