Biomed Realty Trust 8-K Biomed Realty Trust Reports Fourth Quarter and Full-year 2008 Financial Results

Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
DECEMBER 31, 2008

BioMed Realty Trust, Inc.	Corporate Communications Contact	www.biomedrealty.com
17190 Bernardo Center Drive	Rick Howe	(858) 485-9840
San Diego, CA 92128	Director, Corporate Communications	(858) 485-9843 (fax)
	richard.howe@biomedrealty.com

TABLE OF CONTENTS
DECEMBER 31, 2008

	Page
Fourth 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, general risks affecting the real estate industry, 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, construction 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 ability to refinance indebtedness as it comes due, downturns in the national and local economies, increases in interest rates and volatility in securities markets, potential liability for uninsured losses and environmental contamination, the company’s dependence on key personnel whose continued service is not guaranteed, 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

FOURTH QUARTER HIGHLIGHTS
DECEMBER 31, 2008

Fourth Quarter Highlights

• The company significantly de-leveraged during the quarter, reducing the percentage of debt to total assets to 41.8%, the company’s lowest level since September 30, 2006, primarily as the result of lowering outstanding debt to $1.3 billion as of December 31, 2008 by:

• Completing a common stock offering of 8,625,000 shares resulting in net proceeds of approximately $212.4 million

• Repurchasing $46.8 million face value of our exchangeable senior notes for approximately $28.8 million

• Selling a portion of the parking spaces in the garage at the Center for Life Science | Boston for approximately $28.8 million

• Ten leasing transactions were executed representing approximately 195,000 square feet:

• Five new leases totaling approximately 130,000 square feet, including a 36,900 square foot lease with a wholly owned subsidiary of Novo Nordisk A/S at our 530 Fairview property in Seattle, and an additional 49,286 square foot lease with Children’s Hospital Corporation at the Center for Life Science | Boston

• Five leases amended to extend their terms, totaling approximately 65,000 square feet

• Net income available to common stockholders for the fourth quarter was $8.3 million, or $0.10 per diluted share, compared to $13.2 million, or $0.20 per diluted share, for the same period in 2007

• This fourth quarter net income included a gain related to the repurchase of a portion of our exchangeable senior notes of $17.1 million, or $0.21 per diluted share; a charge associated with ineffectiveness of forward starting interest rate swaps of approximately $19.2 million, or $0.23 per diluted share; and a charge associated with an executive retirement of $1.1 million, or $0.01 per diluted share

• Excluding the three items noted above, funds from operations (FFO) for the quarter would have been $38.2 million, or $0.46 per diluted share. Including these three items, FFO was $35.0 million, or $0.42 per diluted share, up from $31.6 million in the same period last year, an increase of 10.8%

• Total revenues increased to $83.0 million, up 29.6% from $64.1 million for the same period in 2007, largely as the result of continued leasing and development deliveries

• Same-property net operating income increased 3.7% on a cash basis from the same period in 2007

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 at www.biomedrealty.com.

3

INVESTOR INFORMATION
DECEMBER 31, 2008

Company Information
Corporate Headquarters	Trading Symbols	Transfer Agent	Stock Exchange Listing
17190 Bernardo Center Drive	BMR	BNY Mellon Shareowner Services	New York Stock Exchange
San Diego, CA 92128	BMRPrA	480 Washington Boulevard
(858) 485-9840		Jersey City, NJ 07310-1900
(858) 485-9843 (fax)		(212) 815-3782

Please visit our corporate website at: www.biomedrealty.com

Board of Directors

Alan D. Gold
Chairman

Barbara R. Cambon

Edward A. Dennis, Ph.D.

Richard I. Gilchrist

Gary A. Kreitzer

Theodore D. Roth

M. Faye Wilson

Senior Management

Alan D. Gold
Chairman and Chief Executive Officer

R. Kent Griffin, Jr.
President, Chief Operating Officer and Chief Financial Officer

Gary A. Kreitzer
Executive Vice President and General Counsel

Matthew G. McDevitt
Executive Vice President, Acquisitions and Leasing

William A. Gartner
Senior Vice President, Real Estate Operations

John P. Bonanno
Vice President, Development

Jonathan P. Klassen
Vice President, Legal and Secretary

Greg N. Lubushkin
Vice President, Chief Accounting Officer

Kevin M. Simonsen
Vice President, Real Estate Counsel

Karen A. Sztraicher
Vice President, Finance and Treasurer

2009 Tentative Schedule for Quarterly Results
First Quarter	April 29, 2009
Second Quarter	July 29, 2009
Third Quarter	October 28, 2009
Fourth Quarter	February 10, 2010

4

EQUITY RESEARCH COVERAGE
DECEMBER 31, 2008

Credit Suisse	Steven Benyik	(212) 538-0239	steve.benyik@credit-suisse.com
Friedman Billings Ramsey	Wilkes Graham / Zachary Tanenbaum	(703) 312-9737 / (703) 312-1833	wgraham@fbr.com / ztanenbaum@fbr.com
KeyBanc Capital Markets	Jordan Sadler / Craig Mailman	(917) 368-2280 / (917) 368-2316	jsadler@keybanccm.com / cmailman@keybanccm.com
Merrill Lynch	Steve Sakwa	(212) 449-0335	steve_sakwa@ml.com
Morningstar, Inc.	David Rodziewicz		david.rodziewicz@morningstar.com
Oppenheimer & Co.	Mark Biffert / Marisha Clinton	(212) 667-7062 / (212) 667-7416	mark.biffert@opco.com / marisha.clinton@opco.com
Raymond James	Paul D. Puryear / William A. Crow	(727) 567-2253 / (727) 567-5294	paul.puryear@raymondjames.com / bill.crow@raymondjames.com
RBC Capital Markets	David Rodgers / Mike Carroll	(440) 715-2647 / (440) 715-2649	dave.rodgers@rbccm.com / michael.carroll@rbccm.com
Robert W. Baird & Co.	David Aubuchon / Justin Pelham-Webb	(314) 863-4235 / (314) 863-6413	daubuchon@rwbaird.com / jpelham-webb@rwbaird.com
Stifel, Nicolaus & Company, Inc.	John W. Guinee / Erin Aslakson	(443) 224-1307 / (443) 224-1350	jwguinee@stifel.com / aslaksone@stifel.com
UBS Securities	Omotayo Okusanya, II	(212) 713-1864	omotayo.okusanya@ubs.com
Wachovia Securities	Christopher Haley / Brendan Maiorana	(443) 263-6773 / (443) 263-6516	christopher.haley@wachovia.com / brendan.maiorana@wachovia.com

