BioMed Realty Trust Q1 FFO Increases, Lifts Annual FFO View

(RTTNews) - BioMed Realty Trust, Inc. (BMR) Thursday reported a rise in Funds From Operations, or FFO, for the first quarter. The company also raised its FFO outlook for 2014.

BioMed Realty Trust is a REIT whose tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies, and other entities involved in the life science industry.

FFO increased to $83.38 million from $71.33 million a year earlier. However, FFO per share decreased to $0.40 from $0.41 a year ago. Weighted-average common shares and units outstanding were 208,581,807 in first quarter, compared with 174,371,376 in the year-ago quarter.

Excluding certain items, FFO decreased to $79.51 million or $0.38 per share from $81.42 million or $0.47 per share a year ago.

On average, 10 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.35 for the quarter. Analysts' estimates typically exclude one-time items.

For the first quarter, net earnings rose to $18.83 million or $0.10 per share, from $8.39 million or $0.05 per share in the same period last year.

Revenues for 3-month period were $168.88 million, compared with $160.45 million a year earlier.

For 2014, the company raised its guidance for FFO to $1.45 to $1.53 per share from $1.37 to $1.47 per share projected earlier. The company also increased its annual earnings guidance to $0.19 to $0.27 per share from the previously projected $0.14 to $0.24 per share.