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

Exhibit 99.2

BioMed Realty Trust, Inc.

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
September 30, 2006

Pacific Research Center
Newark, CA
Acquired July 2006

Pacific Research Center
Newark, CA
Acquired July 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
SEPTEMBER 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		18-19
10 Largest Tenants		20
Redevelopment and Land Development Parcels		21
Acquisitions		22
Leasing Activity		23
Tenant Improvements and Leasing Commissions		24
Non-GAAP Financial Measure Definitions		25

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
SEPTEMBER 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 July 7, 2006, we completed the acquisition of a property located at 3200 Walnut Street in Boulder, Colorado. The property, consisting of four two-story office/laboratory buildings totaling 149,984 square feet, was acquired for approximately $45.0 million.

On July 11, 2006, we completed the acquisition of the Pacific Research Center located at 7777 Gateway Boulevard, Newark, California. The property, consisting of ten two and three-story office buildings totaling 1,432,324 square feet, as well as undeveloped land that we estimate can support the development of up to approximately 400,000 rentable square feet of space, was acquired for approximately $214.0 million.

On July 20, 2006, we completed the acquisition of a property located at 2-30 Spring Mill Drive, Malvern, Pennsylvania. The property, consisting of one single-story office/laboratory science building totaling 76,389 square feet, was acquired for approximately $9.4 million.

On August 9, 2006, we completed the acquisition of a property located at 2600 and 2620 Trade Centre Avenue in Longmont, Colorado. The property, consisting of two buildings totaling 78,023 square feet of office and laboratory space, was acquired for approximately $20.8 million.

On August 16, 2006, we completed the acquisition of a property located at 3545-3575 John Hopkins Court in San Diego, California. The property, consisting of a two-story office and laboratory facility totaling 69,946 square feet, was acquired for approximately $23.1 million.

On August 21, 2006, we completed a follow-on common stock offering of 7,992,500 shares at $28.75 per share, resulting in net proceeds of $220.3 million.

On August 23, 2006, we closed a $147.0 million fixed-rate, mortgage loan with KeyBank National Association, which is secured by our Shady Grove Road property in Rockville, Maryland. The loan bears interest at a fixed rate of 5.97% per annum and matures on September 1, 2016. We used the proceeds of the mortgage loan, along with borrowings on our unsecured revolving credit facility, to repay our $150.0 million bridge loan, which was secured by the same property.

On September 25, 2006, we issued $175.0 million aggregate principal amount of 4.50% Unsecured Exchangeable Notes due 2026.

As of September 30, 2006, we owned or had interests in 52 properties, located principally in Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania, New York and New Jersey, consisting of 89 buildings with approximately 7.7 million rentable square feet of laboratory and office space, which was approximately 92.4% leased to 98 tenants. Of the approximately 584,000 square feet of unleased space, approximately 392,000 square feet, or 67.1% of our unleased square footage, was under redevelopment. We also owned undeveloped land that we estimate can support up to 1.7 million 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
SEPTEMBER 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 President and Chief Executive Officer	John F. Wilson, II Executive Vice President-Operations	R. Kent Griffin, Jr. 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	KeyBanc Capital Markets	Raymond James
Wilkes Graham / Matt Konrad	Jordan Sadler	Paul D. Puryear / Ken Avalos
703.312.9737 / 703.312.9731	917.368.2280	800.248.8863
RBC Capital Markets	Robert W. Baird & Co.	Stifel, Nicolaus & Company, Inc.
Sri Nagarajan / Mitchell Germain	David Loeb / Andy Wittmann	John Guinee / Michael Hudgins
212.428.2360 / 212.428.2364	414.765.7063 / 414.298.1898	410.454.5520
Wachovia Securities
Christopher Haley / Brendan Maiorana
443.263.6773 / 443.263.6516

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
Fourth Quarter	February 2007

