Biomed Realty Trust 8K Reports | SEC 3 May 07

EXHIBIT 99.2

BioMed Realty Trust, Inc.

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
March 31, 2007


		Towne Centre Drive (new building)
		Architect’s Rendering
		84,000 square feet
		fully leased to Illumina, Inc.


		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
MARCH 31, 2007


	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.

BIOMED REALTY TRUST, INC.
COMPANY BACKGROUND
MARCH 31, 2007

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.

On January 18, 2007, we completed an offering of 9,200,000 shares of 7.375% Series A Cumulative Redeemable Preferred Stock for $25.00 per share, raising $222.4 million in net proceeds.

On February 14, 2007, we entered into new, long-term leases with Illumina, Inc. for approximately 195,000 square feet of office and laboratory space at our Towne Centre Drive property in San Diego, California. Under the new leases, Illumina will expand into a new 84,000 square foot state-of-the-art building to be constructed by us at the property. Once completed and occupied, Illumina will lease the new building for a 15-year term. Illumina also extended its lease for the 109,270 square feet it currently occupies at Towne Centre Drive by nine years to 2023 to correspond with the new 15-year lease.

On March 22, 2007, we completed the acquisition of a property located at 11010 Torreyana Road in the Torrey Pines submarket of San Diego, California. The 81,204 square foot office/laboratory facility is fully leased to Vertex Pharmaceuticals. The property was acquired for approximately $33.0 million, excluding closing costs.

We declared a first quarter 2007 dividend of $0.31 per share of common stock, a 6.9% increase from the previous quarterly dividend of $0.29 per share, and a dividend of $0.45582 per share of Series A preferred stock for the period from the original issue date of January 18, 2007 through April 16, 2007. These dividends were paid on April 16, 2007 to stockholders of record at the close of business on March 30, 2007.

As of March 31, 2007, we owned or had interests in 57 properties, located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey. Our operating portfolio included 6.6 million rentable square feet that was 94.8% leased to 106 tenants at March 31, 2007. The remaining 1.3 million square feet of space was available for redevelopment. In addition, we had properties under construction that will total approximately 1.2 million rentable square feet following completion and undeveloped land that we estimate can support up to 1.2 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.

BIOMED REALTY TRUST, INC.
INVESTOR INFORMATION
MARCH 31, 2007


Board of Directors

Alan D. Gold	Edward A. Dennis, Ph.D.	Theodore D. Roth
Chairman

Gary A. Kreitzer	Mark J. Riedy, Ph.D.	M. Faye Wilson

Barbara R. Cambon

Executive Officers

Alan D. Gold	John F. Wilson, II	R. Kent Griffin, Jr.
President and Chief Executive Officer	Executive Vice President-Operations	Chief Financial Officer

Gary A. Kreitzer	Matthew G. McDevitt
Executive Vice President, General Counsel, and Secretary	Regional Executive Vice President

Equity Research Coverage

AG Edwards	Credit Suisse	Friedman Billings Ramsey
David AuBuchon / Justin Pelham-Webb	John J. Stewart / Michael Gorman	Wilkes Graham / Matt Konrad
(314) 955.5452	(212) 538.3183 / (212) 538.4357	(703) 312.9737 / (703) 312.9731

KeyBanc Capital Markets	Morgan Stanley	Raymond James
Jordan Sadler	David S. Cohen / Jacklyn Y. Wang	Paul D. Puryear / Ken Avalos
(917) 368.2280	(212) 761.8564 / (212) 761.7079	(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 Symbols	Transfer Agent
17140 Bernardo Center Drive, Suite 222	BMR	The Bank of New York
San Diego, CA 92128	BMRPrA	101 Barclay Street, 11E
(858) 485.9840		New York, NY 10286
(858) 485.9843 (fax)	Stock Exchange Listing	(212) 815.3782
	New York Stock Exchange

Please visit our corporate website at:	www.biomedrealty.com

2007 Tentative Schedule for Quarterly Results

Second Quarter	Early August 2007
Third Quarter	Early November 2007
Fourth Quarter	February 2008

BIOMED REALTY TRUST, INC.
FINANCIAL AND OPERATING HIGHLIGHTS
MARCH 31, 2007
(In thousands, except per share, ratio and portfolio amounts)


	As of or for the three months ended
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Selected Operating Data
Total revenues	$	69,468		$	63,648		$	64,510		$	49,459		$	43,793
Straight line rent		3,902			3,870			3,721			2,383			1,741
Fair value lease revenue(1)		537			592			597			574			578
EBITDA(2)		40,312			41,812			42,796			31,145			25,639
Adjusted EBITDA (2)		45,221			42,345			43,295			31,501			25,861
General and administrative expense		5,343			4,923			4,609			4,206			4,347
Interest expense		6,852			10,288			13,346			9,253			7,784
Capitalized interest		12,260			6,329			714			335			236
Minority interests		715			533			499			356			222
Operating margins(3)		70.4	%		73.7	%		73.9	%		71.2	%		68.5	%
Operating expense recoveries(3)		86.7	%		86.2	%		87.4	%		90.2	%		91.5	%
Same property net operating income change(4)		(1.9	%)		1.7	%		(0.5	%)		2.1	%		5.0	%
Net income available to common shareholders		16,049			12,589			10,812			7,158			4,474
Net income per share — diluted	$	0.25		$	0.19		$	0.18		$	0.14		$	0.10
FFO(5)		34,175			32,079			29,964			22,294			18,131

FFO per share — diluted(5)	$	0.50		$	0.47		$	0.47		$	0.41		$	0.37

AFFO(6)		30,974			27,779			26,274			19,756			16,158

Selected Balance Sheet Data
Cash and cash equivalents	$	18,711		$	25,664		$	47,318		$	23,093		$	30,365
Investments in real estate, net		2,536,428			2,457,538			1,894,489			1,589,788			1,131,917
Total assets		2,789,708			2,692,642			2,139,346			1,806,952			1,346,897
Total liabilities		1,336,656			1,458,610			901,663			781,033			601,030
Minority interests		19,179			19,319			19,596			19,907			20,367
Total stockholders’ equity		1,433,873			1,214,713			1,218,087			1,006,012			725,500

