Biomed Realty Trust 8-K Biomed Realty Trust Reports Fourth Quarter and Year-end 2006 Financial Results

EXHIBIT 99.2

BioMed Realty Trust, Inc.

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
December 31, 2006

Center for Life Science|Boston
Architect’s Rendering
Acquired November 2006

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

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

	Page
Company Background		3
Investor Information		4
Financial and Operating Highlights		5
Consolidated Balance Sheets		6
Consolidated Statements of Income		7
Funds From Operations and Adjusted Funds From Operations		8
Reconciliation of EBITDA and AFFO		9
Reconciliation of Net Operating Income		10
Coverage Ratios		11
Debt Summary		12
Debt Maturities and Principal Payments		13
Common Stock Data		14
Same Property Analysis		15
Portfolio Summary and Lease Expirations		16
Occupancy Summary		17
Property Listing		18-19
10 Largest Tenants		20
Redevelopment and Development		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 and developments 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
DECEMBER 31, 2006

BioMed Realty Trust, Inc. operates as a fully integrated, self-administered and self-managed real estate investment trust (REIT) focused on acquiring, developing, owning, leasing and managing laboratory and office space for the life science industry. Our tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. Our properties are generally located in markets with well established reputations as centers for scientific research, including Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey.

During the first three quarters of 2006, we completed the acquisition of twelve properties, representing a total of 2.9 million rentable square feet of laboratory and office space. The properties were acquired for an aggregate of approximately $783.1 million, excluding closing costs.

On November 17, 2006, we completed the acquisition of the Center for Life Science | Boston. The 702,940 square foot life science research building is located in the Longwood Medical Area in Boston, Massachusetts and is currently under construction. The total purchase price was approximately $472.7 million, excluding closing costs. We expect to invest in excess of an additional $200 million in the Center for Life Science | Boston to complete the project.

We funded the purchase price for the Center for Life Science | Boston acquisition using borrowings under a new $550 million secured acquisition and construction loan with KeyBank National Association, or KeyBank (under which we initially borrowed approximately $266 million) and borrowings under our $500 million unsecured revolving credit facility. The secured acquisition and construction loan was amended and restated and syndicated on December 21, 2006. As of December 31, 2006, this loan bore interest at a weighted-average rate of 6.575% per annum. The loan matures on November 16, 2009, subject to a one-year extension at our option upon satisfying certain conditions.

On November 21, 2006, we completed the acquisition of a property located at 1522 217th Place in Bothell, Washington. The property, consisting of one two-story office/laboratory building totaling 67,340 square feet, was acquired for approximately $10.5 million, excluding closing costs.

On December 7, 2006, we completed the acquisition of a property located at 4215 Sorrento Valley Boulevard in San Diego, California. The 54,924 square foot office/laboratory facility was acquired for approximately $20.0 million, excluding closing costs.

On December 14, 2006, we completed the acquisition of a property located at 10835 Road to the Cure in San Diego, California. The property, consisting of one two-story office/laboratory building totaling 64,800 square feet, was acquired for approximately $23.3 million (excluding closing costs), including the assumption of approximately $15.7 million of mortgage indebtedness.

On December 21, 2006, we signed a new, 15-year lease with Regeneron Pharmaceuticals, Inc. for approximately 194,000 square feet of to be built office and laboratory space at our Landmark at Eastview property. Under the lease, Regeneron will relocate a majority of its existing operations at the Landmark at Eastview property to buildings to be constructed by us on the Landmark campus. Following Regeneron’s relocation, which is expected to occur in March 2009, we intend to redevelop and offer for lease the space Regeneron currently occupies at the Landmark at Eastview property (excluding 27,021 square feet of space that Regeneron will continue to lease).

As of December 31, 2006, we owned or had interests in 56 properties, located principally in Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania, and New York/New Jersey. The portfolio was approximately 96.3% leased, not including 1.3 million square feet that was available for redevelopment. In addition, we had properties with approximately 1.2 million rentable square feet under construction and undeveloped land that we estimate can support up to an additional 1.1 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
DECEMBER 31, 2006

Board of Directors
Alan D. Gold	Edward A. Dennis, Ph.D.	Theodore D. Roth
Chairman
Gary A. Kreitzer	Mark J. Riedy, Ph.D.	M. Faye Wilson
Barbara R. Cambon
Executive Officers
Alan D. Gold	John F. Wilson, II	R. Kent Griffin, Jr.
President and Chief Executive Officer	Executive Vice resident-Operations	Chief Financial Officer
Gary A. Kreitzer	Matthew G. McDevitt
Executive Vice President, General Counsel, and Secretary	Regional Executive Vice President
Equity Research Coverage
Friedman Billings Ramsey	KeyBanc Capital Markets	Morgan Stanley
Wilkes Graham / Matt Konrad	Jordan Sadler	David S. Cohen / Jacklyn Y. Wang
703.312.9737 / 703.312.9731	917.368.2280	212.761.8564 / 212.761.7079
Raymond James	RBC Capital Markets	Robert W. Baird & Co.
Paul D. Puryear / Ken Avalos	Sri Nagarajan / Mitchell Germain	David Loeb / Andy Wittmann
800.248.8863	212.428.2360 / 212.428.2364	414.765.7063 / 414.298.1898
Stifel, Nicolaus & Company, Inc.	Wachovia Securities
John Guinee / Michael Hudgins	Christopher Haley / Brendan Maiorana
410.454.5520	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
2007 Tentative Schedule for Quarterly Results
First Quarter	Early May 2007
Second Quarter	Early August 2007
Third Quarter	Early November 2007
Fourth Quarter	February 2008

