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

Exhibit 99.2

BIOMED REALTY TRUST, INC.

SUPPLEMENTAL OPERATING AND FINANCIAL DATA

FOR THE QUARTER ENDED
JUNE 30, 2005

Kendall Square D	Kendall Square A
Cambridge, MA	Cambridge, MA
Acquired May 2005	Acquired May 2005
Genzyme Corporation	Vertex Pharmaceuticals

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
JUNE 30, 2005

	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		15
Portfolio Summary		16
Occupancy Summary		17
Lease Expirations		18
Portfolio by Size		19
Boston Market		20
New York / New Jersey Market		21
San Francisco Market		22
Pennsylvania Market		23
San Diego Market		24
Seattle Market		25
Maryland Market		26
20 Largest Tenants		27
Redevelopment		28
Land Development Parcels		29
2005 Acquisitions		30
Joint Ventures		31
Leasing Activity		32
Non-GAAP Financial Measure Definitions		33

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 Boston or California regions, 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. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

2

BIOMED REALTY TRUST, INC.
COMPANY BACKGROUND
JUNE 30, 2005

BioMed Realty Trust, Inc. 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. Our tenants include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. Our current properties and our primary acquisition targets are located in markets with well established reputations as centers for scientific research, including Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey.

On August 11, 2004, we completed our initial public offering at $15.00 per share, generating net proceeds of approximately $429.3 million.

From the completion of our initial public offering through March 31, 2005, we completed the acquisition of the 13 properties previously described in our initial public offering prospectus and six additional properties. Together, the 19 properties represented a total of 2.8 million rentable square feet of laboratory and office space.

On May 31, 2005, we completed the acquisition of a portfolio of eight properties including one parking structure in Cambridge, Massachusetts, and an additional property in Lebanon, New Hampshire. The portfolio totaled approximately 1.1 million rentable square feet of life science and office space that was 96.6% leased at acquisition.

In order to finance the Cambridge portfolio acquisition and provide additional working capital, on May 31, 2005, we entered into three credit facilities with KeyBank National Association and other lenders under which we initially borrowed $485.0 million of a total of $600.0 million available under these facilities. The credit facilities include a three-year, unsecured revolving credit facility of $250.0 million, under which we initially borrowed $135.0 million, a three-year, unsecured term loan facility of $100.0 million and a five-year, secured term loan facility of $250.0 million. The new $250.0 million unsecured revolving credit facility, which contains an accordion option up to $400.0 million, replaced our previously existing $100.0 million unsecured revolving credit facility. We entered into an interest rate swap agreement in connection with the closing of the credit facilities, which will have the effect of fixing the interest rate on the secured term loan at 6.4%.

On June 27, 2005, we completed a follow-on common stock offering of 15,122,500 shares at $22.50 per share, resulting in gross proceeds of $340.3 million. The net proceeds of $324.1 million were used to repay the outstanding balance on our unsecured revolving credit facility, and to repay our $100.0 million unsecured term loan. We expect to use the remaining proceeds for future property acquisitions and for other general corporate and working capital purposes.

In addition to the acquisition of the Cambridge portfolio, during the second quarter of 2005, we acquired Fresh Pond Research Park in Cambridge, Massachusetts, Coolidge Avenue in Watertown, Massachusetts, Phoenixville Pike in Malvern, Pennsylvania, Nancy Ridge Drive in San Diego, California and Dumbarton Circle in Fremont, California, for aggregate cash consideration of $59.8 million and the assumption of $7.0 million of debt. These properties contain a total of 318,640 rentable square feet of laboratory and office space.

As of June 30, 2005, we owned or had interests in 33 properties, located in Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York and New Jersey, consisting of 56 buildings with approximately 4.3 million rentable square feet of laboratory and office space, which was approximately 92.3% leased to 78 tenants. Of the remaining unleased space, 183,838 square feet, or 4.3% of our total rentable square footage, was under redevelopment. We also owned undeveloped land that we estimate can support up to 600,000 rentable 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
JUNE 30, 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
Barbara R. Cambon	M. Faye Wilson	Counsel, and Secretary
Edward A. Dennis, Ph.D.		John F. Wilson, II
		Chief Financial Officer
Equity Research Coverage
Friedman Billings Ramsey	Legg Mason Wood Walker	RBC Capital Markets
Paul Morgan / Michael Blank	Jerry L. Doctrow	David T. Copp / Jay Leupp
703.469.1255 / 703.469.1115	800.368.2558	415.633.8558
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

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, II
San Diego, CA 92128		101 Barclay Street, 11E	Chief Financial Officer
858.485.9840	Stock Exchange Listing	New York, NY 10286	858.485.9840
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
Third Quarter	Early November
Fourth Quarter	Early February

4

BIOMED REALTY TRUST, INC.
FINANCIAL AND OPERATING HIGHLIGHTS
JUNE 30, 2005
(In thousands, except per share, ratio and portfolio amounts)

	As of or for the three months ended
	6/30/05			3/31/05			12/31/04			9/30/04(1)
Selected Operating Data
Total revenues	$	28,563		$	24,471		$	19,670		$	8,985
Straight line rent		1,396			1,088			750			375
Fair value lease revenue (2)		330			(58	)		(175	)		(112	)
EBITDA (3)		16,813			13,856			9,760			4,375
Interest expense		6,812			1,411			962			218
Net income		1,440			5,836			2,955			1,827
Net income per share — diluted	$	0.05		$	0.19		$	0.09		$	0.06
FFO (4)		10,067			12,554			8,885			3,941
FFO per share — diluted (4)	$	0.29		$	0.37		$	0.26		$	0.13
AFFO (5)		10,747			12,725			9,563			4,422
Selected Balance Sheet Data
Cash and cash equivalents	$	113,014		$	15,570		$	27,869		$	36,863
Rental property, net		1,028,406			489,136			468,488			403,454
Total assets		1,327,145			601,617			581,723			519,764
Total liabilities		569,371			159,258			137,639			70,583
Minority interests		21,775			22,486			22,267			22,708
Total stockholders’ equity		735,999			419,873			421,817			426,473
Capitalization
Total common shares outstanding		46,567			31,433			31,386			31,383
Total units outstanding		2,870			2,870			2,870			2,870
Total common shares and units outstanding		49,437			34,303			34,256			34,253
Share price at quarter end	$	23.85		$	20.60		$	22.21		$	17.59
Equity value at quarter end (6)		1,179,072			706,642			760,826			602,510
Consolidated debt	$	499,818		$	121,094		$	102,236		$	47,598
Total market capitalization		1,678,890			827,736			863,062			650,108
Debt / total market capitalization		29.8	%		14.6	%		11.8	%		7.3	%
Financial Ratios
Interest coverage (7)		2.5			9.5			9.6			20.1
Fixed charge coverage (7)		2.2			7.5			8.1			16.7
FFO payout		93.6	%		73.4	%		103.7	%		116.8	%
AFFO payout		87.7	%		72.5	%		96.4	%		104.1	%
Debt / total assets		37.7	%		20.1	%		16.7	%		9.2	%
Portfolio Statistics
Properties owned at end of quarter		33			19			17			13
Total rentable square footage owned		4,255,989			2,795,086			2,629,350			2,298,641
Leased at end of quarter		92.3	%		91.5	%		95.3	%		94.7	%
Redevelopment at end of quarter		4.3	%		3.7	%		—			—
Vacancy at end of quarter		3.4	%		4.8	%		4.7	%		5.3	%

(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)	For a definition and discussion of EBITDA, see page 33. For a quantitative reconciliation of the differences between EBITDA and net income, see page 10.
(4)	For a definition and discussion of FFO, see page 33. For a quantitative reconciliation of the differences between FFO and net income, see page 8.
(5)	For a definition and discussion of AFFO, see page 33. 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.
(6)	Assuming conversion of 100% of the operating partnership units into shares of common stock.
(7)	For a discussion of coverage ratios, see page 33. See page 12 for detail.