Capitalization
Total common shares outstanding		65,455			65,426			65,493			57,229			46,782
Total units outstanding		3,284			3,014			2,864			2,864			2,864

Total common shares and units outstanding		68,739			68,440			68,357			60,093			49,646
Share price at quarter end	$	26.30		$	28.60		$	30.34		$	29.94		$	29.64

Equity value at quarter end(7)		1,807,836			1,957,384			2,073,951			1,799,184			1,471,507
Preferred stock at liquidation value		230,000			—			—			—			—
Consolidated debt		1,214,336			1,343,356			814,407			705,202			527,077

Total market capitalization		3,252,172			3,300,740			2,888,358			2,504,386			1,998,584
Debt / total market capitalization		37.3	%		40.7	%		28.2	%		28.2	%		26.4	%

Financial Ratios
Interest coverage with capitalized interest(8)		2.4			2.6			3.1			3.2			3.1
Interest coverage excluding capitalized interest(8)		6.7			4.2			3.2			3.3			3.2
Fixed charge coverage with capitalized interest(8)		2.2			2.4			2.8			2.8			2.7
Fixed charge coverage excluding capitalized interest(8)		5.5			3.7			2.9			2.9			2.8
FFO payout		62.0	%		61.7	%		61.7	%		70.7	%		78.4	%
AFFO payout		68.9	%		70.7	%		70.7	%		80.6	%		87.9	%
Debt / total assets		43.5	%		49.9	%		38.1	%		39.0	%		39.1	%

Portfolio Statistics
Properties owned at end of quarter		57			56			52			47			42
Total rentable square footage owned		7,935,714			7,855,130			7,668,077			5,861,411			4,766,608
Leased at end of quarter (excluding redevelopment)		94.8	%		96.3	%		97.4	%		97.1	%		96.4	%
Leased at end of quarter (including redevelopment)		78.8	%		80.0	%		92.4	%		91.4	%		89.2	%
Redevelopment at end of quarter		16.9	%		17.0	%		5.1	%		5.9	%		7.5	%
Vacancy at end of quarter		4.3	%		3.0	%		2.5	%		2.7	%		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, and adjusted 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 provided by 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.

BIOMED REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2007
(In thousands)


	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Assets
Investments in real estate, net	$	2,536,428		$	2,457,538		$	1,894,489		$	1,589,788		$	1,131,917
Investment in unconsolidated partnership		2,429			2,436			2,445			2,454			2,476
Cash and cash equivalents		18,711			25,664			47,318			23,093			30,365
Restricted cash		6,912			6,426			6,100			5,249			5,844
Accounts receivable, net		4,669			5,985			4,616			2,981			5,625
Accrued straight-line rents, net		24,348			20,446			16,576			12,855			10,472
Acquired above market leases, net		6,899			7,551			8,018			8,625			8,925
Deferred leasing costs, net		127,409			129,322			127,141			126,549			130,593
Deferred loan costs, net		16,289			17,608			12,001			6,282			4,507
Prepaid expenses		3,842			3,627			5,981			2,362			2,840
Other assets		41,772			16,039			14,661			26,714			13,333

Total assets	$	2,789,708		$	2,692,642		$	2,139,346		$	1,806,952		$	1,346,897


Liabilities and Stockholders’ Equity

Liabilities:
Mortgage notes payable, net	$	401,680		$	403,836		$	389,407		$	244,402		$	246,377
Secured construction loan		324,796			286,355			—			—			—
Secured term loan		250,000			250,000			250,000			250,000			250,000
Exchangeable senior notes		175,000			175,000			175,000			—			—
Secured bridge loan		—			—			—			150,000			—
Unsecured line of credit		62,860			228,165			—			60,800			30,700
Security deposits		6,762			7,704			6,556			7,264			6,883
Dividends and distributions payable		25,503			19,847			19,823			17,427			14,397
Accounts payable, accrued expenses, and other liabilities		65,061			62,602			34,565			23,611			24,196
Acquired below market leases, net		24,994			25,101			26,312			27,529			28,477

Total liabilities		1,336,656			1,458,610			901,663			781,033			601,030

Minority interests		19,179			19,319			19,596			19,907			20,367
Stockholders’ equity:
Preferred stock		222,413			—			—			—			—
Common stock		654			654			655			571			466
Additional paid-in capital		1,273,362			1,272,243			1,271,213			1,045,831			758,375
Accumulated other comprehensive income		8,287			8,417			6,435			11,646			9,256
Dividends in excess of earnings		(70,843	)		(66,601	)		(60,216	)		(52,036	)		(42,597	)

Total stockholders’ equity		1,433,873			1,214,713			1,218,087			1,006,012			725,500

Total liabilities and stockholders’ equity	$	2,789,708		$	2,692,642		$	2,139,346		$	1,806,952		$	1,346,897

BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
MARCH 31, 2007
(In thousands, except share data)


	Three Months Ended
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Revenues:
Rental	$	48,069		$	49,241		$	49,758		$	36,556		$	31,178
Tenant recoveries		16,619			14,399			14,743			12,839			12,609
Other income		4,780			8			9			64			6

Total revenues		69,468			63,648			64,510			49,459			43,793


Expenses:
Rental operations		13,209			10,689			11,128			9,642			9,543
Real estate taxes		5,968			6,020			5,736			4,587			4,242
Depreciation and amortization		17,391			18,915			18,618			14,714			13,361
General and administrative		5,343			4,923			4,609			4,206			4,347

Total expenses		41,911			40,547			40,091			33,149			31,493

Income from operations		27,557			23,101			24,419			16,310			12,300

Equity in net income of unconsolidated partnership		22			21			20			22			20
Interest income		231			288			218			435			160
Interest expense		(6,852	)		(10,288	)		(13,346	)		(9,253	)		(7,784	)

Income before minority interests		20,958			13,122			11,311			7,514			4,696
Minority interests in consolidated partnerships		—			22			15			46			54
Minority interests in operating partnership		(715	)		(555	)		(514	)		(402	)		(276	)

