Biomed Realty Trust 8-K Biomed Realty Trust Reports First Quarter 2008 Financial Results

Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA

MARCH 31, 2008

BioMed Realty Trust, Inc.	Investor Relations Contact	www.biomedrealty.com
17190 Bernardo Center Drive	Kent Griffin	(858) 485.9840
San Diego, CA 92128	Chief Financial Officer	(858) 485.9843 (fax)

TABLE OF CONTENTS

MARCH 31, 2008

	Page
First Quarter Highlights		3
Investor Information		4
Equity Research Coverage		5
Financial and Operating Highlights		6
Capitalization Summary		7
Portfolio Summary		8
Consolidated Balance Sheets		9
Consolidated Statements of Income		10
FFO and AFFO		11
Reconciliation of EBITDA		12
Reconciliation of Net Operating Income		13
Interest Coverage Ratios		14
Fixed Charge Coverage Ratios		15
Debt Summary		16
Debt Analysis		17
Debt Maturities		18
Common and Preferred Stock Data		19
Market Summary		20
Property Listing — Consolidated Portfolio		21-22
Repositioning and Redevelopment		23
Development and Land Parcels		24
Property Listing — Unconsolidated Partnerships		25
Lease Expirations		26
Expirations by Market		27
10 Largest Tenants		28
Same Property Analysis		29
Acquisitions		30
Leasing Activity		31
Tenant Improvements and Leasing Commissions		32
Non-GAAP Financial Measure Definitions		33
Property Definitions		34

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

FIRST QUARTER HIGHLIGHTS

MARCH 31, 2008

First Quarter Highlights

• Funds from operations (FFO) for the quarter were $31.3 million, or $0.46 per diluted share

• Increased quarterly common stock dividend by 8.1% to $0.335 per share, equivalent to an annualized common stock dividend of $1.34 per share

• Executed a long-term lease for 90,000 square feet with Revance Therapeutics, Inc. at the Pacific Research Center, marking the company’s first life science tenant at the Pacific Research Center, located in the San Francisco market

• Acquired the 500 Fairview Avenue property, an approximately 22,000 square foot building in Seattle, Washington that is fully leased to the State of Washington and targeted for future redevelopment as laboratory/office space

• Entered into a $245.0 million secured construction loan facility through our joint venture with Prudential Real Estate Investors (PREI), at an initial interest rate of reserve adjusted LIBOR plus a spread of 150 basis points, to fund the remaining anticipated cost to complete construction at our 650 East Kendall Street property

• Extended the term of the secured acquisition and interim loan facility of our joint venture with PREI to April 3, 2009

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 69 properties, representing 112 buildings with approximately 10.4 million rentable square feet, including approximately 1.9 million square feet of development in progress. The company also owns undeveloped land parcels adjacent to existing properties that it estimates can support up to 1.4 million rentable square feet. The company’s 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.

3

INVESTOR INFORMATION

MARCH 31, 2008

Company Information
Corporate Headquarters	Trading Symbols	Transfer Agent	Stock Exchange Listing
17190 Bernardo Center Drive	BMR	BNY Mellon Shareowner Services	New York Stock Exchange
San Diego, CA 92128	BMRPrA	480 Washington Boulevard
(858) 485.9840		Jersey City, NJ 07310-1900
(858) 485.9843 (fax)		(212) 815.3782
Please visit our corporate website at:www.biomedrealty.com
Board of Directors
Alan D. Gold	Barbara R. Cambon	Richard I. Gilchrist	Theodore D. Roth
Chairman
Gary A. Kreitzer	Edward A. Dennis, Ph.D.	Mark J. Riedy, Ph.D.	M. Faye Wilson
Executive Officers
Alan D. Gold	John F. Wilson, II	R. Kent Griffin, Jr.
President and Chief Executive Officer	Executive Vice President	Chief Financial Officer
Gary A. Kreitzer	Matthew G. McDevitt
Executive Vice President,	Executive Vice President,
General Counsel, and Secretary	Acquisitions and Leasing
2008 Tentative Schedule for Quarterly Results
Second Quarter	July 30, 2008
Third Quarter	October 29, 2008
Fourth Quarter	February 12, 2009

4

EQUITY RESEARCH COVERAGE
MARCH 31, 2008

Credit Suisse	Steven Benyik	(212) 538.0239
Friedman Billings Ramsey	Wilkes Graham / Matt Konrad	(703) 312.9737 / (703) 312.9731
KeyBanc Capital Markets	Jordan Sadler / Craig Mailman	(917) 368.2280 / (917) 368.2316
Merrill Lynch	Christopher Pike / John C. Clowney	(212) 449.1153 / (212) 449.1128
Morgan Stanley	David S. Cohen	(212) 761.8564
Raymond James	Paul D. Puryear / William A. Crow	(727) 567.2253 / (727) 567.5294
RBC Capital Markets	David Rodgers	(216) 378.7626
Robert W. Baird & Co.	David Aubuchon / Justin Pelham-Webb	(314) 863.4235 / (314) 863.6413
Stifel, Nicolaus & Company, Inc.	John W. Guinee / Michael C. Hudgins	(410) 454.5520 / (410) 454.4830
UBS Securities	Omotayo Okusanya, II	(212) 713.1864
Wachovia Securities	Christopher Haley / Brendan Maiorana	(443) 263.6773 / (443) 263.6516

5

FINANCIAL AND OPERATING HIGHLIGHTS
MARCH 31, 2008

(In thousands, except per share and ratio amounts)

	As of or for the three months ended
	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Selected Operating Data
Total revenues	$	67,358		$	64,050		$	64,832		$	68,429		$	68,798
EBITDA (1)		37,642			37,909			37,289			41,375			40,312
Adjusted EBITDA (1)		42,464			42,724			42,024			46,316			45,221
General and administrative expense		6,194			5,880			5,283			5,364			5,343
Interest expense		6,937			6,641			7,043			7,117			6,852
Capitalized interest		14,638			16,057			14,902			13,480			12,260
Interest incurred including swap payments (2)		22,570			22,698			21,945			20,597			19,112
Operating margins (3)		71.4	%		75.3	%		72.3	%		71.7	%		70.3	%
General and administrative expense / Total revenues		9.2	%		9.2	%		8.1	%		7.8	%		7.8	%
Net income available to common stockholders		12,567			13,229			12,215			14,172			16,049
Net income per share — diluted	$	0.19		$	0.20		$	0.19		$	0.20		$	0.24
FFO (4)		31,286			31,574			30,792			33,804			34,175
FFO per share — diluted (4)	$	0.46		$	0.46		$	0.45		$	0.50		$	0.50
AFFO (4)		27,095			28,284			27,862			30,843			30,974
AFFO per share — diluted (4)	$	0.40		$	0.41		$	0.41		$	0.45		$	0.45
Coverage Ratios (5)
Interest coverage		6.1			6.8			6.1			6.6			6.7
Fixed charge coverage		3.3			3.6			3.3			3.6			3.6
Dividend per share — common stock	$	0.335		$	0.310		$	0.310		$	0.310		$	0.310
FFO payout ratio		73.3	%		67.1	%		68.7	%		62.6	%		61.9	%
AFFO payout ratio		84.6	%		74.9	%		76.0	%		68.6	%		68.3	%

(1)	For definitions and discussion of EBITDA and adjusted EBITDA, see page 33. For a quantitative reconciliation of the differences between adjusted EBITDA, EBITDA and net income available to common stockholders, see page 12.
(2)	Includes interest paid on cash flow hedges classified as accumulated other comprehensive income/(loss) in accordance with Emerging Issues Task Force Issue No. 99-09.
(3)	See page 13 for detail.
(4)	For definitions and discussion of FFO and AFFO, see page 33. For a quantitative reconciliation of the differences between FFO, AFFO and net income available to common stockholders, see page 11.
(5)	For a discussion of coverage ratios, see page 33. See pages 14 and 15 for detail.