5

FINANCIAL AND OPERATING HIGHLIGHTS
DECEMBER 31, 2008

(In thousands, except per share and ratio amounts)

	Three months ended
	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Selected Operating Data
Total revenues	$	83,033		$	80,811		$	70,771		$	67,358		$	64,050
EBITDA (1)		46,403			47,321			42,495			37,642			37,909
Adjusted EBITDA (1)		50,950			52,132			47,356			42,464			42,724
General and administrative expense		6,406			4,589			5,645			6,194			5,880
Interest expense		11,738			12,309			8,629			6,937			6,641
Capitalized interest		6,627			8,437			11,541			14,638			16,057
Interest incurred including swap payments (2)		18,630			22,742			22,001			22,570			22,698
Operating margin (3)		71.6	%		70.4	%		73.8	%		71.4	%		75.3	%
General and administrative expense / Total revenues		7.7	%		5.7	%		8.0	%		9.2	%		9.2	%
Net income available to common stockholders		8,300			12,982			14,085			12,567			13,229
Net income per share — diluted	$	0.10		$	0.18		$	0.20		$	0.19		$	0.20
FFO (4)		34,968			35,563			34,477			31,286			31,574
FFO per share — diluted (4)	$	0.42		$	0.48		$	0.47		$	0.46		$	0.46
AFFO (4)		32,612			30,545			28,770			27,095			28,284
AFFO per share — diluted (4)	$	0.39		$	0.41		$	0.39		$	0.40		$	0.41
Coverage Ratios (5)
Interest coverage		4.7			4.4			5.7			6.1			6.8
Fixed charge coverage		3.1			3.0			3.4			3.3			3.6
Dividend per share — common stock	$	0.335		$	0.335		$	0.335		$	0.335		$	0.310
FFO payout ratio (6)		79.4	%		70.4	%		71.2	%		73.3	%		67.1	%
AFFO payout ratio (6)		85.1	%		81.9	%		85.3	%		84.6	%		74.9	%

(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. Excludes ineffectiveness recognized on derivative instruments.
(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)	See page 11 for detail.

6

CAPITALIZATION SUMMARY
DECEMBER 31, 2008

(In thousands, except per share and ratio amounts)

	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Capitalization:
Total common shares outstanding		80,757			71,720			71,720			65,593			65,571
Total units outstanding (1)		3,436			3,504			3,504			3,495			3,318
Total common shares and units outstanding		84,193			75,224			75,224			69,089			68,889
Common share price at quarter end	$	11.72		$	26.45		$	24.53		$	23.89		$	23.17
Equity value at quarter end (2)	$	986,741		$	1,989,674		$	1,845,237		$	1,650,529		$	1,596,172
Preferred stock at liquidation value		230,000			230,000			230,000			230,000			230,000
Consolidated debt		1,347,306			1,547,486			1,495,778			1,571,050			1,500,787
Total capitalization	$	2,564,047		$	3,767,160		$	3,571,015		$	3,451,579		$	3,326,959
Debt / Total assets		41.8	%		48.0	%		47.0	%		50.3	%		49.1	%
Debt / Total capitalization		52.5	%		41.0	%		42.0	%		45.5	%		45.1	%
Total consolidated debt:
Fixed rate debt / Total debt		35.3	%		33.8	%		36.3	%		34.7	%		36.5	%
Adjusted fixed rate debt / Total debt (3)		65.2	%		59.8	%		89.1	%		85.0	%		89.2	%
Total consolidated and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		34.9	%		33.5	%		34.2	%		33.0	%		34.7	%
Adjusted fixed rate debt / Total debt (3)		62.6	%		57.9	%		83.9	%		80.5	%		84.5	%

(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
DECEMBER 31, 2008

										Unconsolidated
	Consolidated Portfolio							Partnership Portfolio (1)							Total Portfolio
	December 31, 2008
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties (2)		43		5,339,903		99.6	%		4		257,308		100.0	%		47		5,597,211		99.6	%
Lease up properties (2)		14		1,439,771		55.0	%		2		420,000		26.8	%		16		1,859,771		48.7	%
Total operating portfolio		57		6,779,674		90.1	%		6		677,308		54.6	%		63		7,456,982		86.9	%
Repositioning and redevelopment properties (3)		2		1,524,506		22.1	%		—		—		n/a			2		1,524,506		22.1	%
Construction in progress (4)		3		1,160,867		79.8	%		1		280,000		—			4		1,440,867		64.3	%
Total portfolio		62		9,465,047		77.9	%		7		957,308		38.6	%		69		10,422,355		74.3	%
Land parcels (4)		n/a		1,367,000		n/a			—		—		n/a			n/a		1,367,000		n/a
Total proforma portfolio		62		10,832,047		n/a			7		957,308		n/a			69		11,789,355		n/a

	September 30, 2008
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties		43		5,340,037		99.6	%		4		257,308		100.0	%		47		5,597,345		99.6	%
Lease up properties		13		1,287,626		63.6	%		2		420,000		26.8	%		15		1,707,626		54.6	%
Total operating portfolio		56		6,627,663		92.6	%		6		677,308		54.6	%		62		7,304,971		89.0	%
Repositioning and redevelopment properties		3		1,676,651		20.1	%		—		—		n/a			3		1,676,651		20.1	%
Construction in progress		3		1,157,000		70.0	%		1		280,000		—			4		1,437,000		56.4	%
Total portfolio		62		9,461,314		77.0	%		7		957,308		38.6	%		69		10,418,622		73.4	%
Land parcels		n/a		1,367,000		n/a			—		—		n/a			n/a		1,367,000		n/a
Total proforma portfolio		62		10,828,314		n/a			7		957,308		n/a			69		11,785,622		n/a

	Consolidated Portfolio						Total Portfolio
	12/31/08			9/30/08			12/31/08			9/30/08
Properties		62			62			69			69
Buildings		105			105			112			112
Tenants		120			119			124			123
Percent leased — operating portfolio		90.1	%		92.6	%		86.9	%		89.0	%
Weighted average remaining lease term (years)		8.8			9.0			8.8			9.0

