Biomed Realty Trust 8-K Biomed Realty Trust Reports Fourth Quarter and Year-end Financial Results

Exhibit 99.2

BIOMED REALTY TRUST, INC.

SUPPLEMENTAL OPERATING AND FINANCIAL DATA

FOR THE QUARTER ENDED
DECEMBER 31, 2004

San Diego Science Center	Ardentech Court	Maryland
Acquired October 2004	Acquired November 2004	Acquired December 2004
Gemini Science, Pfizer, CovX,	Vicuron Pharmaceuticals	Guilford Pharmaceuticals
Targeted Molecules

All dollar amounts shown in this report are unaudited.

This Supplemental Operating and Financial Data package is not an offer to sell or solicitation to buy securities of BioMed Realty Trust, Inc. Any offers to sell or solicitations to buy securities of BioMed Realty Trust, Inc. shall be made only by means of a prospectus approved for that purpose.

BIOMED REALTY TRUST, INC.
TABLE OF CONTENTS
DECEMBER 31, 2004

	Page
Company Background		3
Investor Information		4
Financial and Operating Highlights		5
Consolidated Balance Sheets		6
Consolidated Statements of Income		7
Reconciliation of Funds From Operations		8
Reconciliation of Adjusted Funds From Operations		9
Reconciliation of EBITDA and AFFO		10
Reconciliation of Net Operating Income		11
Coverage Ratios		12
Debt Summary		13
Debt Maturities and Principal Payments		14
Common Stock Data and Analysis		15
Portfolio Summary		16
Occupancy Summary		17
Lease Expirations		18
Portfolio by Size		19
San Francisco Market		20
San Diego Market		21
Seattle Market		22
New York/New Jersey Market		23
Pennsylvania Market		24
Maryland Market		25
20 Largest Tenants		26
Land Development Parcels		27
Acquisitions		28
Joint Ventures		29
Leasing Activity		30
Non-GAAP Financial Measure Definitions		31

This supplemental package contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, you should exercise caution in interpreting and relying on these statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants’ financial condition, competition from other developers, owners and operators of real estate, adverse economic or real estate developments in the life science industry or the California region, the uncertainty of real estate development and acquisition activity, the ability to effectively integrate acquisitions, the costs and availability of financing, the effect of local economic and market conditions, regulatory and tax law changes and other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission.

BIOMED REALTY TRUST, INC.
COMPANY BACKGROUND
DECEMBER 31, 2004

BioMed Realty Trust, Inc. (the “Company”) is a newly formed, fully integrated, self-administered and self-managed real estate investment trust that acquires, owns, leases, manages and selectively develops laboratory and office space for lease to life science tenants. Tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies, physician groups and other entities involved in the life science industry. We target properties located in markets with established reputations as centers for scientific research, including San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York/New Jersey and Boston.

On August 11, 2004, we completed our initial public offering of 27,000,000 shares of common stock at $15.00 per share resulting in gross proceeds of $405.0 million. On August 16, 2004, in connection with the exercise of the underwriters’ over-allotment option, we issued an additional 4,050,000 shares of common stock and received gross proceeds of $60.8 million. The aggregate proceeds, net of underwriting discounts and commissions and offering costs, were approximately $429.0 million.

Simultaneously with the initial public offering, we obtained a $100.0 million revolving unsecured credit facility, which will be used to finance acquisitions and for other corporate purposes.

From the completion of the initial public offering on August 11, 2004 through September 30, 2004, we completed the acquisition of 13 properties previously described in the initial public offering prospectus. We acquired Industrial Road, Science Center Drive, Bernardo Center Drive, Balboa Avenue, Eisenhower Road and a general partnership interest in McKellar Court from affiliates and others for an aggregate of approximately 2.9 million limited partnership units in BioMed Realty, L.P., our Operating Partnership, aggregate cash consideration of approximately $77.0 million using net proceeds of the initial public offering and the assumption of $14.0 million of debt (excluding $1.7 million of premium). In addition, we acquired seven properties from unaffiliated third parties: Landmark at Eastview, King of Prussia, Elliott Avenue, Monte Villa Parkway, Bridgeview, Bayshore Boulevard and Towne Centre Drive. These properties were acquired for aggregate cash consideration of approximately $323.2 million using net proceeds of the Company’s initial public offering and the assumption of $29.0 million of debt (excluding $3.2 million of premium). Together, the 13 properties represented a total of 2.3 million rentable square feet. The seller of the Bridgeview property exercised its right to extend the closing date on a portion of the property, consisting of one building representing $16.1 million (or approximately 50% of the purchase price), to March 2005 to facilitate a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended.

On October 21, 2004, we completed the acquisition of San Diego Science Center for approximately $29.8 million in cash. The purchase price was funded through our revolving credit facility. The property contains 105,364 rentable square feet of laboratory and office space and is 84.8% leased to multiple tenants.

On November 18, 2004, we completed the acquisition of Ardentech Court in Fremont, California, for approximately $10.5 million, which was funded through cash on hand of $5.7 million and an assumed mortgage of $4.8 million at a fixed interest rate of 7.25% that matures on July 1, 2012. The property contains 55,588 rentable square feet of laboratory and office space and is fully leased to Vicuron Pharmaceuticals.

On December 17, 2004, we completed the acquisition of two properties located in Baltimore, Maryland, for approximately $25.4 million, which was funded through cash on hand and our revolving credit facility. The two properties contain 168,817 rentable square feet of laboratory and office space and are fully leased to Guilford Pharmaceuticals.

On December 28, 2004, we completed a $49.3 million, five-year mortgage financing with The Northwestern Mutual Life Insurance Company at a rate of 4.55% per annum that matures on January 1, 2010. The debt is secured by three properties: Towne Centre Drive, Monte Villa Parkway and Bayshore Boulevard. The proceeds were used in part to repay outstanding borrowings under our revolving credit facility.

We currently own a portfolio of 17 properties, which includes 33 buildings with an aggregate of approximately 2.6 million rentable square feet.

This Supplemental Operating and Financial Data package supplements the information provided in our quarterly and annual reports filed with the Securities and Exchange Commission. Additional information about us and our properties is also available at our web site:www.biomedrealty.com.

