BioMed Realty Trust Earns Investment Grade Corporate Credit Ratings From Standard & Poor's and Moody's
SAN DIEGO, April 13 /PRNewswire-FirstCall/ -- BioMed Realty Trust, Inc. (NYSE: BMR), The Leading Provider of Real Estate to the Life Science Industry®, announced today that it has received investment grade corporate credit ratings from Standard & Poor's Rating Services and Moody's Investor Service.
Kent Griffin, President and Chief Financial Officer of BioMed, commented, "Access to the investment grade unsecured debt market provides us with yet another tool for continuing to enhance our financial flexibility, a key element of our strategy that allows us to effectively execute on our core business plan and provides a significant competitive advantage as we pursue future investment opportunities. We expect that our ability to further drive down our cost of capital over time will enable us to create additional value for our tenants and our stockholders. We are very pleased with the investment grade ratings we received from both S&P and Moody's, which exemplify the consistent focus we have placed on proactive balance sheet management throughout our company's history."
The company received a BBB- rating and stable outlook from S&P and a Baa3 rating and stable outlook from Moody's.
About BioMed Realty Trust
BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry®. The company's tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed owns or has interests in 71 properties, representing 113 buildings with approximately 10.8 million rentable square feet. The company's properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. 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, without limitation: 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 company's target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions and developments, and the ability to refinance indebtedness as it comes due; failure to maintain the company's investment grade credit ratings with the ratings agencies; failure to manage effectively the company's growth and expansion into new markets, or to complete or integrate acquisitions and developments 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, including the company's most recent annual report on Form 10-K and quarterly reports on Form 10-Q. 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.
SOURCE BioMed Realty Trust, Inc.