(1)	Includes 72,863 rentable square feet of McKellar Court (21%) and 884,445 rentable square feet of PREI joint venture properties (20%). See page 25 for additional detail.
(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
DECEMBER 31, 2008

(In thousands)

	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Assets
Investments in real estate, net	$	2,957,735		$	2,915,675		$	2,885,704		$	2,868,432		$	2,805,983
Investments in unconsolidated partnerships		18,173			20,296			21,158			21,356			22,588
Cash and cash equivalents		21,422			23,451			21,357			19,383			13,479
Restricted cash		7,877			8,291			7,991			8,351			8,867
Accounts receivable, net		9,417			7,284			3,377			4,716			4,457
Accrued straight-line rents, net		58,138			52,721			46,997			40,682			36,415
Acquired above-market leases, net		4,329			4,661			5,017			5,374			5,745
Deferred leasing costs, net		101,519			107,145			109,380			112,334			116,491
Deferred loan costs, net		9,933			12,057			13,230			14,554			15,567
Other assets		38,256			70,837			68,323			30,767			27,676
Total assets	$	3,226,799		$	3,222,418		$	3,182,534		$	3,125,949		$	3,057,268
Liabilities and Stockholders’ Equity
Liabilities:
Mortgage notes payable, net	$	353,161		$	354,828		$	373,571		$	377,675		$	379,680
Secured construction loan		507,128			500,998			483,997			457,628			425,160
Secured term loan		250,000			250,000			250,000			250,000			250,000
Exchangeable senior notes		128,250			175,000			175,000			175,000			175,000
Unsecured line of credit		108,767			266,660			213,210			310,747			270,947
Security deposits		7,623			7,469			7,611			7,326			7,090
Dividends and distributions payable		32,445			29,441			29,441			27,385			25,596
Accounts payable, accrued expenses and other liabilities		66,821			74,878			73,362			80,893			74,103
Derivative instruments		126,091			31,676			23,264			53,858			21,768
Acquired below-market leases, net		17,286			19,212			20,702			22,199			23,708
Total liabilities		1,597,572			1,710,161			1,650,158			1,762,711			1,653,052
Minority interests		12,381			14,968			15,572			16,690			17,280
Stockholders’ equity:
Preferred stock		222,413			222,413			222,413			222,413			222,413
Common stock		808			717			717			656			656
Additional paid-in capital		1,647,039			1,432,350			1,430,942			1,279,852			1,277,770
Accumulated other comprehensive loss		(112,126	)		(35,657	)		(25,778	)		(54,824	)		(21,762	)
Dividends in excess of earnings		(141,288	)		(122,534	)		(111,490	)		(101,549	)		(92,141	)
Total stockholders’ equity		1,616,846			1,497,289			1,516,804			1,346,548			1,386,936
Total liabilities and stockholders’ equity	$	3,226,799		$	3,222,418		$	3,182,534		$	3,125,949		$	3,057,268

9

CONSOLIDATED STATEMENTS OF INCOME
DECEMBER 31, 2008

(In thousands, except share and per share data)

	Three Months Ended
	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Revenues:
Rental	$	63,518		$	59,381		$	54,223		$	50,342		$	49,645
Tenant recoveries		18,869			20,911			15,804			16,582			14,471
Other income/(loss)		646			519			744			434			(66	)
Total revenues		83,033			80,811			70,771			67,358			64,050
Expenses:
Rental operations		17,255			17,027			13,454			13,865			12,006
Real estate taxes		6,181			6,763			4,915			5,269			3,816
Depreciation and amortization		25,703			21,506			19,331			17,687			17,645
General and administrative		6,406			4,589			5,645			6,194			5,880
Total expenses		55,545			49,885			43,345			43,015			39,347
Income from operations		27,488			30,926			27,426			24,343			24,703
Equity in net (loss)/income of unconsolidated partnerships		(862	)		(208	)		43			(172	)		(199	)
Interest income		115			110			106			155			181
Interest expense		(11,738	)		(12,309	)		(8,629	)		(6,937	)		(6,641	)
Loss on derivative instruments		(19,222	)		(726	)		—			—			—
Gain on extinguishment of debt		17,066			—			—			—			—
Income before minority interests		12,847			17,793			18,946			17,389			18,044
Minority interests in continuing operations of consolidated partnerships		13			(11	)		(1	)		8			17
Minority interests in continuing operations of operating partnership		(319	)		(559	)		(619	)		(589	)		(591	)
Net income		12,541			17,223			18,326			16,808			17,470
Preferred stock dividends		(4,241	)		(4,241	)		(4,241	)		(4,241	)		(4,241	)
Net income available to common stockholders	$	8,300		$	12,982		$	14,085		$	12,567		$	13,229
Net income per share available to common stockholders:
Basic earnings per share	$	0.10		$	0.18		$	0.20		$	0.19		$	0.20
Diluted earnings per share	$	0.10		$	0.18		$	0.20		$	0.19		$	0.20
Weighted-average common shares outstanding:
Basic		79,692,998			71,513,333			70,094,003			65,350,512			65,308,702
Diluted		82,827,216			74,714,841			73,248,311			68,429,903			68,307,355

10

FFO (1) AND AFFO (1)
DECEMBER 31, 2008
(In thousands, except per share and ratio amounts)

	Three Months Ended
	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Reconciliation of net income to funds from operations (FFO):
Net income available to common stockholders	$	8,300		$	12,982		$	14,085		$	12,567		$	13,229
Adjustments:
Minority interests in operating partnership		319			559			619			589			591
Depreciation & amortization — continuing operations		25,703			21,506			19,331			17,687			17,645
Depreciation & amortization — unconsolidated partnerships		662			524			450			451			394
Depreciation & amortization — minority interest in consolidated joint ventures		(16	)		(8	)		(8	)		(8	)		(285	)
FFO	$	34,968		$	35,563		$	34,477		$	31,286		$	31,574
FFO per share — diluted	$	0.42		$	0.48		$	0.47		$	0.46		$	0.46
Dividends and distributions declared per common share	$	0.335		$	0.335		$	0.335		$	0.335		$	0.310
FFO payout ratio (2)		79.4	%		70.4	%		71.2	%		73.3	%		67.1	%
Reconciliation of FFO to adjusted funds from operations (AFFO):
FFO	$	34,968		$	35,563		$	34,477		$	31,286		$	31,574
Adjustments:
Master lease receipts (3)		—			—			—			103			232
Second generation capital expenditures		(1,105	)		(1,037	)		(464	)		(702	)		(532	)
Gain on extinguishment of debt		(17,066	)		—			—			—			—
Loss on derivative instruments		18,167			—			—			—			—
Ineffectiveness recognized on derivative instruments		1,055			726			—			—			—
Amortization of deferred loan costs		2,128			1,313			1,317			1,019			1,494
Amortization of fair-value of debt acquired		(456	)		(490	)		(561	)		(558	)		(629	)
Non-cash equity compensation		1,771			1,496			1,456			1,382			1,465
Straight line rents		(5,256	)		(5,892	)		(6,315	)		(4,296	)		(4,402	)
Fair-value lease revenue		(1,594	)		(1,134	)		(1,140	)		(1,139	)		(918	)
AFFO	$	32,612		$	30,545		$	28,770		$	27,095		$	28,284
AFFO per share — diluted	$	0.39		$	0.41		$	0.39		$	0.40		$	0.41
Dividends and distributions declared per common share	$	0.335		$	0.335		$	0.335		$	0.335		$	0.310
AFFO payout ratio (4)		85.1	%		81.9	%		85.3	%		84.6	%		74.9	%

