Biomed Realty Trust 8-K/A Results of Operations and Financial Condition

Exhibit 99.2

Revised as of May 7, 2009

SUPPLEMENTAL OPERATING AND FINANCIAL DATA
MARCH 31, 2010

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, 2010

	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
Coverage Ratios		14
Debt Summary		15
Debt Analysis		16
Debt Maturities		17
Common and Preferred Stock Data		18
Market Summary		19
Property Listing — Consolidated Portfolio		20-21
Development / Redevelopment / Pre-Development / Land Parcels		22
Property Listing — Unconsolidated Partnerships		23
Lease Expirations		24
Expirations by Market		25
10 Largest Tenants		26
Same Property Analysis		27
Acquisitions		28
Leasing Activity		29
Tenant Improvements and Leasing Commissions		30
Non-GAAP Financial Measure Definitions		31
Property Definitions		32

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, failure to maintain the company’s investment grade credit ratings with the rating agencies, 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, 2010

First Quarter Highlights

• Achieved record rental revenues for the first quarter of $70.6 million, up 3.2% from $68.4 million in the same period in 2009.

• Generated funds from operations (FFO) for the quarter of $0.33 per diluted share, or $34.0 million.

• Completed the acquisition of a land parcel in the San Diego market and entered into an agreement with Isis Pharmaceuticals, Inc. to lease 100% of a 176,000 square foot research facility to be developed by BioMed at the new property.

• Acquired two fully-leased life science buildings comprising approximately 82,400 square feet located at 55 and 65 West Watkins Mill Road in Gaithersburg, Maryland.

• Executed 13 leasing transactions representing approximately 155,000 square feet:

• Eight new leases totaling approximately 84,500 square feet.

• Five leases amended to extend their terms, totaling approximately 70,500 square feet.

• Voluntarily prepaid $100.0 million of the $250.0 million previously outstanding under the company’s secured term loan, reducing the outstanding balance under the secured term loan to $150.0 million.

• Repurchased approximately $6.3 million principal amount of exchangeable notes at face value, resulting in a loss on extinguishment of debt of $254,000.

• Completed a private placement of $180.0 million of 3.75% exchangeable senior notes due 2030.

• Raised approximately $15.4 million in net proceeds from the sale of 951,000 shares of common stock under the company’s continuous offering program established in September 2009.

• Promoted Matthew G. McDevitt to Executive Vice President, Real Estate.

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 72 properties, representing 119 buildings with approximately 11.0 million rentable square feet. The company’s properties are located predominantly in the major U.S. life science markets of Boston, San Diego, San Francisco, Seattle, Maryland, Pennsylvania and New York/New Jersey, which have well-established reputations as centers for scientific research. Additional information is available atwww.biomedrealty.com.

3

INVESTOR INFORMATION
MARCH 31, 2010

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	Karen A. Sztraicher
Chairman and Chief Executive Officer	Senior Vice President, Asset Management
R. Kent Griffin, Jr.	John P. Bonanno
President, Chief Operating Officer and	Vice President,
Chief Financial Officer	Development
Gary A. Kreitzer	Jonathan P. Klassen
Executive Vice President,	Vice President,
General Counsel and Director	Legal and Secretary
Matthew G. McDevitt	Greg N. Lubushkin
Executive Vice President,	Vice President,
Real Estate	Chief Accounting Officer
William A. Gartner	Kevin M. Simonsen
Senior Vice President,	Vice President,
Real Estate — Cambridge	Real Estate Counsel

Tentative Schedule for Quarterly Results

Second Quarter 2010	July 28, 2010
Third Quarter 2010	November 3, 2010
Fourth Quarter 2010	February 9, 2011
First Quarter 2011	May 4, 2011

4

EQUITY RESEARCH COVERAGE
MARCH 31, 2010

BMO Capital Markets	Richard C. Anderson / Mark Lutenski	(212) 885-4180 /	richard.anderson@bmo.com /
		(212) 885-4197	mark.lutenski@bmo.com
Green Street Advisors	John Stewart / Michael Knott	(949) 640-8780	jstewart@greenst.com /
			mknott@greenst.com
KeyBanc Capital Markets	Jordan Sadler / Craig Mailman	(917) 368-2280 /	jsadler@keybanccm.com /
		(917) 368-2316	cmailman@keybanccm.com
Raymond James	Paul D. Puryear / William A. Crow	(727) 567-2253 /	paul.puryear@raymondjames.com/
		(727) 567-5294	bill.crow@raymondjames.com
RBC Capital Markets	David Rodgers / Mike Carroll	(440) 715-2647 /	dave.rodgers@rbccm.com /
		(440) 715-2649	michael.carroll@rbccm.com
Robert W. Baird & Co.	David Aubuchon / Justin Pelham-Webb	(314) 863-4235 /	daubuchon@rwbaird.com /
		(314) 863-6413	jpelham-webb@rwbaird.com
Stifel, Nicolaus & Company, Inc.	John W. Guinee / Erin Aslakson	(443) 224-1307 /	jwguinee@stifel.com /
		(443) 224-1350	aslaksone@stifel.com
UBS Securities	Ross T. Nussbaum / Robert Salisbury	(212) 713-4760 /	ross.nussbaum@ubs.com /
		(212)713-2484	robert.salisbury@ubs.com
Wells Fargo Securities, LLC	Brendan Maiorana / Young Ku	(443) 263-6516 /	brendan.maiorana@wachovia.com
		(443) 263-6564	/ young.ku@wachovia.com