4

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

	As of or for the three months ended
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Selected Operating Data
Total revenues	$	64,510		$	49,459		$	43,793		$	44,492		$	41,330
Straight line rent		3,721			2,383			1,741			1,564			1,546
Fair value lease revenue (1)		597			574			578			728			791
EBITDA (2)		43,295			31,501			25,861			24,951			25,085
General and administrative expense		4,609			4,206			4,347			4,277			3,756
Interest expense		13,346			9,253			7,784			7,581			7,422
Capitalized interest		(714	)		(335	)		(236	)		(258	)		(275	)
Minority interests		(499	)		(356	)		(222	)		(235	)		(278	)
Operating margins (3)		73.9	%		71.2	%		68.5	%		64.4	%		67.3	%
Operating expense recoveries (3)		87.4	%		90.2	%		91.5	%		90.7	%		91.7	%
Same property net operating income change (4)		(0.5	%)		2.1	%		5.0	%		11.3	%		—
Net income		10,812			7,158			4,474			4,569			5,201
Net income per share — diluted	$	0.18		$	0.14		$	0.10		$	0.10		$	0.11
FFO (5)		29,964			22,294			18,131			17,418			17,708
FFO per share — diluted (5)	$	0.47		$	0.41		$	0.37		$	0.35		$	0.36
AFFO (6)		26,274			19,756			16,158			13,535			16,469
Selected Balance Sheet Data
Cash and cash equivalents	$	47,318		$	23,093		$	30,365		$	20,312		$	74,495
Investments in real estate, net		1,894,489			1,589,788			1,131,917			1,129,371			1,072,427
Total assets		2,139,346			1,806,952			1,346,897			1,337,310			1,330,481
Total liabilities		901,663			781,033			601,030			586,162			573,649
Minority interests		19,596			19,907			20,367			20,673			21,278
Total stockholders’ equity		1,218,087			1,006,012			725,500			730,475			735,554
Capitalization
Total common shares outstanding		65,493			57,229			46,782			46,634			46,636
Total units outstanding		2,864			2,864			2,864			2,864			2,870
Total common shares and units outstanding		68,357			60,093			49,646			49,498			49,506
Share price at quarter end	$	30.34		$	29.94		$	29.64		$	24.40		$	24.80
Equity value at quarter end (7)		2,073,951			1,799,184			1,471,507			1,207,751			1,227,749
Consolidated debt	$	814,407		$	705,202		$	527,077		$	513,233		$	498,004
Total market capitalization		2,888,358			2,504,386			1,998,584			1,720,984			1,725,753
Debt / total market capitalization		28.2	%		28.2	%		26.4	%		29.8	%		28.9	%
Financial Ratios
Interest coverage (8)		3.2			3.4			3.3			3.3			3.4
Fixed charge coverage (8)		2.9			3.0			2.8			2.8			2.9
FFO payout		61.7	%		70.7	%		78.4	%		77.1	%		75.0	%
AFFO payout		70.7	%		80.6	%		87.9	%		100.0	%		81.8	%
Debt / total assets		38.1	%		39.0	%		39.1	%		38.4	%		37.4	%
Portfolio Statistics
Properties owned at end of quarter		52			47			42			40			37
Total rentable square footage owned		7,668,077			5,861,411			4,766,608			4,755,315			4,431,001
Leased at end of quarter		92.4	%		91.4	%		89.2	%		91.1	%		90.6	%
Redevelopment at end of quarter		5.1	%		5.9	%		7.5	%		5.8	%		6.1	%
Vacancy at end of quarter		2.5	%		2.7	%		3.3	%		3.1	%		3.3	%

(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 25. 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 25. 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 25. For a quantitative reconciliation of the differences between AFFO and net income, see page 8.
	For a quantitative 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 25. See page 11 for detail.

5

BIOMED REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2006
(In thousands)

	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Assets
Investments in real estate, net	$	1,894,489		$	1,589,788		$	1,131,917		$	1,129,371		$	1,072,427
Investment in unconsolidated partnership		2,445			2,454			2,476			2,483			2,492
Cash and cash equivalents		47,318			23,093			30,365			20,312			74,495
Restricted cash		6,100			5,249			5,844			5,487			5,866
Accounts receivable, net		4,616			2,981			5,625			9,873			5,819
Accrued straight-line rents, net		16,576			12,855			10,472			8,731			7,166
Acquired above market leases, net		8,018			8,625			8,925			8,817			7,437
Deferred leasing costs, net		127,141			126,549			130,593			136,640			138,008
Deferred loan costs, net		12,001			6,282			4,507			4,855			5,196
Prepaid expenses		5,981			2,362			2,840			2,164			5,216
Other assets		14,661			26,714			13,333			8,577			6,359
Total assets	$	2,139,346		$	1,806,952		$	1,346,897		$	1,337,310		$	1,330,481
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	389,407		$	244,402		$	246,377		$	246,233		$	248,004
Secured term loan		250,000			250,000			250,000			250,000			250,000
Unsecured exchangeable notes		175,000			—			—			—			—
Secured bridge loan		—			150,000			—			—			—
Unsecured line of credit		—			60,800			30,700			17,000			—
Security deposits		6,556			7,264			6,883			6,905			6,222
Dividends and distributions payable		19,823			17,427			14,397			13,365			13,367
Accounts payable, accrued expenses, and other liabilities		34,565			23,611			24,196			23,012			25,234
Acquired below market leases, net		26,312			27,529			28,477			29,647			30,822
Total liabilities		901,663			781,033			601,030			586,162			573,649
Minority interests		19,596			19,907			20,367			20,673			21,278
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		655			571			466			466			466
Additional paid-in capital		1,271,213			1,045,831			758,375			757,591			756,768
Accumulated other comprehensive income		6,435			11,646			9,256			5,922			3,802
Dividends in excess of earnings		(60,216	)		(52,036	)		(42,597	)		(33,504	)		(25,482	)
Total stockholders’ equity		1,218,087			1,006,012			725,500			730,475			735,554
Total liabilities and stockholders’ equity	$	2,139,346		$	1,806,952		$	1,346,897		$	1,337,310		$	1,330,481

6

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

	Three Months Ended
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Revenues:
Rental	$	49,758		$	36,556		$	31,178		$	29,756		$	28,593
Tenant recoveries		14,743			12,839			12,609			14,198			12,225
Other income		9			64			6			538			512
						��
Total revenues		64,510			49,459			43,793			44,492			41,330
Expenses:
Rental operations		11,128			9,642			9,543			11,626			9,763
Real estate taxes		5,736			4,587			4,242			4,031			3,573
Depreciation and amortization		18,618			14,714			13,361			12,546			12,164
General and administrative		4,609			4,206			4,347			4,277			3,756
Total expenses		40,091			33,149			31,493			32,480			29,256
Income from operations		24,419			16,310			12,300			12,012			12,074
Equity in net income of unconsolidated partnership		20			22			20			28			20
Interest income		218			435			160			345			807
Interest expense		(13,346	)		(9,253	)		(7,784	)		(7,581	)		(7,422	)
Income before minority interests		11,311			7,514			4,696			4,804			5,479
Minority interests in consolidated partnerships		15			46			54			48			45
Minority interests in operating partnership		(514	)		(402	)		(276	)		(283	)		(323	)
Net income	$	10,812		$	7,158		$	4,474		$	4,569		$	5,201
Basic earnings per share	$	0.18		$	0.14		$	0.10		$	0.10		$	0.11
Diluted earnings per share	$	0.18		$	0.14		$	0.10		$	0.10		$	0.11
Weighted-average common shares outstanding:
Basic		60,477,672			51,394,117			46,369,605			46,290,279			46,287,617
Diluted		63,646,647			54,534,393			49,518,010			49,482,818			49,444,409

