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

Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
JUNE 30, 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
JUNE 30, 2009

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

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

SECOND QUARTER HIGHLIGHTS
JUNE 30, 2009

Second Quarter Highlights

• Increased total revenues for the second quarter to $86.1 million, up 21.6% from $70.8 million for the same period in 2008, driven primarily by sustained leasing success and deliveries from the company’s development pipeline.

• Executed 17 leasing transactions during the quarter, representing approximately 250,000 square feet. The company entered into 14 new leases totaling approximately 229,000 square feet, including a lease with Regeneron Pharmaceuticals, Inc. encompassing approximately 80,000 square feet at The Landmark at Eastview campus in Tarrytown, New York. Three leases totaling approximately 21,000 square feet were amended to extend their terms.

• Secured a new $350 million loan for the Center for Life Science | Boston, the company’s newly constructed 700,000+ square foot state-of-the-art research facility that recently received Gold LEED® certification from the U.S. Green Building Council.

• Secured a new $18 million loan for the company’s 9865 Towne Centre Drive property which was built for, and is fully leased to, Illumina, Inc., and which recently received Silver LEED® certification from the U.S. Green Building Council.

• Repurchased $8.8 million face value of exchangeable senior notes for approximately 65% of par, resulting in a gain on extinguishment of debt of approximately $2.6 million.

• Completed a follow-on public offering of common stock, raising approximately $166.9 million in net proceeds.

• Generated net income available to common stockholders of $18.2 million for the quarter, up 32.8% from the same period in 2008.

• Increased funds from operations (FFO) for the quarter to $0.48 per diluted share, or $44.0 million, compared to $0.46 per diluted share, or $34.1 million, for the same period in 2008. Excluding the impact of debt extinguishment associated with the repurchase of exchangeable senior notes, FFO for the quarter was $41.4 million, or $0.45 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 114 buildings with approximately 10.5 million rentable square feet. The company’s properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available at www.biomedrealty.com.

3

INVESTOR INFORMATION
JUNE 30, 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	Senior Management
Alan D. Gold	Alan D. Gold	John P. Bonanno
Chairman	Chairman and Chief Executive Officer	Vice President, Development
Barbara R. Cambon	R. Kent Griffin, Jr.	Jonathan P. Klassen
	President, Chief Operating Officer and	Vice President,
Edward A. Dennis, Ph.D.	Chief Financial Officer	Legal and Secretary
	Gary A. Kreitzer	Greg N. Lubushkin
Richard I. Gilchrist	Executive Vice President,	Vice President,
	General Counsel and Director	Chief Accounting Officer
Gary A. Kreitzer	Matthew G. McDevitt	Kevin M. Simonsen
	Executive Vice President,	Vice President,
Theodore D. Roth	Acquisitions and Leasing	Real Estate Counsel
	William A. Gartner	Karen A. Sztraicher
M. Faye Wilson	Senior Vice President,	Vice President,
	Real Estate Operations	Finance and Treasurer

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

4

EQUITY RESEARCH COVERAGE
JUNE 30, 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
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
Wells Fargo Securities, LLC	Brendan Maiorana / Young Ku	(443) 263-6516 / (443) 263-6564	brendan.maiorana@wachovia.com /
			young.ku@wachovia.com

5

FINANCIAL AND OPERATING HIGHLIGHTS
JUNE 30, 2009

(In thousands, except per share and ratio amounts)

	Three months ended
	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Selected Operating Data
Total revenues	$	86,080		$	93,951		$	83,033		$	80,811		$	70,771
EBITDA (1)		56,233			59,079			44,120			47,321			42,495
Adjusted EBITDA (1)		61,119			64,025			48,667			52,132			47,356
Net operating income — cash basis (2)		56,354			57,946			53,842			49,752			45,016
General and administrative expense		5,126			5,280			6,406			4,589			5,645
Interest expense		12,875			12,080			12,137			12,855			9,009
Capitalized interest		3,472			4,130			6,839			8,574			11,844
Interest incurred including swap payments (3)		17,101			17,107			19,241			23,425			22,684
Operating margin (4)		73.1	%		67.2	%		71.6	%		70.4	%		73.8	%
General and administrative expense / Total revenues		6.0	%		5.6	%		7.7	%		5.7	%		8.0	%
Net income available to common stockholders		18,195			19,024			5,618			12,436			13,705
Net income per share — diluted	$	0.20		$	0.23		$	0.07		$	0.17		$	0.19
FFO (5)		43,997			47,701			32,286			35,017			34,097
FFO per share — diluted (5)	$	0.48		$	0.56		$	0.39		$	0.47		$	0.46
AFFO (5)		36,277			37,208			32,896			30,682			29,073
AFFO per share — diluted (5)	$	0.39		$	0.44		$	0.39		$	0.41		$	0.39
Coverage Ratios (6)
Interest coverage		4.9			5.7			4.6			4.4			5.9
Fixed charge coverage		3.5			3.8			3.0			3.0			3.5
Dividend per share — common stock	$	0.11		$	0.335		$	0.335		$	0.335		$	0.335
FFO payout ratio (7)		22.9	%		59.8	%		85.9	%		71.3	%		72.8	%
AFFO payout ratio (7)		28.2	%		76.1	%		85.9	%		81.7	%		85.9	%

(1)	For definitions and discussion of EBITDA and adjusted EBITDA, see page 32. For a quantitative reconciliation of the differences between adjusted EBITDA, EBITDA and net income available to common stockholders, see page 12.
(2)	For definitions and discussion of net operating income — cash basis, see page 13.
(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 32. 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 32. See pages 14 and 15 for detail.
(7)	See page 11 for detail.