5

BIOMED REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2005
(In thousands)

	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004
Assets
Rental property, net	$	1,028,406		$	489,136		$	468,488		$	403,454
Property under development		5,337			5,373			—			—
Investment in unconsolidated partnership		2,490			2,505			2,470			2,508
Cash and cash equivalents		113,014			15,570			27,869			36,863
Restricted cash		4,592			2,572			2,470			854
Accounts receivable, net		5,690			5,255			1,837			1,074
Accrued straight-line rents, net		5,620			4,224			3,306			2,535
Acquired above market leases, net		7,813			7,543			8,006			8,357
Deferred leasing costs, net		143,609			60,950			61,503			58,462
Deferred loan costs, net		5,530			1,605			1,700			1,388
Prepaid expenses		2,627			2,154			1,531			1,601
Other assets		2,417			4,730			2,543			2,668
Total assets	$	1,327,145		$	601,617		$	581,723		$	519,764
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	249,818		$	101,594		$	102,236		$	47,598
Secured term loan		250,000			—			—			—
Unsecured line of credit		—			19,500			—			—
Security deposits		5,976			5,227			4,831			3,258
Due to affiliates		—			—			53			91
Dividends and distributions payable		9,265			9,262			9,249			5,055
Accounts payable and accrued expenses		22,324			9,466			7,529			7,663
Acquired lease obligations, net		31,988			14,209			13,741			6,918
Total liabilities		569,371			159,258			137,639			70,583
Minority interests		21,775			22,486			22,267			22,708
Stockholders’ equity:
Preferred stock		—			—			—			—
Common stock		465			314			314			314
Additional paid-in capital		759,228			435,010			434,075			433,702
Deferred compensation		(3,838	)		(4,410	)		(4,182	)		(4,672	)
Accumulated other comprehensive income		(1,765	)		—			—			—
Dividends in excess of earnings		(18,091	)		(11,041	)		(8,390	)		(2,871	)
Total stockholders’ equity		735,999			419,873			421,817			426,473
Total liabilities and stockholders’ equity	$	1,327,145		$	601,617		$	581,723		$	519,764

6

BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
JUNE 30, 2005
(In thousands, except share data)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004 (1)
Revenues:
Rental	$	20,014		$	14,214		$	13,326		$	6,107
Tenant recoveries		8,549			7,254			6,344			2,878
Other income		—			3,003			—			—
Total revenues		28,563			24,471			19,670			8,985
Expenses:
Rental operations		6,721			6,395			6,415			3,615
Real estate taxes		2,476			1,788			1,589			—
Depreciation and amortization		8,476			6,191			5,602			2,251
General and administrative		2,695			2,550			2,011			1,119
Total expenses		20,368			16,924			15,617			6,985
Income from operations		8,195			7,547			4,053			2,000
Equity in net income (loss) of unconsolidated partnership		20			51			(11	)		—
Interest income		102			78			66			124
Interest expense		(6,812	)		(1,411	)		(962	)		(218	)
Income before minority interests		1,505			6,265			3,146			1,906
Minority interests		(65	)		(429	)		(191	)		(79	)
Net income	$	1,440		$	5,836		$	2,955		$	1,827
Basic earnings per share	$	0.05		$	0.19		$	0.10		$	0.06
Diluted earnings per share	$	0.05		$	0.19		$	0.09		$	0.06
Weighted-average common shares outstanding:
Basic		31,861,536			31,129,613			31,107,856			30,673,883
Diluted		34,893,367			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)
JUNE 30, 2005
(In thousands, except per share and ratio amounts)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004 (2)
Reconciliation of net income to funds from operations:
Net income	$	1,440		$	5,836		$	2,955		$	1,827
Minority interest of exchangeable operating partnership units		131			538			278			(137	)
Depreciation and amortization (3)		8,496			6,180			5,652			2,251
Funds from operations (FFO)	$	10,067		$	12,554		$	8,885		$	3,941
FFO per share — diluted	$	0.29		$	0.37		$	0.26		$	0.13
Dividends and distributions declared per share	$	0.27		$	0.27		$	0.27		$	0.1497
FFO payout ratio (4)		93.6	%		73.4	%		103.7	%		116.8	%

(1)	For a definition and discussion of FFO, see page 33.
(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 $20, $(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)
JUNE 30, 2005
(In thousands, except per share and ratio amounts)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004 (2)
Funds from operations	$	10,067		$	12,554		$	8,885		$	3,941
Master lease receipts (3)		517			786			872			455
Second generation capital expenditures		(750	)		(160	)		(57	)		—
Amortization of deferred loan costs		2,204			129			113			49
Amortization of fair value of debt acquired		(390	)		(261	)		(219	)		(88	)
Non-cash stock compensation		825			707			544			328
Straight-line rents		(1,396	)		(1,088	)		(750	)		(375	)
Fair value lease revenue		(330	)		58			175			112
Adjusted funds from operations (AFFO)	$	10,747		$	12,725		$	9,563		$	4,422
Dividends and distributions declared	$	0.27		$	0.27		$	0.27		$	0.1497
AFFO payout ratio (4)		87.7	%		72.5	%		96.4	%		104.1	%

(1)	For a definition and discussion of AFFO, see page 33. 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)
JUNE 30, 2005
(In thousands)

	Three Months Ended
	June 30, 2005			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	$	1,440		$	5,836	$	2,955	$	1,827
Minority interest		65			429		191		79
Interest expense		6,812			1,411		962		218
Depreciation and amortization (4)		8,496			6,180		5,652		2,251
EBITDA	$	16,813		$	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	$	23,038		$	10,062	$	5,746	$	8,189
Changes in other assets and liabilities		(12,808	)		1,877		2,945		(4,222	)
Master lease receipts		517			786		872		455
AFFO	$	10,747		$	12,725	$	9,563	$	4,422

(1)	For a definition and discussion of EBITDA, see page 33.
(2)	For a definition and discussion of AFFO, see page 33.
(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 $20, $(11), $50 and $0, respectively.

10

BIOMED REALTY TRUST, INC.
RECONCILIATION OF NET OPERATING INCOME (1)
JUNE 30, 2005
(In thousands)

	Three Months Ended
	June 30, 2005			March 31, 2005			December 31, 2004			September 30, 2004(2)
Net income	$	1,440		$	5,836		$	2,955		$	1,827
Minority interest		65			429			191			79
(Income) / loss from unconsolidated joint venture		(20	)		(51	)		11			—
Interest expense		6,812			1,411			962			218
Interest income		(102	)		(78	)		(66	)		(124	)
Income from operations		8,195			7,547			4,053			2,000
Depreciation and amortization		8,476			6,191			5,602			2,251
General and administrative		2,695			2,550			2,011			1,119
Consolidated net operating income	$	19,366		$	16,288		$	11,666		$	5,370

(1)	For a definition and discussion of net operating income, see page 33.
(2)	Represents results for the period from August 11, 2004 through September 30, 2004.

