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

Exhibit 99.1

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

BIOMED REALTY TRUST REPORTS
SECOND QUARTER 2008 FINANCIAL RESULTS

SAN DIEGO, Calif. – July 30, 2008 –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, 2008.

Highlights:

• Funds from operations (FFO) for the quarter were $34.5 million, or $0.47 per diluted share

• Executed 14 leasing transactions during the quarter representing gross leasing volume of approximately 327,000 square feet, up from 127,000 square feet of gross leasing volume in the prior quarter:

o Nine new leases totaling approximately 224,000 square feet – including a 10-year, 144,000 square foot lease with DayStar Technologies, Inc. at the Pacific Research Center

o Five leases amended to extend their terms totaling approximately 103,000 square feet

• Achieved substantial completion of core and shell construction at three of our development properties:

o Two of the three buildings under construction at our Landmark at Eastview campus in New York, representing 230,000 square feet and leased to Regeneron Pharmaceuticals, Inc.

o 94,000 square foot laboratory and office facility at our 530 Fairview Avenue property in Seattle

o 84,000 square foot laboratory and office facility at our Towne Centre Drive campus in San Diego ahead of schedule, with Illumina, Inc. taking partial occupancy in July 2008

• Initiated deliveries of space to four tenants, Beth Israel Deaconess Medical Center, Inc., Children’s Hospital Corporation, Dana Farber Cancer Institute, Inc., and the Immune Disease Institute, Inc., at the Center for Life Science | Boston

• Completed the sale of 6,129,000 shares of common stock at $25.50 per share, resulting in net proceeds of approximately $149.7 million

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• Purchased the minority interest in the entity that owns our Waples property in San Diego, increasing our ownership interest to 100% of the property

• Added John Bonanno to our development team as Vice President, Development, who brings more than 18 years of experience in commercial real estate and life science business to the company

“We continue to execute well in all aspects of our business, generating yet another quarter of strong financial results. Despite a very turbulent macro-economic environment, the demand for life science real estate remains relatively strong, and we are pleased with our sustained progress on the leasing front,” commented Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust.

“In addition, as evidenced by the achievement of construction milestones at our Center for Life Science | Boston, Towne Centre Drive, Landmark at Eastview and 530 Fairview Avenue properties, we are making excellent progress across all of our development projects and expect these properties to constitute significant drivers of our future growth and continued solid financial performance.”

Second Quarter 2008 Financial Results

Rental revenues for the quarter were $54.2 million, representing a 9.6% increase versus the second quarter of 2007. Same property net operating income increased 6.1% on a cash basis for the second quarter of 2008 compared to the second quarter of 2007.

Total revenues for the quarter were $70.8 million, compared to $68.4 million in the second quarter of 2007. Net income available to common stockholders for the quarter was $14.1 million, or $0.20 per diluted share, compared to $14.2 million, or $0.22 per diluted share, in the second quarter of 2007. Net income available to common stockholders for the second quarter of 2007 included $1.3 million, or $0.02 per diluted share, in income from discontinued operations and $2.9 million, or $0.04 per diluted share, in lease termination fees.

FFO during the quarter was $34.5 million, compared to $33.8 million in the comparable period in 2007. FFO per diluted share was $0.47 for the second quarter of 2008 versus $0.50 in the second quarter of 2007. FFO for the second quarter of 2007 included $2.9 million, or $0.04 per diluted share, in lease termination fees.

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 available to common stockholders to FFO and a definition of FFO are included at the end of this release.

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Financing Activity

On April 22, 2008, the company completed the sale of 6,129,000 shares of common stock at $25.50 per share, resulting in net proceeds of approximately $149.7 million. The net proceeds were utilized to repay a portion of the outstanding indebtedness on the company’s unsecured line of credit and for general corporate and working capital purposes.

As of June 30, 2008, the company’s consolidated debt included fixed-rate mortgage indebtedness with an aggregate outstanding principal amount of $373.6 million, including $9.8 million of debt premium, and a weighted-average effective interest rate of 5.5% at quarter-end; the company’s $250 million secured term loan, with a weighted-average effective interest rate of 4.1% at quarter-end; $175 million aggregate principal amount of 4.50% exchangeable senior notes due 2026; $213.2 million in outstanding borrowings under the company’s $600 million unsecured revolving line of credit, with a weighted-average effective interest rate of 3.7% at quarter-end; and $484.0 million in outstanding borrowings under the company’s acquisition and construction loan secured by the Center for Life Science | Boston property, with a weighted-average effective interest rate of 3.7% at quarter-end. The company’s debt to total capitalization ratio was 42.0% at June 30, 2008.

“We continue to maintain an appropriately conservative capital structure, and further enhanced our strong liquidity position with our April 2008 common stock offering. Owing to our consistently prudent approach to addressing our capital needs, we are uniquely well-positioned, with capacity to fully fund the completion of our current development projects and to selectively pursue additional attractive investment opportunities,” commented Kent Griffin, Chief Financial Officer of BioMed Realty Trust.

Portfolio Update

During the quarter, the company acquired the minority interest in the entity that owns the Waples property for approximately $1.8 million; as a result, the company owns 100% of the property.

As of June 30, 2008, BioMed Realty Trust owned or had interests in 112 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 93.2% leased to 114 tenants, as of June 30, 2008:

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	Rentable
	Square Feet
Operating portfolio		6,672,086
Repositioning and redevelopment properties		1,816,642
Construction in progress		1,941,000
Total portfolio		10,429,728
Land parcels		1,367,000
Total proforma portfolio		11,796,728

Quarterly Distributions

BioMed Realty Trust’s board of directors previously declared a second quarter 2008 dividend of $0.335 per share of common stock, and a dividend of $0.46094 per share of the company’s 7.375% Series A Cumulative Redeemable Preferred Stock for the period from April 16, 2008 through July 15, 2008.

