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

Exhibit 99.2

BioMed Realty Trust, Inc.

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
June 30, 2006

Shady Grove Road
Human Genome Sciences, Inc.
Rockville, MD
Acquired May 2006

Belward Campus Drive
Human Genome Sciences, Inc.
Rockville, MD
Acquired May 2006

	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
	Kent Griffin
	Chief Financial Officer
	858.485.9840

BIOMED REALTY TRUST, INC.
TABLE OF CONTENTS
JUNE 30, 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 and quarterly reports on Form 10-Q. 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
JUNE 30, 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.

On April 7, 2006, we completed the acquisition of a 47,912 square foot office and laboratory facility located at 58 Charles Street in Cambridge, Massachusetts for approximately $13.2 million.

On May 24, 2006, we completed the acquisition of Human Genome Sciences, Inc.’s 289,912 square foot large-scale manufacturing facility and its 635,058 square foot headquarters office and laboratory facility located in Rockville, Maryland for approximately $425.0 million. The facilities are fully leased to Human Genome Sciences pursuant to 20-year triple-net leases.

In connection with the acquisition of the Human Genome Sciences portfolio, we entered into a $150 million secured bridge loan with KeyBank National Association. The bridge loan had an initial term of three months, which was extended for an additional three months.

On May 31, 2006, we completed the acquisition of One Research Way in Princeton, New Jersey. The 49,421 square foot property was acquired for approximately $8.0 million.

On June 7, 2006, we completed a follow-on common stock offering of 10,436,250 shares at $28.65 per share, resulting in net proceeds of $286.5 million.

On June 14, 2006, we acquired an 87.5% joint venture interest in a property located at 34175 Ardenwood Boulevard in Fremont, California. The property, consisting of 72,500 square feet of office and laboratory space, was acquired for approximately $14.5 million.

On June 28, 2006, we amended and restated our unsecured revolving credit facility, doubling the size of the facility from $250 million to $500 million. In addition to increasing the size of the facility, the amendment extends the term to June 27, 2009, provides greater flexibility with respect to covenants, and reduces the borrowing rate. We may extend the maturity date of the revolving credit facility to June 27, 2010 and may increase the amount of the facility to $700 million upon satisfying certain conditions.

As of June 30, 2006, we owned or had interests in 47 properties, located principally in Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York and New Jersey, consisting of 71 buildings with approximately 5.9 million rentable square feet of laboratory and office space, which was approximately 91.4% leased to 94 tenants. Of the approximately 505,000 square feet of unleased space, approximately 344,000 square feet, or 68.2% of our unleased square footage, was under redevelopment. We also owned undeveloped land that we estimate can support up to 1,299,000 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, 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,	Regional Executive Vice President
General Counsel, and Secretary
Equity Research Coverage
Friedman Billings Ramsey	Raymond James	Stifel, Nicolaus & Company, Inc.
Paul Morgan / Ron She	Paul D. Puryear / Ken Avalos	Jerry L. Doctrow
703.469.1255 / 703.312.9683	800.248.8863	800.368.2558
Wachovia Securities	RBC Capital Markets
Christopher Haley	Sri Nagarajan
443.263.6773	212.428.2360
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
Third Quarter	Early November 2006
Fourth Quarter	February 2007

4

BIOMED REALTY TRUST, INC.
FINANCIAL AND OPERATING HIGHLIGHTS
JUNE 30, 2006
(In thousands, except per share, ratio and portfolio amounts)

	As of or for the three months ended
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Selected Operating Data
Total revenues	$	49,459		$	43,793		$	44,492		$	41,330		$	28,563
Straight line rent		2,383			1,741			1,564			1,546			1,396
Fair value lease revenue (1)		574			578			728			791			330
EBITDA (2)		31,501			25,861			24,951			25,085			16,813
General and administrative expense		4,206			4,347			4,277			3,756			2,695
Interest expense		9,253			7,784			7,581			7,422			6,812
Capitalized interest		(335	)		(236	)		(258	)		(275	)		(150	)
Minority interests		(356	)		(222	)		(235	)		(278	)		(65	)
Operating margins (3)		71.2	%		68.5	%		64.4	%		67.3	%		67.8	%
Operating expense recoveries (3)		90.2	%		91.5	%		90.7	%		91.7	%		93.0	%
Same property net operating income change (4)		2.1	%		5.0	%		11.3	%		—			—
Net income		7,158			4,474			4,569			5,201			1,440
Net income per share — diluted	$	0.14		$	0.10		$	0.10		$	0.11		$	0.05
FFO (5)		22,294			18,131			17,418			17,708			10,067
FFO per share — diluted (5)	$	0.41		$	0.37		$	0.35		$	0.36		$	0.29
AFFO (6)		19,756			16,158			13,535			16,469			10,747
Selected Balance Sheet Data
Cash and cash equivalents	$	23,093		$	30,365		$	20,312		$	74,495		$	113,014
Investments in real estate, net		1,589,788			1,131,917			1,129,371			1,072,427			1,033,743
Total assets		1,806,952			1,346,897			1,337,310			1,330,481			1,327,145
Total liabilities		781,033			601,030			586,162			573,649			569,371
Minority interests		19,907			20,367			20,673			21,278			21,775
Total stockholders’ equity		1,006,012			725,500			730,475			735,554			735,999
Capitalization
Total common shares outstanding		57,229			46,782			46,634			46,636			46,567
Total units outstanding		2,864			2,864			2,864			2,870			2,870
Total common shares and units outstanding		60,093			49,646			49,498			49,506			49,437
Share price at quarter end	$	29.94		$	29.64		$	24.40		$	24.80		$	23.85
Equity value at quarter end (7)		1,799,184			1,471,507			1,207,751			1,227,749			1,179,072
Consolidated debt	$	705,202		$	527,077		$	513,233		$	498,004		$	499,818
Total market capitalization		2,504,386			1,998,584			1,720,984			1,725,753			1,678,890
Debt / total market capitalization		28.2	%		26.4	%		29.8	%		28.9	%		29.8	%
Financial Ratios
Interest coverage (8)		3.4			3.3			3.3			3.4			2.5
Fixed charge coverage (8)		3.0			2.8			2.8			2.9			2.2
FFO payout		70.7	%		78.4	%		77.1	%		75.0	%		93.1	%
AFFO payout		80.6	%		87.9	%		100.0	%		81.8	%		87.1	%
Debt / total assets		39.0	%		39.1	%		38.4	%		37.4	%		37.7	%
Portfolio Statistics
Properties owned at end of quarter		47			42			40			37			34
Total rentable square footage owned		5,861,411			4,766,608			4,755,315			4,431,001			4,255,989
Leased at end of quarter		91.4	%		89.2	%		91.1	%		90.6	%		92.3	%
Redevelopment at end of quarter		5.9	%		7.5	%		5.8	%		6.1	%		4.3	%
Vacancy at end of quarter		2.7	%		3.3	%		3.1	%		3.3	%		3.4	%