11

BIOMED REALTY TRUST, INC.
COVERAGE RATIOS (1)
JUNE 30, 2005
(In thousands, except ratios)

	Three Months Ended
	June 30, 2005		March 31, 2005		December 31, 2004		September 30, 2004 (2)
Interest coverage ratio:
EBITDA	$	16,813	$	13,856	$	9,760	$	4,375
Interest expense:
Interest expense (3)		6,812		1,411		962		218
Interest expense — unconsolidated joint venture		50		49		52		—
Total interest expense		6,862		1,460		1,014		218
Interest coverage ratio		2.5		9.5		9.6		20.1
Fixed charge coverage ratio:
EBITDA	$	16,813	$	13,856	$	9,760	$	4,375
Fixed charges:
Interest expense (3)		6,812		1,411		962		218
Interest expense — unconsolidated joint venture		50		49		52		—
Principal payments		821		381		190		44
Principal payments — unconsolidated joint venture		4		4		7		—
Total fixed charges		7,687		1,845		1,211		262
Fixed charge coverage ratio		2.2		7.5		8.1		16.7

(1)	For a discussion of coverage ratios, see page 33.
(2)	Represents results for the period from August 11, 2004 through September 30, 2004.
(3)	Includes $2.0 million of loan fee amortization expense related to the repayment and termination of our $100.0 million unsecured revolving credit facility and our $100.0 million unsecured term loan facility.

12

BIOMED REALTY TRUST, INC.
DEBT SUMMARY
JUNE 30, 2005
(Dollars in thousands)

											Carrying
	Stated			Effective			Principal		Unamortized		Value at		Maturity		Monthly		Due at
Consolidated debt:	Rate			Rate(1)			Balance		Premium(2)		June 30, 2005		Date		Debt Service		Maturity
Mortgage notes payable (3)
Ardentech Court		7.25	%		5.06	%	$	4,787	$	572	$	5,359		07/12	$	36	$	4,021
Bayshore Boulevard		4.55	%		4.55	%		16,289		—		16,289		01/10		92		14,546
Bridgeview		8.07	%		5.04	%		11,782		1,703		13,485		01/11		89		11,175
Eisenhower Road		5.80	%		4.63	%		2,229		67		2,296		05/08		15		2,110
Elliott Avenue		7.38	%		4.63	%		16,765		923		17,688		11/07		142		15,550
40 Erie Street		7.34	%		4.90	%		20,041		1,302		21,343		08/08		199		17,174
Kendall Square D (4)		6.38	%		5.45	%		73,078		5,486		78,564		12/18		501		38,154
Lucent Drive (5)		5.50	%		5.50	%		5,986		—		5,986		01/15		42		3,952
Monte Villa Parkway		4.55	%		4.55	%		9,916		—		9,916		01/10		56		8,855
Nancy Ridge Drive		7.15	%		5.57	%		6,989		670		7,659		09/12		48		6,292
Science Center Drive		7.65	%		5.04	%		11,638		1,549		13,187		07/11		85		10,800
Sidney Street		7.23	%		5.11	%		31,755		3,642		35,397		06/12		245		26,120
Towne Centre Drive		4.55	%		4.55	%		22,649		—		22,649		01/10		128		20,225
Total / weighted average on fixed rate notes		6.43	%		5.06	%	$	233,904	$	15,914	$	249,818			$	1,678	$	178,974
Variable rate debt (6)
$250 million secured term loan (7)		6.41	%		6.41	%		250,000		—		250,000		05/10		1,335		250,000
$250 million unsecured line of credit (8)		—			—			—		—		—		05/08		—		—
Total / weighted average consolidated debt		6.42	%		5.75	%	$	483,904	$	15,914	$	499,818			$	3,013	$	428,974
Pro rata share of unconsolidated joint venture debt
McKellar Court (21%)		8.56	%		4.63	%		2,266		—		—		01/10		18		376
Total / weighted average		8.56	%		4.63	%	$	2,266	$	—	$	—			$	18	$	376
Total / weighted average consolidated and pro rata share of unconsolidated joint venture debt		6.43	%		5.75	%	$	486,170	$	15,914	$	499,818			$	3,031	$	429,350

(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.
(3)	Require monthly principal and interest payments.
(4)	The monthly debt service increases to $626,000 from January 2015 through maturity.
(5)	The interest rate adjusts each fifth anniversary of the loan. The next adjustment date is January 2010. The interest rate adjustment is the five-year US Treasury plus 250 basis points.
(6)	Require monthly interest payments.
(7)	Interest on the $250 million secured term loan is LIBOR-indexed variable. We have entered into an interest rate swap agreement to fix the interest rate on the entire $250 million outstanding on this secured term loan at 6.4% through the maturity date.
(8)	Interest on the $250 million unsecured line of credit is a LIBOR-indexed variable plus credit spread, which ranges from 120 to 200 basis points depending on our leverage.

13

BIOMED REALTY TRUST, INC.
DEBT MATURITIES AND PRINCIPAL PAYMENTS
JUNE 30, 2005
(In thousands)

	Schedule of Maturities
Property	2005		2006		2007		2008		2009		Thereafter		Total
Ardentech Court	$	46	$	93	$	100	$	107	$	116	$	4,325	$	4,787
Bayshore Boulevard		182		377		394		413		432		14,491		16,289
Bridgeview		56		108		117		124		137		11,240		11,782
Eisenhower Road		21		47		50		2,111		—		—		2,229
Elliott Avenue		239		506		16,020		—		—		—		16,765
40 Erie Street		388		977		1,052		17,624		—		—		20,041
Kendall Square D		682		1,432		1,526		1,626		1,733		66,079		73,078
Lucent Drive		73		180		191		201		213		5,128		5,986
Monte Villa Parkway		133		229		240		251		263		8,800		9,916
Nancy Ridge Drive		38		80		86		91		100		6,594		6,989
Science Center Drive		61		133		143		152		167		10,982		11,638
Sidney Street		329		694		746		802		862		28,322		31,755
Towne Centre Drive		254		524		548		574		601		20,148		22,649
Total fixed rate notes		2,502		5,380		21,213		24,076		4,624		176,109		233,904
$250 million secured term loan		—		—		—		—		—		250,000		250,000
Total consolidated debt		2,502		5,380		21,213		24,076		4,624		426,109		483,904
McKellar Court (21%)		17		25		27		29		32		2,136		2,266
Total consolidated and pro rata share of unconsolidated joint venture debt	$	2,519	$	5,405	$	21,240	$	24,105	$	4,656	$	428,245	$	486,170

14

BIOMED REALTY TRUST, INC.
COMMON STOCK DATA
JUNE 30, 2005
(Shares in thousands)

SUMMARY OF COMMON SHARES

	Three Months Ended
	June 30, 2005		March 31, 2005
Weighted average shares outstanding		31,862		31,130
Weighted average units outstanding		2,870		2,870
Dilutive effect of restricted stock		81		74
Dilutive effect of stock warrant		80		75
Diluted shares — EPS and FFO		34,893		34,149

	Six Months Ended
	June 30, 2005
Weighted average shares outstanding		31,515
Weighted average units outstanding		2,870
Dilutive effect of restricted stock		81
Dilutive effect of stock warrant		78
Diluted shares — EPS and FFO		34,544

	As of		As of
	June 30, 2005		March 31, 2005
Shares outstanding		46,282		31,160
Units outstanding		2,870		2,870
Unvested restricted shares outstanding		285		273
Stock warrant outstanding		270		270
Total		49,707		34,573