7

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

	Three Months Ended
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Reconciliation of net income to funds from operations:
Net income	$	10,812		$	7,158		$	4,474		$	4,569		$	5,201
Adjustments:
Minority interests in operating partnership		514			402			276			283			323
Depreciation and amortization (3)		18,638			14,734			13,381			12,566			12,184
Funds from operations (FFO)	$	29,964		$	22,294		$	18,131		$	17,418		$	17,708
FFO per share — diluted	$	0.47		$	0.41		$	0.37		$	0.35		$	0.36
Dividends and distributions declared per share	$	0.29		$	0.29		$	0.29		$	0.27		$	0.27
FFO payout ratio (4)		61.7	%		70.7	%		78.4	%		77.1	%		75.0	%
Reconciliation of funds from operations to adjusted funds from operations:
Funds from operations	$	29,964		$	22,294		$	18,131		$	17,418		$	17,708
Adjustments:
Master lease receipts (5)		—			155			300			361			361
Second generation capital expenditures		(431	)		(527	)		(472	)		(2,623	)		(451	)
Amortization of deferred loan costs		603			379			339			328			342
Amortization of fair value of debt acquired		(618	)		(615	)		(605	)		(480	)		(630	)
Non-cash stock compensation		1,074			1,027			784			823			1,476
Straight line rents		(3,721	)		(2,383	)		(1,741	)		(1,564	)		(1,546	)
Fair value lease revenue		(597	)		(574	)		(578	)		(728	)		(791	)
Adjusted funds from operations (AFFO)	$	26,274		$	19,756		$	16,158		$	13,535		$	16,469
Dividends and distributions declared	$	0.29		$	0.29		$	0.29		$	0.27		$	0.27
AFFO payout ratio (6)		70.7	%		80.6	%		87.9	%		100.0	%		81.8	%

(1)	For a definition and discussion of FFO, see page 25.
(2)	For a definition and discussion of AFFO, see page 25. For a quantitative 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)
SEPTEMBER 30, 2006
(In thousands)

	Three Months Ended
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income	$	10,812		$	7,158		$	4,474		$	4,569		$	5,201
Minority interests		499			356			222			235			278
Interest expense		13,346			9,253			7,784			7,581			7,422
Depreciation and amortization (3)		18,638			14,734			13,381			12,566			12,184
EBITDA	$	43,295		$	31,501		$	25,861		$	24,951		$	25,085
Reconciliation of cash flows provided by operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	26,959		$	23,553		$	21,194		$	(10,417	)	$	39,419
Changes in other assets and liabilities		(685	)		(3,952	)		(5,336	)		23,591			(23,311	)
Master lease receipts		—			155			300			361			361
AFFO	$	26,274		$	19,756		$	16,158		$	13,535		$	16,469

(1)	For a definition and discussion of EBITDA, see page 25.
(2)	For a definition and discussion of AFFO, see page 25.
(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)
SEPTEMBER 30, 2006
(Dollars in thousands)

	Three Months Ended
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Net income	$	10,812		$	7,158		$	4,474		$	4,569		$	5,201
Minority interests		499			356			222			235			278
Net income of unconsolidated partnership		(20	)		(22	)		(20	)		(28	)		(20	)
Interest expense		13,346			9,253			7,784			7,581			7,422
Interest income		(218	)		(435	)		(160	)		(345	)		(807	)
Income from operations		24,419			16,310			12,300			12,012			12,074
Depreciation and amortization		18,618			14,714			13,361			12,546			12,164
General and administrative		4,609			4,206			4,347			4,277			3,756
Consolidated net operating income	$	47,646		$	35,230		$	30,008		$	28,835		$	27,994
Revenues:
Rental	$	49,758		$	36,556		$	31,178		$	29,756		$	28,593
Tenant recoveries		14,743			12,839			12,609			14,198			12,225
Other income		9			64			6			538			512
Total revenues		64,510			49,459			43,793			44,492			41,330
Expenses:
Rental operations		11,128			9,642			9,543			11,626			9,763
Real estate taxes		5,736			4,587			4,242			4,031			3,573
Total operating expenses		16,864			14,229			13,785			15,657			13,336
Consolidated net operating income	$	47,646		$	35,230		$	30,008		$	28,835		$	27,994
Operating margin (2)		73.9	%		71.2	%		68.5	%		64.4	%		67.3	%
Operating expense recovery (3)		87.4	%		90.2	%		91.5	%		90.7	%		91.7	%

(1)	For a definition and discussion of net operating income, see page 25.
(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)
SEPTEMBER 30, 2006
(In thousands, except ratios)

	Three Months Ended
	9/30/06		6/30/06		3/31/06		12/31/05		9/30/05
Interest coverage ratio:
EBITDA	$	43,295	$	31,501	$	25,861	$	24,951	$	25,085
Interest expense:
Interest expense		13,346		9,253		7,784		7,581		7,422
Interest expense — unconsolidated partnership		50		50		49		50		50
Total interest expense		13,396		9,303		7,833		7,631		7,472
Interest coverage ratio		3.2		3.4		3.3		3.3		3.4
Fixed charge coverage ratio:
EBITDA	$	43,295	$	31,501	$	25,861	$	24,951	$	25,085
Fixed charges:
Interest expense		13,346		9,253		7,784		7,581		7,422
Interest expense — unconsolidated partnership		50		50		49		50		50
Principal payments		1,378		1,359		1,253		1,291		1,266
Principal payments — unconsolidated partnership		6		6		7		6		6
Total fixed charges		14,780		10,668		9,093		8,928		8,744
Fixed charge coverage ratio		2.9		3.0		2.8		2.8		2.9

(1) For a discussion of coverage ratios, see page 25.