5

FINANCIAL AND OPERATING HIGHLIGHTS
MARCH 31, 2010
(In thousands, except per share and ratio amounts)

	Three months ended
	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Selected Operating Data
Total revenues	$	92,756		$	88,171		$	92,963		$	86,080		$	93,951
EBITDA (1)		55,637			48,930			55,745			56,740			59,499
Adjusted EBITDA (1)		59,999			53,181			60,094			61,626			64,445
Net operating income — cash basis (2)		59,173			55,939			59,033			56,354			57,946
General and administrative expense		6,419			6,556			5,956			5,126			5,280
Interest expense		21,260			20,429			19,614			12,875			12,080
Capitalized interest		1,645			1,860			2,943			3,472			4,130
Interest incurred including swap payments (3)		23,193			22,634			23,259			17,101			17,107
Operating margin (4)		70.9	%		69.9	%		69.3	%		73.1	%		67.2	%
General and administrative expense / Total revenues		6.9	%		7.4	%		6.4	%		6.0	%		5.6	%
Net income available to common stockholders		4,299			477			4,062			18,195			19,024
Net income per share — diluted	$	0.04		$	0.00		$	0.04		$	0.20		$	0.23
FFO (5)		33,981			27,999			35,779			43,997			47,701
FFO per share — diluted (5)	$	0.33		$	0.28		$	0.35		$	0.48		$	0.56
AFFO (5)		29,796			27,898			33,462			36,771			37,666
AFFO per share — diluted (5)	$	0.29		$	0.27		$	0.33		$	0.40		$	0.45
Dividend per share — common stock	$	0.14		$	0.14		$	0.11		$	0.11		$	0.335
FFO payout ratio (6)		42.4	%		50.0	%		31.4	%		22.9	%		59.8	%
AFFO payout ratio (6)		48.3	%		51.9	%		33.3	%		27.5	%		74.4	%

(1)	For definitions and discussion of EBITDA and adjusted EBITDA, see page 31. 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 loss. Excludes ineffectiveness recognized on derivative instruments.
(4)	See page 13 for detail.
(5)	For definitions and discussion of FFO and AFFO, see page 31. For a quantitative reconciliation of the differences between FFO, AFFO and net income available to common stockholders, see page 11.
(6)	See page 11 for detail.

6

CAPITALIZATION SUMMARY
MARCH 31, 2010
(In thousands, except per share and ratio amounts)

	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Capitalization:
Total common shares outstanding		100,312			99,000			98,204			98,119			81,181
Total units outstanding (1)		3,038			3,077			3,086			3,174			3,362
Total common shares and units outstanding		103,350			102,077			101,290			101,292			84,543
Common share price at quarter end	$	16.54		$	15.78		$	13.80		$	10.23		$	6.77
Equity value at quarter end	$	1,709,412		$	1,610,773		$	1,397,796		$	1,036,221		$	572,357
Preferred stock at liquidation value		230,000			230,000			230,000			230,000			230,000
Consolidated debt		1,425,136			1,356,300			1,342,800			1,359,685			1,420,813
Total capitalization	$	3,364,548		$	3,197,073		$	2,970,596		$	2,625,906		$	2,223,170
Debt / Total assets		42.4	%		41.3	%		40.8	%		41.1	%		42.9	%
Debt / Total capitalization		42.4	%		42.4	%		45.1	%		51.7	%		63.8	%
Coverage Ratios (2):
Debt / Adjusted EBITDA		5.9			6.4			5.6			5.5			5.5
Interest coverage		3.1			3.0			3.4			4.9			5.7
Fixed charge coverage		2.4			2.2			2.6			3.5			3.8
Total consolidated debt:
Secured debt / Total assets		24.3	%		28.0	%		28.0	%		29.2	%		33.5	%
Floating rate debt / Total debt		38.2	%		47.8	%		42.5	%		39.9	%		67.7	%
Adjusted floating rate debt / Total debt		10.1	%		18.3	%		12.7	%		10.5	%		39.5	%
Unencumbered real estate / Total real estate		60.3	%		59.5	%		59.5	%		57.0	%		57.9	%

(1)	Includes both operating partnership (OP) and long term incentive plan (LTIP) units outstanding.
(2)	For discussion of coverage ratios, see page 31. See page 14 for the calculation of interest and fixed charge coverage ratios. Debt/Adjusted EBITDA is calculated by dividing consolidated debt at the end of each quarter by annualized Adjusted EBITDA for the quarter. See page 12 for calculation of Adjusted EBITDA.