COMMON STOCK DATA

	Three Months Ended
	June 30, 2005			March 31, 2005
High Price	$	24.47		$	22.40
Low Price	$	19.39		$	19.40
Average Closing Price	$	21.30		$	20.77
Closing Price	$	23.85		$	20.60
Dividends per share — Annualized	$	1.08		$	1.08
Closing Dividend Yield — Annualized		4.5	%		5.2	%

DIVIDENDS

			Per Share
2005
First quarter			$	0.2700
Second quarter			$	0.2700
2004
Third quarter			$	0.1497
Fourth quarter			$	0.2700
Latest Dividend
Amount	$	0.27
Declared	June 3, 2005
Record	June 15, 2005
Paid	July 15, 2005

15

BIOMED REALTY TRUST, INC.
PORTFOLIO SUMMARY
JUNE 30, 2005

										Percent of			Current				Percent of			Annualized
			Rentable		Percent of			Current		Current			Annualized		Annualized		Annualized			Base Rent per
			Square		Rentable			Annualized		Annualized			Base Rent per		Base Rent		Base Rent			Leased Sq Ft
Market	Properties		Feet		Sq Ft			Base Rent (1)		Base Rent			Leased Sq Ft		at Expiration		at Expiration			at Expiration
								(in thousands)							(in thousands)
Boston (2)		11		1,270,365		29.8	%	$	46,217		42.2	%	$	37.93	$	50,290		40.3	%	$	42.14
New York / New Jersey		2		823,948		19.4	%		14,252		13.0	%		18.18		15,403		12.4	%		21.33
San Francisco		5		717,970		16.9	%		14,206		13.0	%		22.20		19,409		15.6	%		30.33
Pennsylvania		3		559,259		13.1	%		10,282		9.4	%		20.30		10,575		8.5	%		20.87
San Diego (3)		8		529,641		12.4	%		14,986		13.7	%		29.89		17,180		13.8	%		35.31
Seattle		2		185,989		4.4	%		6,905		6.3	%		37.13		7,732		6.2	%		41.57
Maryland		2		168,817		4.0	%		2,625		2.4	%		15.55		3,971		3.2	%		23.52
Total / weighted average		33		4,255,989		100.0	%	$	109,473		100.0	%	$	27.86	$	124,560		100.0	%	$	31.70

(1)	Based on current annualized base rent. Current annualized rent is the monthly contractual rent as of June 30, 2005, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.
(2)	Excludes parking revenue of $1,063,000 for 47 Erie Street Parking Structure.
(3)	Includes 72,863 square feet of an unconsolidated partnership, of which we own 21%.

16

BIOMED REALTY TRUST, INC.
OCCUPANCY SUMMARY
JUNE 30, 2005

	Rentable Square Feet										Percent of Total
Market	Properties		Leased		Redevelopment		Vacant		Total		Leased			Redevelopment			Vacant			Total
Boston		11		1,218,633		—		51,732		1,270,365		95.9	%		—			4.1	%		100.0	%
New York / New Jersey		2		722,204		61,616		40,128		823,948		87.7	%		7.5	%		4.8	%		100.0	%
San Francisco		5		639,970		54,659		23,341		717,970		89.1	%		7.6	%		3.3	%		100.0	%
Pennsylvania		3		506,629		52,630		—		559,259		90.6	%		9.4	%		0.0	%		100.0	%
San Diego		8		486,505		14,933		28,203		529,641		91.9	%		2.8	%		5.3	%		100.0	%
Seattle		2		185,989		—		—		185,989		100.0	%		—			0.0	%		100.0	%
Maryland		2		168,817		—		—		168,817		100.0	%		—			0.0	%		100.0	%
Total		33		3,928,747		183,838		143,404		4,255,989		92.3	%		4.3	%		3.4	%		100.0	%

	Historical Leased
	6/30/05			3/31/05			12/31/04			9/30/04
Boston		95.9	%		n/a			n/a			n/a
New York / New Jersey		87.7	%		87.9	%		94.9	%		94.9	%
San Francisco		89.1	%		88.4	%		88.8	%		87.7	%
Pennsylvania		90.6	%		100.0	%		100.0	%		100.0	%
San Diego		91.9	%		87.7	%		96.4	%		100.0	%
Seattle		100.0	%		100.0	%		100.0	%		100.0	%
Maryland		100.0	%		100.0	%		100.0	%		n/a
Total		92.3	%		91.5	%		95.3	%		94.7	%

	Historical Redevelopment
	6/30/05			3/31/05			12/31/04		9/30/04
Boston		—			n/a			n/a		n/a
New York / New Jersey		7.5	%		7.5	%		—		—
San Francisco		7.6	%		—			—		—
Pennsylvania		9.4	%		—			—		—
San Diego		2.8	%		8.8	%		—		—
Seattle		—			—			—		—
Maryland		—			—			—		n/a
Total		4.3	%		3.7	%		—		—

	Historical Vacancy
	6/30/05			3/31/05			12/31/04			9/30/04
Boston		4.1	%		n/a			n/a			n/a
New York / New Jersey		4.8	%		4.7	%		5.1	%		5.1	%
San Francisco		3.3	%		11.6	%		11.2	%		12.3	%
Pennsylvania		—			—			—			—
San Diego		5.3	%		3.5	%		3.6	%		—
Seattle		—			—			—			—
Maryland		—			—			—			n/a
Total		3.4	%		4.8	%		4.7	%		5.3	%

17

BIOMED REALTY TRUST, INC.
LEASE EXPIRATIONS
JUNE 30, 2005

	Rentable		Percent of					Percent of			Current				Percent of			Annualized
	Square Feet		Total			Current		Current			Base Rent		Annualized		Annualized			Base Rent per
	of Expiring		Rentable			Annualized		Annualized			per Leased		Base Rent		Base Rent			Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Sq Ft		at Expiration		at Expiration			at Expiration
						(in thousands)							(in thousands)
Vacant		143,404		3.4	%	$	—		—		$	—	$	—		—		$	—
Redevelopment		183,838		4.3	%		—		—			—		—		—			—
2005		140,198		3.3	%		2,306		2.1	%		16.45		2,376		1.9	%		16.95
2006		161,503		3.8	%		2,806		2.6	%		17.38		2,853		2.3	%		17.66
2007		347,399		8.2	%		7,231		6.6	%		20.81		7,774		6.2	%		22.38
2008		247,855		5.8	%		7,325		6.7	%		29.56		7,682		6.2	%		30.99
2009		410,096		9.6	%		9,020		8.2	%		22.00		9,391		7.5	%		22.90
2010		766,586		18.0	%		17,810		16.3	%		23.23		18,662		15.0	%		24.34
2011		84,001		2.0	%		4,144		3.8	%		49.34		5,019		4.0	%		59.75
2012		221,496		5.2	%		5,989		5.5	%		27.04		6,975		5.6	%		31.49
2013		222,299		5.2	%		4,903		4.5	%		22.06		6,437		5.2	%		28.96
2014		238,252		5.6	%		6,826		6.2	%		28.65		8,318		6.7	%		34.91
Thereafter		1,089,062		25.6	%		41,113		37.5	%		37.75		49,074		39.4	%		45.06
Total / weighted average		4,255,989		100.0	%	$	109,473		100.0	%	$	27.86	$	124,560		100.0	%	$	31.70