6

CAPITALIZATION SUMMARY
JUNE 30, 2009

(In thousands, except per share and ratio amounts)

	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Capitalization:
Total common shares outstanding		98,119			81,181			80,757			71,720			71,720
Total units outstanding (1)		3,174			3,362			3,436			3,504			3,504
Total common shares and units outstanding		101,293			84,543			84,193			75,224			75,224
Common share price at quarter end	$	10.23		$	6.77		$	11.72		$	26.45		$	24.53
Equity value at quarter end	$	1,036,221		$	572,357		$	986,741		$	1,989,674		$	1,845,237
Preferred stock at liquidation value		230,000			230,000			230,000			230,000			230,000
Consolidated debt		1,363,245			1,423,999			1,341,099			1,538,311			1,485,920
Total capitalization	$	2,629,466		$	2,226,356		$	2,557,840		$	3,757,985		$	3,561,157
Debt / Total assets		41.2	%		43.0	%		41.5	%		47.7	%		46.7	%
Debt / Total capitalization		51.8	%		63.9	%		52.3	%		40.8	%		41.8	%
Total consolidated debt:
Fixed rate debt / Total debt		60.1	%		32.3	%		35.3	%		33.8	%		36.3	%
Adjusted fixed rate debt / Total debt		89.5	%		60.5	%		65.2	%		59.8	%		89.1	%
Total consolidated and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		59.4	%		33.0	%		34.9	%		33.5	%		34.2	%
Adjusted fixed rate debt / Total debt		89.8	%		59.7	%		62.6	%		57.9	%		83.9	%

(1) Includes both operating partnership (OP) and long term incentive plan (LTIP) units outstanding.

7

PORTFOLIO SUMMARY
JUNE 30, 2009

	June 30, 2009
															Unconsolidated
	Consolidated Portfolio														Partnership Portfolio (1)							Total Portfolio
	Gross		GBV			GBV				Rentable		Percent					Rentable		Percent					Rentable		Percent
	Book Value		% of Tot			PSF		Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
	(in thousands)
Stabilized properties (2)	$	2,277,692		71.3	%	$	391		41		5,830,252		98.5	%		4		257,268		100.0	%		45		6,087,520		98.5	%
Lease up properties (2)		697,948		21.9	%		217		19		3,214,843		42.6	%		2		417,290		27.3	%		21		3,632,133		40.8	%
Total operating portfolio		2,975,640		93.2	%		329		60		9,045,095		78.6	%		6		674,558		55.1	%		66		9,719,653		77.0	%
Redevelopment properties (3)		73,099		2.3	%		474		1		154,341		—			—		—		n/a			1		154,341		—
Construction in progress (4)		111,822		3.5	%		310		1		360,520		63.7	%		1		280,000		—			2		640,520		35.9	%
Total portfolio		3,160,561		99.0	%		331		62		9,559,956		76.8	%		7		954,558		38.9	%		69		10,514,514		73.3	%
Land parcels (4)		32,508		1.0	%		24		n/a		1,352,000		n/a			—		—		n/a			n/a		1,352,000		n/a
Total proforma portfolio	$	3,193,069		100.0	%	$	293		62		10,911,956		n/a			7		954,558		n/a			69		11,866,514		n/a

	March 31, 2009
															Unconsolidated
	Consolidated Portfolio														Partnership Portfolio (1)							Total Portfolio
	Gross		GBV			GBV				Rentable		Percent					Rentable		Percent					Rentable		Percent
	Book Value		% of Tot			PSF		Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
	(in thousands)
Stabilized properties	$	2,269,066		71.3	%	$	391		41		5,800,907		98.6	%		4		257,308		100.0	%		45		6,058,215		98.7	%
Lease up properties		378,348		11.9	%		215		17		1,758,483		55.9	%		2		417,290		27.3	%		19		2,175,773		50.5	%
Total operating portfolio		2,647,414		83.2	%		350		58		7,559,390		88.7	%		6		674,598		55.1	%		64		8,233,988		85.9	%
Redevelopment properties		339,740		10.7	%		220		2		1,543,858		21.8	%		—		—		n/a			2		1,543,858		21.8	%
Construction in progress		161,618		5.1	%		354		2		456,708		68.5	%		1		280,000		—			3		736,708		42.5	%
Total portfolio		3,148,772		99.0	%		329		62		9,559,956		76.9	%		7		954,598		38.9	%		69		10,514,554		73.5	%
Land parcels		32,508		1.0	%		24		n/a		1,352,000		n/a			—		—		n/a			n/a		1,352,000		n/a
Total proforma portfolio	$	3,181,280		100.0	%	$	292		62		10,911,956		n/a			7		954,598		n/a			69		11,866,554		n/a

(1)	Includes 72,863 rentable square feet of McKellar Court (21%) and 881,695 rentable square feet of PREI joint venture properties (20%). See page 24 for additional detail.
(2)	See pages 21-22 for detail of consolidated portfolio, page 24 for detail of the unconsolidated partnership portfolio, and page 33 for definitions of terms.
(3)	See page 23 for detail of consolidated portfolio, and page 33 for definitions of terms.
(4)	See page 23 for detail of consolidated portfolio, page 24 for detail of the unconsolidated partnership portfolio, and page 33 for definitions of terms.