7

PORTFOLIO SUMMARY
MARCH 31, 2010

	March 31, 2010
													Unconsolidated
	Consolidated Portfolio												Partnership Portfolio (1)							Total Portfolio
			Weighted
	Gross		Average					Rentable		Percent					Rentable		Percent					Rentable		Percent
	Book Value		Leased % (2)			Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
	(in thousands)
Stabilized (3)	$	2,286,518		96.6	%		41		5,352,222		98.7	%		4		257,268		100.0	%		45		5,609,490		98.7	%
Lease up (3)		644,854		57.5	%		20		2,742,512		64.0	%		2		417,290		58.4	%		22		3,159,802		63.3	%
Current operating portfolio		2,931,372		88.0	%		61		8,094,734		86.9	%		6		674,558		74.3	%		67		8,769,292		86.0	%
Long-term lease up (4)		281,947		25.5	%		1		1,389,517		25.5	%		—		—		n/a			1		1,389,517		25.5	%
Total operating portfolio		3,213,319		82.5	%		62		9,484,251		77.9	%		6		674,558		74.3	%		68		10,158,809		77.7	%
Development (5)		12,255		100.0	%		1		176,000		100.0	%		1		280,000		—			2		456,000		38.6	%
Redevelopment (5)		—		—			—		—		n/a			—		—		n/a			—		—		n/a
Pre-development (5)		24,257		—			1		152,145		—			—		—		n/a			1		152,145		—
Total portfolio		3,249,831		82.0	%		64		9,812,396		77.1	%		7		954,558		52.5	%		71		10,766,954		74.9	%
Land parcels (5)		35,008		n/a			n/a		1,548,000		n/a			—		—		n/a			n/a		1,548,000		n/a
Total portfolio	$	3,284,839		81.1	%		64		11,360,396		n/a			7		954,558		n/a			71		12,314,954		n/a

	December 31, 2009
													Unconsolidated
	Consolidated Portfolio												Partnership Portfolio (1)							Total Portfolio
			Weighted
	Gross		Average					Rentable		Percent					Rentable		Percent					Rentable		Percent
	Book Value		Leased %			Properties		Square Feet		Leased			Properties		Square Feet		Leased			Properties		Square Feet		Leased
	(in thousands)
Stabilized	$	2,240,667		96.4	%		40		5,269,817		98.6	%		4		257,268		100.0	%		44		5,527,085		98.6	%
Lease up		560,884		66.9	%		19		2,595,930		70.1	%		2		417,290		46.4	%		21		3,013,220		66.8	%
Current operating portfolio		2,801,551		90.5	%		59		7,865,747		89.2	%		6		674,558		66.9	%		65		8,540,305		87.4	%
Long-term lease up		280,898		25.5	%		1		1,389,517		25.5	%		—		—		n/a			1		1,389,517		25.5	%
Total operating portfolio		3,082,449		84.6	%		60		9,255,264		79.6	%		6		674,558		66.9	%		66		9,929,822		78.7	%
Development		—		n/a			—		—		n/a			1		280,000		—			1		280,000		—
Redevelopment		75,269		—			1		154,341		—			—		—		n/a			1		154,341		—
Pre-development		23,814		—			1		152,145		—			—		—		n/a			1		152,145		—
Total portfolio		3,181,532		82.0	%		62		9,561,750		77.1	%		7		954,558		47.3	%		69		10,516,308		74.3	%
Land parcels		35,008		n/a			n/a		1,548,000		n/a			—		—		n/a			n/a		1,548,000		n/a
Total portfolio	$	3,216,541		81.1	%		62		11,109,750		n/a			7		954,558		n/a			69		12,064,308		n/a

(1)	Includes 72,863 rentable square feet of McKellar Court (22%) and 881,695 rentable square feet of PREI joint venture properties (20%). See page 23 for additional detail.
(2)	Calculated based on gross book value for each asset multiplied by the percentage leased.
(3)	See pages 20-21 for detail of consolidated portfolio, page 23 for detail of the unconsolidated partnership portfolio, and page 32 for definitions of terms.
(4)	Includes Pacific Research Center.
(5)	See page 22 for detail of consolidated portfolio, page 23 for detail of the uncosolidated portfolio, and page 32 for definitions of terms.