Net income		20,243			12,589			10,812			7,158			4,474
Preferred stock dividends		(4,194	)		—			—			—			—

Net income available to common stockholders	$	16,049		$	12,589		$	10,812		$	7,158		$	4,474


Basic earnings per share	$	0.25		$	0.19		$	0.18		$	0.14		$	0.10

Diluted earnings per share	$	0.25		$	0.19		$	0.18		$	0.14		$	0.10


Weighted-average common shares outstanding:
Basic		65,289,950			65,151,884			60,477,672			51,394,117			46,369,605

Diluted		68,231,124			68,218,566			63,646,647			54,534,393			49,518,010

BIOMED REALTY TRUST, INC.
FUNDS FROM OPERATIONS (1) AND
ADJUSTED FUNDS FROM OPERATIONS (2)
MARCH 31, 2007
(In thousands, except per share and ratio amounts)


	Three Months Ended
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Reconciliation of net income to funds from operations:
Net income available to common stockholders	$	16,049		$	12,589		$	10,812		$	7,158		$	4,474
Adjustments:
Minority interests in operating partnership		715			555			514			402			276
Depreciation and amortization(3)		17,411			18,935			18,638			14,734			13,381


Funds from operations (FFO)	$	34,175		$	32,079		$	29,964		$	22,294		$	18,131


FFO per share — diluted	$	0.50		$	0.47		$	0.47		$	0.41		$	0.37

Dividends and distributions declared per common share	$	0.31		$	0.29		$	0.29		$	0.29		$	0.29

FFO payout ratio(4)		62.0	%		61.7	%		61.7	%		70.7	%		78.4	%


Reconciliation of funds from operations to adjusted funds from operations:
Funds from operations	$	34,175		$	32,079		$	29,964		$	22,294		$	18,131
Adjustments:
Master lease receipts (5)		232			272			—			155			300
Second generation capital expenditures		(300	)		(1,590	)		(431	)		(527	)		(472	)
Amortization of deferred loan costs		393			966			603			379			339
Amortization of fair value of debt acquired		(206	)		(619	)		(618	)		(615	)		(605	)
Non-cash equity compensation		1,119			1,133			1,074			1,027			784
Straight line rents		(3,902	)		(3,870	)		(3,721	)		(2,383	)		(1,741	)
Fair value lease revenue		(537	)		(592	)		(597	)		(574	)		(578	)


Adjusted funds from operations (AFFO)	$	30,974		$	27,779		$	26,274		$	19,756		$	16,158


Dividends and distributions declared per common share	$	0.31		$	0.29		$	0.29		$	0.29		$	0.29

AFFO payout ratio (6)		68.9	%		70.7	%		70.7	%		80.6	%		87.9	%


(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 flows provided by 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 common 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 common share divided by AFFO per share - diluted.

BIOMED REALTY TRUST, INC.
RECONCILIATION OF EARNINGS BEFORE
INTEREST, TAXES, DEPRECIATION AND AMORTIZATION(1)
AND ADJUSTED FUNDS FROM OPERATIONS(2)
MARCH 31, 2007
(In thousands)


	Three Months Ended
	3/31/07		12/31/06			9/30/06			6/30/06			3/31/06
Reconciliation of net income to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income available to common stockholders	$	16,049	$	12,589		$	10,812		$	7,158		$	4,474
Interest expense		6,852		10,288			13,346			9,253			7,784
Depreciation and amortization (3)		17,411		18,935			18,638			14,734			13,381

EBITDA		40,312		41,812			42,796			31,145			25,639
Minority interests		715		533			499			356			222
Preferred dividends		4,194		—			—			—			—

Adjusted EBITDA	$	45,221	$	42,345		$	43,295		$	31,501		$	25,861


Reconciliation of cash flows provided by operating activities to adjusted funds from operations (AFFO):
Cash flows provided by operating activities	$	23,118	$	29,829		$	26,959		$	23,402		$	21,345
Changes in other assets and liabilities		7,624		(2,322	)		(685	)		(3,801	)		(5,487	)
Master lease receipts		232		272			—			155			300

AFFO	$	30,974	$	27,779		$	26,274		$	19,756		$	16,158


(1)		For a definition and discussion of EBITDA and Adjusted 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.

BIOMED REALTY TRUST, INC.
RECONCILIATION OF NET OPERATING INCOME (1)
MARCH 31, 2007
(Dollars in thousands)


	Three Months Ended
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Net income	$	20,243		$	12,589		$	10,812		$	7,158		$	4,474
Minority interests		715			533			499			356			222
Net income of unconsolidated partnership		(22	)		(21	)		(20	)		(22	)		(20	)
Interest expense		6,852			10,288			13,346			9,253			7,784
Interest income		(231	)		(288	)		(218	)		(435	)		(160	)


Income from operations		27,557			23,101			24,419			16,310			12,300
Depreciation and amortization		17,391			18,915			18,618			14,714			13,361
General and administrative		5,343			4,923			4,609			4,206			4,347


Consolidated net operating income	$	50,291		$	46,939		$	47,646		$	35,230		$	30,008


Revenues:
Rental	$	48,069		$	49,241		$	49,758		$	36,556		$	31,178
Tenant recoveries		16,619			14,399			14,743			12,839			12,609
Other income		4,780			8			9			64			6


Total revenues		69,468			63,648			64,510			49,459			43,793

Expenses:
Rental operations		13,209			10,689			11,128			9,642			9,543
Real estate taxes		5,968			6,020			5,736			4,587			4,242


Total operating expenses		19,177			16,709			16,864			14,229			13,785


Consolidated net operating income	$	50,291		$	46,939		$	47,646		$	35,230		$	30,008


Operating margin (2)		70.4	%		73.7	%		73.9	%		71.2	%		68.5	%


Operating expense recovery (3)		86.7	%		86.2	%		87.4	%		90.2	%		91.5	%


(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)).