8

CONSOLIDATED BALANCE SHEETS
JUNE 30, 2009

(In thousands)

	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Assets
Investments in real estate, net	$	2,994,072		$	3,001,077		$	2,960,429		$	2,918,157		$	2,888,049
Investments in unconsolidated partnerships		49,243			49,756			18,173			20,296			21,158
Cash and cash equivalents		34,101			32,318			21,422			23,451			21,357
Restricted cash		15,638			4,951			7,877			8,291			7,991
Accounts receivable, net		10,178			14,749			9,417			7,284			3,377
Accrued straight-line rents, net		69,046			62,040			58,138			52,721			46,997
Acquired above-market leases, net		3,688			4,009			4,329			4,661			5,017
Deferred leasing costs, net		90,472			95,204			101,519			107,145			109,380
Deferred loan costs, net		8,535			8,451			9,754			11,804			12,978
Other assets		36,939			37,607			38,256			70,837			68,323
Total assets	$	3,311,912		$	3,310,162		$	3,229,314		$	3,224,647		$	3,184,627
Liabilities and Equity
Liabilities:
Mortgage notes payable, net	$	717,764		$	351,469		$	353,161		$	354,828		$	373,571
Secured construction loan		—			507,128			507,128			500,998			483,997
Secured term loan		250,000			250,000			250,000			250,000			250,000
Exchangeable senior notes, net		103,077			111,068			122,043			165,825			165,142
Unsecured line of credit		292,404			204,334			108,767			266,660			213,210
Security deposits		7,660			7,641			7,623			7,469			7,611
Dividends and distributions payable		15,383			32,563			32,445			29,441			29,441
Accounts payable, accrued expenses and other liabilities		66,406			87,359			66,821			74,878			73,362
Derivative instruments		17,910			100,840			126,091			31,676			23,264
Acquired below-market leases, net		13,550			14,762			17,286			19,212			20,702
Total liabilities		1,484,154			1,667,164			1,591,365			1,700,987			1,640,300
Equity:
Stockholders’ equity:
Preferred stock		222,413			222,413			222,413			222,413			222,413
Common stock		981			812			808			717			717
Additional paid-in capital		1,833,026			1,661,656			1,661,009			1,446,320			1,444,913
Accumulated other comprehensive loss		(91,525	)		(100,314	)		(112,126	)		(35,657	)		(25,778	)
Dividends in excess of earnings		(147,306	)		(154,708	)		(146,536	)		(125,101	)		(113,510	)
Total stockholders’ equity		1,817,589			1,629,859			1,625,568			1,508,692			1,528,755
Noncontrolling interests		10,169			13,139			12,381			14,968			15,572
Total equity		1,827,758			1,642,998			1,637,949			1,523,660			1,544,327
Total liabilities and equity	$	3,311,912		$	3,310,162		$	3,229,314		$	3,224,647		$	3,184,627

9

CONSOLIDATED STATEMENTS OF INCOME
JUNE 30, 2009

(In thousands, except share and per share data)

	Three Months Ended
	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Revenues:
Rental	$	65,716		$	68,419		$	63,518		$	59,381		$	54,223
Tenant recoveries		17,189			21,081			18,869			20,911			15,804
Other income		3,175			4,451			646			519			744
Total revenues		86,080			93,951			83,033			80,811			70,771
Expenses:
Rental operations		14,661			22,152			17,255			17,027			13,454
Real estate taxes		7,613			7,233			6,181			6,763			4,915
Depreciation and amortization		24,501			27,313			25,703			21,506			19,331
General and administrative		5,126			5,280			6,406			4,589			5,645
Total expenses		51,901			61,978			55,545			49,885			43,345
Income from operations		34,179			31,973			27,488			30,926			27,426
Equity in net (loss)/income of unconsolidated partnerships		(465	)		(301	)		(862	)		(208	)		43
Interest income		101			63			115			110			106
Interest expense		(12,875	)		(12,080	)		(12,137	)		(12,855	)		(9,009	)
Gain/(loss) on derivative instruments		360			(56	)		(19,222	)		(726	)		—
Gain on extinguishment of debt		1,781			4,371			14,783			—			—
Net income		23,081			23,970			10,165			17,247			18,566
Net income attributable to noncontrolling interests		(645	)		(705	)		(306	)		(570	)		(620	)
Net income attributable to Company		22,436			23,265			9,859			16,677			17,946
Preferred stock dividends		(4,241	)		(4,241	)		(4,241	)		(4,241	)		(4,241	)
Net income available to common stockholders	$	18,195		$	19,024		$	5,618		$	12,436		$	13,705
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.20		$	0.23		$	0.07		$	0.17		$	0.19
Weighted-average common shares outstanding:
Basic		88,503,295			80,261,363			79,692,998			71,513,333			70,094,003
Diluted		92,615,935			84,499,365			83,485,531			75,223,818			73,811,597

10

FFO (1) AND AFFO (1)
JUNE 30, 2009

(In thousands, except per share and ratio amounts)

	Three Months Ended
	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Reconciliation of net income available to common stockholders to funds from operations (FFO):
Net income available to common stockholders	$	18,195		$	19,024		$	5,618		$	12,436		$	13,705
Adjustments:
Noncontrolling interests in operating partnership		658			722			319			559			619
Depreciation & amortization — unconsolidated partnerships		662			662			662			524			450
Depreciation & amortization — consolidated entities		24,501			27,313			25,703			21,506			19,331
Depreciation & amortization — allocable to noncontrolling interests of consolidated joint ventures		(19	)		(20	)		(16	)		(8	)		(8	)
FFO	$	43,997		$	47,701		$	32,286		$	35,017		$	34,097
FFO per share — diluted	$	0.48		$	0.56		$	0.39		$	0.47		$	0.46
Dividends and distributions declared per common share	$	0.11		$	0.335		$	0.335		$	0.335		$	0.335
FFO payout ratio		22.9	%		59.8	%		85.9	%		71.3	%		72.8	%
Reconciliation of FFO to adjusted funds from operations (AFFO):
FFO	$	43,997		$	47,701		$	32,286		$	35,017		$	34,097
Adjustments:
Second generation capital expenditures		(256	)		(1,285	)		(1,105	)		(1,037	)		(464	)
Gain on extinguishment of debt		(1,781	)		(4,371	)		(14,783	)		—			—
(Gain)/Loss on derivative instruments		(360	)		56			19,222			726			—
Amortization of deferred loan costs		1,043			1,320			2,128			1,313			1,317
Amortization of fair-value of debt acquired		(463	)		(457	)		(456	)		(490	)		(561	)
Amortization of debt discount		453			482			683			683			683
Non-cash equity compensation		1,383			1,404			1,771			1,496			1,456
Straight line rents		(6,847	)		(4,061	)		(5,256	)		(5,892	)		(6,315	)
Fair-value lease revenue		(892	)		(3,581	)		(1,594	)		(1,134	)		(1,140	)
AFFO	$	36,277		$	37,208		$	32,896		$	30,682		$	29,073
AFFO per share — diluted	$	0.39		$	0.44		$	0.39		$	0.41		$	0.39
Dividends and distributions declared per common share	$	0.11		$	0.335		$	0.335		$	0.335		$	0.335
AFFO payout ratio		28.2	%		76.1	%		85.9	%		81.7	%		85.9	%

(1) For definitions and discussion of FFO and AFFO, see page 32.