	Rentable Square Feet Expiring
	Expiration Year
Market	2005		2006		2007		2008		2009		Thereafter		Total
Boston		1,526		17,979		17,800		—		41,532		1,139,796		1,218,633
New York / New Jersey		51,005		16,563		235,792		2,246		297,021		119,577		722,204
San Francisco		46,504		61,444		27,969		—		55,588		448,465		639,970
Pennsylvania		17,230		27,750		4,000		95,711		—		361,938		506,629
San Diego		23,933		37,767		61,838		14,909		15,955		332,103		486,505
Seattle		—		—		—		134,989		—		51,000		185,989
Maryland		—		—		—		—		—		168,817		168,817
Total		140,198		161,503		347,399		247,855		410,096		2,621,696		3,928,747

	% of Total Portfolio Current Base Rent Expiring
	Expiration Year
Market	2005			2006			2007			2008			2009			Thereafter			Total
Boston		—			0.2	%		0.4	%		—			1.6	%		40.0	%		42.2	%
New York / New Jersey		0.8	%		0.4	%		3.6	%		—			5.4	%		2.7	%		12.9	%
San Francisco		0.4	%		0.5	%		0.4	%		—			0.9	%		10.8	%		13.0	%
Pennsylvania		0.2	%		0.3	%		0.1	%		1.1	%		—			7.6	%		9.3	%
San Diego		0.7	%		1.2	%		2.1	%		0.7	%		0.3	%		8.8	%		13.8	%
Seattle		—			—			—			4.9	%		—			1.5	%		6.4	%
Maryland		—			—			—			—			—			2.4	%		2.4	%
Total		2.1	%		2.6	%		6.6	%		6.7	%		8.2	%		73.8	%		100.0	%

18

BIOMED REALTY TRUST, INC.
PORTFOLIO BY SIZE
JUNE 30, 2005

								Percent of			Current				Percent of			Annualized
	Rentable		Percent of			Current		Current			Annualized		Annualized		Annualized			Base Rent per
	Square		Rentable			Annualized		Annualized			Base Rent per		Base Rent		Base Rent			Leased Sq Ft
Square Feet	Feet		Sq Ft			Base Rent		Base Rent			Leased Sq Ft		at Expiration		at Expiration			at Expiration
						(in thousands)							(in thousands)
Vacant		143,404		3.4	%	$	—		—		$	—	$	—		—		$	—
Redevelopment		183,838		4.3	%		—		—			—		—		—			—
2,500 or less		20,263		0.5	%		451		0.4	%		22.28		479		0.4	%		23.64
2,501 to 5,000		27,796		0.7	%		599		0.5	%		21.56		657		0.5	%		23.63
5,001 to 7,500		26,467		0.6	%		706		0.6	%		26.67		833		0.7	%		31.49
7,501 to 10,000		17,202		0.4	%		240		0.2	%		13.96		264		0.2	%		15.33
10,001 to 20,000		189,213		4.4	%		4,481		4.1	%		23.68		4,747		3.8	%		25.09
20,001 to 40,000		375,762		8.8	%		7,534		6.9	%		20.05		8,697		7.0	%		23.14
40,001 to 60,000		569,891		13.4	%		16,077		14.7	%		28.21		20,294		16.3	%		35.61
60,001 to 80,000		834,025		19.6	%		24,168		22.1	%		28.98		28,068		22.5	%		33.65
80,001 to 100,000		178,614		4.2	%		2,735		2.5	%		15.31		3,281		2.6	%		18.37
100,001 to 200,000		724,400		17.0	%		14,721		13.4	%		20.32		16,217		13.0	%		22.39
200,001 or greater		965,114		22.7	%		37,761		34.6	%		39.13		41,022		33.0	%		42.51
Total / weighted average		4,255,989		100.0	%	$	109,473		100.0	%	$	27.86	$	124,560		100.0	%	$	31.70

19

BIOMED REALTY TRUST, INC.
BOSTON MARKET
JUNE 30, 2005

													Current				Annualized
			Rentable		Percent of						Current		Annualized		Annualized		Base Rent per		Encumbered
			Square		Rentable			Percent			Annualized		Base Rent per		Base Rent		Leased Sq Ft		with Secured
	Buildings		Feet		Sq Ft			Leased			Base Rent		Leased Sq Ft		at Expiration		at Expiration		Debt
Boston											(in thousands)				(in thousands)
Albany Street		2		75,003		5.9	%		99.8	%	$	3,460	$	46.21	$	3,460	$	46.21		N
Coolidge Avenue		1		37,400		2.9	%		100.0	%		935		25.00		1,047		28.00		N
21 Erie Street		1		48,238		3.8	%		58.1	%		783		27.94		783		27.94		N
40 Erie Street		1		100,854		7.9	%		100.0	%		4,098		40.64		3,800		37.67		Y
Fresh Pond Research Park		6		90,702		7.1	%		83.3	%		1,023		13.54		1,660		21.97		N
Kendall Square A		1		302,919		23.9	%		96.7	%		14,536		49.61		14,536		49.61		N
Kendall Square D		1		349,325		27.6	%		98.2	%		15,399		44.89		18,717		54.57		Y
Lucent Drive		1		21,500		1.7	%		100.0	%		548		25.50		548		25.50		Y
Sidney Street		1		191,904		15.1	%		100.0	%		4,063		21.17		4,063		21.17		Y
Vassar Street		1		52,520		4.1	%		100.0	%		1,372		26.13		1,676		31.92		N
47 Erie Street Parking Structure		1	447 stalls			n/a			n/a			1,063		n/a		1,063		n/a		N
Total / weighted average		17		1,270,365		100.0	%		95.9	%	$	47,280	$	37.93	$	51,353	$	42.14

LEASE EXPIRATIONS

	Rentable							Percent of			Annualized
	Sq Ft of		Percent of			Current		Current			Base Rent per		Base Rent per
	Expiring		Rentable			Annualized		Annualized			Leased Sq Ft		Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Current		at Expiration
						(in thousands)
47 Erie Street Parking Structure		n/a		n/a		$	1,063		2.2	%	$	—	$	—
Vacant		51,732		4.1	%		—		0.0	%		—		—
Redevelopment		—		0.0	%		—		0.0	%		—		—
2005		1,526		0.1	%		40		0.1	%		26.40		26.40
2006		17,979		1.4	%		203		0.4	%		11.27		11.27
2007		17,800		1.4	%		472		1.0	%		26.50		28.66
2008		—		0.0	%		—		0.0	%		—		—
2009		41,532		3.3	%		1,723		3.6	%		41.49		41.49
2010		383,214		30.2	%		9,094		19.2	%		23.73		25.60
2011		—		0.0	%		—		0.0	%		—		—
2012		—		0.0	%		—		0.0	%		—		—
2013		73,347		5.8	%		3,420		7.2	%		46.62		46.62
2014		49,519		3.9	%		1,331		2.8	%		26.88		26.88
Thereafter		633,716		49.8	%		29,935		63.3	%		47.24		52.47
Total / weighted average		1,270,365		100.0	%	$	47,280		99.8	%	$	37.93	$	42.14