(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)
DECEMBER 31, 2008
(In thousands)

	Three Months Ended
	12/31/08		9/30/08		6/30/08		3/31/08		12/31/07
Reconciliation of net income available to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income available to common stockholders	$	8,300	$	12,982	$	14,085	$	12,567	$	13,229
Interest expense		11,738		12,309		8,629		6,937		6,641
Depreciation & amortization — continuing operations		25,703		21,506		19,331		17,687		17,645
Depreciation & amortization — unconsolidated partnerships		662		524		450		451		394
EBITDA		46,403		47,321		42,495		37,642		37,909
Minority interests		306		570		620		581		574
Preferred dividends		4,241		4,241		4,241		4,241		4,241
Adjusted EBITDA	$	50,950	$	52,132	$	47,356	$	42,464	$	42,724

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

12

RECONCILIATION OF NET OPERATING INCOME (1)
DECEMBER 31, 2008
(Dollars in thousands)

	Three Months Ended
	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Net income	$	12,541		$	17,223		$	18,326		$	16,808		$	17,470
Minority interests from continuing operations		306			570			620			581			574
Equity in net loss/(income) of unconsolidated partnerships		862			208			(43)			172			199
Interest expense		11,738			12,309			8,629			6,937			6,641
Interest income		(115	)		(110	)		(106	)		(155	)		(181	)
Loss on derivative instruments		19,222			726			—			—			—
Gain on extinguishment of debt		(17,066	)		—			—			—			—
Income from operations		27,488			30,926			27,426			24,343			24,703
Depreciation and amortization		25,703			21,506			19,331			17,687			17,645
General and administrative		6,406			4,589			5,645			6,194			5,880
Consolidated net operating income	$	59,597		$	57,021		$	52,402		$	48,224		$	48,228
Revenues:
Rental	$	63,518		$	59,381		$	54,223		$	50,342		$	49,645
Tenant recoveries		18,869			20,911			15,804			16,582			14,471
Other income/(loss)		646			519			744			434			(66	)
Total revenues		83,033			80,811			70,771			67,358			64,050
Expenses:
Rental operations		17,255			17,027			13,454			13,865			12,006
Real estate taxes		6,181			6,763			4,915			5,269			3,816
Total operating expenses		23,436			23,790			18,369			19,134			15,822
Consolidated net operating income	$	59,597		$	57,021		$	52,402		$	48,224		$	48,228
Consolidated net operating income — cash basis	$	53,586		$	49,687		$	45,068		$	42,915		$	42,991
Operating margin (2) (4)		71.6	%		70.4	%		73.8	%		71.4	%		75.3	%
Operating expense recovery (3) (4)		80.5	%		87.9	%		86.0	%		86.7	%		91.5	%

(1)	For a definition and discussion of net operating income, see page 33.
(2)	Operating margin is calculated as ((rental revenues + tenant recovery revenues - rental operations - real estate taxes) / (rental revenues + tenant recovery revenues)).
(3)	Operating expense recovery is calculated as (tenant recovery revenues / (rental operations + real estate taxes)).
(4)	Includes historical activity for disposed properties, except in the period disposed.

13

INTEREST COVERAGE RATIOS (1)
DECEMBER 31, 2008

(In thousands, except ratios)

	Three Months Ended
	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Excluding capitalized interest:
Adjusted EBITDA	$	50,950		$	52,132		$	47,356		$	42,464		$	42,724
Interest expense:
Interest expense		11,738			12,309			8,629			6,937			6,641
Interest expense — unconsolidated partnerships		729			489			421			524			476
Amortization of deferred loan costs		(2,128	)		(1,313	)		(1,317	)		(1,019	)		(1,494	)
Amortization of fair-value of debt acquired		456			490			561			558			629
Total interest expense	$	10,795		$	11,975		$	8,294		$	7,000		$	6,252
Interest coverage ratio		4.7			4.4			5.7			6.1			6.8
Including capitalized interest:
Adjusted EBITDA	$	50,950		$	52,132		$	47,356		$	42,464		$	42,724
Interest expense:
Interest expense		11,738			12,309			8,629			6,937			6,641
Interest expense — unconsolidated partnerships		729			489			421			524			476
Interest expense — accumulated other comprehensive income		265			1,996			1,831			995			—
Capitalized interest		6,627			8,437			11,541			14,638			16,057
Amortization of deferred loan costs		(2,128	)		(1,313	)		(1,317	)		(1,019	)		(1,494	)
Amortization of fair-value of debt acquired		456			490			561			558			629
Amortization of capitalized interest		636			404			200			67			26
Total interest expense	$	18,323		$	22,812		$	21,866		$	22,700		$	22,335
Interest coverage ratio		2.8			2.3			2.2			1.9			1.9

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

14

FIXED CHARGE COVERAGE RATIOS (1)
DECEMBER 31, 2008

(In thousands, except ratios)

