Biomed Realty Trust 8-K Biomed Realty Trust Reports First Quarter 2006 Financial Results

EXHIBIT 99.2

BIOMED REALTY TRUST, INC.
SUPPLEMENTAL OPERATING AND FINANCIAL DATA
MARCH 31, 2006

Fairview Avenue
Seattle, WA
Acquired January 2006
Architect’s Rendering

900 Uniqema Boulevard
New Castle, DE
Acquired January 2006
11,293 sq ft fully leased
toICI Americas, Inc. (Uniqema)

BioMed Realty Trust, Inc.	www.biomedrealty.com
17140 Bernardo Center Drive, Suite 222	858.485.9840
San Diego, CA 92128	858.485.9843 (fax)
Investor Relations Contact	Media Contact
Kent Griffin	Georganne R. Palffy
Chief Financial Officer	Financial Relations Board
858.485.9840	312.640.6768

BIOMED REALTY TRUST, INC.
TABLE OF CONTENTS
MARCH 31, 2006

	Page
Company Background		3
Investor Information		4
Financial and Operating Highlights		5
Consolidated Balance Sheets		6
Consolidated Statements of Income		7
Funds From Operations and Adjusted Funds From Operations		8
Reconciliation of EBITDA and AFFO		9
Reconciliation of Net Operating Income		10
Coverage Ratios		11
Debt Summary		12
Debt Maturities and Principal Payments		13
Common Stock Data		14
Same Property Analysis		15
Portfolio Summary and Lease Expirations		16
Occupancy Summary		17
Property Listing		18
10 Largest Tenants		19
Redevelopment and Land Development Parcels		20
Acquisitions		21
Leasing Activity		22
Tenant Improvements and Leasing Commissions		23
Non-GAAP Financial Measure Definitions		24

This Supplemental Operating and Financial Data 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 company’s target markets, 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, including the company’s most recent annual report on Form 10-K. 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.

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.

2

BIOMED REALTY TRUST, INC.
COMPANY BACKGROUND
MARCH 31, 2006

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 primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. Our properties and primary acquisition targets are generally 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.

During 2005, we completed the acquisition of 23 properties totaling approximately 2.1 million rentable square feet of laboratory and office space. The properties were acquired for an aggregate of approximately $715 million.

On January 12, 2006, we invested approximately $2.7 million in a majority owned joint venture that purchased the land located at 530 Fairview Avenue, on the southeast corner of Fairview Avenue North and Mercer Street, in the South Lake Union area of Seattle, Washington. We have entered into an agreement with our joint venture partner to develop a five-story, 93,000 square-foot laboratory facility to be named the Fairview Research Center.

On January 13, 2006, we completed the acquisition of an 11,293 square foot property located at 900 Uniqema Boulevard in New Castle, Delaware. The total investment of approximately $4.7 million was funded with cash and the assumption of approximately $1.8 million of debt.

As of March 31, 2006, we owned or had interests in 42 properties, located principally in Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York and New Jersey, consisting of 63 buildings with approximately 4.8 million rentable square feet of laboratory and office space, which was approximately 89.2% leased to 86 tenants. Of the approximately 514,000 square feet of unleased space, approximately 356,000 square feet, or 69.3% of our unleased square footage, was under redevelopment. We also owned undeveloped land that we estimate can support up to 799,000 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
MARCH 31, 2006

Board of Directors
Alan D. Gold	Edward A. Dennis, Ph.D.	Theodore D. Roth
Chairman
Gary A. Kreitzer	Mark J. Riedy, Ph.D.	M. Faye Wilson
Barbara R. Cambon
Executive Officers
Alan D. Gold	John F. Wilson, II	R. Kent Griffin, Jr.
President and Chief Executive Officer	Executive Vice President-Operations	Chief Financial Officer
Gary A. Kreitzer	Matthew G. McDevitt
Executive Vice President, General Counsel, and Secretary	Regional Executive Vice President
Equity Research Coverage
Friedman Billings Ramsey	Raymond James	Stifel, Nicolaus & Company, Inc.
Paul Morgan / Michael Blank	Paul D. Puryear / Ken Avalos	Jerry L. Doctrow
703.469.1255 / 703.469.1115	800.248.8863	800.368.2558
Wachovia Securities
Christopher Haley
443.263.6773
Company Information
Corporate Headquarters	Trading Symbol	Transfer Agent
17140 Bernardo Center Drive, Suite 222	BMR	The Bank of New York
San Diego, CA 92128		101 Barclay Street, 11E
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
2006 Tentative Schedule for Quarterly Results
Second Quarter	Early August 2006
Third Quarter	Early November 2006
Fourth Quarter	February 2007

