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

Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
JUNE 30, 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
JUNE 30, 2008

	Page
Second 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

SECOND QUARTER HIGHLIGHTS
JUNE 30, 2008

Second Quarter 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 transaction 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

• Purchased the minority interest in the entity that owns our San Diego Waples property, 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

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 at www.biomedrealty.com.

3

INVESTOR INFORMATION
JUNE 30, 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	M. Faye Wilson
Chairman
Gary A. Kreitzer	Edward A. Dennis, Ph.D.	Theodore D. Roth

Executive Officers
Alan D. Gold	Gary A. Kreitzer	John F. Wilson, II
President and Chief Executive Officer	Executive Vice President,	Executive Vice President
	General Counsel, and Secretary
R. Kent Griffin, Jr.	Matthew G. McDevitt
Chief Financial Officer	Executive Vice President,
	Acquisitions and Leasing

2008 Tentative Schedule for Quarterly Results
Third Quarter	October 29, 2008
Fourth Quarter	February 12, 2009

4

EQUITY RESEARCH COVERAGE
JUNE 30, 2008

Credit Suisse	Steven Benyik	(212) 538.0239
Friedman Billings Ramsey	Wilkes Graham	(703) 312.9737
KeyBanc Capital Markets	Jordan Sadler / Craig Mailman	(917) 368.2280 / (917) 368.2316
Merrill Lynch	Christopher Pike	(212) 449.1153
Raymond James	Paul D. Puryear / William A. Crow	(727) 567.2253 / (727) 567.5294
RBC Capital Markets	David Rodgers / Mike Carroll	(440) 715.2647 / (440) 715.2649
Robert W. Baird & Co.	David Aubuchon / Justin Pelham-Webb	(314) 863.4235 / (314) 863.6413
Stifel, Nicolaus & Company, Inc.	John W. Guinee / Erin Aslakson	(410) 454.5520 / (443) 224.1350
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
JUNE 30, 2008
(In thousands, except per share and ratio amounts)

	As of or for the three months ended
	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Selected Operating Data
Total revenues	$	70,771		$	67,658		$	64,050		$	64,832		$	68,429
EBITDA (1)		42,495			37,642			37,909			37,289			41,375
Adjusted EBITDA (1)		47,356			42,464			42,724			42,024			46,316
General and administrative expense		5,645			6,194			5,880			5,283			5,364
Interest expense		8,629			6,937			6,641			7,043			7,117
Capitalized interest		11,541			14,638			16,057			14,902			13,480
Interest incurred including swap payments (2)		22,001			22,570			22,698			21,945			20,597
Operating margins (3)		73.8	%		71.1	%		75.3	%		72.3	%		71.7	%
General and administrative expense / Total revenues		8.0	%		9.2	%		9.2	%		8.1	%		7.8	%
Net income available to common stockholders		14,085			12,567			13,229			12,215			14,172
Net income per share — diluted	$	0.20		$	0.19		$	0.20		$	0.19		$	0.20
FFO (4)		34,477			31,286			31,574			30,792			33,804
FFO per share — diluted (4)	$	0.47		$	0.46		$	0.46		$	0.45		$	0.50
AFFO (4)		28,770			27,095			28,284			27,862			30,843
AFFO per share — diluted (4)	$	0.39		$	0.40		$	0.41		$	0.41		$	0.45
Coverage Ratios (5)
Interest coverage		5.7			6.1			6.8			6.1			6.6
Fixed charge coverage		3.4			3.3			3.6			3.3			3.6
Dividend per share — common stock	$	0.335		$	0.335		$	0.310		$	0.310		$	0.310
FFO payout ratio		71.2	%		73.3	%		67.1	%		68.7	%		62.6	%
AFFO payout ratio		85.3	%		84.6	%		74.9	%		76.0	%		68.6	%

(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
JUNE 30, 2008
(In thousands, except per share and ratio amounts)

	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Capitalization:
Total common shares outstanding		71,720			65,593			65,571			65,466			65,463
Total units outstanding (1)		3,504			3,495			3,318			3,296			3,296
Total common shares and units outstanding		75,224			69,089			68,889			68,762			68,759
Common share price at quarter end	$	24.53		$	23.89		$	23.17		$	24.10		$	25.12
Equity value at quarter end (2)	$	1,845,237		$	1,650,529		$	1,596,172		$	1,657,166		$	1,727,229
Preferred stock at liquidation value		230,000			230,000			230,000			230,000			230,000
Consolidated debt		1,495,778			1,571,050			1,500,787			1,429,092			1,312,743
Total capitalization	$	3,571,015		$	3,451,579		$	3,326,959		$	3,316,258		$	3,269,972
Debt / Total assets		47.0	%		50.3	%		49.1	%		47.5	%		45.3	%
Debt / Total capitalization		42.0	%		45.5	%		45.1	%		43.1	%		40.2	%
Total consolidated debt:
Fixed rate debt / Total debt		36.3	%		34.7	%		36.5	%		39.6	%		43.8	%
Adjusted fixed rate debt / Total debt (3)		89.1	%		85.0	%		89.2	%		84.4	%		62.8	%
Total consolidated and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		34.2	%		33.0	%		34.7	%		37.5	%		41.1	%
Adjusted fixed rate debt / Total debt (3)		83.9	%		80.5	%		84.5	%		79.7	%		58.9	%

