Biomed Realty Trust 8-K Biomed Realty Trust Reports First Quarter 2009 Operating and Financial Results

Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
MARCH 31, 2009

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

TABLE OF CONTENTS
MARCH 31, 2009

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

This Supplemental Operating and Financial Data package contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, you should exercise caution in interpreting and relying on these statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the company’s control and could materially affect actual results, performance or achievements. These factors include, without limitation, 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

FIRST QUARTER HIGHLIGHTS
MARCH 31, 2009

First Quarter Highlights

• Record total revenues for the first quarter were $94.0 million, up 39.5% from $67.4 million for the same period in 2008, driven primarily by sustained leasing success and deliveries from the company’s development pipeline.

• Executed 13 leasing transactions during the quarter representing approximately 420,000 square feet:

o Nine new leases totaling approximately 121,000 square feet, including approximately 24,400 square feet for the previously announced addition of Kowa Company, Ltd. to the premier tenant roster at the Center for Life Science | Boston, which increased the leased percentage to 91% at this world-class research facility. Also during the quarter, the company leased approximately 75,600 additional square feet to Arena Pharmaceuticals, Inc. at 6114-6154 Nancy Ridge Drive in San Diego.

o Four leases amended to extend their terms totaling approximately 299,000 square feet, consisting primarily of the previously announced extensions through 2015 of two leases totaling approximately 292,800 square feet in Cambridge, Massachusetts with Vertex Pharmaceuticals Inc., including its corporate headquarters.

• Completed construction and development of the Center for Life Science | Boston and achieved Gold LEED^® certification. At 91% leased, the property was moved from the company’s development portfolio into its stabilized operating portfolio.

• Closed on a $203 million secured loan facility for the company’s joint venture with a fund managed by Prudential Real Estate Investors (PREI^®), in which BioMed has a 20% interest, the net proceeds of which were used to repay a portion of the outstanding balance of the existing facility.

• Further de-leveraged through the repurchase of exchangeable senior notes with a face value of $12.0 million for approximately 58% of par, resulting in a gain on debt extinguishment of approximately $4.4 million.

• Increased same-property cash-basis net operating income 6.0% over the prior year period, primarily resulting from continued leasing successes and scheduled rent escalations.

• Generated net income attributable to common stockholders of $19.0 million for the quarter, up 54.3% from the same period in 2008. On a per share basis, net income attributable to common stockholders was $0.23 per diluted share, compared to $0.19 per diluted share, for the same period in 2008.

• Funds from operations (FFO) for the quarter were $0.56 per diluted share, or $47.7 million, compared to $0.45 per diluted share, or $31.1 million, for the same period in 2008. Excluding the gain on debt extinguishment of approximately $4.4 million, or $0.05 per diluted share, FFO would have been approximately $0.51 per diluted share.

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 10.5 million rentable square feet, including approximately 735,000 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
MARCH 31, 2009

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	BMR PrA	480 Washington Boulevard
(858) 485-9840		Jersey City, NJ 07310-1900
(858) 485-9843 (fax)		(877) 296-3711

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,
     General Counsel and Director

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

Tentative Schedule for Quarterly Results

Second Quarter 2009	July 29, 2009
Third Quarter 2009	October 28, 2009
Fourth Quarter 2009	February 10, 2010
First Quarter 2010	April 28, 2010

4

EQUITY RESEARCH COVERAGE
MARCH 31, 2009

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	Ian Weissman / George Auerbach	(212) 449-6255 / (212) 449-8644	ian_weissman@ml.com / george_auerbach@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	Brendan Maiorana / Young Ku	(443) 263-6516 / (443) 263-6564	brendan.maiorana@wachovia.com / young.ku@wachovia.com

5

FINANCIAL AND OPERATING HIGHLIGHTS
MARCH 31, 2009

(In thousands, except per share and ratio amounts)

	Three months ended
	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)(1)			(Revised)(1)			(Revised)(1)			(Revised)(1)
Selected Operating Data
Total revenues	$	93,951		$	83,033		$	80,811		$	70,771		$	67,358
EBITDA (2)		59,079			44,120			47,321			42,495			37,642
Adjusted EBITDA (2)		64,025			48,667			52,132			47,356			42,464
General and administrative expense		5,280			6,406			4,589			5,645			6,194
Interest expense		12,080			12,137			12,855			9,009			7,173
Capitalized interest		4,130			6,839			8,574			11,844			15,064
Interest incurred including swap payments (3)		17,107			19,241			23,425			22,684			23,232
Operating margin (4)		67.2	%		71.6	%		70.4	%		73.8	%		71.4	%
General and administrative expense / Total revenues		5.6	%		7.7	%		5.7	%		8.0	%		9.2	%
Net income available to common stockholders		19,024			5,618			12,436			13,705			12,331
Net income per share — diluted	$	0.23		$	0.07		$	0.17		$	0.20		$	0.19
FFO (5)		47,701			32,286			35,017			34,097			31,050
FFO per share — diluted (5)	$	0.56		$	0.39		$	0.47		$	0.46		$	0.45
AFFO (5)		37,750			35,181			30,682			29,073			27,521
AFFO per share — diluted (5)	$	0.45		$	0.42		$	0.41		$	0.39		$	0.40
Coverage Ratios (6)
Interest coverage		6.0			5.9			4.4			5.9			6.5
Fixed charge coverage		3.9			3.6			3.0			3.5			3.5
Dividend per share — common stock	$	0.335		$	0.335		$	0.335		$	0.335		$	0.335
FFO payout ratio (7)		59.8	%		85.9	%		71.3	%		72.8	%		74.4	%
AFFO payout ratio (7)		74.4	%		79.8	%		81.7	%		85.9	%		83.8	%

(1)	The term “(Revised)” as used in this report means that prior reported numbers have been revised to reflect adoption of Statement of Financial Accounting Standards No. 160, Financial Accounting Standards Board (FASB) Staff Position EITF 03-06-1, and FASB Staff Position APB 14-1.
(2)	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.
(3)	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.
(4)	See page 13 for detail.
(5)	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.
(6)	For a discussion of coverage ratios, see page 33. See pages 14 and 15 for detail.
(7)	See page 11 for detail.