11

RECONCILIATION OF EBITDA (1)
JUNE 30, 2009

(In thousands)

	Three Months Ended
	6/30/09		3/31/09		12/31/08		9/30/08		6/30/08
Reconciliation of net income available to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income available to common stockholders	$	18,195	$	19,024	$	5,618	$	12,436	$	13,705
Interest expense		12,875		12,080		12,137		12,855		9,009
Depreciation & amortization — consolidated entities		24,501		27,313		25,703		21,506		19,331
Depreciation & amortization — unconsolidated partnerships		662		662		662		524		450
EBITDA		56,233		59,079		44,120		47,321		42,495
Noncontrolling interests		645		705		306		570		620
Preferred dividends		4,241		4,241		4,241		4,241		4,241
Adjusted EBITDA	$	61,119	$	64,025	$	48,667	$	52,132	$	47,356

(1) For definitions and discussion of EBITDA and adjusted EBITDA, see page 32.

12

RECONCILIATION OF NET OPERATING INCOME (1)
JUNE 30, 2009

(Dollars in thousands)

	Three Months Ended
	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Net income	$	23,081		$	23,970		$	10,165		$	17,247		$	18,566
Equity in net loss/(income) of unconsolidated partnerships		465			301			862			208			(43	)
Interest expense		12,875			12,080			12,137			12,855			9,009
Interest income		(101	)		(63	)		(115	)		(110	)		(106	)
(Gain)/loss on derivative instruments		(360	)		56			19,222			726			—
Gain on extinguishment of debt		(1,781	)		(4,371	)		(14,783	)		—			—
Income from operations		34,179			31,973			27,488			30,926			27,426
Depreciation and amortization		24,501			27,313			25,703			21,506			19,331
General and administrative		5,126			5,280			6,406			4,589			5,645
Consolidated net operating income	$	63,806		$	64,566		$	59,597		$	57,021		$	52,402
Revenues:
Rental	$	65,716		$	68,419		$	63,518		$	59,381		$	54,223
Tenant recoveries		17,189			21,081			18,869			20,911			15,804
Other income		3,175			4,451			646			519			744
Total revenues		86,080			93,951			83,033			80,811			70,771
Expenses:
Rental operations		14,661			22,152			17,255			17,027			13,454
Real estate taxes		7,613			7,233			6,181			6,763			4,915
Total operating expenses		22,274			29,385			23,436			23,790			18,369
Consolidated net operating income	$	63,806		$	64,566		$	59,597		$	57,021		$	52,402
Consolidated net operating income — cash basis (2)	$	56,354		$	57,946		$	53,842		$	49,752		$	45,016
Operating margin (3)		73.1	%		67.2	%		71.6	%		70.4	%		73.8	%
Operating expense recovery (4)		77.2	%		71.7	%		80.5	%		87.9	%		86.0	%

(1)	For a definition and discussion of net operating income, see page 32.
(2)	Consolidated net operating income — cash basis is calculated as (consolidated net operating income — straight line rents — fair value lease revenue — lease incentive revenue — bad debt expense)
(3)	Operating margin is calculated as ((rental revenues + tenant recovery revenues — rental operations — real estate taxes) / (rental revenues + tenant recovery revenues)).
(4)	Operating expense recovery is calculated as (tenant recovery revenues / (rental operations + real estate taxes)).

13

INTEREST COVERAGE RATIOS (1)
JUNE 30, 2009

(In thousands, except ratios)

	Three Months Ended
	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Excluding capitalized interest:
Adjusted EBITDA	$	61,119		$	64,025		$	48,667		$	52,132		$	47,356
Interest expense:
Interest expense		12,875			12,080			12,137			12,855			9,009
Interest expense — unconsolidated partnerships		507			420			729			489			421
Amortization of deferred loan costs		(1,043	)		(1,320	)		(2,128	)		(1,313	)		(1,317	)
Amortization of debt discount		(453	)		(482	)		(683	)		(683	)		(683	)
Amortization of fair-value of debt acquired		463			457			456			490			561
Total interest expense	$	12,349		$	11,155		$	10,511		$	11,838		$	7,991
Interest coverage ratio		4.9			5.7			4.6			4.4			5.9
Including capitalized interest:
Adjusted EBITDA	$	61,119		$	64,025		$	48,667		$	52,132		$	47,356
Interest expense:
Interest expense		12,875			12,080			12,137			12,855			9,009
Interest expense — unconsolidated partnerships		507			420			729			489			421
Interest expense — accumulated other comprehensive income		754			897			265			1,996			1,831
Capitalized interest		3,472			4,130			6,839			8,574			11,844
Amortization of deferred loan costs		(1,043	)		(1,320	)		(2,128	)		(1,313	)		(1,317	)
Amortization of debt discount		(453	)		(482	)		(683	)		(683	)		(683	)
Amortization of fair-value of debt acquired		463			457			456			490			561
Total interest expense	$	16,575		$	16,182		$	17,615		$	22,408		$	21,666
Interest coverage ratio		3.7			4.0			2.8			2.3			2.2

(1) For a discussion of coverage ratios, see page 32.