BIOMED REALTY TRUST, INC.
COVERAGE RATIOS (1)
MARCH 31, 2007
(In thousands, except ratios)


	Three Months Ended
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Interest coverage ratios:
Including capitalized interest:
Adjusted EBITDA	$	45,221		$	42,345		$	43,295		$	31,501		$	25,861
Interest expense:
Interest expense		6,852			10,288			13,346			9,253			7,784
Interest expense — unconsolidated partnership		50			50			50			50			49
Capitalized interest		12,260			6,329			714			335			236
Amortization of deferred loan costs		(393	)		(966	)		(603	)		(379	)		(339	)
Amortization of fair value of debt acquired		206			619			618			615			605
Amortization of capitalized interest		11			11			11			11			11

Total interest expense		18,986			16,331			14,136			9,885			8,346

Interest coverage ratio		2.4			2.6			3.1			3.2			3.1


Excluding capitalized interest:
Adjusted EBITDA	$	45,221		$	42,345		$	43,295		$	31,501		$	25,861
Interest expense:
Interest expense		6,852			10,288			13,346			9,253			7,784
Interest expense — unconsolidated partnership		50			50			50			50			49
Amortization of deferred loan costs		(393	)		(966	)		(603	)		(379	)		(339	)
Amortization of fair value of debt acquired		206			619			618			615			605

Total interest expense		6,715			9,991			13,411			9,539			8,099

Interest coverage ratio		6.7			4.2			3.2			3.3			3.2


Fixed charge coverage ratios:
Including capitalized interest:
Adjusted EBITDA	$	45,221		$	42,345		$	43,295		$	31,501		$	25,861
Fixed charges:
Interest expense		6,852			10,288			13,346			9,253			7,784
Interest expense — unconsolidated partnership		50			50			50			50			49
Capitalized interest		12,260			6,329			714			335			236
Amortization of capitalized interest		11			11			11			11			11
Amortization of deferred loan costs		(393	)		(966	)		(603	)		(379	)		(339	)
Amortization of fair value of debt acquired		206			619			618			615			605
Principal payments		1,512			1,411			1,378			1,359			1,253
Principal payments — unconsolidated		6			6			6			6			7
Preferred dividends		4,194			—			—			—			—

Total fixed charges		20,504			17,748			15,520			11,250			9,606

Fixed charge coverage ratio		2.2			2.4			2.8			2.8			2.7


Excluding capitalized interest:
Adjusted EBITDA	$	45,221		$	42,345		$	43,295		$	31,501		$	25,861
Fixed charges:
Interest expense		6,852			10,288			13,346			9,253			7,784
Interest expense — unconsolidated partnership		50			50			50			50			49
Amortization of deferred loan costs		(393	)		(966	)		(603	)		(379	)		(339	)
Amortization of fair value of debt acquired		206			619			618			615			605
Principal payments		1,512			1,411			1,378			1,359			1,253
Principal payments — unconsolidated partnership		6			6			6			6			7
Preferred dividends		4,194			—			—			—			—

Total fixed charges		8,233			11,408			14,795			10,904			9,359

Fixed charge coverage ratio		5.5			3.7			2.9			2.9			2.8


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

BIOMED REALTY TRUST, INC.
DEBT SUMMARY
MARCH 31, 2007
(Dollars in thousands)

Weighted average maturity is 6.7 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	%	$	4,634	$	446	$	5,080			07/12
Bayshore Boulevard		4.55	%		4.55	%		15,633		—		15,633			01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,593		1,227		12,820			01/11
Eisenhower Road		5.80	%		4.63	%		2,151		28		2,179			05/08
Elliott Avenue		7.38	%		4.63	%		15,887		270		16,157			11/07
40 Erie Street		7.34	%		4.90	%		18,421		558		18,979			08/08
500 Kendall Street (Kendall D)		6.38	%		5.45	%		70,591		4,809		75,400			12/18
Lucent Drive (3)		5.50	%		5.50	%		5,687		—		5,687			01/15
Monte Villa Parkway		4.55	%		4.55	%		9,517		—		9,517			01/10
Nancy Ridge Drive		7.15	%		5.38	%		6,849		588		7,437			09/12
Road to the Cure		6.70	%		5.78	%		15,588		776		16,364			01/14
Science Center Drive		7.65	%		5.04	%		11,406		1,152		12,558			07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—		147,000			09/16
Sidney Street		7.23	%		5.11	%		30,551		2,777		33,328			06/12
Towne Centre Drive		4.55	%		4.55	%		21,737		—		21,737			01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,614		190		1,804			05/15

Total / weighted average on fixed rate mortgages		6.28	%		5.43	%		388,859		12,821		401,680

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		5.72	%		5.14	%		563,859		12,821		576,680

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)		6.72	%		6.72	%		62,860		—		62,860			06/09
$550 million secured construction loan (8)		6.58	%		6.58	%		324,796		—		324,796			11/09

Total / weighted average variable rate debt		6.52	%		6.52	%		637,656		—		637,656

Total / weighted average consolidated debt		6.15	%		5.88	%		1,201,515		12,821		1,214,336

Pro rata share of unconsolidated partnership debt
McKellar Court (21%)		8.56	%		4.63	%		2,223		—		2,223			01/10

Total / weighted average		8.56	%		4.63	%		2,223		—		2,223


Total / weighted average consolidated and pro rata share of unconsolidated partnership debt		6.15	%		5.87	%	$	1,203,738	$	12,821	$	1,216,559
													��


(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 a 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.