6

CAPITALIZATION SUMMARY
MARCH 31, 2008

(In thousands, except per share and ratio amounts)

	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Capitalization:
Total common shares outstanding		65,593			65,571			65,466			65,463			65,455
Total units outstanding (1)		3,495			3,318			3,296			3,296			3,284
Total common shares and units outstanding		69,089			68,889			68,762			68,759			68,739
Common share price at quarter end	$	23.89		$	23.17		$	24.10		$	25.12		$	26.30
Equity value at quarter end (2)	$	1,650,529		$	1,596,172		$	1,657,166		$	1,727,229		$	1,807,836
Preferred stock at liquidation value		230,000			230,000			230,000			230,000			230,000
Consolidated debt		1,571,050			1,500,787			1,429,092			1,312,743			1,214,336
Total capitalization	$	3,451,579		$	3,326,959		$	3,316,258		$	3,269,972		$	3,252,172
Debt / Total assets		50.3	%		49.1	%		47.5	%		45.3	%		43.5	%
Debt / Total capitalization		45.5	%		45.1	%		43.1	%		40.2	%		37.3	%
Total consolidated debt:
Fixed rate debt / Total debt		34.7	%		36.5	%		39.6	%		43.8	%		47.5	%
Adjusted fixed rate debt / Total debt (3)		85.0	%		89.2	%		84.4	%		62.8	%		68.1	%
Total consolidated and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		33.0	%		34.7	%		37.5	%		41.1	%		47.6	%
Adjusted fixed rate debt / Total debt (3)		80.5	%		84.5	%		79.7	%		58.9	%		68.1	%

(1)	Includes both operating partnership (OP) and long term incentive plan (LTIP) units outstanding.
(2)	Assumes conversion of 100% of the OP and LTIP units into shares of common stock.
(3)	Includes interest rate swap agreements that were effective at quarter end. Excludes forward swap agreements.

7

PORTFOLIO SUMMARY
MARCH 31, 2008

								Unconsolidated
	Consolidated Portfolio							Partnership Portfolio (1)							Total Portfolio
	March 31, 2008
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties (2)		41		5,203,219		98.8	%		4		257,308		100.0	%		45		5,460,527		98.9	%
Lease up properties (2)		11		1,153,138		66.2	%		1		n/a		n/a			12		1,153,138		66.2	%
Total operating portfolio		52		6,356,357		92.9	%		5		257,308		100.0	%		57		6,613,665		93.2	%
Repositioning and redevelopment properties (3)		6		1,863,817		13.0	%		—		—		n/a			6		1,863,817		13.0	%
Construction in progress (4)		4		1,241,000		72.0	%		2		700,000		16.1	%		6		1,941,000		51.8	%
Total portfolio		62		9,461,174		74.4	%		7		957,308		38.6	%		69		10,418,482		71.1	%
Land parcels (4)		n/a		1,367,000		n/a			—		—		n/a			n/a		1,367,000		n/a
Total proforma portfolio		62		10,828,174		n/a			7		957,308		n/a			69		11,785,482		n/a

	December 31, 2007
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties		40		5,472,851		99.2	%		4		257,308		100.0	%		44		5,730,159		99.2	%
Lease up properties		10		896,564		59.5	%		1		n/a		n/a			11		896,564		59.5	%
Total operating portfolio		50		6,369,415		93.6	%		5		257,308		100.0	%		55		6,626,723		93.8	%
Repositioning and redevelopment properties		7		1,828,546		17.8	%		—		—		n/a			7		1,828,546		17.8	%
Construction in progress		4		1,241,000		72.0	%		2		700,000		16.1	%		6		1,941,000		51.8	%
Total portfolio		61		9,438,961		76.1	%		7		957,308		38.6	%		68		10,396,269		72.6	%
Land parcels		n/a		1,293,000		n/a			—		—		n/a			n/a		1,293,000		n/a
Total proforma portfolio		61		10,731,961		n/a			7		957,308		n/a			68		11,689,269		n/a

	Consolidated Portfolio						Total Portfolio
	3/31/08			12/31/07			3/31/08			12/31/07
Properties		62			61			69			68
Buildings		105			104			112			111
Tenants		117			113			121			117
Percent leased — operating portfolio		92.9	%		93.6	%		93.2	%		93.8	%
Weighted average remaining lease term (years)		9.3			9.1			9.3			9.1

Note:	The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.
(1)	Includes 72,863 rentable square feet of McKellar Court (21%) and 884,445 rentable square feet of PREI joint venture properties (20%).
(2)	See pages 21-22 for detail of consolidated portfolio, page 25 for detail of the unconsolidated partnership portfolio, and page 34 for definitions of terms.
(3)	See page 23 for detail of consolidated portfolio, and page 34 for definitions of terms.
(4)	See page 24 for detail of consolidated portfolio, page 25 for detail of the unconsolidated partnership portfolio, and page 34 for definitions of terms.

8

CONSOLIDATED BALANCE SHEETS
MARCH 31, 2008

(In thousands)

	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Assets
Investments in real estate, net	$	2,868,432		$	2,805,983		$	2,742,603		$	2,618,590		$	2,536,428
Investment in unconsolidated partnerships		21,356			22,588			21,741			20,425			2,429
Cash and cash equivalents		19,383			13,479			18,424			20,382			18,711
Restricted cash		8,351			8,867			10,003			9,203			6,912
Accounts receivable, net		4,716			4,457			3,722			3,952			4,669
Accrued straight-line rents, net		40,682			36,415			32,012			27,842			24,348
Acquired above-market leases, net		5,374			5,745			6,339			6,933			6,899
Deferred leasing costs, net		112,334			116,491			119,699			121,308			127,409
Deferred loan costs, net		14,554			15,567			17,052			15,132			16,289
Other assets		30,767			27,676			36,567			51,214			45,614
Total assets	$	3,125,949		$	3,057,268		$	3,008,162		$	2,894,981		$	2,789,708
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	377,675		$	379,680		$	397,341		$	399,522		$	401,680
Secured construction loan		457,628			425,160			389,904			356,071			324,796
Secured term loan		250,000			250,000			250,000			250,000			250,000
Exchangeable senior notes		175,000			175,000			175,000			175,000			175,000
Unsecured line of credit		310,747			270,947			216,847			132,150			62,860
Security deposits		7,326			7,090			7,513			6,883			6,762
Dividends and distributions payable		27,385			25,596			25,557			25,509			25,503
Accounts payable, accrued expenses and other liabilities		134,751			95,871			81,195			58,588			65,061
Acquired below-market leases, net		22,199			23,708			25,220			24,910			24,994
Total liabilities		1,762,711			1,653,052			1,568,577			1,428,633			1,336,656
Minority interests		16,690			17,280			19,269			18,873			19,179
Stockholders’ equity:
Preferred stock		222,413			222,413			222,413			222,413			222,413
Common stock		656			656			655			655			654
Additional paid-in capital		1,279,852			1,277,770			1,275,347			1,274,820			1,273,362
Accumulated other comprehensive (loss)/income		(54,824	)		(21,762	)		6,945			26,551			8,287
Dividends in excess of earnings		(101,549	)		(92,141	)		(85,044	)		(76,964	)		(70,843	)
Total stockholders’ equity		1,346,548			1,386,936			1,420,316			1,447,475			1,433,873
Total liabilities and stockholders’ equity	$	3,125,949		$	3,057,268		$	3,008,162		$	2,894,981		$	2,789,708

9

CONSOLIDATED STATEMENTS OF INCOME
MARCH 31, 2008

(In thousands, except share and per share data)