6

CAPITALIZATION SUMMARY
MARCH 31, 2009

(In thousands, except per share and ratio amounts)

	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Capitalization:
Total common shares outstanding		81,181			80,757			71,720			71,720			65,593
Total units outstanding (1)		3,362			3,436			3,504			3,504			3,495
Total common shares and units outstanding		84,543			84,193			75,224			75,224			69,089
Common share price at quarter end	$	6.77		$	11.72		$	26.45		$	24.53		$	23.89
Equity value at quarter end (2)	$	572,357		$	986,741		$	1,989,674		$	1,845,237		$	1,650,529
Preferred stock at liquidation value		230,000			230,000			230,000			230,000			230,000
Consolidated debt		1,423,999			1,341,099			1,538,311			1,485,920			1,560,509
Total capitalization	$	2,226,356		$	2,557,840		$	3,757,985		$	3,561,157		$	3,441,038
Debt / Total assets		43.0	%		41.5	%		47.7	%		46.7	%		49.9	%
Debt / Total capitalization		63.9	%		52.3	%		40.8	%		41.8	%		45.4	%
Total consolidated debt:
Fixed rate debt / Total debt		32.3	%		35.3	%		33.8	%		36.3	%		34.7	%
Adjusted fixed rate debt / Total debt (3)		60.5	%		65.2	%		59.8	%		89.1	%		85.0	%
Total consolidated and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		33.0	%		34.9	%		33.5	%		34.2	%		33.0	%
Adjusted fixed rate debt / Total debt (3)		59.7	%		62.6	%		57.9	%		83.9	%		80.5	%

(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
MARCH 31, 2009

								Unconsolidated
	Consolidated Portfolio							Partnership Portfolio (1)							Total Portfolio
	March 31, 2009
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties (2)		41		5,800,907		98.6	%		4		257,308		100.0	%		45		6,058,215		98.7	%
Lease up properties (2)		17		1,758,483		55.9	%		2		417,290		27.3	%		19		2,175,773		50.5	%
Total operating portfolio		58		7,559,390		88.7	%		6		674,598		55.1	%		64		8,233,988		85.9	%
Repositioning and redevelopment properties (3)		2		1,543,858		21.8	%		—		—		n/a			2		1,543,858		21.8	%
Construction in progress (4)		2		456,708		68.5	%		1		280,000		—			3		736,708		42.5	%
Total portfolio		62		9,559,956		76.9	%		7		954,598		38.9	%		69		10,514,554		73.5	%
Land parcels (4)		n/a		1,352,000		n/a			—		—		n/a			n/a		1,352,000		n/a
Total proforma portfolio		62		10,911,956		n/a			7		954,598		n/a			69		11,866,554		n/a

	December 31, 2008
			Rentable		Percent					Rentable		Percent					Rentable		Percent
	Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
Stabilized properties		43		5,339,903		99.6	%		4		257,308		100.0	%		47		5,597,211		99.6	%
Lease up properties		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		2		1,543,858		21.8	%		—		—		n/a			2		1,543,858		21.8	%
Construction in progress		3		1,160,867		79.8	%		1		280,000		—			4		1,440,867		64.3	%
Total portfolio		62		9,484,399		77.7	%		7		957,308		38.6	%		69		10,441,707		74.1	%
Land parcels		n/a		1,367,000		n/a			—		—		n/a			n/a		1,367,000		n/a
Total proforma portfolio		62		10,851,399		n/a			7		957,308		n/a			69		11,808,707		n/a

	Consolidated Portfolio						Total Portfolio
	3/31/09			12/31/08			3/31/09			12/31/08
Properties		62			62			69			69
Buildings		105			105			112			112
Tenants		121			119			126			123
Percent leased — operating portfolio		88.7	%		90.1	%		85.9	%		86.9	%
Weighted average remaining lease term (years)		9.0			9.0			8.9			9.0

(1)	Includes 72,863 rentable square feet of McKellar Court (21%) and 881,735 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
MARCH 31, 2009

(In thousands)

	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Assets
Investments in real estate, net	$	3,001,077		$	2,960,429		$	2,918,157		$	2,888,049		$	2,870,474
Investments in unconsolidated partnerships		49,756			18,173			20,296			21,158			21,356
Cash and cash equivalents		32,318			21,422			23,451			21,357			19,383
Restricted cash		4,951			7,877			8,291			7,991			8,351
Accounts receivable, net		14,749			9,417			7,284			3,377			4,716
Accrued straight-line rents, net		62,040			58,138			52,721			46,997			40,682
Acquired above-market leases, net		4,009			4,329			4,661			5,017			5,374
Deferred leasing costs, net		95,204			101,519			107,145			109,380			112,334
Deferred loan costs, net		8,451			9,754			11,804			12,978			14,301
Other assets		37,607			38,256			70,837			68,323			30,767
Total assets	$	3,310,162		$	3,229,314		$	3,224,647		$	3,184,627		$	3,127,738
Liabilities and Equity
Liabilities:
Mortgage notes payable, net	$	351,469		$	353,161		$	354,828		$	373,571		$	377,675
Secured construction loan		507,128			507,128			500,998			483,997			457,628
Secured term loan		250,000			250,000			250,000			250,000			250,000
Exchangeable senior notes, net		111,068			122,043			165,825			165,142			164,459
Unsecured line of credit		204,334			108,767			266,660			213,210			310,747
Security deposits		7,641			7,623			7,469			7,611			7,326
Dividends and distributions payable		32,563			32,445			29,441			29,441			27,385
Accounts payable, accrued expenses and other liabilities		87,359			66,821			74,878			73,362			80,893
Derivative instruments		100,840			126,091			31,676			23,264			53,858
Acquired below-market leases, net		14,762			17,286			19,212			20,702			22,199
Total liabilities		1,667,164			1,591,365			1,700,987			1,640,300			1,752,170
Equity:
Stockholders’ equity:
Preferred stock		222,413			222,413			222,413			222,413			222,413
Common stock		812			808			717			717			656
Additional paid-in capital		1,661,656			1,661,009			1,446,320			1,444,913			1,293,822
Accumulated other comprehensive loss		(100,314	)		(112,126	)		(35,657	)		(25,778	)		(54,824	)
Dividends in excess of earnings		(154,708	)		(146,536	)		(125,101	)		(113,510	)		(103,189	)
Total stockholders’ equity		1,629,859			1,625,568			1,508,692			1,528,755			1,358,878
Noncontrolling interests		13,139			12,381			14,968			15,572			16,690
Total equity		1,642,998			1,637,949			1,523,660			1,544,327			1,375,568
Total liabilities and equity	$	3,310,162		$	3,229,314		$	3,224,647		$	3,184,627		$	3,127,738

