Biomed Realty Trust 8-K Biomed Realty Trust Reports First Quarter 2005 Financial Results

EXHIBIT 99.2

BIOMED REALTY TRUST, INC.

SUPPLEMENTAL OPERATING AND FINANCIAL DATA

FOR THE QUARTER ENDED
MARCH 31, 2005

Bridgeview
Hayward, California
Acquired March 2005
Cell Genesys

Graphics Drive
Ewing, New Jersey
Acquired March 2005
Medeikon

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
MARCH 31, 2005

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

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 complete or integrate acquisitions successfully, the availability and terms of financing and the use of debt to fund acquisitions and developments, 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.

2

BIOMED REALTY TRUST, INC.
COMPANY BACKGROUND
MARCH 31, 2005

BioMed Realty Trust, Inc. (the “Company”) operates as a fully integrated, self-administered and self-managed real estate investment trust (“REIT”) focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry. The Company’s tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. The Company’s primary acquisition targets and current properties are located in markets with well 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, generating net proceeds of approximately $429.3 million.

Simultaneously with our initial public offering, we obtained a $100.0 million revolving unsecured credit facility, which we use 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 our initial public offering prospectus. Together, the 13 properties represented a total of 2.3 million rentable square feet.

During the fourth quarter of 2004, we acquired four additional properties, including San Diego Science Center, Ardentech Court and two properties located in Baltimore, Maryland.

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.

On March 1, 2005, we invested approximately $5.1 million in a majority owned joint venture that purchased a 43,036 square foot vacant building located at 9535 Waples in San Diego. We anticipate expanding and improving the building to reposition it as laboratory space. We have entered into an agreement with our joint venture partner, which will be responsible for construction, leasing and management.

On March 16, 2005, we acquired the third building on our Bridgeview property in Hayward, California for approximately $16.2 million. The property contains 50,400 rentable square feet of laboratory and office space and was 100.0% leased to Cell Genesys, Inc. as of the date of acquisition.

On March 17, 2005, we acquired a building located at 7 Graphics Drive in Ewing, New Jersey for approximately $7.7 million. The property contains 72,300 rentable square feet of laboratory and office space and was 14.8% leased as of the date of acquisition. We intend to lease the remaining space as part of a conversion to a multi-tenant laboratory facility.

As of March 31, 2005, we owned 19 properties, located in San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York and New Jersey, consisting of 36 buildings with 2.8 million rentable square feet of laboratory and office space that was 91.5% leased as of March 31, 2005. Of the remaining unleased space, approximately 105,000 square feet, or 3.7% of our total rentable square footage, was under redevelopment. We also own undeveloped land that we estimate can support up to 548,000 square feet of laboratory and office space.

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 website:www.biomedrealty.com.

3

BIOMED REALTY TRUST, INC.
INVESTOR INFORMATION
MARCH 31, 2005

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 Counsel, and Secretary
Barbara R. Cambon	M. Faye Wilson
Edward A. Dennis, Ph.D.		John F. Wilson, II Chief Financial Officer
Equity Research Coverage
KeyBanc Capital Markets	Raymond James	Standard & Poor’s
Richard C. Moore	Paul D. Puryear / Ken Avalos	Karen J. Sack
216.443.2815	800.248.8863	212.438.9541
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	John F. Wilson, CFO
San Diego, CA 92128		101 Barclay Street, 11E	858.485.9840
858.485.9840	Stock Exchange Listing	New York, NY 10286
858.485.9843 (fax)	New York Stock Exchange	212.815.3782
Please visit our corporate website at:
www.biomedrealty.com
2005 Tentative Schedule for Quarterly Results
Second Quarter	Early August
Third Quarter	Early November
Fourth Quarter	Early February

4

BIOMED REALTY TRUST, INC.
FINANCIAL AND OPERATING HIGHLIGHTS
MARCH 31, 2005

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

	As of or for the three months ended
	3/31/05			12/31/04			9/30/04(1)
Selected Operating Data
Total revenues	$	24,471		$	19,670		$	8,985
Straight line rent		1,088			750			375
Fair value lease revenue (2)		58			175			112
Operating margin (3)		22	%		21	%		22	%
EBITDA (4)		13,856			9,760			4,375
Interest expense		1,411			962			218
Net income		5,836			2,955			1,827
Net income per share — diluted	$	0.19		$	0.09		$	0.06
FFO (5)		12,554			8,885			3,941
FFO per share — diluted (5)	$	0.37		$	0.26		$	0.13
AFFO (6)		12,725			9,563			4,422
Selected Balance Sheet Data
Cash and cash equivalents	$	15,570		$	27,869		$	36,863
Real estate assets		489,136			468,488			403,454
Total assets		601,617			581,723			519,764
Total liabilities		159,258			137,639			70,583
Minority interests		22,486			22,267			22,708
Total stockholders’ equity		419,873			421,817			426,473

