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

Exhibit 99.1

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

BIOMED REALTY TRUST REPORTS
THIRD QUARTER 2008 FINANCIAL RESULTS

SAN DIEGO, Calif. — October 29, 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 third quarter ended September 30, 2008.

Highlights:

• Quarterly total revenues increased 24.6% to $80.8 million from $64.8 million in the third quarter 2007

• Completed delivery of the 84,000 square foot build-to-suit laboratory and office facility at our Towne Centre Drive campus in San Diego to our tenant, Illumina, Inc.

• Continued delivery of space to Beth Israel Deaconess Medical Center, Inc. at the Center for Life Science | Boston, bringing total occupancy at the building to nearly 80% at the end of the quarter

• Executed leasing transactions during the quarter representing nearly 200,000 square feet:

o Six new leases totaling approximately 52,000 square feet, including an approximately 28,000 square foot lease with Nteryx, Inc. at our Ardenwood Boulevard property in the Fremont/Newark submarket of the San Francisco Bay Area

o Seven leases amended to extend their terms totaling approximately 147,000 square feet, including a 15-year extension on approximately 91,000 square feet leased to Regeneron Pharmaceuticals, Inc., expanding Regeneron’s long-term commitment at our Landmark at Eastview property in New York to over 348,000 square feet

• Funds from operations (FFO) for the quarter increased 15.5% from the third quarter 2007 to $35.6 million, or $0.48 per diluted share

“Our continued successes on the operating front, combined with our conservative approach to our capital structure, have enabled us to maintain our focus throughout these extremely turbulent, challenging times, and position us well to take advantage of the opportunities we see in our business. We remain confident in the fundamental long-term demand drivers for

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the life science industry, and in turn for life science real estate,” commented Alan D. Gold, President and Chief Executive Officer of BioMed Realty Trust.

Third Quarter 2008 Financial Results

Rental revenues for the quarter were $59.4 million, representing a 20.2% increase versus the third quarter of 2007. Same property net operating income increased 7.3% on a cash basis for the third quarter of 2008 compared to the third quarter of 2007.

Total revenues for the quarter were $80.8 million, compared to $64.8 million in the third quarter of 2007. Net income available to common stockholders for the quarter was $13.0 million, or $0.18 per diluted share, compared to $12.2 million, or $0.19 per diluted share, in the third quarter of 2007.

FFO during the quarter was $35.6 million, representing a 15.5% increase versus the third quarter of 2007. FFO per diluted share was $0.48 for the third quarter of 2008 versus $0.45 in the third quarter of 2007.

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.

Financing Activity

As of September 30, 2008, the company’s consolidated debt included fixed-rate mortgage indebtedness with an aggregate outstanding principal amount of $354.8 million, including $9.3 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; $266.7 million in outstanding borrowings under the company’s $600 million unsecured revolving line of credit, with a weighted-average effective interest rate of 3.8% at quarter-end; and $501.0 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 4.4% at quarter-end. The company’s debt to total capitalization ratio was 41.0% at September 30, 2008.

After the quarter ended, on October 6, 2008, the company completed the sale of 8,625,000 shares of common stock, raising net proceeds of approximately $212.4 million after deducting

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underwriter discounts and commissions and estimated expenses. The net proceeds were utilized to repay a portion of the outstanding borrowings on our $600 million unsecured line of credit and for other general corporate and working capital purposes.

“We have maintained our consistently conservative approach to managing our balance sheet and we were pleased to be able to further fortify our balance sheet through our October 2008 common stock offering. We appreciate the consistent support we have received from our shareholders and lenders,” commented Kent Griffin, Chief Financial Officer of BioMed Realty Trust.

Portfolio Update

As of September 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 89.0% leased to 115 tenants, as of September 30, 2008:

	Rentable
	Square Feet
Operating portfolio		7,304,971
Repositioning and redevelopment properties		1,676,651
Construction in progress		1,437,000
Total portfolio		10,418,622
Land parcels		1,367,000
Total proforma portfolio		11,785,622

Following the end of the quarter, on October 3, 2008, a portion of the parking spaces at the garage located on the company’s Center for Life Science | Boston property were sold for approximately $29.0 million pursuant to an agreement assumed by the company in connection with its acquisition of the property in November 2006.

On October 14, 2008, the company acquired the minority interest in the entity that owns the 530 Fairview Avenue property in Seattle for approximately $2.6 million; as a result, the company owns 100% of the property.

Quarterly Distributions

BioMed Realty Trust’s board of directors previously declared a third 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 July 16, 2008 through October 15, 2008.

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Earnings Guidance

Having reported results for the first nine months of 2008, the company has narrowed its 2008 earnings guidance. The company has also adjusted its earnings guidance to reflect the impact of the October 2008 common stock offering. The company’s revised 2008 guidance for net income per diluted share and FFO per diluted share is set forth and reconciled below.

	2008
	(Low - High)
Projected net income per diluted share available to common stockholders	$	0.71 - 0.74
Add:
Minority interest in operating partnership	$	0.03
Real estate depreciation and amortization	$	1.10
Projected FFO per diluted share	$	1.84 - $1.87

The company’s initial 2009 guidance for net income per diluted share and FFO per diluted share is set forth and reconciled below.

	2009
	(Low - High)
Projected net income per diluted share available to common stockholders	$	0.54 - 0.74
Add:
Minority interest	$	0.02
Real estate depreciation and amortization	$	1.04
Projected FFO per diluted share	$	1.60 -$1.80

Consistent with the 2008 guidance, the company’s 2009 guidance does not include the impact of future acquisition activities. In addition, the company’s 2009 guidance includes the estimated impact of the change in accounting for its exchangeable senior notes, the company’s October 2008 common stock offering and higher anticipated financing costs.