9

CONSOLIDATED STATEMENTS OF INCOME
MARCH 31, 2009

(In thousands, except share and per share data)

	Three Months Ended
	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Revenues:
Rental	$	68,419		$	63,518		$	59,381		$	54,223		$	50,342
Tenant recoveries		21,081			18,869			20,911			15,804			16,582
Other income		4,451			646			519			744			434
Total revenues		93,951			83,033			80,811			70,771			67,358
Expenses:
Rental operations		22,152			17,255			17,027			13,454			13,865
Real estate taxes		7,233			6,181			6,763			4,915			5,269
Depreciation and amortization		27,313			25,703			21,506			19,331			17,687
General and administrative		5,280			6,406			4,589			5,645			6,194
Total expenses		61,978			55,545			49,885			43,345			43,015
Income from operations		31,973			27,488			30,926			27,426			24,343
Equity in net (loss)/income of unconsolidated partnerships		(301	)		(862	)		(208	)		43			(172	)
Interest income		63			115			110			106			155
Interest expense		(12,080	)		(12,137	)		(12,855	)		(9,009	)		(7,173	)
Loss on derivative instruments		(56	)		(19,222	)		(726	)		—			—
Gain on extinguishment of debt		4,371			14,783			—			—			—
Net income		23,970			10,165			17,247			18,566			17,153
Net income attributable to noncontrolling interests		(705	)		(306	)		(570	)		(620	)		(581	)
Preferred stock dividends		(4,241	)		(4,241	)		(4,241	)		(4,241	)		(4,241	)
Net income attributable to common stockholders	$	19,024		$	5,618		$	12,436		$	13,705		$	12,331
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.23		$	0.07		$	0.17		$	0.19		$	0.19
Weighted-average common shares outstanding:
Basic		80,261,363			79,692,998			71,513,333			70,094,003			65,350,512
Diluted		84,499,365			83,485,531			75,223,818			73,811,597			69,024,935

10

FFO (1) AND AFFO (1)
MARCH 31, 2009
(In thousands, except per share and ratio amounts)

	Three Months Ended
	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Reconciliation of net income attributable to common stockholders to funds from operations (FFO):
Net income attributable to common stockholders	$	19,024		$	5,618		$	12,436		$	13,705		$	12,331
Adjustments:
Noncontrolling interests in operating partnership		722			319			559			619			589
Depreciation & amortization — unconsolidated partnerships		662			662			524			450			451
Depreciation & amortization — consolidated entities		27,313			25,703			21,506			19,331			17,687
Depreciation & amortization — allocable to noncontrolling interests of consolidated joint ventures		(20	)		(16	)		(8	)		(8	)		(8	)
FFO	$	47,701		$	32,286		$	35,017		$	34,097		$	31,050
FFO per share — diluted	$	0.56		$	0.39		$	0.47		$	0.46		$	0.45
Dividends and distributions declared per common share	$	0.335		$	0.335		$	0.335		$	0.335		$	0.335
FFO payout ratio (2)		59.8	%		85.9	%		71.3	%		72.8	%		74.4	%
Reconciliation of FFO to adjusted funds from operations (AFFO):
FFO	$	47,701		$	32,286		$	35,017		$	34,097		$	31,050
Adjustments:
Master lease receipts (3)		—			—			—			—			103
Second generation capital expenditures		(1,285	)		(1,105	)		(1,037	)		(464	)		(702	)
Gain on extinguishment of debt		(4,371	)		(14,783	)		—			—			—
Loss on derivative instruments		4,480			18,167			—			—			—
Changes in fair-value and ineffectiveness on derivative instruments		(4,424	)		1,055			726			—			—
Amortization of deferred loan costs		1,320			2,128			1,313			1,317			1,019
Amortization of fair-value of debt acquired		(457	)		(456	)		(490	)		(561	)		(558	)
Amortization of debt discount		1,024			2,968			683			683			662
Non-cash equity compensation		1,404			1,771			1,496			1,456			1,382
Straight line rents		(4,061	)		(5,256	)		(5,892	)		(6,315	)		(4,296	)
Fair-value lease revenue		(3,581	)		(1,594	)		(1,134	)		(1,140	)		(1,139	)
AFFO	$	37,750		$	35,181		$	30,682		$	29,073		$	27,521
AFFO per share — diluted	$	0.45		$	0.42		$	0.41		$	0.39		$	0.40
Dividends and distributions declared per common share	$	0.335		$	0.335		$	0.335		$	0.335		$	0.335
AFFO payout ratio (4)		74.4	%		79.8	%		81.7	%		85.9	%		83.8	%

(1)	For definitions and discussion of FFO and AFFO, see page 33.
(2)	Calculated as dividends and distributions declared per common share divided by FFO per share — diluted.
(3)	Revenues earned and received per the terms of master lease agreements that for GAAP purposes are not included in rental revenues, but as a reduction to assets.
(4)	Calculated as dividends and distributions declared per common share divided by AFFO per share — diluted.