	Three Months Ended
	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Revenues:
Rental	$	50,342		$	49,645		$	49,382		$	49,460		$	47,508
Tenant recoveries		16,582			14,471			15,084			15,670			16,510
Other income/(loss)		434			(66	)		366			3,299			4,780
Total revenues		67,358			64,050			64,832			68,429			68,798
Expenses:
Rental operations		13,865			12,006			12,789			12,880			13,115
Real estate taxes		5,269			3,816			5,079			5,543			5,916
Depreciation and amortization		17,687			17,645			17,665			19,637			17,254
General and administrative		6,194			5,880			5,283			5,364			5,343
Total expenses		43,015			39,347			40,816			43,424			41,628
Income from operations		24,343			24,703			24,016			25,005			27,170
Equity in net (loss)/income of unconsolidated partnerships		(172	)		(199	)		(261	)		(454	)		22
Interest income		155			181			239			339			231
Interest expense		(6,937	)		(6,641	)		(7,043	)		(7,117	)		(6,852	)
Income from continuing operations before minority interests		17,389			18,044			16,951			17,773			20,571
Minority interests in continuing operations of consolidated partnerships		8			17			51			(113	)		—
Minority interests in continuing operations of operating partnership		(589	)		(591	)		(545	)		(577	)		(699	)
Income from continuing operations		16,808			17,470			16,457			17,083			19,872
Income from discontinued operations before gain on sale of assets and minority interests		—			—			—			252			387
(Loss)/gain on sale of real estate assets		—			—			(1	)		1,088			—
Minority interest attributable to discontinued operations		—			—			—			(57	)		(16	)
(Loss)/income from discontinued operations		—			—			(1	)		1,283			371
Net income		16,808			17,470			16,456			18,366			20,243
Preferred stock dividends		(4,241	)		(4,241	)		(4,241	)		(4,194	)		(4,194	)
Net income available to common stockholders	$	12,567		$	13,229		$	12,215		$	14,172		$	16,049
Income from continuing operations per share available to common stockholders:
Basic and diluted earnings per share	$	0.19		$	0.20		$	0.19		$	0.20		$	0.24
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.19		$	0.20		$	0.19		$	0.22		$	0.25
Weighted-average common shares outstanding:
Basic		65,350,512			65,308,702			65,308,702			65,298,747			65,289,950
Diluted		68,429,903			68,307,355			68,274,908			68,269,656			68,231,124

10

FFO (1) AND AFFO (1)
MARCH 31, 2008

(In thousands, except per share and ratio amounts)

	Three Months Ended
	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Reconciliation of net income to funds from operations (FFO):
Net income available to common stockholders	$	12,567		$	13,229		$	12,215		$	14,172		$	16,049
Adjustments:
Loss/(gain) on sale of real estate assets		—			—			1			(1,088	)		—
Minority interests in operating partnership		589			591			545			634			715
Depreciation & amortization — continuing operations		17,687			17,645			17,665			19,637			17,254
Depreciation & amortization — discontinued operations		—			—			—			91			137
Depreciation & amortization — unconsolidated partnerships		451			394			366			358			20
Depreciation & amortization — minority interest in consolidated joint ventures		(8	)		(285	)		—			—			—
FFO	$	31,286		$	31,574		$	30,792		$	33,804		$	34,175
FFO per share — diluted	$	0.46		$	0.46		$	0.45		$	0.50		$	0.50
Dividends and distributions declared per common share	$	0.335		$	0.310		$	0.310		$	0.310		$	0.310
FFO payout ratio (2)		73.3	%		67.1	%		68.7	%		62.6	%		61.9	%
Reconciliation of FFO to adjusted funds from operations (AFFO):
FFO	$	31,286		$	31,574		$	30,792		$	33,804		$	34,175
Adjustments:
Master lease receipts (3)		103			232			232			232			232
Second generation capital expenditures		(702	)		(532	)		(385	)		(301	)		(300	)
Amortization of deferred loan costs		1,019			1,494			1,413			900			393
Amortization of fair-value of debt acquired		(558	)		(629	)		(654	)		(231	)		(206	)
Non-cash equity compensation		1,382			1,465			1,486			1,458			1,119
Straight line rents		(4,296	)		(4,402	)		(4,152	)		(3,936	)		(3,902	)
Fair-value lease revenue		(1,139	)		(918	)		(870	)		(1,083	)		(537	)
AFFO	$	27,095		$	28,284		$	27,862		$	30,843		$	30,974
AFFO per share — diluted	$	0.40		$	0.41		$	0.41		$	0.45		$	0.45
Dividends and distributions declared per common share	$	0.335		$	0.310		$	0.310		$	0.310		$	0.310
AFFO payout ratio (4)		84.6	%		74.9	%		76.0	%		68.6	%		68.3	%

(1)	For definitions and discussion of FFO and AFFO, see page 33.
(2)	Calculated as dividends and distributions declared per common share divided by FFO per share — diluted.
(3)	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.
(4)	Calculated as dividends and distributions declared per common share divided by AFFO per share — diluted.

11

RECONCILIATION OF EBITDA (1)
MARCH 31, 2008

(In thousands)

	Three Months Ended
	3/31/08		12/31/07		9/30/07		6/30/07		3/31/07
Reconciliation of net income available to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income available to common stockholders	$	12,567	$	13,229	$	12,215	$	14,172	$	16,049
Interest expense		6,937		6,641		7,043		7,117		6,852
Depreciation & amortization — continuing operations		17,687		17,645		17,665		19,637		17,254
Depreciation & amortization — discontinued operations		—		—		—		91		137
Depreciation & amortization — unconsolidated partnerships		451		394		366		358		20
EBITDA		37,642		37,909		37,289		41,375		40,312
Minority interests		581		574		494		747		715
Preferred dividends		4,241		4,241		4,241		4,194		4,194
Adjusted EBITDA	$	42,464	$	42,724	$	42,024	$	46,316	$	45,221

(1) For definitions and discussion of EBITDA and adjusted EBITDA, see page 33.

12

RECONCILIATION OF NET OPERATING INCOME (1)
MARCH 31, 2008

(Dollars in thousands)

	Three Months Ended
	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Net income	$	16,808		$	17,470		$	16,456		$	18,366		$	20,243
Loss/(income) from discontinued operations		—			—			1			(1,283	)		(371	)
Minority interests from continuing operations		581			574			494			690			699
Equity in net loss/(income) of unconsolidated partnerships		172			199			261			454			(22	)
Interest expense		6,937			6,641			7,043			7,117			6,852
Interest income		(155	)		(181	)		(239	)		(339	)		(231	)
Income from operations		24,343			24,703			24,016			25,005			27,170
Depreciation and amortization		17,687			17,645			17,665			19,637			17,254
General and administrative		6,194			5,880			5,283			5,364			5,343
Consolidated net operating income	$	48,224		$	48,228		$	46,964		$	50,006		$	49,767
Revenues:
Rental	$	50,342		$	49,645		$	49,382		$	49,460		$	47,508
Tenant recoveries		16,582			14,471			15,084			15,670			16,510
Other income/(loss)		434			(66	)		366			3,299			4,780
Total revenues		67,358			64,050			64,832			68,429			68,798
Expenses:
Rental operations		13,865			12,006			12,789			12,880			13,115
Real estate taxes		5,269			3,816			5,079			5,543			5,916
Total operating expenses		19,134			15,822			17,868			18,423			19,031
Consolidated net operating income	$	48,224		$	48,228		$	46,964		$	50,006		$	49,767
Consolidated net operating income — cash basis	$	42,915		$	42,991		$	41,981		$	44,994		$	45,316
Operating margin (2)(4)		71.4	%		75.3	%		72.3	%		71.7	%		70.3	%
Operating expense recovery (3)(4)		86.7	%		91.5	%		84.4	%		85.1	%		86.8	%

(1)	For a definition and discussion of net operating income, see page 33.
(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)).
(4)	Includes historical activity for disposed properties, except in the period disposed.