4

BIOMED REALTY TRUST, INC.
FINANCIAL AND OPERATING HIGHLIGHTS
MARCH 31, 2006

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

	As of or for the three months ended
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Selected Operating Data
Total revenues	$	43,793		$	44,492		$	41,330		$	28,563		$	24,505
Straight line rent		1,741			1,564			1,546			1,396			1,088
Fair value lease revenue (1)		578			728			791			330			(58	)
EBITDA(2)		25,861			24,951			25,085			16,813			13,856
General and administrative expense		4,347			4,277			3,756			2,695			2,566
Interest expense		7,784			7,581			7,422			6,812			1,411
Capitalized interest		(236	)		(258	)		(275	)		(150	)		(25	)
Minority interest		(222	)		(235	)		(278	)		(65	)		(429	)
Operating margins (3)		68.5	%		64.4	%		67.3	%		67.8	%		61.9	%
Operating expense recoveries (3)		91.5	%		90.7	%		91.7	%		93.0	%		88.6	%
Same property net operating income change (4)		5.0	%		11.3	%		—			—			—
Net income		4,474			4,569			5,201			1,440			5,836
Net income per share – diluted	$	0.10		$	0.10		$	0.11		$	0.05		$	0.19
FFO(5)		18,131			17,418			17,708			10,067			12,554
FFO per share – diluted (5)	$	0.37		$	0.35		$	0.36		$	0.29		$	0.37
AFFO(6)		16,158			13,535			16,469			10,747			12,725
Selected Balance Sheet Data
Cash and cash equivalents	$	30,365		$	20,312		$	74,495		$	113,014		$	15,570
Investments in real estate, net		1,131,917			1,129,371			1,072,427			1,033,743			494,509
Total assets		1,346,897			1,337,310			1,330,481			1,327,145			601,617
Total liabilities		601,030			586,162			573,649			569,371			159,258
Minority interests		20,367			20,673			21,278			21,775			22,486
Total stockholders’ equity		725,500			730,475			735,554			735,999			419,873
Capitalization
Total common shares outstanding		46,782			46,634			46,636			46,567			31,433
Total units outstanding		2,864			2,864			2,870			2,870			2,870
Total common shares and units outstanding		49,646			49,498			49,506			49,437			34,303
Share price at quarter end	$	29.64		$	24.40		$	24.80		$	23.85		$	20.60
Equity value at quarter end (7)		1,471,507			1,207,751			1,227,749			1,179,072			706,642
Consolidated debt	$	527,077		$	513,233		$	498,004		$	499,818		$	121,094
Total market capitalization		1,998,584			1,720,984			1,725,753			1,678,890			827,736
Debt / total market capitalization		26.4	%		29.8	%		28.9	%		29.8	%		14.6	%
Financial Ratios
Interest coverage (8)		3.3			3.3			3.4			2.5			9.5
Fixed charge coverage (8)		2.8			2.8			2.9			2.2			7.5
FFO payout		78.4	%		77.1	%		75.0	%		93.1	%		73.0	%
AFFO payout		87.9	%		100.0	%		81.8	%		87.1	%		73.0	%
Debt / total assets		39.1	%		38.4	%		37.4	%		37.7	%		20.1	%
Portfolio Statistics
Properties owned at end of quarter		42			40			37			34			20
Total rentable square footage owned		4,766,608			4,755,315			4,431,001			4,255,989			2,795,086
Leased at end of quarter		89.2	%		91.1	%		90.6	%		92.3	%		91.5	%
Redevelopment at end of quarter		7.5	%		5.8	%		6.1	%		4.3	%		3.7	%
Vacancy at end of quarter		3.3	%		3.1	%		3.3	%		3.4	%		4.8	%

(1)	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.
(2)	For a definition and discussion of EBITDA, see page 24. For a quantitative reconciliation of the differences between EBITDA and net income, see page 9.
(3)	See page 10 for detail.
(4)	See page 15 for detail.
(5)	For a definition and discussion of FFO, see page 24. 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 24. For a quantitative reconciliation of the differences between AFFO and net income, see page 8.
	For a qualitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 9.
(7)	Assuming conversion of 100% of the operating partnership units into shares of common stock.
(8)	For a discussion of coverage ratios, see page 24. See page 11 for detail.

5

BIOMED REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2006

(In thousands)

	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Assets
Investments in real estate, net	$	1,131,917		$	1,129,371		$	1,072,427		$	1,033,743		$	494,509
Investment in unconsolidated partnership		2,476			2,483			2,492			2,490			2,505
Cash and cash equivalents		30,365			20,312			74,495			113,014			15,570
Restricted cash		5,844			5,487			5,866			4,592			2,572
Accounts receivable, net		5,625			9,873			5,819			5,690			5,255
Accrued straight-line rents, net		10,472			8,731			7,166			5,620			4,224
Acquired above market leases, net		8,925			8,817			7,437			7,813			7,543
Deferred leasing costs, net		130,593			136,640			138,008			143,609			60,950
Deferred loan costs, net		4,507			4,855			5,196			5,530			1,605
Prepaid expenses		2,840			2,164			5,216			2,627			2,154
Other assets		13,333			8,577			6,359			2,417			4,730
Total assets	$	1,346,897		$	1,337,310		$	1,330,481		$	1,327,145		$	601,617
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	246,377		$	246,233		$	248,004		$	249,818		$	101,594
Secured term loan		250,000			250,000			250,000			250,000			—
Unsecured line of credit		30,700			17,000			—			—			19,500
Security deposits		6,883			6,905			6,222			5,976			5,227
Dividends and distributions payable		14,397			13,365			13,367			9,265			9,262
Accounts payable, accrued expenses, and other liabilities		24,196			23,012			25,234			22,324			9,466
Acquired below market leases, net		28,477			29,647			30,822			31,988			14,209
Total liabilities		601,030			586,162			573,649			569,371			159,258
Minority interests		20,367			20,673			21,278			21,775			22,486
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		466			466			466			465			314
Additional paid-in capital		758,375			757,591			756,768			755,390			430,600
Accumulated other comprehensive income		9,256			5,922			3,802			(1,765	)		—
Dividends in excess of earnings		(42,597	)		(33,504	)		(25,482	)		(18,091	)		(11,041	)
Total stockholders’ equity		725,500			730,475			735,554			735,999			419,873
Total liabilities and stockholders’ equity	$	1,346,897		$	1,337,310		$	1,330,481		$	1,327,145		$	601,617

6

BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
MARCH 31, 2006

(In thousands, except share data)

	Three Months Ended
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Revenues:
Rental	$	31,178		$	29,756		$	28,593		$	20,014		$	14,230
Tenant recoveries		12,609			14,198			12,225			8,549			7,254
Other income		6			538			512			—			3,021
Total revenues		43,793			44,492			41,330			28,563			24,505
Expenses:
Rental operations		9,543			11,626			9,763			6,721			6,395
Real estate taxes		4,242			4,031			3,573			2,476			1,788
Depreciation and amortization		13,361			12,546			12,164			8,476			6,191
General and administrative		4,347			4,277			3,756			2,695			2,566
Total expenses		31,493			32,480			29,256			20,368			16,940
Income from operations		12,300			12,012			12,074			8,195			7,565
Equity in net income of unconsolidated partnership		20			28			20			20			51
Interest income		160			345			807			102			60
Interest expense		(7,784	)		(7,581	)		(7,422	)		(6,812	)		(1,411	)
Income before minority interests		4,696			4,804			5,479			1,505			6,265
Minority interest in consolidated partnerships		54			48			45			66			109
Minority interests in operating partnership		(276	)		(283	)		(323	)		(131	)		(538	)
Net income	$	4,474		$	4,569		$	5,201		$	1,440		$	5,836
Basic earnings per share	$	0.10		$	0.10		$	0.11		$	0.05		$	0.19
Diluted earnings per share	$	0.10		$	0.10		$	0.11		$	0.05		$	0.19
Weighted-average common shares outstanding:
Basic		46,369,605			46,290,279			46,287,617			31,861,536			31,129,613
Diluted		49,518,010			49,482,818			49,444,409			34,893,367			34,148,820