	Three Months Ended
	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Excluding capitalized interest:
Adjusted EBITDA	$	50,950		$	52,132		$	47,356		$	42,464		$	42,724
Fixed charges:
Interest expense		11,738			12,309			8,629			6,937			6,641
Interest expense — unconsolidated partnerships		729			489			421			524			476
Amortization of deferred loan costs		(2,128	)		(1,313	)		(1,317	)		(1,019	)		(1,494	)
Amortization of fair value of debt acquired		456			490			561			558			629
Principal payments		1,210			1,185			1,448			1,446			1,510
Principal payments — unconsolidated partnerships		8			7			7			7			6
Preferred dividends		4,241			4,241			4,241			4,241			4,241
Total fixed charges	$	16,254		$	17,408		$	13,990		$	12,694		$	12,009
Fixed charge coverage ratio		3.1			3.0			3.4			3.3			3.6
Including capitalized interest:
Adjusted EBITDA	$	50,950		$	52,132		$	47,356		$	42,464		$	42,724
Fixed charges:
Interest expense		11,738			12,309			8,629			6,937			6,641
Interest expense — unconsolidated partnerships		729			489			421			524			476
Interest expense — accumulated other comprehensive income		265			1,996			1,831			995			—
Capitalized interest		6,627			8,437			11,541			14,638			16,057
Amortization of capitalized interest		636			404			200			67			26
Amortization of deferred loan costs		(2,128	)		(1,313	)		(1,317	)		(1,019	)		(1,494	)
Amortization of fair value of debt acquired		456			490			561			558			629
Principal payments		1,210			1,185			1,448			1,446			1,510
Principal payments — unconsolidated partnerships		8			7			7			7			6
Preferred dividends		4,241			4,241			4,241			4,241			4,241
Total fixed charges	$	23,782		$	28,245		$	27,562		$	28,394		$	28,092
Fixed charge coverage ratio		2.1			1.8			1.7			1.5			1.5

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

15

DEBT SUMMARY
DECEMBER 31, 2008

(Dollars in thousands)

	Stated			Effective			Principal		Unamortized		Carrying		Maturity
Consolidated debt:	Rate			Rate			Balance		Premium		Value		Date
Mortgage notes payable:
Ardentech Court		7.25	%		5.06	%	$	4,464	$	305	$	4,769		07/12
Bayshore Boulevard		4.55	%		4.55	%		14,923		—		14,923		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,384		688		12,072		01/11
500 Kendall Street (Kendall D)		6.38	%		5.45	%		67,810		4,110		71,920		12/18
Lucent Drive		5.50	%		5.50	%		5,341		—		5,341		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,084		—		9,084		01/10
6828 Nancy Ridge Drive		7.15	%		5.38	%		6,694		412		7,106		09/12
Road to the Cure		6.70	%		5.78	%		15,200		598		15,798		01/14
Science Center Drive		7.65	%		5.04	%		11,148		706		11,854		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—		147,000		09/16
Sidney Street		7.23	%		5.11	%		29,184		1,877		31,061		06/12
9885 Towne Centre Drive		4.55	%		4.55	%		20,749		—		20,749		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,357		127		1,484		05/15
Total / weighted average on fixed rate mortgages		6.18	%		5.51	%		344,338		8,823		353,161
Fixed rate debt:
Unsecured exchangeable senior notes		4.50	%		4.50	%		128,250		—		128,250		10/26
Total / weighted average fixed rate debt		5.72	%		5.24	%		472,588		8,823		481,411
Variable rate debt:
Secured term loan		3.08	%		3.08	%		250,000		—		250,000		08/12
$600 million unsecured line of credit		2.57	%		2.57	%		108,767		—		108,767		08/11
$550 million secured construction loan		1.99	%		1.99	%		507,128		—		507,128		11/09
Total / weighted average variable rate debt		2.38	%		2.38	%		865,895		—		865,895
Total / weighted average consolidated debt		3.56	%		3.39	%	$	1,338,483	$	8,823	$	1,347,306
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)		2.19	%		2.19	%	$	72,811	$	—	$	72,811		04/09
PREI secured construction loan (20%) (variable)		2.70	%		2.70	%		28,706		—		28,706		08/10
McKellar Court (21%) (fixed)		8.56	%		4.63	%		2,175		—		2,175		01/10
Total / weighted average share of unconsolidated partnership debt		2.46	%		2.38	%		103,692		—		103,692
Total / weighted average consolidated and share of unconsolidated partnership debt		3.48	%		3.31	%	$	1,442,175	$	8,823	$	1,450,998

16

DEBT ANALYSIS
DECEMBER 31, 2008(Dollars in thousands)

Secured and Unsecured Debt Analysis

						Weighted			Weighted
			Percentage			Average			Average
	Principal		of Principal			Stated			Effective
	Balance		Balance			Interest Rate			Interest Rate
Secured debt	$	1,101,466		82.3	%		3.54	%		3.34	%
Unsecured debt		237,017		17.7	%		3.61	%		3.61	%
Total consolidated debt	$	1,338,483		100.0	%		3.56	%		3.39	%

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	$	472,588		35.3	%		5.72	%		5.24	%
Variable rate debt — hedged		400,000		29.9	%		5.80	%		5.80	%
Variable rate debt — unhedged		465,895		34.8	%		1.89	%		1.89	%
Total consolidated debt	$	1,338,483		100.0	%		4.41	%		4.24	%

	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Total consolidated debt:
Fixed rate debt / Total debt		35.3	%		33.8	%		36.3	%		34.7	%		36.5	%
Adjusted fixed rate debt / Total debt (1)		65.2	%		59.8	%		89.1	%		85.0	%		89.2	%
Total consolidated debt and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		34.9	%		33.5	%		34.2	%		33.0	%		34.7	%
Adjusted fixed rate debt / Total debt (1)		62.6	%		57.9	%		83.9	%		80.5	%		84.5	%

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

17

DEBT MATURITIES
DECEMBER 31, 2008(In thousands)

Weighted average debt maturity is 4.5 years and 4.3 years for consolidated and unconsolidated debt, respectively.