14

FIXED CHARGE COVERAGE RATIOS (1)
JUNE 30, 2009

(In thousands, except ratios)

	Three Months Ended
	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Excluding capitalized interest:
Adjusted EBITDA	$	61,119		$	64,025		$	48,667		$	52,132		$	47,356
Fixed charges:
Interest expense		12,875			12,080			12,137			12,855			9,009
Interest expense — unconsolidated partnerships		507			420			729			489			421
Amortization of deferred loan costs		(1,043	)		(1,320	)		(2,128	)		(1,313	)		(1,317	)
Amortization of debt discount		(453	)		(482	)		(683	)		(683	)		(683	)
Amortization of fair-value of debt acquired		463			457			456			490			561
Principal payments		1,031			1,446			1,210			1,185			1,448
Principal payments — unconsolidated partnerships		7			8			8			7			7
Preferred dividends		4,241			4,241			4,241			4,241			4,241
Total fixed charges	$	17,628		$	16,850		$	15,970		$	17,271		$	13,687
Fixed charge coverage ratio		3.5			3.8			3.0			3.0			3.5
Including capitalized interest:
Adjusted EBITDA	$	61,119		$	64,025		$	48,667		$	52,132		$	47,356
Fixed charges:
Interest expense		12,875			12,080			12,137			12,855			9,009
Interest expense — unconsolidated partnerships		507			420			729			489			421
Interest expense — accumulated other comprehensive income		754			897			265			1,996			1,831
Capitalized interest		3,472			4,130			6,839			8,574			11,844
Amortization of deferred loan costs		(1,043	)		(1,320	)		(2,128	)		(1,313	)		(1,317	)
Amortization of debt discount		(453	)		(482	)		(683	)		(683	)		(683	)
Amortization of fair-value of debt acquired		463			457			456			490			561
Principal payments		1,031			1,446			1,210			1,185			1,448
Principal payments — unconsolidated partnerships		7			8			8			7			7
Preferred dividends		4,241			4,241			4,241			4,241			4,241
Total fixed charges	$	21,854		$	21,877		$	23,074		$	27,841		$	27,362
Fixed charge coverage ratio		2.8			2.9			2.1			1.9			1.7

(1) For a discussion of coverage ratios, see page 32.

15

DEBT SUMMARY
JUNE 30, 2009
(Dollars in thousands)

									Unamortized
	Stated			Effective			Principal		Premium /			Carrying		Maturity
Consolidated debt:	Rate			Rate			Balance		(Discount)			Value		Date
Mortgage notes payable:
Ardentech Court		7.25	%		5.06	%	$	4,409	$	264		$	4,673		07/12
Bayshore Boulevard		4.55	%		4.55	%		14,709		—			14,709		01/10
Bridgeview Technology Park I		8.07	%		5.04	%		11,315		528			11,843		01/11
Center for Life Science | Boston		7.75	%		7.75	%		350,000		—			350,000		06/14
500 Kendall Street (Kendall D)		6.38	%		5.45	%		66,958		3,906			70,864		12/18
Lucent Drive		5.50	%		5.50	%		5,237		—			5,237		01/15
Monte Villa Parkway		4.55	%		4.55	%		8,954		—			8,954		01/10
6828 Nancy Ridge Drive		7.15	%		5.38	%		6,645		360			7,005		09/12
Road to the Cure		6.70	%		5.78	%		15,080		545			15,625		01/14
Science Center Drive		7.65	%		5.04	%		11,065		574			11,639		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—			147,000		09/16
Sidney Street		7.23	%		5.11	%		28,761		1,615			30,376		06/12
9865 Towne Centre Drive		7.95	%		7.95	%		18,000		—			18,000		06/13
9885 Towne Centre Drive		4.55	%		4.55	%		20,452		—			20,452		01/10
900 Uniqema Boulevard		8.61	%		5.61	%		1,276		111			1,387		05/15
Total / weighted average on fixed rate mortgages		7.00	%		6.68	%		709,861		7,903			717,764
Fixed rate debt:
Unsecured exchangeable senior notes		4.50	%		6.45	%		107,420		(4,343	)		103,077		10/26
Total / weighted average fixed rate debt		6.67	%		6.65	%		817,281		3,560			820,841
Variable rate debt:
Secured term loan		1.97	%		1.97	%		250,000		—			250,000		08/12
$600 million unsecured line of credit		1.41	%		1.41	%		292,404		—			292,404		08/11
Total / weighted average variable rate debt		1.67	%		1.67	%		542,404		—			542,404
Total / weighted average consolidated debt		4.66	%		4.64	%	$	1,359,685	$	3,560		$	1,363,245
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)		3.82	%		3.82	%	$	40,650	$	—		$	40,650		02/11
PREI secured construction loan (20%) (variable)		1.82	%		1.82	%		33,634		—			33,634		08/10
McKellar Court (21%) (fixed)		8.56	%		4.63	%		2,159		—			2,159		01/10
Total / weighted average share of unconsolidated partnership debt		3.07	%		2.96	%		76,443		—			76,443
Total / weighted average consolidated and share of unconsolidated partnership debt		4.59	%		4.57	%	$	1,436,128	$	3,560		$	1,439,688

16

DEBT ANALYSIS
JUNE 30, 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	$	959,861		70.6	%		5.69	%		5.45	%
Unsecured debt		399,824		29.4	%		1.21	%		1.73	%
Total consolidated debt	$	1,359,685		100.0	%		4.66	%		4.64	%

Fixed and Variable Rate Debt Analysis
						Weighted			Weighted
			Percentage			Average			Average
	Principal		of Principal			Stated			Effective
	Balance		Balance			Interest Rate			Interest Rate
Fixed rate debt	$	817,281		60.1	%		6.67	%		6.65	%
Variable rate debt — hedged		400,000		29.4	%		5.80	%		5.80	%
Variable rate debt — unhedged		142,404		10.5	%		1.41	%		1.41	%
Total consolidated debt	$	1,359,685		100.0	%		5.86	%		5.85	%

	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Total consolidated debt:
Fixed rate debt / Total debt		60.1	%		32.3	%		35.3	%		33.8	%		36.3	%
Adjusted fixed rate debt / Total debt		89.5	%		60.5	%		65.2	%		59.8	%		89.1	%
Total consolidated debt and share of unconsolidated partnership debt:
Fixed rate debt / Total debt		59.4	%		33.0	%		34.9	%		33.5	%		34.2	%
Adjusted fixed rate debt / Total debt		89.8	%		59.7	%		62.6	%		57.9	%		83.9	%

17

DEBT MATURITIES
JUNE 30, 2009
(In thousands)

Weighted average debt maturity is 5.1 years and 4.9 years for consolidated and unconsolidated debt, respectively.