(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
JUNE 30, 2008

	Unconsolidated
	Consolidated Portfolio							Partnership Portfolio (1)							Total Portfolio
	June 30, 2008
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties (2)		42		5,267,143		99.2	%		4		257,308		100.0	%		46		5,524,451		99.2	%
Lease up properties (2)		11		1,147,635		64.2	%		1		n/a		n/a			12		1,147,635		64.2	%
Total operating portfolio		53		6,414,778		92.9	%		5		257,308		100.0	%		58		6,672,086		93.2	%
Repositioning and redevelopment properties (3)		5		1,816,642		22.4	%		—		—		n/a			5		1,816,642		22.4	%
Construction in progress (4)		4		1,241,000		72.0	%		2		700,000		16.1	%		6		1,941,000		51.8	%
Total portfolio		62		9,472,420		76.7	%		7		957,308		38.6	%		69		10,429,728		73.2	%
Land parcels (4)		n/a		1,367,000		n/a			—		—		n/a			n/a		1,367,000		n/a
Total proforma portfolio		62		10,839,420		n/a			7		957,308		n/a			69		11,796,728		n/a

	March 31, 2008
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties		41		5,203,219		98.8	%		4		257,308		100.0	%		45		5,460,527		98.9	%
Lease up properties		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		6		1,863,817		13.0	%		—		—		n/a			6		1,863,817		13.0	%
Construction in progress		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		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

	Consolidated Portfolio						Total Portfolio
	6/30/08			3/31/08			6/30/08			3/31/08
Properties		62			62			69			69
Buildings		105			105			112			112
Tenants		119			117			123			121
Percent leased — operating portfolio		92.9	%		92.9	%		93.2	%		93.2	%
Weighted average remaining lease term (years)		9.1			9.3			9.1			9.3

(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
JUNE 30, 2008
(In thousands)

	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Assets
Investments in real estate, net	$	2,885,704		$	2,868,432		$	2,805,983		$	2,742,603		$	2,618,590
Investments in unconsolidated partnerships		21,158			21,356			22,588			21,741			20,425
Cash and cash equivalents		21,357			19,383			13,479			18,424			20,382
Restricted cash		7,991			8,351			8,867			10,003			9,203
Accounts receivable, net		3,377			4,716			4,457			3,722			3,952
Accrued straight-line rents, net		46,997			40,682			36,415			32,012			27,842
Acquired above-market leases, net		5,017			5,374			5,745			6,339			6,933
Deferred leasing costs, net		109,380			112,334			116,491			119,699			121,308
Deferred loan costs, net		13,230			14,554			15,567			17,052			15,132
Other assets		68,323			30,767			27,676			36,567			51,214
Total assets	$	3,182,534		$	3,125,949		$	3,057,268		$	3,008,162		$	2,894,981
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	373,571		$	377,675		$	379,680		$	397,341		$	399,522
Secured construction loan		483,997			457,628			425,160			389,904			356,071
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		213,210			310,747			270,947			216,847			132,150
Security deposits		7,611			7,326			7,090			7,513			6,883
Dividends and distributions payable		29,441			27,385			25,596			25,557			25,509
Accounts payable, accrued expenses and other liabilities		96,626			134,751			95,871			81,195			58,588
Acquired below-market leases, net		20,702			22,199			23,708			25,220			24,910
Total liabilities		1,650,158			1,762,711			1,653,052			1,568,577			1,428,633
Minority interests		15,572			16,690			17,280			19,269			18,873
Stockholders’ equity:
Preferred stock		222,413			222,413			222,413			222,413			222,413
Common stock		717			656			656			655			655
Additional paid-in capital		1,430,942			1,279,852			1,277,770			1,275,347			1,274,820
Accumulated other comprehensive (loss)/income		(25,778	)		(54,824	)		(21,762	)		6,945			26,551
Dividends in excess of earnings		(111,490	)		(101,549	)		(92,141	)		(85,044	)		(76,964	)
Total stockholders’ equity		1,516,804			1,346,548			1,386,936			1,420,316			1,447,475
Total liabilities and stockholders’ equity	$	3,182,534		$	3,125,949		$	3,057,268		$	3,008,162		$	2,894,981

9

CONSOLIDATED STATEMENTS OF INCOME
JUNE 30, 2008
(In thousands, except share and per share data)

	Three Months Ended
	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Revenues:
Rental	$	54,223		$	50,617		$	49,645		$	49,382		$	49,460
Tenant recoveries		15,804			16,607			14,471			15,084			15,670
Other income/(loss)		744			434			(66	)		366			3,299
Total revenues		70,771			67,658			64,050			64,832			68,429
Expenses:
Rental operations		13,454			14,165			12,006			12,789			12,880
Real estate taxes		4,915			5,269			3,816			5,079			5,543
Depreciation and amortization		19,331			17,687			17,645			17,665			19,637
General and administrative		5,645			6,194			5,880			5,283			5,364
Total expenses		43,345			43,315			39,347			40,816			43,424
Income from operations		27,426			24,343			24,703			24,016			25,005
Equity in net income/(loss) of unconsolidated partnerships		43			(172	)		(199	)		(261	)		(454	)
Interest income		106			155			181			239			339
Interest expense		(8,629	)		(6,937	)		(6,641	)		(7,043	)		(7,117	)
Income from continuing operations before minority interests		18,946			17,389			18,044			16,951			17,773
Minority interests in continuing operations of consolidated partnerships		(1	)		8			17			51			(113	)
Minority interests in continuing operations of operating partnership		(619	)		(589	)		(591	)		(545	)		(577	)
Income from continuing operations		18,326			16,808			17,470			16,457			17,083
Income from discontinued operations before gain on sale of assets and minority interests		—			—			—			—			252
(Loss)/gain on sale of real estate assets		—			—			—			(1	)		1,088
Minority interest attributable to discontinued operations		—			—			—			—			(57	)
(Loss)/income from discontinued operations		—			—			—			(1	)		1,283
Net income		18,326			16,808			17,470			16,456			18,366
Preferred stock dividends		(4,241	)		(4,241	)		(4,241	)		(4,241	)		(4,194	)
Net income available to common stockholders	$	14,085		$	12,567		$	13,229		$	12,215		$	14,172
Income from continuing operations per share available to common stockholders:
Basic and diluted earnings per share	$	0.20		$	0.19		$	0.20		$	0.19		$	0.20
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.20		$	0.19		$	0.20		$	0.19		$	0.22
Weighted-average common shares outstanding:
Basic		70,094,003			65,350,512			65,308,702			65,308,702			65,298,747
Diluted		73,248,311			68,429,903			68,307,355			68,274,908			68,269,656