(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
JUNE 30, 2006
(In thousands)

	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Assets
Investments in real estate, net	$	1,589,788		$	1,131,917		$	1,129,371		$	1,072,427		$	1,033,743
Investment in unconsolidated partnership		2,454			2,476			2,483			2,492			2,490
Cash and cash equivalents		23,093			30,365			20,312			74,495			113,014
Restricted cash		5,249			5,844			5,487			5,866			4,592
Accounts receivable, net		2,981			5,625			9,873			5,819			5,690
Accrued straight-line rents, net		12,855			10,472			8,731			7,166			5,620
Acquired above market leases, net		8,625			8,925			8,817			7,437			7,813
Deferred leasing costs, net		126,549			130,593			136,640			138,008			143,609
Deferred loan costs, net		6,282			4,507			4,855			5,196			5,530
Prepaid expenses		2,362			2,840			2,164			5,216			2,627
Other assets		26,714			13,333			8,577			6,359			2,417
Total assets	$	1,806,952		$	1,346,897		$	1,337,310		$	1,330,481		$	1,327,145
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	244,402		$	246,377		$	246,233		$	248,004		$	249,818
Secured term loan		250,000			250,000			250,000			250,000			250,000
Secured bridge loan		150,000			—			—			—			—
Unsecured line of credit		60,800			30,700			17,000			—			—
Security deposits		7,264			6,883			6,905			6,222			5,976
Dividends and distributions payable		17,427			14,397			13,365			13,367			9,265
Accounts payable, accrued expenses, and other liabilities		23,611			24,196			23,012			25,234			22,324
Acquired below market leases, net		27,529			28,477			29,647			30,822			31,988
Total liabilities		781,033			601,030			586,162			573,649			569,371
Minority interests		19,907			20,367			20,673			21,278			21,775
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		571			466			466			466			465
Additional paid-in capital		1,045,831			758,375			757,591			756,768			755,390
Accumulated other comprehensive income		11,646			9,256			5,922			3,802			(1,765	)
Dividends in excess of earnings		(52,036	)		(42,597	)		(33,504	)		(25,482	)		(18,091	)
Total stockholders’ equity		1,006,012			725,500			730,475			735,554			735,999
Total liabilities and stockholders’ equity	$	1,806,952		$	1,346,897		$	1,337,310		$	1,330,481		$	1,327,145

6

BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
JUNE 30, 2006
(In thousands, except share data)

	Three Months Ended
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Revenues:
Rental	$	36,556		$	31,178		$	29,756		$	28,593		$	20,014
Tenant recoveries		12,839			12,609			14,198			12,225			8,549
Other income		64			6			538			512			—
Total revenues		49,459			43,793			44,492			41,330			28,563
Expenses:
Rental operations		9,642			9,543			11,626			9,763			6,721
Real estate taxes		4,587			4,242			4,031			3,573			2,476
Depreciation and amortization		14,714			13,361			12,546			12,164			8,476
General and administrative		4,206			4,347			4,277			3,756			2,695
Total expenses		33,149			31,493			32,480			29,256			20,368
Income from operations		16,310			12,300			12,012			12,074			8,195
Equity in net income of unconsolidated partnership		22			20			28			20			20
Interest income		435			160			345			807			102
Interest expense		(9,253	)		(7,784	)		(7,581	)		(7,422	)		(6,812	)
Income before minority interests		7,514			4,696			4,804			5,479			1,505
Minority interests in consolidated partnerships		46			54			48			45			66
Minority interests in operating partnership		(402	)		(276	)		(283	)		(323	)		(131	)
Net income	$	7,158		$	4,474		$	4,569		$	5,201		$	1,440
Basic earnings per share	$	0.14		$	0.10		$	0.10		$	0.11		$	0.05
Diluted earnings per share	$	0.14		$	0.10		$	0.10		$	0.11		$	0.05
Weighted-average common shares outstanding:
Basic		51,394,117			46,369,605			46,290,279			46,287,617			31,861,536
Diluted		54,534,393			49,518,010			49,482,818			49,444,409			34,893,367