8

CONSOLIDATED BALANCE SHEETS
MARCH 31, 2010
(In thousands)

	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Assets
Investments in real estate, net	$	3,015,632		$	2,971,767		$	2,978,701		$	2,994,072		$	3,001,077
Investments in unconsolidated partnerships		55,968			56,909			47,747			49,243			49,756
Cash and cash equivalents		36,800			19,922			30,279			34,101			32,318
Restricted cash		15,304			15,355			15,974			15,638			4,951
Accounts receivable, net		2,501			4,135			5,482			10,178			14,749
Accrued straight-line rents, net		88,981			82,066			75,489			69,046			62,040
Acquired above-market leases, net		2,741			3,047			3,368			3,688			4,009
Deferred leasing costs, net		81,539			83,274			85,926			90,472			95,204
Deferred loan costs, net		12,124			8,123			7,794			8,535			8,451
Other assets		48,605			38,676			43,051			36,939			37,607
Total assets	$	3,360,195		$	3,283,274		$	3,293,811		$	3,311,912		$	3,310,162
Liabilities and Equity
Liabilities:
Mortgage notes payable, net	$	667,175		$	669,454		$	671,693		$	717,764		$	351,469
Secured construction loan		—			—			—			—			507,128
Secured term loan		150,000			250,000			250,000			250,000			250,000
Exchangeable senior notes due 2026, net		38,804			44,685			103,524			103,077			111,068
Exchangeable senior notes due 2030		180,000			—			—			—			—
Unsecured line of credit		394,564			397,666			321,124			292,404			204,334
Security deposits		8,003			7,929			7,187			7,660			7,641
Dividends and distributions payable		18,710			18,531			15,383			15,383			32,563
Accounts payable, accrued expenses and other liabilities		49,532			47,388			71,389			66,406			87,359
Derivative instruments		9,568			12,551			15,948			17,910			100,840
Acquired below-market leases, net		10,062			11,138			12,344			13,550			14,762
Total liabilities		1,526,418			1,459,342			1,468,592			1,484,154			1,667,164
Equity:
Stockholders’ equity:
Preferred stock		222,413			222,413			222,413			222,413			222,413
Common stock		1,003			990			982			981			812
Additional paid-in capital		1,858,212			1,843,551			1,833,898			1,833,026			1,661,656
Accumulated other comprehensive loss		(81,380	)		(85,183	)		(88,894	)		(91,525	)		(100,314	)
Dividends in excess of earnings		(177,173	)		(167,429	)		(154,045	)		(147,306	)		(154,708	)
Total stockholders’ equity		1,823,075			1,814,342			1,814,354			1,817,589			1,629,859
Noncontrolling interests		10,702			9,590			10,865			10,169			13,139
Total equity		1,833,777			1,823,932			1,825,219			1,827,758			1,642,998
Total liabilities and equity	$	3,360,195		$	3,283,274		$	3,293,811		$	3,311,912		$	3,310,162

9

CONSOLIDATED STATEMENTS OF INCOME
MARCH 31, 2010
(In thousands, except share and per share data)

	Three Months Ended
	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Revenues:
Rental	$	70,600		$	67,294		$	68,472		$	65,716		$	68,419
Tenant recoveries		20,826			19,895			19,240			17,189			21,081
Other income		1,330			982			5,251			3,175			4,451
Total revenues		92,756			88,171			92,963			86,080			93,951
Expenses:
Rental operations		17,851			17,675			18,726			14,661			22,152
Real estate taxes		8,722			8,532			8,233			7,613			7,233
Depreciation and amortization		28,915			26,853			30,953			24,501			27,313
General and administrative		6,419			6,556			5,956			5,126			5,280
Total expenses		61,907			59,616			63,868			51,901			61,978
Income from operations		30,849			28,555			29,095			34,179			31,973
Equity in net loss of unconsolidated partnerships		(277	)		(506	)		(1,118	)		(465	)		(301	)
Interest income		20			82			62			101			63
Interest expense		(21,260	)		(20,429	)		(19,614	)		(12,875	)		(12,080	)
Gain/(loss) on derivative instruments		150			(86	)		(14	)		360			(56	)
(Loss)/gain on extinguishment of debt		(821	)		(2,888	)		—			1,781			4,371
Net income		8,661			4,728			8,411			23,081			23,970
Net income attributable to noncontrolling interests		(121	)		(10	)		(108	)		(645	)		(705	)
Net income attributable to Company		8,540			4,718			8,303			22,436			23,265
Preferred stock dividends		(4,241	)		(4,241	)		(4,241	)		(4,241	)		(4,241	)
Net income available to common stockholders	$	4,299		$	477		$	4,062		$	18,195		$	19,024
Net income per share available to common stockholders:
Basic and diluted earnings per share	$	0.04		$	0.00		$	0.04		$	0.20		$	0.23
Weighted-average common shares outstanding:
Basic		98,229,996			97,706,262			97,315,601			88,503,295			80,261,363
Diluted		102,577,329			101,666,673			101,289,458			92,615,935			84,499,365