20

BIOMED REALTY TRUST, INC.
NEW YORK / NEW JERSEY MARKET
JUNE 30, 2005

													Current				Annualized
			Rentable		Percent of						Current		Annualized		Annualized		Base Rent per		Encumbered
			Square		Rentable			Percent			Annualized		Base Rent per		Base Rent		Leased Sq Ft		with Secured
	Buildings		Feet		Sq Ft			Leased			Base Rent		Leased Sq Ft		at Expiration		at Expiration		Debt
New York / New Jersey											(in thousands)				(in thousands)
Graphics Drive		1		72,300		8.8	%		14.8	%	$	148	$	13.86	$	148	$	13.86		N
Landmark at Eastview		8		751,648		91.2	%		94.7	%		14,103		19.82		15,255		21.44		N
Total / weighted average		9		823,948		100.0	%		87.7	%	$	14,252	$	18.18	$	15,403	$	21.33

LEASE EXPIRATIONS

	Rentable							Percent of			Annualized
	Sq Ft of		Percent of			Current		Current			Base Rent per		Base Rent per
	Expiring		Rentable			Annualized		Annualized			Leased Sq Ft		Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Current		at Expiration
						(in thousands)
Vacant		40,128		4.9	%	$	—		0.0	%	$	—	$	—
Redevelopment		61,616		7.5	%		—		0.0	%		—		—
2005		51,005		6.2	%		822		5.8	%		16.13		17.50
2006		16,563		2.0	%		434		3.0	%		26.20		26.20
2007		235,792		28.6	%		4,057		28.5	%		17.20		18.64
2008		2,246		0.3	%		47		0.3	%		20.76		14.40
2009		297,021		36.0	%		5,915		41.5	%		19.91		20.59
2010		9,125		1.1	%		190		1.3	%		20.87		16.57
2011		—		0.0	%		—		0.0	%		—		—
2012		110,452		13.4	%		2,786		19.6	%		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	%	$	14,252		100.0	%	$	18.18	$	21.33

21

BIOMED REALTY TRUST, INC.
SAN FRANCISCO MARKET
JUNE 30, 2005

													Current				Annualized
			Rentable		Percent of						Current		Annualized		Annualized		Base Rent per		Encumbered
			Square		Rentable			Percent			Annualized		Base Rent per		Base Rent		Leased Sq Ft		with Secured
	Buildings		Feet		Sq Ft			Leased			Base Rent		Leased Sq Ft		at Expiration		at Expiration		Debt
San Francisco											(in thousands)				(in thousands)
Ardentech Court		1		55,588		7.7	%		100.0	%	$	1,010	$	18.17	$	1,142	$	20.54		Y
Bayshore Boulevard		3		183,344		25.5	%		100.0	%		4,331		23.62		6,118		33.37		Y
Bridgeview		3		263,073		36.7	%		91.1	%		2,752		12.78		4,730		21.97		Y
Dumbarton Circle		1		44,000		6.1	%		100.0	%		632		14.37		1,003		22.80		N
Industrial Road		1		171,965		24.0	%		82.4	%		5,480		38.67		6,416		45.26		N
Total / weighted average		9		717,970		100.0	%		89.1	%	$	14,206	$	22.20	$	19,409	$	30.33

LEASE EXPIRATIONS

	Rentable							Percent of			Annualized
	Sq Ft of		Percent of			Current		Current			Base Rent per		Base Rent per
	Expiring		Rentable			Annualized		Annualized			Leased Sq Ft		Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Current		at Expiration
						(in thousands)
Vacant		23,341		3.3	%	$	—		0.0	%	$	—	$	—
Redevelopment		54,659		7.6	%		—		0.0	%		—		—
2005		46,504		6.5	%		454		3.2	%		9.77		9.77
2006		61,444		8.6	%		516		3.6	%		8.40		8.40
2007		27,969		3.9	%		386		2.7	%		13.80		15.00
2008		—		0.0	%		—		0.0	%		—		—
2009		55,588		7.7	%		1,010		7.1	%		18.17		20.54
2010		—		0.0	%		—		0.0	%		—		—
2011		55,898		7.8	%		3,335		23.5	%		59.66		72.59
2012		61,826		8.6	%		1,743		12.3	%		28.20		28.62
2013		148,952		20.7	%		1,483		10.4	%		9.96		20.26
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		181,789		25.3	%		5,279		37.2	%		29.04		44.19
Total / weighted average		717,970		100.0	%	$	14,206		100.0	%	$	22.20	$	30.33

22

BIOMED REALTY TRUST, INC.
PENNSYLVANIA MARKET
JUNE 30, 2005

													Current				Annualized
			Rentable		Percent of						Current		Annualized		Annualized		Base Rent per		Encumbered
			Square		Rentable			Percent			Annualized		Base Rent per		Base Rent		Leased Sq Ft		with Secured
	Buildings		Feet		Sq Ft			Leased			Base Rent		Leased Sq Ft		at Expiration		at Expiration		Debt
Pennsylvania											(in thousands)				(in thousands)
Eisenhower Road		1		27,750		5.0	%		100.0	%	$	377	$	13.60	$	389	$	14.00		Y
King of Prussia		5		427,109		76.3	%		100.0	%		9,060		21.21		9,003		21.08		N
Phoenixville Pike		1		104,400		18.7	%		49.6	%		845		16.32		1,184		22.87		N
Total / weighted average		7		559,259		100.0	%		90.6	%	$	10,282	$	20.30	$	10,575	$	20.87

LEASE EXPIRATIONS

	Rentable							Percent of			Annualized
	Sq Ft of		Percent of			Current		Current			Base Rent per		Base Rent per
	Expiring		Rentable			Annualized		Annualized			Leased Sq Ft		Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Current		at Expiration
						(in thousands)
Vacant		—		0.0	%	$	—		0.0	%	$	—	$	—
Redevelopment		52,630		9.4	%		—		0.0	%		—		—
2005		17,230		3.1	%		270		2.6	%		15.65		15.65
2006		27,750		5.0	%		377		3.7	%		13.60		14.00
2007		4,000		0.7	%		66		0.6	%		16.60		21.60
2008		95,711		17.1	%		1,234		12.0	%		12.89		12.89
2009		—		0.0	%		—		0.0	%		—		—
2010		354,858		63.4	%		8,249		80.3	%		23.24		23.66
2011		—		0.0	%		—		0.0	%		—		—
2012		7,080		1.3	%		86		0.8	%		12.20		28.42
2013		—		0.0	%		—		0.0	%		—		—
2014		—		0.0	%		—		0.0	%		—		—
Thereafter		—		0.0	%		—		0.0	%		—		—
Total / weighted average		559,259		100.0	%	$	10,282		100.0	%	$	20.30	$	20.87

23

BIOMED REALTY TRUST, INC.
SAN DIEGO MARKET
JUNE 30, 2005

													Current				Annualized
			Rentable		Percent of						Current		Annualized		Annualized		Base Rent per		Encumbered
			Square		Rentable			Percent			Annualized		Base Rent per		Base Rent		Leased Sq Ft		with Secured
	Buildings		Feet		Sq Ft			Leased			Base Rent		Leased Sq Ft		at Expiration		at Expiration		Debt
San Diego											(in thousands)				(in thousands)
Balboa Avenue		1		35,344		6.7	%		100.0	%	$	649	$	18.37	$	716	$	20.26		N
Bernardo Center Drive		1		61,286		11.6	%		100.0	%		2,219		36.20		2,330		38.01		N
McKellar Court (1)		1		72,863		13.8	%		100.0	%		1,671		22.94		1,997		27.41		Y
Nancy Ridge Drive		1		42,138		8.0	%		100.0	%		1,372		32.56		1,660		39.39		Y
San Diego Science Center		1		105,364		19.9	%		73.2	%		2,782		36.05		2,867		37.16		N
Science Center Drive		1		53,740		10.1	%		100.0	%		1,660		30.88		1,660		30.88		Y
Towne Centre Drive		3		115,870		21.8	%		100.0	%		3,824		33.00		4,989		43.06		Y
Waples Street		1		43,036		8.1	%		65.3	%		809		28.80		961		34.21		N
Total / weighted average		10		529,641		100.0	%		91.9	%	$	14,986	$	29.89	$	17,180	$	35.31