7

BIOMED REALTY TRUST, INC.
FUNDS FROM OPERATIONS (1) AND
ADJUSTED FUNDS FROM OPERATIONS (2)
JUNE 30, 2006
(In thousands, except per share and ratio amounts)

	Three Months Ended
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Reconciliation of net income to funds from operations:
Net income	$	7,158		$	4,474		$	4,569		$	5,201		$	1,440
Adjustments:
Minority interests in operating partnership		402			276			283			323			131
Depreciation and amortization (3)		14,734			13,381			12,566			12,184			8,496
Funds from operations (FFO)	$	22,294		$	18,131		$	17,418		$	17,708		$	10,067
FFO per share — diluted	$	0.41		$	0.37		$	0.35		$	0.36		$	0.29
Dividends and distributions declared per share	$	0.29		$	0.29		$	0.27		$	0.27		$	0.27
FFO payout ratio (4)		70.7	%		78.4	%		77.1	%		75.0	%		93.1	%
Reconciliation of funds from operations to adjusted funds from operations:
Funds from operations	$	22,294		$	18,131		$	17,418		$	17,708		$	10,067
Adjustments:
Master lease receipts (5)		155			300			361			361			517
Second generation capital expenditures		(527	)		(472	)		(2,623	)		(451	)		(750	)
Amortization of deferred loan costs		379			339			328			342			2,204
Amortization of fair value of debt acquired		(615	)		(605	)		(480	)		(630	)		(390	)
Non-cash stock compensation		1,027			784			823			1,476			825
Straight line rents		(2,383	)		(1,741	)		(1,564	)		(1,546	)		(1,396	)
Fair value lease revenue		(574	)		(578	)		(728	)		(791	)		(330	)
Adjusted funds from operations (AFFO)	$	19,756		$	16,158		$	13,535		$	16,469		$	10,747
Dividends and distributions declared	$	0.29		$	0.29		$	0.27		$	0.27		$	0.27
AFFO payout ratio (6)		80.6	%		87.9	%		100.0	%		81.8	%		87.1	%

(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.
(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)
JUNE 30, 2006
(In thousands)

	Three Months Ended
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income	$	7,158		$	4,474		$	4,569		$	5,201		$	1,440
Minority interests		356			222			235			278			65
Interest expense		9,253			7,784			7,581			7,422			6,812
Depreciation and amortization (3)		14,734			13,381			12,566			12,184			8,496
EBITDA	$	31,501		$	25,861		$	24,951		$	25,085		$	16,813
Reconciliation of cash flows provided by operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	44,747		$	21,194		$	(10,417	)	$	39,419		$	23,038
Changes in other assets and liabilities		(25,146	)		(5,336	)		23,591			(23,311	)		(12,808	)
Master lease receipts		155			300			361			361			517
AFFO	$	19,756		$	16,158		$	13,535		$	16,469		$	10,747

(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.

9

BIOMED REALTY TRUST, INC.
RECONCILIATION OF NET OPERATING INCOME (1)
JUNE 30, 2006
(Dollars in thousands)

	Three Months Ended
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Net income	$	7,158		$	4,474		$	4,569		$	5,201		$	1,440
Minority interests		356			222			235			278			65
Net income of unconsolidated partnership		(22	)		(20	)		(28	)		(20	)		(20	)
Interest expense		9,253			7,784			7,581			7,422			6,812
Interest income		(435	)		(160	)		(345	)		(807	)		(102	)
Income from operations		16,310			12,300			12,012			12,074			8,195
Depreciation and amortization		14,714			13,361			12,546			12,164			8,476
General and administrative		4,206			4,347			4,277			3,756			2,695
Consolidated net operating income	$	35,230		$	30,008		$	28,835		$	27,994		$	19,366
Revenues:
Rental	$	36,556		$	31,178		$	29,756		$	28,593		$	20,014
Tenant recoveries		12,839			12,609			14,198			12,225			8,549
Other income		64			6			538			512			—
Total revenues		49,459			43,793			44,492			41,330			28,563
Expenses:
Rental operations		9,642			9,543			11,626			9,763			6,721
Real estate taxes		4,587			4,242			4,031			3,573			2,476
Total operating expenses		14,229			13,785			15,657			13,336			9,197
Consolidated net operating income	$	35,230		$	30,008		$	28,835		$	27,994		$	19,366
Operating margin (2)		71.2	%		68.5	%		64.4	%		67.3	%		67.8	%
Operating expense recovery (3)		90.2	%		91.5	%		90.7	%		91.7	%		93.0	%

(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.
COVERAGE RATIOS (1)
JUNE 30, 2006
(In thousands, except ratios)

	Three Months Ended
	6/30/06		3/31/06		12/31/05		9/30/05		6/30/05
Interest coverage ratio:
EBITDA	$	31,501	$	25,861	$	24,951	$	25,085	$	16,813
Interest expense:
Interest expense(2)		9,253		7,784		7,581		7,422		6,812
Interest expense — unconsolidated partnership		50		49		50		50		50
Total interest expense		9,303		7,833		7,631		7,472		6,862
Interest coverage ratio		3.4		3.3		3.3		3.4		2.5
Fixed charge coverage ratio:
EBITDA	$	31,501	$	25,861	$	24,951	$	25,085	$	16,813
Fixed charges:
Interest expense(2)		9,253		7,784		7,581		7,422		6,812
Interest expense — unconsolidated partnership		50		49		50		50		50
Principal payments		1,359		1,253		1,291		1,266		821
Principal payments — unconsolidated partnership		6		7		6		6		4
Total fixed charges		10,668		9,093		8,928		8,744		7,687
Fixed charge coverage ratio		3.0		2.8		2.8		2.9		2.2

