SAN DIEGO, Dec. 20, 2004 (PRIMEZONE) -- BioMed Realty Trust, Inc. (NYSE:BMR) today announced it has acquired two properties from Guilford Pharmaceuticals Inc. (Nasdaq:GLFD) in a cash transaction valued at approximately $25.4 million. Guilford, which will leaseback the properties pursuant to triple-net leases, is engaged in the research, development and commercialization of proprietary pharmaceutical products that target the hospital and neurology markets.
The properties, located in Baltimore, Maryland, contain a total of 168,817 rentable square feet of laboratory and office space -- increasing BioMed's total portfolio to 17 properties with an aggregate of 2.6 million rentable square feet.
"The properties are located within minutes of Johns Hopkins' Bayview campus. This transaction represents the company's entry into the Maryland market, the fifth largest life science market in the United States," said Matthew G. McDevitt, vice president of acquisitions for BioMed Realty Trust.
"It also builds upon the momentum of recent other acquisitions completed during the fourth quarter. We look forward to additional opportunities to enhance our portfolio of life science properties in 2005," commented Alan D. Gold, president and chief executive officer of BioMed Realty Trust.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust focused on acquiring, owning, leasing, managing and selectively developing laboratory and office space for lease to life science tenants. Tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies, physician groups and other entities involved in the life science industry. The company targets properties located in markets with established reputations as centers for scientific research, including San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York/New Jersey and Boston. Additional information is available at www.biomedrealty.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the California region; risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively the Company's growth and expansion into new markets, or to complete or integrate acquisitions successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the Company's potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the Company's dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the Company with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.