	2009		2010		2011		2012		2013		Thereafter		Total
Consolidated debt:
Fixed rate debt:
Fixed rate mortgages	$	3,884	$	50,842	$	29,891	$	45,383	$	26,051	$	553,810	$	709,861
Unsecured exchangeable senior notes (1)		—		—		—		—		—		107,420		107,420
Total fixed rate debt		3,884		50,842		29,891		45,383		26,051		661,230		817,281
Variable rate debt:
Secured term loan		—		—		—		250,000		—		—		250,000
$600 million unsecured line of credit (2)		—		—		292,404		—		—		—		292,404
Total variable rate debt		—		—		292,404		250,000		—		—		542,404
Total consolidated debt	$	3,884	$	50,842	$	322,295	$	295,383	$	26,051	$	661,230	$	1,359,685
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable) (3)	$	—	$	—	$	40,650	$	—	$	—	$	—	$	40,650
PREI secured construction loan (20%) (variable) (4)		—		33,634		—		—		—		—		33,634
McKellar Court (21%) (fixed)		17		2,142		—		—		—		—		2,159
Share of total unconsolidated partnership debt	$	17	$	35,776	$	40,650	$	—	$	—	$	—	$	76,443
Total consolidated and share of unconsolidated partnership debt	$	3,901	$	86,618	$	362,945	$	295,383	$	26,051	$	661,230	$	1,436,128

(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 February 10, 2012 after satisfying certain conditions.
(4)	The maturity date may be extended to August 13, 2011 after satisfying certain conditions.

18

COMMON AND PREFERRED STOCK DATA
JUNE 30, 2009
(Shares in thousands)

SUMMARY OF COMMON SHARES

	Three Months Ended
	6/30/09			3/31/09			12/31/08			9/30/08			6/30/08
Weighted average common shares outstanding		88,503			80,261			79,693			71,513			70,094
Weighted average OP and LTIP units outstanding		3,281			3,415			3,481			3,504			3,503
Dilutive effect of restricted stock		832			823			312			207			215
Diluted common shares		92,616			84,499			83,486			75,224			73,812
Closing common shares, OP and LTIP units outstanding		101,293			84,543			84,193			75,224			75,224
Preferred shares outstanding		9,200			9,200			9,200			9,200			9,200
High price	$	12.21		$	13.52		$	25.43		$	29.50		$	27.75
Low price	$	6.47		$	6.02		$	5.88		$	22.72		$	23.59
Average closing price	$	10.04		$	9.52		$	13.41		$	26.20		$	25.91
Closing price	$	10.23		$	6.77		$	11.72		$	26.45		$	24.53
Dividends per share — annualized	$	0.44		$	1.34		$	1.34		$	1.34		$	1.34
Closing dividend yield — annualized		4.3	%		19.8	%		11.4	%		5.1	%		5.5	%

DIVIDENDS PER SHARE

	6/30/09		3/31/09		12/31/08		9/30/08		6/30/08
Common Stock — BMR
Amount	$	0.11	$	0.335	$	0.335	$	0.335	$	0.335
Declared	June 15, 2009		March 16, 2009		December 15, 2008		September 15, 2008		June 16, 2008
Record	June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008
Paid	July 15, 2009		April 15, 2009		January 15, 2009		October 15, 2008		July 15, 2008
Preferred Stock — BMR PrA
Amount	$	0.46094	$	0.46094	$	0.46094	$	0.46094	$	0.46094
Declared	June 15, 2009		March 16, 2009		December 15, 2008		September 15, 2008		June 16, 2008
Record	June 30, 2009		March 31, 2009		December 31, 2008		September 30, 2008		June 30, 2008
Paid	July 15, 2009		April 15, 2009		January 15, 2009		October 15, 2008		July 15, 2008

19

MARKET SUMMARY
JUNE 30, 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		2,187,720	$	112,445		40.4	%	$	51.40	$	127,796		38.0	%	$	58.42
Maryland		1,144,968		46,653		16.8	%		40.75		63,578		18.9	%		55.53
San Francisco		1,198,078		29,002		10.4	%		24.21		35,944		10.7	%		30.00
San Diego		1,093,558		33,914		12.2	%		31.01		42,914		12.7	%		39.24
New York / New Jersey		983,028		26,028		9.4	%		26.48		32,398		9.6	%		32.96
Pennsylvania		684,737		15,085		5.4	%		22.03		16,363		4.9	%		23.90
Seattle		169,593		7,279		2.6	%		42.92		8,819		2.6	%		52.00
University Related — Other		249,507		7,806		2.8	%		31.29		8,890		2.6	%		35.63
Total portfolio / weighted average		7,711,189	$	278,212		100.0	%	$	36.08	$	336,702		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
JUNE 30, 2009