LEASE EXPIRATIONS

	Rentable							Percent of			Annualized
	Sq Ft of		Percent of			Current		Current			Base Rent per		Base Rent per
	Expiring		Rentable			Annualized		Annualized			Leased Sq Ft		Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Current		at Expiration
						(in thousands)
Vacant		28,203		5.3	%	$	—		0.0	%	$	—	$	—
Redevelopment		14,933		2.8	%		—		0.0	%		—		—
2005		23,933		4.5	%		719		4.8	%		30.05		30.05
2006		37,767		7.1	%		1,277		8.5	%		33.80		34.74
2007		61,838		11.7	%		2,250		15.0	%		36.38		38.21
2008		14,909		2.8	%		755		5.0	%		50.65		53.87
2009		15,955		3.0	%		373		2.5	%		23.35		25.78
2010		19,389		3.7	%		277		1.8	%		14.28		15.72
2011		28,103		5.3	%		809		5.4	%		28.80		34.21
2012		42,138		8.0	%		1,372		9.2	%		32.56		39.39
2013		—		0.0	%		—		0.0	%		—		—
2014		188,733		35.7	%		5,495		36.7	%		29.12		37.02
Thereafter		53,740		10.1	%		1,660		11.1	%		30.88		30.88
Total / weighted average		529,641		100.0	%	$	14,986		100.0	%	$	29.89	$	35.31

(1) This property is an unconsolidated partnership, of which we own 21%.

24

BIOMED REALTY TRUST, INC.
SEATTLE MARKET
JUNE 30, 2005

													Current				Annualized
			Rentable		Percent of						Current		Annualized		Annualized		Base Rent per		Encumbered
			Square		Rentable			Percent			Annualized		Base Rent per		Base Rent		Leased Sq Ft		with Secured
	Buildings		Feet		Sq Ft			Leased			Base Rent		Leased Sq Ft		at Expiration		at Expiration		Debt
Seattle											(in thousands)				(in thousands)
Elliott Avenue		1		134,989		72.6	%		100.0	%	$	5,290	$	39.19	$	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	%	$	6,905	$	37.13	$	7,732	$	41.57

LEASE EXPIRATIONS

	Rentable							Percent of			Annualized
	Sq Ft of		Percent of			Current		Current			Base Rent per		Base Rent per
	Expiring		Rentable			Annualized		Annualized			Leased Sq Ft		Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Current		at Expiration
						(in thousands)
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	%		5,290		76.6	%		39.19		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		23.4	%		31.67		41.56
Total / weighted average		185,989		100.0	%	$	6,905		100.0	%	$	37.13	$	41.57

25

BIOMED REALTY TRUST, INC.
MARYLAND MARKET
JUNE 30, 2005

													Current				Annualized
			Rentable		Percent of						Current		Annualized		Annualized		Base Rent per		Encumbered
			Square		Rentable			Percent			Annualized		Base Rent per		Base Rent		Leased Sq Ft		with Secured
	Buildings		Feet		Sq Ft			Leased			Base Rent		Leased Sq Ft		at Expiration		at Expiration		Debt
Maryland											(in thousands)				(in thousands)
Beckley Street		1		77,225		45.7	%		100.0	%	$	1,575	$	20.39	$	2,382	$	30.85		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	$	3,971	$	23.52

LEASE EXPIRATIONS

	Rentable							Percent of			Annualized
	Sq Ft of		Percent of			Current		Current			Base Rent per		Base Rent per
	Expiring		Rentable			Annualized		Annualized			Leased Sq Ft		Leased Sq Ft
Year of Lease Expiration	Leases		Sq Ft			Base Rent		Base Rent			Current		at Expiration
						(in thousands)
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

26

BIOMED REALTY TRUST, INC.
20 LARGEST TENANTS (1)
JUNE 30, 2005

As of June 30, 2005, our properties were leased to 78 tenants.

										Current		Percent of					Annualized		Percent of
										Annualized		Current					Base Rent		Annualized
			Leased		Percent of			Current		Base Rent		Annualized			Annualized		per Leased		Base Rent
			Square		Total			Annualized		per Leased		Base Rent			Base Rent		Sq Ft		at Expiration			Expiration
	Tenant	Market	Feet		Portfolio			Base Rent		Sq Ft		Total Portfolio			at Expiration		at Expiration		Total Portfolio			Date
								(in thousands)							(in thousands)
1	Vertex Pharmaceuticals	Boston		583,474		13.7	%	$	22,697	$	38.90		20.7	%	$	22,398	$	38.39		18.0	%	April 2018(2)
2	Genzyme Corporation	Boston		343,000		8.1	%		15,399		44.89		14.1	%		18,717		54.57		15.0	%	July 2018
3	Centocor, Inc. (Johnson & Johnson)	Pennsylvania		331,398		7.8	%		7,826		23.62		7.1	%		7,769		23.44		6.2	%	March 2010
4	Regeneron Pharmaceuticals, Inc.	New York / New Jersey		211,813		5.0	%		3,950		18.65		3.6	%		4,348		20.53		3.5	%	December 2007(3)
5	Illumina, Inc.	San Diego		115,870		2.7	%		3,824		33.00		3.5	%		4,989		43.06		4.0	%	August 2014
6	Nektar Therapeutics	San Francisco		79,917		1.9	%		3,737		46.76		3.4	%		4,646		58.14		3.7	%	October 2016
7	Millenium Pharmaceuticals, Inc.	Boston		73,347		1.7	%		3,420		46.62		3.1	%		3,420		46.62		2.7	%	September 2013
8	Chemtura Corporation	New York / New Jersey		182,829		4.3	%		3,377		18.47		3.1	%		3,377		18.47		2.7	%	December 2009
9	Intermune, Inc.	San Francisco		55,898		1.3	%		3,335		59.66		3.0	%		4,058		72.59		3.3	%	April 2011
10	Chiron Corporation	Seattle		71,153		1.7	%		2,944		41.38		2.7	%		3,123		43.89		2.5	%	March 2008
11	Guilford Pharmaceuticals	Maryland		168,817		4.0	%		2,625		15.55		2.4	%		3,971		23.52		3.2	%	December 2019
12	Cell Therapeutics, Inc.	Seattle		63,836		1.5	%		2,346		36.75		2.1	%		2,490		39.00		2.0	%	January 2008
13	University of California Regents	San Diego		61,286		1.4	%		2,219		36.20		2.0	%		2,330		38.01		1.9	%	April 2007
14	ACS	New York / New Jersey		71,399		1.7	%		1,791		25.08		1.6	%		2,056		28.79		1.7	%	December 2012
15	Nuvelo, Inc.	San Francisco		61,826		1.5	%		1,743		28.20		1.6	%		1,769		28.62		1.4	%	August 2012
16	Emisphere Technologies, Inc.	New York / New Jersey		87,022		2.0	%		1,685		19.36		1.5	%		1,693		19.45		1.4	%	August 2007
17	Quidel Corporation (4)	San Diego		72,863		1.7	%		1,671		22.94		1.5	%		1,997		27.41		1.6	%	December 2014
18	Ligand Pharmaceuticals	San Diego		53,740		1.3	%		1,660		30.88		1.5	%		1,660		30.88		1.3	%	August 2015
19	Nastech Phamaceutical	Seattle		51,000		1.2	%		1,615		31.67		1.5	%		2,119		41.56		1.7	%	January 2016
20	Cell Genesys	San Francisco		101,872		2.4	%		1,542		15.13		1.4	%		3,387		33.25		2.7	%	July 2017
	Total / weighted average (5)			2,842,360		66.9	%	$	89,405	$	31.45		81.4	%	$	100,318	$	35.29		80.5	%

