Biomed Realty Trust 8-K Biomed Realty Trust Reports Second Quarter 2007 Financial Results

Exhibit 99.1

CONTACT:	Kent Griffin
	Chief Financial Officer
	(858) 485-9840

BIOMED REALTY TRUST REPORTS
SECOND QUARTER 2007 FINANCIAL RESULTS

SAN DIEGO, Calif. – August 6, 2007 –BioMed Realty Trust, Inc. (NYSE: BMR), a real estate investment trust focused on providing real estate to the life science industry, today announced financial results for the second quarter ended June 30, 2007.

Highlights:

• Quarterly total revenues increased 40.2% to $68.4 million from $48.8 million in the second quarter 2006

• Quarterly funds from operations (FFO) per diluted share increased 22.0% to $0.50 per share versus the second quarter 2006

• Total assets increased 60.2% to $2.9 billion from June 30, 2006

• Completed the formation of a joint venture with Prudential Real Estate Investors

O The joint venture simultaneously acquired a portfolio of properties including approximately 600,000 square feet of life science space recently completed or under construction, and land that can support approximately 266,000 square feet of laboratory and office space, in Cambridge, Massachusetts

• Acquired two additional properties for total consideration of $65.1 million, including three office/laboratory buildings in San Diego, California comprising 112,000 square feet and a 51,181 square foot office/laboratory building in Rockville, Maryland

• Disposed of the Colorow Drive property in Salt Lake City, Utah for gross proceeds of $20.0 million, resulting in a gain of approximately $1.1 million

• Entered into a new ten-year lease with The Macroflux Corporation for 55,588 square feet after terminating an existing lease at our Ardentech Court property in the Newark/Fremont submarket of San Francisco, California

“We delivered another strong financial performance in the second quarter with significant growth in revenue and FFO. Our properties continued to perform very well, the fundamentals for our business remain positive and we continue to see positive leasing momentum throughout our markets,” commented Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust.

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“Forming the joint venture with Prudential was an important milestone for our industry and a significant vote of confidence in our company. In addition to the joint venture formation and related acquisitions, we made two fully leased property acquisitions in the quarter, continuing to strengthen the quality of our portfolio. Importantly, we also disposed of the Salt Lake City asset we acquired in December 2005, generating a gain on the sale,” added Mr. Gold. “With our highly flexible balance sheet, we are well positioned for continued growth through the acquisition, development and redevelopment of world-class life science facilities in our core markets.”

Second Quarter 2007 Financial Results

Total revenues for the quarter increased to $68.4 million from $48.8 million in the second quarter of 2006, due primarily to the addition of properties through acquisitions. Second quarter 2007 revenues also included $3.3 million (or $0.05 per diluted share) of other income, which comprised lease termination and other fees. Net income available to common stockholders for the quarter was $14.2 million, or $0.22 per diluted share, compared to $7.2 million, or $0.14 per diluted share, in the second quarter of 2006. Income from continuing operations per share available to common stockholders for the quarter was $0.20 per diluted share, compared to $0.13 per diluted share in the second quarter of 2006.

FFO during the quarter increased 51.6% to $33.8 million from $22.3 million in the comparable period in 2006. FFO per diluted share increased 22.0% to $0.50 for the second quarter of 2007 versus $0.41 in the second quarter of 2006.

FFO is a supplemental non-GAAP financial measure used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income to FFO and a definition of FFO are included at the end of this release.

Financing Activity

As of June 30, 2007, the company’s consolidated debt included fixed-rate mortgage indebtedness with an aggregate outstanding principal amount of $387.4 million, excluding $12.2 million of debt premium, and a weighted-average interest rate of 5.4% at quarter-end; a $250 million secured term loan, for which the company, through an interest rate swap, has fixed the interest rate at 6.4% until the loan matures in 2010; $175 million aggregate principal amount of 4.50% exchangeable senior notes due 2026; $132.2 million in outstanding borrowings under the company’s $500 million unsecured revolving line of credit, with a

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weighted-average interest rate of 6.5% at quarter-end; and $356.1 million in outstanding borrowings under the company’s $550 million acquisition and construction loan secured by the Center for Life Science | Boston property, with a weighted-average interest rate of 6.6% at quarter-end. The company’s debt to total capitalization ratio was 40.2% at June 30, 2007.