3

BIOMED REALTY TRUST, INC.
INVESTOR INFORMATION
DECEMBER 31, 2004

Board of Directors		Executive Officers
Alan D. Gold	Mark J. Riedy, Ph.D.	Alan D. Gold	Matthew G. McDevitt
Chairman		President and Chief Executive Officer	Vice President, Acquisitions
Gary A. Kreitzer	Theodore D. Roth	Gary A. Kreitzer
		Executive Vice President, General
Barbara R. Cambon	M. Faye Wilson	Counsel, and Secretary
	Appointed January 10, 2005
Edward A. Dennis, Ph.D.		John F. Wilson, II
		Chief Financial Officer
Equity Research Coverage
KeyBanc Capital Markets	Raymond James
Francis Greywitt / Michael Salinsky	Paul D. Puryear / Ken Avalos
216.263.4795 / 216.563.2348	800.248.8863
Legg Mason Wood Walker	RBC Capital Markets
Jerry L. Doctrow	David T. Copp / Jay Leupp
800.368.2558	415.633.8558
Company Information
Corporate Headquarters	Trading Symbol	Transfer Agent	Investor Relations Contact
17140 Bernardo Center Drive, Suite 222	BMR	The Bank of New York	Gary S. Maier
San Diego, CA 92128		101 Barclay Street, 11E	Maier & Company, Inc.
858.485.9840	Stock Exchange Listing	New York, NY 10286	310.442.9852
858.485.9843 (fax)	New York Stock Exchange	212.815.3782
Please visit our corporate web site at:
www.biomedrealty.com
2005 Tentative Schedule for Quarterly Results
First Quarter	Early May
Second Quarter	Early August
Third Quarter	Early November
Fourth Quarter	Early February

4

BIOMED REALTY TRUST, INC.
FINANCIAL AND OPERATING HIGHLIGHTS
DECEMBER 31, 2004

(In thousands, except per share, ratio and portfolio amounts)

	As of or for the three months ended
	12/31/04			9/30/04(1)
Selected Operating Data
Total revenues	$	19,670		$	8,985
Straight line rent		750			375
Fair value lease revenue (2)		175			112
Operating margin (3)		21	%		22	%
EBITDA (4)		9,378			4,217
Interest expense		962			218
Net income		2,955			1,827
Net income per share  -  diluted	$	0.09		$	0.06
FFO (5)		8,885			3,941
FFO per share  -  diluted (5)	$	0.26		$	0.13
AFFO (6)		9,563			4,422
AFFO per share  -  diluted (6)	$	0.28		$	0.14
Selected Balance Sheet Data
Cash and cash equivalents	$	27,869		$	36,863
Book cost of real estate assets		471,757			404,443
Total assets		581,723			519,764
Total liabilities		137,639			70,583
Minority interest		22,267			22,708
Total stockholders’ equity		421,817			426,473
Capitalization
Consolidated debt (excludes premium)	$	96,901		$	47,598
Total common shares outstanding		31,386			31,383
Total units outstanding		2,870			2,870
Total common shares and units outstanding		34,256			34,253
Share price at quarter end	$	22.21		$	17.59
Equity value at quarter end (7)		760,826			602,510
Total market capitalization		857,727			650,108
Debt / total market capitalization		11.3	%		7.3	%
Financial Ratios
Interest coverage (8)		9.3			19.3
Fixed charge coverage (8)		7.7			16.1
FFO payout		103.7	%		116.8	%
AFFO payout		96.4	%		104.1	%
Debt / total assets		16.7	%		9.2	%
Portfolio Statistics
Properties owned at end of quarter		17			13
Total square footage owned at end of quarter		2,629,350			2,298,641
Occupancy at end of quarter		95.3	%		95.3	%

(1)	Represents results for the period from August 11, 2004 through September 30, 2004.
(2)	Represents the net adjustment for above and below market leases which are being amortized over the remaining term of the respective leases from the date of acquisition.
(3)	See page 7 for detail.
(4)	For a definition and discussion of EBITDA, see page 31. For a quantitative reconciliation of the differences between EBITDA and net income, see page 10.
(5)	For a definition and discussion of FFO, see page 31. For a quantitative reconciliation of the differences between FFO and net income, see page 8.
(6)	For a definition and discussion of AFFO, see page 31. For a quantitative reconciliation of the difference between AFFO and net income, see page 9. For a qualitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 10.
(7)	Assuming conversion of 100% of the operating partnership units into shares of common stock.
(8)	For a discussion of coverage ratios, see page 31. See page 12 for detail.

5

BIOMED REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2004

(In thousands, except per share data)

							INHALE 201
							INDUSTRIAL
							ROAD, L.P.
							(PREDECESSOR)
	December 31, 2004			September 30, 2004			December 31, 2003
Assets
Rental property:
Land	$	68,755		$	58,410		$	12,000
Ground lease		14,217			14,210			—
Buildings and improvements		388,785			331,823			37,588
		471,757			404,443			49,588
Less: accumulated depreciation and amortization		(3,269	)		(989	)		(2,563	)
Net rental property		468,488			403,454			47,025
Investment in unconsolidated partnership		2,470			2,508			—
Cash and cash equivalents		27,869			36,863			157
Restricted cash		2,470			854			—
Accounts receivable, net		1,837			1,074			—
Accrued straight-line rents, net		3,306			2,535			2,427
Acquired above market leases, net		8,006			8,357			—
Deferred leasing costs, net		61,503			58,462			287
Deferred loan costs, net		1,700			1,388			29
Prepaid expenses		1,531			1,601			—
Other assets		2,543			2,668			131
Total assets	$	581,723		$	519,764		$	50,056
Liabilities and Stockholders’ and Owners’ Equity
Liabilities:
Secured notes payable, net	$	102,236		$	47,598		$	34,208
Security deposits		4,831			3,258			—
Due to affiliates		53			91			3,000
Dividends and distributions payable		9,249			5,055			—
Accounts payable and accrued expenses		7,529			7,663			389
Acquired lease obligations, net		13,741			6,918			—
Total liabilities		137,639			70,583			37,597
Minority interests		22,267			22,708			—
Stockholders’ and owners’ equity:
Preferred stock, $.01 par value, 15,000,000 shares authorized, none issued or outstanding		—			—			—
Common stock, $.01 par value, 100,000,000 shares authorized, 31,386,333 and 31,383,333 shares issued and outstanding		314			314			—
Additional paid-in capital		434,075			433,702			—
Deferred compensation		(4,182	)		(4,672	)		—
Dividends in excess of earnings		(8,390	)		(2,871	)		—
Owners’ equity		—			—			12,459
Total stockholders’ and owners’ equity		421,817			426,473			12,459
Total liabilities and stockholders’ and owners’ equity	$	581,723		$	519,764		$	50,056

6

BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
DECEMBER 31, 2004

(In thousands, except per share data)

				Period
	Three			August 11, 2004
	Months ended			through
	December 31, 2004			September 30, 2004
Revenues:
Rental	$	13,326		$	6,107
Tenant recoveries		6,344			2,878
Total revenues		19,670			8,985
Expenses:
Rental operations		8,004			3,615
Depreciation and amortization		5,602			2,251
General and administrative		2,011			1,119
Total expenses		15,617			6,985
Income from operations		4,053			2,000
Equity in net loss of unconsolidated partnership		(11	)		—
Interest income		66			124
Interest expense		(962	)		(218	)
Income before minority interests		3,146			1,906
Minority interests		(191	)		(79	)
Net income	$	2,955		$	1,827
Basic earnings per share	$	0.10		$	0.06
Diluted earnings per share	$	0.09		$	0.06
Weighted-average common shares outstanding:
Basic		31,107,856			30,673,883
Diluted		34,129,493			30,754,840