13

INTEREST COVERAGE RATIOS (1)
MARCH 31, 2008

(In thousands, except ratios)

	Three Months Ended
	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Excluding capitalized interest:
Adjusted EBITDA	$	42,464		$	42,724		$	42,024		$	46,316		$	45,221
Interest expense:
Interest expense		6,937			6,641			7,043			7,117			6,852
Interest expense — unconsolidated partnerships		524			476			633			579			50
Amortization of deferred loan costs		(1,019	)		(1,494	)		(1,413	)		(900	)		(393	)
Amortization of fair-value of debt acquired		558			629			654			231			206
Total interest expense	$	7,000		$	6,252		$	6,917		$	7,027		$	6,715
Interest coverage ratio		6.1			6.8			6.1			6.6			6.7
Including capitalized interest:
Adjusted EBITDA	$	42,464		$	42,724		$	42,024		$	46,316		$	45,221
Interest expense:
Interest expense		6,937			6,641			7,043			7,117			6,852
Interest expense — unconsolidated partnerships		524			476			633			579			50
Interest expense — accumulated other comprehensive income		995			—			—			—			—
Capitalized interest		14,638			16,057			14,902			13,480			12,260
Amortization of deferred loan costs		(1,019	)		(1,494	)		(1,413	)		(900	)		(393	)
Amortization of fair-value of debt acquired		558			629			654			231			206
Amortization of capitalized interest		58			26			11			11			11
Total interest expense	$	22,691		$	22,335		$	21,830		$	20,518		$	18,986
Interest coverage ratio		1.9			1.9			1.9			2.3			2.4

(1) For a discussion of coverage ratios, see page 33.

14

FIXED CHARGE COVERAGE RATIOS (1)
MARCH 31, 2008

(In thousands, except ratios)

	Three Months Ended
	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Excluding capitalized interest:
Adjusted EBITDA	$	42,464		$	42,724		$	42,024		$	46,316		$	45,221
Fixed charges:
Interest expense		6,937			6,641			7,043			7,117			6,852
Interest expense — unconsolidated partnerships		524			476			633			579			50
Amortization of deferred loan costs		(1,019	)		(1,494	)		(1,413	)		(900	)		(393	)
Amortization of fair value of debt acquired		558			629			654			231			206
Principal payments		1,446			1,510			1,528			1,507			1,512
Principal payments — unconsolidated partnerships		7			6			6			6			6
Preferred dividends		4,241			4,241			4,241			4,194			4,194
Total fixed charges	$	12,694		$	12,009		$	12,692		$	12,734		$	12,427
Fixed charge coverage ratio		3.3			3.6			3.3			3.6			3.6
Including capitalized interest:
Adjusted EBITDA	$	42,464		$	42,724		$	42,024		$	46,316		$	45,221
Fixed charges:
Interest expense		6,937			6,641			7,043			7,117			6,852
Interest expense — unconsolidated partnerships		524			476			633			579			50
Interest expense — accumulated other comprehensive income		995			—			—			—			—
Capitalized interest		14,638			16,057			14,902			13,480			12,260
Amortization of capitalized interest		58			26			11			11			11
Amortization of deferred loan costs		(1,019	)		(1,494	)		(1,413	)		(900	)		(393	)
Amortization of fair value of debt acquired		558			629			654			231			206
Principal payments		1,446			1,510			1,528			1,507			1,512
Principal payments — unconsolidated partnerships		7			6			6			6			6
Preferred dividends		4,241			4,241			4,241			4,194			4,194
Total fixed charges	$	28,385		$	28,092		$	27,605		$	26,225		$	24,698
Fixed charge coverage ratio		1.5			1.5			1.5			1.8			1.8

(1) For a discussion of coverage ratios, see page 33.

15

DEBT SUMMARY
MARCH 31, 2008

(Dollars in thousands)

	Stated			Effective			Principal		Unamortized		Carrying		Maturity
	Rate			Rate			Balance		Premium		Value		Date
Consolidated debt:
Mortgage notes payable:
Ardentech Court		7.25	%		5.06	%	$	4,539	$	366	$	4,905		07/12
Bayshore Boulevard		4.55	%		4.55	%		15,234		—		15,234		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,477		923		12,400		01/11
Eisenhower Road		5.80	%		4.63	%		2,096		4		2,100		05/08
40 Erie Street		7.34	%		4.90	%		17,350		139		17,489		08/08
500 Kendall Street (Kendall D)		6.38	%		5.45	%		69,039		4,413		73,452		12/18
Lucent Drive		5.50	%		5.50	%		5,493		—		5,493		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,274		—		9,274		01/10
6828 Nancy Ridge Drive		7.15	%		5.38	%		6,763		489		7,252		09/12
Road to the Cure		6.70	%		5.78	%		15,372		676		16,048		01/14
Science Center Drive		7.65	%		5.04	%		11,262		901		12,163		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—		147,000		09/16
Sidney Street		7.23	%		5.11	%		29,791		2,267		32,058		06/12
9885 Towne Centre Drive		4.55	%		4.55	%		21,182		—		21,182		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,472		153		1,625		05/15
Total / weighted average on fixed rate mortgages		6.23	%		5.47	%		367,344		10,331		377,675
Fixed rate debt:
Unsecured exchangeable senior notes		4.50	%		4.50	%		175,000		—		175,000		10/26
Total / weighted average fixed rate debt		5.67	%		5.16	%		542,344		10,331		552,675
Variable rate debt:
Secured term loan		4.77	%		4.77	%		250,000		—		250,000		08/12
$600 million unsecured line of credit		4.11	%		4.11	%		310,747		—		310,747		08/11
$550 million secured construction loan		4.24	%		4.24	%		457,628		—		457,628		11/09
Total / weighted average variable rate debt		4.33	%		4.33	%		1,018,375		—		1,018,375
Total / weighted average consolidated debt		4.80	%		4.62	%	$	1,560,719	$	10,331	$	1,571,050
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)		3.94	%		3.94	%	$	69,945		—	$	69,945		04/09
PREI secured construction loan (20%) (variable)		4.39	%		4.39	%		17,771		—		17,771		08/10
McKellar Court (21%) (fixed)		8.56	%		4.63	%		2,196		—		2,196		01/10
Total / weighted average share of unconsolidated partnership debt		4.14	%		4.05	%		89,912		—		89,912
Total / weighted average consolidated and share of unconsolidated partnership debt		4.76	%		4.59	%	$	1,650,631	$	10,331	$	1,660,962

16

DEBT ANALYSIS
MARCH 31, 2008
(Dollars in thousands)

Secured and Unsecured Debt Analysis
						Weighted			Weighted
			Percentage			Average			Average
	Principal		of Principal			Stated			Effective
	Balance		Balance			Interest Rate			Interest Rate
Secured debt	$	1,074,972		68.9	%		5.04	%		4.78	%
Unsecured debt		485,747		31.1	%		4.25	%		4.25	%
Total consolidated debt	$	1,560,719		100.0	%		4.80	%		4.62	%

Fixed and Variable Rate Debt Analysis (1)
						Weighted			Weighted
			Percentage			Average			Average
	Principal		of Principal			Stated			Effective
	Balance		Balance			Interest Rate			Interest Rate
Fixed rate debt	$	542,344		34.7	%		5.67	%		5.16	%
Variable rate debt — hedged		785,000		50.3	%		5.94	%		5.94	%
Variable rate debt — unhedged		233,375		15.0	%		4.10	%		4.10	%
Total consolidated debt	$	1,560,719		100.0	%		5.57	%		5.39	%

Total consolidated debt:	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Fixed rate debt / Total debt		34.7	%		36.5	%		39.6	%		43.8	%		47.5	%
Adjusted fixed rate debt / Total debt (1)		85.0	%		89.2	%		84.4	%		62.8	%		68.1	%
Total consolidated debt and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		33.0	%		34.7	%		37.5	%		41.1	%		47.6	%
Adjusted fixed rate debt / Total debt (1)		80.5	%		84.5	%		79.7	%		58.9	%		68.1	%

(1) Includes interest rate swap agreements that were effective at quarter end. Excludes forward swap agreements.

17

DEBT MATURITIES
MARCH 31, 2008
(In thousands)

Weighted-average debt maturity is 5.5 years and 5.3 years for consolidated and unconsolidated debt, respectively.

