Samplings of what analysts are saying about BioMed Realty Trust Inc.

RBC Capital Markets Inc.
Outperform (4/20/07) Target price: $33

For the last 12 months, BMR has not performed well, but our analysts rate it as an “outperform.” BMR is going to be a story that has tremendous growth in late 2007 and 2008. It’s a good value story of today.


Robert W. Baird & Co.
Outperform (4/20/07) Target price: $32

We are maintaining our 2007 FFO estimate and introducing a 2008 FFO estimate of $2.00 per share. This number reflects the growth we expect from the portfolio as assets such as the Center for Life Science and Pacific Research Center begin to lease up. We are reducing our target price to $32 from $34 to reflect slightly lower 2007 EBITDA from lower rent growth and lease-up assumptions. Our target is based on our NAV estimate of $31.98.


Stifel Nicolaus & Co.
Hold (4/20/07) Target price: N/A

More investors are now acquiring properties in the BMR niche, driving cap rates down by 100-250 basis points. This, combined with the increasing presence of brokers in the life science space, makes off market deals and positive spread acquisition driven FFO growth difficult. We are adjusting our 2007 FFO/FAD estimates from $1.81/$1.60 down to $1.74/1.53, and maintaining our 2008 FFO/FAD estimates of $1.97/$1.71. While the preferred issuance and purchase of land from Lyme undermines FFO in 2007, occupancy gains will offset the dilution in 2008.


Wachovia Securities
Overweight (4/20/07) Target price: $32

We are adjusting our NAV upward to $29.74 (+$1.50) to account for private market-pricing comps, BMR’s updated balance sheet and our revised estimates. We utilize an economic cap rate of 6.75% (cash cap rate 7.1%), which values the portfolio at $427 per sq.ft. BMR now trades at 14x/16x our 2008 FFO/FAD estimates, about a 5-10x multiple discount to the office-REIT average, yet a more modest 2x multiple discount to its closest peer, Alexandria Realty Trust.