(1)	Based on current annualized base rent. Current annualized rent is the monthly contractual rent as of June 30, 2005, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.
(2)	41,532 square feet expires March 2009, 191,904 square feet expires August 2010, 59,322 square feet expires December 2010, and 290,714 square feet expires April 2018. 45,000 square feet of this space is subleased
(3)	138,086 square feet expires December 2007 and 73,727 square feet expires December 2009.
(4)	This tenant occupies a property that is an unconsolidated partnership, of which we own 21%.
(5)	Without regard to any early lease terminations and/or renewal options.

27

BIOMED REALTY TRUST, INC.
REDEVELOPMENT (1)
JUNE 30, 2005

		Square Feet		Estimated
		Under		In-Service
Property	Market	Redevelopment (2)		Date (3)
Waples Street	San Diego		14,933		2006
Bridgeview	San Francisco		24,437		2006
Industrial Road	San Francisco		30,222		2006
Phoenixville Pike	Pennsylvania		52,630		2006
Graphics Drive	New York / New Jersey		61,616		2006
Total			183,838

(1)	Our redevelopment includes activities necessary for permanent change to office/laboratory space.
(2)	For our properties undergoing redevelopment, only the square footage undergoing redevelopment activities is removed from the portfolio statistics.
(3)	The property is expected to undergo a lease-up period once the redevelopment is complete.

28

BIOMED REALTY TRUST, INC.
LAND DEVELOPMENT PARCELS (1)
JUNE 30, 2005

		Developable
Property	Market	Square Feet
Towne Centre Drive	San Diego		84,000
Landmark at Eastview	New York / New Jersey		464,000
Fresh Pond Research Park	Boston		50,000
Total			598,000

(1) These sites represent possible future developments, which are in proximity to the properties noted above. These developments will be impacted by the timing and likelihood of success of the entitlement process, both of which are uncertain.

29

BIOMED REALTY TRUST, INC.
2005 ACQUISITIONS
JUNE 30, 2005

			Rentable				Percent
		Closing	Square				Leased
Property	Market	Date	Feet		Investment		at Acquisition
					(in thousands)
First Quarter 2005
Waples Street	San Diego	March 1, 2005		43,036	$	5,324		—	(1)
Bridgeview	San Francisco	March 16, 2005		50,400		16,219		100.0	%
Graphics Drive	New York / New Jersey	March 17, 2005		72,300		7,787		14.8	%(2)
First Quarter Total				165,736	$	29,330		30.4	%
Second Quarter 2005
Fresh Pond Research Park	Boston	April 5, 2005		90,702	$	20,768		83.3	%
Coolidge Avenue	Boston	April 5, 2005		37,400		10,837		100.0	%
Phoenixville Pike	Pennsylvania	April 5, 2005		104,400		13,240		49.6	%
Nancy Ridge Drive	San Diego	April 21, 2005		42,138		12,974		100.0	%
Dumbarton Circle	San Francisco	May 27, 2005		44,000		8,959		100.0	%
Lucent Drive	Boston	May 31, 2005		21,500		7,142		100.0	%
21 Erie Street	Boston	May 31, 2005		48,238		11,939		58.1	%
Vassar Street	Boston	May 31, 2005		52,520		17,850		100.0	%
Albany Street	Boston	May 31, 2005		75,003		38,444		99.8	%
40 Erie Street	Boston	May 31, 2005		100,854		45,755		100.0	%
Sidney Street	Boston	May 31, 2005		191,904		51,015		100.0	%
Kendall Square A	Boston	May 31, 2005		302,919		150,843		96.7	%
Kendall Square D	Boston	May 31, 2005		349,325		192,583		98.2	%
47 Erie Street Parking Structure	Boston	May 31, 2005		n/a		10,180		n/a
Second Quarter Total				1,460,903	$	592,529		92.9	%
2005 Total				1,626,639	$	621,859		86.5	%

(1)	The entire property was undergoing redevelopment on the date of acquisition. 28,103 square feet was leased in the second quarter.
(2)	61,616 sq. ft. is undergoing redevelopment. The remainder is fully occupied.

30

BIOMED REALTY TRUST, INC.
JOINT VENTURES
JUNE 30, 2005

	Investment	Effective	Square		Percent
Property	Date	Ownership % (1)	Feet		Leased
Wholly-owned		100.0%		3,712,981		91.6	%
Consolidated Joint Ventures
King of Prussia — Pennsylvania	Aug. 11, 2004	89.0%		427,109		100.0	%
Waples — San Diego	March 1, 2005	90.0%		43,036		65.3	%
Unconsolidated Joint Venture
McKellar Court — San Diego	Sept. 30, 2004	21.0%		72,863		100.0	%
Total Square Feet				4,255,989		92.3	%

(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 June 30, 2005:
Rental property	$	16,018
Other assets		1,634
Total assets	$	17,652
Secured notes payable (1)	$	11,173
Other liabilities		394
Equity		6,085
Total liabilities and partners’ equity	$	17,652
Results of Operations for the three months ended June 30, 2005:
Total revenues	$	477
Expenses:
Rental operations		48
Depreciation and amortization		95
Income from operations		334
Interest income		2
Interest expense		(237	)
Net income	$	99
BioMed Realty Trust’s share
Secured notes payable	$	2,266
Net income	$	21
Depreciation and amortization		20
Funds from operations	$	41
Supplemental information
Distributions	$	35
Interest expense	$	50

(1) Includes debt premium of $385.

31

BIOMED REALTY TRUST, INC.
LEASING ACTIVITY
JUNE 30, 2005

				Rentable
Tenant	Property	Market	Description	Square Feet
First Quarter Leasing Events
Nuvelo, Inc.	Industrial Road	San Francisco	New 7-year lease		60,000
Financial Planning	Landmark at Eastview	New York / New Jersey	5-year lease extension		2,600
ACS	Landmark at Eastview	New York / New Jersey	5-year lease extension		71,399
Smartmail	Bridgeview	San Francisco	MTM lease extension		25,718
First Quarter Total					159,717
Second Quarter Leasing Events
Centocor, Inc.	King of Prussia	Pennsylvania	New 5-year lease for additional space for existing tenant.		79,667
Amira Pharmaceuticals, Inc.	Waples Street	San Diego	New 5-year lease		28,103
Tera Biotechnology	Bunker Hill	San Diego	1-year lease extension		1,667
Nuvelo, Inc.	Industrial Road	San Francisco	New 7-year lease		1,826
Technovax, Inc.	Landmark at Eastview	New York / New Jersey	New 3-year lease		952
Combe Incorporated	Landmark at Eastview	New York / New Jersey	New 5-year lease for additional space for existing tenant.		2,539
Second Quarter Total					114,754

32

BIOMED REALTY TRUST, INC.
NON-GAAP FINANCIAL MEASURE DEFINITIONS
JUNE 30, 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.

33