7

BIOMED REALTY TRUST, INC.
FUNDS FROM OPERATIONS (1) AND
ADJUSTED FUNDS FROM OPERATIONS (2)
MARCH 31, 2006

(In thousands, except per share and ratio amounts)

	Three Months Ended
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Reconciliation of net income to funds from operations:
Net income	$	4,474		$	4,569		$	5,201		$	1,440		$	5,836
Adjustments:
Minority interests in operating partnership		276			283			323			131			538
Depreciation and amortization(3)		13,381			12,566			12,184			8,496			6,180
Funds from operations (FFO)	$	18,131		$	17,418		$	17,708		$	10,067		$	12,554
FFO per share — diluted	$	0.37		$	0.35		$	0.36		$	0.29		$	0.37
Dividends and distributions declared per share	$	0.29		$	0.27		$	0.27		$	0.27		$	0.27
FFO payout ratio(4)		78.4	%		77.1	%		75.0	%		93.1	%		73.0	%
Reconciliation of funds from operations to adjusted fund from operations:
Funds from operations	$	18,131		$	17,418		$	17,708		$	10,067		$	12,554
Adjustments:
Master lease receipts(5)		300			361			361			517			786
Second generation capital expenditures		(472	)		(2,623	)		(451	)		(750	)		(160	)
Amortization of deferred loan costs		339			328			342			2,204			129
Amortization of fair value of debt acquired		(605	)		(480	)		(630	)		(390	)		(261	)
Non-cash stock compensation		784			823			1,476			825			707
Straight line rents		(1,741	)		(1,564	)		(1,546	)		(1,396	)		(1,088	)
Fair value lease revenue		(578	)		(728	)		(791	)		(330	)		58
Adjusted funds from operations (AFFO)	$	16,158		$	13,535		$	16,469		$	10,747		$	12,725
Dividends and distributions declared	$	0.29		$	0.27		$	0.27		$	0.27		$	0.27
AFFO payout ratio(6)		87.9	%		100.0	%		81.8	%		87.1	%		73.0	%

(1)	For a definition and discussion of FFO, see page 24.
(2)	For a definition and discussion of AFFO, see page 24. For a qualitative reconciliation of the differences between AFFO and cash flow from operating activities, see page 9.
(3)	Includes the company’s share of depreciation and amortization from our unconsolidated partnership of $20, $20, $20, $20, and $(11), respectively.
(4)	Calculated as dividends and distributions declared per share divided by FFO per share - diluted.
(5)	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.
(6)	Calculated as dividends and distributions declared per share divided by AFFO per share - diluted.

8

BIOMED REALTY TRUST, INC.

RECONCILIATION OF EARNINGS BEFORE

INTEREST, TAXES, DEPRECIATION AND AMORTIZATION(1)

AND ADJUSTED FUNDS FROM OPERATIONS(2)

MARCH 31, 2006

(In thousands)

	Three Months Ended
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income	$	4,474		$	4,569		$	5,201		$	1,440		$	5,836
Minority interests		222			235			278			65			429
Interest expense		7,784			7,581			7,422			6,812			1,411
Depreciation and amortization(3)		13,381			12,566			12,184			8,496			6,180
EBITDA	$	25,861		$	24,951		$	25,085		$	16,813		$	13,856
Reconciliation of cash flows provided by operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	21,194		$	(10,417	)	$	39,419		$	23,038		$	9,378
Changes in other assets and liabilities		(5,336	)		23,591			(23,311	)		(12,808	)		2,561
Master lease receipts		300			361			361			517			786
AFFO	$	16,158		$	13,535		$	16,469		$	10,747		$	12,725

(1)	For a definition and discussion of EBITDA, see page 24.
(2)	For a definition and discussion of AFFO, see page 24.
(3)	Includes the company’s share of depreciation and amortization from our unconsolidated partnership of $20, $20, $20, $20, and $(11), respectively.

9

BIOMED REALTY TRUST, INC.
RECONCILIATION OF NET OPERATING INCOME (1)
MARCH 31, 2006

(Dollar in thousands)

	Three Months Ended
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Net income	$	4,474		$	4,569		$	5,201		$	1,440		$	5,836
Minority interests		222			235			278			65			429
Net income of unconsolidated partnership		(20	)		(28	)		(20	)		(20	)		(51	)
Interest expense		7,784			7,581			7,422			6,812			1,411
Interest income		(160	)		(345	)		(807	)		(102	)		(60	)
Income from operations		12,300			12,012			12,074			8,195			7,565
Depreciation and amortization		13,361			12,546			12,164			8,476			6,191
General and administrative		4,347			4,277			3,756			2,695			2,566
Consolidated net operating income	$	30,008		$	28,835		$	27,994		$	19,366		$	16,322
Revenues:
Rental	$	31,178		$	29,756		$	28,593		$	20,014		$	14,230
Tenant recoveries		12,609			14,198			12,225			8,549			7,254
Other income		6			538			512			—			3,021
Total revenues		43,793			44,492			41,330			28,563			24,505
Expenses:
Rental operations		9,543			11,626			9,763			6,721			6,395
Real estate taxes		4,242			4,031			3,573			2,476			1,788
Total operating expenses		13,785			15,657			13,336			9,197			8,183
Consolidated net operating income	$	30,008		$	28,835		$	27,994		$	19,366		$	16,322
Operating margin(2)		68.5	%		64.4	%		67.3	%		67.8	%		61.9	%
Operating expense recovery(3)		91.5	%		90.7	%		91.7	%		93.0	%		88.6	%

(1)	For a definition and discussion of net operating income, see page 24.
(2)	Operating margin is calculated as ((rental revenue + tenant recovery revenue — rental operations — real estate taxes) /
	(rental revenue + tenant recovery revenue)).
(3)	Operating expense recovery is calculated as (tenant recovery revenue / (rental operations + real estate taxes)).