	As of or for the three months ended
	3/31/05			12/31/04			9/30/04(1)
Capitalization
Consolidated debt (excludes premium)	$	116,020		$	96,901		$	42,956
Total common shares outstanding		31,433			31,386			31,383
Total units outstanding		2,870			2,870			2,870
Total common shares and units outstanding		34,303			34,256			34,253
Share price at quarter end	$	20.60		$	22.21		$	17.59	��
Equity value at quarter end (7)		706,642			760,826			602,510
Total market capitalization		822,662			857,727			645,466
Debt / total market capitalization		14.1	%		11.3	%		6.7	%
Financial Ratios
Interest coverage (8)		9.5			9.6			20.1
Fixed charge coverage (8)		7.5			8.1			16.7
FFO payout		73.4	%		103.7	%		116.8	%
AFFO payout		72.5	%		96.4	%		104.1	%
Debt / total assets		19.3	%		16.7	%		8.3	%
Portfolio Statistics
Properties owned at end of quarter		19			17			13
Total square footage owned at end of quarter		2,795,086			2,629,350			2,298,641
Occupancy at end of quarter		91.5	%		95.3	%		94.7	%
Redevelopment at end of quarter		3.7	%		—			—

(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 differences 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
MARCH 31, 2005

(In thousands, except share data)

	March 31, 2005			December 31, 2004			September 30, 2004
Assets
Rental property, net	$	489,136		$	468,488			403,454
Property under development		5,373			—			—
Investment in unconsolidated partnership		2,505			2,470			2,508
Cash and cash equivalents		15,570			27,869			36,863
Restricted cash		2,572			2,470			854
Accounts receivable, net		5,255			1,837			1,074
Accrued straight-line rents, net		4,224			3,306			2,535
Acquired above market leases, net		7,543			8,006			8,357
Deferred leasing costs, net		60,950			61,503			58,462
Deferred loan costs, net		1,605			1,700			1,388
Prepaid expenses		2,154			1,531			1,601
Other assets		4,730			2,543			2,668
Total assets	$	601,617		$	581,723			519,764
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	101,594		$	102,236			47,598
Unsecured line of credit		19,500			—			—
Security deposits		5,227			4,831			3,258
Due to affiliates		—			53			91
Dividends and distributions payable		9,262			9,249			5,055
Accounts payable and accrued expenses		9,466			7,529			7,663
Acquired lease obligations, net		14,209			13,741			6,918
Total liabilities		159,258			137,639			70,583
Minority interests		22,486			22,267			22,708
Stockholders’ 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, 31,432,558, 31,386,333, and 31,383,333 shares issued and outstanding, respectively		314			314			314
Additional paid-in capital		435,010			434,075			433,702
Deferred compensation		(4,410	)		(4,182	)		(4,672	)
Dividends in excess of earnings		(11,041	)		(8,390	)		(2,871	)
Total stockholders’ equity		419,873			421,817			426,473
Total liabilities and stockholders’ equity	$	601,617		$	581,723			519,764

6

BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
MARCH 31, 2005

(In thousands, except per share data)

	Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004 (1)
Revenues:
Rental	$	14,214		$	13,326		$	6,107
Tenant recoveries		7,254			6,344			2,878
Other income		3,003			—			—
Total revenues		24,471			19,670			8,985
Expenses:
Rental operations		6,395			6,415			3,615
Real estate taxes		1,788			1,589			—
Depreciation and amortization		6,191			5,602			2,251
General and administrative		2,550			2,011			1,119
Total expenses		16,924			15,617			6,985
Income from operations		7,547			4,053			2,000
Equity in net income of unconsolidated partnership		51			(11	)		—
Interest income		78			66			124
Interest expense		(1,411	)		(962	)		(218	)
Income before minority interests		6,265			3,146			1,906
Minority interests		(429	)		(191	)		(79	)
Net income	$	5,836		$	2,955		$	1,827
Basic earnings per share	$	0.19		$	0.10		$	0.06
Diluted earnings per share	$	0.19		$	0.09		$	0.06
Weighted-average common shares outstanding:
Basic		31,129,613			31,107,856			30,673,883
Diluted		34,148,820			34,129,493			30,754,840

(1)   Represents results for the period from August 11, 2004 through September 30, 2004.