Earnings Guidance

The company has revised 2008 guidance for net income per diluted share and FFO per diluted share as set forth and reconciled below.

	2008
	(Low – High)
Projected net income per diluted share available to common stockholders	$	0.73 – 0.79
Add:
Minority interest in operating partnership	$	0.04
Real estate depreciation and amortization	$	1.08
Projected FFO per diluted share	$	1.85 – 1.91

The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, and the amount and timing of development and redevelopment activities. 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 at www.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) Thursday, July 31, 2008 to discuss the company’s financial results and operations for the quarter. The call will be open to all interested investors either

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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) 322-5044 (domestic) or (617) 614-4927 (international) with call ID number 49338544. The call will be archived for 30 days on both web sites. A telephone playback of the conference call will also be available from 2:00 p.m. Pacific Time on Thursday, July 31, 2008 through midnight Pacific Time on Monday, August 4, 2008 by calling (888) 286-8010 (domestic) or (617) 801-6888 (international) and using access code 59286256.

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.

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 onForm 10-K and quarterly reports onForm 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, 2008			December 31, 2007
	(Unaudited)
ASSETS
Investments in real estate, net	$	2,885,704		$	2,805,983
Investments in unconsolidated partnerships		21,158			22,588
Cash and cash equivalents		21,357			13,479
Restricted cash		7,991			8,867
Accounts receivable, net		3,377			4,457
Accrued straight-line rents, net		46,997			36,415
Acquired above-market leases, net		5,017			5,745
Deferred leasing costs, net		109,380			116,491
Deferred loan costs, net		13,230			15,567
Other assets		68,323			27,676
Total assets	$	3,182,534		$	3,057,268
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	373,571		$	379,680
Secured construction loan		483,997			425,160
Secured term loan		250,000			250,000
Exchangeable senior notes		175,000			175,000
Unsecured line of credit		213,210			270,947
Security deposits		7,611			7,090
Dividends and distributions payable		29,441			25,596
Accounts payable, accrued expenses, and other liabilities		96,626			95,871
Acquired below-market leases, net		20,702			23,708
Total liabilities		1,650,158			1,653,052
Minority interests		15,572			17,280
Stockholders’ equity:
Preferred stock		222,413			222,413
Common stock		717			656
Additional paid-in capital		1,430,942			1,277,770
Accumulated other comprehensive loss		(25,778	)		(21,762	)
Dividends in excess of earnings		(111,490	)		(92,141	)
Total stockholders’ equity		1,516,804			1,386,936
Total liabilities and stockholders’ equity	$	3,182,534		$	3,057,268

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

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Revenues:
Rental	$	54,223		$	49,460		$	104,565		$	96,969
Tenant recoveries		15,804			15,670			32,386			32,180
Other income		744			3,299			1,178			8,078
Total revenues		70,771			68,429			138,129			137,227
Expenses:
Rental operations		13,454			12,880			27,318			25,995
Real estate taxes		4,915			5,543			10,185			11,459
Depreciation and amortization		19,331			19,637			37,018			36,891
General and administrative		5,645			5,364			11,839			10,707
Total expenses		43,345			43,424			86,360			85,052
Income from operations		27,426			25,005			51,769			52,175
Equity in net income/(loss) of unconsolidated partnerships		43			(454	)		(130	)		(432	)
Interest income		106			339			261			570
Interest expense		(8,629	)		(7,117	)		(15,566	)		(13,969	)
Income from continuing operations before minority interests		18,946			17,773			36,334			38,344
Minority interests in continuing operations of consolidated partnerships		(1	)		(113	)		7			(113	)
Minority interests in continuing operations of operating partnership		(619	)		(577	)		(1,209	)		(1,276	)
Income from continuing operations		18,326			17,083			35,132			36,955
Income from discontinued operations before gain on sale of assets and minority interests		—			252			—			639
Gain on sale of real estate assets		—			1,088			—			1,088
Minority interests attributable to discontinued operations		—			(57	)		—			(74	)
Income from discontinued operations		—			1,283			—			1,653
Net income		18,326			18,366			35,132			38,608
Preferred stock dividends		(4,241	)		(4,194	)		(8,481	)		(8,387	)
Net income available to common stockholders	$	14,085		$	14,172		$	26,651		$	30,221
Income from continuing operations per share available to common stockholders:
Basic and diluted earnings per share	$	0.20		$	0.20		$	0.39		$	0.44
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.20		$	0.22		$	0.39		$	0.46
Weighted-average common shares outstanding:
Basic		70,094,003			65,298,747			67,722,258			65,294,411
Diluted		73,248,311			68,269,656			70,827,426			68,258,562

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

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

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Net income available to common stockholders	$	14,085		$	14,172		$	26,651		$	30,221
Adjustments:
Minority interests in operating partnership		619			634			1,209			1,350
Gain on sale of real estate assets		—			(1,088	)		—			(1,088	)
Depreciation and amortization — unconsolidated partnerships		450			358			901			378
Depreciation and amortization — consolidated entities-discontinued operations		—			91			—			228
Depreciation and amortization — consolidated entities-continuing operations		19,331			19,637			37,018			36,891
Depreciation and amortization — allocable to minority interest of consolidated joint ventures		(8	)		—			(16	)		—
Funds from operations available to common shares and partnership and LTIP units	$	34,477		$	33,804		$	65,763		$	67,980
Funds from operations per share — diluted	$	0.47		$	0.50		$	0.93		$	1.00
Weighted-average common shares outstanding — diluted		73,248,311			68,269,656			70,827,426			68,258,562

We present funds from operations, or FFO, available to common shares and partnership and LTIP units because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. We compute FFO in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Our computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.