10

BIOMED REALTY TRUST, INC.
CONVERAGE RATIOS (1)
MARCH 31, 2006

(In thousands, except ratios)

	Three Months Ended
	3/31/06		12/31/05		9/30/05		6/30/05		3/31/05
Interest coverage ratio:
EBITDA	$	25,861	$	24,951	$	25,085	$	16,813	$	13,856
Interest expense:
Interest expense(2)		7,784		7,581		7,422		6,812		1,411
Interest expense — unconsolidated partnership		49		50		50		50		49
Total interest expense		7,833		7,631		7,472		6,862		1,460
Interest coverage ratio		3.3		3.3		3.4		2.5		9.5
Fixed charge coverage ratio:
EBITDA	$	25,861	$	24,951	$	25,085	$	16,813	$	13,856
Fixed charges:
Interest expense(2)		7,784		7,581		7,422		6,812		1,411
Interest expense — unconsolidated partnership		49		50		50		50		49
Principal payments		1,253		1,291		1,266		821		381
Principal payments — unconsolidated partnership		7		6		6		4		4
Total fixed charges		9,093		8,928		8,744		7,687		1,845
Fixed charge coverage ratio		2.8		2.8		2.9		2.2		7.5

(1)	For a discussion of coverage ratios, see page 24.
(2)	The three months ended June 30, 2005 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.

11

BIOMED REALTY TRUST, INC.
DEBT SUMMARY
MARCH 31, 2006

(Dollars in thousands)

Weighted average maturity is 5.4 years.

	Stated			Effective			Principal		Unamortized		Carrying		Maturity
	Rate			Rate(1)			Balance		Premium(2)		Value		Date
Consolidated debt:
Mortgage notes payable (3)
Ardentech Court		7.25	%		5.06	%	$	4,724	$	523	$	5,247		07/12
Bayshore Boulevard		4.55	%		4.55	%		16,014		—		16,014		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,703		1,518		13,221		01/11
Eisenhower Road		5.80	%		4.63	%		2,195		51		2,246		05/08
Elliott Avenue		7.38	%		4.63	%		16,403		658		17,061		11/07
40 Erie Street		7.34	%		4.90	%		19,416		982		20,398		08/08
Kendall Square D		6.38	%		5.45	%		72,046		5,201		77,247		12/18
Lucent Drive(4)		5.50	%		5.50	%		5,869		—		5,869		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,749		—		9,749		01/10
Nancy Ridge Drive		7.15	%		5.38	%		6,931		683		7,614		09/12
Science Center Drive		7.65	%		5.04	%		11,541		1,394		12,935		07/11
Sidney Street		7.23	%		5.11	%		31,258		3,277		34,535		06/12
Towne Centre Drive		4.55	%		4.55	%		22,267		—		22,267		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,745		229		1,974		05/15
Total / weighted average on fixed rate notes		6.44	%		5.06	%	$	231,861	$	14,516	$	246,377
Variable rate debt (5)
$250 million secured term loan(6)		6.41	%		6.41	%		250,000		—		250,000		05/10
$250 million unsecured line of credit(7)		6.13	%		6.13	%		30,700		—		30,700		05/08
Total / weighted average consolidated debt		6.41	%		5.78	%	$	512,561	$	14,516	$	527,077
Pro rata share of unconsolidated partnership debt
McKellar Court (21%)		8.56	%		4.63	%		2,248		—		2,248		01/10
Total / weighted average		8.56	%		4.63	%	$	2,248	$	—	$	2,248
Total / weighted average consolidated and pro rata share of unconsolidated partnership debt		6.42	%		5.77	%	$	514,809	$	14,516	$	529,325

(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 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.
(4)	Require monthly interest payments.
(6)	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 6.41% through the maturity date.
(7)	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.

12

BIOMED REALTY TRUST, INC.
DEBT MATURITIES AND PRINCIPAL PAYMENTS
MARCH 31, 2006

(In thousands)

	Schedule of Maturities
Property	2006		2007		2008		2009		2010		Thereafter		Total
Ardentech Court	$	66	$	94	$	101	$	109	$	118	$	4,236	$	4,724
Bayshore Boulevard		284		394		413		432		14,491		—		16,014
Bridgeview Technology Park I		79		117		124		137		149		11,097		11,703
Eisenhower Road		31		50		2,114		—		—		—		2,195
Elliott Avenue		383		16,020		—		—		—		—		16,403
40 Erie Street		824		1,058		17,534		—		—		—		19,416
Kendall Square D		1,083		1,526		1,627		1,733		1,847		64,230		72,046
Lucent Drive		151		191		202		214		215		4,896		5,869
Monte Villa Parkway		173		240		251		263		8,822		—		9,749
Nancy Ridge Drive		59		86		91		100		107		6,488		6,931
Science Center Drive		97		143		152		167		182		10,800		11,541
Sidney Street		526		746		802		862		926		27,396		31,258
Towne Centre Drive		395		548		574		601		20,149		—		22,267
900 Uniqema Boulevard		97		139		152		166		180		1,011		1,745
Total fixed rate notes		4,248		21,352		24,137		4,784		47,186		130,154		231,861
$250 million secured term loan		—		—		—		—		250,000		—		250,000
$250 million unsecured line of credit		—		—		30,700		—		—		—		30,700
Total consolidated debt		4,248		21,352		54,837		4,784		297,186		130,154		512,561
McKellar Court (21%)		18		27		29		32		2,142		—		2,248
Total consolidated and pro rata share of unconsolidated partnership debt	$	4,266	$	21,379	$	54,866	$	4,816	$	299,328	$	130,154	$	514,809

13

BIOMED REALTY TRUST, INC.
COMMON STOCK DATA
MARCH 31, 2006

(Shares in thousands)

SUMMARY OF COMMON SHARES

	Three Months Ended				Year Ended
	3/31/06		12/31/05		12/31/05		12/31/04
Weighted average shares outstanding		46,370		46,291		38,913		30,965
Weighted average units outstanding		2,864		2,870		2,870		2,661
Dilutive effect of restricted stock		163		215		215		90
Dilutive effect of stock warrant		121		107		93		52
Diluted shares — EPS and FFO		49,518		49,483		42,091		33,768

COMMON STOCK DATA

	3/31/06		12/31/05		9/30/05		6/30/05
Shares outstanding		46,444		46,290		46,290		46,282
Units outstanding		2,864		2,864		2,870		2,870
Unvested restricted shares outstanding		338		344		346		285
Stock warrant outstanding		270		270		270		270
Total common shares outstanding		49,916		49,768		49,776		49,707