7

BIOMED REALTY TRUST, INC.
FUNDS FROM OPERATIONS (1)
MARCH 31, 2005

(In thousands, except per share data)

	Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004 (2)
Reconciliation of net income to funds from operations:
Net income	$	5,836		$	2,955		$	1,827
Minority interest of exchangeable operating partnership units		538			278			(137	)
Depreciation and amortization (3)		6,180			5,652			2,251
Funds from operations (FFO)	$	12,554		$	8,885		$	3,941
FFO per share — diluted	$	0.37		$	0.26		$	0.13
Dividends and distributions declared per share	$	0.27		$	0.27		$	0.1497
FFO payout ratio (4)		73.4	%		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 $(11), $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)
MARCH 31, 2005

(In thousands, except per share data)

	Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004 (2)
Funds from operations	$	12,554		$	8,885		$	3,941
Master lease receipts (3)		786			872			455
Second generation capital expenditures		(160	)		—			—
Recurring capital expenditures		—			(57	)		—
Amortization of deferred loan costs		129			113			49
Amortization of fair value of debt acquired		(261	)		(219	)		(88	)
Non-cash stock compensation		707			544			328
Straight-line rents		(1,088	)		(750	)		(375	)
Fair value lease revenue		58			175			112
Adjusted funds from operations (AFFO)	$	12,725		$	9,563		$	4,422
Dividends and distributions declared	$	0.27		$	0.27		$	0.15
AFFO payout ratio (4)		72.5	%		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)
MARCH 31, 2005

(In thousands)

	Three Months Ended
	March 31, 2005		December 31, 2004		September 30, 2004(3)
Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income	$	5,836	$	2,955	$	1,827
Minority interest		429		191		79
Interest expense		1,411		962		218
Depreciation and amortization (4)		6,180		5,652		2,251
EBITDA	$	13,856	$	9,760	$	4,375
Reconciliation of cash flows provided by operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	10,062	$	5,746	$	8,189
Changes in other assets and liabilities		1,877		2,945		(4,222	)
Master lease receipts		786		872		455
AFFO	$	12,725	$	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 $(11), $50 and $0, respectively.

10

BIOMED REALTY TRUST, INC.
RECONCILIATION OF NET OPERATING INCOME (1)
MARCH 31, 2005

(In thousands)

	Three Months Ended
	March 31, 2005			December 31, 2004			September 30, 2004(2)
Net income	$	5,836		$	2,955		$	1,827
Minority interest		429			191			79
(Income) / loss from unconsolidated joint venture		(51	)		11			—
Interest expense		1,411			962			218
Interest income		(78	)		(66	)		(124	)
Income from operations		7,547			4,053			2,000
Depreciation and amortization		6,191			5,602			2,251
General and administrative		2,550			2,011			1,119
Consolidated net operating income	$	16,288		$	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 (1)
MARCH 31, 2005

(In thousands, except ratios)

	Three Months Ended
	March 31, 2005		December 31, 2004		September 30, 2004 (2)
Interest coverage ratio:
EBITDA	$	13,856	$	9,760	$	4,375
Interest expense:
Interest expense		1,411		962		218
Interest expense — unconsolidated joint venture		49		52		—
Total interest expense		1,460		1,014		218
Interest coverage ratio		9.5		9.6		20.1
Fixed charge coverage ratio:
EBITDA	$	13,856	$	9,760	$	4,375
Fixed charges:
Interest expense		1,411		962		218
Interest expense — unconsolidated joint venture		49		52		—
Principal payments		381		190		44
Principal payments — unconsolidated joint venture		4		7		—
Total fixed charges		1,845		1,211		262
Fixed charge coverage ratio		7.5		8.1		16.7

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

12

BIOMED REALTY TRUST, INC.
DEBT SUMMARY

MARCH 31, 2005

(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
Ardentech Court		7.25	%		5.06	%	$	4,807	$	591		07/01/12	$	36	$	4,021
Bayshore Boulevard		4.55	%		4.55	%		16,378		—		01/01/10		92		14,546
Bridgeview		8.07	%		5.04	%		11,798		1,780		01/01/11		89		11,175
Eisenhower Road		5.80	%		4.63	%		2,244		73		05/05/08		15		2,110
Elliott Avenue		7.38	%		4.63	%		16,881		1,017		11/24/07		142		15,550
Monte Villa Parkway		4.55	%		4.55	%		9,971		—		01/01/10		56		8,855
Science Center Drive		7.65	%		5.04	%		11,667		1,613		07/01/11		85		10,800
Towne Centre Drive		4.55	%		4.55	%		22,774		—		01/01/10		128		20,225
Total / weighted average on fixed rate notes		6.01	%		4.71	%	$	96,520	$	5,074			$	643	$	87,282
Variable rate debt
Unsecured line of credit		4.03	%		4.03	%		19,500		—		08/11/07		—		19,500
Total / weighted average consolidated debt		5.68	%		4.60	%	$	116,020	$	5,074			$	643	$	106,782
Pro rata share of unconsolidated joint venture debt
McKellar Court (21%)		8.56	%		8.56	%		2,271		—		01/01/10		18		376
Total / weighted average		8.56	%		8.56	%	$	2,271	$	—			$	18	$	376
Total / weighted average consolidated and pro rata share of unconsolidated joint venture debt		5.74	%		4.67	%	$	118,291	$	5,074			$	661	$	107,158

Unsecured Line of Credit — Matures on August 11, 2007

Facility		Balance		Remaining
$	100,000	$	19,500	$	80,500

(1)	Represents the Company’s incremental borrowing rate on the date of acquisition of the property.
(2)	Represents the unamortized premium to record the debt at its fair value based on the Company’s incremental borrowing rate on the date of acquisition.

