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.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