4

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

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

	As of or for the three months ended
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Selected Operating Data
Total revenues	$	63,648		$	64,510		$	49,459		$	43,793		$	44,492
Straight line rent		3,870			3,721			2,383			1,741			1,564
Fair value lease revenue(1)		592			597			574			578			728
EBITDA(2)		42,345			43,295			31,501			25,861			24,951
General and administrative expense		4,923			4,609			4,206			4,347			4,277
Interest expense		10,288			13,346			9,253			7,784			7,581
Capitalized interest		(6,329	)		(714	)		(335	)		(236	)		(258	)
Minority interests		(533	)		(499	)		(356	)		(222	)		(235	)
Operating margins(3)		73.7	%		73.9	%		71.2	%		68.5	%		64.4	%
Operating expense recoveries(3)		86.2	%		87.4	%		90.2	%		91.5	%		90.7	%
Same property net operating income change(4)		1.7	%		(0.5	%)		2.1	%		5.0	%		11.3	%
Net income		12,589			10,812			7,158			4,474			4,569
Net income per share — diluted	$	0.19		$	0.18		$	0.14		$	0.10		$	0.10
FFO(5)		32,079			29,964			22,294			18,131			17,418
FFO per share — diluted(5)	$	0.47		$	0.47		$	0.41		$	0.37		$	0.35
AFFO(6)		27,779			26,274			19,756			16,158			13,535
Selected Balance Sheet Data
Cash and cash equivalents	$	25,664		$	47,318		$	23,093		$	30,365		$	20,312
Investments in real estate, net		2,457,538			1,894,489			1,589,788			1,131,917			1,129,371
Total assets		2,692,642			2,139,346			1,806,952			1,346,897			1,337,310
Total liabilities		1,458,610			901,663			781,033			601,030			586,162
Minority interests		19,319			19,596			19,907			20,367			20,673
Total stockholders’ equity		1,214,713			1,218,087			1,006,012			725,500			730,475
Capitalization
Total common shares outstanding		65,426			65,493			57,229			46,782			46,634
Total units outstanding		3,014			2,864			2,864			2,864			2,864
Total common shares and units outstanding		68,440			68,357			60,093			49,646			49,498
Share price at quarter end	$	28.60		$	30.34		$	29.94		$	29.64		$	24.40
Equity value at quarter end(7)		1,957,384			2,073,951			1,799,184			1,471,507			1,207,751
Consolidated debt		1,343,356			814,407			705,202			527,077			513,233
Total market capitalization		3,300,740			2,888,358			2,504,386			1,998,584			1,720,984
Debt / total market capitalization		40.7	%		28.2	%		28.2	%		26.4	%		29.8	%
Financial Ratios
Interest coverage(8)		4.1			3.2			3.4			3.3			3.3
Fixed charge coverage(8)		3.6			2.9			3.0			2.8			2.8
FFO payout		61.7	%		61.7	%		70.7	%		78.4	%		77.1	%
AFFO payout		70.7	%		70.7	%		80.6	%		87.9	%		100.0	%
Debt / total assets		49.9	%		38.1	%		39.0	%		39.1	%		38.4	%
Portfolio Statistics
Properties owned at end of quarter		56			52			47			42			40
Total rentable square footage owned		7,855,130			7,668,077			5,861,411			4,766,608			4,755,315
Leased at end of quarter (excluding redev)		96.3	%		97.4	%		97.1	%		96.4	%		96.7	%
Leased at end of quarter (including redev)		80.0	%		92.4	%		91.4	%		89.2	%		91.1	%
Redevelopment at end of quarter		17.0	%		5.1	%		5.9	%		7.5	%		5.8	%
Vacancy at end of quarter		3.0	%		2.5	%		2.7	%		3.3	%		3.1	%

(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 and LTIP 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
DECEMBER 31, 2006

(In thousands)

	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Assets
Investments in real estate, net	$	2,457,538		$	1,894,489		$	1,589,788		$	1,131,917		$	1,129,371
Investment in unconsolidated partnership		2,436			2,445			2,454			2,476			2,483
Cash and cash equivalents		25,664			47,318			23,093			30,365			20,312
Restricted cash		6,426			6,100			5,249			5,844			5,487
Accounts receivable, net		5,985			4,616			2,981			5,625			9,873
Accrued straight-line rents, net		20,446			16,576			12,855			10,472			8,731
Acquired above market leases, net		7,551			8,018			8,625			8,925			8,817
Deferred leasing costs, net		129,322			127,141			126,549			130,593			136,640
Deferred loan costs, net		17,608			12,001			6,282			4,507			4,855
Prepaid expenses		3,627			5,981			2,362			2,840			2,164
Other assets		16,039			14,661			26,714			13,333			8,577
Total assets	$	2,692,642		$	2,139,346		$	1,806,952		$	1,346,897		$	1,337,310
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	403,836		$	389,407		$	244,402		$	246,377		$	246,233
Secured construction loan		286,355			—			—			—			—
Secured term loan		250,000			250,000			250,000			250,000			250,000
Exchangeable senior notes		175,000			175,000			—			—			—
Secured bridge loan		—			—			150,000			—			—
Unsecured line of credit		228,165			—			60,800			30,700			17,000
Security deposits		7,704			6,556			7,264			6,883			6,905
Dividends and distributions payable		19,847			19,823			17,427			14,397			13,365
Accounts payable, accrued expenses, and other liabilities		62,602			34,565			23,611			24,196			23,012
Acquired below market leases, net		25,101			26,312			27,529			28,477			29,647
Total liabilities		1,458,610			901,663			781,033			601,030			586,162
Minority interests		19,319			19,596			19,907			20,367			20,673
Stockholders’ equity:
Preferred stock		—			—			—			—			—
Common stock		654			655			571			466			466
Additional paid-in capital		1,272,243			1,271,213			1,045,831			758,375			757,591
Accumulated other comprehensive income		8,417			6,435			11,646			9,256			5,922
Dividends in excess of earnings		(66,601	)		(60,216	)		(52,036	)		(42,597	)		(33,504	)
Total stockholders’ equity		1,214,713			1,218,087			1,006,012			725,500			730,475
Total liabilities and stockholders’ equity	$	2,692,642		$	2,139,346		$	1,806,952		$	1,346,897		$	1,337,310

6

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

(In thousands, except share data)