10

FFO (1) AND AFFO (1)
MARCH 31, 2010
(In thousands, except per share and ratio amounts)

	Three Months Ended
	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Reconciliation of net income available to common stockholders to funds from operations (FFO):
Net income available to common stockholders	$	4,299		$	477		$	4,062		$	18,195		$	19,024
Adjustments:
Noncontrolling interests in operating partnership		127			30			122			658			722
Depreciation & amortization — unconsolidated partnerships		662			662			662			662			662
Depreciation & amortization — consolidated entities		28,915			26,853			30,953			24,501			27,313
Depreciation & amortization — allocable to noncontrolling interests of consolidated joint ventures		(22	)		(23	)		(20	)		(19	)		(20	)
FFO	$	33,981		$	27,999		$	35,779		$	43,997		$	47,701
FFO per share — diluted	$	0.33		$	0.28		$	0.35		$	0.48		$	0.56
Dividends and distributions declared per common share	$	0.14		$	0.14		$	0.11		$	0.11		$	0.335
FFO payout ratio		42.4	%		50.0	%		31.4	%		22.9	%		59.8	%
Reconciliation of FFO to adjusted funds from operations (AFFO):
FFO	$	33,981		$	27,999		$	35,779		$	43,997		$	47,701
Adjustments:
Second generation capital expenditures		(2,461	)		(978	)		(273	)		(256	)		(1,285	)
Loss/(gain) on extinguishment of debt		821			2,888			—			(1,781	)		(4,371	)
(Gain)/loss on derivative instruments		(150	)		86			14			(360	)		56
Amortization of deferred interest costs		1,786			1,791			1,797			—			—
Amortization of deferred loan costs		1,204			1,362			803			919			1,143
Amortization of fair-value of debt acquired		(467	)		(467	)		(466	)		(463	)		(457	)
Amortization of debt discount		177			427			447			453			482
Amortization of lease incentive		500			328			312			306			331
Non-cash equity compensation		1,789			1,462			1,376			1,383			1,404
Straight line rents		(6,733	)		(6,358	)		(6,222	)		(6,682	)		(3,895	)
Share of unconsolidated partnership adjustments (2)		243			244			781			147			138
Fair-value lease revenue		(894	)		(886	)		(886	)		(892	)		(3,581	)
AFFO	$	29,796		$	27,898		$	33,462		$	36,771		$	37,666
AFFO per share — diluted	$	0.29		$	0.27		$	0.33		$	0.40		$	0.45
Dividends and distributions declared per common share	$	0.14		$	0.14		$	0.11		$	0.11		$	0.335
AFFO payout ratio		48.3	%		51.9	%		33.3	%		27.5	%		74.4	%

(1)	For definitions and discussion of FFO and AFFO, see page 31.
(2)	Share of unconsolidated partnership adjustments includes the Company’s share of amortization of deferred loan costs, lease incentives, straight line rents, and fair-value lease revenue.

11

RECONCILIATION OF EBITDA (1)
MARCH 31, 2010
(In thousands)

	Three Months Ended
	3/31/10		12/31/09		9/30/09		6/30/09		3/31/09
Reconciliation of net income available to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA):
Net income available to common stockholders	$	4,299	$	477	$	4,062	$	18,195	$	19,024
Interest expense		21,260		20,429		19,614		12,875		12,080
Interest expense — unconsolidated partnerships		501		509		454		507		420
Depreciation & amortization — consolidated entities		28,915		26,853		30,953		24,501		27,313
Depreciation & amortization — unconsolidated partnerships		662		662		662		662		662
EBITDA		55,637		48,930		55,745		56,740		59,499
Noncontrolling interests		121		10		108		645		705
Preferred dividends		4,241		4,241		4,241		4,241		4,241
Adjusted EBITDA	$	59,999	$	53,181	$	60,094	$	61,626	$	64,445

(1) For definitions and discussion of EBITDA and adjusted EBITDA, see page 31.

