BioMed Realty Trust Inc

CIK:0001289236|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Expenses:
Equity in net loss of unconsolidated partnerships	$ 242	$ 733	$ 534	$ 585
Parent Company
Revenues:
Rental	123,332	122,838	357,112	363,788
Tenant recoveries	47,539	42,626	133,068	121,641
Other revenue	3,477	3,452	20,152	23,524
Total revenues	174,348	168,916	510,332	508,953
Expenses:
Rental operations	62,069	54,899	175,986	161,058
Depreciation and amortization	64,953	64,452	193,305	189,597
General and administrative	13,166	12,768	38,486	37,153
Executive Severance	0	0	9,891	0
Acquisition-related expenses	720	487	2,284	2,871
Total expenses	140,908	132,606	419,952	390,679
Income from operations	33,440	36,310	90,380	118,274
Equity in net loss of unconsolidated partnerships	242	733	534	585
Interest expense, net	(21,228)	(22,215)	(61,938)	(73,356)
Impairment of Real Estate		0	(35,071)	0
Gain (Loss) on Sale of Properties	(1,869)	0	(1,869)	0
Other Income	18,770	2,148	95,675	11,338
Net income / (loss)	33,093	16,976	91,449	56,841
Net (income) / loss attributable to noncontrolling interests	$ (4,890)	$ (1,016)	$ (22,323)	$ (3,412)
Net income / (loss) per share / unit available to common stockholders / unitholders	$ 0.14	$ 0.08	$ 0.34	$ 0.27
Earnings Per Share, Diluted	$ 0.14
Weighted Average Number of Shares Outstanding, Basic	202,210,976	194,022,619	201,746,167	191,988,661
Weighted Average Number of Shares Outstanding, Diluted	207,801,584	199,574,893	207,325,554	197,651,357
Net Income (Loss) Attributable to Parent	$ 28,203	$ 15,960	$ 69,126	$ 53,429
Net Income (Loss) Available to Common Stockholders, Basic	27,854	15,585	68,035	52,299
BIOMED REALTY, L.P.
Revenues:
Rental	123,332	122,838	357,112	363,788
Tenant recoveries	47,539	42,626	133,068	121,641
Other revenue	3,477	3,452	20,152	23,524
Total revenues	174,348	168,916	510,332	508,953
Expenses:
Rental operations	62,069	54,899	175,986	161,058
Depreciation and amortization	64,953	64,452	193,305	189,597
General and administrative	13,166	12,768	38,486	37,153
Executive Severance	0	0	9,891	0
Acquisition-related expenses	720	487	2,284	2,871
Total expenses	140,908	132,606	419,952	390,679
Income from operations	33,440	36,310	90,380	118,274
Equity in net loss of unconsolidated partnerships	242	733	534	585
Interest expense, net	(21,228)	(22,215)	(61,938)	(73,356)
Impairment of Real Estate	0	0	(35,071)	0
Gain (Loss) on Sale of Properties	(1,869)	0	(1,869)	0
Other Income	18,770	2,148	95,675	11,338
Net income / (loss)	33,093	16,976	91,449	56,841
Net (income) / loss attributable to noncontrolling interests	(4,156)	(587)	(20,519)	(1,948)
Net Income (Loss) Allocated to Limited Partners	$ 28,937	$ 16,389	$ 70,930	$ 54,893
Net income / (loss) per share / unit available to common stockholders / unitholders	$ 0.14	$ 0.08		$ 0.27
Earnings Per Share, Diluted			$ 0.34
Weighted Average Number of Shares Outstanding, Basic	207,609,199	199,428,093	207,147,153	197,395,750
Weighted Average Number of Shares Outstanding, Diluted	207,801,583	199,574,893	207,325,554	197,651,357

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Adjustments to reconcile net income to net cash provided by operating activities
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments	$ (88,400)
BIOMED REALTY, L.P.