	2009		2010		2011		2012		2013		Thereafter		Total
Consolidated debt:
Fixed rate debt:
Fixed rate mortgages	$	5,026	$	47,446	$	26,221	$	41,421	$	4,862	$	219,362	$	344,338
Unsecured exchangeable senior notes (1)		—		—		—		—		—		128,250		128,250
Total fixed rate debt		5,026		47,446		26,221		41,421		4,862		347,612		472,588
Variable rate debt:
Secured term loan		—		—		—		250,000		—		—		250,000
$600 million unsecured line of credit		—		—		108,767		—		—		—		108,767
$550 million secured construction loan		507,128		—		—		—		—		—		507,128
Total variable rate debt		507,128		—		108,767		250,000		—		—		865,895
Total consolidated debt	$	512,154	$	47,446	$	134,988	$	291,421	$	4,862	$	347,612	$	1,338,483
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)	$	72,811	$	—	$	—	$	—	$	—	$	—	$	72,811
PREI secured construction loan (20%) (variable)		—		28,706		—		—		—		—		28,706
McKellar Court (21%) (fixed)		33		2,142		—		—		—		—		2,175
Share of total unconsolidated partnership debt	$	72,844	$	30,848	$	—	$	—	$	—	$	—	$	103,692
Total consolidated and share of unconsolidated partnership debt	$	584,998	$	78,294	$	134,988	$	291,421	$	4,862	$	347,612	$	1,442,175

(1) The holders of the unsecured exchangeable senior notes (the “Notes”) have the right to require the Company to repurchase the Notes, in whole or in part, for cash on each of October 1, 2011, October 1, 2016 and October 1, 2021, or upon the occurrence of a designated event, in each case for a repurchase price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest.

18

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

SUMMARY OF COMMON SHARES

	Three Months Ended
	12/31/08			9/30/08			6/30/08			3/31/08			12/31/07
Weighted average common shares outstanding		79,693			71,513			70,094			65,351			65,308
Weighted average OP and LTIP units outstanding		3,120			3,161			3,121			3,066			2,917
Dilutive effect of restricted stock		14			40			33			13			82
			��
Diluted common shares		82,827			74,714			73,248			68,430			68,307
Closing common shares, OP and LTIP units outstanding		84,193			75,224			75,224			69,089			68,889
Preferred shares outstanding		9,200			9,200			9,200			9,200			9,200
High price	$	25.43		$	29.50		$	27.75		$	25.33		$	26.25
Low price	$	5.88		$	22.72		$	23.59		$	19.32		$	20.89
Average closing price	$	13.41		$	26.20		$	25.91		$	22.46		$	23.52
Closing price	$	11.72		$	26.45		$	24.53		$	23.89		$	23.17
Dividends per share — annualized	$	1.34		$	1.34		$	1.34		$	1.34		$	1.24
Closing dividend yield — annualized		11.4	%		5.1	%		5.5	%		5.6	%		5.4	%

DIVIDENDS PER SHARE

	12/31/08		9/30/08		6/30/08		3/31/08		12/31/07
Common Stock — BMR
Amount	$	0.335	$	0.335	$	0.335	$	0.335	$	0.310
Declared	December 15, 2008		September 15, 2008		June 16, 2008		March 14, 2008		December 12, 2007
Record	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007
Paid	January 15, 2009		October 15, 2008		July 15, 2008		April 15, 2008		January 15, 2008
Preferred Stock — BMRPrA
Amount	$	0.46094	$	0.46094	$	0.46094	$	0.46094	$	0.46094
Declared	December 15, 2008		September 15, 2008		June 16, 2008		March 14, 2008		December 12, 2007
Record	December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008		December 31, 2007
Paid	January 15, 2009		October 15, 2008		July 15, 2008		April 15, 2008		January 15, 2008

19

MARKET SUMMARY
DECEMBER 31, 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		2,178,605	$	110,451		40.4	%	$	50.70	$	118,512		36.2	%	$	54.40
Maryland		1,144,968		45,794		16.7	%		40.00		63,578		19.4	%		55.53
San Francisco		1,299,950		30,349		11.0	%		23.35		39,331		12.0	%		30.26
San Diego		989,338		30,335		11.0	%		30.66		38,300		11.7	%		38.71
New York / New Jersey		1,013,289		27,515		10.0	%		27.15		33,503		10.2	%		33.06
Pennsylvania		687,399		14,934		5.4	%		21.73		16,369		5.0	%		23.81
Seattle		179,232		7,513		2.7	%		41.92		9,110		2.8	%		50.83
University Related — Other		249,507		7,806		2.8	%		31.29		8,890		2.7	%		35.63
Total portfolio / weighted average		7,742,288	$	274,697		100.0	%	$	35.48	$	327,593		100.0	%	$	44.43

(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 monthly rent payment due at each rent commencement date, multiplied by 12 months.

20

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
DECEMBER 31, 2008

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		12/31/08			9/30/08
	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		704,159		7.4	%		613,161		87.1	%		80.2	%
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	%		298,487		98.5	%		98.5	%
10	500 Kendall Street (Kendall D)	May 31, 2005	Stabilized		1		349,325		3.7	%		344,400		98.6	%		98.6	%
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		2,001,325		21.2	%		1,881,644		94.0	%		91.6	%
	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	%		27,620		38.1	%		38.1	%
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		201,567		2.1	%		195,063		96.8	%		96.8	%
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	Lease Up		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		14.8	%		336,461		24.2	%		24.2	%
	Total San Francisco				23		2,644,488		28.0	%		1,299,950		49.2	%		49.2	%
	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	August 16, 2006	Lease up		1		72,192		0.8	%		21,470		29.7	%		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	%		24,431		58.0	%		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	%		36,987		54.4	%		74.0	%
37	San Diego Science Center	October 21, 2004	Lease Up		1		105,364		1.1	%		80,849		76.7	%		79.2	%

21

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
DECEMBER 31, 2008

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		12/31/08			9/30/08
	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	%		100.0	%
40	Torreyana Road	March 22, 2007	Stabilized		1		81,204		0.9	%		81,204		100.0	%		100.0	%
41	9865 Towne Centre Drive	August 12, 2004	Stabilized		1		83,866		0.9	%		83,866		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	%		50,055		100.0	%		100.0	%
	Total San Diego				20		1,040,430		11.0	%		916,475		88.1	%		90.7	%
	New York / New Jersey
44	Graphics Drive (2)	March 17, 2005	Lease Up		1		72,300		0.8	%		18,574		25.7	%		25.7	%
45	Landmark at Eastview	August 12, 2004	Stabilized		8		751,648		7.9	%		745,071		99.1	%		98.9	%
46	Landmark at Eastview II	August 12, 2004	CIP		3		360,520		3.8	%		249,644		69.2	%		63.8	%
47	One Research Way	May 31, 2006	Lease Up		1		49,421		0.5	%		—		—			—
	Total New York / New Jersey				13		1,233,889		13.0	%		1,013,289		82.1	%		80.4	%
	Pennsylvania
48	Eisenhower Road (2)	August 13, 2004	Lease Up		1		27,750		0.3	%		16,565		59.7	%		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	%		100.0	%
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	%		88.3	%
	Seattle
55	Elliott Avenue (2)	August 24, 2004	Rep / Redev		1		134,989		1.4	%		—		—			—
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		96,188		1.0	%		63,391		65.9	%		17.9	%
58	Monte Villa Parkway	August 17, 2004	Stabilized		1		51,000		0.5	%		51,000		100.0	%		100.0	%
59	217th Place	November 21, 2006	Lease Up		1		67,799		0.7	%		42,628		62.9	%		62.9	%
	Total Seattle				5		372,189		3.8	%		179,232		48.2	%		35.9	%
	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		9,465,047		100.0	%		7,372,464		77.9	%		77.0	%