11

RECONCILIATION OF EBITDA (1)
MARCH 31, 2009
(In thousands)

	Three Months Ended
	3/31/09		12/31/08		9/30/08		6/30/08		3/31/08
			(Revised)		(Revised)		(Revised)		(Revised)
Reconciliation of net income attributable to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income attributable to common stockholders	$	19,024	$	5,618	$	12,436	$	13,705	$	12,331
Interest expense		12,080		12,137		12,855		9,009		7,173
Depreciation & amortization — consolidated entities		27,313		25,703		21,506		19,331		17,687
Depreciation & amortization — unconsolidated partnerships		662		662		524		450		451
EBITDA		59,079		44,120		47,321		42,495		37,642
Noncontrolling interests		705		306		570		620		581
Preferred dividends		4,241		4,241		4,241		4,241		4,241
Adjusted EBITDA	$	64,025	$	48,667	$	52,132	$	47,356	$	42,464

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

12

RECONCILIATION OF NET OPERATING INCOME (1)
MARCH 31, 2009
(Dollars in thousands)

	Three Months Ended
	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Net income	$	23,970		$	10,165		$	17,247		$	18,566		$	17,153
Equity in net loss/(income) of unconsolidated partnerships		301			862			208			(43	)		172
Interest expense		12,080			12,137			12,855			9,009			7,173
Interest income		(63	)		(115	)		(110	)		(106	)		(155	)
Loss on derivative instruments		56			19,222			726			—			—
Gain on extinguishment of debt		(4,371	)		(14,783	)		—			—			—
Income from operations		31,973			27,488			30,926			27,426			24,343
Depreciation and amortization		27,313			25,703			21,506			19,331			17,687
General and administrative		5,280			6,406			4,589			5,645			6,194
Consolidated net operating income	$	64,566		$	59,597		$	57,021		$	52,402		$	48,224
Revenues:
Rental	$	68,419		$	63,518		$	59,381		$	54,223		$	50,342
Tenant recoveries		21,081			18,869			20,911			15,804			16,582
Other income		4,451			646			519			744			434
Total revenues		93,951			83,033			80,811			70,771			67,358
Expenses:
Rental operations		22,152			17,255			17,027			13,454			13,865
Real estate taxes		7,233			6,181			6,763			4,915			5,269
Total operating expenses		29,385			23,436			23,790			18,369			19,134
Consolidated net operating income	$	64,566		$	59,597		$	57,021		$	52,402		$	48,224
Consolidated net operating income — cash basis	$	57,448		$	53,586		$	49,687		$	45,068		$	42,915
Operating margin (2) (4)		67.2	%		71.6	%		70.4	%		73.8	%		71.4	%
Operating expense recovery (3) (4)		71.7	%		80.5	%		87.9	%		86.0	%		86.7	%

(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)
MARCH 31, 2009
(In thousands, except ratios)

	Three Months Ended
	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Excluding capitalized interest:
Adjusted EBITDA	$	64,025		$	48,667		$	52,132		$	47,356		$	42,464
Interest expense:
Interest expense		12,080			12,137			12,855			9,009			7,173
Interest expense — unconsolidated partnerships		420			729			489			421			524
Amortization of deferred loan costs		(1,320	)		(2,128	)		(1,313	)		(1,317	)		(1,019	)
Amortization of debt discount		(1,024	)		(2,968	)		(683	)		(683	)		(662	)
Amortization of fair-value of debt acquired		457			456			490			561			558
Total interest expense	$	10,613		$	8,226		$	11,838		$	7,991		$	6,574
Interest coverage ratio		6.0			5.9			4.4			5.9			6.5
Including capitalized interest:
Adjusted EBITDA	$	64,025		$	48,667		$	52,132		$	47,356		$	42,464
Interest expense:
Interest expense		12,080			12,137			12,855			9,009			7,173
Interest expense — unconsolidated partnerships		420			729			489			421			524
Interest expense — accumulated other comprehensive income		897			265			1,996			1,831			995
Capitalized interest		4,130			6,839			8,574			11,844			15,064
Amortization of deferred loan costs		(1,320	)		(2,128	)		(1,313	)		(1,317	)		(1,019	)
Amortization of debt discount		(1,024	)		(2,968	)		(683	)		(683	)		(662	)
Amortization of fair-value of debt acquired		457			456			490			561			558
Total interest expense	$	15,640		$	15,330		$	22,408		$	21,666		$	22,633
Interest coverage ratio		4.1			3.2			2.3			2.2			1.9

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

14

FIXED CHARGE COVERAGE RATIOS (1)
MARCH 31, 2009
(In thousands, except ratios)

	Three Months Ended
	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Excluding capitalized interest:
Adjusted EBITDA	$	64,025		$	48,667		$	52,132		$	47,356		$	42,464
Fixed charges:
Interest expense		12,080			12,137			12,855			9,009			7,173
Interest expense — unconsolidated partnerships		420			729			489			421			524
Amortization of deferred loan costs		(1,320	)		(2,128	)		(1,313	)		(1,317	)		(1,019	)
Amortization of debt discount		(1,024	)		(2,968	)		(683	)		(683	)		(662	)
Amortization of fair-value of debt acquired		457			456			490			561			558
Principal payments		1,446			1,210			1,185			1,448			1,446
Principal payments — unconsolidated partnerships		8			8			7			7			7
Preferred dividends		4,241			4,241			4,241			4,241			4,241
Total fixed charges	$	16,308		$	13,685		$	17,271		$	13,687		$	12,268
Fixed charge coverage ratio		3.9			3.6			3.0			3.5			3.5
Including capitalized interest:
Adjusted EBITDA	$	64,025		$	48,667		$	52,132		$	47,356		$	42,464
Fixed charges:
Interest expense		12,080			12,137			12,855			9,009			7,173
Interest expense — unconsolidated partnerships		420			729			489			421			524
Interest expense — accumulated other comprehensive income		897			265			1,996			1,831			995
Capitalized interest		4,130			6,839			8,574			11,844			15,064
Amortization of deferred loan costs		(1,320	)		(2,128	)		(1,313	)		(1,317	)		(1,019	)
Amortization of debt discount		(1,024	)		(2,968	)		(683	)		(683	)		(662	)
Amortization of fair-value of debt acquired		457			456			490			561			558
Principal payments		1,446			1,210			1,185			1,448			1,446
Principal payments — unconsolidated partnerships		8			8			7			7			7
Preferred dividends		4,241			4,241			4,241			4,241			4,241
Total fixed charges	$	21,335		$	20,789		$	27,841		$	27,362		$	28,327
Fixed charge coverage ratio		3.0			2.3			1.9			1.7			1.5

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

15

DEBT SUMMARY
MARCH 31, 2009
(Dollars in thousands)