(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
JUNE 30, 2006
(Dollars in thousands)

Weighted average maturity is 4.0 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	%	$	4,703	$	504	$	5,207		07/12
Bayshore Boulevard		4.55	%		4.55	%		15,920		—		15,920		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,678		1,445		13,123		01/11
Eisenhower Road		5.80	%		4.63	%		2,183		45		2,228		05/08
Elliott Avenue		7.38	%		4.63	%		16,277		561		16,838		11/07
40 Erie Street		7.34	%		4.90	%		19,174		876		20,050		08/08
Kendall Square D		6.38	%		5.45	%		71,690		5,104		76,794		12/18
Lucent Drive(4)		5.50	%		5.50	%		5,825		—		5,825		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,692		—		9,692		01/10
Nancy Ridge Drive		7.15	%		5.38	%		6,912		660		7,572		09/12
Science Center Drive		7.65	%		5.04	%		11,510		1,334		12,844		07/11
Sidney Street		7.23	%		5.11	%		31,086		3,153		34,239		06/12
Towne Centre Drive		4.55	%		4.55	%		22,137		—		22,137		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,714		219		1,933		05/15
Total / weighted average on fixed rate notes		6.44	%		5.06	%	$	230,501	$	13,901	$	244,402
Variable rate debt (5)
$250 million secured term loan(6)		6.41	%		6.41	%		250,000		—		250,000		05/10
$500 million unsecured line of credit(7)		6.54	%		6.54	%		60,800		—		60,800		06/09
$150 million secured bridge loan(8)		6.70	%		6.70	%		150,000		—		150,000		08/06
Total / weighted average consolidated debt		6.50	%		6.03	%	$	691,301	$	13,901	$	705,202
Pro rata share of unconsolidated partnership debt
McKellar Court (21%)		8.56	%		4.63	%		2,242		—		2,242		01/10
Total / weighted average		8.56	%		4.63	%	$	2,242	$	—	$	2,242
Total / weighted average consolidated and pro rata share of unconsolidated partnership debt		6.50	%		6.03	%	$	693,543	$	13,901	$	707,444

(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.
(5)	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 $500 million unsecured line of credit is a LIBOR-indexed variable plus credit spread, which ranges from 110 to 160 basis points depending on our leverage.
(8)	Interest on the $150 million secured bridge loan is a LIBOR-indexed variable plus credit spread of 140 basis points. Subsequent to June 30, 2006, the credit spread was reduced to 120 basis points and the maturity date was extended to November 2006.

12

BIOMED REALTY TRUST, INC.
DEBT MATURITIES AND PRINCIPAL PAYMENTS
JUNE 30, 2006
(In thousands)

	Schedule of Maturities
Property	2006		2007		2008		2009		2010		Thereafter		Total
Ardentech Court	$	45	$	94	$	101	$	109	$	118	$	4,236	$	4,703
Bayshore Boulevard		190		394		413		432		14,491		—		15,920
Bridgeview Technology Park I		54		117		124		137		149		11,097		11,678
Eisenhower Road		19		50		2,114		—		—		—		2,183
Elliott Avenue		257		16,020		—		—		—		—		16,277
40 Erie Street		582		1,058		17,534		—		—		—		19,174
Kendall Square D		727		1,526		1,627		1,733		1,847		64,230		71,690
Lucent Drive		107		191		202		214		215		4,896		5,825
Monte Villa Parkway		116		240		251		263		8,822		—		9,692
Nancy Ridge Drive		40		86		91		100		107		6,488		6,912
Science Center Drive		66		143		152		167		182		10,800		11,510
Sidney Street		354		746		802		862		926		27,396		31,086
Towne Centre Drive		265		548		574		601		20,149		—		22,137
900 Uniqema Boulevard		66		139		152		166		180		1,011		1,714
Total fixed rate notes		2,888		21,352		24,137		4,784		47,186		130,154		230,501
$250 million secured term loan		—		—		—		—		250,000		—		250,000
$500 million unsecured line of credit		—		—		—		60,800		—		—		60,800
$150 million bridge loan		150,000		—		—		—		—		—		150,000
Total consolidated debt		152,888		21,352		24,137		65,584		297,186		130,154		691,301
McKellar Court (21%)		12		27		29		32		2,142		—		2,242
Total consolidated and pro rata share of unconsolidated partnership debt	$	152,900	$	21,379	$	24,166	$	65,616	$	299,328	$	130,154	$	693,543

13

BIOMED REALTY TRUST, INC.
COMMON STOCK DATA
JUNE 30, 2006
(Shares in thousands)

SUMMARY OF COMMON SHARES

	Three Months Ended				Six Months Ended
	6/30/06		3/31/06		6/30/06		6/30/05
Weighted average shares outstanding		51,394		46,370		48,895		31,515
Weighted average units outstanding		2,864		2,864		2,864		2,870
Dilutive effect of restricted stock		150		163		180		81
Dilutive effect of stock warrant		126		121		124		78
Diluted shares — EPS and FFO		54,534		49,518		52,063		34,544