12

RECONCILIATION OF NET OPERATING INCOME (1)
MARCH 31, 2010
(Dollars in thousands)

	Three Months Ended
	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Net income	$	8,661		$	4,728		$	8,411		$	23,081		$	23,970
Equity in net loss of unconsolidated partnerships		277			506			1,118			465			301
Interest expense		21,260			20,429			19,614			12,875			12,080
Interest income		(20	)		(82	)		(62	)		(101	)		(63	)
(Gain)/loss on derivative instruments		(150	)		86			14			(360	)		56
Loss/(gain) on extinguishment of debt		821			2,888			—			(1,781	)		(4,371	)
Income from operations		30,849			28,555			29,095			34,179			31,973
Depreciation and amortization		28,915			26,853			30,953			24,501			27,313
General and administrative		6,419			6,556			5,956			5,126			5,280
Consolidated net operating income	$	66,183		$	61,964		$	66,004		$	63,806		$	64,566
Revenues:
Rental	$	70,600		$	67,294		$	68,472		$	65,716		$	68,419
Tenant recoveries		20,826			19,895			19,240			17,189			21,081
Other income		1,330			982			5,251			3,175			4,451
Total revenues		92,756			88,171			92,963			86,080			93,951
Expenses:
Rental operations		17,851			17,675			18,726			14,661			22,152
Real estate taxes		8,722			8,532			8,233			7,613			7,233
Total operating expenses		26,573			26,207			26,959			22,274			29,385
Consolidated net operating income	$	66,183		$	61,964		$	66,004		$	63,806		$	64,566
Consolidated net operating income — cash basis (2)	$	59,173		$	55,939		$	59,033		$	56,354		$	57,946
Operating margin (3)		70.9	%		69.9	%		69.3	%		73.1	%		67.2	%
Operating expense recovery (4)		78.4	%		75.9	%		71.4	%		77.2	%		71.7	%

(1)	For a definition and discussion of net operating income, see page 31.
(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

COVERAGE RATIOS (1)
MARCH 31, 2010
(In thousands, except ratios)

	Three Months Ended
	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Interest coverage ratio
Adjusted EBITDA	$	59,999		$	53,181		$	60,094		$	61,626		$	64,445
Interest expense:
Interest expense		21,260			20,429			19,614			12,875			12,080
Interest expense — unconsolidated partnerships		501			509			454			507			420
Amortization of deferred interest costs		(1,786	)		(1,791	)		(1,797	)		—			—
Amortization of deferred loan costs		(1,204	)		(1,362	)		(803	)		(919	)		(1,143	)
Amortization of debt discount		(177	)		(427	)		(447	)		(453	)		(482	)
Amortization of fair-value of debt acquired		467			467			466			463			457
Total interest expense	$	19,061		$	17,825		$	17,487		$	12,473		$	11,332
Interest coverage ratio		3.1			3.0			3.4			4.9			5.7
Fixed charge coverage ratio
Adjusted EBITDA	$	59,999		$	53,181		$	60,094		$	61,626		$	64,445
Fixed charges:
Interest expense		21,260			20,429			19,614			12,875			12,080
Interest expense — unconsolidated partnerships		501			509			454			507			420
Amortization of deferred interest costs		(1,786	)		(1,791	)		(1,797	)		—			—
Amortization of deferred loan costs		(1,204	)		(1,362	)		(803	)		(919	)		(1,143	)
Amortization of debt discount		(177	)		(427	)		(447	)		(453	)		(482	)
Amortization of fair-value of debt acquired		467			467			466			463			457
Principal payments		1,812			1,773			1,488			1,031			1,446
Principal payments — unconsolidated partnerships		—			8			8			7			8
Preferred dividends		4,241			4,241			4,241			4,241			4,241
Total fixed charges	$	25,114		$	23,847		$	23,224		$	17,752		$	17,027
Fixed charge coverage ratio		2.4			2.2			2.6			3.5			3.8

(1) For a discussion of coverage ratios, see page 31.

14

DEBT SUMMARY
MARCH 31, 2010
(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	%	$	4,325	$	202		$	4,527		07/12
Bridgeview Technology Park I		8.07	%		5.04	%		11,207		283			11,490		01/11
Center for Life Science Boston		7.75	%		7.75	%		347,978		—			347,978		06/14
500 Kendall Street (Kendall D)		6.38	%		5.45	%		65,626		3,596			69,222		12/18
Lucent Drive		5.50	%		5.50	%		5,074		—			5,074		01/15
6828 Nancy Ridge Drive		7.15	%		5.38	%		6,567		281			6,848		09/12
Road to the Cure		6.70	%		5.78	%		14,893		463			15,356		01/14
Science Center Drive		7.65	%		5.04	%		10,934		372			11,306		07/11
Shady Grove Road		5.97	%		5.97	%		147,000		—			147,000		09/16
Sidney Street		7.23	%		5.11	%		28,096		1,218			29,314		06/12
9865 Towne Centre Drive		7.95	%		7.95	%		17,824		—			17,824		06/13
900 Uniqema Boulevard		8.61	%		5.61	%		1,148		88			1,236		05/15
Total / weighted average on fixed rate mortgages		7.16	%		6.82	%		660,672		6,503			667,175
Fixed rate debt:
Unsecured exchangeable senior notes, due 2026		4.50	%		6.45	%		39,900		(1,096	)		38,804		10/26
Unsecured exchangeable senior notes, due 2030		3.75	%		3.75	%		180,000		—			180,000		01/30
Total / weighted average fixed rate debt		6.34	%		6.18	%		880,572		5,407			885,979
Variable rate debt:
Secured term loan		1.89	%		1.89	%		150,000		—			150,000		08/12
$720 million unsecured line of credit		1.82	%		1.82	%		394,564		—			394,564		08/11
Total / weighted average variable rate debt		1.84	%		1.84	%		544,564		—			544,564
Total / weighted average consolidated debt		4.62	%		4.51	%	$	1,425,136	$	5,407		$	1,430,543
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable)		3.73	%		3.73	%	$	40,650	$	—		$	40,650		02/11
PREI secured construction loan (20%) (variable)		1.73	%		1.73	%		39,219		—			39,219		08/10
Total / weighted average share of unconsolidated partnership debt		2.75	%		2.75	%		79,869		—			79,869
Total / weighted average consolidated and share of unconsolidated partnership debt		4.52	%		4.42	%	$	1,505,005	$	5,407		$	1,510,412