10

FFO (1) AND AFFO (1)
JUNE 30, 2008
(In thousands, except per share and ratio amounts)

	Three Months Ended
	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Reconciliation of net income to funds from operations (FFO):
Net income available to common stockholders	$	14,085		$	12,567		$	13,229		$	12,215		$	14,172
Adjustments:
Loss/(gain) on sale of real estate assets		—			—			—			1			(1,088	)
Minority interests in operating partnership		619			589			591			545			634
Depreciation & amortization — continuing operations		19,331			17,687			17,645			17,665			19,637
Depreciation & amortization — discontinued operations		—			—			—			—			91
Depreciation & amortization — unconsolidated partnerships		450			451			394			366			358
Depreciation & amortization — minority interest in consolidated joint ventures		(8	)		(8	)		(285	)		—			—
FFO	$	34,477		$	31,286		$	31,574		$	30,792		$	33,804
FFO per share — diluted	$	0.47		$	0.46		$	0.46		$	0.45		$	0.50
Dividends and distributions declared per common share	$	0.335		$	0.335		$	0.310		$	0.310		$	0.310
FFO payout ratio (2)		71.2	%		73.3	%		67.1	%		68.7	%		62.6	%
Reconciliation of FFO to adjusted funds from operations (AFFO):
FFO	$	34,477		$	31,286		$	31,574		$	30,792		$	33,804
Adjustments:
Master lease receipts (3)		—			103			232			232			232
Second generation capital expenditures		(464	)		(702	)		(532	)		(385	)		(301	)
Amortization of deferred loan costs		1,317			1,019			1,494			1,413			900
Amortization of fair-value of debt acquired		(561	)		(558	)		(629	)		(654	)		(231	)
Non-cash equity compensation		1,456			1,382			1,465			1,486			1,458
Straight line rents		(6,315	)		(4,296	)		(4,402	)		(4,152	)		(3,936	)
Fair-value lease revenue		(1,140	)		(1,139	)		(918	)		(870	)		(1,083	)
AFFO	$	28,770		$	27,095		$	28,284		$	27,862		$	30,843
AFFO per share — diluted	$	0.39		$	0.40		$	0.41		$	0.41		$	0.45
Dividends and distributions declared per common share	$	0.335		$	0.335		$	0.310		$	0.310		$	0.310
AFFO payout ratio (4)		85.3	%		84.6	%		74.9	%		76.0	%		68.6	%

(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)
JUNE 30, 2008
(In thousands)

	Three Months Ended
	6/30/08		3/31/08		12/31/07		9/30/07		6/30/07
Reconciliation of net income available to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income available to common stockholders	$	14,085	$	12,567	$	13,229	$	12,215	$	14,172
Interest expense		8,629		6,937		6,641		7,043		7,117
Depreciation & amortization — continuing operations		19,331		17,687		17,645		17,665		19,637
Depreciation & amortization — discontinued operations		—		—		—		—		91
Depreciation & amortization — unconsolidated partnerships		450		451		394		366		358
EBITDA		42,495		37,642		37,909		37,289		41,375
Minority interests		620		581		574		494		747
Preferred dividends		4,241		4,241		4,241		4,241		4,194
Adjusted EBITDA	$	47,356	$	42,464	$	42,724	$	42,024	$	46,316

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

12

RECONCILIATION OF NET OPERATING INCOME (1)
JUNE 30, 2008
(Dollars in thousands)

	Three Months Ended
	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Net income	$	18,326		$	16,808		$	17,470		$	16,456		$	18,366
Loss/(income) from discontinued operations		—			—			—			1			(1,283	)
Minority interests from continuing operations		620			581			574			494			690
Equity in net (income)/loss of unconsolidated partnerships		(43	)		172			199			261			454
Interest expense		8,629			6,937			6,641			7,043			7,117
Interest income		(106	)		(155	)		(181	)		(239	)		(339	)
Income from operations		27,426			24,343			24,703			24,016			25,005
Depreciation and amortization		19,331			17,687			17,645			17,665			19,637
General and administrative		5,645			6,194			5,880			5,283			5,364
Consolidated net operating income	$	52,402		$	48,224		$	48,228		$	46,964		$	50,006
Revenues:
Rental	$	54,223		$	50,617		$	49,645		$	49,382		$	49,460
Tenant recoveries		15,804			16,607			14,471			15,084			15,670
Other income/(loss)		744			434			(66	)		366			3,299
Total revenues		70,771			67,658			64,050			64,832			68,429
Expenses:
Rental operations		13,454			14,165			12,006			12,789			12,880
Real estate taxes		4,915			5,269			3,816			5,079			5,543
Total operating expenses		18,369			19,434			15,822			17,868			18,423
Consolidated net operating income	$	52,402		$	48,224		$	48,228		$	46,964		$	50,006
Consolidated net operating income — cash basis	$	45,068		$	42,915		$	42,991		$	41,981		$	44,994
Operating margin (2) (4)		73.8	%		71.1	%		75.3	%		72.3	%		71.7	%
Operating expense recovery (3) (4)		86.0	%		85.5	%		91.5	%		84.4	%		85.1	%