7

BIOMED REALTY TRUST, INC.
FUNDS FROM OPERATIONS (1)
DECEMBER 31, 2004

(In thousands, except per share data)

	Three Months Ended
	December 31, 2004			September 30, 2004 (2)
Reconciliation of net income to funds from operations:
Net income	$	2,955		$	1,827
Minority interest of exchangeable operating partnership units		278			(137	)
Depreciation and amortization (3)		5,652			2,251
Funds from operations (FFO)	$	8,885		$	3,941
Weighted average shares outstanding - diluted		34,129,493			30,754,840
FFO per share - diluted	$	0.26		$	0.13
Dividends and distributions declared per share	$	0.27		$	0.15
FFO payout ratio (4)		103.7	%		116.8	%

(1)	For a definition and discussion of FFO, see page 31.
(2)	Represents results for the period from August 11, 2004 through September 30, 2004.
(3)	Includes the Company’s share of depreciation and amortization from unconsolidated joint ventures of $50 and $0, respectively.
(4)	Calculated as dividends and distributions declared per share divided by FFO per share - diluted.
	8

BIOMED REALTY TRUST, INC.
ADJUSTED FUNDS FROM OPERATIONS (1)
DECEMBER 31, 2004

(In thousands, except per share data)

	Three Months Ended
	December 31, 2004			September 30, 2004 (2)
Funds from operations	$	8,885		$	3,941
Master lease receipts (3)		872			455
Capital expenditures		(57	)		—
Amortization of deferred loan costs		113			49
Amortization of fair value of debt acquired		(219	)		(88	)
Non-cash stock compensation		544			328
Straight-line rents		(750	)		(375	)
Fair value lease revenue		175			112
Adjusted funds from operations (AFFO)	$	9,563		$	4,422
Weighted average shares outstanding - diluted		34,129,493			30,754,840
AFFO per share - diluted	$	0.28		$	0.14
Dividends and distributions declared	$	0.27		$	0.15
AFFO payout ratio (4)		96.4	%	��	104.1	%

(1)	For a definition and discussion of AFFO, see page 31. For a qualitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 10.
(2)	Represents results for the period from August 11, 2004 through September 30, 2004.
(3)	Revenues earned and received per the terms of master lease agreements that for GAAP purposes are not included in rental revenues, but as a reduction to assets.
(4)	Calculated as dividends and distributions declared per share divided by AFFO per share - diluted.

9

BIOMED REALTY TRUST, INC.
RECONCILIATION OF
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (1)
AND ADJUSTED FUNDS FROM OPERATIONS (2)
DECEMBER 31, 2004

(In thousands)

	Three Months Ended
	December 31, 2004			September 30, 2004 (3)
Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income	$	2,955		$	1,827
Minority interest		(191	)		(79	)
Interest expense		962			218
Depreciation and amortization (4)		5,652			2,251
EBITDA	$	9,378		$	4,217
Reconciliation of cash flows provided by operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	5,746		$	8,189
Changes in other assets and liabilities		2,945			(4,222	)
Master lease receipts		872			455
AFFO	$	9,563		$	4,422

(1)	For a definition and discussion of EBITDA, see page 31.
(2)	For a definition and discussion of AFFO, see page 31.
(3)	Represents results for the period from August 11, 2004 through September 30, 2004.
(4)	Includes the Company’s share of depreciation and amortization from unconsolidated joint ventures of $50 and $0, respectively.

10

BIOMED REALTY TRUST, INC.
RECONCILIATION OF
NET OPERATING INCOME (1)
DECEMBER 31, 2004

(In thousands)

	Three Months Ended
	December 31, 2004			September 30, 2004 (2)
Net income	$	2,955		$	1,827
Minority interest		191			79
Loss from unconsolidated joint venture		11			—
Interest expense		962			218
Interest income		(66	)		(124	)
Income from operations		4,053			2,000
Depreciation and amortization		5,602			2,251
General and administrative		2,011			1,119
Consolidated net operating income	$	11,666		$	5,370

(1)	For a definition and discussion of net operating income, see page 31.
(2)	Represents results for the period from August 11, 2004 through September 30, 2004.

11

BIOMED REALTY TRUST, INC.
COVERAGE RATIOS
DECEMBER 31, 2004

(In thousands, except ratios)

	Three Months Ended
	December 31, 2004		September 30, 2004 (1)
Interest coverage ratio:(2)
EBITDA	$	9,378	$	4,217
Interest expense:
Interest expense		962		218
Interest expense - unconsolidated joint venture		52		—
Total interest expense		1,014		218
Interest coverage ratio		9.3		19.3
Fixed charge coverage ratio:(2)
EBITDA	$	9,378	$	4,217
Fixed charges:
Interest expense		962		218
Interest expense - unconsolidated joint venture		52		—
Principal payments		190		44
Principal payments - unconsolidated joint venture		7		—
Total fixed charges		1,211		262
Fixed charge coverage ratio		7.7		16.1

(1)	Represents results for the period from August 11, 2004 through September 30, 2004.
(2)	For a discussion of coverage ratios, see page 31.

12

BIOMED REALTY TRUST, INC.
DEBT SUMMARY
DECEMBER 31, 2004

(In thousands)

	Stated			Effective			Principal		Unamortized		Maturity		Monthly		Due at
Consolidated debt:	Rate			Rate(1)			Balance		Premium(2)		Date		Debt Service		Maturity
Secured notes payable
Science Center Drive		7.65	%		5.04	%	$	11,699	$	1,677		07/01/11	$	85	$	10,800
Bridgeview		8.07	%		5.04	%		11,825		1,856		01/01/11		89		11,175
Elliott Avenue		7.38	%		4.63	%		16,996		1,111		11/24/07		142		15,550
Eisenhower Road		5.80	%		4.63	%		2,252		79		05/05/08		15		2,110
Ardentech Court		7.25	%		5.06	%		4,828		612		07/01/12		36		4,021
Towne Centre Drive		4.55	%		4.55	%		22,856		—		01/01/10		128		20,225
Monte Villa Parkway		4.55	%		4.55	%		10,007		—		01/01/10		56		8,855
Bayshore Boulevard		4.55	%		4.55	%		16,438		—		01/01/10		92		14,546
Total / weighted average on fixed rate notes		6.01	%		4.71	%	$	96,901	$	5,335			$	643	$	87,282
Variable rate debt
Unsecured line of credit		—			—			—		—		08/11/07		—		—
Total / weighted average consolidated debt		6.01	%		4.71	%	$	96,901	$	5,335			$	643	$	87,282
Pro rata share of unconsolidated joint venture debt
McKellar Court (21%)		8.56	%		4.63	%		2,275		1,248		01/01/10		18		2,140
Total / weighted average		8.56	%		4.63	%	$	2,275	$	1,248			$	18	$	2,140
Total / weighted average consolidated and pro rata share of unconsolidated joint venture debt		6.07	%		4.71	%	$	99,176	$	6,583			$	661	$	89,422

Unsecured Line of Credit - - Matures on August 11, 2007

Facility		Balance		Remaining
$	100,000	$	—	$	94,000	(3)

(1)	Represents the fair market rate that the Company could obtain on the date of acquisition of the building.
(2)	Represents the unamortized premium to record the debt at its fair market value based on the Company’s incremental borrowing rate on the date of acquisition.
(3)	Less $6.0 million for a letter of credit issued on our Bridgeview property, which reduces the amount available to be drawn on the facility.