(1)	For a definition of Property Status, see page 34.
(2)	Properties that 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)	At September 30, 2008, we owned 70% of the limited liability company that owns the 530 Fairview Avenue property. On October 14, 2008, we acquired the remaining 30% interest.

22

REPOSITIONING AND REDEVELOPMENT
DECEMBER 31, 2008

		Total Property								Estimated
		Rentable		Percent			Percent			In-Service
Property	Market	Square Feet		Leased			In Service			Date (1)
Elliott Avenue	Seattle		134,989		—			—			Q1 2010
Pacific Research Center	San Francisco		1,389,517		24.2	%		19.3	%		Q2 2009
Total / weighted average			1,524,506		22.1	%		17.6	%

			Cost Estimate
	Cost Estimate		Per Square Foot
	(in thousands)
Investment to date (2)	$	309,400	$	202.95
Future cost estimate		145,000		95.11
Total cost estimate	$	454,400	$	298.06

	Potential
	Redevelopment
	Square Feet
Stabilized properties		509,676
Lease up properties		444,548
Total		954,224

(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
DECEMBER 31, 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 (3)	Boston		704,159		87.1	%		87.1	%	$	709,200	$	720,000		Q1 2009
530 Fairview Avenue	Seattle		96,188		65.9	%		27.5	%		38,500		47,500		Q2 2009
Landmark at Eastview II	New York / New Jersey		360,520		69.2	%		—			85,000		145,000		Q2 2009
Total / weighted average			1,160,867		79.8	%		55.1	%	$	832,700	$	912,500

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.
(3)	On October 3, 2008, a portion of the parking spaces at the garage located at our Center for Life Science | Boston property was sold for approximately $28.8 million.

24

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

Rentable

Leased

Property

Square

Square

Percent Leased

Property

Acquisition Date

Status (1)

Buildings

Feet (2)

Feet

12/31/08

9/30/08

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

Lease Up

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	$	16,212		$	614,213		$	630,425
Total debt		10,355			507,583			517,938
Current annualized base rent		1,774			17,126			18,900
BioMed’s net investment in unconsolidated partnerships	$	2,376		$	15,797		$	18,173
BioMed’s pro rata share of debt		2,175			101,517			103,692
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
DECEMBER 31, 2008

Weighted average remaining lease term is 8.8 years for the consolidated portfolio and 8.8 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		76,444		1.0	%	$	1,618		0.6	%	$	21.17	$	1,618		0.5	%	$	21.17
First quarter 2009		4,417		0.1	%		101		0.0	%		22.87		101		0.0	%		22.87
Second quarter 2009		13,400		0.2	%		328		0.1	%		24.48		328		0.1	%		24.48
Third quarter 2009		158,682		2.0	%		3,182		1.2	%		20.05		3,182		1.0	%		20.05
Fourth quarter 2009		70,611		0.9	%		1,816		0.7	%		25.72		1,825		0.6	%		25.85
2009		323,554		4.2	%		7,045		2.6	%		21.77		7,054		2.2	%		21.80
2010		771,082		10.0	%		17,861		6.5	%		23.16		17,994		5.5	%		23.34
2011		380,013		4.9	%		13,394		4.9	%		35.25		13,922		4.2	%		36.64
2012		469,936		6.1	%		11,182		4.1	%		23.79		11,948		3.6	%		25.42
2013		434,141		5.6	%		10,218		3.7	%		23.54		11,731		3.6	%		27.02
2014		617,695		8.0	%		14,051		5.1	%		22.75		16,128		4.9	%		26.11
2015		84,157		1.1	%		2,760		1.0	%		32.80		3,260		1.0	%		38.74
2016		623,067		8.0	%		23,803		8.7	%		38.20		26,766		8.2	%		42.96
2017		198,447		2.6	%		4,783		1.7	%		24.10		6,827		2.1	%		34.40
2018		1,085,616		14.0	%		47,159		17.2	%		43.44		53,896		16.5	%		49.65
Thereafter		2,754,580		35.5	%		122,441		44.5	%		44.45		158,067		48.2	%		57.38
Total / weighted average		7,742,288		100.0	%	$	274,697		100.0	%	$	35.48	$	327,593		100.0	%	$	42.31

(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 monthly rent payment due at each rent commencement date, multiplied by 12 months.

26

EXPIRATIONS BY MARKET
DECEMBER 31, 2008

	Rentable Square Feet of Expiring Leases
Expiration	Boston		Maryland		San Francisco		San Diego		NY/NJ		Pennsylvania		Seattle		University/Other		Total
2009		16,153		—		—		142,323		133,233		22,206		9,639		—		323,554
2010		338,370		—		164,894		10,152		224,577		33,089		—		—		771,082
2011		140,627		—		71,308		44,604		5,742		117,732		—		—		380,013
2012		20,608		—		188,442		81,682		144,117		12,874		22,213		—		469,936
2013		—		—		156,604		143,298		73,069		44,318		16,852		—		434,141
2014		28,019		—		66,002		127,787		—		374,387		—		21,500		617,695
2015		—		—		—		53,740		19,124		11,293		—		—		84,157
2016		152,520		—		100,040		—		20,000		71,500		51,000		228,007		623,067
2017		—		51,181		101,872		—		45,394		—		—		—		198,447
2018		807,347		—		199,329		36,312		—		—		42,628		—		1,085,616
Thereafter		674,961		1,093,787		251,459		349,440		348,033		—		36,900		—		2,754,580
Total		2,178,605		1,144,968		1,299,950		989,338		1,013,289		687,399		179,232		249,507		7,742,288