(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)

JUNE 30, 2008

(In thousands, except ratios)

	Three Months Ended
	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Excluding capitalized interest:
Adjusted EBITDA	$	47,356		$	42,464		$	42,724		$	42,024		$	46,316
Interest expense:
Interest expense		8,629			6,937			6,641			7,043			7,117
Interest expense — unconsolidated partnerships		421			524			476			633			579
Amortization of deferred loan costs		(1,317	)		(1,019	)		(1,494	)		(1,413	)		(900	)
Amortization of fair-value of debt acquired		561			558			629			654			231
Total interest expense	$	8,294		$	7,000		$	6,252		$	6,917		$	7,027
Interest coverage ratio		5.7			6.1			6.8			6.1			6.6
Including capitalized interest:
Adjusted EBITDA	$	47,356		$	42,464		$	42,724		$	42,024		$	46,316
Interest expense:
Interest expense		8,629			6,937			6,641			7,043			7,117
Interest expense — unconsolidated partnerships		421			524			476			633			579
Interest expense — accumulated other comprehensive income		1,831			995			—			—			—
Capitalized interest		11,541			14,638			16,057			14,902			13,480
Amortization of deferred loan costs		(1,317	)		(1,019	)		(1,494	)		(1,413	)		(900	)
Amortization of fair-value of debt acquired		561			558			629			654			231
Amortization of capitalized interest		59			58			26			11			11
Total interest expense	$	21,725		$	22,691		$	22,335		$	21,830		$	20,518
Interest coverage ratio		2.2			1.9			1.9			1.9			2.3

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

14

FIXED CHARGE COVERAGE RATIOS (1)
JUNE 30, 2008
(In thousands, except ratios)

	Three Months Ended
	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Excluding capitalized interest:
Adjusted EBITDA	$	47,356		$	42,464		$	42,724		$	42,024		$	46,316
Fixed charges:
Interest expense		8,629			6,937			6,641			7,043			7,117
Interest expense — unconsolidated partnerships		421			524			476			633			579
Amortization of deferred loan costs		(1,317	)		(1,019	)		(1,494	)		(1,413	)		(900	)
Amortization of fair value of debt acquired		561			558			629			654			231
Principal payments		1,448			1,446			1,510			1,528			1,507
Principal payments — unconsolidated partnerships		7			7			6			6			6
Preferred dividends		4,241			4,241			4,241			4,241			4,194
Total fixed charges	$	13,990		$	12,694		$	12,009		$	12,692		$	12,734
Fixed charge coverage ratio		3.4			3.3			3.6			3.3			3.6
Including capitalized interest:
Adjusted EBITDA	$	47,356		$	42,464		$	42,724		$	42,024		$	46,316
Fixed charges:
Interest expense		8,629			6,937			6,641			7,043			7,117
Interest expense — unconsolidated partnerships		421			524			476			633			579
Interest expense — accumulated other comprehensive income		1,831			995			—			—			—
Capitalized interest		11,541			14,638			16,057			14,902			13,480
Amortization of capitalized interest		59			58			26			11			11
Amortization of deferred loan costs		(1,317	)		(1,019	)		(1,494	)		(1,413	)		(900	)
Amortization of fair value of debt acquired		561			558			629			654			231
Principal payments		1,448			1,446			1,510			1,528			1,507
Principal payments — unconsolidated partnerships		7			7			6			6			6
Preferred dividends		4,241			4,241			4,241			4,241			4,194
Total fixed charges	$	27,421		$	28,385		$	28,092		$	27,605		$	26,225
Fixed charge coverage ratio		1.7			1.5			1.5			1.5			1.8

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

15

DEBT SUMMARY
JUNE 30, 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	%	$	4,515	$	346	$	4,861		07/12
Bayshore Boulevard		4.55	%		4.55	%		15,131		—		15,131		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,447		845		12,292		01/11
40 Erie Street		7.34	%		4.90	%		17,070		35		17,105		08/08
500 Kendall Street (Kendall D)		6.38	%		5.45	%		68,636		4,312		72,948		12/18
Lucent Drive		5.50	%		5.50	%		5,443		—		5,443		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,211		—		9,211		01/10
6828 Nancy Ridge Drive		7.15	%		5.38	%		6,741		464		7,205		09/12
Road to the Cure		6.70	%		5.78	%		15,315		650		15,965		01/14
Science Center Drive		7.65	%		5.04	%		11,226		836		12,062		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—		147,000		09/16
Sidney Street		7.23	%		5.11	%		29,592		2,138		31,730		06/12
9885 Towne Centre Drive		4.55	%		4.55	%		21,039		—		21,039		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,434		145		1,579		05/15
Total / weighted average on fixed rate mortgages		6.23	%		5.48	%		363,800		9,771		373,571
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	%		538,800		9,771		548,571
Variable rate debt:
Secured term loan		4.11	%		4.11	%		250,000		—		250,000		08/12
$600 million unsecured line of credit		3.71	%		3.71	%		213,210		—		213,210		08/11
$550 million secured construction loan		3.71	%		3.71	%		483,997		—		483,997		11/09
Total / weighted average variable rate debt		3.82	%		3.82	%		947,207		—		947,207
Total / weighted average consolidated debt		4.49	%		4.30	%	$	1,486,007	$	9,771	$	1,495,778
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)		3.69	%		3.69	%	$	71,673	$	—	$	71,673		04/09
PREI secured construction loan (20%) (variable)		4.05	%		4.05	%		21,388		—		21,388		08/10
McKellar Court (21%) (fixed)		8.56	%		4.63	%		2,189		—		2,189		01/10
Total / weighted average share of unconsolidated partnership debt		3.88	%		3.79	%		95,250		—		95,250
Total / weighted average consolidated and share of unconsolidated partnership debt		4.45	%		4.27	%	$	1,581,257	$	9,771	$	1,591,028