13

BIOMED REALTY TRUST, INC.
DEBT MATURITIES AND PRINCIPAL PAYMENTS
MARCH 31, 2005

(In thousands)

	Schedule of Maturities
Property	2005		2006		2007		2008		2009		Thereafter		Total
Ardentech Court	$	66	$	93	$	100	$	107	$	116	$	4,325	$	4,807
Bayshore Boulevard		271		377		394		413		432		14,491		16,378
Bridgeview		72		108		117		124		137		11,240		11,798
Eisenhower Road		36		47		50		2,111		—		—		2,244
Elliott Avenue		355		506		16,020		—		—		—		16,881
Monte Villa Parkway		188		229		240		251		263		8,800		9,971
Science Center Drive		90		133		143		152		167		10,982		11,667
Towne Centre Drive		378		524		548		574		601		20,149		22,774
Total fixed rate notes		1,456		2,017		17,612		3,732		1,716		69,987		96,520
Unsecured line of credit		—		—		19,500		—		—		—		19,500
Total consolidated debt		1,456		2,017		37,112		3,732		1,716		69,987		116,020
McKellar Court (21%)		18		25		27		29		32		2,140		2,271
Total consolidated and pro rata share of unconsolidated joint venture debt	$	1,474	$	2,042	$	37,139	$	3,761	$	1,748	$	72,127	$	118,291

14

BIOMED REALTY TRUST, INC.
COMMON STOCK DATA
MARCH 31, 2005

(In thousands, except share amounts)

SUMMARY OF COMMON SHARES
	Three Months Ended
	March 31, 2005
Weighted average shares outstanding		31,130
Weighted average units outstanding		2,870
Dilutive effect of restricted stock		74
Dilutive effect of stock warrant		75
Diluted shares — EPS and FFO		34,149

	As of
	March 31, 2005
Shares outstanding		31,160
Units outstanding		2,870
Unvested restricted shares outstanding		273
Stock warrant outstanding		270
Total		34,573

COMMON STOCK DATA
	Three Months Ended
	March 31, 2005
High Price	$	22.40
Low Price	$	19.40
Average Closing Price	$	20.77
Closing Price	$	20.60
Dividends per share — Annualized	$	1.08
Closing Dividend Yield — Annualized		5.2	%

DIVIDENDS PER SHARE
	Three Months Ended
	March 31, 2005
Amount	$	0.27
Declared		March 14, 2005
Record		March 31, 2005
Paid		April 15, 2005

15

BIOMED REALTY TRUST, INC.
PORTFOLIO SUMMARY
MARCH 31, 2005

(In thousands)

													Current				% of
					% of			Current		% of Current			Annualized		Annualized		Annualized			Revenue per
			Square		Total			Annualized		Annualized			Revenue per		Revenue		Revenues			Sq Ft
Market	Properties		Feet		Sq Ft			Revenue (1)		Revenues			Leased Sq Ft		at Expiration		at Expiration			at Expiration
San Francisco		4		673,970		24.1	%	$	13,445		22.5	%	$	22.56	$	18,406		26.3	%	$	30.88
San Diego		7		487,503		17.4	%		13,047		21.8	%		27.73		14,992		21.4	%		31.86
Seattle		2		185,989		6.7	%		6,819		11.4	%		36.67		7,732		11.0	%		41.57
New York / New Jersey		2		823,948		29.5	%		14,283		23.9	%		18.18		15,428		22.0	%		19.64
Pennsylvania		2		454,859		16.3	%		9,498		15.9	%		20.88		9,584		13.7	%		21.07
Maryland		2		168,817		6.0	%		2,625		4.4	%		15.55		3,970		5.7	%		23.52
Total / weighted avg		19		2,795,086		100.0	%	$	59,718		100.0	%	$	23.35	$	70,112		100.0	%	$	27.42

(1) Based on current annualized rent. Current annualized rent is the monthly contractual rent as of March 31, 2005, or if rent has not yet commenced, the first monthly rent payment due, 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.