	Three Months Ended
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Revenues:
Rental	$	49,241		$	49,758		$	36,556		$	31,178		$	29,756
Tenant recoveries		14,399			14,743			12,839			12,609			14,198
Other income		8			9			64			6			538
Total revenues		63,648			64,510			49,459			43,793			44,492
Expenses:
Rental operations		10,689			11,128			9,642			9,543			11,626
Real estate taxes		6,020			5,736			4,587			4,242			4,031
Depreciation and amortization		18,915			18,618			14,714			13,361			12,546
General and administrative		4,923			4,609			4,206			4,347			4,277
Total expenses		40,547			40,091			33,149			31,493			32,480
Income from operations		23,101			24,419			16,310			12,300			12,012
Equity in net income of unconsolidated partnership		21			20			22			20			28
Interest income		288			218			435			160			345
Interest expense		(10,288	)		(13,346	)		(9,253	)		(7,784	)		(7,581	)
Income before minority interests		13,122			11,311			7,514			4,696			4,804
Minority interests in consolidated partnerships		22			15			46			54			48
Minority interests in operating partnership		(555	)		(514	)		(402	)		(276	)		(283	)
Net income	$	12,589		$	10,812		$	7,158		$	4,474		$	4,569
Basic earnings per share	$	0.19		$	0.18		$	0.14		$	0.10		$	0.10
Diluted earnings per share	$	0.19		$	0.18		$	0.14		$	0.10		$	0.10
Weighted-average common shares outstanding:
Basic		65,151,884			60,477,672			51,394,117			46,369,605			46,290,279
Diluted		68,218,566			63,646,647			54,534,393			49,518,010			49,482,818

7

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

(In thousands, except per share and ratio amounts)

	Three Months Ended
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Reconciliation of net income to funds from operations:
Net income	$	12,589		$	10,812		$	7,158		$	4,474		$	4,569
Adjustments:
Minority interests in operating partnership		555			514			402			276			283
Depreciation and amortization(3)		18,935			18,638			14,734			13,381			12,566
Funds from operations (FFO)	$	32,079		$	29,964		$	22,294		$	18,131		$	17,418
FFO per share — diluted	$	0.47		$	0.47		$	0.41		$	0.37		$	0.35
Dividends and distributions declared per share	$	0.29		$	0.29		$	0.29		$	0.29		$	0.27
FFO payout ratio(4)		61.7	%		61.7	%		70.7	%		78.4	%		77.1	%
Reconciliation of funds from operations to adjusted funds from operations:
Funds from operations	$	32,079		$	29,964		$	22,294		$	18,131		$	17,418
Adjustments:
Master lease receipts(5)		272			—			155			300			361
Second generation capital expenditures		(1,590	)		(431	)		(527	)		(472	)		(2,623	)
Amortization of deferred loan costs		966			603			379			339			328
Amortization of fair value of debt acquired		(619	)		(618	)		(615	)		(605	)		(480	)
Non-cash stock compensation		1,133			1,074			1,027			784			823
Straight line rents		(3,870	)		(3,721	)		(2,383	)		(1,741	)		(1,564	)
Fair value lease revenue		(592	)		(597	)		(574	)		(578	)		(728	)
Adjusted funds from operations (AFFO)	$	27,779		$	26,274		$	19,756		$	16,158		$	13,535
Dividends and distributions declared	$	0.29		$	0.29		$	0.29		$	0.29		$	0.27
AFFO payout ratio(6)		70.7	%		70.7	%		80.6	%		87.9	%		100.0	%

(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)
DECEMBER 31, 2006

(In thousands)

	Three Months Ended
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income	$	12,589		$	10,812		$	7,158		$	4,474		$	4,569
Minority interests		533			499			356			222			235
Interest expense		10,288			13,346			9,253			7,784			7,581
Depreciation and amortization(3)		18,935			18,638			14,734			13,381			12,566
EBITDA	$	42,345		$	43,295		$	31,501		$	25,861		$	24,951
Reconciliation of cash flows provided by operating activities to adjusted funds from operations (AFFO):
Cash flows from operating activities	$	29,829		$	26,959		$	23,553		$	21,194		$	(10,417	)
Changes in other assets and liabilities		(2,322	)		(685	)		(3,952	)		(5,336	)		23,591
Master lease receipts		272			—			155			300			361
AFFO	$	27,779		$	26,274		$	19,756		$	16,158		$	13,535

(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)
DECEMBER 31, 2006

(Dollars in thousands)

	Three Months Ended
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Net income	$	12,589		$	10,812		$	7,158		$	4,474		$	4,569
Minority interests		533			499			356			222			235
Net income of unconsolidated partnership		(21	)		(20	)		(22	)		(20	)		(28	)
Interest expense		10,288			13,346			9,253			7,784			7,581
Interest income		(288	)		(218	)		(435	)		(160	)		(345	)
Income from operations		23,101			24,419			16,310			12,300			12,012
Depreciation and amortization		18,915			18,618			14,714			13,361			12,546
General and administrative		4,923			4,609			4,206			4,347			4,277
Consolidated net operating income	$	46,939		$	47,646		$	35,230		$	30,008		$	28,835
Revenues:
Rental	$	49,241		$	49,758		$	36,556		$	31,178		$	29,756
Tenant recoveries		14,399			14,743			12,839			12,609			14,198
Other income		8			9			64			6			538
Total revenues		63,648			64,510			49,459			43,793			44,492
Expenses:
Rental operations		10,689			11,128			9,642			9,543			11,626
Real estate taxes		6,020			5,736			4,587			4,242			4,031
Total operating expenses		16,709			16,864			14,229			13,785			15,657
Consolidated net operating income	$	46,939		$	47,646		$	35,230		$	30,008		$	28,835
Operating margin(2)		73.7	%		73.9	%		71.2	%		68.5	%		64.4	%
Operating expense recovery(3)		86.2	%		87.4	%		90.2	%		91.5	%		90.7	%

(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)
DECEMBER 31, 2006

(In thousands, except ratios)

	Three Months Ended
	12/31/06		9/30/06		6/30/06		3/31/06		12/31/05
Interest coverage ratio:
EBITDA	$	42,345	$	43,295	$	31,501	$	25,861	$	24,951
Interest expense:
Interest expense		10,288		13,346		9,253		7,784		7,581
Interest expense-unconsolidated partnership		50		50		50		49		50
Total interest expense		10,338		13,396		9,303		7,833		7,631
Interest coverage ratio		4.1		3.2		3.4		3.3		3.3
Fixed charge coverage ratio:
EBITDA	$	42,345	$	43,295	$	31,501	$	25,861	$	24,951
Fixed charges:
Interest expense		10,288		13,346		9,253		7,784		7,581
Interest expense-unconsolidated partnership		50		50		50		49		50
Principal payments		1,411		1,378		1,359		1,253		1,291
Principal payments-unconsolidated partnership		6		6		6		7		6
Total fixed charges		11,755		14,780		10,668		9,093		8,928
Fixed charge coverage ratio		3.6		2.9		3.0		2.8		2.8