COMMON STOCK DATA

	6/30/06		3/31/06		12/31/05		9/30/05
Shares outstanding		56,890		46,444		46,290		46,290
Units outstanding		2,864		2,864		2,864		2,870
Unvested restricted shares outstanding		339		338		344		346
Stock warrant outstanding		270		270		270		270
Total common shares outstanding		60,363		49,916		49,768		49,776

	Three Months Ended
	6/30/06			3/31/06			12/31/05			9/30/05
High Price	$	29.94		$	29.86		$	26.06		$	25.60
Low Price	$	25.95		$	23.75		$	22.25		$	22.30
Average Closing Price	$	28.12		$	27.22		$	24.85		$	24.27
Closing Price	$	29.94		$	29.64		$	24.40		$	24.80
Dividends per share — Annualized	$	1.16		$	1.16		$	1.08		$	1.08
Closing Dividend Yield — Annualized		3.9	%		3.9	%		4.4	%		4.4	%

DIVIDENDS PER COMMON SHARE

2006
First quarter	$	0.29
Second 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	May 19, 2006
Record	June 30, 2006
Paid	July 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
JUNE 30, 2006
(Dollars in thousands)

	Three Months Ended (1)
	6/30/06			6/30/05			% Change
Total Same Property Portfolio
Number of properties		20			20
Rentable square feet		2,799,630			2,795,086
Percent of total portfolio		47.8	%		65.7	%
Leased %		90.8	%		92.0	%
Redevelopment %		5.5	%		4.7	%
Revenues:
Rental	$	15,575		$	15,141			2.9	%
Tenant recoveries		7,401			7,241			2.2	%
Total revenues		22,976			22,382			2.7	%
Expenses:
Rental operations		6,108			5,886			3.8	%
Real estate taxes		1,849			1,779			3.9	%
Total expenses		7,957			7,665			3.8	%
Net operating income (2)	$	15,019		$	14,717			2.1	%
Same property net operating income (2)	$	15,019		$	14,717			2.1	%
Less straight line rents and fair value lease revenue lease revenue		(938	)		(1,049	)		(10.6	%)
Same property net operating income — cash basis (2) (3)	$	14,081		$	13,668			3.0	%
Rental revenue — cash basis (3)	$	14,637		$	14,092			3.9	%
Same property net operating income (2)	$	15,019		$	14,717			2.1	%
Plus other income		—			(56	)		(100.0	%)
Same property net operating income — including non-recurring items	$	15,019		$	14,661			2.4	%

(1)	Properties included in same property quarterly analysis are Ardentech Court, Balboa Avenue, Bayshore Boulevard, Beckley Street, Bernardo Center Drive, Bridgeview Technology Park I, Bridgeview Technology Park II, Eisenhower Road, Elliott Avenue, Graphics Drive, 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, Tributary Street, and Waples 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.

15

BIOMED REALTY TRUST, INC.
PORTFOLIO SUMMARY AND LEASE EXPIRATIONS
JUNE 30, 2006

PORTFOLIO SUMMARY

Weighted average remaining lease term is 8.7 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		Base Rent			Sq Ft		Base Rent		Base Rent			Sq Ft
Market	Properties		Feet		Sq Ft			Current (1)		Current			Current		at Expiration		at Expiration			at Expiration
								(in thousands)							(in thousands)
Boston (2)		11		1,297,786		22.3	%	$	48,765		29.8	%	$	38.73	$	53,227		26.8	%	$	42.27
San Francisco		9		1,028,093		17.5	%		19,596		12.0	%		23.02		25,314		12.8	%		29.73
San Diego (3)		9		565,364		9.6	%		15,367		9.4	%		30.64		17,971		9.1	%		35.83
New York / New Jersey		3		873,369		14.8	%		14,260		8.7	%		19.59		15,238		7.7	%		20.93
Pennsylvania		6		701,873		12.0	%		13,676		8.4	%		22.00		13,802		7.0	%		22.21
Seattle		3		185,989		3.2	%		7,114		4.4	%		38.25		7,732		3.9	%		41.57
Maryland		4		1,093,787		18.6	%		42,204		25.8	%		38.58		61,515		31.1	%		56.24
University Related — Other		2		115,150		2.0	%		2,448		1.5	%		21.26		3,179		1.6	%		27.61
Total / weighted average		47		5,861,411		100.0	%	$	163,429		100.0	%	$	30.51	$	197,978		100.0	%	$	36.96

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		Base Rent			Sq Ft		Base Rent		Base Rent			Sq Ft
Year of Lease Expiration	Leases		Leases			Current (1)		Current			Current		at Expiration		at Expiration			at Expiration
						(in thousands)							(in thousands)
2006 (4)		175,045		3.3	%	$	4,025		2.5	%	$	23.00	$	4,025		2.0	%	$	23.00
2007		531,737		9.9	%		10,622		6.5	%		19.98		10,828		5.5	%		20.36
2008		304,081		5.7	%		8,874		5.4	%		29.18		9,098		4.6	%		29.92
2009		409,853		7.7	%		9,469		5.8	%		23.10		9,767		4.9	%		23.83
2010		781,736		14.6	%		19,744		12.1	%		25.26		19,618		9.9	%		25.09
2011		172,687		3.2	%		5,811		3.6	%		33.65		7,297		3.7	%		42.26
2012		224,942		4.2	%		5,747		3.5	%		25.55		6,773		3.4	%		30.11
2013		194,986		3.6	%		2,730		1.7	%		14.00		4,371		2.2	%		22.42
2014		238,252		4.4	%		7,007		4.3	%		29.41		8,350		4.2	%		35.05
2015		148,666		2.8	%		3,688		2.3	%		24.81		4,159		2.1	%		27.98
Thereafter		2,174,570		40.6	%		85,712		52.3	%		39.42		113,693		57.5	%		52.28
Total / weighted average		5,356,555		100.0	%	$	163,429		100.0	%	$	30.51	$	197,978		100.0	%	$	36.96