16

DEBT ANALYSIS
JUNE 30, 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	$	1,097,797		73.9	%		4.64	%		4.39	%
Unsecured debt		388,210		26.1	%		4.07	%		4.07	%
Total consolidated debt	$	1,486,007		100.0	%		4.49	%		4.30	%

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	$	538,800		36.3	%		5.67	%		5.16	%
Variable rate debt — hedged		785,000		52.8	%		5.94	%		5.94	%
Variable rate debt — unhedged		162,207		10.9	%		3.76	%		3.76	%
Total consolidated debt	$	1,486,007		100.0	%		5.60	%		5.42	%

	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Total consolidated debt:
Fixed rate debt / Total debt		36.3	%		34.7	%		36.5	%		39.6	%		43.8	%
Adjusted fixed rate debt / Total debt (1)		89.1	%		85.0	%		89.2	%		84.4	%		62.8	%
Total consolidated debt and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		34.2	%		33.0	%		34.7	%		37.5	%		41.1	%
Adjusted fixed rate debt / Total debt (1)		83.9	%		80.5	%		84.5	%		79.7	%		58.9	%

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

17

DEBT MATURITIES
JUNE 30, 2008
(In thousands)

Weighted average debt maturity is 5.3 years and 5.1 years for consolidated and unconsolidated debt, respectively.

	2008		2009		2010		2011		2012		Thereafter		Total
Consolidated debt:
Fixed rate debt:
Fixed rate mortgages	$	19,462	$	5,026	$	47,446	$	26,220	$	41,421	$	224,225	$	363,800
Unsecured exchangeable senior notes		—		—		—		—		—		175,000		175,000
Total fixed rate debt		19,462		5,026		47,446		26,220		41,421		399,225		538,800
Variable rate debt:
Secured term loan		—		—		—		—		250,000		—		250,000
$600 million unsecured line of credit		—		—		—		213,210		—		—		213,210
$550 million secured construction loan		—		483,997		—		—		—		—		483,997
Total variable rate debt		—		483,997		—		213,210		250,000		—		947,207
Total consolidated debt	$	19,462	$	489,023	$	47,446	$	239,430	$	291,421	$	399,225	$	1,486,007
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)	$	—	$	71,673	$	—	$	—	$	—	$	—	$	71,673
PREI secured construction loan (20%) (variable)		—		—		21,388		—		—		—		21,388
McKellar Court (21%) (fixed)		15		32		2,142		—		—		—		2,189
Share of total unconsolidated partnership debt	$	15	$	71,705	$	23,530	$	—	$	—	$	—	$	95,250
Total consolidated and share of unconsolidated partnership debt	$	19,477	$	560,728	$	70,976	$	239,430	$	291,421	$	399,225	$	1,581,257

18

COMMON AND PREFERRED STOCK DATA
JUNE 30, 2008
(Shares in thousands)

SUMMARY OF COMMON SHARES

	Three Months Ended
	6/30/08			3/31/08			12/31/07			9/30/07			6/30/07
Weighted average common shares outstanding		70,094			65,351			65,308			65,308			65,299
Weighted average OP and LTIP units outstanding		3,121			3,066			2,917			2,917			2,917
Dilutive effect of restricted stock		33			13			82			50			54
Diluted common shares		73,248			68,430			68,307			68,275			68,270
Closing common shares, OP and LTIP units outstanding		75,224			69,089			68,890			68,762			68,759
Preferred shares outstanding		9,200			9,200			9,200			9,200			9,200
High price	$	27.75		$	25.33		$	26.25		$	26.20		$	29.94
Low price	$	23.59		$	19.32		$	20.89		$	21.00		$	24.13
Average closing price	$	25.91		$	22.46		$	23.52		$	24.17		$	27.59
Closing price	$	24.53		$	23.89		$	23.17		$	24.10		$	25.12
Dividends per share — annualized	$	1.34		$	1.34		$	1.24		$	1.24		$	1.24
Closing dividend yield — annualized		5.5	%		5.6	%		5.4	%		5.1	%		4.9	%