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

11

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

(Dollars in thousands)

Weighted average maturity is 6.5 years.
	Stated			Effective			Principal		Unamortized		Carrying		Maturity
Consolidated debt:	Rate			Rate(1)			Balance		Premium(2)		Value		Date
Mortgage notes payable
Ardentech Court		7.25	%		5.06	%	$	4,658	$	465	$	5,123		07/12
Bayshore Boulevard		4.55	%		4.55	%		15,730		—		15,730		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,625		1,299		12,924		01/11
Eisenhower Road		5.80	%		4.63	%		2,164		34		2,198		05/08
Elliott Avenue		7.38	%		4.63	%		16,020		367		16,387		11/07
40 Erie Street		7.34	%		4.90	%		18,676		664		19,340		08/08
Kendall Square D		6.38	%		5.45	%		70,963		4,909		75,872		12/18
Lucent Drive(3)		5.50	%		5.50	%		5,733		—		5,733		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,576		—		9,576		01/10
Nancy Ridge Drive		7.15	%		5.38	%		6,872		612		7,484		09/12
Road to the Cure		6.70	%		5.78	%		15,657		801		16,458		01/14
Science Center Drive		7.65	%		5.04	%		11,444		1,212		12,656		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—		147,000		09/16
Sidney Street		7.23	%		5.11	%		30,732		2,903		33,635		06/12
Towne Centre Drive		4.55	%		4.55	%		21,872		—		21,872		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,648		200		1,848		05/15
Total / weighted average on fixed rate mortgages		6.28	%		5.43	%	$	390,370	$	13,466	$	403,836
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		5.73	%		5.14	%	$	565,370	$	13,466	$	578,836
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)		6.55	%		6.55	%		228,165		—		228,165		06/09
$550 million secured construction loan(8)		6.58	%		6.58	%		286,355		—		286,355		11/09
Total / weighted average consolidated debt		6.18	%		5.93	%	$	1,329,890	$	13,466	$	1,343,356
Pro rata share of unconsolidated partnership debt
McKellar Court(21%)		8.56	%		4.63	%		2,230		—		2,230		01/10
Total / weighted average		8.56	%		4.63	%	$	2,230	$	—	$	2,230
Total / weighted average consolidated and pro rata share of unconsolidated partnership debt		6.18	%		5.93	%	$	1,332,120	$	13,466	$	1,345,586

(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.
(8)	Interest on the $550 million secured construction loan is a LIBOR-indexed variable plus credit spread, which averages 122.5 basis points.

12

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

(In thousands)

	Schedule of Maturities
Property	2007		2008		2009		2010		2011		Thereafter		Total
Ardentech Court	$	94	$	101	$	109	$	118	$	126	$	4,110	$	4,658
Bayshore Boulevard		394		413		432		14,491		—		—		15,730
Bridgeview Technology Park I		118		124		137		149		11,097		—		11,625
Eisenhower Road		50		2,114		—		—		—		—		2,164
Elliott Avenue		16,020		—		—		—		—		—		16,020
40 Erie Street		1,051		17,625		—		—		—		—		18,676
Kendall Square D		1,525		1,627		1,733		1,847		1,969		62,262		70,963
Lucent Drive		191		201		213		215		223		4,690		5,733
Monte Villa Parkway		240		251		263		8,822		—		—		9,576
Nancy Ridge Drive		86		91		100		107		115		6,373		6,872
Road to the Cure		212		226		242		259		277		14,441		15,657
Science Center Drive		143		152		167		182		10,800		—		11,444
Shady Grove Road		—		—		—		—		419		146,581		147,000
Sidney Street		746		802		862		926		996		26,400		30,732
Towne Centre Drive		548		574		601		20,149		—		—		21,872
900 Uniqema Boulevard		139		152		166		180		197		814		1,648
Total fixed rate mortgages		21,557		24,453		5,025		47,445		26,219		265,671		390,370
$175 million unsecured exchangeable notes		—		—		—		—		—		175,000		175,000
Total fixed rate debt		21,557		24,453		5,025		47,445		26,219		440,671		565,370
$250 million secured term loan		—		—		—		250,000		—		—		250,000
$500 million unsecured line of credit		—		—		228,165		—		—		—		228,165
$550 million secured construction loan		—		—		286,355		—		—		—		286,355
Total consolidated debt		21,557		24,453		519,545		297,445		26,219		440,671		1,329,890
McKellar Court (21%)		27		29		32		2,142		—		—		2,230
Total consolidated and pro rata share of unconsolidated partnership debt	$	21,584	$	24,482	$	519,577	$	299,587	$	26,219	$	440,671	$	1,332,120

13

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

(Shares in thousands)

SUMMARY OF COMMON SHARES

	Three Months Ended				Year Ended
	12/31/06		9/30/06		12/31/06		12/31/05
Weighted average shares outstanding		65,152		60,478		55,928		38,913
Weighted average units outstanding		2,864		2,864		2,864		2,870
Dilutive effect of restricted stock		203		169		132		215
Dilutive effect of stock warrant(1)		—		136		94		93
Diluted shares — EPS and FFO		68,219		63,647		59,018		42,091

COMMON STOCK DATA

	12/31/06		9/30/06		6/30/06		3/31/06
Shares outstanding		65,152		65,152		56,890		46,444
Units outstanding		2,864		2,864		2,864		2,864
Unvested restricted shares outstanding		274		341		339		338
LTIP units outstanding		150		—		—		—
Stock warrant outstanding		—		—		270		270
Total common shares outstanding		68,440		68,357		60,363		49,916