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of June 30, 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
JUNE 30, 2006

	Rentable Square Feet
Market	Leased		Redevelopment		Vacant		Total
Boston		1,259,089		—		38,697		1,297,786
San Francisco		851,453		152,203		24,437		1,028,093
San Diego		501,509		21,952		41,903		565,364
New York / New Jersey		728,085		89,689		55,595		873,369
Pennsylvania		621,493		80,380		—		701,873
Seattle		185,989		—		—		185,989
Maryland		1,093,787		—		—		1,093,787
University Related — Other		115,150		—		—		115,150
Total		5,356,555		344,224		160,632		5,861,411

	Leased
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Boston		97.0	%		97.2	%		97.1	%		97.1	%		95.9	%
San Francisco		82.8	%		75.1	%		80.7	%		79.7	%		89.1	%
San Diego		88.7	%		88.1	%		87.9	%		88.8	%		91.9	%
New York / New Jersey		83.4	%		88.7	%		90.1	%		87.5	%		87.7	%
Pennsylvania		88.5	%		88.5	%		92.4	%		91.5	%		90.6	%
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	%		100.0	%
Total		91.4	%		89.2	%		91.1	%		90.6	%		92.3	%

	Redevelopment
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Boston		—			—			—			—			—
San Francisco		14.8	%		22.4	%		16.7	%		17.4	%		7.6	%
San Diego		3.9	%		3.9	%		3.9	%		2.7	%		2.8	%
New York / New Jersey		10.3	%		4.9	%		4.9	%		7.5	%		7.5	%
Pennsylvania		11.5	%		11.5	%		7.6	%		8.5	%		9.4	%
Seattle		—			—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			—
Total		5.9	%		7.5	%		5.8	%		6.1	%		4.3	%

	Vacancy
	6/30/06			3/31/06			12/31/05			9/30/05			6/30/05
Boston		3.0	%		2.8	%		2.9	%		2.9	%		4.1	%
San Francisco		2.4	%		2.6	%		2.6	%		2.9	%		3.3	%
San Diego		7.4	%		8.0	%		8.2	%		8.5	%		5.3	%
New York / New Jersey		6.4	%		6.4	%		5.0	%		5.0	%		4.8	%
Pennsylvania		—			—			—			—			—
Seattle		—			—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			—
Total		2.7	%		3.3	%		3.1	%		3.3	%		3.4	%