DIVIDENDS PER SHARE

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

19

MARKET SUMMARY
JUNE 30, 2008

			Current (1)							Expiration
								Annualized							Annualized
	Leased				Percent of			Base Rent				Percent of			Base Rent
	Square		Annualized		Annualized			per Leased		Annualized		Annualized			per Leased
Market	Feet		Base Rent		Base Rent			Sq Ft		Base Rent		Base Rent			Sq Ft
			(in thousands)							(in thousands)
Boston		1,824,470	$	89,082		33.9	%	$	48.83	$	96,070		30.4	%	$	52.66
Maryland		1,144,968		45,166		17.2	%		39.45		63,578		20.2	%		55.53
San Francisco		1,275,336		27,574		10.5	%		21.62		36,793		11.7	%		28.85
San Diego		933,756		28,589		10.9	%		30.62		37,277		11.8	%		37.03
New York / New Jersey		1,006,194		26,325		10.0	%		26.16		31,355		9.9	%		31.16
Pennsylvania		687,399		14,788		5.6	%		21.51		16,287		5.2	%		23.69
Seattle		139,010		4,746		1.8	%		34.14		5,682		1.8	%		40.87
University Related — Other		249,507		7,670		2.9	%		30.74		8,890		2.8	%		35.63
Total consolidated portfolio / weighted average		7,260,640	$	243,940		92.8	%	$	33.60	$	295,932		93.8	%	$	40.76
Unconsolidated partnership properties (2)		369,824		18,902		7.2	%		51.11		19,493		6.2	%		52.71
Total portfolio / weighted average		7,630,464	$	262,842		100.0	%	$	34.45	$	315,425		100.0	%	$	41.34

(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
JUNE 30, 2008

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		6/30/08			3/31/08
	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	%		98.2	%
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	%		91.2	%
	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		6.8	%		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		12.2	%		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	%		—		—			—
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		14.7	%		336,461		24.2	%		13.9	%
	Total San Francisco				23		2,655,594		28.0	%		1,275,336		48.0	%		42.6	%
	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		72,192		0.8	%		21,470		29.7	%		—
33	6114-6154 Nancy Ridge Drive	May 2, 2007	Stabilized		3		121,000		1.3	%		121,000		100.0	%		100.0	%
34	6828 Nancy Ridge Drive	April 21, 2005	Lease Up		1		42,138		0.4	%		35,370		83.9	%		83.9	%
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	%		50,305		74.0	%		67.6	%
37	San Diego Science Center	October 21, 2004	Lease Up		1		105,364		1.1	%		78,768		74.8	%		75.8	%

21

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
JUNE 30, 2008

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		6/30/08			3/31/08
	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	Stabilized		1		54,924		0.6	%		54,924		100.0	%		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	March 1, 2005	Stabilized		1		50,055		0.5	%		45,026		90.0	%		90.0	%
	Total San Diego				20		1,040,564		11.0	%		933,756		89.7	%		86.7	%
	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	%		744,521		99.1	%		97.1	%
46	Landmark at Eastview II	August 12, 2004	CIP		3		360,000		3.8	%		229,644		63.8	%		63.8	%
47	One Research Way	May 31, 2006	Lease Up		1		49,421		0.5	%		—		—			—
	Total New York / New Jersey				13		1,233,369		13.0	%		1,006,194		81.6	%		80.4	%
	Pennsylvania
48	Eisenhower Road (2)	August 13, 2004	Lease Up		1		27,750		0.3	%		16,565		59.7	%		—
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	%		87.7	%
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	%		76,378		100.0	%		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	%		687,399		88.3	%		85.9	%
	Seattle
55	Elliott Avenue (2)	August 24, 2004	Rep / Redev		1		134,989		1.4	%		6,317		4.7	%		4.7	%
56	500 Fairview Avenue (2)	January 28, 2008	Stabilized		1		22,213		0.2	%		22,213		100.0	%		100.0	%
57	530 Fairview Avenue (4)	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	%		37.6	%
	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		9,472,420		100.0	%		7,260,640		76.7	%		74.4	%

(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 530 Fairview Avenue development.

22

REPOSITIONING AND REDEVELOPMENT
JUNE 30, 2008
(Dollars in thousands)

		Total Property					Estimated
		Rentable	Percent		Percent		In-Service
Property	Market	Square Feet	Leased		In Service		Date (1)
Eccles Avenue	San Francisco	152,145	—		—		2012
Elliott Avenue	Seattle	134,989	4.7	%	4.7	%	Q1 2010
John Hopkins Court	San Diego	72,192	29.7	%	—		Q3 2008
Pacific Research Center	San Francisco	1,389,517	24.2	%	7.4	%	Q2 2009
217th Place	Seattle	67,799	62.9	%	62.9	%	Q3 2008
Total / weighted average		1,816,642	22.4	%	8.3	%

	Cost Estimate (2)				Cost Estimate Per Square Foot
	Low Estimate		High Estimate		Low Estimate		High Estimate
Investment to date	$	359,200	$	359,200	$	197.73	$	197.73
Future cost estimate		176,000		226,000		96.88		124.41
Total cost estimate	$	535,200	$	585,200	$	294.61	$	322.14

	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.
(2)	Consists of amounts paid through period end and excludes any amounts accrued.

