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Alexandria buys a lot, BioMed not so much

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While both Rancho Bernardo-based BioMed Realty Trust and Pasadena-based Alexandria Real Estate Equities continued to add to their respective portfolios in 2012, one seemed more busy than the other.

Although Alexandria (NYSE:ARE) isn’t headquartered here, it was active in its acquisition development and leasing San Diego-area properties during the fourth quarter and the year as a whole.

In October 2012, Alexandria completed development of 5200 Illumina Way, a127,373-square-foot property in the University Towne Centre submarket fully leased to Illumina (Nasdaq: ILMN).

Also in October, Alexandria began converting manufacturing space into 68,423 square feet of laboratory space at 4757 Nexus Drive in the University Towne Centre submarket.

Next door at 4755 Nexus Center Drive, Alexandria has fully leased a property with about 45,255 square feet as well. Optimer Pharmaceuticals (Nasdaq: OPTR) has taken the entire building.

In June 2012, Alexandria also completed redevelopment of 3530/3550 John Hopkins Court in the Torrey Pines submarket. It too is a 100 percent leased property with 98,320 rentable square feet.

From November 2011 to September 2012, Alexandria completed redevelopment of 10300 Campus Pointe Drive in the UTC submarket. The 96 percent leased property with 279,138 rentable square feet, includes 189,562 square feet completed in September 2012. Major tenants include Celgene, The Lilly Biotechnology Center, and the UC-San Diego Medical Center among others.

During the three months ended Dec. 31, 2012, Alexandria executed 47 Leases for 678,000 Rentable Square feet in its global portfolio including 265,000 Rentable Square Feet of development and redevelopment space.

During the year ended last December, Alexandria executed 187 Leases for 3,281,000 rentable square feet, including 1,135,000 rentable square feet of development and redevelopment space.

Alexandria’s average occupancy for its North America properties stood at 94.6 percent -- up from 94.2 percent a year earlier.

For the quarter ended last December 31, Alexandria posted $28.48 million in net income on $154.17 million in revenues -- compared with $35.46 million in net income on $139.25 million in revenues for the like quarter a year earlier.

For 2012, Alexandria recorded $105.53 million in net income on $568.07 million in revenues -- compared to $135.39 million in net income on $548.22 million in revenues in 2011.

Alexandria’s stock price ended the day at $72.47 per share -- off by 31 cents or 0.43 percent on the day Thursday. The stock has ranged from $64.09 to $77.10 during the past 52 weeks.

BioMed (NYSE: BMR) acquired just six new properties for a total investment of approximately $436.4 million in 2012, increasing the company's gross assets year-over-year by 11.4 percent to $5.4 billion at year-end. The acquisitions were 93.3 percent leased at acquisition and comprise approximately 1.0 million rentable square feet.

Included in BioMed’s acquisitions are two parcels totaling about 28 acres along Summers Ridge Road in Sorrento Mesa that the REIT paid a total of $47 million for last June. Shire Regenerative Medicine, which has a ground lease at the site, is planning a major facility on the property, the size of which has yet to be determined.

BioMed also paid $20 million for a 68,000-square-foot building at 6122-6126 Nancy Ridge Drive in the Miramar area that is fully occupied by Arena Pharmaceuticals (Nasdaq: ARNA).

BioMed executed 30 leasing transactions in the fourth quarter alone , including 13 new leases, and 17 renewals representing 624,900 square feet at east coast locations such as Cambridge, Mass. and Tarrytown, N.Y.

During the full year 2012, the BioMed executed 97 leasing transactions representing approximately 1.8 million square feet.

The largest of these transactions was a lease expansion with Ironwood Pharmaceuticals Inc. (Nasdaq: IRWD) for 93,000 square feet at the company's 301 Binney Street property in Cambridge, Mass. The expansion brings Ironwood’s occupancy to more than 300,000 square feet.

“In 2012, we continued to reap the benefits of strong life science industry trends. Leveraging this strength with the location and quality of our properties combined with the skill of our operating team has allowed us to make significant market share gains,” said Alan Gold, BioMed chairman in a statement.“In fact, we've increased our leased percentage by 1,000 basis points over the last nine quarters -- bringing our total operating portfolio to over 92 percent leased.”

At Dec. 31, 2012, BioMed’s total portfolio comprised approximately 13.1 million rentable square feet with an additional 4.0 million square feet of development potential.

For the quarter ended Dec. 31, 2012, BioMed posted $8.26 million in net income on $138.77 million in revenues -- compared to $15.95 million in net income on $111.96 million in revenues for the like quarter a year earlier.

For the year, BioMed recorded $11.76 million in net income on $518.16 million in revenues -- compared with $42.71 million in net income on $438.2 million in revenues in 2011.

BioMed’s stock ended at $20.39 per share -- up 26 cents or 1.27 percent on the day Thursday. The stock has ranged from $17.52 to $20.57 during the past 52 weeks.

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BioMed Realty Trust Inc.

Company Website

17190 Bernardo Center Dr.
San Diego, CA 92128

Company Trade Data

Stock Symbol Close
Change
Chg %Chg
Volume
52-Week
High Low
BMR
23.4
  0.04  
+ 0.17%
6,342,798,000
25.11
17.94

Insider Trade Data

Date Insider Shares Type Value
08/17/2015 Bonanno, John P 4,800 Sell $100,848
08/17/2015 Bonanno, John P 4,800 Sell $100,848
07/31/2015 Gold, Alan D 50,000 Sell $1,076,500
07/31/2015 Gold, Alan D 50,000 Sell $1,076,500
06/15/2015 Berens, James R 2,000 Sell $39,990

BioMed Realty Trust Inc. Executive(s):

Alan Gold

  • Chairman, Chief Executive Officer, President

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Interview with Alan Gold of Biomed Realty Trust

Sept. 28, 2011 -- Executive Editor George Chamberlin talks with Alan Gold, president and CEO of Biomed Realty Trust, about the types of properties and projects Biomed Realty takes on.

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