	2008		2009		2010		2011		2012		Thereafter		Total
Consolidated debt:
Fixed rate debt:
Fixed rate mortgages	$	23,006	$	5,026	$	47,446	$	26,220	$	41,421	$	224,225	$	367,344
Unsecured exchangeable senior notes		—		—		—		—		—		175,000		175,000
Total fixed rate debt		23,006		5,026		47,446		26,220		41,421		399,225		542,344
Variable rate debt:
Secured term loan		—		—		—		—		250,000		—		250,000
$600 million unsecured line of credit		—		—		—		310,747		—		—		310,747
$550 million secured construction loan		—		457,628		—		—		—		—		457,628
Total variable rate debt		—		457,628		—		310,747		250,000		—		1,018,375
Total consolidated debt	$	23,006	$	462,654	$	47,446	$	336,967	$	291,421	$	399,225	$	1,560,719
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)	$	—	$	69,945	$	—	$	—	$	—	$	—	$	69,945
PREI secured construction loan (20%) (variable)		—		—		17,771		—		—		—		17,771
McKellar Court (21%) (fixed)		22		32		2,142		—		—		—		2,196
Share of total unconsolidated partnership debt	$	22	$	69,977	$	19,913	$	—	$	—	$	—	$	89,912
Total consolidated and share of unconsolidated partnership debt	$	23,028	$	532,631	$	67,359	$	336,967	$	291,421	$	399,225	$	1,650,631

18

COMMON AND PREFERRED STOCK DATA
MARCH 31, 2008
(Shares in thousands)

SUMMARY OF COMMON SHARES
	Three Months Ended
	3/31/08			12/31/07			9/30/07			6/30/07			3/31/07
Weighted average common shares outstanding		65,351			65,308			65,308			65,299			65,290
Weighted average OP and LTIP units outstanding		3,066			2,917			2,917			2,917			2,915
Dilutive effect of restricted stock		13			82			50			54			26
Diluted common shares		68,430			68,307			68,275			68,270			68,231
Closing common shares, OP and LTIP units outstanding		69,089			68,890			68,762			68,759			68,739
Preferred shares outstanding		9,200			9,200			9,200			9,200			9,200
High price	$	25.33		$	26.25		$	26.20		$	29.94		$	31.20
Low price	$	19.32		$	20.89		$	21.00		$	24.13		$	25.59
Average closing price	$	22.46		$	23.52		$	24.17		$	27.59		$	28.52
Closing price	$	23.89		$	23.17		$	24.10		$	25.12		$	26.30
Dividends per share — annualized	$	1.34		$	1.24		$	1.24		$	1.24		$	1.24
Closing dividend yield — annualized		5.6	%		5.4	%		5.1	%		4.9	%		4.7	%

DIVIDENDS PER SHARE
	3/31/08		12/31/07		9/30/07		6/30/07		3/31/07
Common Stock — BMR
Amount	$	0.335	$	0.310	$	0.310	$	0.310	$	0.310
Declared	March 14, 2008		December 12, 2007		September 14, 2007		June 15, 2007		March 15, 2007
Record	March 31, 2008		December 31, 2007		September 28, 2007		June 29, 2007		March 30, 2007
Paid	April 15, 2008		January 15, 2008		October 15, 2007		July 16, 2007		April 16, 2007
Preferred Stock — BMRPrA
Amount	$	0.46094	$	0.46094	$	0.46094	$	0.45582	$	0.45582
Declared	March 14, 2008		December 12, 2007		September 14, 2007		June 15, 2007		March 15, 2007
Record	March 31, 2008		December 31, 2007		September 28, 2007		June 29, 2007		March 30, 2007
Paid	April 15, 2008		January 15, 2008		October 15, 2007		July 16, 2007		April 16, 2007

19

MARKET SUMMARY
MARCH 31, 2008

								Annualized							Annualized
					Percent of			Base Rent				Percent of			Base Rent
	Leased		Annualized		Annualized			per Leased		Annualized		Annualized			per Leased
	Square		Base Rent		Base Rent			Sq Ft		Base Rent		Base Rent			Sq Ft
Market	Feet		Current (1)		Current			Current		at Expiration		at Expiration			at Expiration
			(in thousands)							(in thousands)
Boston		1,824,470	$	86,067		33.7	%	$	47.17	$	95,473		30.9	%	$	52.33
Maryland		1,144,968		44,361		17.4	%		38.74		62,822		20.3	%		54.87
San Francisco		1,131,595		26,046		10.2	%		23.02		34,156		11.1	%		30.18
San Diego		892,575		27,376		10.7	%		30.67		35,905		11.6	%		37.19
New York / New Jersey		991,398		25,742		10.1	%		25.96		30,767		10.0	%		31.03
Pennsylvania		668,440		14,513		5.7	%		21.71		16,031		5.2	%		23.98
Seattle		139,010		4,746		1.9	%		34.14		5,682		1.8	%		40.87
University Related — Other		249,507		7,349		2.9	%		29.46		8,569		2.8	%		34.34
Total consolidated portfolio / weighted average		7,041,963	$	236,199		92.6	%	$	33.54	$	289,404		93.7	%	$	41.10
Unconsolidated partnership properties (2)		369,824		18,900		7.4	%		51.11		19,494		6.3	%		52.71
Total portfolio / weighted average		7,411,787	$	255,099		100.0	%	$	34.42	$	308,898		100.0	%	$	41.68

Note:	The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.
(1)	Current annualized base rent is the monthly contractual rent as of the current quarter end, or if rent has not yet commenced, the first monthy rent payment due at each rent
	commencement date, multiplied by 12 months.
(2)	Consists of 72,863 rentable square feet of McKellar Court (21%) and 296,961 rentable square feet of PREI joint venture properties (20%).

20

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
MARCH 31, 2008

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/08			12/31/07
	Boston
1	Albany Street	May 31, 2005	Stabilized		2		75,003		0.8	%		75,003		100.0	%		100.0	%
2	Center for Life Science| Boston	November 17, 2006	CIP		1		703,000		7.4	%		562,863		80.1	%		80.1	%
3	Charles Street (2)	April 7, 2006	Stabilized		1		47,912		0.5	%		47,912		100.0	%		100.0	%
4	Coolidge Avenue	April 5, 2005	Stabilized		1		37,400		0.4	%		37,400		100.0	%		100.0	%
5	21 Erie Street	May 31, 2005	Stabilized		1		48,627		0.5	%		48,627		100.0	%		100.0	%
6	40 Erie Street	May 31, 2005	Stabilized		1		100,854		1.1	%		100,854		100.0	%		100.0	%
7	47 Erie Street Parking Structure	May 31, 2005	Stabilized		1	447 Stalls			n/a		447 Stalls			n/a			n/a
8	Fresh Pond Research Park	April 5, 2005	Lease Up		6		90,702		1.0	%		71,376		78.7	%		78.7	%
9	675 W. Kendall Street (Kendall A)	May 31, 2005	Stabilized		1		302,919		3.2	%		293,011		96.7	%		96.7	%
10	500 Kendall Street (Kendall D)	May 31, 2005	Stabilized		1		349,325		3.7	%		343,000		98.2	%		98.5	%
11	Sidney Street	May 31, 2005	Stabilized		1		191,904		2.0	%		191,904		100.0	%		100.0	%
12	Vassar Street	May 31, 2005	Stabilized		1		52,520		0.6	%		52,520		100.0	%		100.0	%
	Total Boston				18		2,000,166		21.2	%		1,824,470		91.2	%		91.3	%
	Maryland
13	Beckley Street	December 17, 2004	Stabilized		1		77,225		0.8	%		77,225		100.0	%		100.0	%
14	9911 Belward Campus Drive	May 24, 2006	Stabilized		1		289,912		3.1	%		289,912		100.0	%		100.0	%
15	9920 Belward Campus Drive	May 8, 2007	Stabilized		1		51,181		0.5	%		51,181		100.0	%		100.0	%
16	Shady Grove Road	May 24, 2006	Stabilized		4		635,058		6.9	%		635,058		100.0	%		100.0	%
17	Tributary Street	December 17, 2004	Stabilized		1		91,592		1.0	%		91,592		100.0	%		100.0	%
	Total Maryland				8		1,144,968		12.3	%		1,144,968		100.0	%		100.0	%
	San Francisco
18	Ardentech Court	November 18, 2004	Stabilized		1		55,588		0.6	%		55,588		100.0	%		100.0	%
19	Ardenwood Venture (3)	June 14, 2006	Lease Up		1		72,500		0.8	%		—		—			—
20	Bayshore Boulevard	August 17, 2004	Stabilized		1		183,344		1.9	%		183,344		100.0	%		100.0	%
21	Bridgeview Technology Park I (2)	September 10, 2004	Stabilized		2		212,673		2.2	%		198,069		93.1	%		93.1	%
22	Bridgeview Technology Park II	March 16, 2005	Stabilized		1		50,400		0.5	%		50,400		100.0	%		100.0	%
23	Dumbarton Circle	May 27, 2005	Stabilized		3		44,000		0.5	%		44,000		100.0	%		100.0	%
24	Eccles Avenue (2)	December 1, 2005	Rep / Redev		1		152,145		1.6	%		—		—			100.0	%
25	Forbes Boulevard (2)	September 5, 2007	Stabilized		1		237,984		2.5	%		237,984		100.0	%		100.0	%
26	Industrial Road	August 17, 2004	Stabilized		1		169,490		1.8	%		169,490		100.0	%		100.0	%
27	Kaiser Drive (2)	August 25, 2005	Lease Up		1		87,953		0.9	%		—		—			—
28	Pacific Research Center (2)	July 11, 2006	Rep / Redev		10		1,389,517		14.8	%		192,720		13.9	%		7.4	%
	Total San Francisco				23		2,655,594		28.1	%		1,131,595		42.6	%		44.9	%
	San Diego
29	Balboa Avenue	August 13, 2004	Stabilized		1		35,344		0.4	%		35,344		100.0	%		100.0	%
30	Bernardo Center Drive	August 13, 2004	Stabilized		1		61,286		0.6	%		61,286		100.0	%		100.0	%
31	Faraday Avenue	September 19, 2005	Stabilized		1		28,704		0.3	%		28,704		100.0	%		100.0	%
32	John Hopkins Court (2)	August 16, 2006	Rep / Redev		1		69,946		0.7	%		—		—			—
33	6114-6154 Nancy Ridge Drive	May 2, 2007	Stabilized		3		112,000		1.2	%		112,000		100.0	%		100.0	%
34	6828 Nancy Ridge Drive	April 21, 2005	Lease Up		1		42,138		0.4	%		35,370		83.9	%		100.0	%
35	Pacific Center Boulevard	August 24, 2007	Stabilized		2		66,745		0.7	%		66,745		100.0	%		100.0	%
36	Road to the Cure	December 14, 2006	Lease Up		1		67,998		0.7	%		45,965		67.6	%		43.3	%
37	San Diego Science Center	October 21, 2004	Lease Up		1		105,364		1.1	%		79,904		75.8	%		73.9	%