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		6/30/09			3/31/09
	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	%		90.8	%
3	Charles Street	April 7, 2006	Stabilized		1		47,912		0.5	%		47,912		100.0	%		100.0	%
4	Coolidge Avenue	April 5, 2005	Lease Up		1		37,400		0.4	%		21,461		57.4	%		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	%		73.5	%
9	675 W. Kendall Street (Kendall A)	May 31, 2005	Stabilized		1		302,919		3.2	%		299,267		98.8	%		98.5	%
10	500 Kendall Street (Kendall D)	May 31, 2005	Stabilized		1		349,325		3.7	%		345,497		98.9	%		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	%		1,889,227		94.4	%		95.1	%
	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		3		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	%		71.2	%
22	Bridgeview Technology Park II	March 16, 2005	Lease Up		1		50,400		0.5	%		—		—			—
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	Lease Up		10		1,389,517		14.5	%		336,461		24.2	%		24.2	%
	Total San Francisco				25		2,644,488		27.7	%		1,198,078		45.3	%		45.3	%
	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	%		74.0	%
35	Pacific Center Boulevard	August 24, 2007	Stabilized		2		66,745		0.7	%		66,745		100.0	%		52.2	%
36	Road to the Cure	December 14, 2006	Lease Up		1		67,998		0.7	%		54,579		80.3	%		59.5	%
37	San Diego Science Center	October 21, 2004	Lease Up		1		105,364		1.1	%		85,152		80.8	%		79.6	%
																	21

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
JUNE 30, 2009

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		6/30/09			3/31/09
	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		2		94,866		1.0	%		94,866		100.0	%		100.0	%
42	9885 Towne Centre Drive	August 12, 2004	Stabilized		2		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	%		1,020,695		91.5	%		87.2	%
	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	%		734,811		97.8	%		99.1	%
46	Landmark at Eastview II	August 12, 2004	CIP		3		360,520		3.8	%		229,643		63.7	%		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	%		983,028		79.7	%		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	%		74,793		71.6	%		78.5	%
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	%		684,737		88.0	%		88.9	%
	Seattle
55	Elliott Avenue	August 24, 2004	Redevelopment		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	Lease Up		1		96,188		1.0	%		53,752		55.9	%		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	%		169,593		43.3	%		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				107		9,559,956		100.0	%		7,339,833		76.8	%		76.9	%

(1)	For a definition of Property Status, see page 33.
(2)	We own 87.5% of the limited liability company that owns the Ardenwood Venture property.

22

DEVELOPMENT / REDEVELOPMENT
JUNE 30, 2009
(Dollars in thousands)

											Estimated		Estimated
		Rentable		Percent			Percent		Investment		Total		In-Service
Property	Market	Square Feet		Leased			In Service		to Date (1)		Investment (2)		Date (3)
REDEVELOPMENT:
Elliott Avenue	Seattle		154,341		—			—	$	71,600	$	77,800		Q1 2010
CONSTRUCTION IN PROGRESS:
Landmark at Eastview II	New York / New Jersey		360,520		63.7	%		—		92,700		114,900		Q3 2009
Total / weighted average			514,861		44.6	%		—	$	164,300	$	192,700

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.

23

PROPERTY LISTING — UNCONSOLIDATED PARTNERSHIPS
JUNE 30, 2009
(Dollars in thousands)

Rentable

Leased

Property

Square

Square

Percent Leased

Property

Acquisition Date

Status (1)

Buildings

Feet (2)

Feet

6/30/09

3/31/09

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

184,405

184,405

100.0

%

100.0

%

Boston

3

301 Binney Street

April 4, 2007

Lease Up

1

417,290

114,088

27.3

%

27.3

%

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	$	16,042		$	630,373		$	646,415
Total debt		10,281			371,420			381,701
Current annualized base rent		1,809			17,687			19,496
BioMed’s net investment in unconsolidated partnerships	$	2,356		$	46,887		$	49,243
BioMed’s pro rata share of debt		2,159			74,284			76,443
BioMed ownership percentage		21	%		20	%

(1)	For a definition of Property Status, see page 33.
(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.

24

LEASE EXPIRATIONS
JUNE 30, 2009

Weighted average remaining lease term is 8.8 years for the consolidated portfolio and 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		20,595		0.3	%	$	444		0.2	%	$	21.56	$	444		0.1	%	$	21.56
Third quarter 2009		139,766		1.8	%		2,129		0.8	%		15.23		2,129		0.6	%		15.23
Fourth quarter 2009		99,330		1.3	%		2,379		0.9	%		23.95		2,379		0.7	%		23.95
2009		259,691		3.4	%		4,952		1.9	%		19.07		4,952		1.4	%		19.07
2010		564,678		7.3	%		13,339		4.8	%		23.62		13,447		4.0	%		23.81
2011		287,065		3.7	%		9,778		3.5	%		34.06		10,132		3.0	%		35.30
2012		393,437		5.1	%		9,257		3.3	%		23.53		10,056		3.0	%		25.56
2013		419,349		5.4	%		9,550		3.4	%		22.77		10,764		3.2	%		25.67
2014		669,367		8.7	%		16,265		5.8	%		24.30		18,343		5.4	%		27.40
2015		93,786		1.2	%		2,945		1.1	%		31.40		3,450		1.0	%		36.79
2016		909,584		11.8	%		32,505		11.7	%		35.74		42,139		12.5	%		46.33
2017		96,575		1.3	%		3,023		1.1	%		31.30		3,440		1.0	%		35.62
2018		1,117,541		14.5	%		47,719		17.2	%		42.70		54,440		16.2	%		48.71
Thereafter		2,900,116		37.6	%		128,879		46.2	%		44.44		165,539		49.3	%		57.08
Total / weighted average		7,711,189		100.0	%	$	278,212		100.0	%	$	36.08	$	336,702		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.