16

BIOMED REALTY TRUST, INC.
OCCUPANCY SUMMARY
MARCH 31, 2005

			Square Feet								% of Total
Market	Properties		Leased		Redevelopment		Vacant		Total		Leased			Redevelopment			Vacant			Total
San Francisco		4		595,970		—		78,000		673,970		88.4	%		—			11.6	%		100.0	%
San Diego		7		427,469		43,036		16,998		487,503		87.7	%		8.8	%		3.5	%		100.0	%
Seattle		2		185,989		—		—		185,989		100.0	%		—			0.0	%		100.0	%
New York / New Jersey		2		723,956		61,616		38,376		823,948		87.9	%		7.5	%		4.7	%		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		19		2,557,060		104,652		133,374		2,795,086		91.5	%		3.7	%		4.8	%		100.0	%

17

BIOMED REALTY TRUST, INC.
LEASE EXPIRATIONS
MARCH 31, 2005

(In thousands)

															% of
			% of Total			Current		% of Current			Revenue per		Annualized		Annualized			Revenue per
	Square		Square			Annualized		Annualized			Sq Ft		Revenues		Revenues			Sq Ft
Year of Lease Expiration	Feet		Feet			Revenues		Revenues			Current		at Expiration		at Expiration			at Expiration
Vacant		133,374		4.8	%	$	—		—		$	—	$	—		—		$	—
Redevelopment		104,652		3.7	%		—		—			—		—		—			—
2005		125,674		4.5	%		2,105		3.5	%		16.75		2,197		3.1	%		17.48
2006		142,820		5.1	%		2,583		4.3	%		18.09		2,636		3.8	%		18.46
2007		325,661		11.7	%		6,587		11.0	%		20.23		7,177		10.2	%		22.04
2008		325,674		11.7	%		8,792		14.7	%		27.00		9,248		13.2	%		28.40
2009		381,366		13.6	%		7,650		12.8	%		20.06		8,088		11.5	%		21.21
2010		278,658		10.0	%		6,740		11.3	%		24.19		6,812		9.7	%		24.44
2011		55,898		2.0	%		3,207		5.4	%		57.37		4,058		5.8	%		72.59
2012		172,278		6.2	%		4,530		7.6	%		26.29		5,114		7.3	%		29.68
2013		104,952		3.8	%		851		1.4	%		8.11		2,014		2.9	%		19.19
2014		188,733		6.8	%		5,495		9.2	%		29.12		6,986		10.0	%		37.02
Thereafter		455,346		16.3	%		11,178		18.7	%		24.55		15,783		22.5	%		34.66
Total / weighted average		2,795,086		100.0	%	$	59,718		100.0	%	$	23.35	$	70,112		100.0	%	$	27.42

	Square Feet Expiring
	Expiration Year
Market	2005		2006		2007		2008		2009		Thereafter		Total
San Francisco		46,504		61,444		27,969		—		55,588		404,465		595,970
San Diego		23,874		37,063		61,900		14,013		28,757		261,862		427,469
Seattle		—		—		—		134,989		—		51,000		185,989
New York / New Jersey		55,296		16,563		235,792		1,294		297,021		117,990		723,956
Pennsylvania		—		27,750		—		175,378		—		251,731		454,859
Maryland		—		—		—		—		—		168,817		168,817
Total		125,674		142,820		325,661		325,674		381,366		1,255,865		2,557,060

	% of Total Portfolio Current Rent Expiring
	Expiration Year
Market	2005			2006			2007			2008			2009			Thereafter			Total
San Francisco		0.8	%		0.9	%		0.6	%		—			1.7	%		18.6	%		22.5	%
San Diego		1.2	%		2.1	%		3.6	%		1.3	%		1.2	%		12.4	%		21.8	%
Seattle		—			—			—			8.7	%		—			2.7	%		11.4	%
New York / New Jersey		1.5	%		0.7	%		6.8	%		0.1	%		9.9	%		4.9	%		23.9	%
Pennsylvania		—			0.6	%		—			4.7	%		—			10.6	%		15.9	%
Maryland		—			—			—			—			—			4.4	%		4.4	%
Total		3.5	%		4.3	%		11.0	%		14.7	%		12.8	%		53.6	%		100.0	%

18

BIOMED REALTY TRUST, INC.
PORTFOLIO BY SIZE
MARCH 31, 2005

(In thousands)

															% of
			% 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
Vacant		133,374		4.8	%	$	—		—		$	—	$	—		—		$	—
Redevelopment		104,652		3.7	%		—		—			—		—		—			—
2,500 or less		15,347		0.5	%		395		0.7	%		25.77		399		0.6	%		26.02
2,501 to 5,000		21,882		0.8	%		556		0.9	%		25.43		595		0.8	%		27.21
5,001 to 7,500		19,511		0.7	%		619		1.0	%		31.75		638		0.9	%		32.70
7,501 to 10,000		7,842		0.3	%		128		0.2	%		16.30		151		0.2	%		19.30
10,001 to 20,000		158,344		5.7	%		3,882		6.5	%		24.51		4,105		5.9	%		25.93
20,001 to 40,000		212,849		7.6	%		3,268		5.5	%		15.35		3,813		5.4	%		17.91
40,001 to 60,000		318,098		11.4	%		9,033		15.1	%		28.40		12,365		17.6	%		38.87
60,001 to 80,000		760,678		27.2	%		20,557		34.4	%		27.02		24,648		35.2	%		32.40
80,001 to 100,000		178,614		6.4	%		2,735		4.6	%		15.31		3,281		4.7	%		18.37
100,001 to 200,000		612,163		21.9	%		12,225		20.5	%		19.97		13,721		19.6	%		22.41
200,001 or greater		251,731		9.0	%		6,321		10.6	%		25.11		6,395		9.1	%		25.40
Total / weighted average		2,795,086		100.0	%	$	59,718		100.0	%	$	23.35	$	70,112		100.0	%	$	27.42