11

BIOMED REALTY TRUST, INC.
DEBT SUMMARY
SEPTEMBER 30, 2006
(Dollars in thousands)

Weighted average maturity is 9.2 years.

	Stated			Effective			Principal		Unamortized		Carrying		Maturity
	Rate			Rate(1)			Balance		Premium(2)		Value		Date
Consolidated debt:
Mortgage notes payable
Ardentech Court		7.25	%		5.06	%	$	4,681	$	484	$	5,165		07/12
Bayshore Boulevard		4.55	%		4.55	%		15,826		—		15,826		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,653		1,372		13,025		01/11
Eisenhower Road		5.80	%		4.63	%		2,176		39		2,215		05/08
Elliott Avenue		7.38	%		4.63	%		16,150		465		16,615		11/07
40 Erie Street		7.34	%		4.90	%		18,928		770		19,698		08/08
Kendall Square D		6.38	%		5.45	%		71,330		5,006		76,336		12/18
Lucent Drive(3)		5.50	%		5.50	%		5,779		—		5,779		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,634		—		9,634		01/10
Nancy Ridge Drive		7.15	%		5.38	%		6,893		636		7,529		09/12
Science Center Drive		7.65	%		5.04	%		11,479		1,273		12,752		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—		147,000		09/16
Sidney Street		7.23	%		5.11	%		30,910		3,028		33,938		06/12
Towne Centre Drive		4.55	%		4.55	%		22,005		—		22,005		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,681		209		1,890		05/15
Total / weighted average on fixed rate mortgages		6.26	%		5.41	%	$	376,125	$	13,282	$	389,407
Fixed rate debt
$175 million unsecured exchangeable notes(4)		4.50	%		4.50	%		175,000		—		175,000		10/26
Total / weighted average fixed rate debt		5.70	%		5.12	%	$	551,125	$	13,282	$	564,407
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)		—			—			—		—		—		06/09
Total / weighted average consolidated debt		5.92	%		5.52	%	$	801,125	$	13,282	$	814,407
Pro rata share of unconsolidated partnership debt
McKellar Court (21%)		8.56	%		4.63	%		2,236		—		2,236		01/10
Total / weighted average		8.56	%		4.63	%	$	2,236	$	—	$	2,236
Total / weighted average consolidated and pro rata share of unconsolidated partnership debt		5.93	%		5.52	%	$	803,361	$	13,282	$	816,643

(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)	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)	Holders of the notes may require repurchase on each of October 1, 2011, October 1, 2016, and October 1, 2021 or upon the occurrence of certain events for cash at a repurchase price equal to 100% of the principal amount plus accrued and unpaid interest. The notes are redeemable by the company at any time to preserve its REIT status or at any time on or after October 6, 2011 for cash in whole or in part, at 100% of the principal amount plus accrued and unpaid interest. In addition, the notes are exchangeable into cash or a combination of cash and shares of common stock at an initial exchange rate of 26.4634 shares per $1,000 principal amount on or after September 1, 2026, or upon the occurrence of certain events.
(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.

12

��

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

	Schedule of Maturities
Property	2006		2007		2008		2009		2010		Thereafter		Total
Ardentech Court	$	23	$	94	$	101	$	109	$	118	$	4,236	$	4,681
Bayshore Boulevard		96		394		413		432		14,491		—		15,826
Bridgeview Technology Park I		28		118		124		137		149		11,097		11,653
Eisenhower Road		12		50		2,114		—		—		—		2,176
Elliott Avenue		130		16,020		—		—		—		—		16,150
40 Erie Street		251		1,052		17,625		—		—		—		18,928
Kendall Square D		368		1,525		1,627		1,733		1,847		64,230		71,330
Lucent Drive		46		191		201		213		215		4,913		5,779
Monte Villa Parkway		58		240		251		263		8,822		—		9,634
Nancy Ridge Drive		21		86		91		100		107		6,488		6,893
Science Center Drive		35		143		152		167		182		10,800		11,479
Shady Grove Road		—		—		—		—		—		147,000		147,000
Sidney Street		178		746		802		862		926		27,396		30,910
Towne Centre Drive		133		548		574		601		20,149		—		22,005
900 Uniqema Boulevard		33		139		152		166		180		1,011		1,681
Total fixed rate mortgages		1,412		21,346		24,227		4,783		47,186		277,171		376,125
$175 million unsecured exchangeable notes		—		—		—		—		—		175,000		175,000
Total fixed rate debt		1,412		21,346		24,227		4,783		47,186		452,171		551,125
$250 million secured term loan		—		—		—		—		250,000		—		250,000
$500 million unsecured line of credit		—		—		—		—		—		—		—
Total consolidated debt		1,412		21,346		24,227		4,783		297,186		452,171		801,125
McKellar Court (21%)		6		27		29		32		2,142		—		2,236
Total consolidated and pro rata share of unconsolidated partnership debt	$	1,418	$	21,373	$	24,256	$	4,815	$	299,328	$	452,171	$	803,361