15

DEBT ANALYSIS
MARCH 31, 2010
(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	$	810,672		56.9	%		6.18	%		5.91	%
Unsecured debt		614,464		43.1	%		2.56	%		2.69	%
Total consolidated debt	$	1,425,136		100.0	%		4.62	%		4.51	%

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	$	880,572		61.8	%		6.34	%		6.18	%
Variable rate debt — hedged		400,000		28.1	%		5.80	%		5.80	%
Variable rate debt — unhedged		144,564		10.1	%		1.33	%		1.33	%
Total consolidated debt	$	1,425,136		100.0	%		5.68	%		5.58	%

	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Coverage Ratios:
Debt / Adjusted EBITDA		5.9			6.4			5.6			5.5			5.5
Interest coverage		3.1			3.0			3.4			4.9			5.7
Fixed charge coverage		2.4			2.2			2.6			3.5			3.8
Total consolidated debt:
Secured debt / Total assets		24.3	%		28.0	%		28.0	%		29.2	%		33.5	%
Floating rate debt / Total debt		38.2	%		47.8	%		42.5	%		39.9	%		67.7	%
Adjusted floating rate debt / Total debt		10.1	%		18.3	%		12.7	%		10.5	%		39.5	%
Unencumbered real estate / Total real estate		60.3	%		59.5	%		59.5	%		57.0	%		57.9	%

16

DEBT MATURITIES
MARCH 31, 2010
(In thousands)

Weighted average debt maturity is 5.8 years for consolidated debt.

	2010		2011		2012		2013		2014		Thereafter		Total
Consolidated debt:
Fixed rate debt:
Fixed rate mortgages	$	5,592	$	29,914	$	45,414	$	25,941	$	353,091	$	200,720	$	660,672
Unsecured exchangeable senior notes due 2026 (1)		—		—		—		—		—		39,900		39,900
Unsecured exchangeable senior notes due 2030 (2)		—		—		—		—		—		180,000		180,000
Total fixed rate debt		5,592		29,914		45,414		25,941		353,091		420,620		880,572
Variable rate debt:
Secured term loan		—		—		150,000		—		—		—		150,000
$720 million unsecured line of credit (3)		—		394,564		—		—		—		—		394,564
Total variable rate debt		—		394,564		150,000		—		—		—		544,564
Total consolidated debt	$	5,592	$	424,478	$	195,414	$	25,941	$	353,091	$	420,620	$	1,425,136
Share of unconsolidated partnership debt:
PREI secured loan (20%) (variable) (4)	$	—	$	40,650	$	—	$	—	$	—	$	—	$	40,650
PREI secured construction loan (20%) (variable) (5)		39,219		—		—		—		—		—		39,219
Share of total unconsolidated partnership debt	$	39,219	$	40,650	$	—	$	—	$	—	$	—	$	79,869
Total consolidated and share of unconsolidated partnership debt	$	44,811	$	465,128	$	195,414	$	25,941	$	353,091	$	420,620	$	1,505,005

(1)	The holders of the unsecured exchangeable senior notes due 2026 (the “2026 Notes”) have the right to require the Company to repurchase the 2026 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 2026 Notes plus accrued and unpaid interest.
(2)	The holders of the unsecured exchangeable senior notes due 2030 (the “2030 Notes”) have the right to require the Company to repurchase the 2030 Notes, in whole or in part, for cash on each of January 15, 2015, January 15, 2020 and January 15, 2025, or upon the occurrence of a designated event, in each case for a repurchase price equal to 100% of the principal amount of the 2030 Notes plus accrued and unpaid interest.
(3)	The maturity date may be extended to August 1, 2012 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.

