Local Firm Makes $150M in Q1

SAN DIEGO-Total revenues for the first quarter for locally-based BioMed Realty Trust were approximately $160.5 million, compared to approximately $120 million for the same period in 2012, an increase of 33.7% and the highest in the company’s history. According to the firm—which executed 29 leasing transactions in Q1 as GlobeSt.com reported earlier—total revenues include approximately $28.8 million associated with the termination of a lease with Elan Corp., for which the company received a termination fee of $46.5 million in the second quarter. 

Net of the related accelerated amortization of accrued straight-line rents and lease intangibles, the termination fee is expected to increase FFO by approximately $35.2 million, of which approximately $21.6 million was recognized during the three months ended March 31, 2013.  The balance is expected to be recognized in the second quarter of 2013, says the firm.