13

BIOMED REALTY TRUST, INC.
DEBT MATURITIES AND PRINCIPAL PAYMENTS
DECEMBER 31, 2004

(In thousands)

Property	2005		2006		2007		2008		2009		Thereafter		Total
Science Center Drive	$	123	$	133	$	143	$	152	$	167	$	10,981	$	11,699
Bridgeview		99		108		117		124		137		11,240		11,825
Elliott Avenue		470		506		16,020		—		—		—		16,996
Eisenhower Road		44		47		50		2,111		—		—		2,252
Ardentech Court		87		93		100		107		116		4,325		4,828
Towne Centre Drive		460		524		548		574		601		20,149		22,856
Monte Villa Parkway		220		230		241		252		264		8,800		10,007
Bayshore Boulevard		331		377		394		413		432		14,491		16,438
Total fixed rate notes		1,834		2,018		17,613		3,733		1,717		69,986		96,901
Unsecured line of credit		—		—		—		—		—		—		—
Total consolidated debt		1,834		2,018		17,613		3,733		1,717		69,986		96,901
McKellar Court (21%)		22		25		27		29		32		2,140		2,275
Total consolidated and pro rata share of
unconsolidated joint venture debt	$	1,856	$	2,043	$	17,640	$	3,762	$	1,749	$	72,126	$	99,176

14

BIOMED REALTY TRUST, INC.
COMMON STOCK DATA AND ANALYSIS
DECEMBER 31, 2004

(In thousands,except share amounts)

SUMMARY OF COMMON SHARES

	Three Months Ended
	December 31, 2004		September 30, 2004 (1)
Weighted average shares outstanding		31,108		30,674
Weighted average units outstanding		2,870		2,177
Dilutive effect of restricted stock		90		47
Dilutive effect of stock warrant		61		34
Diluted shares		34,129		32,932
Less: anti-dilutive units outstanding		—		(2,177	)
Diluted shares-EPS and FFO		34,129		30,755
	Year-to-Date
	December 31, 2004
Weighted average shares outstanding		30,965
Weighted average units outstanding		2,661
Dilutive effect of restricted stock		90
Dilutive effect of stock warrant		52
Diluted shares		33,768
Less: anti-dilutive units outstanding		—
Diluted shares-EPS and FFO		33,768
	December 31, 2004		September 30, 2004
Shares outstanding at end of period		31,386		31,383
Units outstanding at end of period		2,870		2,870
Dilutive effect of restricted stock		90		47
Dilutive effect of stock warrant		61		34
Total		34,407		34,334

(1) Covers the period from the initial public offering on August 11, 2004 through September 30, 2004.

COMMON STOCK DATA

	Three Months Ended
	December 31, 2004			September 30, 2004
High Price	$	22.95		$	18.05
Low Price	$	17.10		$	15.75
Average Closing Price	$	19.37		$	17.14
Closing Price	$	22.21		$	17.59
Dividends per share - Annualized	$	1.08		$	1.08
Closing Dividend Yield - Annualized		4.9	%		6.1	%

DIVIDENDS PER SHARE

	Three Months Ended
	December 31, 2004		September 30, 2004
Amount	$	0.27	$	0.1497
Declared	December 14, 2004		September 14, 2004
Record	December 31, 2004		September 30, 2004
Paid	January 14, 2005		October 15, 2004

15

BIOMED REALTY TRUST, INC.
PORTFOLIO SUMMARY
DECEMBER 31, 2004

(In thousands)

													Current				% of
					% of			Current		% of Current			Annualized		Annualized		Annualized			Revenue per
			Square		Total			Annualized		Annualized			Revenue per		Revenue		Revenues			Sq Ft		% of
Market	Properties		Feet		Sq Ft			Revenue(1)		Revenues			Leased Sq Ft		at Expiration		at Expiration			at Expiration		NOI(2)
San Francisco		4		623,570		23.7	%	$	12,889		21.7	%	$	23.28	$	17,279		25.2	%	$	31.20		25.8	%
San Diego		6		444,467		16.9	%		13,257		22.3	%		30.94		15,027		21.9	%		35.07		24.2	%
Seattle		2		185,989		7.1	%		6,249		10.5	%		33.60		7,732		11.3	%		41.57		15.2	%
New York/New Jersey		1		751,648		28.6	%		14,902		25.1	%		20.89		15,071		21.9	%		21.13		19.5	%
Pennsylvania		2		454,859		17.3	%		9,498		16.0	%		20.88		9,584		14.0	%		21.07		14.1	%
Maryland		2		168,817		6.4	%		2,625		4.4	%		15.55		3,970		5.8	%		23.52		1.2	%
Total / weighted avg		17		2,629,350		100.0	%	$	59,420		100.0	%	$	23.72	$	68,663		100.0	%	$	27.41		100.0	%

(1)	Current annualized revenue is the monthly contractual rent under existing leases at December 31, 2004, multiplied by 12 months. Includes contractual amounts to be received pursuant to master lease agreements on certain properties, which are not included in rental income for GAAP purposes.
(2)	Net operating income (“NOI”) calculations are based on actual NOI for the fourth quarter of 2004 generated from properties owned as of December 31, 2004.