									Unamortized
	Stated			Effective			Principal		Premium /			Carrying		Maturity
	Rate			Rate			Balance		(Discount)			Value		Date
Consolidated debt:
Mortgage notes payable:
Ardentech Court		7.25	%		5.06	%	$	4,436	$	285		$	4,721		07/12
Bayshore Boulevard		4.55	%		4.55	%		14,817		—			14,817		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,347		609			11,956		01/11
500 Kendall Street (Kendall D)		6.38	%		5.45	%		67,386		4,008			71,394		12/18
Lucent Drive		5.50	%		5.50	%		5,289		—			5,289		01/15
Monte Villa Parkway		4.55	%		4.55	%		9,020		—			9,020		01/10
6828 Nancy Ridge Drive		7.15	%		5.38	%		6,668		387			7,055		09/12
Road to the Cure		6.70	%		5.78	%		15,140		572			15,712		01/14
Science Center Drive		7.65	%		5.04	%		11,105		641			11,746		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—			147,000		09/16
Sidney Street		7.23	%		5.11	%		28,974		1,747			30,721		06/12
9885 Towne Centre Drive		4.55	%		4.55	%		20,602		—			20,602		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,317		119			1,436		05/15
Total / weighted average on fixed rate mortgages		6.18	%		5.51	%		343,101		8,368			351,469
Fixed rate debt:
Unsecured exchangeable senior notes		4.50	%		6.45	%		116,250		(5,182	)		111,068		10/26
Total / weighted average fixed rate debt		5.75	%		5.75	%		459,351		3,186			462,537
Variable rate debt:
Secured term loan		2.15	%		2.15	%		250,000		—			250,000		08/12
$600 million unsecured line of credit		1.63	%		1.63	%		204,334		—			204,334		08/11
$550 million secured construction loan		1.74	%		1.74	%		507,128		—			507,128		11/09
Total / weighted average variable rate debt		1.82	%		1.82	%		961,462		—			961,462
Total / weighted average consolidated debt		3.08	%		3.07	%	$	1,420,813	$	3,186		$	1,423,999
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)		4.06	%		4.06	%	$	40,650	$	—		$	40,650		02/11
PREI secured construction loan (20%) (variable)		2.06	%		2.06	%		31,451		—			31,451		08/10
McKellar Court (21%) (fixed)		8.56	%		4.63	%		2,166		—			2,166		01/10
Total / weighted average share of unconsolidated partnership debt		3.34	%		3.23	%		74,267		—			74,267
Total / weighted average consolidated and share of unconsolidated partnership debt		3.10	%		3.10	%	$	1,495,080	$	3,186		$	1,498,266

16

DEBT ANALYSIS
MARCH 31, 2009
(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	$	1,100,229		77.4	%		3.21	%		3.01	%
Unsecured debt		320,584		22.6	%		2.67	%		3.38	%
Total consolidated debt	$	1,420,813		100.0	%		3.08	%		3.07	%

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	$	459,351		32.3	%		5.75	%		5.75	%
Variable rate debt — hedged		400,000		28.2	%		5.80	%		5.80	%
Variable rate debt — unhedged		561,462		39.5	%		1.89	%		1.89	%
Total consolidated debt	$	1,420,813		100.0	%		4.24	%		4.24	%

	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
Total consolidated debt:
Fixed rate debt / Total debt		32.3	%		35.3	%		33.8	%		36.3	%		34.7	%
Adjusted fixed rate debt / Total debt (1)		60.5	%		65.2	%		59.8	%		89.1	%		85.0	%
Total consolidated debt and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		33.0	%		34.9	%		33.5	%		34.2	%		33.0	%
Adjusted fixed rate debt / Total debt (1)		59.7	%		62.6	%		57.9	%		83.9	%		80.5	%

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

17

DEBT MATURITIES
MARCH 31, 2009
(In thousands)

Weighted average debt maturity is 4 years and 3.9 years for consolidated and unconsolidated debt, respectively.

	2009		2010		2011		2012		2013		Thereafter		Total
Consolidated debt:
Fixed rate debt:
Fixed rate mortgages	$	3,789	$	47,446	$	26,221	$	41,421	$	4,862	$	219,362	$	343,101
Unsecured exchangeable senior notes (1)		—		—		—		—		—		116,250		116,250
Total fixed rate debt		3,789		47,446		26,221		41,421		4,862		335,612		459,351
Variable rate debt:
Secured term loan		—		—		—		250,000		—		—		250,000
$600 million unsecured line of credit (2)		—		—		204,334		—		—		—		204,334
$550 million secured construction loan (3)		507,128		—		—		—		—		—		507,128
Total variable rate debt		507,128		—		204,334		250,000		—		—		961,462
Total consolidated debt	$	510,917	$	47,446	$	230,555	$	291,421	$	4,862	$	335,612	$	1,420,813
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable) (4)	$	—	$	—	$	40,650	$	—	$	—	$	—	$	40,650
PREI secured construction loan (20%) (variable) (5)		—		31,451		—		—		—		—		31,451
McKellar Court (21%) (fixed)		24		2,142		—		—		—		—		2,166
Share of total unconsolidated partnership debt	$	24	$	33,593	$	40,650	$	—	$	—	$	—	$	74,267
Total consolidated and share of unconsolidated partnership debt	$	510,941	$	81,039	$	271,205	$	291,421	$	4,862	$	335,612	$	1,495,080

(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.
(2)	The maturity date may be extended to August 1, 2012 after satisfying certain conditions.
(3)	The maturity date may be extended to November 16, 2010 after satisfying certain conditions.
(4)	The maturity date may be extended to February 10, 2012 after satisfying certain conditions.
(5)	The maturity date may be extended to August 13, 2011 after satisfying certain conditions.