13

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

SUMMARY OF COMMON SHARES

	Three Months Ended				Nine Months Ended
	9/30/06		6/30/06		9/30/06		9/30/05
Weighted average shares outstanding		60,478		51,394		52,822		36,406
Weighted average units outstanding		2,864		2,864		2,864		2,870
Dilutive effect of restricted stock		169		150		112		182
Dilutive effect of stock warrant (1)		136		126		128		87
Diluted shares — EPS and FFO		63,647		54,534		55,926		39,545

COMMON STOCK DATA

	9/30/06		6/30/06		3/31/06		12/31/05
Shares outstanding		65,152		56,890		46,444		46,290
Units outstanding		2,864		2,864		2,864		2,864
Unvested restricted shares outstanding		341		339		338		344
Stock warrant outstanding		—		270		270		270
Total common shares outstanding		68,357		60,363		49,916		49,768

	Three Months Ended
	9/30/06			6/30/06			3/31/06			12/31/05
High Price	$	31.99		$	29.94		$	29.86		$	26.06
Low Price	$	28.28		$	25.95		$	23.75		$	22.25
Average Closing Price	$	30.30		$	28.12		$	27.22		$	24.85
Closing Price	$	30.34		$	29.94		$	29.64		$	24.40
Dividends per share — Annualized	$	1.16		$	1.16		$	1.16		$	1.08
Closing Dividend Yield — Annualized		3.8	%		3.9	%		3.9	%		4.4	%

DIVIDENDS PER COMMON SHARE

2006
First quarter	$	0.29
Second quarter	$	0.29
Third 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	September 14, 2006
Record	September 29, 2006
Paid	October 16, 2006

(1) The stock warrant was exercised during the third quarter of 2006, resulting in the issuance of 270,000 shares of common stock on September 22, 2006.

14

BIOMED REALTY TRUST, INC.
SAME PROPERTY ANALYSIS
SEPTEMBER 30, 2006
(Dollars in thousands)

	Three Months Ended (1)
	9/30/06			9/30/05			% Change
Total Same Property Portfolio
Number of properties		34			34
Rentable square feet		4,261,542			4,256,998
Percent of total portfolio		55.6	%		100.0	%
Leased %		91.3	%		92.2	%
Redevelopment %		4.3	%		4.3	%
Revenues:
Rental	$	29,592		$	29,021			2.0	%
Tenant recoveries		12,343			12,282			0.5	%
Total revenues		41,935			41,303			1.5	%
Expenses:
Rental operations		10,422			9,912			5.1	%
Real estate taxes		3,882			3,610			7.5	%
Total expenses		14,304			13,522			5.8	%
Net operating income (2)	$	27,631		$	27,781			(0.5	%)
Same property net operating income (2)	$	27,631		$	27,781			(0.5	%)
Less straight line rents, fair value and incentive revenue		(2,163	)		(2,349	)		(7.9	%)
Same property net operating income — cash basis (2) (3)	$	25,468		$	25,432			0.1	%
Rental revenue — cash basis (3)	$	27,429		$	26,672			2.8	%
Same property net operating income (2)	$	27,631		$	27,781			(0.5	%)
Plus other income		15			482			(96.9	%)
Same property net operating income — including non-recurring items	$	27,646		$	28,263			(2.2	%)

(1)	Properties included in same property quarterly analysis are Albany Street, Ardentech Court, Balboa Avenue, Bayshore Boulevard, Beckley Street, Bernardo Center Drive, Bridgeview Technology Park I, Bridgeview Technology Park II, Coolidge Avenue, Dumbarton Circle, Eisenhower Road, Elliott Avenue, 21 Erie Street, 40 Erie Street, 47 Erie Parking Structure, Fresh Pond Research Park, Graphics Drive, Industrial Road, Kendall Square A, Kendall Square D, King of Prussia, Landmark at Eastview, Lucent Drive, McKellar Court (an unconsolidated partnership of which we own 21%), Monte Villa Parkway, Nancy Ridge Drive, Phoenixville Pike, San Diego Science Center, Science Center Drive, Sidney Street, Towne Centre Drive, Tributary Street, Vassar Street and Waples Street.
(2)	For a definition and discussion of net operating income, see page 25. 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
SEPTEMBER 30, 2006

PORTFOLIO SUMMARY

Weighted average remaining lease term is 6.9 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		17.0	%	$	48,880		25.8	%	$	38.78	$	53,383		23.7	%	$	42.36
San Francisco		10		2,460,417		32.0	%		38,013		20.1	%		16.70		44,023		19.5	%		19.34
San Diego (3)		10		635,310		8.4	%		14,916		7.9	%		30.57		17,438		7.7	%		35.74
New York / New Jersey		3		873,369		11.2	%		14,539		7.7	%		19.53		15,540		6.9	%		20.88
Pennsylvania		7		778,262		10.1	%		14,451		7.6	%		20.86		14,752		6.5	%		21.29
Seattle		3		185,989		2.5	%		7,114		3.8	%		38.25		7,732		3.4	%		41.57
Maryland		4		1,093,787		14.3	%		42,204		22.3	%		38.58		61,515		27.3	%		56.24
University Related — Other		4		343,157		4.5	%		9,116		4.8	%		26.56		11,200		5.0	%		32.64
Total / weighted average		52		7,668,077		100.0	%	$	189,233		100.0	%	$	26.71	$	225,583		100.0	%	$	31.84