	Three Months Ended
	12/31/06			9/30/06			6/30/06			3/31/06
High Price	$	32.41		$	31.99		$	29.94		$	29.86
Low Price	$	27.71		$	28.28		$	25.95		$	23.75
Average Closing Price	$	30.19		$	30.30		$	28.12		$	27.22
Closing Price	$	28.60		$	30.34		$	29.94		$	29.64
Dividends per share — Annualized	$	1.16		$	1.16		$	1.16		$	1.16
Closing Dividend Yield — Annualized		4.1	%		3.8	%		3.9	%		3.9	%

DIVIDENDS PER COMMON SHARE

2006
First quarter	$	0.29
Second quarter	$	0.29
Third quarter	$	0.29
Fourth quarter	$	0.29
2005			Trading Symbol
First quarter	$	0.27	BMR
Second quarter	$	0.27
Third quarter	$	0.27	Stock Exchange Listing
Fourth quarter	$	0.27	New York Stock Exchange
2004			Transfer Agent
Third quarter	$	0.1497	The Bank of New York
Fourth quarter	$	0.2700	101 Barclay Street, 11E
Latest Dividend			New York, NY 10286
Amount	$	0.29	212.815.3782
Declared	December 13, 2006
Record	December 29, 2006
Paid	January 16, 2007

(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
DECEMBER 31, 2006

(Dollars in thousands)

	Three Months Ended(1)
	12/31/06			12/31/05			% Change
Total Same Property Portfolio
Number of properties		37			37
Rentable square feet		4,438,020			4,438,020
Percent of total portfolio		56.5	%		93.3	%
Leased %(2)		90.8	%		90.5	%
Redevelopment %		5.5	%		6.2	%
Vacant %		3.7	%		3.4	%
Revenues:
Rental	$	30,342		$	29,915			1.4	%
Tenant recoveries		11,919			14,095			(15.4	%)
Total revenues		42,261			44,010			(4.0	%)
Expenses:
Rental operations		9,323			11,766			(20.8	%)
Real estate taxes		4,253			4,037			5.4	%
Total expenses		13,576			15,803			(14.1	%)
Net operating income(3)	$	28,685		$	28,207			1.7	%
Same property net operating income(3)	$	28,685		$	28,207			1.7	%
Less straight line rents, fair value and incentive revenue		(2,312	)		(2,355	)		(1.8	%)
Same property net operating income — cash basis(3)(4)	$	26,373		$	25,852			2.0	%
Rental revenue — cash basis(4)	$	28,030		$	27,560			1.7	%
Same property net operating income(3)	$	28,685		$	28,207			1.7	%
Plus other income		8			536			(98.5	%)
Same property net operating income — including non-recurring items	$	28,693		$	28,743			(0.2	%)

(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, Faraday Avenue, Fresh Pond Research Park, Graphics Drive, Industrial Road, Kaiser Drive, 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, 1000 Uniqema Boulevard, Vassar Street and Waples Street.
(2)	Includes redevelopment square feet.
(3)	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.
(4)	Represents increase in rents on a “cash on cash” basis.

15

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

PORTFOLIO SUMMARY

Weighted average remaining lease term is 7.7 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)		12		1,297,786		16.7	%	$	49,304		26.7	%	$	38.44	$	53,832		24.3	%	$	41.97
San Francisco		10		2,460,417		31.2	%		25,180		13.6	%		19.92		30,907		13.9	%		24.45
San Diego (3)		12		755,034		9.5	%		20,008		10.9	%		31.82		22,453		10.2	%		35.71
New York / New Jersey		3		873,369		11.1	%		14,838		8.1	%		19.94		16,230		7.4	%		21.81
Pennsylvania		7		778,251		9.9	%		14,846		8.1	%		21.20		15,139		6.9	%		21.62
Seattle		4		253,329		3.2	%		8,485		4.6	%		37.93		9,428		4.3	%		42.15
Maryland		4		1,093,787		14.0	%		42,285		23.0	%		38.66		61,515		27.9	%		56.24
University Related — Other		4		343,157		4.4	%		9,116		5.0	%		26.56		11,200		5.1	%		32.64
Total / weighted average		56		7,855,130		100.0	%	$	184,062		100.0	%	$	29.31	$	220,703		100.0	%	$	35.14

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)
2007 (4)		576,046		9.2	%	$	14,664		8.0	%	$	25.46	$	14,767		6.7	%	$	25.64
2008		712,733		11.3	%		12,774		6.9	%		17.92		12,981		5.9	%		18.21
2009		622,199		9.9	%		13,080		7.1	%		21.02		13,846		6.3	%		22.25
2010		777,056		12.4	%		19,723		10.7	%		25.38		19,579		8.9	%		25.20
2011		216,657		3.4	%		7,205		3.9	%		33.26		8,289		3.8	%		38.26
2012		238,435		3.8	%		6,391		3.5	%		26.81		7,361		3.3	%		30.87
2013		228,336		3.6	%		3,626		2.0	%		15.88		5,444		2.5	%		23.84
2014		238,252		3.8	%		7,125		3.9	%		29.91		8,350		3.8	%		35.05
2015		148,666		2.4	%		3,760		2.0	%		25.29		4,159		1.9	%		27.98
2016		393,954		6.3	%		12,765		6.9	%		32.40		15,423		7.0	%		39.15
Thereafter		2,128,314		33.9	%		82,949		45.1	%		38.97		110,503		49.9	%		51.92
Total / weighted average		6,280,648		100.0	%	$	184,062		100.0	%	$	29.31	$	220,703		100.0	%	$	35.14

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of December 31, 2006, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.
(2)	Excludes parking revenue of $1,063,000 for 47 Erie Street Parking Structure.
(3)	Includes 72,863 square feet of McKellar Court, an unconsolidated partnership, of which we own 21%.
(4)	Includes current month to month leases.