Portfolio Update

During the quarter, the company acquired the following two properties:

• 6114-6154 Nancy Ridge Drive – three office/laboratory buildings in the Sorrento Mesa submarket of San Diego, California comprising 112,000 square feet that is fully leased to Arena Pharmaceuticals, Inc.

• 9920 Belward Campus Drive – a 51,181 square foot office/laboratory building in Rockville, Maryland that is fully leased to Novavax, Inc.

The company also entered into a joint venture with Prudential Real Estate Investors to acquire a portfolio of assets, including approximately 600,000 square feet of life science space recently completed or under construction at the Rogers Street project and land that can support approximately 266,000 square feet of life science laboratory and office space at Kendall Square in Cambridge, Massachusetts. In addition, the company sold its property located on Colorow Drive in Salt Lake City, Utah.

As of June 30, 2007, BioMed Realty Trust owned or had interests in 102 buildings, located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey. The company’s portfolio was comprised of the following, with its operating portfolio 88.2% leased to 114 tenants, as of June 30, 2007:

	Rentable
	Square Feet
Operating portfolio		6,722,869
Repositioning and redevelopment properties		1,751,527
Total current portfolio		8,474,396
Construction in progress		1,661,000
Land parcels		1,468,000
Total proforma portfolio		11,603,396

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Quarterly Distributions

BioMed Realty Trust’s board of directors previously declared a second quarter 2007 dividend of $0.31 per share of common stock, and a dividend of $0.45582 per share of the company’s 7.375% Series A Cumulative Redeemable Preferred Stock for the period from April 17, 2007 through July 15, 2007.

Earnings Guidance

The company has revised earnings guidance for the year ending December 31, 2007 for earnings per diluted share and FFO per diluted share, which is set forth and reconciled below.

	2007
	(Low - High)
Projected net income per diluted share	$	0.64 – 0.70
Add:
Minority interest	$	0.04
Real estate depreciation and amortization	$	1.13
Projected FFO per diluted share	$	1.81 – 1.87

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, including certain assumptions with respect to rental rates, occupancy levels, interest rates and the amount and timing of acquisitions. The company’s actual results may differ materially from these estimates.

Supplemental Information

Supplemental operating and financial data are available in the Investor Relations section of the company’s web site atwww.biomedrealty.com.

Teleconference and Web Cast

BioMed Realty Trust will conduct a conference call and audio web cast at 10:00 a.m. Pacific Time (1:00 p.m. Eastern Time) Tuesday, August 7, 2007 to discuss the company’s financial results and operations for the quarter. The call will be open to all interested investors either through a live audio web cast at the Investor Relations section of the company’s web site atwww.biomedrealty.comandwww.earnings.com, or live by calling (800) 798-2801 (domestic) or (617) 614-6205 (international) with call ID number 80037439. The call will be archived for 30 days on both web sites. A telephone playback of the conference call will also be available from 1:00 p.m. Pacific Time on Tuesday, August 7, 2007 through midnight Pacific Time on Sunday, August 12, 2007 by calling (888) 286-8010 (domestic) or (617) 801-6888 (international) and using access code 93977524.

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About BioMed Realty Trust

BioMed Realty Trust, Inc. is a real estate investment trust (REIT) focused on Providing Real Estate to the Life Science Industry™. The company’s tenants primarily include biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty Trust owns or has interests in 67 properties, representing 101 buildings with approximately 8.4 million rentable square feet, as well as approximately 1.7 million square feet of development in progress. These properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available atwww.biomedrealty.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and 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; risks associated with the availability and terms of financing and the use of debt to fund acquisitions and developments; failure to manage effectively the company’s growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; risks and uncertainties affecting property development and construction; risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets; potential liability for uninsured losses and environmental contamination; risks associated with the company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company’s dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company 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.

# # #

(Financial Tables Follow)