19

BIOMED REALTY TRUST, INC.
SAN FRANCISCO MARKET
MARCH 31, 2005

(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
Ardentech Court		1		55,588		10.0	%		100.0	%	$	1,010	$	18.17	$	1,142	$	20.54		Y
Bayshore Boulevard		3		183,344		27.2	%		100.0	%		4,203		22.92		6,118		33.37		Y
Bridgeview		3		263,073		39.1	%		81.8	%		2,752		12.78		4,730		21.97		Y
Industrial Road		1		171,965		25.5	%		82.4	%		5,480		68.58		6,416		80.28		N
Total / weighted average		8		673,970		100.0	%		88.4	%	$	13,445	$	22.56	$	18,406	$	30.88

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		78,000		11.6	%	$	—		0.0	%	$	—	$	—
Redevelopment		—		0.0	%		—		0.0	%		—		—
2005		46,504		6.9	%		454		3.4	%		9.77		9.77
2006		61,444		9.1	%		516		3.8	%		8.40		8.40
2007		27,969		4.1	%		386		2.9	%		13.80		15.00
2008		—		0.0	%		—		0.0	%		—		—
2009		55,588		8.2	%		1,010		7.5	%		18.17		20.54
2010		—		0.0	%		—		0.0	%		—		—
2011		55,898		8.3	%		3,207		23.9	%		57.37		72.59
2012		61,826		9.2	%		1,743		13.0	%		28.20		28.62
2013		104,952		15.6	%		851		6.3	%		8.11		19.19
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		181,789		27.0	%		5,279		39.3	%		29.04		44.19
Total / weighted average		673,970		100.0	%	$	13,445		100.0	%	$	22.56	$	30.88

20

BIOMED REALTY TRUST, INC.
SAN DIEGO MARKET
MARCH 31, 2005

(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
Balboa Avenue		1		35,344		7.3	%		100.0	%	$	642	$	18.18	$	716	$	20.26		N
Bernardo Center Drive		1		61,286		12.6	%		100.0	%		2,113		34.48		2,330		38.01		N
McKellar Court (1)		1		72,863		14.9	%		100.0	%		1,671		22.94		1,997		27.41		Y
San Diego Science Center		1		105,364		21.6	%		83.9	%		3,137		35.50		3,300		37.35		N
Science Center Drive		1		53,740		11.0	%		100.0	%		1,660		30.88		1,660		30.88		Y
Towne Centre Drive		3		115,870		23.8	%		100.0	%		3,824		33.00		4,989		43.06		Y
Waples		1		43,036		8.8	%		0.0	%		—		—		—		—		N
Total / weighted average		9		487,503		100.0	%		87.7	%	$	13,047	$	27.73	$	14,992	$	31.86

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		16,998		3.5	%	$	—		0.0	%	$	—	$	—
Redevelopment		43,036		8.8	%		—		0.0	%		—		—
2005		23,874		4.9	%		742		5.7	%		31.06		31.30
2006		37,063		7.6	%		1,256		9.6	%		33.89		35.00
2007		61,900		12.7	%		2,144		16.4	%		34.64		38.17
2008		14,013		2.9	%		755		5.8	%		53.89		57.32
2009		28,757		5.9	%		726		5.6	%		25.24		28.90
2010		19,389		4.0	%		270		2.1	%		13.92		15.72
2011		—		0.0	%		—		0.0	%		—		—
2012		—		0.0	%		—		0.0	%		—		—
2013		—		0.0	%		—		0.0	%		—		—
2014		188,733		38.7	%		5,495		42.1	%		29.12		37.02
Thereafter		53,740		11.0	%		1,660		12.7	%		30.88		30.88
Total / weighted average		487,503		100.0	%	$	13,047		100.0	%	$	27.73	$	31.86

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

21

BIOMED REALTY TRUST, INC.
SEATTLE MARKET
MARCH 31, 2005

(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	%	$	5,204	$	38.55	$	5,613	$	41.58		Y
Monte Villa Parkway		1		51,000		27.4	%		100.0	%		1,615		31.67		2,119		41.56		Y
Total / weighted average		2		185,989		100.0	%		100.0	%	$	6,819	$	36.67	$	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	%	$	—	$	—
Redevelopment		—		0.0	%		—		0.0	%		—		—
2005		—		0.0	%		—		0.0	%		—		—
2006		—		0.0	%		—		0.0	%		—		—
2007		—		0.0	%		—		0.0	%		—		—
2008		134,989		72.6	%		5,204		76.3	%		38.55		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	%		1,615		23.7	%		31.67		41.56
Total / weighted average		185,989		100.0	%	$	6,819		100.0	%	$	36.67	$	41.57