	Three Months Ended
	3/31/06			12/31/05			9/30/05			6/30/05
High Price	$	29.86		$	26.06		$	25.60		$	24.47
Low Price	$	23.75		$	22.25		$	22.30		$	19.39
Average Closing Price	$	27.22		$	24.85		$	24.27		$	21.30
Closing Price	$	29.64		$	24.40		$	24.80		$	23.85
Dividends per share — Annualized	$	1.16		$	1.08		$	1.08		$	1.08
Closing Dividend Yield — Annualized		3.9	%		4.4	%		4.4	%		4.5	%

DIVIDENDS PER COMMON SHARE

2006
First quarter	$	0.29
2005
First quarter	$	0.27
Second quarter	$	0.27
Third quarter	$	0.27
Fourth quarter	$	0.27
2004
Third quarter	$	0.1497
Fourth quarter	$	0.2700
Latest Dividend
Amount	$	0.29
Declared		February 27, 2006
Record		March 31, 2006
Paid		April 17, 2006

Trading Symbol
  BMR

Stock Exchange Listing
  New York Stock Exchange

Transfer Agent
  The Bank of New York
  101 Barclay Street, 11E
  New York, NY 10286
  212.815.3782

14

BIOMED REALTY TRUST, INC.
SAME PROPERTY ANALYSIS
MARCH 31, 2006

(Dollars in thousands)

	Three Months Ended (1)
	3/31/06			3/31/05			% Change
Total Same Property Portfolio
Number of properties		17			17
Rentable square feet		2,626,875			2,626,875
Percent of total portfolio		55.1	%		94.0	%
Leased %		90.0	%		94.9	%
Redevelopment %		5.8	%		—
Revenues:
Rental	$	15,092		$	14,621			3.2	%
Tenant recoveries		7,546			7,223			4.5	%
Total revenues		22,638			21,844			3.6	%
Expenses:
Rental operations		6,159			6,176			-0.3	%
Real estate taxes		1,865			1,755			6.3	%
Total expenses		8,024			7,931			1.2	%
Net operating income(2)	$	14,614		$	13,913			5.0	%
Same property net operating income(2)	$	14,614		$	13,913			5.0	%
Less straight line rents and fair value lease revenue		(783	)		(1,032	)		(24.1	%)
Same property net operating income — cash basis(2) (3)	$	13,831		$	12,881			7.4	%
Rental revenue — cash basis (3)	$	14,309		$	13,589			5.3	%
Same property net operating income(2)	$	14,614		$	13,913			5.0	%
Plus other income (4)		—			3,005			(100.0	%)
Same property net operating income — including non-recurring items	$	14,614		$	16,918			(13.6	%)

(1)	Properties included in same property quarterly analysis are Ardentech Court, Balboa Avenue, Bayshore Boulevard, Beckley Street, Bernardo Center Drive, Bridgeview Technology Park I, Eisenhower Road, Elliott Avenue, Industrial Road, King of Prussia, Landmark at Eastview, McKellar Court (an unconsolidated partnership of which we own 21%), Monte Villa Parkway, San Diego Science Center, Science Center Drive, Towne Centre Drive, and Tributary Street.
(2)	For a definition and discussion of net operating income, see page 24. For a quantitative reconciliation of net operating income to net income in accordance with GAAP, see page 10.
(3)	Represents increase in rents on a “cash on cash” basis.
(4)	Other income is comprised primarily of an early termination of lease payment of $3.0 million from a portion of the Nektar lease at our Industrial Road property.

15

BIOMED REALTY TRUST, INC.
PORTFOLIO SUMMARY AND LEASE EXPIRATIONS
MARCH 31, 2006

PORTFOLIO SUMMARY

Weighted average remaining lease term is 6.6 years.

													Annualized							Annualized
					Percent of					Percent of			Base Rent				Percent of			Base Rent
			Rentable		Total			Annualized		Annualized			per Leased		Annualized		Annualized			per Leased
			Square		Rentable			Base Rent (1)		Base Rent			Sq Ft		Base Rent		Base Rent			Sq Ft
Market	Properties		Feet		Sq Ft			Current		Current			Current		at Expiration		at Expiration			at Expiration
								(in thousands)							(in thousands)
Boston (2)		10		1,249,874		26.1	%	$	47,592		40.1	%	$	39.18	$	50,929		37.9	%	$	41.92
San Francisco		8		955,593		20.1	%		16,563		13.9	%		23.08		21,651		16.1	%		30.18
San Diego (3)		9		565,364		11.8	%		14,713		12.4	%		29.54		17,779		13.3	%		35.69
New York / New Jersey		2		823,948		17.3	%		14,287		12.0	%		19.56		15,053		11.2	%		20.60
Pennsylvania		6		701,873		14.8	%		13,481		11.3	%		21.69		13,802		10.3	%		22.21
Seattle		3		185,989		3.9	%		7,025		5.9	%		37.77		7,732		5.8	%		41.57
Maryland		2		168,817		3.5	%		2,704		2.3	%		16.02		3,971		3.0	%		23.52
University Related — Other		2		115,150		2.5	%		2,448		2.1	%		21.26		3,179		2.4	%		27.61
Total / weighted average		42		4,766,608		100.0	%	$	118,813		100.0	%	$	27.94	$	134,097		100.0	%	$	31.53

LEASE EXPIRATIONS

			Percent of
			Total								Annualized							Annualized
	Rentable		Rentable					Percent of			Base Rent				Percent of			Base Rent
	Square Feet		Sq Ft			Annualized		Annualized			per Leased		Annualized		Annualized			per Leased
	of Expiring		of Expiring			Base Rent (1)		Base Rent			Sq Ft		Base Rent		Base Rent			Sq Ft
Year of Lease Expiration	Leases		Leases			Current		Current			Current		at Expiration		at Expiration			at Expiration
						(in thousands)							(in thousands)
2006(4)		126,781		3.0	%	$	2,840		2.4	%	$	22.40	$	2,840		2.1	%	$	22.40
2007		509,310		12.0	%		9,915		8.3	%		19.47		10,232		7.6	%		20.09
2008		258,722		6.1	%		7,566		6.4	%		29.24		7,885		5.9	%		30.47
2009		408,186		9.6	%		9,421		7.9	%		23.08		9,722		7.3	%		23.82
2010		781,736		18.4	%		19,542		16.4	%		25.00		19,618		14.6	%		25.09
2011		157,277		3.7	%		5,029		4.2	%		31.98		6,789		5.1	%		43.16
2012		224,942		5.3	%		5,799		4.9	%		25.78		6,559		4.9	%		29.16
2013		222,299		5.2	%		5,246		4.4	%		23.60		6,437		4.8	%		28.96
2014		238,252		5.6	%		6,974		5.9	%		29.27		8,318		6.2	%		34.91
2015		148,666		3.5	%		3,688		3.1	%		24.81		4,087		3.0	%		27.49
Thereafter		1,176,253		27.6	%		42,792		36.1	%		36.38		51,612		38.5	%		43.88
Total / weighted average		4,252,424		100.0	%	$	118,813		100.0	%	$	27.94	$	134,097		100.0	%	$	31.53

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of March 31, 2006, 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 McKellar Court, an unconsolidated partnership, of which we own 21%.
(4)	Includes current month to month leases.