23

DEVELOPMENT AND LAND PARCELS
JUNE 30, 2008
(Dollars in thousands)

CONSTRUCTION IN PROGRESS:

		Estimated							Estimated		Estimated
		Rentable	Percent		Percent		Investment		Total		In-Service
Property	Market	Square Feet	Leased		In Service		to Date (1)		Investment		Date (2)
Center for Life Science ¦ Boston	Boston	703,000	80.1	%	34.4	%	$	704,400	$	730,000		Q1 2009
530 Fairview Avenue	Seattle	94,000	17.9	%	—			30,200		44,000		Q2 2009
Landmark at Eastview II	New York / New Jersey	360,000	63.8	%	—			62,200		145,000		Q2 2009
9865 Towne Centre Drive	San Diego	84,000	100.0	%	—			20,800		26,000		Q3 2008
Total / weighted average		1,241,000	72.0	%	19.5	%	$	817,600	$	945,000

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)	Consists of amounts paid through period end and excludes any amounts accrued.
(2)	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
JUNE 30, 2008
(Dollars in thousands)

Rentable

Leased

Property

Square

Square

Percent Leased

Property

Acquisition Date

Status (1)

Buildings

Feet (2)

Feet

6/30/08

3/31/08

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	$	16,343		$	585,533		$	601,876
Total debt		10,425			465,309			475,734
BioMed’s pro rata share of debt		2,189			93,061			95,250
BioMed’s net investment in unconsolidated partnerships	$	2,390		$	18,768		$	21,158
BioMed ownership percentage		21	%		20	%

(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
JUNE 30, 2008

Weighted average remaining lease term is 9.1 years for the consolidated portfolio and 9.1 years for the total portfolio

						Current (1)							Expiration
											Annualized							Annualized
			Percent of					Percent of			Base Rent				Percent of			Base Rent
	Leased		Leased			Annualized		Annualized			per Leased		Annualized		Annualized			per Leased
Expiration	Square Feet		Square Feet			Base Rent		Base Rent			Square Feet		Base Rent		Base Rent			Square Feet
						(in thousands)							(in thousands)
Month-to-month		10,699		0.1	%	$	132		0.1	%	$	12.34	$	132		0.0	%	$	12.34
Third quarter 2008		17,176		0.2	%		333		0.1	%		19.39		333		0.1	%		19.39
Fourth quarter 2008		53,510		0.7	%		1,912		0.7	%		35.73		1,957		0.6	%		36.57
2008		81,385		1.0	%		2,377		0.9	%		29.21		2,422		0.7	%		29.76
2009		344,975		4.5	%		6,259		2.4	%		18.14		6,296		2.0	%		18.25
2010		753,846		9.9	%		17,796		6.8	%		23.61		17,931		5.7	%		23.79
2011		387,549		5.1	%		13,245		5.0	%		34.18		13,993		4.4	%		36.11
2012		450,543		5.9	%		10,495		4.0	%		23.29		11,321		3.6	%		25.13
2013		467,353		6.1	%		9,589		3.6	%		20.52		11,877		3.8	%		25.41
2014		634,547		8.3	%		14,893		5.7	%		23.47		17,095		5.4	%		26.94
2015		84,157		1.1	%		2,683		1.0	%		31.88		3,234		1.0	%		38.43
2016		603,067		7.9	%		22,633		8.6	%		37.53		25,736		8.2	%		42.68
2017		198,447		2.6	%		4,157		1.6	%		20.95		6,827		2.2	%		34.40
Thereafter		3,624,595		47.6	%		158,715		60.4	%		43.79		198,693		63.0	%		54.82
Total / weighted average		7,630,464		100.0	%	$	262,842		100.0	%	$	34.45	$	315,425		100.0	%	$	41.34

(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
JUNE 30, 2008

	Rentable Square Feet of Expiring Leases
Expiration	Boston		Maryland		San Francisco		San Diego		NY/NJ		Pennsylvania		Seattle		University/Other		Total
2008		—		—		—		60,271		3,043		11,754		6,317		—		81,385
2009		—		—		66,688		37,467		221,008		19,812		—		—		344,975
2010		347,647		—		118,992		29,541		224,577		33,089		—		—		753,846
2011		140,627		—		71,308		44,604		22,638		108,372		—		—		387,549
2012		20,608		—		188,442		65,730		140,676		12,874		22,213		—		450,543
2013		—		—		128,984		220,982		73,069		44,318		—		—		467,353
2014		28,019		—		66,002		127,787		—		374,387		16,852		21,500		634,547
2015		—		—		—		53,740		19,124		11,293		—		—		84,157
2016		152,520		—		100,040		—		—		71,500		51,000		228,007		603,067
2017		—		51,181		101,872		—		45,394		—		—		—		198,447
Thereafter		1,432,010		1,093,787		433,008		366,497		256,665		—		42,628		—		3,624,595
Total		2,121,431		1,144,968		1,275,336		1,006,619		1,006,194		687,399		139,010		249,507		7,630,464

27

10 LARGEST TENANTS
JUNE 30, 2008

Our properties were leased to 123 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		12.1	%	$	41,096	$	44.43		15.6	%	May 2026
2	Vertex Pharmaceuticals Incorporated (2)		685,286		9.0	%		28,390		41.43		10.8	%	Multiple
3	Beth Israel Deaconess Medical Center		361,703		4.7	%		25,496		70.49		9.7	%	June 2023
4	Genzyme Corporation		343,000		4.5	%		15,457		45.06		5.9	%	July 2018
5	Regeneron Pharmaceuticals, Inc. (3)		477,257		6.3	%		13,620		28.54		5.2	%	Multiple
6	Ironwood Pharmaceuticals, Inc. (4) (5)		160,894		2.1	%		9,509		59.10		3.6	%	Multiple
7	Centocor, Inc. (Johnson & Johnson)		374,387		4.9	%		8,428		22.51		3.2	%	March 2014
8	Schering Corporation (4)		136,067		1.8	%		7,609		55.92		2.9	%	August 2016
9	Array BioPharma Inc. (6)		228,007		3.0	%		7,122		31.24		2.7	%	Multiple
10	Illumina, Inc.		193,270		2.5	%		7,037		36.41		2.7	%	October 2023
	Total / weighted average (7)		3,884,841		50.9	%	$	163,764	$	42.15		62.3	%