16

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

	Rentable Square Feet
Market	Leased		Redevelopment		Vacant		Total
Boston		1,282,650		—		15,136		1,297,786
San Francisco		1,263,921		1,144,151		52,345		2,460,417
San Diego		628,819		—		126,215		755,034
New York / New Jersey		744,300		89,689		39,380		873,369
Pennsylvania		700,326		70,813		7,112		778,251
Seattle		223,688		29,641		—		253,329
Maryland		1,093,787		—		—		1,093,787
University Related — Other		343,157		—		—		343,157
Total		6,280,648		1,334,294		240,188		7,855,130

	Leased (excluding redevelopment)
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Boston		98.8	%		97.1	%		97.0	%		97.2	%		97.1	%
San Francisco		96.0	%		97.8	%		97.2	%		96.7	%		96.9	%
San Diego		83.3	%		89.8	%		92.3	%		91.7	%		91.5	%
New York / New Jersey		95.0	%		95.0	%		92.9	%		93.2	%		94.8	%
Pennsylvania		99.0	%		99.0	%		100.0	%		100.0	%		92.4	%
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		96.3	%		97.4	%		97.1	%		96.4	%		96.7	%

	Leased (including redevelopment)
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Boston		98.8	%		97.1	%		97.0	%		97.2	%		97.1	%
San Francisco		51.4	%		92.5	%		82.8	%		75.1	%		80.7	%
San Diego		83.3	%		76.8	%		88.7	%		88.1	%		87.9	%
New York / New Jersey		85.2	%		85.2	%		83.4	%		88.7	%		90.1	%
Pennsylvania		90.0	%		89.0	%		88.5	%		88.5	%		92.4	%
Seattle		88.3	%		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		80.0	%		92.4	%		91.4	%		89.2	%		91.1	%

	Redevelopment
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Boston		—			—			—			—			—
San Francisco		46.5	%		5.4	%		14.8	%		22.4	%		16.7	%
San Diego		—			14.5	%		3.9	%		3.9	%		3.9	%
New York / New Jersey		10.3	%		10.3	%		10.3	%		4.9	%		4.9	%
Pennsylvania		9.1	%		10.1	%		11.5	%		11.5	%		7.6	%
Seattle		11.7	%		—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			—
Total		17.0	%		5.1	%		5.9	%		7.5	%		5.8	%

	Vacancy
	12/31/06			9/30/06			6/30/06			3/31/06			12/31/05
Boston		1.2	%		2.9	%		3.0	%		2.8	%		2.9	%
San Francisco		2.1	%		2.1	%		2.4	%		2.6	%		2.6	%
San Diego		16.7	%		8.7	%		7.4	%		8.0	%		8.2	%
New York / New Jersey		4.5	%		4.5	%		6.4	%		6.4	%		5.0	%
Pennsylvania		0.9	%		0.9	%		—			—			—
Seattle		—			—			—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			—
Total		3.0	%		2.5	%		2.7	%		3.3	%		3.1	%

17

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

					Rentable		Percent of
					Square		Rentable			Percent Leased (1)
	Property	Acquisition Date	Buildings		Feet		Sq Ft			12/31/06			9/30/06			6/30/06			3/31/06
	Boston
1	Albany Street	May 31, 2005		2		75,003		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
2	Center for Life Science|Boston	November 17, 2006		—		—		—			n/a			n/a			n/a			n/a
3	Charles Street	April 7, 2006		1		47,912		0.6	%		100.0	%		100.0	%		93.6	%		n/a
4	Coolidge Avenue	April 5, 2005		1		37,400		0.5	%		100.0	%		100.0	%		100.0	%		100.0	%
5	21 Erie Street	May 31, 2005		1		49,247		0.6	%		100.0	%		56.9	%		56.9	%		56.9	%
6	40 Erie Street	May 31, 2005		1		100,854		1.3	%		100.0	%		100.0	%		100.0	%		100.0	%
7	Fresh Pond Research Park	April 5, 2005		6		90,702		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
8	Kendall Square A	May 31, 2005		1		302,919		4.0	%		96.7	%		96.7	%		97.1	%		97.1	%
9	Kendall Square D	May 31, 2005		1		349,325		4.4	%		98.5	%		98.2	%		98.3	%		98.5	%
10	Sidney Street	May 31, 2005		1		191,904		2.4	%		100.0	%		100.0	%		100.0	%		100.0	%
11	Vassar Street	May 31, 2005		1		52,520		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
12	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		16.7	%		98.8	%		97.1	%		97.0	%		97.2	%
	San Francisco
13	Ardentech Court	November 18, 2004		1		55,588		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
14	Ardenwood Venture (2)	June 14, 2006		1		72,500		0.9	%		100.0	%		100.0	%		100.0	%		n/a
15	Bayshore Boulevard	August 17, 2004		1		183,344		2.3	%		100.0	%		100.0	%		100.0	%		66.5	%
16	Bridgeview Technology Park I	September 10, 2004		2		212,673		2.7	%		64.1	%		64.1	%		67.8	%		67.8	%
17	Bridgeview Technology Park II	March 16, 2005		1		50,400		0.6	%		100.0	%		100.0	%		100.0	%		100.0	%
18	Dumbarton Circle	May 27, 2005		3		44,000		0.6	%		100.0	%		100.0	%		100.0	%		100.0	%
19	Eccles Avenue	December 1, 2005		1		152,145		1.9	%		100.0	%		100.0	%		100.0	%		100.0	%
20	Industrial Road	August 17, 2004		1		169,490		2.2	%		88.1	%		88.1	%		88.1	%		88.1	%
21	Kaiser Drive	August 25, 2005		1		87,953		1.1	%		—			—			—			—
22	Pacific Research Center	July 11, 2006		10		1,432,324		18.2	%		29.3	%		100.0	%		n/a			n/a
	Total San Francisco			22		2,460,417		31.2	%		51.4	%		92.5	%		82.8	%		75.1	%
	San Diego
23	Balboa Avenue	August 13, 2004		1		35,344		0.4	%		100.0	%		100.0	%		100.0	%		100.0	%
24	Bernardo Center Drive	August 13, 2004		1		61,286		0.8	%		100.0	%		100.0	%		100.0	%		100.0	%
25	Faraday Avenue	September 19, 2005		1		28,704		0.4	%		100.0	%		100.0	%		100.0	%		100.0	%
26	John Hopkins Court	August 16, 2006		1		69,946		0.9	%		—			—			n/a			n/a
27	McKellar Court (3)	September 30, 2004		1		72,863		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
28	Nancy Ridge Drive	April 21, 2005		1		42,138		0.5	%		100.0	%		100.0	%		58.0	%		67.4	%
29	Road to the Cure	December 14, 2006		1		64,800		0.8	%		100.0	%		n/a			n/a			n/a
30	San Diego Science Center	October 21, 2004		1		105,364		1.3	%		46.6	%		47.4	%		77.0	%		70.1	%
31	Science Center Drive	September 24, 2004		1		53,740		0.7	%		100.0	%		100.0	%		100.0	%		100.0	%
32	Sorrento Valley Boulevard	December 7, 2006		1		54,924		0.7	%		100.0	%		n/a			n/a			n/a
33	Towne Centre Drive	August 12, 2004		3		115,870		1.5	%		100.0	%		100.0	%		100.0	%		100.0	%
34	Waples Street (4)	March 1, 2005		1		50,055		0.6	%		100.0	%		56.1	%		56.1	%		56.1	%
	Total San Diego			14		755,034		9.5	%		83.3	%		76.8	%		88.7	%		88.1	%
	New York / New Jersey
35	Graphics Drive	March 17, 2005		1		72,300		0.9	%		44.3	%		44.3	%		44.3	%		44.3	%
36	Landmark at Eastview	August 12, 2004		8		751,648		9.6	%		94.8	%		94.8	%		92.6	%		92.9	%
37	One Research Way	May 31, 2006		1		49,421		0.6	%		—			—			—			n/a
	Total New York / New Jersey			10		873,369		11.1	%		85.2	%		85.2	%		83.4	%		88.7	%
	Pennsylvania
38	Eisenhower Road	August 13, 2004		1		27,750		0.4	%		—			—			—			—
39	George Patterson Boulevard	October 28, 2005		1		71,500		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
40	King of Prussia (5)	August 11, 2004		5		427,109		5.4	%		100.0	%		100.0	%		100.0	%		100.0	%
41	Phoenixville Pike	April 5, 2005		1		104,400		1.3	%		58.8	%		51.6	%		49.6	%		49.6	%
42	Spring Mill Drive	July 20, 2006		1		76,378		1.0	%		90.7	%		90.7	%		n/a			n/a
43	900 Uniqema Boulevard	January 13, 2006		1		11,293		0.1	%		100.0	%		100.0	%		100.0	%		100.0	%
44	1000 Uniqema Boulevard	September 30, 2005		1		59,821		0.8	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total Pennsylvania			11		778,251		9.9	%		90.0	%		89.0	%		88.5	%		88.5	%