Payments to Noncontrolling Interests	(14,664)	$ 0
Notes Receivable Transferred to Investment In Real Estate	7,505
Proceeds from Issuance of Senior Long-term Debt		397,632
Interest Paid, Capitalized	21,657	15,734
Operating Activities
Net income / (loss)	91,449	56,841
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	193,305	189,597
Allowance for doubtful accounts	1,870	526
Impairment of Real Estate	35,071	0
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments	(85,767)
Gain on repayment of notes receivable	(8,557)
Gain (Loss) on Sale of Properties	(1,869)	0
Non-cash revenue adjustments	1,270	942
Other non-cash adjustments	10,000	5,146
Compensation expense related to restricted common stock and LTIP units / share-based payments	14,805	11,137
Distributions representing a return on capital from unconsolidated partnerships	1,893	399
Change in operating assets and liabilities
Accounts receivable	(4,718)	(10,607)
Accrued straight-line rents	(15,384)	(10,466)
Deferred leasing costs	(30,613)	(10,526)
Other assets	(9,137)	(24,478)
Accounts payable, accrued expenses and other liabilities	12,925	15,355
Net cash provided by operating activities	206,543	223,866
Investing activities
Purchases of investments in real estate and related intangible assets	(210,509)	(130,458)
Capital expenditures	(307,161)	(300,716)
Proceeds from Sale of Property Held-for-sale	41,398
Contributions from historic tax credit transactions, net of deferred costs	11,938	22,557
Draws on construction loan receivable	(10,817)	(39,769)
Proceeds from Collection of Loans Receivable	11,418	184,239
Contributions to unconsolidated partnerships, net	3,571	(4,760)
Purchases of debt and equity securities	(33,776)	(15,725)
Payments for Repurchase of Redeemable Noncontrolling Interest	(500)
Proceeds from the sale of debt and equity securities	90,378	13,952
Net cash used in investing activities	(403,560)	(270,680)
Financing activities
Payments of deferred loan costs	(78)	(3,101)
Unsecured line of credit proceeds	407,000	732,000
Unsecured line of credit payments	(28,000)	(631,000)
Mortgage notes proceeds	25,559	39,237
Principal payments on mortgage notes payable	(28,564)	(340,124)
Dividends paid to common stockholders / unitholders	(161,403)	(148,464)
Net cash provided by financing activities	199,350	46,180
Effect of exchange rate changes on cash and cash equivalents	(317)	(208)
Net increase / (decrease) in cash and cash equivalents	2,016	(842)
Cash and cash equivalents at beginning of period	46,659	34,706
Cash and cash equivalents at end of period	48,675	33,864
Supplemental disclosure of cash flow information:
Cash paid during the period for interest (net of amounts capitalized of $21,657 and $15,734, for the nine months ended September 30, 2015 and 2014, respectively)	45,555	59,233
Supplemental disclosure of non-cash investing and financing activities:
Accrual for common stock dividends / unit distributions declared	54,320	50,714
Accrued additions to real estate and related intangible assets	117,032	113,704
Stock Issued During Period, Value, Conversion of Convertible Securities	95,678	84,322
Deposits applied for acquisitions	17,882
Equity issued in connection with business combinations	3,000	21,740
Notes Assumed		71,937
Parent Company
Payments to Noncontrolling Interests	(14,664)
Notes Receivable Transferred to Investment In Real Estate	7,505
Proceeds from Issuance of Senior Long-term Debt		397,632
Interest Paid, Capitalized	21,657	15,734
Operating Activities
Net income / (loss)	91,449	56,841
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	193,305	189,597
Allowance for doubtful accounts	1,870	526
Impairment of Real Estate	35,071	0
Marketable Securities, Realized Gain (Loss), Excluding Other than Temporary Impairments	(85,767)
Gain on repayment of notes receivable	(8,557)
Gain (Loss) on Sale of Properties	(1,869)	0
Non-cash revenue adjustments	1,270	942
Other non-cash adjustments	10,000	5,146
Compensation expense related to restricted common stock and LTIP units / share-based payments	14,805	11,137
Distributions representing a return on capital from unconsolidated partnerships	1,893	399
Change in operating assets and liabilities
Accounts receivable	(4,718)	(10,607)
Accrued straight-line rents	(15,384)	(10,466)
Deferred leasing costs	(30,613)	(10,526)
Other assets	(9,137)	(24,478)
Accounts payable, accrued expenses and other liabilities	12,925	15,355
Net cash provided by operating activities	206,543	223,866
Investing activities
Purchases of investments in real estate and related intangible assets	(210,509)	(130,458)
Capital expenditures	(307,161)	(300,716)
Proceeds from Sale of Property Held-for-sale	41,398
Contributions from historic tax credit transactions, net of deferred costs	11,938	22,557
Draws on construction loan receivable	(10,817)	(39,769)
Proceeds from Collection of Loans Receivable	11,418	184,239
Contributions to unconsolidated partnerships, net	3,571	(4,760)
Purchases of debt and equity securities	(33,776)	(15,725)
Payments for Repurchase of Redeemable Noncontrolling Interest	(500)
