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BioMed announces new leases with Life Technologies, to get $46.5M fee from Elan

BioMed Realty Trust (BMR) announced the signing of two new leases for 15 years with Life Technologies (LIFE) at its Science Center at Oyster Point property in South San Francisco, California life science submarket. Concurrently, the company also announced that it has reached agreement with Elan Corporation (ELN), the current tenant at The Science Center at Oyster Point, on an early lease termination at The Science Center at Oyster Point. Pursuant to the agreement, Elan will pay BioMed Realty an early lease termination fee of $46.5M. BioMed Realty also announced that it acquired The Campus at Lincoln Centre in Foster City, California from Life Technologies for approximately $37M, excluding closing costs. As a result solely of the early lease termination income and the related charge-off of accrued straight-line rents and lease intangibles from the Elan lease, BioMed Realty's 2013 net income and FFO available to common shares are expected to increase approximately $22M and $35M, respectively. Approximately 60% of these amounts are expected to be recognized in Q1, with the balance expected to be recognized in Q2.