BIOMED REALTY TRUST, INC.
DEBT MATURITIES AND PRINCIPAL PAYMENTS
MARCH 31, 2007
(In thousands)


	Schedule of Maturities
Property	2007		2008		2009		2010		2011		Thereafter		Total
Ardentech Court	$	70	$	101	$	109	$	118	$	126	$	4,110	$	4,634
Bayshore Boulevard		297		413		432		14,491		—		—		15,633
Bridgeview Technology Park I		86		124		137		149		11,097		—		11,593
Eisenhower Road		37		2,114		—		—		—		—		2,151
Elliott Avenue		15,887		—		—		—		—		—		15,887
40 Erie Street		796		17,625		—		—		—		—		18,421
500 Kendall Street (Kendall D)		1,153		1,627		1,733		1,847		1,969		62,262		70,591
Lucent Drive		145		201		213		215		223		4,690		5,687
Monte Villa Parkway		182		251		263		8,821		—		—		9,517
Nancy Ridge Drive		63		91		100		107		115		6,373		6,849
Road to the Cure		161		228		243		260		278		14,418		15,588
Science Center Drive		105		152		167		182		10,800		—		11,406
Shady Grove Road		—		—		—		—		419		146,581		147,000
Sidney Street		565		802		862		926		996		26,400		30,551
Towne Centre Drive		413		574		601		20,149		—		—		21,737
900 Uniqema Boulevard		105		152		166		180		197		814		1,614


Total fixed rate mortgages		20,065		24,455		5,026		47,445		26,220		265,648		388,859

$175 million unsecured exchangeable notes		—		—		—		—		—		175,000		175,000


Total fixed rate debt		20,065		24,455		5,026		47,445		26,220		440,648		563,859
$250 million secured term loan		—		—		—		250,000		—		—		250,000
$500 million unsecured line of credit		—		—		62,860		—		—		—		62,860
$550 million secured construction loan		—		—		324,796		—		—		—		324,796

Total variable rate debt		—		—		387,656		250,000		—		—		637,656


Total consolidated debt		20,065		24,455		392,682		297,445		26,220		440,648		1,201,515
McKellar Court (21%)		20		29		32		2,142		—		—		2,223

Total consolidated and pro rata share of unconsolidated partnership debt	$	20,085	$	24,484	$	392,714	$	299,587	$	26,220	$	440,648	$	1,203,738

BIOMED REALTY TRUST, INC.
COMMON STOCK DATA
MARCH 31, 2007
(Shares in thousands)

SUMMARY OF COMMON SHARES


	Three Months Ended				Year Ended
	3/31/07		12/31/06		12/31/06		12/31/05
Weighted average shares outstanding		65,290		65,152		55,928		38,913
Weighted average OP and LTIP units outstanding		2,915		2,864		2,864		2,870
Dilutive effect of restricted stock		26		203		132		215
Dilutive effect of stock warrant (1)		—		—		94		93

Diluted shares — EPS and FFO		68,231		68,219		59,018		42,091

COMMON STOCK DATA


	3/31/07		12/31/06		9/30/06		6/30/06
Shares outstanding		65,299		65,152		65,152		56,890
Units outstanding		2,864		2,864		2,864		2,864
Unvested restricted shares outstanding		156		274		341		339
LTIP units outstanding		420		150		—		—
Stock warrant outstanding (1)		—		—		—		270

Total common shares outstanding		68,739		68,440		68,357		60,363


	Three Months Ended
	3/31/07			12/31/06			9/30/06			6/30/06
High Price	$	31.20		$	32.41		$	31.99		$	29.94
Low Price	$	25.59		$	27.71		$	28.28		$	25.95
Average Closing Price	$	28.52		$	30.19		$	30.30		$	28.12
Closing Price	$	26.30		$	28.60		$	30.34		$	29.94
Dividends per share — Annualized	$	1.24		$	1.16		$	1.16		$	1.16
Closing Dividend Yield — Annualized		4.7	%		4.1	%		3.8	%		3.9	%

DIVIDENDS PER COMMON SHARE


2007
First quarter	$	0.31
2006
First quarter	$	0.29
Second quarter	$	0.29
Third quarter	$	0.29
Fourth quarter	$	0.29
2005
First quarter	$	0.27
Second quarter	$	0.27
Third quarter	$	0.27
Fourth quarter	$	0.27

DIVIDENDS PER PREFERRED SHARE


2007
First quarter	$	0.45582


Latest Dividend
Declared		March 15, 2007
Record		March 30, 2007
Paid		April 16, 2007

Trading Symbols
BMR
BMRPrA

Stock Exchange Listing
New York Stock Exchange

Transfer Agent
The Bank of New York
101 Barclay Street, 11E
New York, NY 10286
(212) 815.3782


(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.

BIOMED REALTY TRUST, INC.
SAME PROPERTY ANALYSIS
MARCH 31, 2007
(Dollars in thousands)


	Three Months Ended
	3/31/07			3/31/06			% Change
Total Same Property Portfolio (1)
Number of properties		39			39
Rentable square feet		4,754,695			4,754,695
Percent of total portfolio		59.9	%		99.8	%
Leased % (2)		90.1	%		89.2	%
Redevelopment %		5.2	%		7.5	%
Vacant %		4.7	%		3.3	%

Revenues:
Rental	$	31,628		$	31,545			0.3	%
Tenant recoveries		13,589			12,643			7.5	%

Total revenues		45,217			44,188			2.3	%


Expenses:
Rental operations		11,109			9,637			15.3	%
Real estate taxes		4,422			4,277			3.4	%

Total expenses		15,531			13,914			11.6	%

Net operating income (3)	$	29,686		$	30,274			(1.9	%)


Same property net operating income (3)	$	29,686		$	30,274			(1.9	%)
Less straight line rents, fair value and incentive revenue		(2,202	)		(2,348	)		(6.2	%)

Same property net operating income — cash basis (3) (4)	$	27,484		$	27,926			(1.6	%)


Rental revenue — cash basis (4)	$	29,426		$	29,197			0.8	%


Same property net operating income (3)	$	29,686		$	30,274			(1.9	%)
Plus other income		4,780			1			—

Same property net operating income — including non-recurring items	$	34,466		$	30,275			13.8	%


(1)		The same property portfolio includes properties that have been in operation throughout the full quarter in both the current year and the prior year.

(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.

BIOMED REALTY TRUST, INC.