18

COMMON AND PREFERRED STOCK DATA
MARCH 31, 2009
(Shares in thousands)

SUMMARY OF COMMON SHARES          

	Three Months Ended
	3/31/09			12/31/08			9/30/08			6/30/08			3/31/08
				(Revised)			(Revised)			(Revised)			(Revised)
Weighted average common shares outstanding		80,261			79,693			71,513			70,094			65,351
Weighted average OP and LTIP units outstanding		3,415			3,481			3,504			3,503			3,439
Dilutive effect of restricted stock		823			312			207			215			235
Diluted common shares		84,499			83,486			75,224			73,812			69,025
Closing common shares, OP and LTIP units outstanding		84,543			84,193			75,224			75,224			69,089
Preferred shares outstanding		9,200			9,200			9,200			9,200			9,200
High price	$	13.52		$	25.43		$	29.50		$	27.75		$	25.33
Low price	$	6.02		$	5.88		$	22.72		$	23.59		$	19.32
Average closing price	$	9.52		$	13.41		$	26.20		$	25.91		$	22.46
Closing price	$	6.77		$	11.72		$	26.45		$	24.53		$	23.89
Dividends per share — annualized	$	1.34		$	1.34		$	1.34		$	1.34		$	1.34
Closing dividend yield — annualized		19.8	%		11.4	%		5.1	%		5.5	%		5.6	%

DIVIDENDS PER SHARE          

	3/31/09		12/31/08		9/30/08		6/30/08		3/31/08
Common Stock — BMR
Amount	$	0.335	$	0.335	$	0.335	$	0.335	$	0.335
Declared	March 16, 2009		December 15, 2008		September 15, 2008		June 16, 2008		March 14, 2008
Record	March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008
Paid	April 15, 2009		January 15, 2009		October 15, 2008		July 15, 2008		April 15, 2008
Preferred Stock — BMR PrA
Amount	$	0.46094	$	0.46094	$	0.46094	$	0.46094	$	0.46094
Declared	March 16, 2009		December 15, 2008		September 15, 2008		June 16, 2008		March 14, 2008
Record	March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008		March 31, 2008
Paid	April 15, 2009		January 15, 2009		October 15, 2008		July 15, 2008		April 15, 2008

19

MARKET SUMMARY
MARCH 31, 2009

			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		2,201,822	$	112,376		40.3	%	$	51.04	$	127,712		37.8	%	$	58.00
Maryland		1,144,968		45,831		16.5	%		40.03		63,578		18.9	%		55.53
San Francisco		1,198,078		28,833		10.4	%		24.07		35,944		10.7	%		30.00
San Diego		1,046,226		33,015		11.9	%		31.56		41,788		12.4	%		39.94
New York / New Jersey		1,012,873		27,563		9.9	%		27.21		33,495		9.9	%		33.07
Pennsylvania		691,921		15,194		5.5	%		21.96		16,547		4.9	%		23.91
Seattle		179,232		7,569		2.7	%		42.23		9,328		2.8	%		52.04
University Related — Other		249,507		7,806		2.8	%		31.29		8,890		2.6	%		35.63
Total portfolio / weighted average		7,724,627	$	278,187		100.0	%	$	36.01	$	337,282		100.0	%	$	43.66

(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
MARCH 31, 2009

							Rentable		Percent of			Leased
				Property			Square		Rentable			Square		Percent Leased
Property			Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/09			12/31/08
		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	Stabilized		1		704,159		7.4	%		639,486		90.8	%		87.1	%
	3	Charles Street	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		0.9	%		66,696		73.5	%		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		0.5	%		52,520		100.0	%		100.0	%
		Total Boston				18		2,001,325		21.0	%		1,903,289		95.1	%		94.0	%
		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		3.0	%		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		6.6	%		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		11.9	%		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 (2)	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	September 10, 2004	Lease Up		2		201,567		2.1	%		143,591		71.2	%		96.8	%
	22	Bridgeview Technology Park II	March 16, 2005	Lease Up		1		50,400		0.5	%		—		—			100.0	%
	23	Dumbarton Circle	May 27, 2005	Stabilized		3		44,000		0.5	%		44,000		100.0	%		100.0	%
	24	Eccles Avenue	December 1, 2005	Lease Up		1		152,145		1.6	%		—		—			—
	25	Forbes Boulevard	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	August 25, 2005	Lease Up		1		87,953		0.9	%		—		—			—
	28	Pacific Research Center	July 11, 2006	Rep / Redev		10		1,389,517		14.5	%		336,461		24.2	%		24.2	%
		Total San Francisco				23		2,644,488		27.7	%		1,198,078		45.3	%		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		196,557		2.1	%		196,557		100.0	%		100.0	%
	34	6828 Nancy Ridge Drive	April 21, 2005	Lease Up		1		42,138		0.4	%		31,199		74.0	%		58.0	%
	35	Pacific Center Boulevard	August 24, 2007	Lease Up		2		66,745		0.7	%		34,820		52.2	%		100.0	%
	36	Road to the Cure	December 14, 2006	Lease Up		1		67,998		0.7	%		40,456		59.5	%		54.4	%
	37	San Diego Science Center	October 21, 2004	Lease Up		1		105,364		1.1	%		83,868		79.6	%		76.7	%

21

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
MARCH 31, 2009

							Rentable		Percent of			Leased
				Property			Square		Rentable			Square		Percent Leased
Property			Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/09			12/31/08
		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	%		100.0	%
	40	Torreyana Road	March 22, 2007	Stabilized		1		81,204		0.8	%		81,204		100.0	%		100.0	%
	41	9865 Towne Centre Drive	August 12, 2004	Stabilized		1		94,866		1.0	%		94,866		100.0	%		100.0	%
	42	9885 Towne Centre Drive	August 12, 2004	Stabilized		3		104,870		1.1	%		104,870		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		1,115,987		11.7	%		973,363		87.2	%		88.1	%
		New York / New Jersey
	44	Graphics Drive	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	%		744,655		99.1	%		99.1	%
	46	Landmark at Eastview II	August 12, 2004	CIP		3		360,520		3.8	%		249,644		69.2	%		69.2	%
	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	%		1,012,873		82.1	%		82.1	%
		Pennsylvania
	48	Eisenhower Road	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		0.7	%		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	May 5, 2005	Lease Up		1		104,400		1.1	%		81,977		78.5	%		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		8.1	%		691,921		88.9	%		88.3	%
		Seattle
	55	Elliott Avenue	August 24, 2004	Rep / Redev		1		154,341		1.6	%		—		—			—
	56	500 Fairview Avenue	January 28, 2008	Stabilized		1		22,213		0.2	%		22,213		100.0	%		100.0	%
	57	530 Fairview Avenue	January 12, 2006	CIP		1		96,188		1.0	%		63,391		65.9	%		65.9	%
	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		391,541		4.0	%		179,232		45.8	%		45.8	%
		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		9,559,956		100.0	%		7,353,231		76.9	%		77.7	%

(1)	For a definition of Property Status, see page 34.
(2)	We own 87.5% of the limited liability company that owns the Ardenwood Venture property.