16

BIOMED REALTY TRUST, INC.
OCCUPANCY SUMMARY
MARCH 31, 2006

	Rentable Square Feet
Market	Leased		Redevelopment		Vacant		Total
Boston		1,214,776		—		35,098		1,249,874
San Francisco		717,509		213,647		24,437		955,593
San Diego		498,154		21,952		45,258		565,364
New York / New Jersey		730,536		40,268		53,144		823,948
Pennsylvania		621,493		80,380		—		701,873
Seattle		185,989		—		—		185,989
Maryland		168,817		—		—		168,817
University Related — Other		115,150		—		—		115,150
Total		4,252,424		356,247		157,937		4,766,608

	Leased
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Boston		97.2	%		97.1	%		97.1	%		95.9	%		n/a
San Francisco		75.1	%		80.7	%		79.7	%		89.1	%		88.4	%
San Diego		88.1	%		87.9	%		88.8	%		91.9	%		87.7	%
New York / New Jersey		88.7	%		90.1	%		87.5	%		87.7	%		87.9	%
Pennsylvania		88.5	%		92.4	%		91.5	%		90.6	%		100.0	%
Seattle		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Maryland		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
University Related — Other		100.0	%		100.0	%		100.0	%		100.0	%		n/a
Total		89.2	%		91.1	%		90.6	%		92.3	%		91.5	%

	Redevelopment
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Boston		—			—			—			—			n/a
San Francisco		22.4	%		16.7	%		17.4	%		7.6	%		—
San Diego		3.9	%		3.9	%		2.7	%		2.8	%		8.8	%
New York / New Jersey		4.9	%		4.9	%		7.5	%		7.5	%		7.5	%
Pennsylvania		11.5	%		7.6	%		8.5	%		9.4	%		—
Seattle		—			—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			n/a
Total		7.5	%		5.8	%		6.1	%		4.3	%		3.7	%

	Vacancy
	3/31/06			12/31/05			9/30/05			6/30/05			3/31/05
Boston		2.8	%		2.9	%		2.9	%		4.1	%		n/a
San Francisco		2.6	%		2.6	%		2.9	%		3.3	%		11.6	%
San Diego		8.0	%		8.2	%		8.5	%		5.3	%		3.5	%
New York / New Jersey		6.4	%		5.0	%		5.0	%		4.8	%		4.7	%
Pennsylvania		—			—			—			—			—
Seattle		—			—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			n/a
Total		3.3	%		3.1	%		3.3	%		3.4	%		4.8	%