22

BIOMED REALTY TRUST, INC.
NEW YORK / NEW JERSEY MARKET
MARCH 31, 2005

(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
Graphics Drive		1		72,300		8.8	%		14.8	%	$	148	$	13.86	$	148	$	13.86		N
Landmark at Eastview		8		751,648		91.2	%		94.9	%		14,135		19.82		15,280		21.42		N
Total / weighted average		9		823,948		100.0	%		87.9	%	$	14,283	$	18.18	$	15,428	$	19.64

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		4.7	%	$	—		0.0	%	$	—	$	—
Redevelopment		61,616		7.5	%		—		0.0	%		—		—
2005		55,296		6.7	%		910		6.4	%		16.45		18.01
2006		16,563		2.0	%		434		3.0	%		26.20		26.20
2007		235,792		28.6	%		4,057		28.4	%		17.20		18.64
2008		1,294		0.2	%		32		0.2	%		25.00		25.00
2009		297,021		36.0	%		5,915		41.4	%		19.91		20.59
2010		7,538		0.9	%		149		1.0	%		19.81		14.79
2011		—		0.0	%		—		0.0	%		—		—
2012		110,452		13.4	%		2,786		19.5	%		25.23		30.28
2013		—		0.0	%		—		0.0	%		—		—
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		—		0.0	%		—		0.0	%		—		—
Total / weighted average		823,948		100.0	%	$	14,283		100.0	%	$	18.18	$	19.64

23

BIOMED REALTY TRUST, INC.
PENNSYLVANIA MARKET
MARCH 31, 2005

(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
Eisenhower Road		1		27,750		6.1	%		100.0	%	$	377	$	13.60	$	389	$	14.00		Y
King of Prussia		5		427,109		93.9	%		100.0	%		9,121		21.35		9,195		21.53		N
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	%	$	—	$	—
Redevelopment		—		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
MARCH 31, 2005

(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	%	$	—	$	—
Redevelopment		—		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
MARCH 31, 2005

(In thousands)

																			% of
										Current		% of Current							Annualized
								Current		Annualized		Annualized			Annualized		Revenue per		Revenues
		Property			% of Total			Annualized		Revenue per		Revenues			Revenue		Sq Ft		at Expiration			Expiration
	Largest Tenants (1)	Region	Square Feet		Portfolio			Revenue		Leased Sq Ft		Total Portfolio			at Expiration		at Expiration		Total Portfolio			Date
1	Centocor, Inc. (Johnson & Johnson)	Pennsylvania		251,731		9.0	%	$	6,321	$	25.11		10.6	%	$	6,395	$	25.40		9.1	%	Mar-10 (6)
2	Regeneron Pharmaceuticals, Inc.	New York / New Jersey		211,813		7.6	%		3,950		18.65		6.6	%		4,348		20.53		6.2	%	Dec-09 (2)
3	Illumina, Inc.	San Diego		115,870		4.1	%		3,824		33.00		6.4	%		4,989		43.06		7.1	%	Aug-14
4	Nektar Therapeutics	San Francisco		79,917		2.9	%		3,737		46.76		6.3	%		4,646		58.14		6.6	%	Oct-16
5	Crompton Corporation	New York / New Jersey		182,829		6.5	%		3,377		18.47		5.7	%		3,377		18.47		4.8	%	Dec-09
6	Intermune, Inc.	San Francisco		55,898		2.0	%		3,207		57.37		5.4	%		4,058		72.59		5.8	%	Apr-11
7	Chiron Corporation	Seattle		71,153		2.5	%		2,858		40.17		4.8	%		3,123		43.89		4.5	%	Mar-08
8	The Rubenstein Company	Pennsylvania		175,378		6.3	%		2,800		15.97		4.7	%		2,800		15.97		4.0	%	Feb-08 (6)
9	Guilford Pharmaceuticals	Maryland		168,817		6.0	%		2,625		15.55		4.4	%		3,970		23.52		5.7	%	Dec-19
10	Cell Therapeutics, Inc.	Seattle		63,836		2.3	%		2,346		36.75		3.9	%		2,490		39.00		3.6	%	Jan-08
11	University of California Regents	San Diego		61,286		2.2	%		2,113		34.48		3.5	%		2,330		38.01		3.3	%	Apr-07
12	ACS	New York / New Jersey		71,399		2.6	%		1,791		25.08		3.0	%		2,056		28.79		2.9	%	Dec-12
13	Nuvelo, Inc.	San Francisco		61,826		2.2	%		1,743		28.20		2.9	%		1,769		28.62		2.5	%	Aug-12
14	Emisphere Technologies, Inc.	New York / New Jersey		87,022		3.1	%		1,685		19.36		2.8	%		1,693		19.45		2.4	%	Aug-07
15	Quidel Corporation (3)	San Diego		72,863		2.6	%		1,671		22.94		2.8	%		1,997		27.41		2.8	%	Dec-14
16	Ligand Pharmaceuticals	San Diego		53,740		1.9	%		1,660		30.88		2.8	%		1,660		30.88		2.4	%	Aug-15
17	Nastech Pharmaceutical	Seattle		51,000		1.8	%		1,615		31.67		2.7	%		2,119		41.56		3.0	%	Jan-16
18	Cell Genesys	San Francisco		101,872		3.6	%		1,542		15.13		2.6	%		3,387		33.25		4.8	%	Jul-17
19	Aton Pharma, Inc. (Merck)	New York / New Jersey		49,613		1.8	%		1,272		25.63		2.1	%		1,564		31.53		2.2	%	Jun-12 (4)
20	Vicuron Pharmaceuticals, Inc.	San Francisco		55,588		2.0	%		1,010		18.17		1.7	%		1,142		20.54		1.6	%	Nov-09
	Total (5)			2,043,451		73.1	%	$	51,145	$	25.03		85.6	%	$	59,914	$	29.32		85.5	%