17

BIOMED REALTY TRUST, INC.
PROPERTY LISTING
JUNE 30, 2006

					Rentable		Percent of
					Square		Rentable			Percent Leased
	Property	Acquisition Date	Buildings		Feet		Sq Ft			6/30/06			3/31/06			12/31/05			9/30/05
	Boston
1	Albany Street	May 31, 2005		2		75,003		1.4	%		100.0	%		100.0	%		100.0	%		99.8	%
2	58 Charles Street	April 7, 2006		1		47,912		0.8	%		93.6	%		n/a			n/a			n/a
3	Coolidge Avenue	April 5, 2005		1		37,400		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
4	21 Erie Street	May 31, 2005		1		49,247		0.8	%		56.9	%		56.9	%		56.9	%		56.9	%
5	40 Erie Street	May 31, 2005		1		100,854		1.7	%		100.0	%		100.0	%		100.0	%		100.0	%
6	Fresh Pond Research Park	April 5, 2005		6		90,702		1.5	%		100.0	%		100.0	%		100.0	%		100.0	%
7	Kendall Square A	May 31, 2005		1		302,919		5.2	%		97.1	%		97.1	%		96.7	%		96.7	%
8	Kendall Square D	May 31, 2005		1		349,325		6.0	%		98.3	%		98.5	%		98.5	%		98.5	%
9	Sidney Street	May 31, 2005		1		191,904		3.3	%		100.0	%		100.0	%		100.0	%		100.0	%
10	Vassar Street	May 31, 2005		1		52,520		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
11	47 Erie Street Parking Structure	May 31, 2005		1	447 Stalls			—			100.0	%		100.0	%		100.0	%		100.0	%
	Total Boston			17		1,297,786		22.3	%		97.0	%		97.2	%		97.1	%		97.1	%
	San Francisco
12	Ardentech Court	November 18, 2004		1		55,588		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
13	Ardenwood Venture (1)	June 14, 2006		1		72,500		1.2	%		100.0	%		n/a			n/a			n/a
14	Bayshore Boulevard	August 17, 2004		1		183,344		3.1	%		100.0	%		66.5	%		100.0	%		100.0	%
15	Bridgeview Technology Park I	September 10, 2004		2		212,673		3.6	%		67.8	%		67.8	%		67.8	%		77.5	%
16	Bridgeview Technology Park II	March 16, 2005		1		50,400		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
17	Dumbarton Circle	May 27, 2005		3		44,000		0.8	%		100.0	%		100.0	%		100.0	%		100.0	%
18	Eccles Avenue	December 1, 2005		1		152,145		2.6	%		100.0	%		100.0	%		100.0	%		n/a
19	Industrial Road	August 17, 2004		1		169,490		2.9	%		88.1	%		88.1	%		83.6	%		83.6	%
20	Kaiser Drive	August 25, 2005		1		87,953		1.5	%		—			—			—			—
	Total San Francisco			12		1,028,093		17.5	%		82.8	%		75.1	%		80.7	%		79.7	%
	San Diego
21	Balboa Avenue	August 13, 2004		1		35,344		0.6	%		100.0	%		100.0	%		100.0	%		100.0	%
22	Bernardo Center Drive	August 13, 2004		1		61,286		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
23	Faraday Avenue	September 19, 2005		1		28,704		0.5	%		100.0	%		100.0	%		100.0	%		100.0	%
24	McKellar Court (2)	September 30, 2004		1		72,863		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
25	Nancy Ridge Drive	April 21, 2005		1		42,138		0.7	%		58.0	%		67.4	%		67.4	%		67.4	%
26	San Diego Science Center	October 21, 2004		1		105,364		1.8	%		77.0	%		70.1	%		69.0	%		68.2	%
27	Science Center Drive	September 24, 2004		1		53,740		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
28	Towne Centre Drive	August 12, 2004		3		115,870		2.0	%		100.0	%		100.0	%		100.0	%		100.0	%
29	Waples Street (3)	March 1, 2005		1		50,055		0.9	%		56.1	%		56.1	%		56.1	%		65.3	%
	Total San Diego			11		565,364		9.6	%		88.7	%		88.1	%		87.9	%		88.8	%
	New York / New Jersey
30	Graphics Drive	March 17, 2005		1		72,300		1.2	%		44.3	%		44.3	%		44.3	%		14.8	%
31	Landmark at Eastview	August 12, 2004		8		751,648		12.8	%		92.6	%		92.9	%		94.5	%		94.5	%
32	One Research Way	May 31, 2006		1		49,421		0.8	%		—			n/a			n/a			n/a
	Total New York / New Jersey			10		873,369		14.8	%		83.4	%		88.7	%		90.1	%		87.5	%
	Pennsylvania
33	Eisenhower Road	August 13, 2004		1		27,750		0.5	%		—			—			100.0	%		100.0	%
34	George Patterson Boulevard	October 28, 2005		1		71,500		1.2	%		100.0	%		100.0	%		100.0	%		n/a
35	King of Prussia (4)	August 11, 2004		5		427,109		7.3	%		100.0	%		100.0	%		100.0	%		100.0	%
36	Phoenixville Pike	April 5, 2005		1		104,400		1.8	%		49.6	%		49.6	%		49.6	%		49.6	%
37	1000 Uniqema Boulevard	September 30, 2005		1		59,821		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
38	900 Uniqema Boulevard	January 13, 2006		1		11,293		0.2	%		100.0	%		100.0	%		n/a			n/a
	Total Pennsylvania			10		701,873		12.0	%		88.5	%		88.5	%		92.4	%		91.5	%
	Seattle
39	Elliott Avenue	August 24, 2004		1		134,989		2.3	%		100.0	%		100.0	%		100.0	%		100.0	%
40	Monte Villa Parkway	August 17, 2004		1		51,000		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
41	Fairview Avenue (5)	January 12, 2006		—		—		—			n/a			n/a			n/a			n/a
	Total Seattle			2		185,989		3.2	%		100.0	%		100.0	%		100.0	%		100.0	%
	Maryland
42	Beckley Street	December 17, 2004		1		77,225		1.3	%		100.0	%		100.0	%		100.0	%		100.0	%
43	Belward Campus Drive	May 24, 2006		1		289,912		4.9	%		100.0	%		n/a			n/a			n/a
44	Shady Grove Road	May 24, 2006		4		635,058		10.8	%		100.0	%		n/a			n/a			n/a
45	Tributary Street	December 17, 2004		1		91,592		1.6	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total Maryland			7		1,093,787		18.6	%		100.0	%		100.0	%		100.0	%		100.0	%
	University Related — Other
46	Colorow Drive	December 22, 2005		1		93,650		1.6	%		100.0	%		100.0	%		100.0	%		n/a
47	Lucent Drive	May 31, 2005		1		21,500		0.4	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total University Related — Other			2		115,150		2.0	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total / weighted average			71		5,861,411		100.0	%		91.4	%		89.2	%		91.1	%		90.6	%

(1)	We own 87.5% of the limited liability company that owns the Ardenwood Venture property.
(2)	We own a general partnership interest in the limited partnership that owns the McKellar Court property, which entitiles us to 75% of the gains upon a sale of the property and 21% of the operating cash flows. This property is an unconsolidated partnership.
(3)	We own 70% of the limited liability company that owns the Waples Street property.
(4)	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.
(5)	We own 70% of the limited liability company that owns the Fairview Avenue development site.

18

BIOMED REALTY TRUST, INC.
10 LARGEST TENANTS (1)
JUNE 30, 2006

As of June 30, 2006, our properties were leased to 94 tenants.