17

BIOMED REALTY TRUST, INC.
PROPERTY LISTING
MARCH 31, 2006

						Rentable		Redevelopment		Percent of
						Square		Square		Rentable			Percent Leased
		Property	Acquisition date	Buildings		Feet		Feet		Sq Ft			3/31/06			12/31/05			9/30/05			6/30/05
		Boston
1		Albany Street	May 31, 2005		2		75,003		—		1.5	%		100.0	%		100.0	%		99.8	%		99.8	%
2		Coolidge Avenue	April 5, 2005		1		37,400		—		0.8	%		100.0	%		100.0	%		100.0	%		100.0	%
3		21 Erie Street	May 31, 2005		1		49,247		—		1.0	%		56.9	%		56.9	%		56.9	%		58.1	%
4		40 Erie Street	May 31, 2005		1		100,854		—		2.1	%		100.0	%		100.0	%		100.0	%		100.0	%
5		Fresh Pond Research Park	April 5, 2005		6		90,702		—		1.9	%		100.0	%		100.0	%		100.0	%		83.3	%
6		Kendall Square A	May 31, 2005		1		302,919		—		6.4	%		97.1	%		96.7	%		96.7	%		96.7	%
7		Kendall Square D	May 31, 2005		1		349,325		—		7.3	%		98.5	%		98.5	%		98.5	%		98.2	%
8		Sidney Street	May 31, 2005		1		191,904		—		4.0	%		100.0	%		100.0	%		100.0	%		100.0	%
9		Vassar Street	May 31, 2005		1		52,520		—		1.1	%		100.0	%		100.0	%		100.0	%		100.0	%
10		47 Erie Street Parking Structure	May 31, 2005		1	447 Stalls			—		—			100.0	%		100.0	%		100.0	%		100.0	%
		Total Boston			16		1,249,874		—		26.1	%		97.2	%		97.1	%		97.1	%		95.9	%
		San Francisco
11		Ardentech Court	November 18, 2004		1		55,588		—		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
12		Bayshore Boulevard	August 17, 2004		1		183,344		61,444		3.8	%		66.5	%		100.0	%		100.0	%		100.0	%
13		Bridgeview Technology Park I	September 10, 2004		2		212,673		44,127		4.5	%		67.8	%		67.8	%		77.5	%		77.5	%
14		Bridgeview Technology Park II	March 16, 2005		1		50,400		—		1.1	%		100.0	%		100.0	%		100.0	%		100.0	%
15		Dumbarton Circle	May 27, 2005		3		44,000		—		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
16		Eccles Avenue	December 1, 2005		1		152,145		—		3.2	%		100.0	%		100.0	%		n/a			n/a
17		Industrial Road	August 17, 2004		1		169,490		20,123		3.6	%		88.1	%		83.6	%		83.6	%		82.4	%
18		Kaiser Drive	August 25, 2005		1		87,953		87,953		1.8	%		—			—			—			n/a
		Total San Francisco			11		955,593		213,647		20.1	%		75.1	%		80.7	%		79.7	%		89.1	%
		San Diego
19		Balboa Avenue	August 13, 2004		1		35,344		—		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
20		Bernardo Center Drive	August 13, 2004		1		61,286		—		1.3	%		100.0	%		100.0	%		100.0	%		100.0	%
21		Faraday Avenue	September 19, 2005		1		28,704		—		0.6	%		100.0	%		100.0	%		100.0	%		n/a
22		McKellar Court (1)	September 30, 2004		1		72,863		—		1.5	%		100.0	%		100.0	%		100.0	%		100.0	%
23		Nancy Ridge Drive	April 21, 2005		1		42,138		—		0.9	%		67.4	%		67.4	%		67.4	%		100.0	%
24		San Diego Science Center	October 21, 2004		1		105,364		—		2.2	%		70.1	%		69.0	%		68.2	%		73.2	%
25		Science Center Drive	September 24, 2004		1		53,740		—		1.1	%		100.0	%		100.0	%		100.0	%		100.0	%
26		Towne Centre Drive	August 12, 2004		3		115,870		—		2.4	%		100.0	%		100.0	%		100.0	%		100.0	%
27		Waples Street (2)	March 1, 2005		1		50,055		21,952		1.1	%		56.1	%		56.1	%		65.3	%		65.3	%
		Total San Diego			11		565,364		21,952		11.8	%		88.1	%		87.9	%		88.8	%		91.9	%
		New York / New Jersey
28		Graphics Drive	March 17, 2005		1		72,300		40,268		1.5	%		44.3	%		44.3	%		14.8	%		14.8	%
29		Landmark at Eastview	August 12, 2004		8		751,648		—		15.8	%		92.9	%		94.5	%		94.5	%		94.7	%
		Total New York / New Jersey			9		823,948		40,268		17.3	%		88.7	%		90.1	%		87.5	%		87.7	%
	��
		Pennsylvania
30		Eisenhower Road	August 13, 2004		1		27,750		27,750		0.6	%		—			100.0	%		100.0	%		100.0	%
31		George Patterson Boulevard	October 28, 2005		1		71,500		—		1.5	%		100.0	%		100.0	%		n/a			n/a
32		King of Prussia (3)	August 11, 2004		5		427,109		—		9.0	%		100.0	%		100.0	%		100.0	%		100.0	%
33		Phoenixville Pike	April 5, 2005		1		104,400		52,630		2.2	%		49.6	%		49.6	%		49.6	%		49.6	%
34		1000 Uniqema Boulevard	September 30, 2005		1		59,821		—		1.3	%		100.0	%		100.0	%		100.0	%		n/a
35		900 Uniqema Boulevard	January 13, 2006		1		11,293		—		0.2	%		100.0	%		n/a			n/a			n/a
		Total Pennsylvania			10		701,873		80,380		14.8	%		88.5	%		92.4	%		91.5	%		90.6	%
		Seattle
36		Elliott Avenue	August 24, 2004		1		134,989		—		2.8	%		100.0	%		100.0	%		100.0	%		100.0	%
37		Monte Villa Parkway	August 17, 2004		1		51,000		—		1.1	%		100.0	%		100.0	%		100.0	%		100.0	%
38		Fairview Avenue (4)	January 12, 2006		—		—		—		—			n/a			n/a			n/a			n/a
		Total Seattle			2		185,989		—		3.9	%		100.0	%		100.0	%		100.0	%		100.0	%
		Maryland
39		Beckley Street	December 17, 2004		1		77,225		—		1.6	%		100.0	%		100.0	%		100.0	%		100.0	%
40		Tributary Street	December 17, 2004		1		91,592		—		1.9	%		100.0	%		100.0	%		100.0	%		100.0	%
		Total Maryland			2		168,817		—		3.5	%		100.0	%		100.0	%		100.0	%		100.0	%
		University Related — Other
41		Colorow Drive	December 22, 2005		1		93,650		—		2.0	%		100.0	%		100.0	%		n/a			n/a
42		Lucent Drive	May 31, 2005		1		21,500		—		0.5	%		100.0	%		100.0	%		100.0	%		100.0	%
		Total University Related — Other			2		115,150		—		2.5	%		100.0	%		100.0	%		100.0	%		100.0	%
		Total / weighted average			63		4,766,608		356,247		100.0	%		89.2	%		91.1	%		90.6	%		92.3	%

(1)	This property is an unconsolidated partnership, of which we own 21%.
(2)	We own 70% of the limited liability company that owns the Waples Street property.
(3)	We own an 88.5% limited partnership interest and a 0.5% general partnership interest in the limited partnership that owns the King of Prussia property.
(4)	We own 70% of the limited liability company that owns the Fairview avenue property.We entered into the partnership to develop a five-story, 93,000 square-foot laboratory facility.

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BIOMED REALTY TRUST, INC.
10 LARGEST TENANTS (1)
MARCH 31, 2006

As of March 31, 2006, our properties were leased to 86 tenants.

									Annualized		Percent of
				Percent of					Base Rent		Annualized
		Leased		Leased Sq Ft			Annualized		per Leased		Base Rent			Lease
		Square		Total			Base Rent (1)		Sq Ft		Current			Expiration
	Tenant	Feet		Portfolio			Current		Current		Total Portfolio			Date(s)
1	Vertex Pharmaceuticals		583,474		12.2	%	$	23,362	$	40.04		19.7	%	April 2018(2)
2	Genzyme Corporation		343,000		7.2	%		15,399		44.89		13.0	%	July 2018
3	Centocor, Inc. (Johnson & Johnson)		331,398		7.0	%		7,839		23.66		6.6	%	March 2010
4	Regeneron Pharmaceuticals, Inc.		227,932		4.8	%		4,206		18.45		3.5	%	December 2009(3)
5	Illumina, Inc.		115,870		2.4	%		3,938		33.99		3.3	%	August 2014
6	Nektar Therapeutics		79,917		1.7	%		3,812		47.70		3.2	%	October 2016
7	Millennium Pharmaceuticals, Inc.		73,347		1.5	%		3,420		46.62		2.9	%	September 2013
8	Chemtura Corporation		182,829		3.8	%		3,377		18.47		2.8	%	December 2009
9	InterMune, Inc.		55,898		1.2	%		3,335		59.66		2.8	%	April 2011
10	Novartis AG		71,153		1.5	%		2,944		41.38		2.5	%	March 2008
	Total / weighted average (4)		2,064,818		43.3	%	$	71,632	$	34.69		60.3	%

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of March 31, 2006, 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 290,716 square feet
(3)	154,205 square feet expires December 2007 and 73,727 square feet expires December 2009.
(4)	Without regard to any early lease terminations and/or renewal options.