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)		1,050,600		14.9	%	$	13,493		7.1	%	$	12.84	$	13,493		6.0	%	$	12.84
2007		590,556		8.3	%		12,073		6.4	%		20.44		12,258		5.4	%		20.76
2008		760,857		10.7	%		14,946		7.9	%		19.64		15,188		6.7	%		19.96
2009		447,598		6.3	%		9,817		5.2	%		21.93		10,480		4.6	%		23.41
2010		777,056		11.0	%		19,718		10.4	%		25.38		19,579		8.7	%		25.20
2011		213,658		3.0	%		6,506		3.4	%		30.45		8,093		3.6	%		37.88
2012		211,413		3.0	%		5,770		3.0	%		27.29		6,773		3.0	%		32.04
2013		226,693		3.2	%		3,363		1.8	%		14.84		5,216		2.3	%		23.01
2014		238,252		3.4	%		7,125		3.8	%		29.91		8,350		3.7	%		35.05
2015		148,666		2.1	%		3,760		2.0	%		25.29		4,159		1.8	%		27.98
Thereafter		2,419,030		34.1	%		92,662		49.0	%		38.31		121,993		54.2	%		50.43
Total / weighted average		7,084,379		100.0	%	$	189,233		100.0	%	$	26.71	$	225,583		100.0	%	$	31.84

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

	Rentable Square Feet
Market	Leased		Redevelopment		Vacant		Total
Boston		1,260,325		—		37,461		1,297,786
San Francisco		2,275,992		132,080		52,345		2,460,417
San Diego		487,940		91,898		55,472		635,310
New York / New Jersey		744,300		89,689		39,380		873,369
Pennsylvania		692,889		78,250		7,123		778,262
Seattle		185,989		—		—		185,989
Maryland		1,093,787		—		—		1,093,787
University Related — Other		343,157		—		—		343,157
Total		7,084,379		391,917		191,781		7,668,077

	Leased
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Boston		97.1	%		97.0	%		97.2	%		97.1	%		97.1	%
San Francisco		92.5	%		82.8	%		75.1	%		80.7	%		79.7	%
San Diego		76.8	%		88.7	%		88.1	%		87.9	%		88.8	%
New York / New Jersey		85.2	%		83.4	%		88.7	%		90.1	%		87.5	%
Pennsylvania		89.0	%		88.5	%		88.5	%		92.4	%		91.5	%
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		92.4	%		91.4	%		89.2	%		91.1	%		90.6	%

	Redevelopment
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Boston		—			—			—			—			—
San Francisco		5.4	%		14.8	%		22.4	%		16.7	%		17.4	%
San Diego		14.5	%		3.9	%		3.9	%		3.9	%		2.7	%
New York / New Jersey		10.3	%		10.3	%		4.9	%		4.9	%		7.5	%
Pennsylvania		10.1	%		11.5	%		11.5	%		7.6	%		8.5	%
Seattle		—			—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			—
Total		5.1	%		5.9	%		7.5	%		5.8	%		6.1	%

	Vacancy
	9/30/06			6/30/06			3/31/06			12/31/05			9/30/05
Boston		2.9	%		3.0	%		2.8	%		2.9	%		2.9	%
San Francisco		2.1	%		2.4	%		2.6	%		2.6	%		2.9	%
San Diego		8.7	%		7.4	%		8.0	%		8.2	%		8.5	%
New York / New Jersey		4.5	%		6.4	%		6.4	%		5.0	%		5.0	%
Pennsylvania		—			—			—			—			—
Seattle		—			—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			—
Total		2.5	%		2.7	%		3.3	%		3.1	%		3.3	%