(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)	220,592 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 II 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
JUNE 30, 2008
(Dollars in thousands)

	Quarter Ended
	6/30/08			6/30/07			Percent Change
Total Same Property Portfolio (1)
Number of properties		45			45
Rentable square feet		5,772,168			5,772,168
Percent of total portfolio		55.3	%		64.2	%
Percent leased		93.1	%		92.2	%
Revenues:
Rental	$	46,491		$	45,277			2.7	%
Tenant recoveries		14,307			13,451			6.4	%
Total revenues		60,798			58,728			3.5	%
Expenses:
Rental operations		11,095			10,844			2.3	%
Real estate taxes		4,428			4,647			(4.7	%)
Total expenses		15,523			15,491			0.2	%
Same property net operating income (2)	$	45,275		$	43,237			4.7	%
Less straight line rents, fair value and incentive revenue		(4,379	)		(4,678	)		(6.4	%)
Same property net operating income — cash basis (2) (3)	$	40,896		$	38,559			6.1	%
Rental revenue — cash basis (3)	$	42,112		$	40,599			3.7	%

	6/30/08		3/31/08
Number of properties	45		44
Change in same property net operating income	4.7	%	3.6	%
Change in same property net operating income — cash basis	6.1	%	4.9	%

(1)	The same property portfolio includes properties in the consolidated and unconsolidated partnership portfolios 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.

29

ACQUISITIONS
JUNE 30, 2008

Acquisitions since August 11, 2004:

			Rentable
	Number of		Square
	Properties		Feet (1)		Investment
					(In thousands)
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		1,027,265		653,800
2008
First Quarter 2008		1		22,213		4,000
Second Quarter 2008		—		—		—
Total 2008 acquisitions		1		22,213		4,000
Total acquisitions since August 11, 2004		71		8,897,600	$	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	%
Second Quarter 2008				—		—		—
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)
JUNE 30, 2008

				Current
	Leased			Annualized
	Square			Base Rent per
	Feet			Leased Sq Ft
Leased Square Feet as of March 31, 2008		7,411,787		$	34.42
Pre-leasing delivered		7,602			27.00
Expirations		(116,229	)		27.28
Renewals, amendments, and extensions		103,011			31.32
New leases		224,293			12.38
Leased Square Feet as of June 30, 2008		7,630,464		$	34.45
Pre-leased Square Feet as of March 31, 2008		17,462		$	27.00
Current period pre-leasing delivered		(7,602	)		27.00
Pre-leased Square Feet as of June 30, 2008		9,860		$	27.00
Gross Leasing Activity — Second Quarter 2008		327,304		$	18.34

(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
JUNE 30, 2008

	Three Months Ended
	6/30/08		3/31/08		12/31/07		9/30/07		6/30/07
Renewals, Amendments, and Extensions (1)
Number of renewals		5		1		4		3		2
Square feet		103,011		5,884		391,854		143,993		88,928
Tenant improvement costs per square foot (2)	$	29.12	$	—	$	0.51	$	1.22	$	—
Leasing commission costs per square foot (2)		4.95		—		0.52		0.38		—
Total tenant improvement and leasing commission costs psf	$	34.08	$	—	$	1.04	$	1.60	$	—
New Leases (3)
Number of leases		9		8		14		13		5
Square feet		224,293		121,006		288,781		146,063		122,800
Tenant improvement costs per square foot (2)	$	8.98	$	137.52	$	59.08	$	32.13	$	58.87
Leasing commission costs per square foot (2)		6.06		15.40		9.88		4.34		14.26
Total tenant improvement and leasing commission costs psf	$	15.05	$	152.92	$	68.96	$	36.48	$	73.13
Total (4)
Number of renewals/leases		14		9		18		16		7
Square feet		327,304		126,890		680,635		290,056		211,728
Tenant improvement costs per square foot (2)	$	15.32	$	131.15	$	25.36	$	16.78	$	34.14
Leasing commission costs per square foot (2)		5.71		14.68		4.49		2.38		8.27
Total tenant improvement and leasing commission costs psf	$	21.04	$	145.83	$	29.85	$	19.16	$	42.41

(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
JUNE 30, 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 a performance measure that, when compared year over year, reflects the impact to operations from trends in occupancy rates, rental rates, operating costs, development activities and interest costs, providing perspective not immediately apparent from net income. We compute FFO in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, in its March 1995 White Paper (as amended in November 1999 and April 2002). As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures. Our computation may differ from the methodology for calculating FFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO does not represent amounts available for management’s discretionary use because of needed capital replacement or expansion, debt service obligations, or other commitments and uncertainties. FFO should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an indicator of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions.

Adjusted Funds from Operations (AFFO)

We present adjusted funds from operations, or AFFO, as a supplemental operating measure because, when compared year over year, it assesses our ability to fund dividend and distribution requirements from our operating activities. We also believe that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess our ability to fund dividend payments in comparison to other REITs. We calculate AFFO by adding to FFO: (a) amounts received pursuant to master lease agreements on certain properties, which are not included in rental income for GAAP purposes, and (b) non-cash operating revenues and expenses. Other equity REITs may not calculate AFFO in a consistent manner. Accordingly, our AFFO may not be comparable to other equity REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our operations.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) 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
JUNE 30, 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

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