									Annualized		Percent of
				Percent of					Base Rent		Annualized
		Leased		Leased Sq Ft			Annualized		per Leased		Base Rent			Lease
		Square		Total			Base Rent		Sq Ft		Current			Expiration
Tenant		Feet		Portfolio			Current (1)		Current		Total Portfolio			Date(s)
							(in thousands)
1	Human Genome Sciences, Inc.		924,970		15.8	%	$	39,500	$	42.70		24.2	%	May 2026
2	Vertex Pharmaceuticals		583,474		10.0	%		23,362		40.04		14.3	%	April 2018(2)
3	Genzyme Corporation		343,000		5.9	%		15,399		44.89		9.4	%	July 2018
4	Centocor, Inc. (Johnson & Johnson)		331,398		5.7	%		8,034		24.24		4.9	%	March 2010
5	Regeneron Pharmaceuticals, Inc.		227,932		3.9	%		4,206		18.45		2.6	%	December 2009(3)
6	Illumina, Inc.		115,870		2.0	%		3,938		33.99		2.4	%	August 2014
7	Nektar Therapeutics		79,917		1.4	%		3,812		47.70		2.3	%	October 2016
8	InterMune, Inc.		71,308		1.2	%		3,666		51.41		2.2	%	April 2011
9	sanofi-aventis U.S. Inc.		73,347		1.3	%		3,420		46.62		2.1	%	September 2018
10	Chemtura Corporation		182,829		3.1	%		3,377		18.47		2.1	%	December 2009
	Total / weighted average (4)		2,934,045		50.3	%	$	108,714	$	37.05		66.5	%

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of June 30, 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 expires April 2018.
(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.

19

BIOMED REALTY TRUST, INC.
REDEVELOPMENT AND LAND DEVELOPMENT PARCELS
JUNE 30, 2006

REDEVELOPMENT(1)

		Square Feet
		Under
Property	Market	Redevelopment(2)
Bridgeview Technology Park I	San Francisco		44,127
Eisenhower Road	Pennsylvania		27,750
Graphics Drive	New York / New Jersey		40,268
Industrial Road	San Francisco		20,123
Kaiser Drive	San Francisco		87,953
One Research Way	New York / New Jersey		49,421
Phoenixville Pike	Pennsylvania		52,630
Waples Street	San Diego		21,952
Total			344,224

LAND DEVELOPMENT PARCELS(3)

		Developable
Property	Market	Square Feet (4)
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
Shady Grove Road	Maryland		500,000
Towne Centre Drive	San Diego		84,000
Total			1,299,000

(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)	These sites represent possible future developments, which are in proximity to the properties listed in the table. These developments will be impacted by the timing and likelihood of success of the entitlement process, both of which are uncertain.
(4)	Management’s estimates.

20

BIOMED REALTY TRUST, INC.
ACQUISITIONS
JUNE 30, 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
Second Quarter 2006		5		1,094,803		462,953
Total acquisitions during 2006		7		1,106,096		470,772
Total Acquisitions		47		5,854,392	$	1,719,366

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	%
Second Quarter 2006
58 Charles Street	Boston	April 7, 2006		47,912	$	13,225		93.6	%
Belward Campus Drive	Maryland	May 24, 2006		289,912		200,966		100.0	%
Shady Grove Road	Maryland	May 24, 2006		635,058		226,080		100.0	%
One Research Way	New York / New Jersey	May 31, 2006		49,421		8,484		—	(4)
Ardenwood Venture (5)	San Francisco	June 14, 2006		72,500		14,198		100.0	%
Second Quarter Total				1,094,803	$	462,953		95.2	%

(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.
(4)	The entire property was undergoing redevelopment from the date of acquisition.
(5)	We own 87.5% of the limited liability company that owns the Ardenwood Venture property.

21

BIOMED REALTY TRUST, INC.
LEASING ACTIVITY (1)
JUNE 30, 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
Second quarter acquisitions		1,042,332			40.68
Leased Square Feet including acquisitions		5,294,756
Expirations		(94,953	)		42.49
Renewals		3,200			29.04
New Leases		158,003			32.24
Terminations		(4,451	)		20.22
Leased Square Feet as of June 30, 2006		5,356,555		$	30.51		91.4	%

(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 23.

22

BIOMED REALTY TRUST, INC.
TENANT IMPROVEMENTS AND LEASING COMMISSIONS
JUNE 30, 2006

	Three Months Ended
	6/30/06		3/31/06		12/31/05		9/30/05		6/30/05
Renewals (1)
Number of renewals		1		2		—		1		1
Square feet		3,200		6,690		—		1,197		1,667
Tenant improvement costs per square foot (2)	$	—	$	—	$	—	$	—	$	—
Leasing commission costs per square foot (2)		1.74		2.73		—		—		—
Total tenant improvement and leasing commission costs psf	$	1.74	$	2.73	$	—	$	—	$	—
New Leases (3)
Number of leases		11		7		7		5		4
Square feet		158,003		29,955		45,946		24,781		111,261
Tenant improvement costs per square foot (2)	$	24.78	$	38.36	$	16.16	$	9.14	$	32.89
Leasing commission costs per square foot (2)		7.45		3.33		5.50		1.16		4.75
Total tenant improvement and leasing commission costs psf	$	32.23	$	41.69	$	21.66	$	10.30	$	37.64
Total (4)
Number of renewals/leases		12		9		7		6		5
Square feet		161,203		36,645		45,946		25,978		112,928
Tenant improvement costs per square foot (2)	$	24.29	$	31.36	$	16.16	$	8.72	$	32.40
Leasing commission costs per square foot (2)		7.33		3.22		5.50		1.10		4.68
Total tenant improvement and leasing commission costs psf	$	31.62	$	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.

23

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

24