16

BIOMED REALTY TRUST, INC.
OCCUPANCY SUMMARY
DECEMBER 31, 2004

			Square Feet						% of Total
Market	Properties		Leased		Vacant		Total		Leased			Vacant			Total
San Francisco		4		553,755		69,815		623,570		88.8	%		11.2	%		100.0	%
San Diego		6		428,492		15,975		444,467		96.4	%		3.6	%		100.0	%
Seattle		2		185,989		—		185,989		100.0	%		0.0	%		100.0	%
New York/New Jersey		1		713,272		38,376		751,648		94.9	%		5.1	%		100.0	%
Pennsylvania		2		454,859		—		454,859		100.0	%		0.0	%		100.0	%
Maryland		2		168,817		—		168,817		100.0	%		0.0	%		100.0	%
Total		17		2,505,184		124,166		2,629,350		95.3	%		4.7	%		100.0	%

17

BIOMED REALTY TRUST, INC.
LEASE EXPIRATIONS
DECEMBER 31, 2004

(In thousands)

															% of
	Sq Ft of		% of Total			Current		% of Current			Revenue per		Annualized		Annualized			Revenue per
	Expiring		Square			Annualized		Annualized			Sq Ft		Revenues		Revenues			Sq Ft
Year of Lease Expiration	Leases		Feet			Revenues		Revenues			Current		at Expiration		at Expiration			at Expiration
Vacant		124,166		4.7	%	$	—		0.0	%	$	—	$	—		0.0	%	$	—
2005		153,734		5.8	%		2,372		4.0	%		15.43		2,394		3.5	%		15.57
2006		142,820		5.4	%		2,557		4.3	%		17.90		2,615		3.8	%		18.31
2007		431,950		16.4	%		11,074		18.6	%		25.64		11,052		16.1	%		25.59
2008		325,674		12.4	%		8,664		14.6	%		26.60		9,248		13.5	%		28.40
2009		381,366		14.5	%		7,866		13.2	%		20.62		8,088		11.8	%		21.21
2010		276,058		10.5	%		6,681		11.2	%		24.20		6,812		9.9	%		24.67
2011		55,898		2.1	%		3,207		5.4	%		57.37		4,058		5.9	%		72.59
2012		39,053		1.5	%		996		1.7	%		25.50		1,289		1.9	%		33.00
2013		104,952		4.0	%		851		1.4	%		8.11		2,014		2.9	%		19.19
2014		188,733		7.2	%		5,462		9.2	%		28.94		6,986		10.2	%		37.02
Thereafter		404,946		15.4	%		9,689		16.3	%		23.93		14,107		20.5	%		34.84
Total / weighted average		2,629,350		100.0	%	$	59,420		100.0	%	$	23.72	$	68,663		100.0	%	$	27.41

	Square Feet Expiring
	Expiration Year
Market	2005		2006		2007		2008		2009		Thereafter		Total
San Francisco		70,941		61,444		73,543		—		55,588		292,239		553,755
San Diego		24,897		37,063		61,900		14,013		28,757		261,862		428,492
Seattle		—		—		—		134,989		—		51,000		185,989
New York/New Jersey		57,896		16,563		296,507		1,294		297,021		43,991		713,272
Pennsylvania		—		27,750		—		175,378		—		251,731		454,859
Maryland		—		—		—		—		—		168,817		168,817
Total		153,734		142,820		431,950		325,674		381,366		1,069,640		2,505,184

	% of Total Portfolio Current Rent Expiring
	Expiration Year
Market	2005			2006			2007			2008			2009			Thereafter			Total
San Francisco		1.0	%		0.9	%		4.2	%		0.0	%		1.7	%		14.0	%		21.7	%
San Diego		1.3	%		2.1	%		3.6	%		1.3	%		1.6	%		12.4	%		22.3	%
Seattle		0.0	%		0.0	%		0.0	%		8.5	%		0.0	%		2.0	%		10.5	%
New York/New Jersey		1.7	%		0.7	%		10.9	%		0.1	%		10.0	%		1.8	%		25.1	%
Pennsylvania		0.0	%		0.6	%		0.0	%		4.7	%		0.0	%		10.6	%		16.0	%
Maryland		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		4.4	%		4.4	%
Total		4.0	%		4.3	%		18.6	%		14.6	%		13.2	%		45.2	%		100.0	%

18

BIOMED REALTY TRUST, INC.
PORTFOLIO BY SIZE
DECEMBER 31, 2004

(In thousands)

															% of
	Leased		% of Total			Current		% of Current			Revenue per		Annualized		Annualized			Revenue per
	Square		Square			Annualized		Annualized			Sq Ft		Revenues		Revenues			Sq Ft
Square Feet Under Lease	Feet		Feet			Revenues		Revenues			Current		at Expiration		at Expiration			at Expiration
2,500 or less		16,370		0.7	%	$	400		0.7	%	$	24.45	$	404		0.6	%	$	24.68
2,501 to 5,000		21,882		0.9	%		556		0.9	%		25.43		584		0.8	%		26.67
5,001 to 7,500		19,511		0.8	%		619		1.0	%		31.75		638		0.9	%		32.70
7,501 to 10,000		7,842		0.3	%		90		0.2	%		11.50		151		0.2	%		19.30
10,001 to 20,000		147,660		5.9	%		3,980		6.7	%		26.96		3,996		5.8	%		27.06
20,001 to 40,000		237,286		9.5	%		3,412		5.7	%		14.38		3,957		5.8	%		16.68
40,001 to 60,000		313,272		12.5	%		9,633		16.2	%		30.75		12,863		18.7	%		41.06
60,001 to 80,000		698,852		27.9	%		18,692		31.5	%		26.75		22,613		32.9	%		32.36
80,001 to 100,000		178,614		7.1	%		2,794		4.7	%		15.64		3,340		4.9	%		18.70
100,001 to 200,000		612,163		24.4	%		12,921		21.7	%		21.11		13,721		20.0	%		22.41
200,001 or greater		251,731		10.0	%		6,321		10.6	%		25.11		6,395		9.3	%		25.40
Total / weighted average		2,505,184		100.0	%	$	59,420		100.0	%	$	23.72	$	68,663		100.0	%	$	27.41

19

BIOMED REALTY TRUST, INC.
SAN FRANCISCO MARKET
DECEMBER 31, 2004

(In thousands)

													Current
											Current		Annualized		Annualized		Revenue per		Encumbered
											Annualized		Revenue per		Revenue		Sq Ft		with Secured
	Buildings		Square Feet		% of Total			Leased %			Revenue		Leased Sq Ft		at Expiration		at Expiration		Debt
San Francisco
Industrial Road		1		171,965		27.6	%		73.0	%	$	5,826	$	46.43	$	6,820	$	54.35		N
Bridgeview		2		212,673		34.1	%		89.0	%		1,850		9.77		3,199		16.90		Y
Bayshore Boulevard		3		183,344		29.4	%		100.0	%		4,203		22.92		6,118		33.37		Y
Ardentech Court		1		55,588		8.9	%		100.0	%		1,010		18.17		1,142		20.54		Y
Total / weighted average		7		623,570		100.0	%		88.8	%	$	12,889	$	23.28	$	17,279	$	31.20

LEASE EXPIRATIONS

	Sq Ft of		% of Total			Current		% of Current			Revenue per		Revenue per
	Expiring		Square			Annualized		Annualized			Sq Ft		Sq Ft
Year of Lease Expiration	Leases		Feet			Revenues		Revenues			Current		at Expiration
Vacant		69,815		11.2	%	$	—		0.0	%	$	—	$	—
2005		70,941		11.4	%		598		4.6	%		8.43		8.43
2006		61,444		9.9	%		516		4.0	%		8.40		8.40
2007		73,543		11.8	%		2,475		19.2	%		33.66		35.26
2008		—		0.0	%		—		0.0	%		—		—
2009		55,588		8.9	%		1,010		7.8	%		18.17		20.54
2010		—		0.0	%		—		0.0	%		—		—
2011		55,898		9.0	%		3,207		24.9	%		57.37		72.59
2012		—		0.0	%		—		0.0	%		—		—
2013		104,952		16.8	%		851		6.6	%		8.11		19.19
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		131,389		21.1	%		4,232		32.8	%		32.21		48.39
Total / weighted average		623,570		100.0	%	$	12,889		100.0	%	$	23.28	$	31.20

20

BIOMED REALTY TRUST, INC.