27

10 LARGEST TENANTS
DECEMBER 31, 2008

Our properties were leased to 124 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		11.9	%	$	41,096	$	44.43		15.0	%	May 2026
2	Vertex Pharmaceuticals Incorporated (2)		685,286		8.9	%		28,875		42.14		10.5	%	Multiple
3	Beth Israel Deaconess Medical Center, Inc.		362,364		4.7	%		25,543		70.49		9.3	%	June 2023
4	Genzyme Corporation		343,000		4.4	%		15,464		45.08		5.6	%	July 2018
5	Regeneron Pharmaceuticals, Inc. (3)		477,257		5.0	%		14,115		29.58		5.1	%	Multiple
6	Ironwood Pharmaceuticals, Inc. (4) (5)		160,894		2.1	%		9,509		59.10		3.5	%	Multiple
7	Children’s Hospital Corporation		150,215		1.9	%		8,750		58.25		3.2	%	April 2023
8	Centocor, Inc. (Johnson & Johnson)		374,387		4.8	%		8,428		22.51		3.1	%	March 2014
9	Schering Corporation (4)		136,067		1.8	%		7,609		55.92		2.8	%	August 2016
10	Array BioPharma Inc. (6)		228,007		2.9	%		7,258		31.83		2.6	%	Multiple
	Total / weighted average (7)		3,842,447		48.4	%	$	166,647	$	43.37		60.7	%

(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)	129,224 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 118,389 square feet expires in June 2024.
(4)	We own 20% of the limited liability company that owns the property that this tenant occupies.
(5)	9,277 square feet expires June 2009, 39,101 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
DECEMBER 31, 2008(Dollars in thousands)

	Quarter Ended
	12/31/08			12/31/07			Percent Change
Total Same Property Portfolio (1)
Number of properties		49			49
Rentable square feet		6,215,164			6,215,164
Percent of total portfolio		59.6	%		59.8	%
Percent leased		93.7	%		93.5	%
Revenues:
Rental	$	50,073		$	48,413			3.4	%
Tenant recoveries		13,683			13,940			(1.8	%)
Total revenues		63,756			62,353			2.3	%
Expenses:
Rental operations		11,539			11,106			3.9	%
Real estate taxes		4,544			3,673			23.7	%
Total expenses		16,083			14,779			8.8	%
Same property net operating income (2)	$	47,673		$	47,574			0.2	%
Less straight line rents, fair value and incentive revenue		(3,966	)		(5,417	)		(26.8	%)
Same property net operating income — cash basis (2) (3)	$	43,707		$	42,157			3.7	%
Rental revenue — cash basis (3)	$	46,107		$	42,996			7.2	%

	12/31/08			9/30/08
Number of properties		49			47
Change in same property net operating income		0.2	%		5.1	%
Change in same property net operating income — cash basis		3.7	%		7.3	%

(1)	The same property portfolio includes properties in the consolidated portfolio 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 rents on a “cash-on-cash” basis.

29

ACQUISITIONS
DECEMBER 31, 2008

			Rentable
	Number of		Square
Acquisitions since August 11, 2004:	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 acquisitions		1		22,213		4,000
Total acquisitions since August 11, 2004		71		8,897,600	$	3,215,993

(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.

30

LEASING ACTIVITY (1)
DECEMBER 31, 2008

				Current
	Leased			Annualized
	Square			Base Rent per
	Feet			Leased Sq Ft
Leased Square Feet as of September 30, 2008		7,651,865
Expirations		(93,648	)	$	30.13
Terminations		(10,939	)		29.20
Renewals, amendments, and extensions		65,194			24.37
New leases		129,816			54.60
Leased Square Feet as of December 31, 2008		7,742,288
Gross Leasing Activity — Fourth Quarter 2008		195,010		$	44.50

(1) Leasing activity for leases signed during the periods presented, which may be different than the period of actual occupancy.

31

TENANT IMPROVEMENTS AND LEASING COMMISSIONS
DECEMBER 31, 2008

	Three Months Ended
	12/31/08		9/30/08		6/30/08		3/31/08		12/31/07
Renewals, Amendments, and Extensions (1)
Number of renewals		5		7		5		1		4
Square feet		65,194		146,725		103,011		5,884		391,854
Tenant improvement costs per square foot (2)	$	—	$	22.32	$	29.12	$	—	$	0.51
Leasing commission costs per square foot (2)		—		9.94		4.95		—		0.52
Total tenant improvement and leasing commission costs psf	$	—	$	32.26	$	34.07	$	—	$	1.03
New Leases (3)
Number of leases		5		6		9		8		14
Square feet		129,816		52,366		224,293		121,006		288,781
Tenant improvement costs per square foot (2)	$	63.32	$	28.20	$	8.98	$	137.52	$	59.08
Leasing commission costs per square foot (2)		10.32		5.35		6.06		15.40		9.88
Total tenant improvement and leasing commission costs psf	$	73.64	$	33.55	$	15.04	$	152.92	$	68.96
Total
Number of renewals/leases		10		13		14		9		18
Square feet		195,010		199,091		327,304		126,890		680,635
Tenant improvement costs per square foot (2)	$	42.15	$	23.87	$	15.32	$	131.15	$	25.36
Leasing commission costs per square foot (2)		6.87		8.73		5.71		14.68		4.49
Total tenant improvement and leasing commission costs psf	$	49.02	$	32.60	$	21.03	$	145.83	$	29.85

(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.

32

NON-GAAP FINANCIAL MEASURE DEFINITIONS
DECEMBER 31, 2008

This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other REITs, and therefore, may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to cash flows from operating, investing or financing activities as a measure of liquidity, computed in accordance with GAAP.

Funds from Operations (FFO)

We present funds from operations, or FFO, because we consider it an important supplemental measure of our operating performance and believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results. FFO is intended to exclude GAAP historical cost depreciation and amortization of real estate and related assets, which assumes that the value of real estate assets diminishes ratably over time. Historically, however, real estate values have risen or fallen with market conditions. Because FFO excludes depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, it provides 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.

33

PROPERTY DEFINITIONS
DECEMBER 31, 2008

Property Status

Stabilized

Represents operating properties that are more than 90% leased

Lease up

Represents operating properties that are less than 90% leased

Repositioning and redevelopment, or Rep / Redev

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

Construction in progress, or CIP

Represents properties that we are currently developing through ground up construction

Land parcels, or Land

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

Property Type

34