22

REPOSITIONING AND REDEVELOPMENT
MARCH 31, 2009

		Total Property										Estimated		Estimated
		Rentable		Percent			Percent			Investment		Total		In-Service
Property	Market	Square Feet		Leased			In Service			to Date (1)		Investment (2)		Date (3)
Elliott Avenue	Seattle		154,341		—			—		$	69,700	$	78,300	Q1 2010
Pacific Research Center	San Francisco		1,389,517		24.2	%		49.8	%		254,800		280,100	Q2 2009
Total / weighted average			1,543,858		21.8	%		44.8	%	$	324,500	$	358,400

(1)	Consists of amounts paid through period end and excludes any amounts accrued.
(2)	Excludes costs associated with speculative leasing.
(3)	Management’s estimate of the time in which construction is substantially completed. A project is considered substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.

23

DEVELOPMENT AND LAND PARCELS
MARCH 31, 2009
(Dollars in thousands)

CONSTRUCTION IN PROGRESS:

												Estimated		Estimated
		Rentable		Percent			Percent			Investment		Total		In-Service
Property	Market	Square Feet		Leased			In Service			to Date (1)		Investment (2)		Date (3)
530 Fairview Avenue	Seattle		96,188		65.9	%		27.5	%	$	41,400	$	44,800	Q2 2009
Landmark at Eastview II	New York / New Jersey		360,520		69.2	%		—			91,700		117,500	Q2 2009
Total / weighted average			456,708		68.5	%		5.8	%	$	133,100	$	162,300

LAND PARCELS:

	Estimated
	Developable
Market	Square Feet
Boston		50,000
Maryland		500,000
San Francisco		508,000
New York / New Jersey		130,000
Pennsylvania		50,000
Seattle		114,000
Total		1,352,000

(1)	Consists of amounts paid through period end and excludes any amounts accrued.
(2)	Excludes costs associated with speculative leasing.
(3)	Management’s estimate of the time in which construction is substantially completed. A project is considered substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.

24

PROPERTY LISTING — UNCONSOLIDATED PARTNERSHIPS
MARCH 31, 2009
(Dollars in thousands)

Rentable

Leased

Property

Square

Square

Percent Leased

Property

Acquisition Date

Status (1)

Buildings

Feet (2)

Feet

3/31/09

12/31/08

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

Lease Up

1

417,290

114,088

27.3

%

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	$	16,135		$	624,133		$	640,268
Total debt		10,316			360,505			370,821
Current annualized base rent		1,809			17,128			18,937
BioMed’s net investment in unconsolidated partnerships	$	2,364		$	47,392		$	49,756
BioMed’s pro rata share of debt		2,166			72,101			74,267
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
MARCH 31, 2009

Weighted average remaining lease term is 9 years for the consolidated portfolio and 8.9 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		48,044		0.6	%	$	1,082		0.4	%	$	22.52	$	1,082		0.3	%	$	22.52
Second quarter 2009		17,548		0.2	%		797		0.3	%		45.42		797		0.2	%		45.42
Third quarter 2009		149,405		1.9	%		2,621		0.9	%		17.54		2,621		0.8	%		17.54
Fourth quarter 2009		74,543		1.0	%		1,873		0.7	%		25.13		1,882		0.6	%		25.25
2009		289,540		3.7	%		6,373		2.3	%		22.01		6,382		1.9	%		22.04
2010		580,582		7.5	%		13,184		4.7	%		22.71		13,284		3.9	%		22.88
2011		276,662		3.6	%		9,333		3.4	%		33.73		9,863		2.9	%		35.65
2012		481,114		6.2	%		11,534		4.1	%		23.97		12,374		3.7	%		25.72
2013		434,305		5.6	%		10,367		3.7	%		23.87		11,950		3.5	%		27.52
2014		617,695		8.0	%		14,284		5.1	%		23.12		16,128		4.8	%		26.11
2015		84,157		1.1	%		2,777		1.0	%		33.00		3,260		1.0	%		38.74
2016		920,347		11.9	%		32,806		11.8	%		35.65		42,607		12.6	%		46.29
2017		96,575		1.3	%		3,017		1.1	%		31.24		3,440		1.0	%		35.62
2018		1,085,616		14.1	%		47,274		17.0	%		43.55		53,896		16.0	%		49.65
Thereafter		2,858,034		37.0	%		127,238		45.8	%		44.52		164,098		48.7	%		57.42
Total / weighted average		7,724,627		100.0	%	$	278,187		100.0	%	$	36.01	$	337,282		100.0	%	$	43.66

(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
MARCH 31, 2009

	Leased Square Feet
Expiration	Boston		Maryland		San Francisco		San Diego		NY/NJ		Pennsylvania		Seattle		University/Other		Total
2009		16,153		—		—		108,725		132,817		22,206		9,639		—		289,540
2010		146,466		—		164,894		11,556		224,577		33,089		—		—		580,582
2011		35,093		—		71,308		46,787		5,742		117,732		—		—		276,662
2012		20,608		—		188,442		92,860		144,117		12,874		22,213		—		481,114
2013		—		—		156,604		143,462		73,069		44,318		16,852		—		434,305
2014		28,019		—		66,002		127,787		—		374,387		—		21,500		617,695
2015		—		—		—		53,740		19,124		11,293		—		—		84,157
2016		445,278		—		100,040		—		20,000		76,022		51,000		228,007		920,347
2017		—		51,181		—		—		45,394		—		—		—		96,575
2018		807,347		—		199,329		36,312		—		—		42,628		—		1,085,616
Thereafter		702,858		1,093,787		251,459		424,997		348,033		—		36,900		—		2,858,034
Total		2,201,822		1,144,968		1,198,078		1,046,226		1,012,873		691,921		179,232		249,507		7,724,627

27

10 LARGEST TENANTS
MARCH 31, 2009

Our properties were leased to 126 tenants.