SAN DIEGO MARKET

DECEMBER 31, 2004

(In thousands)

													Current
											Current		Annualized		Annualized		Revenue per		Encumbered
											Annualized		Revenue per		Revenue		Sq Ft		with Secured
	Buildings		Square Feet		% of Total			Leased %			Revenue		Leased Sq Ft		at Expiration		at Expiration		Debt
San Diego
Towne Centre Drive		3		115,870		26.1	%		100.0	%	$	3,824	$	33.00	$	4,989	$	43.06	Y
Bernardo Center Drive		1		61,286		13.8	%		100.0	%		2,113		34.48		2,330		38.01	N
McKellar Court (1)		1		72,863		16.4	%		100.0	%		1,639		22.49		1,997		27.41	Y
Science Center Drive		1		53,740		12.1	%		100.0	%		1,660		30.88		1,660		30.88	Y
Balboa Avenue		1		35,344		8.0	%		100.0	%		642		18.17		716		20.26	N
San Diego Science Center		1		105,364		23.7	%		84.8	%		3,380		37.81		3,335		37.31	N
Total / weighted average		8		444,467		100.0	%		96.4	%	$	13,257	$	30.94	$	15,0274	$	35.07

LEASE EXPIRATIONS

	Sq Ft of		% of Total			Current		% of Current			Revenue per		Revenue per
	Expiring		Square			Annualized		Annualized			Sq Ft		Sq Ft
Year of Lease Expiration	Leases		Feet			Revenues		Revenues			Current		at Expiration
Vacant		15,975		3.6	%	$	—		0.0	%	$	—	$	—
2005		24,897		5.6	%		771		5.8	%		30.96		31.19
2006		37,063		8.3	%		1,256		9.5	%		33.89		35.15
2007		61,900		13.9	%		2,144		16.2	%		34.64		38.17
2008		14,013		3.2	%		755		5.7	%		53.89		57.32
2009		28,757		6.5	%		939		7.1	%		32.65		28.90
2010		19,389		4.4	%		270		2.0	%		13.92		15.72
2011		—		0.0	%		—		0.0	%		—		—
2012		—		0.0	%		—		0.0	%		—		—
2013		—		0.0	%		—		0.0	%		—		—
2014		188,733		42.5	%		5,462		41.2	%		28.94		37.02
Thereafter		53,740		12.1	%		1,660		12.5	%		30.88		30.88
Total / weighted average		444,467		100.0	%	$	13,257		100.0	%	$	30.94	$	35.07

(1) This property is an unconsolidated joint venture, of which the Company owns 21%.

21

BIOMED REALTY TRUST, INC.
SEATTLE MARKET
DECEMBER 31, 2004

(In thousands)

													Current
											Current		Annualized		Annualized		Revenue per		Encumbered
											Annualized		Revenue per		Revenue		Sq Ft		with Secured
	Buildings		Square Feet		% of Total			Leased %			Revenue		Leased Sq Ft		at Expiration		at Expiration		Debt
Seattle
Elliott Avenue		1		134,989		72.6	%		100.0	%	$	5,077	$	37.61	$	5,613	$	41.58	Y
Monte Villa Parkway (1)		1		51,000		27.4	%		100.0	%		1,172		22.99		2,119		41.56	Y
Total / weighted average		2		185,989		100.0	%		100.0	%	$	6,249	$	33.60	$	7,732	$	41.57

LEASE EXPIRATIONS

	Sq Ft of		% of Total			Current		% of Current			Revenue per		Revenue per
	Expiring		Square			Annualized		Annualized			Sq Ft		Sq Ft
Year of Lease Expiration	Leases		Feet			Revenues		Revenues			Current		at Expiration
Vacant		—		0.0	%	$	—		0.0	%	$	—	$	—
2005		—		0.0	%		—		0.0	%		—		—
2006		—		0.0	%		—		0.0	%		—		—
2007		—		0.0	%		—		0.0	%		—		—
2008		134,989		72.6	%		5,077		81.2	%		37.61		41.58
2009		—		0.0	%		—		0.0	%		—		—
2010		—		0.0	%		—		0.0	%		—		—
2011		—		0.0	%		—		0.0	%		—		—
2012		—		0.0	%		—		0.0	%		—		—
2013		—		0.0	%		—		0.0	%		—		—
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		51,000		27.4	%		1,172		18.8	%		22.99		41.56
Total / weighted average		185,989		100.0	%	$	6,249		100.0	%	$	33.60	$	41.57

(1) A lease comprising 13,986 commences January 1, 2005. Current annualized revenue for this lease is not included.

22

BIOMED REALTY TRUST, INC.
NEW YORK/NEW JERSEY MARKET
DECEMBER 31, 2004

(In thousands)

													Current
											Current		Annualized		Annualized		Revenue per		Encumbered
											Annualized		Revenue per		Revenue		Sq Ft		with Secured
	Buildings		Square Feet		% of Total			Leased %			Revenue		Leased Sq Ft		at Expiration		at Expiration		Debt
New York/New Jersey
Landmark at Eastview		8		751,648		100.0	%		94.9	%	$	14,902	$	20.89	$	15,071	$	21.13	N
Total / weighted average		8		751,648		100.0	%		94.9	%	$	14,902	$	20.89	$	15,071	$	21.13

LEASE EXPIRATIONS

	Sq Ft of		% of Total			Current		% of Current			Revenue per		Revenue per
	Expiring		Square			Annualized		Annualized			Sq Ft		Sq Ft
Year of Lease Expiration	Leases		Feet			Revenues		Revenues			Current		at Expiration
Vacant		38,376		5.1	%	$	—		0.0	%	$	—	$	—
2005		57,896		7.7	%		1,003		6.7	%		17.33		17.60
2006		16,563		2.2	%		408		2.7	%		24.61		24.61
2007		296,507		39.4	%		6,455		43.3	%		21.77		20.56
2008		1,294		0.2	%		32		0.2	%		25.00		25.00
2009		297,021		39.5	%		5,917		39.7	%		19.92		20.59
2010		4,938		0.7	%		91		0.6	%		18.42		22.58
2011		—		0.0	%		—		0.0	%		—		—
2012		39,053		5.2	%		996		6.7	%		25.50		33.00
2013		—		0.0	%		—		0.0	%		—		—
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		—		0.0	%		—		0.0	%		—		—
Total / weighted average		751,648		100.0	%	$	14,902		100.0	%	$	20.89	$	21.13

