BioMed Realty Earns Upgraded Investment Grade Corporate Credit Rating From Standard & Poor's Ratings Services
SAN DIEGO, April 15, 2014 /PRNewswire/ -- BioMed Realty Trust, Inc. (NYSE: BMR) today announced that its investment grade corporate credit rating from Standard & Poor's Ratings Services ("S&P") has been upgraded from BBB– to BBB. BioMed Realty was the first real estate investment trust dedicated to the life science industry to receive investment grade corporate credit ratings from S&P and Moody's Investors Service ("Moody's") in April 2010. The company received positive outlooks from S&P and Moody's in June 2013 and March 2014, respectively.
"We view our investment grade corporate credit rating as one of the key drivers of our capital strategy and a competitive advantage in pursuing strategic growth opportunities," said Greg N. Lubushkin, Chief Financial Officer of BioMed Realty. "We are pleased that S&P has upgraded our rating to BBB, which further enhances our long-term financial flexibility as we continue to build on our proven track record of creating value for our tenant partners and stockholders."
About BioMed Realty Trust
BioMed Realty, with its trusted expertise and valuable relationships, delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 17.3 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.
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, developments and other investments, 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; reductions in asset valuations and related impairment charges; risks and uncertainties affecting property development and construction; risks associated with tax credits, grants and other subsidies to fund development activities; risks associated with downturns in foreign, domestic and local economies, changes in interest rates and foreign currency exchange rates, and volatility in the securities markets; ownership of properties outside of the United States that subject the company to different and potentially greater risks than those associated with the company's domestic operations; risks associated with the company's investments in loans, including borrower defaults and potential principal losses; 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.