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BIOMED REALTY TRUST, INC.
REDEVELOPMENT AND LAND DEVELOPMENT PARCELS
MARCH 31, 2006

REDEVELOPMENT (1)

		Square Feet		Estimated
		Under		In-Service
Property	Market	Redevelopment (2)		Date (3)
Bayshore Boulevard	San Francisco		61,444		2006
Bridgeview Technology Park I	San Francisco		44,127		2006
Eisenhower Road	Pennsylvania		27,750		2006
Graphics Drive	New York / New Jersey		40,268		2006
Industrial Road	San Francisco		20,123		2006
Kaiser Drive	San Francisco		87,953		2006
Phoenixville Pike	Pennsylvania		52,630		2006
Waples Street	San Diego		21,952		2006
Total			356,247

REDEVELOPMENT PLACED IN-SERVICE

		Square Feet
		Under
		Redevelopment
		Placed		In-Service
Property	Market	In-Service		Date
Industrial Road	San Francisco		61,826		2005
Industrial Road	San Francisco		7,624		2006
Waples Street	San Diego		28,103		2005
Total			97,553

LAND DEVELOPMENT PARCELS (4)

		Developable
Property	Market	Square Feet (5)
Eccles Avenue	San Francisco		108,000
Fairview Avenue	Seattle		93,000
Fresh Pond Research Park	Boston		50,000
Landmark at Eastview	New York / New Jersey		464,000
Towne Centre Drive	San Diego		84,000
Total			799,000

(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 reflected in the portfolio statistics.
(3)	The property is expected to undergo a lease-up period once the redevelopment is complete.
(4)	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.
(5)	Management’s estimates.

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BIOMED REALTY TRUST, INC.
ACQUISITIONS
MARCH 31, 2006

			Rentable
	# of		Square
Acquisitions since August 11, 2004:	Properties		Feet (1)		Investment
					(in thousands)
Third Quarter 2004 (2)		13		2,297,106	$	467,785
Fourth Quarter 2004		4		329,769		65,650
Total acquisitions during 2004		17		2,626,875		533,435
First Quarter 2005		3		165,736		29,330
Second Quarter 2005		14		1,461,912		592,529
Third Quarter 2005		3		176,478		33,500
Fourth Quarter 2005		3		317,295		59,800
Total acquisitions during 2005		23		2,121,421		715,159
First Quarter 2006		2		11,293		7,819
Total acquisitions during 2006		2		11,293		7,819
Total Acquisitions		42		4,759,589	$	1,256,413

2006 Acquisitions:

			Rentable				Percent
			Square				Leased at
Property	Market	Closing Date	Feet		Investment		Acquisition
					(in thousands)
First Quarter 2006
Fairview Avenue	Seattle	January 12, 2006		—	$	2,703		—	(3)
900 Uniqema Boulevard	Pennsylvania	January 13, 2006		11,293		5,116		100.0	%
First Quarter Total				11,293	$	7,819		100.0	%

(1)	Rentable square feet at the time of acquisition.
(2)	We commenced operations on August 11, 2004, the date of our initial public offering.
(3)	On January 12, 2006, we completed the acquisition of the land at 530 Fairview Avenue in Seattle, Washington through our partnership with an affiliate of EDG Commercial Real Estate. We entered into the partnership to develop a five-story, 93,000 square-foot laboratory facility.

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BIOMED REALTY TRUST, INC.
LEASING ACTIVITY (1)
MARCH 31, 2006

				Current
	Leased			Annualized
	Square			Base Rent per		Percent
	Feet			Leased Sq Ft		Leased
Leased Square Feet as of December 31, 2005		4,332,323		$	27.45		91.1	%
First quarter acquisitions		11,293			37.63
Leased Square Feet including acquisitions		4,343,616
Expirations		(127,837	)		14.99
Renewals		6,690			29.48
New Leases		29,955			16.22
Terminations		—			—
Leased Square Feet as of March 31, 2006		4,252,424		$	27.94		89.2	%

(1) Leasing activity for leases signed during the periods presented, which may be different than the period of actual occupancy. Tenant improvement and leasing costs are also shown in this manner on page 18.

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BIOMED REALTY TRUST, INC.
TENANT IMPROVEMENTS AND LEASING COMMISSIONS
MARCH 31, 2006

	Three Months Ended
	3/31/06		12/31/05		9/30/05		6/30/05
Renewals (1)
Number of renewals		2		—		1		1
Square feet		6,690		—		1,197		1,667
Tenant improvement costs per square foot (2)	$	—	$	—	$	—	$	—
Leasing commission costs per square foot (2)		2.73		—		—		—
Total tenant improvement and leasing commission costs psf	$	2.73	$	—	$	—	$	—
New Leases (3)
Number of leases		7		7		5		4
Square feet		29,955		45,946		24,781		111,261
Tenant improvement costs per square foot (2)	$	38.36	$	16.16	$	9.14	$	32.89
Leasing commission costs per square foot (2)		3.33		5.50		1.16		4.75
Total tenant improvement and leasing commission costs psf	$	41.69	$	21.66	$	10.30	$	37.64
Total (4)
Number of renewals/leases		9		7		6		5
Square feet		36,645		45,946		25,978		112,928
Tenant improvement costs per square foot (2)	$	31.36	$	16.16	$	8.72	$	32.40
Leasing commission costs per square foot (2)		3.22		5.50		1.10		4.68
Total tenant improvement and leasing commission costs psf	$	34.58	$	21.66	$	9.82	$	37.08

(1)	Does not include retained tenants that have relocated to new space or expanded into new space.
(2)	Assumes all tenant improvements and leasing commissions are paid in the calendar year in which the lease commences, which may be different than the year in which they are actually paid.
(3)	Includes retained tenants that have relocated to new space or expanded into new space within our portfolio.
(4)	We have acquired several properties in the past which may make a period over period comparison difficult. For a list of acquisition dates, see page 18.

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BIOMED REALTY TRUST, INC.
NON-GAAP FINANCIAL MEASURE DEFINITIONS
MARCH 31, 2006

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 extraordinar 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.

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