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, financing transactions, 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 atwww.biomedrealty.com.

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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) on Thursday, October 30, 2008 to discuss the company’s financial results and operations for the quarter. The call will be open to all interested investors either through a live audio web cast at the Investor Relations section of the company’s web site atwww.biomedrealty.com andwww.earnings.com, or live by calling (866) 314-5050 (domestic) or (617) 213-8051 (international) with call ID number 52610625. 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, October 30, 2008 through midnight Pacific Time on Tuesday, November 4, 2008 by calling (888) 286-8010 (domestic) or (617) 801-6888 (international) and using access code 61247789.

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 1.4 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

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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)

	September 30, 2008			December 31, 2007
	(Unaudited)
ASSETS
Investments in real estate, net	$	2,915,675		$	2,805,983
Investments in unconsolidated partnerships		20,296			22,588
Cash and cash equivalents		23,451			13,479
Restricted cash		8,291			8,867
Accounts receivable, net		7,284			4,457
Accrued straight-line rents, net		52,721			36,415
Acquired above-market leases, net		4,661			5,745
Deferred leasing costs, net		107,145			116,491
Deferred loan costs, net		12,057			15,567
Other assets		70,837			27,676
Total assets	$	3,222,418		$	3,057,268
LIABILITIES AND STOCKHOLDERS’ EQUITY
Mortgage notes payable, net	$	354,828		$	379,680
Secured construction loan		500,998			425,160
Secured term loan		250,000			250,000
Exchangeable senior notes		175,000			175,000
Unsecured line of credit		266,660			270,947
Security deposits		7,469			7,090
Dividends and distributions payable		29,441			25,596
Accounts payable, accrued expenses, and other liabilities		106,553			95,871
Acquired below-market leases, net		19,212			23,708
Total liabilities		1,710,161			1,653,052
Minority interests		14,968			17,280
Stockholders’ equity:
Preferred stock		222,413			222,413
Common stock		717			656
Additional paid-in capital		1,432,350			1,277,770
Accumulated other comprehensive loss		(35,657	)		(21,762	)
Dividends in excess of earnings		(122,534	)		(92,141	)
Total stockholders’ equity		1,497,289			1,386,936
Total liabilities and stockholders’ equity	$	3,222,418		$	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 Nine Months
	Ended September 30,						Ended September 30,
	2008			2007			2008			2007
	(Unaudited)						(Unaudited)
Revenues:
Rental	$	59,381		$	49,382		$	163,946		$	146,351
Tenant recoveries		20,911			15,084			53,297			47,264
Other income		519			366			1,697			8,445
Total revenues		80,811			64,832			218,940			202,060
Expenses:
Rental operations		17,027			12,789			44,345			38,784
Real estate taxes		6,763			5,079			16,948			16,538
Depreciation and amortization		21,506			17,665			58,525			54,556
General and administrative		4,589			5,283			16,428			15,990
Total expenses		49,885			40,816			136,246			125,868
Income from operations		30,926			24,016			82,694			76,192
Equity in net loss of unconsolidated partnerships		(208	)		(261	)		(338	)		(694	)
Interest income		110			239			370			809
Interest expense		(13,035	)		(7,043	)		(28,600	)		(21,013	)
Income from continuing operations before minority interests		17,793			16,951			54,126			55,294
Minority interests in continuing operations of consolidated partnerships		(11	)		51			(4	)		(61	)
Minority interests in continuing operations of operating partnership		(559	)		(545	)		(1,767	)		(1,821	)
Income from continuing operations		17,223			16,457			52,355			53,412
Income from discontinued operations before (loss)/gain on sale of assets and minority interests		—			—			—			639
(Loss)/gain on sale of real estate assets		—			(1	)		—			1,087
Minority interests attributable to discontinued operations		—			—			—			(74	)
(Loss)/income from discontinued operations		—			(1	)		—			1,652
Net income		17,223			16,456			52,355			55,064
Preferred stock dividends		(4,241	)		(4,241	)		(12,722	)		(12,628	)
Net income available to common stockholders	$	12,982		$	12,215		$	39,633		$	42,436
Income from continuing operations per share available to common stockholders:
Basic and diluted earnings per share	$	0.18		$	0.19		$	0.57		$	0.62
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.18		$	0.19		$	0.57		$	0.65
Weighted-average common shares outstanding:
Basic		71,513,333			65,308,702			68,995,015			65,300,802
Diluted		74,714,841			68,274,908			72,120,329			68,262,086

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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					Nine Months Ended
	September 30,					September 30,
	2008			2007		2008			2007
	(Unaudited)					(Unaudited)
Net income available to common stockholders	$	12,982		$	12,215	$	39,633		$	42,436
Adjustments:
Minority interests in operating partnership		559			545		1,767			1,895
Loss/(gain) on sale of real estate assets		—			1		—			(1,087	)
Depreciation and amortization — unconsolidated partnerships		524			366		1,425			745
Depreciation and amortization — consolidated entities-discontinued operations		—			—		—			228
Depreciation and amortization — consolidated entities-continuing operations		21,506			17,665		58,525			54,556
Depreciation and amortization — allocable to minority interest of consolidated joint ventures		(8	)		—		(25	)		—
Funds from operations available to common shares and partnership and LTIP units	$	35,563		$	30,792	$	101,325		$	98,773
Funds from operations per share — diluted	$	0.48		$	0.45	$	1.40		$	1.45
Weighted-average common shares outstanding — diluted		74,714,841			68,274,908		72,120,329			68,262,086

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.