									Annualized		Percent of
									Base Rent		Annualized
		Leased					Annualized		per Leased		Base Rent
		Square		Percent of			Base Rent		Sq Ft		Current			Lease
Tenant		Feet		Leased Sq Ft			Current (1)		Current		Total Portfolio			Expiration
							(In thousands)
1	Human Genome Sciences, Inc.		924,970		12.0	%	$	41,096	$	44.43		14.8	%	June 2026
2	Vertex Pharmaceuticals Incorporated (2)		685,286		8.9	%		28,875		42.14		10.4	%	Multiple
3	Beth Israel Deaconess Medical Center, Inc.		362,364		4.7	%		25,543		70.49		9.2	%	July 2023
4	Genzyme Corporation		343,000		4.4	%		15,464		45.08		5.6	%	August 2018
5	Regeneron Pharmaceuticals, Inc. (3)		477,257		5.0	%		14,115		29.58		5.1	%	Multiple
6	Ironwood Pharmaceuticals, Inc. (4) (5)		162,466		2.1	%		9,509		58.53		3.4	%	Multiple
7	Children's Hospital Corporation		150,215		1.9	%		8,750		58.25		3.1	%	May 2023
8	Centocor, Inc. (Johnson & Johnson)		374,387		4.8	%		8,428		22.51		3.0	%	April 2014
9	Schering Corporation (4)		136,067		1.8	%		7,609		55.92		2.7	%	September 2016
10	Arena Pharmaceuticals, Inc.		196,557		2.5	%		7,557		38.45		2.7	%	June 2027
	Total / weighted average (6)		3,812,569		48.1	%	$	166,946	$	43.79		60.0	%

(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)	20,608 square feet expires May 2012, 81,204 square feet expires October 2013, 292,758 square feet expires January 2016, and 290,716 square feet expires May 2018.
(3)	129,224 square feet expires July 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 July 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 114,088 square feet expires January 2014.
(6)	Without regard to any early lease terminations and/or renewal options.

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SAME PROPERTY ANALYSIS
MARCH 31, 2009
(Dollars in thousands)

	Quarter Ended
	3/31/09			3/31/08			Percent Change
Total Same Property Portfolio (1)
Number of properties		50			50
Rentable square feet		6,335,309			6,335,309
Percent of total portfolio		60.3	%		60.8	%
Percent leased		91.9	%		92.9	%
Revenues:
Rental	$	54,311		$	49,217			10.4	%
Tenant recoveries		14,921			16,087			(7.2	%)
Total revenues		69,232			65,304			6.0	%
Expenses:
Rental operations		14,923			12,497			19.4	%
Real estate taxes		4,860			5,028			(3.3	%)
Total expenses		19,783			17,525			12.9	%
Same property net operating income (2)	$	49,449		$	47,779			3.5	%
Less straight line rents, fair-value and incentive revenue		(4,340	)		(5,239	)		(17.2	%)
Same property net operating income — cash basis (2) (3)	$	45,109		$	42,540			6.0	%
Rental revenue — cash basis (3)	$	49,971		$	43,978			13.6	%
Same property net operating income (2)	$	49,449		$	47,779			3.5	%
Plus other income		3,904			137			2749.6	%
Same property net operating income — including non-recurring items	$	53,353		$	47,916			11.3	%
		3/31/09			12/31/08
Number of properties		50			49
Change in same property net operating income		3.5	%		0.2	%
Change in same property net operating income — cash basis		6.0	%		3.7	%

(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.

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ACQUISITIONS
MARCH 31, 2009

			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		1,102,822		653,800
2008 acquisitions		1		22,213		4,000
2009 acquisitions		—		—		—
Total acquisitions since August 11, 2004		71		8,973,157		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.

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LEASING ACTIVITY (1)
MARCH 31, 2009

				Current
	Leased			Annualized
	Square			Base Rent per
	Feet			Leased Sq Ft
Leased Square Feet as of December 31, 2008		7,742,288
Expirations		(298,426	)	$	30.03
Terminations		(138,477	)		18.14
Renewals, amendments, and extensions		298,520			45.15
New leases		120,722			33.27
Leased Square Feet as of March 31, 2009		7,724,627
Gross Leasing Activity — First Quarter 2009		419,242		$	41.73

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

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TENANT IMPROVEMENTS AND LEASING COMMISSIONS
MARCH 31, 2009

	Three Months Ended
	3/31/09		12/31/08		9/30/08		6/30/08		3/31/08
Renewals, Amendments, and Extensions (1)
Number of renewals		4		5		7		5		1
Square feet		298,520		65,194		146,725		103,011		5,884
Tenant improvement costs per square foot (2)	$	—	$	—	$	22.32	$	29.12	$	—
Leasing commission costs per square foot (2)		3.35		—		9.94		4.95		—
Total tenant improvement and leasing commission costs psf	$	3.35	$	—	$	32.26	$	34.07	$	—
New Leases (3)
Number of leases		9		5		6		9		8
Square feet		120,722		129,816		52,366		224,293		121,006
Tenant improvement costs per square foot (2)	$	3.26	$	63.32	$	28.20	$	8.98	$	137.52
Leasing commission costs per square foot (2)		4.25		10.32		5.35		6.06		15.40
Total tenant improvement and leasing commission costs psf	$	7.51	$	73.64	$	33.55	$	15.04	$	152.92
Total
Number of renewals/leases		13		10		13		14		9
Square feet		419,242		195,010		199,091		327,304		126,890
Tenant improvement costs per square foot (2)	$	0.94	$	42.15	$	23.87	$	15.32	$	131.15
Leasing commission costs per square foot (2)		3.61		6.87		8.73		5.71		14.68
Total tenant improvement and leasing commission costs psf	$	4.55	$	49.02	$	32.60	$	21.03	$	145.83

(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.

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NON-GAAP FINANCIAL MEASURE DEFINITIONS
MARCH 31, 2009

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
MARCH 31, 2009

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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