PORTFOLIO SUMMARY AND LEASE EXPIRATIONS

MARCH 31, 2007

PORTFOLIO SUMMARY

Weighted average remaining lease term is 7.8 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		1,297,166		16.4	%	$	49,303		26.9	%	$	38.46	$	53,832		24.5	%	$	41.99
San Francisco		10		2,460,417		30.9	%		25,738		14.1	%		20.36		30,907		14.1	%		24.45
San Diego (3)		13		836,238		10.5	%		20,661		11.3	%		30.87		24,135		11.0	%		36.06
New York / New Jersey		3		873,369		11.0	%		15,081		8.3	%		20.08		16,358		7.5	%		21.78
Pennsylvania		7		778,251		9.8	%		14,948		8.2	%		21.32		15,172		6.9	%		21.64
Seattle		4		253,329		3.1	%		5,517		3.0	%		36.17		6,395		2.9	%		41.93
Maryland		4		1,093,787		13.9	%		42,285		23.2	%		38.66		61,515		28.0	%		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		57		7,935,714		100.0	%	$	182,648		100.0	%	$	29.19	$	219,513		100.0	%	$	35.08

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)		348,378		5.6	%	$	8,215		4.5	%	$	23.58	$	8,215		3.7	%	$	23.58
2008		799,984		12.8	%		15,135		8.3	%		18.92		15,342		7.0	%		19.18
2009		622,615		10.0	%		13,503		7.4	%		21.69		13,860		6.3	%		22.26
2010		804,742		12.9	%		20,168		11.0	%		25.06		19,957		9.1	%		24.80
2011		206,852		3.3	%		6,924		3.8	%		33.47		7,985		3.6	%		38.60
2012		334,642		5.3	%		8,437		4.6	%		25.21		9,424		4.3	%		28.16
2013		224,336		3.6	%		3,679		2.0	%		16.40		5,358		2.4	%		23.88
2014		122,382		2.0	%		3,102		1.7	%		25.35		3,361		1.5	%		27.46
2015		148,666		2.4	%		3,772		2.1	%		25.37		4,159		1.9	%		27.98
2016		375,377		6.0	%		12,477		6.8	%		33.24		15,079		6.9	%		40.17
Thereafter		2,268,850		36.1	%		87,236		47.8	%		38.45		116,774		53.3	%		51.47


Total / weighted average		6,256,824		100.0	%	$	182,648		100.0	%	$	29.19	$	219,513		100.0	%	$	35.08


(1)		Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of March 31, 2007, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.

(2)		Excludes parking revenue of $1,115,000 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.

BIOMED REALTY TRUST, INC.
OCCUPANCY SUMMARY
MARCH 31, 2007


	Rentable Square Feet
Market	Leased		Redevelopment		Vacant		Total
Boston		1,282,030		—		15,136		1,297,166
San Francisco		1,263,921		1,144,151		52,345		2,460,417
San Diego		669,382		—		166,856		836,238
New York / New Jersey		750,968		89,689		32,712		873,369
Pennsylvania		701,044		74,813		2,394		778,251
Seattle		152,535		29,641		71,153		253,329
Maryland		1,093,787		—		—		1,093,787
University Related — Other		343,157		—		—		343,157

Total		6,256,824		1,338,294		340,596		7,935,714


	Leased (excluding redevelopment)
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Boston		98.8	%		98.8	%		97.1	%		97.0	%		97.2	%
San Francisco		96.0	%		96.0	%		97.8	%		97.2	%		96.7	%
San Diego		80.0	%		83.3	%		89.8	%		92.3	%		91.7	%
New York / New Jersey		95.8	%		95.0	%		95.0	%		92.9	%		93.2	%
Pennsylvania		99.7	%		99.0	%		99.0	%		100.0	%		100.0	%
Seattle		68.2	%		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		94.8	%		96.3	%		97.4	%		97.1	%		96.4	%


	Leased (including redevelopment)
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Boston		98.8	%		98.8	%		97.1	%		97.0	%		97.2	%
San Francisco		51.4	%		51.4	%		92.5	%		82.8	%		75.1	%
San Diego		80.0	%		83.3	%		76.8	%		88.7	%		88.1	%
New York / New Jersey		86.0	%		85.2	%		85.2	%		83.4	%		88.7	%
Pennsylvania		90.1	%		90.0	%		89.0	%		88.5	%		88.5	%
Seattle		60.2	%		88.3	%		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		78.8	%		80.0	%		92.4	%		91.4	%		89.2	%


	Redevelopment
	3/31/07			12/31/06			9/30/06			6/30/06			3/31/06
Boston		—			—			—			—			—
San Francisco		46.5	%		46.5	%		5.4	%		14.8	%		22.4	%
San Diego		—			—			14.5	%		3.9	%		3.9	%
New York / New Jersey		10.3	%		10.3	%		10.3	%		10.3	%		4.9	%
Pennsylvania		9.6	%		9.1	%		10.1	%		11.5	%		11.5	%
Seattle		11.7	%		11.7	%		—			—			—
Maryland		—			—			—			—			—
University Related — Other		—			—			—			—			—

Total		16.9	%		17.0	%		5.1	%		5.9	%		7.5	%


	Vacancy
	3/31/07			12/31/06			9/30/06				6/30/06			3/31/06
Boston		1.2	%		1.2	%		2.9	%			3.0	%		2.8	%
San Francisco		2.1	%		2.1	%		2.1	%			2.4	%		2.6	%
San Diego		20.0	%		16.7	%		8.7	%			7.4	%		8.0	%
New York / New Jersey		3.7	%		4.5	%		4.5	%			6.4	%		6.4	%
Pennsylvania		0.3	%		0.9	%		0.9	%			—			—
Seattle		28.1	%		—			—				—			—
Maryland		—			—			—				—			—
University Related — Other		—			—			—				—			—
										��
Total		4.3	%		3.0	%		2.5	%			2.7	%		3.3	%

BIOMED REALTY TRUST, INC.
PROPERTY LISTING
MARCH 31, 2007


					Rentable		Percent of
					Square		Rentable			Percent Leased (1)
	Property	Acquisition Date	Buildings		Feet		Sq Ft			3/31/07			12/31/06			9/30/06			6/30/06
	Boston
1	Albany Street	May 31, 2005		2		75,003		0.9	%		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	%		100.0	%		93.6	%
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		48,627		0.6	%		100.0	%		100.0	%		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		1.1	%		100.0	%		100.0	%		100.0	%		100.0	%
8	675 W. Kendall Street (Kendall A)	May 31, 2005		1		302,919		3.9	%		96.7	%		96.7	%		96.7	%		97.1	%
9	500 Kendall Street (Kendall D)	May 31, 2005		1		349,325		4.4	%		98.5	%		98.5	%		98.2	%		98.3	%
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		1,297,166		16.4	%		98.8	%		98.8	%		97.1	%		97.0	%