17

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

					Rentable		Percent of
					Square		Rentable			Percent Leased
	Property	Acquisition Date	Buildings		Feet		Sq Ft			9/30/06			6/30/06			3/31/06			12/31/05
	Boston
1	Albany Street	May 31, 2005		2		75,003		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
2	58 Charles Street	April 7, 2006		1		47,912		0.6	%		100.0	%		93.6	%		n/a			n/a
3	Coolidge Avenue	April 5, 2005		1		37,400		0.5	%		100.0	%		100.0	%		100.0	%		100.0	%
4	21 Erie Street	May 31, 2005		1		49,247		0.6	%		56.9	%		56.9	%		56.9	%		56.9	%
5	40 Erie Street	May 31, 2005		1		100,854		1.3	%		100.0	%		100.0	%		100.0	%		100.0	%
6	Fresh Pond Research Park	April 5, 2005		6		90,702		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
7	Kendall Square A	May 31, 2005		1		302,919		4.0	%		96.7	%		97.1	%		97.1	%		96.7	%
8	Kendall Square D	May 31, 2005		1		349,325		4.6	%		98.2	%		98.3	%		98.5	%		98.5	%
9	Sidney Street	May 31, 2005		1		191,904		2.5	%		100.0	%		100.0	%		100.0	%		100.0	%
10	Vassar Street	May 31, 2005		1		52,520		0.7	%		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		17.0	%		97.1	%		97.0	%		97.2	%		97.1	%
	San Francisco
12	Ardentech Court	November 18, 2004		1		55,588		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
13	Ardenwood Venture (1)	June 14, 2006		1		72,500		0.9	%		100.0	%		100.0	%		n/a			n/a
14	Bayshore Boulevard	August 17, 2004		1		183,344		2.4	%		100.0	%		100.0	%		66.5	%		100.0	%
15	Bridgeview Technology Park I	September 10, 2004		2		212,673		2.8	%		64.1	%		67.8	%		67.8	%		67.8	%
16	Bridgeview Technology Park II	March 16, 2005		1		50,400		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
17	Dumbarton Circle	May 27, 2005		3		44,000		0.6	%		100.0	%		100.0	%		100.0	%		100.0	%
18	Eccles Avenue	December 1, 2005		1		152,145		2.0	%		100.0	%		100.0	%		100.0	%		100.0	%
19	Industrial Road	August 17, 2004		1		169,490		2.2	%		88.1	%		88.1	%		88.1	%		83.6	%
20	Kaiser Drive	August 25, 2005		1		87,953		1.1	%		—			—			—			—
21	Pacific Research Center	July 11, 2006		10		1,432,324		18.6	%		100.0	%		n/a			n/a			n/a
	Total San Francisco			22		2,460,417		32.0	%		92.5	%		82.8	%		75.1	%		80.7	%
	San Diego
22	Balboa Avenue	August 13, 2004		1		35,344		0.5	%		100.0	%		100.0	%		100.0	%		100.0	%
23	Bernardo Center Drive	August 13, 2004		1		61,286		0.8	%		100.0	%		100.0	%		100.0	%		100.0	%
24	Faraday Avenue	September 19, 2005		1		28,704		0.4	%		100.0	%		100.0	%		100.0	%		100.0	%
25	John Hopkins Court	August 16, 2006		1		69,946		0.9	%		—			n/a			n/a			n/a
26	McKellar Court (2)	September 30, 2004		1		72,863		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
27	Nancy Ridge Drive	April 21, 2005		1		42,138		0.5	%		100.0	%		58.0	%		67.4	%		67.4	%
28	San Diego Science Center	October 21, 2004		1		105,364		1.4	%		47.4	%		77.0	%		70.1	%		69.0	%
29	Science Center Drive	September 24, 2004		1		53,740		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
30	Towne Centre Drive	August 12, 2004		3		115,870		1.5	%		100.0	%		100.0	%		100.0	%		100.0	%
31	Waples Street (3)	March 1, 2005		1		50,055		0.7	%		56.1	%		56.1	%		56.1	%		56.1	%
	Total San Diego			12		635,310		8.4	%		76.8	%		88.7	%		88.1	%		87.9	%
	New York / New Jersey
32	Graphics Drive	March 17, 2005		1		72,300		0.9	%		44.3	%		44.3	%		44.3	%		44.3	%
33	Landmark at Eastview	August 12, 2004		8		751,648		9.7	%		94.8	%		92.6	%		92.9	%		94.5	%
34	One Research Way	May 31, 2006		1		49,421		0.6	%		—			—			n/a			n/a
	Total New York / New Jersey			10		873,369		11.2	%		85.2	%		83.4	%		88.7	%		90.1	%
	Pennsylvania
35	Eisenhower Road	August 13, 2004		1		27,750		0.4	%		—			—			—			100.0	%
36	George Patterson Boulevard	October 28, 2005		1		71,500		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
37	King of Prussia (4)	August 11, 2004		5		427,109		5.5	%		100.0	%		100.0	%		100.0	%		100.0	%
38	Phoenixville Pike	April 5, 2005		1		104,400		1.4	%		51.6	%		49.6	%		49.6	%		49.6	%
39	Spring Mill Drive	July 20, 2006		1		76,389		1.0	%		90.7	%		n/a			n/a			n/a
40	900 Uniqema Boulevard	January 13, 2006		1		11,293		0.1	%		100.0	%		100.0	%		100.0	%		n/a
41	1000 Uniqema Boulevard	September 30, 2005		1		59,821		0.8	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total Pennsylvania			11		778,262		10.1	%		89.0	%		88.5	%		88.5	%		92.4	%

18

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

					Rentable		Percent of
					Square		Rentable			Percent Leased
	Property	Acquisition Date	Buildings		Feet		Sq Ft			9/30/06			6/30/06			3/31/06			12/31/05
42	Elliott Avenue	August 24, 2004		1		134,989		1.8	%		100.0	%		100.0	%		100.0	%		100.0	%
43	Fairview Avenue (5)	January 12, 2006		—		—		—			n/a			n/a			n/a			n/a
44	Monte Villa Parkway	August 17, 2004		1		51,000		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total Seattle			2		185,989		2.5	%		100.0	%		100.0	%		100.0	%		100.0	%
	Maryland
45	Beckley Street	December 17, 2004		1		77,225		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
46	Belward Campus Drive	May 24, 2006		1		289,912		3.8	%		100.0	%		100.0	%		n/a			n/a
47	Shady Grove Road	May 24, 2006		4		635,058		8.3	%		100.0	%		100.0	%		n/a			n/a
48	Tributary Street	December 17, 2004		1		91,592		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total Maryland			7		1,093,787		14.3	%		100.0	%		100.0	%		100.0	%		100.0	%
	University Related — Other
49	Colorow Drive	December 22, 2005		1		93,650		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
50	Lucent Drive	May 31, 2005		1		21,500		0.3	%		100.0	%		100.0	%		100.0	%		100.0	%
51	Trade Centre Avenue	August 9, 2006		2		78,023		1.0	%		100.0	%		n/a			n/a			n/a
52	Walnut Street	July 7, 2006		4		149,984		2.0	%		100.0	%		n/a			n/a			n/a
	Total University Related — Other			8		343,157		4.5	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total / weighted average			89		7,668,077		100.0	%		92.4	%		91.4	%		89.2	%		91.1	%

(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.