21

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
MARCH 31, 2008

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/08			12/31/07
	San Diego (Cont.)
38	Science Center Drive	September 24, 2004	Stabilized		1		53,740		0.6	%		53,740		100.0	%		100.0	%
39	Sorrento Valley Boulevard	December 7, 2006	Lease Up		1		54,924		0.6	%		47,417		86.3	%		86.3	%
40	Torreyana Road	March 22, 2007	Stabilized		1		81,204		0.9	%		81,204		100.0	%		100.0	%
41	9865 Towne Centre Drive	April 10, 2007	CIP		1		84,000		0.9	%		84,000		100.0	%		100.0	%
42	9885 Towne Centre Drive	August 12, 2004	Stabilized		3		115,870		1.2	%		115,870		100.0	%		100.0	%
43	Waples Street (4)	March 1, 2005	Stabilized		1		50,055		0.5	%		45,026		90.0	%		90.0	%
	Total San Diego				20		1,029,318		10.8	%		892,575		86.7	%		85.6	%
	New York / New Jersey
44	Graphics Drive (2)	March 17, 2005	Lease Up		1		72,300		0.8	%		32,029		44.3	%		44.3	%
45	Landmark at Eastview	August 12, 2004	Stabilized		8		751,648		7.9	%		729,725		97.1	%		97.0	%
46	Landmark at Eastview II	August 12, 2004	CIP		3		360,000		3.8	%		229,644		63.8	%		63.8	%
47	One Research Way (2)	May 31, 2006	Rep / Redev		1		49,421		0.5	%		—		—			—
	Total New York / New Jersey				13		1,233,369		13.0	%		991,398		80.4	%		80.3	%
	Pennsylvania
48	Eisenhower Road (2)	August 13, 2004	Lease Up		1		27,750		0.3	%		—		—			—
49	George Patterson Boulevard	October 28, 2005	Stabilized		1		71,500		0.8	%		71,500		100.0	%		100.0	%
50	King of Prussia	August 11, 2004	Lease Up		5		427,109		4.5	%		374,387		87.7	%		100.0	%
51	Phoenixville Pike (2)	May 5, 2005	Lease Up		1		104,400		1.1	%		77,455		74.2	%		74.2	%
52	Spring Mill Drive	July 20, 2006	Stabilized		1		76,378		0.8	%		73,984		96.9	%		96.9	%
53	900 Uniqema Boulevard	January 13, 2006	Stabilized		1		11,293		0.1	%		11,293		100.0	%		100.0	%
54	1000 Uniqema Boulevard	September 30, 2005	Stabilized		1		59,821		0.6	%		59,821		100.0	%		100.0	%
	Total Pennsylvania				11		778,251		8.2	%		668,440		85.9	%		92.7	%
	Seattle
55	Elliott Avenue (2)	August 24, 2004	Rep / Redev		1		134,989		1.4	%		6,317		4.7	%		47.3	%
56	500 Fairview Avenue (2)	January 28, 2008	Stabilized		1		22,213		0.2	%		22,213		100.0	%		n/a
57	530 Fairview Avenue (5)	January 12, 2006	CIP		1		94,000		1.0	%		16,852		17.9	%		17.9	%
58	Monte Villa Parkway	August 17, 2004	Stabilized		1		51,000		0.5	%		51,000		100.0	%		100.0	%
59	217th Place (2)	November 21, 2006	Rep / Redev		1		67,799		0.7	%		42,628		62.9	%		62.9	%
	Total Seattle				5		370,001		3.8	%		139,010		37.6	%		50.1	%
	University Related - Other
60	Lucent Drive	May 31, 2005	Stabilized		1		21,500		0.2	%		21,500		100.0	%		100.0	%
61	Trade Centre Avenue	August 9, 2006	Stabilized		2		78,023		0.8	%		78,023		100.0	%		100.0	%
62	Walnut Street	July 7, 2006	Stabilized		4		149,984		1.6	%		149,984		100.0	%		100.0	%
	Total University Related - Other				7		249,507		2.6	%		249,507		100.0	%		100.0	%
	Total / weighted average				105		9,461,174		100.0	%		7,041,963		74.4	%		76.1	%

Note: The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.

(1)	For a definition of Property Status, see page 34.
(2)	Properties which are being redeveloped or management believes could be redeveloped in whole or in part for laboratory use. See page 23 for details.
(3)	We own 87.5% of the limited liability company that owns the Ardenwood Venture property.
(4)	We own 70% of the limited liability company that owns the Waples Street property.
(5)	We own 70% of the limited liability company that owns the 530 Fairview Avenue development.

22

REPOSITIONING AND REDEVELOPMENT
MARCH 31, 2008(Dollars in thousands)

		Total Property					Estimated
		Rentable					In-Service
Property	Market	Square Feet		Percent Leased			Date (1)
Eccles Avenue	San Francisco		152,145		—			2012
Elliott Avenue	Seattle		134,989		4.7	%		Q1 2010
John Hopkins Court	San Diego		69,946		—			Q3 2008
One Research Way	New York / New Jersey		49,421		—			Q2 2008
Pacific Research Center	San Francisco		1,389,517		13.9	%		Q2 2009
217th Place	Seattle		67,799		62.9	%		Q3 2008
Total / weighted average			1,863,817		13.0	%

	Cost Estimate				Cost Estimate Per Square Foot
	Low Estimate		High Estimate		Low Estimate		High Estimate
Investment to date	$	363,400	$	363,400	$	194.98	$	194.98
Future cost estimate		190,000		240,000		101.94		128.77
Total cost estimate	$	553,400	$	603,400	$	296.92	$	323.74

	Potential
	Redevelopment
	Square Feet
Stabilized properties		520,782
Lease up properties		292,403
Total		813,185

(1) Management’s estimate of the time in which construction is substantially completed. A project is considered substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.