	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	%		100.0	%
15	Bayshore Boulevard	August 17, 2004		1		183,344		2.3	%		100.0	%		100.0	%		100.0	%		100.0	%
16	Bridgeview Technology Park I	September 10, 2004		2		212,673		2.7	%		64.1	%		64.1	%		64.1	%		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		2.1	%		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		18.0	%		29.3	%		29.3	%		100.0	%		n/a

	Total San Francisco			22		2,460,417		30.9	%		51.4	%		51.4	%		92.5	%		82.8	%


	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
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	%		100.0	%		58.0	%
29	Road to the Cure	December 14, 2006		1		64,800		0.8	%		27.8	%		100.0	%		n/a			n/a
30	San Diego Science Center	October 21, 2004		1		105,364		1.3	%		52.4	%		46.6	%		47.4	%		77.0	%
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	%		100.0	%		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	Torreyana Road	March 22, 2007		1		81,204		1.0	%		100.0	%		n/a			n/a			n/a
35	Waples Street (4)	March 1, 2005		1		50,055		0.6	%		100.0	%		100.0	%		56.1	%		56.1	%

	Total San Diego			15		836,238		10.5	%		80.0	%		83.3	%		76.8	%		88.7	%


	New York / New Jersey
36	Graphics Drive	March 17, 2005		1		72,300		0.9	%		44.3	%		44.3	%		44.3	%		44.3	%
37	Landmark at Eastview	August 12, 2004		8		751,648		9.5	%		95.6	%		94.8	%		94.8	%		92.6	%
38	One Research Way	May 31, 2006		1		49,421		0.6	%		—			—			—			—

	Total New York / New Jersey			10		873,369		11.0	%		86.0	%		85.2	%		85.2	%		83.4	%


	Pennsylvania
39	Eisenhower Road	August 13, 2004		1		27,750		0.3	%		—			—			—			—
40	George Patterson Boulevard	October 28, 2005		1		71,500		0.9	%		100.0	%		100.0	%		100.0	%		100.0	%
41	King of Prussia (5)	August 11, 2004		5		427,109		5.4	%		100.0	%		100.0	%		100.0	%		100.0	%
42	Phoenixville Pike	May 5, 2005		1		104,400		1.3	%		54.9	%		58.8	%		51.6	%		49.6	%
43	Spring Mill Drive	July 20, 2006		1		76,378		1.0	%		96.9	%		90.7	%		90.7	%		n/a
44	900 Uniqema Boulevard	January 13, 2006		1		11,293		0.1	%		100.0	%		100.0	%		100.0	%		100.0	%
45	1000 Uniqema Boulevard	September 30, 2005		1		59,821		0.8	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total Pennsylvania			11		778,251		9.8	%		90.1	%		90.0	%		89.0	%		88.5	%

BIOMED REALTY TRUST, INC.
PROPERTY LISTING
MARCH 31, 2007


					Rentable		Percent of
					Square		Rentable			Percent Leased (1)
	Property	Acquisition Date	Buildings		Feet		Sq Ft			3/31/07			12/31/06			9/30/06			6/30/06
	Seattle
46	Elliott Avenue	August 24, 2004		1		134,989		1.7	%		47.3	%		100.0	%		100.0	%		100.0	%
47	Fairview Avenue (6)	January 12, 2006		—		—		—			n/a			n/a			n/a			n/a
48	Monte Villa Parkway	August 17, 2004		1		51,000		0.6	%		100.0	%		100.0	%		100.0	%		100.0	%
49	217th Place	November 21, 2006		1		67,340		0.8	%		56.0	%		56.0	%		n/a			n/a

	Total Seattle			3		253,329		3.1	%		60.2	%		88.3	%		100.0	%		100.0	%


	Maryland
50	Beckley Street	December 17, 2004		1		77,225		1.0	%		100.0	%		100.0	%		100.0	%		100.0	%
51	Belward Campus Drive	May 24, 2006		1		289,912		3.7	%		100.0	%		100.0	%		100.0	%		100.0	%
52	Shady Grove Road	May 24, 2006		4		635,058		8.0	%		100.0	%		100.0	%		100.0	%		100.0	%
53	Tributary Street	December 17, 2004		1		91,592		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total Maryland			7		1,093,787		13.9	%		100.0	%		100.0	%		100.0	%		100.0	%


	University Related — Other
54	Colorow Drive	December 22, 2005		1		93,650		1.2	%		100.0	%		100.0	%		100.0	%		100.0	%
55	Lucent Drive	May 31, 2005		1		21,500		0.3	%		100.0	%		100.0	%		100.0	%		100.0	%
56	Trade Centre Avenue	August 9, 2006		2		78,023		1.0	%		100.0	%		100.0	%		100.0	%		n/a
57	Walnut Street	July 7, 2006		4		149,984		1.9	%		100.0	%		100.0	%		100.0	%		n/a

	Total University Related — Other			8		343,157		4.4	%		100.0	%		100.0	%		100.0	%		100.0	%


	Total / weighted average			93		7,935,714		100.0	%		78.8	%		80.0	%		92.4	%		91.4	%


(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 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.

(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.

BIOMED REALTY TRUST, INC.
10 LARGEST TENANTS (1)
MARCH 31, 2007

As of March 31, 2007, our properties were leased to 106 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		11.7	%	$	39,500	$	42.70		21.6	%	May 2026
2	Vertex Pharmaceuticals		685,286		8.6	%		25,896		37.79		14.2	%	Multiple (2)
3	Genzyme Corporation		343,000		4.3	%		15,440		45.01		8.5	%	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		3.7	%	Multiple (3)
6	Sun Microsystems, Inc.		420,253		5.3	%		5,446		12.96		3.0	%	January 2008
7	Regeneron Pharmaceuticals, Inc.		227,932		2.9	%		4,326		18.98		2.4	%	Multiple (4)
8	Illumina, Inc.		115,870		1.5	%		3,893		33.60		2.1	%	October 2023
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		2.1	%	April 2011

	Total / weighted average (5)		3,427,941		43.3	%	$	116,854	$	34.09		64.1	%


(1)		Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of March 31, 2007, or if rent has not yet commenced, the first monthly rent payment due, multiplied by 12 months.

