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BioMed Realty Trust, Inc. ( BMR - Snapshot Report ) recently increased its annualized dividend per share from 80 cents to 86 cents, which represents a 7.5% hike. The new dividend is payable on April 16, 2012 to shareholders of record as of March 30, 2012.
At the end of fourth quarter 2011, Bio Med Realty’s cash balance stood at $16.5 million. BioMed Realty has a strong balance sheet, which provides the financial flexibility to pursue accretive acquisitions, dividend payouts and share buybacks. This augurs well for its long-term growth.
In the fourth quarter 2011, BioMed Realty raised over $400 million in equity capital. As such, 2012 is expected to be a solid financial year with ample liquidity position which will enable the company to capitalize on future growth opportunities.
During the fourth quarter 2011, FFO (funds from operations) stood at $46.9 million or 30 cents per share, compared with $43.6 million or 30 cents per share in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
BioMed Realty is a real estate investment trust (REIT) that focuses on providing real estate to the life science industry in the United States. Its tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies, and other entities involved in the life science industry. At current levels, BioMed has interests in properties totaling approximately 12.6 million rentable square feet.
BioMed Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Liberty Property Trust. ( LRY - Analyst Report ) also holds a Zacks #3 Rank.
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