19

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

As of September 30, 2006, our properties were leased to 98 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			Leased %	Current (1)		Current		Total Portfolio			Date(s)
								(in thousands)
1	Human Genome Sciences, Inc.		924,970		12.1	%		$	39,500	$	42.70		20.9	%	May 2026
2	Vertex Pharmaceuticals		583,474		7.6	%			23,362		40.04		12.3	%	April 2018(2)
3	Sun Microsystems, Inc.		1,432,324		18.7	%			18,563		12.96		9.8	%	January 2008(3)
4	Genzyme Corporation		343,000		4.5	%			15,399		44.89		8.1	%	July 2018
5	Centocor, Inc. (Johnson & Johnson)		331,398		4.3	%			8,047		24.28		4.3	%	March 2010
6	Array BioPharma Inc.		228,007		3.0	%			6,668		29.24		3.5	%	August 2016(4)
7	Regeneron Pharmaceuticals, Inc.		227,932		3.0	%			4,206		18.45		2.2	%	December 2009(5)
8	Illumina, Inc.		115,870		1.5	%			4,057		35.01		2.1	%	August 2014
9	Nektar Therapeutics		79,917		1.0	%			3,812		47.70		2.0	%	October 2016
10	InterMune, Inc.		71,308		0.9	%			3,666		51.41		1.9	%	April 2011
	Total / weighted average (6)		4,338,200		56.6	%		$	127,280	$	29.34		67.1	%

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of September 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)	835,021 square feet expires November 2006, 177,050 square feet expires December 2006 and 420,253 square feet expires January 2008.
(4)	149,984 square feet expires July 2016 and 78,023 square feet expires August 2016.
(5)	154,205 square feet expires December 2007 and 73,727 square feet expires December 2009.
(6)	Without regard to any early lease terminations and/or renewal options.

20

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

REDEVELOPMENT

		Square Feet
		Under
Property	Market	Redevelopment (1)
Bridgeview Technology Park I	San Francisco		44,100
Eisenhower Road	Pennsylvania		27,800
Graphics Drive	New York / New Jersey		40,300
John Hopkins Court	San Diego		69,900
Kaiser Drive	San Francisco		88,000
One Research Way	New York / New Jersey		49,400
Phoenixville Pike	Pennsylvania		50,500
Waples Street	San Diego		22,000
Total			392,000
LAND DEVELOPMENT PARCELS
		Developable
Property	Market	Square Feet (2)
Eccles Avenue	San Francisco		108,000
Fairview Avenue	Seattle		94,000
Fresh Pond Research Park	Boston		50,000
Landmark at Eastview	New York / New Jersey		464,000
Pacific Research Center	San Francisco		400,000
Shady Grove Road	Maryland		500,000
Towne Centre Drive	San Diego		84,000
				��
Total			1,700,000

(1)	For our properties undergoing redevelopment, only the square footage undergoing redevelopment activities is reflected in the portfolio statistics.
(2)	Management’s estimates.

21

BIOMED REALTY TRUST, INC.
ACQUISITIONS
SEPTEMBER 30, 2006

			Rentable
	# of		Square
Acquisitions since August 11, 2004:	Properties		Feet (1)		Investment
					(in thousands)
Third Quarter 2004 (2)		13		2,297,106	$	467,784
Fourth Quarter 2004		4		329,769		65,650
Total acquisitions during 2004		17		2,626,875		533,434
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
Third Quarter 2006		5		1,806,666		312,300
Total acquisitions during 2006		12		2,912,762		783,072
Total Acquisitions		52		7,661,058	$	2,031,665

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	%
Third Quarter 2006
Walnut Street	University Related — Other	July 7, 2006		149,984	$	45,000		100.0	%
Pacific Research Center	San Francisco	July 11, 2006		1,432,324		214,000		100.0	%
Spring Mill Drive	Pennsylvania	July 20, 2006		76,389		9,400		90.7	%
Trade Centre Avenue	University Related — Other	August 9, 2006		78,023		20,800		100.0	%
John Hopkins Court	San Diego	August 16, 2006		69,946		23,100		—	(4)
Third Quarter Total				1,806,666	$	312,300		95.7	%

(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, 94,000 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.

22

BIOMED REALTY TRUST, INC.
LEASING ACTIVITY (1)
SEPTEMBER 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			27.94		89.2	%
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	%
Third quarter acquisitions		1,729,597			15.27
Leased Square Feet including acquisitions		7,086,152
Expirations		(117,768	)		20.14
Renewals		44,422			14.26
New Leases		71,573			16.95
Terminations		—			—
Leased Square Feet as of September 30, 2006		7,084,379		$	26.71		92.4	%

(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 24.

23

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

	Three Months Ended
	9/30/06		6/30/06		3/31/06		12/31/05		9/30/05
Renewals (1)
Number of renewals		2		1		2		—		1
Square feet		44,422		3,200		6,690		—		1,197
Tenant improvement costs per square foot (2)	$	1.31	$	—	$	—	$	—	$	—
Leasing commission costs per square foot (2)		2.14		0.58		2.73		—		—
Total tenant improvement and leasing commission costs psf	$	3.45	$	0.58	$	2.73	$	—	$	—
New Leases (3)
Number of leases		8		11		7		7		5
Square feet		71,573		158,003		29,955		45,946		24,781
Tenant improvement costs per square foot (2)	$	13.31	$	24.78	$	38.36	$	16.16	$	9.14
Leasing commission costs per square foot (2)		5.32		7.54		3.33		5.50		1.16
Total tenant improvement and leasing commission costs psf	$	18.63	$	32.32	$	41.69	$	21.66	$	10.30
Total (4)
Number of renewals/leases		10		12		9		7		6
Square feet		115,995		161,203		36,645		45,946		25,978
Tenant improvement costs per square foot (2)	$	8.71	$	24.29	$	31.36	$	16.16	$	8.72
Leasing commission costs per square foot (2)		4.10		7.40		3.22		5.50		1.10
Total tenant improvement and leasing commission costs psf	$	12.81	$	31.69	$	34.58	$	21.66	$	9.82

(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 pages 18 and 19.

24

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

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