(2)		81,204 square feet expires September 2008, 41,532 square feet expires March 2009, 191,904 square feet expires August 2010, 59,322 square feet expires December 2010, 20,608 square feet expires May 2012, and 290,716 square feet expires April 2018. (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.

BIOMED REALTY TRUST, INC.
REDEVELOPMENT AND DEVELOPMENT
MARCH 31, 2007
(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		47,100
217th Place	Seattle		29,600

Total			1,338,400

LAND DEVELOPMENT PARCELS


		Developable
Property	Market	Square Feet (2)
Eccles Avenue	San Francisco		108,000
Fresh Pond Research Park	Boston		50,000
Landmark at Eastview	New York / New Jersey		104,000
Pacific Research Center	San Francisco		400,000
Shady Grove Road	Maryland		500,000

Total			1,162,000

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	$	551,000		730,000		80.1	%
Fairview Avenue	Seattle		94,000		7,000		50,000		—
Landmark at Eastview	New York / New Jersey		360,000		10,000		145,000		53.8	%
Towne Centre Drive	San Diego		84,000		4,000		34,500		100.0	%

Total			1,241,000	$	568,000	$	925,000		67.8	%


(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.

BIOMED REALTY TRUST, INC.
ACQUISITIONS
MARCH 31, 2007


			Rentable
	# of		Square
Acquisitions since August 11, 2004:	Properties		Feet (1)		Investment (2)
					(In thousands)
Third Quarter 2004 (3)		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

First Quarter 2007		1		81,204		33,000

Total acquisitions during 2007		1		81,204		33,000

Total acquisitions since August 11, 2004		57		7,929,326	$	2,591,193

2007 Acquisitions:

Rentable

Percent

Square

Leased at

Property

Market

Closing Date

Feet

Investment (2)

Acquisition

(In thousands)

First Quarter 2007

Torreyana Road

San Diego

March 22, 2007

81,204

33,000

100.0

First Quarter Total

81,204

33,000

100.0


(1)		Rentable square feet at the time of acquisition.

(2)		Excluding closing costs.

(3)		We commenced operations on August 11, 2004, the date of our initial public offering.

BIOMED REALTY TRUST, INC.
LEASING ACTIVITY (1)
MARCH 31, 2007


				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, 2006		6,280,648		$	29.31		80.0	%		96.3	%

First quarter acquisitions		81,204			26.25

Leased Square Feet including acquisitions		6,361,852
Expirations (2)		(158,170	)		23.00
Renewals, Amendments, and Extensions (2)		104,690			19.75
New Leases		19,605			21.23
Terminations		(71,153	)		42.62

Leased Square Feet as of March 31, 2007		6,256,824		$	29.19		78.8	%		94.8	%


(1)		Leasing activity for leases signed during the periods presented, which may be different than the period of actual occupancy.

(2)		Excludes early renewals or extensions. For the quarter ended March 31, 2007, the amounts exclude the following: the new Illumina leases, for approximately 195,000 square feet, at our Towne Centre property. Under the new leases, Illumina will expand into a new 84,000 square foot state-of-the-art building to be constructed by us at the property. Once completed and occupied, Illumina will lease the new building for a 15-year term. Illumina also extended its lease for the 109,270 square feet it currently occupies at Towne Centre Drive by nine years to 2023 to correspond with the new 15-year lease.

BIOMED REALTY TRUST, INC.
TENANT IMPROVEMENTS AND LEASING COMMISSIONS
MARCH 31, 2007


	Three Months Ended
	3/31/07		12/31/06		9/30/06		6/30/06		3/31/06
Renewals, Amendments, and Extensions (1)
Number of renewals		3		5		2		1		2
Square feet		104,690		233,344		44,422		3,200		6,690
Tenant improvement costs per square foot (2)	$	1.31	$	2.89	$	1.31	$	—	$	—
Leasing commission costs per square foot (2)		0.09		—		2.14		0.58		2.73

Total tenant improvement and leasing commission costs psf	$	1.40	$	2.89	$	3.45	$	0.58	$	2.73


New Leases (3)
Number of leases		7		8		8		11		7
Square feet		19,605		109,352		71,573		158,003		29,955
Tenant improvement costs per square foot (2)	$	1.31	$	81.11	$	9.12	$	24.78	$	38.36
Leasing commission costs per square foot (2)		0.59		12.63		5.44		7.54		3.33

Total tenant improvement and leasing commission costs psf	$	1.90	$	93.74	$	14.55	$	32.32	$	41.69


Total (4)
Number of renewals/leases		10		13		10		12		9
Square feet		124,295		342,696		115,995		161,203		36,645
Tenant improvement costs per square foot (2)	$	1.31	$	27.85	$	6.13	$	24.29	$	31.36
Leasing commission costs per square foot (2)		0.17		4.03		4.17		7.40		3.22

Total tenant improvement and leasing commission costs psf	$	1.48	$	31.88	$	10.30	$	31.69	$	34.58


(1)		Does not include retained tenants that have relocated to new space or expanded into new space. Also excludes early renewals or extensions.

(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.

BIOMED REALTY TRUST, INC.
NON-GAAP FINANCIAL MEASURE DEFINITIONS
MARCH 31, 2007

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 therefore, may 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 an operating 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) and Adjusted EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Management uses EBITDA and adjusted EBITDA as indicators of our ability to incur and service debt. In addition, we consider EBITDA and adjusted EBITDA to be appropriate supplemental measures of our performance because they eliminate 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 and adjusted EBITDA are calculated before recurring cash charges including interest expense and taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their 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 Adjusted EBITDA, their utility is limited by the same factors that limit the usefulness of Adjusted 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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