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

	June 30, 2007			December 31, 2006
	(Unaudited)
ASSETS
Investments in real estate, net	$	2,618,590		$	2,457,538
Investment in unconsolidated partnerships		20,425			2,436
Cash and cash equivalents		20,382			25,664
Restricted cash		9,203			6,426
Accounts receivable, net		3,952			5,985
Accrued straight-line rents, net		27,842			20,446
Acquired above market leases, net		6,933			7,551
Deferred leasing costs, net		121,308			129,322
Deferred loan costs, net		15,132			17,608
Prepaid expenses		1,633			3,627
Other assets		49,581			16,039
Total assets	$	2,894,981		$	2,692,642
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	399,522		$	403,836
Secured construction loan		356,071			286,355
Secured term loan		250,000			250,000
Exchangeable senior notes		175,000			175,000
Unsecured line of credit		132,150			228,165
Security deposits		6,883			7,704
Dividends and distributions payable		25,509			19,847
Accounts payable, accrued expenses, and other liabilities		58,588			62,602
Acquired below market leases, net		24,910			25,101
Total liabilities		1,428,633			1,458,610
Minority interests		18,873			19,319
Stockholders’ equity:
Preferred stock, $.01 par value, 15,000,000 shares authorized:
Series A cumulative redeemable preferred stock, 7.375%, $230,000,000 liquidation preference ($25.00 per share), 9,200,000 shares issued and outstanding at June 30, 2007		222,413			—
Common stock, $.01 par value, 100,000,000 shares authorized, 65,462,839 and 65,425,598 shares issued and outstanding at June 30, 2007 and December 31, 2006, respectively		655			654
Additional paid-in capital		1,274,820			1,272,243
Accumulated other comprehensive income		26,551			8,417
Dividends in excess of earnings		(76,964	)		(66,601	)
Total stockholders’ equity		1,447,475			1,214,713
Total liabilities and stockholders’ equity	$	2,894,981		$	2,692,642

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BIOMED REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2007			2006			2007			2006
Revenues:
Rental	$	49,460		$	35,995		$	96,969		$	66,611
Tenant recoveries		15,670			12,731			32,180			25,238
Other income		3,299			64			8,078			70
Total revenues		68,429			48,790			137,227			91,919
Expenses:
Rental operations		12,880			9,547			25,995			19,000
Real estate taxes		5,543			4,536			11,459			8,727
Depreciation and amortization		19,637			14,577			36,891			27,802
General and administrative		5,364			4,206			10,707			8,553
Total expenses		43,424			32,866			85,052			64,082
Income from operations		25,005			15,924			52,175			27,837
Equity in net (loss)/income of unconsolidated partnerships		(454	)		22			(432	)		42
Interest income		339			435			570			595
Interest expense		(7,117	)		(9,253	)		(13,969	)		(17,037	)
Income from continuing operations before minority interests		17,773			7,128			38,344			11,437
Minority interests in continuing operations of consolidated partnerships		(113	)		46			(113	)		100
Minority interests in continuing operations of operating partnerships		(577	)		(381	)		(1,276	)		(635	)
Income from continuing operations		17,083			6,793			36,955			10,902
Income from discontinued operations before gain on sale of assets and minority interests		252			386			639			773
Gain on sale of real estate assets		1,088			—			1,088			—
Minority interests attributable to discontinued operations		(57	)		(21	)		(74	)		(43	)
Income from discontinued operations		1,283			365			1,653			730
Net income		18,366			7,158			38,608			11,632
Preferred stock dividends		(4,194	)		—			(8,387	)		—
Net income available to common stockholders	$	14,172		$	7,158		$	30,221		$	11,632
Income from continuing operations per share available to common stockholders:
Basic and diluted earnings per share	$	0.20		$	0.13		$	0.44		$	0.22
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.22		$	0.14		$	0.46		$	0.24
Weighted-average common shares outstanding:
Basic		65,298,747			51,394,117			65,294,411			48,895,318
Diluted		68,269,656			54,534,393			68,258,562			52,062,831

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BIOMED REALTY TRUST, INC.
FUNDS FROM OPERATIONS
(In thousands, except share and per share data)
(Unaudited)

     The following table provides the calculation of our FFO and a reconciliation to net income (in thousands, except per share amounts):

	For the Three Months					For the Six Months
	Ended June 30,					Ended June 30,
	2007			2006		2007			2006
Net income available to common stockholders	$	14,172		$	7,158	$	30,221		$	11,632
Adjustments
Minority interests in operating partnership		634			402		1,350			678
Gain on sale of real estate assets		(1,088	)		—		(1,088	)		—
Depreciation and amortization — unconsolidated partnerships		358			20		378			40
Depreciation and amortization — discontinued operations		91			137		228			274
Depreciation and amortization — continuing operations		19,637			14,577		36,891			27,801
Funds from operations	$	33,804		$	22,294	$	67,980		$	40,425
Funds from operations per share — diluted	$	0.50		$	0.41	$	1.00		$	0.78
			��
Weighted-average common shares outstanding — diluted		68,269,656			54,534,393		68,258,562			52,062,831

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.