23

BIOMED REALTY TRUST, INC.
PENNSYLVANIA MARKET
DECEMBER 31, 2004

(In thousands)

													Current
											Current		Annualized		Annualized		Revenue per		Encumbered
											Annualized		Revenue per		Revenue		Sq Ft		with Secured
	Buildings		Square Feet		% of Total			Leased %			Revenue		Leased Sq Ft		at Expiration		at Expiration		Debt
Pennsylvania
King of Prussia		5		427,109		93.9	%		100.0	%	$	9,121	$	21.35	$	9,195	$	21.53	N
Eisenhower Road		1		27,750		6.1	%		100.0	%		377		13.60		389		14.00	Y
Total / weighted average		6		454,859		100.0	%		100.0	%	$	9,498	$	20.88	$	9,584	$	21.07

LEASE EXPIRATIONS

	Sq Ft of		% of Total			Current		% of Current			Revenue per		Revenue per
	Expiring		Square			Annualized		Annualized			Sq Ft		Sq Ft
Year of Lease Expiration	Leases		Feet			Revenues		Revenues			Current		at Expiration
Vacant		—		0.0	%	$	—		0.0	%	$	—	$	—
2005		—		0.0	%		—		0.0	%		—		—
2006		27,750		6.1	%		377		4.0	%		13.60		14.00
2007		—		0.0	%		—		0.0	%		—		—
2008		175,378		38.6	%		2,800		29.5	%		15.97		15.97
2009		—		0.0	%		—		0.0	%		—		—
2010		251,731		55.3	%		6,321		66.5	%		25.11		25.40
2011		—		0.0	%		—		0.0	%		—		—
2012		—		0.0	%		—		0.0	%		—		—
2013		—		0.0	%		—		0.0	%		—		—
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		—		0.0	%		—		0.0	%		—		—
Total / weighted average		454,859		100.0	%	$	9,498		100.0	%	$	20.88	$	21.07

24

BIOMED REALTY TRUST, INC.
MARYLAND MARKET
DECEMBER 31, 2004

(In thousands)

													Current
											Current		Annualized		Annualized		Revenue per		Encumbered
											Annualized		Revenue per		Revenue		Sq Ft		with Secured
	Buildings		Square Feet		% of Total			Leased %			Revenue		Leased Sq Ft		at Expiration		at Expiration		Debt
Maryland
Beckley Street		1		77,225		45.7	%		100.0	%	$	1,575	$	20.39	$	2,382	$	30.84	N
Tributary Street		1		91,592		54.3	%		100.0	%		1,050		11.46		1,588		17.34	N
Total / weighted average		2		168,817		100.0	%		100.0	%	$	2,625	$	15.55	$	3,970	$	23.52

LEASE EXPIRATIONS

	Sq Ft of		% of Total			Current		% of Current			Revenue per		Revenue per
	Expiring		Square			Annualized		Annualized			Sq Ft		Sq Ft
Year of Lease Expiration	Leases		Feet			Revenues		Revenues			Current		at Expiration
Vacant		—		0.0	%	$	—		0.0	%	$	—	$	—
2005		—		0.0	%		—		0.0	%		—		—
2006		—		0.0	%		—		0.0	%		—		—
2007		—		0.0	%		—		0.0	%		—		—
2008		—		0.0	%		—		0.0	%		—		—
2009		—		0.0	%		—		0.0	%		—		—
2010		—		0.0	%		—		0.0	%		—		—
2011		—		0.0	%		—		0.0	%		—		—
2012		—		0.0	%		—		0.0	%		—		—
2013		—		0.0	%		—		0.0	%		—		—
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		168,817		100.0	%		2,625		100.0	%		15.55		23.52
Total / weighted average		168,817		100.0	%	$	2,625		100.0	%	$	15.55	$	23.52

25

BIOMED REALTY TRUST, INC.
20 LARGEST TENANTS
DECEMBER 31, 2004

(In thousands)

																		% of
									Current		% of Current							Annualized
							Current		Annualized		Annualized			Annualized		Revenue per		Revenues
				% of Total			Annualized		Revenue per		Revenues			Revenue		Sq Ft		at Expiration			Expiration
	Largest Tenants (1)	Square Feet		Portfolio			Revenue		Leased Sq Ft		Total Portfolio			at Expiration		at Expiration		Total Portfolio			Date
1	Centocor, Inc. (Johnson & Johnson)		251,731		9.6	%	$	6,321	$	25.11		10.7	%	$	6,395	$	25.40		9.3	%	Mar-10
2	Nektar Therapeutics		125,491		4.8	%		5,826		46.43		9.8	%		6,820		54.35		9.9	%	Oct-16	(2)
3	Regeneron Pharmaceuticals, Inc.		211,813		8.1	%		4,686		22.12		7.9	%		4,348		20.53		6.3	%	Dec-09	(3)
4	Illumina, Inc.		115,870		4.4	%		3,824		33.00		6.4	%		4,989		43.06		7.3	%	Aug-14
5	Crompton Corporation		182,829		7.0	%		3,377		18.47		5.7	%		3,377		18.47		4.9	%	Dec-09
6	Intermune, Inc.		55,898		2.1	%		3,207		57.37		5.4	%		4,058		72.59		5.9	%	Apr-11
7	Chiron Corporation		71,153		2.7	%		2,858		40.17		4.8	%		3,123		43.89		4.6	%	Mar-08
8	The Rubenstein Company		175,378		6.7	%		2,800		15.97		4.7	%		2,800		15.97		4.1	%	Jun-08
9	Guilford Pharmaceuticals		168,817		6.5	%		2,625		15.55		4.4	%		3,970		23.52		5.8	%	Jan-19
10	Cell Therapeutics, Inc.		63,836		2.4	%		2,218		34.75		3.7	%		2,490		39.00		3.6	%	Jan-08
11	University of California Regents		61,286		2.3	%		2,113		34.48		3.6	%		2,330		38.01		3.4	%	Apr-07
12	ACS		71,399		2.7	%		1,791		25.08		3.0	%		1,791		25.08		2.6	%	Dec-07
13	Emisphere Technologies, Inc.		87,022		3.3	%		1,744		20.04		2.9	%		1,752		20.13		2.6	%	Aug-07
14	Ligand Pharmaceuticals		53,740		2.1	%		1,660		30.88		2.8	%		1,660		30.88		2.4	%	Aug-15
15	Quidel Corporation (4)		72,863		2.8	%		1,639		22.49		2.8	%		1,997		27.41		2.9	%	Dec-14
16	Aton Pharma, Inc. (Merck)		49,613		1.9	%		1,272		25.63		2.1	%		1,564		31.53		2.3	%	Jun-12	(5)
17	Nastech Phamaceutical		51,000		2.0	%		1,172		22.99		2.0	%		2,119		41.56		3.1	%	Jan-16
18	Vicuron Pharmaceuticals, Inc.		55,588		2.1	%		1,010		18.17		1.7	%		1,142		20.54		1.7	%	Nov-09
19	SCVSI / Pfizer		14,013		0.5	%		755		53.89		1.3	%		803		57.32		1.2	%	Dec-08
20	Progenics Pharmaceuticals		32,623		1.3	%		684		20.96		1.2	%		792		24.29		1.2	%	Dec-09
	Total (6)		1,971,963		75.6	%	$	51,580	$	26.16		87.0	%	$	58,321	$	29.57		85.1	%