23

DEVELOPMENT AND LAND PARCELS
MARCH 31, 2008(Dollars in thousands)

CONSTRUCTION IN PROGRESS:

		Estimated							Estimated		Estimated
		Rentable		Percent			Investment		Total		In-Service
Property	Market	Square Feet		Leased			to Date		Investment		Date (1)
Center for Life Science|Boston	Boston		703,000		80.1	%	$	699,000	$	730,000	Q1 2009
530 Fairview Avenue	Seattle		94,000		17.9	%		28,400		44,000	Q2 2009
Landmark at Eastview II	New York / New Jersey		360,000		63.8	%		55,200		145,000	Q2 2009
9865 Towne Centre Drive	San Diego		84,000		100.0	%		20,500		28,000	Q3 2008
Total			1,241,000		72.0	%	$	803,100	$	947,000

LAND PARCELS:

	Estimated
	Developable
Market	Square Feet
Boston		50,000
Maryland		500,000
San Francisco		508,000
New York / New Jersey		130,000
Pennsylvania		65,000
Seattle		114,000
Total		1,367,000

(1) Management’s estimate of the time in which construction is substantially completed. A project is considered substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.

24

PROPERTY LISTING — UNCONSOLIDATED PARTNERSHIPS
MARCH 31, 2008(Dollars in thousands)

Rentable

Leased

Property

Square

Square

Percent Leased

Property

Acquisition Date

Status (1)

Buildings

Feet (2)

Feet

3/31/08

12/31/07

Market

McKellar Court

1

McKellar Court

September 30, 2004

Stabilized

1

72,863

72,863

100.0

%

100.0

%

San Diego

PREI

2

320 Bent Street

April 4, 2007

Stabilized

1

184,445

184,445

100.0

%

100.0

%

Boston

3

301 Binney Street

April 4, 2007

CIP

1

420,000

112,516

26.8

%

26.8

%

Boston

4

301 Binney Garage

April 4, 2007

Lease Up

1

503 Stalls

n/a

n/a

n/a

Boston

5

650 E. Kendall Street (Kendall B)

April 4, 2007

CIP

1

280,000

—

—

—

Boston

6

350 E. Kendall Street Garage (Kendall F)

April 4, 2007

Stabilized

1

1,409 Stalls

n/a

n/a

n/a

Boston

7

Kendall Crossing Apartments

April 4, 2007

Stabilized

1

37 Apts.

n/a

n/a

n/a

Boston

	McKellar
	Court (3)			PREI			Total
Total assets	$	16,421		$	560,498		$	576,919
Total debt		10,457			438,583			449,040
BioMed’s pro rata share of debt		2,196			87,717			89,913
BioMed’s net investment in unconsolidated partnerships	$	2,407		$	18,949		$	21,356
BioMed ownership percentage		21	%		20	%

Note:	The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.
(1)	For a definition of Property Status, see page 34.
(2)	Estimates for purposes of construction in progress.
(3)	We own a general partnership interest in the limited partnership that owns this property, which entitles us to 75% of the gains upon a sale of the property and 21% of the operating cash flows.

25

LEASE EXPIRATIONS
MARCH 31, 2008

Weighted-average remaining lease term is 9.3 years for the consolidated portfolio and 9.3 years for the total portfolio.
											Annualized							Annualized
			Percent of					Percent of			Base Rent				Percent of			Base Rent
			Leased			Annualized		Annualized			per Leased		Annualized		Annualized			per Leased
	Leased		Square			Base Rent		Base Rent			Sq Ft		Base Rent		Base Rent			Sq Ft
Expiration	Square Feet		Feet			Current (1)		Current			Current		at Expiration		at Expiration			at Expiration
						(in thousands)							(in thousands)
Month-to-month		9,882		0.1	%	$	177		0.1	%	$	17.92	$	177		0.1	%	$	17.92
Second quarter 2008		10,237		0.1	%		177		0.1	%		17.27		177		0.1	%		17.27
Third quarter 2008		23,493		0.3	%		381		0.1	%		16.24		381		0.1	%		16.24
Fourth quarter 2008		41,503		0.6	%		1,864		0.7	%		44.91		1,909		0.6	%		45.98
2008		85,115		1.1	%		2,599		1.0	%		30.54		2,644		0.9	%		31.06
2009		374,466		5.1	%		7,235		2.8	%		19.32		7,329		2.4	%		19.57
2010		753,846		10.2	%		17,790		7.0	%		23.60		17,931		5.8	%		23.79
2011		381,365		5.1	%		13,206		5.2	%		34.63		13,974		4.5	%		36.64
2012		430,729		5.8	%		9,822		3.9	%		22.80		10,613		3.4	%		24.64
2013		500,299		6.8	%		10,397		4.1	%		20.78		12,759		4.1	%		25.50
2014		579,623		7.8	%		13,185		5.2	%		22.75		15,148		4.9	%		26.13
2015		84,157		1.1	%		2,683		1.1	%		31.88		3,234		1.0	%		38.43
2016		603,067		8.1	%		22,295		8.7	%		36.97		25,398		8.2	%		42.11
2017		147,266		2.0	%		2,424		1.0	%		16.46		4,234		1.4	%		28.75
Thereafter		3,471,854		46.9	%		153,465		60.0	%		44.20		195,634		63.4	%		56.35
Total / weighted average		7,411,787		100.0	%	$	255,099		100.0	%	$	34.42	$	308,898		100.0	%	$	41.68

Note:	The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.
(1)	Current annualized base rent is the monthly contractual rent as of the current quarter ended, or if rent has not yet commenced, the first monthy rent payment due at each rent commencement date, multiplied by 12 months.

26

EXPIRATIONS BY MARKET
MARCH 31, 2008

	Rentable Square Feet of Expiring Leases
Expiration	Boston		Maryland		San Francisco		San Diego		NY/NJ		Pennsylvania		Seattle		University/Other		Total
2008		—		—		—		56,635		12,803		9,360		6,317		—		85,115
2009		—		—		66,688		83,660		204,306		19,812		—		—		374,466
2010		347,647		—		118,992		29,541		224,577		33,089		—		—		753,846
2011		140,627		—		71,308		44,604		16,454		108,372		—		—		381,365
2012		20,608		—		188,442		45,916		140,676		12,874		22,213		—		430,729
2013		—		51,181		128,984		220,982		71,399		27,753		—		—		500,299
2014		28,019		—		66,002		72,863		—		374,387		16,852		21,500		579,623
2015		—		—		—		53,740		19,124		11,293		—		—		84,157
2016		152,520		—		100,040		—		—		71,500		51,000		228,007		603,067
2017		—		—		101,872		—		45,394		—		—		—		147,266
Thereafter		1,432,010		1,093,787		289,267		357,497		256,665		—		42,628		—		3,471,854
Total		2,121,431		1,144,968		1,131,595		965,438		991,398		668,440		139,010		249,507		7,411,787

Note:  The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.