18

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

					Rentable		Percent of
					Square		Rentable			Percent Leased (1)
	Property	Acquisition Date	Buildings		Feet		Sq Ft			12/31/06			9/30/06			6/30/06			3/31/06
	Seattle
45	Elliott Avenue	August 24, 2004		1		134,989		1.7	%		100.0	%		100.0	%		100.0	%		100.0	%
46	Fairview Avenue (6)	January 12, 2006		—		—		—			n/a			n/a			n/a			n/a
47	Monte Villa Parkway	August 17, 2004		1		51,000		0.6	%		100.0	%		100.0	%		100.0	%		100.0	%
48	217th Place	November 21, 2006		1		67,340		0.9	%		56.0	%		n/a			n/a			n/a
	Total Seattle			3		253,329		3.2	%		88.3	%		100.0	%		100.0	%		100.0	%
	Maryland
49	Beckley Street	December 17, 2004		1		77,225		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
50	Belward Campus Drive	May 24, 2006		1		289,912		3.7	%		100.0	%		100.0	%		100.0	%		n/a
51	Shady Grove Road	May 24, 2006		4		635,058		8.1	%		100.0	%		100.0	%		100.0	%		n/a
52	Tributary Street	December 17, 2004		1		91,592		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total Maryland			7		1,093,787		14.0	%		100.0	%		100.0	%		100.0	%		100.0	%
	University Related — Other
53	Colorow Drive	December 22, 2005		1		93,650		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
54	Lucent Drive	May 31, 2005		1		21,500		0.3	%		100.0	%		100.0	%		100.0	%		100.0	%
55	Trade Centre Avenue	August 9, 2006		2		78,023		1.0	%		100.0	%		100.0	%		n/a			n/a
56	Walnut Street	July 7, 2006		4		149,984		1.9	%		100.0	%		100.0	%		n/a			n/a
	Total University Related — Other			8		343,157		4.4	%		100.0	%		100.0	%		100.0	%		100.0	%
	Total / weighted average			92		7,855,130		100.0	%		80.0	%		92.4	%		91.4	%		89.2	%

(1)	Includes redevelopment square feet.
(2)	We own 87.5% of the limited liability company that owns the Ardenwood Venture property.
(3)	We own a general partnership interest in the limited partnership that owns the McKellar Court property, which entitles 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.
(4)	We own 70% of the limited liability company that owns the Waples Street property.
(5)	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.
(6)	We own 70% of the limited liability company that owns the Fairview Avenue development site.

19

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

As of December 31, 2006, our properties were leased to 107 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		11.8	%	$	39,500	$	42.70		21.5	%	May 2026
2	Vertex Pharmaceuticals		604,702		7.7	%		23,765		39.30		12.9	%	April 2018(2)
3	Genzyme Corporation		343,000		4.4	%		15,440		45.01		8.4	%	July 2018
4	Centocor, Inc. (Johnson & Johnson)		331,398		4.2	%		8,047		24.28		4.4	%	March 2010
5	Array BioPharma Inc.		228,007		2.9	%		6,668		29.24		3.6	%	August 2016(3)
6	Sun Microsystems, Inc.		420,253		5.4	%		5,446		12.96		3.0	%	January 2008
7	Regeneron Pharmaceuticals, Inc.		227,932		2.9	%		4,206		18.45		2.3	%	Multiple(4)
8	Illumina, Inc.		115,870		1.5	%		4,057		35.01		2.2	%	August 2014
9	Nektar Therapeutics		79,917		1.0	%		3,888		48.65		2.1	%	October 2016
10	InterMune, Inc.		71,308		0.9	%		3,750		52.59		2.0	%	April 2011
	Total / weighted average(5)		3,347,357		42.7	%	$	114,767	$	34.29		62.4	%

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of December 31, 2006, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.
(2)	41,532 square feet expires March 2009, 191,904 square feet expires August 2010, 59,322 square feet expires December 2010, 290,716 square feet expires April 2018, and 21,228 square feet expires May 2012.
(3)	149,984 square feet expires July 2016 and 78,023 square feet expires August 2016.
(4)	200,911 square feet expires March 2009, which will be replaced with a 15-year 194,000 square foot lease at the new buildings to be constructed at the Landmark at Eastview property, and 27,021 square feet expires in March 2024.
(5)	Without regard to any early lease terminations and/or renewal options.