(1)	Based on current annualized rent. Current annualized rent is the monthly contractual rent as of December 31, 2004, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.
(2)	45,574 sq. ft. expires July 2007 (terminated in January 2005) and 79,917 sq. ft. expires October 2016. See page 30.
(3)	138,086 sq. ft. expires December 2007 and 73,726 sq. ft. expires December 2009.
(4)	This tenant occupies a property that is an unconsolidated joint venture, of which the Company owns 21%.
(5)	10,560 sq. ft. expires May 2006 and 39,053 sq. ft. expires June 2012.
(6)	Without regard to any early lease terminations and/or renewal options.

26

BIOMED REALTY TRUST, INC.
LAND DEVELOPMENT PARCELS
DECEMBER 31, 2004

		Developable
Property	Market	Square Feet
Towne Centre Drive	San Diego		84,000
Landmark at Eastview	New York / New Jersey		464,000
Total			548,000

27

BIOMED REALTY TRUST, INC.
ACQUISITIONS
FOURTH QUARTER 2004

(In thousands)

		Date			Square				%
Property	Market	Acquired	Buildings		Feet		Investment (1)		Leased
San Diego Science Center	San Diego	Oct-04		1		105,364	$	29,750		84.8	%
Ardentech Court	San Francisco	Nov-04		1		55,588		10,500		100.0	%
Beckley Street	Maryland	Dec-04		1		77,225		15,240		100.0	%
Tributary Street	Maryland	Dec-04		1		91,592		10,160		100.0	%
Total				4		329,769	$	65,650		95.2	%

(1) Includes debt assumed, if any. Excludes closing costs

28

BIOMED REALTY TRUST, INC.
JOINT VENTURES
DECEMBER 31, 2004

	Acquisition	Effective			Square		%
Property	Date	Ownership % (1)			Feet		Leased
Wholly-owned			100.0	%		2,129,378		94.2	%
Consolidated Joint Venture
King of Prussia - Pennsylvania	Aug. 11, 2004		89.0	%		427,109		100.0	%
Unconsolidated Joint Venture
McKellar Court - San Diego	Sept. 30, 2004		21.0	%		72,863		100.0	%
Total Square Feet						2,629,350		95.3	%

(1) The amounts shown above approximate our economic ownership interest for the period presented. Cash flow from operations, capital transactions, and net income/loss are allocated to the joint venture partners in accordance with their respective partnership agreements. Our share of these items is subject to change based on the operations of the property and the timing and amount of capital transactions.

UNCONSOLIDATED JOINT VENTURE

(In thousands)

McKellar Court
Miscellaneous Balance Sheet Information as of December 31, 2004:
Rental property	$	21,621
Other assets		1,487
Total assets	$	23,108
Secured notes payable (1)	$	16,779
Other liabilities		339
Equity		5,990
Total liabilities and partners’ equity	$	23,108
Results of Operations for the three months ended December 31, 2004:
Total revenues	$	478
Expenses:
Rental operations		51
Depreciation and amortization		240
Income from operations		187
Interest income		1
Interest expense		(240	)
Net loss	$	(52	)

(1) Includes debt premium of $5,944.

BioMed Realty Trust’s share
Secured notes payable	$	3,523
Net loss	$	(11	)
Depreciation and amortization		50
Funds from operations	$	39

Supplemental information
Distributions	$	27
Interest expense	$	50

29

BIOMED REALTY TRUST, INC.
LEASING ACTIVITY
DECEMBER 31, 2004

				Date of	Change of
				Leasing	Rentable
Tenant	Property	Market	Description	Event	Square Feet
Savvy Networks	Landmark at Eastview	New York / New Jersey	Lease extension	Dec-04	—
				Total

Subsequent Activity

1.   Nektar Therapeutics terminated a 45,574 square foot lease at Industrial Road - San Francisco in January 2005, which was simultaneously leased to Nuvelo, Inc. The Nuvelo, Inc. lease included an additional 10,000 square feet over seven years commencing in September 2005 (projected).

30

BIOMED REALTY TRUST, INC.
NON-GAAP FINANCIAL MEASURE DEFINITIONS
DECEMBER 31, 2004

This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to cash flows from operating, investing or financing activities as a measure of liquidity, computed in accordance with GAAP.

Funds from Operations (FFO)

We present funds from operations, or FFO, because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. We compute FFO in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Our computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

Adjusted Funds from Operations (AFFO)

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs. We calculate AFFO by adding to FFO (a) amounts received pursuant to master lease agreements on certain properties, which are not included in rental income for GAAP purposes, and (b) non-cash operating revenues and expenses. Other equity REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other equity REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our operations.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Management uses EBITDA as an indicator of our ability to incur and service debt. In addition, we consider EBITDA to be an appropriate supplemental measure of our performance because it eliminates depreciation and interest, which permits investors to view income from operations without the impact of non-cash depreciation or the cost of debt. However, because EBITDA is calculated before recurring cash charges including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility is limited.

Coverage Ratios

We present interest and fixed charge ratios as supplemental liquidity measures. Management uses these ratios as indicators of our financial flexibility to service current interest expense and debt amortization from current cash net operating income. In addition, we believe that these coverage ratios represent common metrics used by securities analysts, investors and other interested parties to evaluate our ability to service fixed cash payments. However, because these ratios are derived from EBITDA, their utility is limited by the same factors that limit the usefulness of EBITDA as a liquidity measure.

Net Operating Income (NOI)

We use NOI as a performance measure and believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. We compute NOI by adding or subtracting certain items from net income, minority interest in the operating partnership, gains/losses from investment in unconsolidated partnership, interest expense, interest income, depreciation and amortization, and general and administrative expenses. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered as an alternative to net income as an indication of our performance or to cash flows as a measure of liquidity or ability to make distributions.

31