Proceeds from the sale of debt and equity securities	90,378	13,952
Net cash used in investing activities	(403,560)	(270,680)
Financing activities
Payments of deferred loan costs	(78)	(3,101)
Unsecured line of credit proceeds	407,000	732,000
Unsecured line of credit payments	(28,000)	(631,000)
Mortgage notes proceeds	25,559	39,237
Principal payments on mortgage notes payable	(28,564)	(340,124)
Distributions to operating partnership unit and LTIP unit holders	(4,214)	(4,175)
Dividends paid to common stockholders / unitholders	(157,189)	(144,289)
Net cash provided by financing activities	199,350	46,180
Effect of exchange rate changes on cash and cash equivalents	(317)	(208)
Net increase / (decrease) in cash and cash equivalents	2,016	(842)
Cash and cash equivalents at beginning of period	46,659	34,706
Cash and cash equivalents at end of period	48,675	33,864
Supplemental disclosure of cash flow information:
Cash paid during the period for interest (net of amounts capitalized of $21,657 and $15,734, for the nine months ended September 30, 2015 and 2014, respectively)	45,555	59,233
Supplemental disclosure of non-cash investing and financing activities:
Accrual for common stock dividends / unit distributions declared	52,916	49,363
Accrual for distributions declared for operating partnership unit and LTIP unit holders	1,404	1,351
Accrued additions to real estate and related intangible assets	117,032	113,704
Stock Issued During Period, Value, Conversion of Convertible Securities	95,678	84,322
Deposits applied for acquisitions	17,882
Equity issued in connection with business combinations	$ 3,000	21,740
Notes Assumed		$ 71,937

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Investments in unconsolidated partnerships	$ 29,367	$ 35,291
Parent Company
Land	667,391	704,958
Land Under Development	243,623	151,242
Buildings and Improvements	5,252,993	4,877,135
Construction in Progress	638,078	629,679
Real Estate Investment Property, at Cost	6,802,085	6,363,014
Real Estate Investment Property, Accumulated Depreciation	(1,080,838)	(946,439)
Investments in real estate, net	5,721,247	5,416,575
Investments in unconsolidated partnerships	29,367	35,291
Cash and cash equivalents	48,675	46,659
Accounts receivable, net	19,139	14,631
Accrued straight-line rents, net	177,423	163,716
Deferred leasing costs, net	226,956	219,713
Other assets	237,889	274,301
Total assets	6,460,696	6,170,886
Liabilities [Abstract]
Mortgage notes payable, net	492,065	496,757
Exchangeable senior notes		95,678
Unsecured senior notes, net	1,294,978	1,293,903
Unsecured senior term loans	745,126	749,326
Unsecured line of credit	463,000	84,000
Accounts payable, accrued expenses and other liabilities	419,418	381,280
Total liabilities	3,414,587	3,100,944
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Common stock, $.01 par value, 300,000,000 shares and 250,000,000 shares authorized, and 203,527,787 shares and 197,442,432 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	2,036	1,975
Additional paid-in capital	3,754,137	3,649,235
Accumulated other comprehensive loss, net	(39,725)	(2,214)
Dividends in excess of earnings	(735,627)	(645,983)
Total stockholders' equity	2,980,821	3,003,013
Noncontrolling interests / Noncontrolling interests deficit	65,288	66,929
Total equity / capital	3,046,109	3,069,942
Total liabilities and equity / capital	6,460,696	6,170,886
BIOMED REALTY, L.P.
Land	667,391	704,958
Land Under Development	243,623	151,242
Buildings and Improvements	5,252,993	4,877,135
Construction in Progress	638,078	629,679
Real Estate Investment Property, at Cost	6,802,085	6,363,014
Real Estate Investment Property, Accumulated Depreciation	(1,080,838)	(946,439)
Investments in real estate, net	5,721,247	5,416,575
Investments in unconsolidated partnerships	29,367	35,291
Cash and cash equivalents	48,675	46,659
Accounts receivable, net	19,139	14,631
Accrued straight-line rents, net	177,423	163,716
Deferred leasing costs, net	226,956	219,713
Other assets	237,889	274,301
Total assets	6,460,696	6,170,886
Liabilities [Abstract]
Mortgage notes payable, net	492,065	496,757
Exchangeable senior notes		95,678
Unsecured senior notes, net	1,294,978	1,293,903
Unsecured senior term loans	745,126	749,326
Unsecured line of credit	463,000	84,000
Accounts payable, accrued expenses and other liabilities	419,418	381,280
Total liabilities	3,414,587	3,100,944
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Limited partners' capital, 5,398,224 and 5,405,474 units issued and outstanding at September 30, 2015 and December 31, 2014, respectively	42,484	45,600
General partner's capital, 203,527,787 and 197,442,432 units issued and outstanding at September 30, 2015 and December 31, 2014, respectively	3,016,634	3,002,135
Accumulated other comprehensive loss, net	(35,813)	878
Total partners' capital	3,023,305	3,048,613
Noncontrolling interests / Noncontrolling interests deficit	22,804	21,329
Total equity / capital	3,046,109	3,069,942
Total liabilities and equity / capital	$ 6,460,696	$ 6,170,886