20

BIOMED REALTY TRUST, INC.
REDEVELOPMENT AND DEVELOPMENT
DECEMBER 31, 2006

(Dollars in thousands)

REDEVELOPMENT

		Square Feet
		Available For
Property	Market	Redevelopment(1)(2)
Bridgeview Technology Park I	San Francisco		44,100
Eisenhower Road	Pennsylvania		27,800
Graphics Drive	New York / New Jersey		40,300
Kaiser Drive	San Francisco		88,000
One Research Way	New York / New Jersey		49,400
Pacific Research Center	San Francisco		1,012,100
Phoenixville Pike	Pennsylvania		43,100
217th Place	Seattle		29,600
Total			1,334,400

LAND DEVELOPMENT PARCELS

		Developable
Property	Market	Square Feet (2)
Eccles Avenue	San Francisco		108,000
Fresh Pond Research Park	Boston		50,000
Pacific Research Center	San Francisco		400,000
Shady Grove Road	Maryland		500,000
Towne Centre Drive	San Diego		84,000
Total			1,142,000

DEVELOPMENT IN PROGRESS

						Estimated
		Estimated		Investment		Total		Percent
Property	Market	Square Feet(2)		to Date		Investment(2)		Leased
Center for Life Science|Boston	Boston		703,000	$	510,000	$	730,000		80.1	%
Fairview Avenue	Seattle		94,000		5,000		50,000		—
Landmark at Eastview	New York / New Jersey		360,000		8,000		145,000		53.8	%
Total			1,157,000	$	523,000	$	925,000

(1)	For our properties available for redevelopment, only the square footage allocated to redevelopment is reflected in the portfolio statistics. These properties or portions of properties may or may not be currently undergoing redevelopment activities.
(2)	Management’s estimates.

21

BIOMED REALTY TRUST, INC.
ACQUISITIONS
DECEMBER 31, 2006

			Rentable
	# of		Square
Acquisitions since August 11, 2004:	Properties		Feet (1)		Investment
					(In thousands)
Third Quarter 2004 (2)		13		2,297,106	$	467,784
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
Fourth Quarter 2006		4		187,064		526,528
Total acquisitions during 2006		16		3,099,826		1,309,600
Total acquisitions since August 14, 2004		56		7,848,122	$	2,558,193

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
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		—
Third Quarter Total				1,806,666		$	312,300		95.7	%
Fourth Quarter 2006
Center for Life Science|Boston	Boston	November 17, 2006		—		$	472,700		—	(6)
217th Place	Seattle	November 21, 2006		67,340			10,500		56.0	%(4)
Sorrento Valley Boulevard	San Diego	December 7, 2006		54,924			20,000		100.0	%
Road to the Cure	San Diego	December 14, 2006		64,800			23,328		100.0	%
Fourth Quarter Total				187,064		$	526,528		84.2	%

(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, 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.
(6)	The property was 80.1% preleased and under construction on the date of acquisition.

22

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

				Current		Percent			Percent
	Leased			Annualized		Leased			Leased
	Square			Base Rent per		Including			Excluding
	Feet			Leased Sq Ft		Redevelopment			Redevelopment
Leased Square Feet as of December 31, 2005		4,332,323		$	27.45		91.1	%		96.7	%
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	%		96.4	%
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	%		97.1	%
Third quarter acquisitions		1,729,597			15.28
Leased Square Feet including acquisitions		7,086,152
Expirations		(117,768	)		20.14
Renewals		44,422			14.26
New Leases		71,573			16.93
Terminations		—			—
Leased Square Feet as of September 30, 2006		7,084,379			26.71		92.4	%		97.4	%
Fourth quarter acquisitions		119,724			32.72
Leased Square Feet including acquisitions		7,204,103
Expirations		(253,283	)		17.13
Renewals		233,344			18.59
New Leases		109,352			25.95
Terminations		(1,012,868	)		12.97
Leased Square Feet as of December 31, 2006		6,280,648		$	29.31		80.0	%		96.3	%

(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
DECEMBER 31, 2006

	Three Months Ended
	12/31/06		9/30/06		6/30/06		3/31/06		12/31/05
Renewals(1)
Number of renewals		5		2		1		2		—
Square feet		233,344		44,422		3,200		6,690		—
Tenant improvement costs per square foot(2)	$	2.89	$	1.31	$	—	$	—	$	—
Leasing commission costs per square foot(2)		—		2.14		0.58		2.73		—
Total tenant improvement and leasing commission costs psf	$	2.89	$	3.45	$	0.58	$	2.73	$	—
New Leases(3)
Number of leases		8		8		11		7		7
Square feet		109,352		71,573		158,003		29,955		45,946
Tenant improvement costs per square foot(2)	$	81.11	$	9.12	$	24.78	$	38.36	$	16.16
Leasing commission costs per square foot(2)		12.63		5.44		7.54		3.33		5.50
Total tenant improvement and leasing commission costs psf	$	93.74	$	14.55	$	32.32	$	41.69	$	21.66
Total(4)
Number of renewals/leases		13		10		12		9		7
Square feet		342,696		115,995		161,203		36,645		45,946
Tenant improvement costs per square foot(2)	$	27.85	$	6.13	$	24.29	$	31.36	$	16.16
Leasing commission costs per square foot(2)		4.03		4.17		7.40		3.22		5.50
Total tenant improvement and leasing commission costs psf	$	31.88	$	10.30	$	31.69	$	34.58	$	21.66

(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.

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

This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and may, therefore, not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to cash flows from operating, investing or financing activities as a measure of liquidity, computed in accordance with GAAP.

Funds from Operations (FFO)

We present funds from operations, or FFO, because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and 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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