(1)	Based on current annualized rent. Current annualized rent is the monthly contractual rent as of March 31, 2005, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.
(2)	138,086 sq. ft. expires December 2007 and 73,727 sq. ft. expires December 2009.
(3)	This tenant occupies a property that is an unconsolidated partnership, of which the Company owns 21%.
(4)	10,560 sq. ft. expires May 2006 and 39,053 sq. ft. expires June 2012.
(5)	Without regard to any early lease terminations and/or renewal options.
(6)	Based on a newly signed lease agreement, Centocor will add an additional 79,667 sq. ft. at the King of Prussia property beginning on May 1, 2005. The expansion space is currently under a master lease with The Rubenstein Company.

26

BIOMED REALTY TRUST, INC.
LAND DEVELOPMENT PARCELS
MARCH 31, 2005

		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
MARCH 31, 2005

(In thousands)

	Property	Closing	Square				%
Property	Region	Date	Feet		Investment		Leased
Waples	San Diego	March 1, 2005		43,036	$	5,100		0.0	%(1)
Bridgeview	San Francisco	March 16, 2005		50,400		16,200		100.0	%
Graphics Drive	New York / New Jersey	March 17, 2005		72,300		7,700		14.8	%(2)
Total				165,736	$	29,000		30.4	%

(1) The entire property is under development.
(2) 61,616 sq. ft. is under development. The remainder is fully occupied.

28

BIOMED REALTY TRUST, INC.
JOINT VENTURES
MARCH 31, 2005

	Investment	Effective	Square		%
Property	Date	Ownership % (1)	Feet		Leased
Wholly-owned		100.0%		2,252,078		91.3	%
Consolidated Joint Venture
King of Prussia — Pennsylvania	Aug. 11, 2004	89.0%		427,109		100.0	%
Waples — San Diego	March 1, 2005	90.0%		43,036		0.0	%
Unconsolidated Joint Venture
McKellar Court — San Diego	Sept. 30, 2004	21.0%		72,863		100.0	%
Total Square Feet				2,795,086		91.5	%

(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 March 31, 2005:
Rental property	$	14,140
Other assets		4,799
Total assets	$	18,939
Secured notes payable (1)	$	12,645
Other liabilities		235
Equity		6,059
Total liabilities and partners’ equity	$	18,939
Results of Operations for the three months ended March 31, 2005:
Total revenues	$	477
Expenses:
Rental operations		48
Depreciation and amortization		(50	)
Income from operations		479
Interest income		1
Interest expense		(235	)
Net income	$	245

BioMed Realty Trust’s share
Secured notes payable	$	2,271
Net income	$	51
Depreciation and amortization		(11	)
Funds from operations	$	40
Supplemental information
Distributions	$	16
Interest expense	$	49

(1)   Includes debt premium of $2,021.

29

BIOMED REALTY TRUST, INC.
LEASING ACTIVITY
MARCH 31, 2005

				Date of
				Leasing
Tenant	Property	Market	Description	Event	Square Feet
Nuvelo, Inc.	Industrial Road	San Francisco	New lease	Jan-05		60,000
Financial Planning	Landmark at Eastview	New York / New Jersey	5-year lease extension	Jan-05		2,600
ACS	Landmark at Eastview	New York / New Jersey	5-year lease extension	Feb-05		71,399
Smartmail	Bridgeview	San Francisco	MTM lease extension	Feb-05		25,718
				Total		159,717

30

BIOMED REALTY TRUST, INC.
NON-GAAP FINANCIAL MEASURE DEFINITIONS
MARCH 31, 2005

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 net operating income, or 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