27

10 LARGEST TENANTS
MARCH 31, 2008

Our properties were leased to 121 tenants.
										Annualized		Percent of
										Base Rent		Annualized
			Leased					Annualized		per Leased		Base Rent			Lease
			Square		Percent of			Base Rent		Sq Ft		Current			Expiration
		Tenant	Feet		Leased Sq Ft			Current (1)		Current		Total Portfolio			Date(s)
								(In thousands)
	1	Human Genome Sciences, Inc.		924,970		12.5	%	$	40,290	$	43.56		15.8	%	May 2026
	2	Vertex Pharmaceuticals Incorporated (2)		685,286		9.2	%		25,948		37.86		10.2	%	Multiple
	3	Beth Israel Deaconess Medical Center		361,703		4.9	%		25,496		70.49		10.0	%	June 2023
	4	Genzyme Corporation		343,000		4.6	%		15,457		45.06		6.1	%	July 2018
	5	Regeneron Pharmaceuticals, Inc. (3)		460,555		6.2	%		13,409		29.11		5.3	%	Multiple
	6	Ironwood Pharmaceuticals, Inc. (4) (5)		160,894		2.2	%		9,509		59.10		3.7	%	Multiple
	7	Centocor, Inc. (Johnson & Johnson)		374,387		5.1	%		8,387		22.40		3.3	%	March 2014
	8	Schering Corporation (4)		136,067		1.8	%		7,609		55.92		3.0	%	August 2016
	9	Illumina, Inc.		193,270		2.6	%		7,036		36.41		2.8	%	October 2023
	10	Array BioPharma Inc. (6)		228,007		3.1	%		6,801		29.83		2.7	%	Multiple
		Total / weighted average (7)		3,868,139		52.2	%	$	159,943	$	41.35		62.9	%

Note:	The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.
(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of the current quarter ended, or if rent has not yet commenced, the first monthly rent payment due at each rent commencement date, multiplied by 12 months.
(2)	191,904 square feet expires August 2010, 100,854 square feet expires December 2010, 20,608 square feet expires May 2012, 81,204 square feet expires September 2013, and 290,716 square feet expires April 2018.
(3)	203,890 square feet expires June 2009, which will be replaced with a 15-year 229,644 square foot lease at the new buildings under construction at the Landmark at Eastview property, and 27,021 square feet expires March 2024.
(4)	We own 20% of the limited liability company that owns the property that this tenant occupies.
(5)	48,378 square feet expires December 2010 and 112,516 square feet expires December 2013.
(6)	149,984 square feet expires July 2016 and 78,023 square feet expires August 2016.
(7)	Without regard to any early lease terminations and/or renewal options.

28

SAME PROPERTY ANALYSIS
MARCH 31, 2008(Dollars in thousands)

	Quarter Ended
	3/31/08			3/31/07			Percent Change
Total Same Property Portfolio (1)
Number of properties		44			44
Rentable square feet		5,658,599			5,658,599
Percent of total portfolio		54.3	%		62.9	%
Percent leased		93.7	%		93.6	%
Revenues:
Rental	$	45,605		$	44,774			1.9	%
Tenant recoveries		15,532			14,474			7.3	%
Total revenues		61,137			59,248			3.2	%
Expenses:
Rental operations		12,209			11,451			6.6	%
Real estate taxes		4,658			5,069			(8.1	%)
Total expenses		16,867			16,520			2.1	%
Same property net operating income (2)	$	44,270		$	42,728			3.6	%
Less straight line rents, fair value and incentive revenue		(4,384	)		(4,690	)		(6.5	%)
Same property net operating income — cash basis (2) (3)	$	39,886		$	38,038			4.9	%
Rental revenue — cash basis (3)	$	41,221		$	40,084			2.8	%
		3/31/08			12/31/07
Number of properties		44			42
Change in same property net operating income		3.6	%		5.6	%
Change in same property net operating income — cash basis		4.9	%		6.8	%

(1)	The same property portfolio includes properties that were stabilized or in lease up throughout the full quarter in both the current year and the prior year.
(2)	For a definition and discussion of net operating income, see page 33. For a quantitative reconciliation of net operating income to net income in accordance with GAAP, see page 13.
(3)	Represents increase in rents on a “cash-on-cash” basis.

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ACQUISITIONS
MARCH 31, 2008

			Rentable
	Number of		Square
	Properties		Feet (1)		Investment
					(In thousands)
Acquisitions since August 11, 2004:
2004 acquisitions		17		2,626,875	$	533,434
2005 acquisitions		23		2,121,421		715,159
2006 acquisitions		16		3,099,826		1,309,600
2007 acquisitions (2)		14		1,018,265		653,800
2008
First Quarter 2008		1		22,213		4,000
Total 2008 acquisitions		1		22,213		4,000
Total acquisitions since August 11, 2004		71		8,888,600	$	3,215,993

Acquisitions detail for 2008:

			Rentable				Percent
			Square				Leased at
Property	Market	Closing Date	Feet (1)		Investment		Acquisition
			(In thousands)
First Quarter 2008
500 Fairview Avenue	Seattle	January 28, 2008		22,213	$	4,000		100.0	%
First quarter total				22,213	$	4,000		100.0	%
Total 2008 acquisitions				22,213	$	4,000		100.0	%

(1)	Rentable square feet at the time of acquisition.
(2)	Includes an investment of approximately $506.7 million in properties owned through our joint venture with PREI, of which our investment was $18.5 million.

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LEASING ACTIVITY (1)
MARCH 31, 2008

				Current
	Leased			Annualized
	Square			Base Rent per
	Feet			Leased Sq Ft
Leased Square Feet as of December 31, 2007		7,549,902		$	33.79
Acquisitions		22,213			26.44
Pre-leasing delivered		13,700			27.00
Expirations		(294,150	)		20.85
Renewals, amendments, and extensions		5,884			28.20
New leases		121,006			28.25
Terminations		(6,768	)		28.08
Leased Square Feet as of March 31, 2008		7,411,787		$	34.42
Pre-leased Square Feet as of December 31, 2007		31,162		$	27.00
Current period pre-leasing delivered		(13,700	)		27.00
Pre-leased Square Feet as of March 31, 2008		17,462		$	27.00
Gross Leasing Activity — First Quarter 2008		126,890		$	28.25

Note:	The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.
(1)	Leasing activity for leases signed during the periods presented, which may be different than the period of actual occupancy.

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TENANT IMPROVEMENTS AND LEASING COMMISSIONS
MARCH 31, 2008

	Three Months Ended
	3/31/08		12/31/07		9/30/07		6/30/07		3/31/07
Renewals, Amendments, and Extensions (1)
Number of renewals		1		4		3		2		4
Square feet		5,884		391,854		143,993		88,928		220,560
Tenant improvement costs per square foot (2)	$	—	$	0.51	$	1.22	$	—	$	0.62
Leasing commission costs per square foot (2)		—		0.52		0.38		—		5.75
Total tenant improvement and leasing commission costs psf	$	—	$	1.04	$	1.60	$	—	$	6.37
New Leases(3)
Number of leases		8		14		13		5		8
Square feet		121,006		288,781		146,063		122,800		103,605
Tenant improvement costs per square foot (2)	$	137.52	$	59.08	$	32.13	$	58.87	$	38.48
Leasing commission costs per square foot (2)		15.40		9.88		4.34		14.26		16.81
Total tenant improvement and leasing commission costs psf	$	152.92	$	68.96	$	36.48	$	73.13	$	55.29
Total(4)
Number of renewals/leases		9		18		16		7		12
Square feet		126,890		680,635		290,056		211,728		324,165
Tenant improvement costs per square foot (2)	$	131.15	$	25.36	$	16.78	$	34.14	$	12.72
Leasing commission costs per square foot (2)		14.68		4.49		2.38		8.27		9.28
Total tenant improvement and leasing commission costs psf	$	145.83	$	29.85	$	19.16	$	42.41	$	22.00

Note: The leasing data above has been revised to include leasing activity associated with construction in progress, in addition to our operating portfolio and repositioning and redevelopment projects.
(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 pre-leasing activity and 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 less meaningful. For a list of acquisition dates, see pages 21, 22 and 25.

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NON-GAAP FINANCIAL MEASURE DEFINITIONS
MARCH 31, 2008

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. We calculate adjusted EBITDA by adding to EBITDA: (a) minority interests in our operating partnership and (b) dividends payable on our series A preferred stock. 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 partnerships, 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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PROPERTY DEFINITIONS
MARCH 31, 2008

Property Status

Stabilized

Represents operating properties that are more than 90% leased

Lease up

Represents operating properties that are less than 90% leased

Repositioning and redevelopment, or Rep / Redev

Represents properties that we are currently preparing for their intended use, and accordingly are capitalizing interest and other costs as of the end of the quarter

Construction in progress, or CIP

Represents properties that we are currently developing through ground up construction

Land parcels, or Land

Represents estimates of the additional rentable square footage that we could put into service if management made the strategic election to pursue additional development

34