25

EXPIRATIONS BY MARKET
JUNE 30, 2009

	Leased Square Feet
Expiration	Boston		Maryland		San Francisco		San Diego		NY/NJ		Pennsylvania		Seattle		University/Other		Total
2009		6,876		—		—		61,917		168,692		22,206		—		—		259,691
2010		130,527		—		164,894		15,530		224,577		29,150		—		—		564,678
2011		35,093		—		71,308		57,190		5,742		117,732		—		—		287,065
2012		21,705		—		188,442		103,982		57,095		—		22,213		—		393,437
2013		—		—		156,604		145,358		73,069		44,318		—		—		419,349
2014		28,019		—		66,002		162,607		—		374,387		16,852		21,500		669,367
2015		—		—		—		53,740		19,124		20,922		—		—		93,786
2016		454,515		—		100,040		—		—		76,022		51,000		228,007		909,584
2017		—		51,181		—		—		45,394		—		—		—		96,575
2018		807,347		—		199,329		68,237		—		—		42,628		—		1,117,541
Thereafter		703,638		1,093,787		251,459		424,997		389,335		—		36,900		—		2,900,116
Total		2,187,720		1,144,968		1,198,078		1,093,558		983,028		684,737		169,593		249,507		7,711,189

26

10 LARGEST TENANTS
JUNE 30, 2009

Our properties were leased to 127 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	%	$	41,918	$	45.32		15.1	%	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	Regeneron Pharmaceuticals, Inc. (3)		554,434		7.2	%		15,712		28.34		5.6	%	Multiple
5	Genzyme Corporation		343,000		4.4	%		15,464		45.08		5.6	%	August 2018
6	Ironwood Pharmaceuticals, Inc. (4) (5)		153,189		2.0	%		9,509		62.07		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		4.9	%		8,490		22.68		3.1	%	April 2014
9	Schering Corporation (4)		145,304		1.9	%		8,168		56.21		2.9	%	September 2016
10	Arena Pharmaceuticals, Inc.		196,557		2.5	%		7,557		38.45		2.7	%	June 2027
	Total / weighted average (6)		3,889,706		50.4	%	$	169,986	$	43.70		61.1	%

(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 September 2009 and 35,875 square feet expires October 2009, which will be replaced with a 15-year 229,643 square foot lease at the new buildings at the Landmark at Eastview II property, and 159,692 square feet expires in July 2024.
(4)	We own 20% of the limited liability company that owns the property that this tenant occupies.
(5)	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.

27

SAME PROPERTY ANALYSIS
JUNE 30, 2009
(Dollars in thousands)

	Quarter Ended
	6/30/09			6/30/08			Percent Change
Total Same Property Portfolio (1)
Number of properties		52			52
Rentable square feet		6,418,808			6,418,808
Percent of total portfolio		61.0	%		61.0	%
Percent leased		92.3	%		91.0	%
Revenues:
Rental	$	51,347		$	49,926			2.8	%
Tenant recoveries		12,940			14,594			(11.3	%)
Total revenues		64,287			64,520			(0.4	%)
Expenses:
Rental operations		10,156			11,686			(13.1	%)
Real estate taxes		5,299			4,541			16.7	%
Total expenses		15,455			16,227			(4.8	%)
Same property net operating income (2)	$	48,832		$	48,293			1.1	%
Less straight line rents, fair-value lease revenue, lease incentive revenue, and bad debt expense		(4,654	)		(5,365	)		(13.3	%)
Same property net operating income — cash basis (2) (3)	$	44,178		$	42,928			2.9	%
Rental revenue — cash basis (3)	$	46,259		$	44,613			3.7	%
Same property net operating income (2)	$	48,832		$	48,293			1.1	%
Plus other income		2,670			21			12614.3	%
Same property net operating income — including reconciling items	$	51,502		$	48,314			6.6	%

(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 32. 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.

28

ACQUISITIONS
JUNE 30, 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)
JUNE 30, 2009

				Current
	Leased			Annualized
	Square			Base Rent per
	Feet			Leased Sq Ft
Leased Square Feet as of March 31, 2009		7,724,627
Expirations		(76,458	)	$	32.01
Terminations		(165,184	)		28.96
Renewals, amendments, and extensions		20,717			21.84
New leases		207,487			26.14
Leased Square Feet as of June 30, 2009		7,711,189
Pre-leased Square Feet as of March 31, 2009		—
New leases		21,272		$	37.50
Pre-leased Square Feet as of June 30, 2009		21,272
Gross Leasing Activity — Second Quarter 2009		249,476		$	26.75

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

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TENANT IMPROVEMENTS AND LEASING COMMISSIONS
JUNE 30, 2009

	Three Months Ended
	6/30/09		3/31/09		12/31/08		9/30/08		6/30/08
Renewals, Amendments, and Extensions (1)
Number of renewals		3		4		5		7		5
Square feet		20,717		298,520		65,194		146,725		103,011
Tenant improvement costs per square foot (2)	$	2.39	$	—	$	—	$	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	$	2.39	$	3.35	$	—	$	32.26	$	34.07
New Leases (3)
Number of leases		14		9		5		6		9
Square feet		228,759		120,722		129,816		52,366		224,293
Tenant improvement costs per square foot (2)	$	23.40	$	3.26	$	63.32	$	28.20	$	8.98
Leasing commission costs per square foot (2)		4.10		4.25		10.32		5.35		6.06
Total tenant improvement and leasing commission costs psf	$	27.50	$	7.51	$	73.64	$	33.55	$	15.04
Total
Number of renewals/leases		17		13		10		13		14
Square feet		249,476		419,242		195,010		199,091		327,304
Tenant improvement costs per square foot (2)	$	21.66	$	0.94	$	42.15	$	23.87	$	15.32
Leasing commission costs per square foot (2)		3.76		3.61		6.87		8.73		5.71
Total tenant improvement and leasing commission costs psf	$	25.42	$	4.55	$	49.02	$	32.60	$	21.03

(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
JUNE 30, 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
JUNE 30, 2009

Property Status

Stabilized

Represents operating properties that are more than 90% leased

Lease up

Represents operating properties that are less than 90% leased

Redevelopment

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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