17

COMMON AND PREFERRED STOCK DATA
MARCH 31, 2010
(Shares in thousands)

SUMMARY OF COMMON SHARES

	Three Months Ended
	3/31/10			12/31/09			9/30/09			6/30/09			3/31/09
Weighted average common shares outstanding		98,229			97,707			97,316			88,503			80,261
Weighted average OP and LTIP units outstanding		3,058			3,081			3,152			3,281			3,415
Dilutive effect of restricted stock		1,290			879			822			832			823
Diluted common shares		102,577			101,667			101,290			92,616			84,499
Closing common shares, OP and LTIP units outstanding		103,350			102,077			101,290			101,292			84,543
Preferred shares outstanding		9,200			9,200			9,200			9,200			9,200
High price	$	17.88		$	16.59		$	15.31		$	12.21		$	13.52
Low price	$	13.36		$	12.62		$	9.16		$	6.47		$	6.02
Average closing price	$	15.70		$	14.16		$	12.41		$	10.04		$	9.52
Closing price	$	16.54		$	15.78		$	13.80		$	10.23		$	6.77
Dividends per share — annualized	$	0.56		$	0.56		$	0.44		$	0.44		$	1.34
Closing dividend yield — annualized		3.4	%		3.5	%		3.2	%		4.3	%		19.8	%

DIVIDENDS PER SHARE

	3/31/10		12/31/09		9/30/09		6/30/09		3/31/09
Common Stock — BMR
Amount	$	0.14	$	0.14	$	0.11	$	0.11	$	0.335
Declared		March 15, 2010		December 15, 2009		September 15, 2009		June 15, 2009		March 16, 2009
Record		March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009
Paid		April 15, 2010		January 15, 2010		October 15, 2009		July 15, 2009		April 15, 2009
Preferred Stock — BMR PrA
Amount	$	0.46094	$	0.46094	$	0.46094	$	0.46094	$	0.46094
Declared		March 15, 2010		December 15, 2009		September 15, 2009		June 15, 2009		March 16, 2009
Record		March 31, 2010		December 31, 2009		September 30, 2009		June 30, 2009		March 31, 2009
Paid		April 15, 2010		January 15, 2010		October 15, 2009		July 15, 2009		April 15, 2009

18

MARKET SUMMARY
MARCH 31, 2010

			Current (1)							Expiration (2)
								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		2,310,470	$	120,758		39.9	%	$	52.27	$	132,273		37.4	%	$	57.25
Maryland		1,227,373		48,237		15.9	%		39.30		64,494		18.2	%		52.55
San Diego		1,255,350		39,249		13.0	%		31.27		41,983		11.9	%		33.44
San Francisco		1,165,303		30,450		10.0	%		26.13		37,907		10.7	%		32.53
New York / New Jersey		1,011,348		34,141		11.3	%		33.76		43,111		12.2	%		42.63
Pennsylvania		679,230		14,995		4.9	%		22.08		16,207		4.6	%		23.86
Seattle		169,593		7,172		2.4	%		42.29		8,730		2.5	%		51.48
University Related — Other		249,507		8,020		2.6	%		32.14		8,965		2.5	%		35.93
Total portfolio / weighted average		8,068,174	$	303,022		100.0	%	$	37.56	$	353,670		100.0	%	$	43.84

(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.
(2)	Annualized base rent at expiration is the monthly contractual rent as of date of expiration of the applicable lease (not including any extension options(s)), multiplied by 12 months.

19

PROPERTY LISTING — CONSOLIDATED PORTFOLIO
MARCH 31, 2010

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/10			12/31/09
	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		6.9	%		641,438		91.1	%		91.1	%
3	Charles Street	April 7, 2006	Stabilized		1		47,912		0.5	%		47,912		100.0	%		100.0	%
4	Coolidge Avenue	April 5, 2005	Lease Up		1		37,400		0.4	%		12,972		34.7	%		57.4	%
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		1.0	%		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		3.1	%		298,871		98.7	%		97.0	%
10	500 Kendall Street (Kendall D)	May 31, 2005	Stabilized		1		349,325		3.6	%		345,497		98.9	%		98.9	%
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		20.2	%		1,882,294		94.1	%		94.2	%
	Maryland
13	Beckley Street	December 17, 2004	Stabilized		1		77,225		0.8	%		77,225		100.0	%		100.0	%
14	9911 Belward Campus Drive	May 24, 2006	Stabilized		1		289,912		3.0	%		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		6.5	%		635,058		100.0	%		100.0	%
17	Tributary Street	December 17, 2004	Stabilized		1		91,592		0.9	%		91,592		100.0	%		100.0	%
18	55 / 65 West Watkins Mill Road	February 23, 2010	Stabilized		2		82,405		0.8	%		82,405		100.0	%		n/a
	Total Maryland				10		1,227,373		12.5	%		1,227,373		100.0	%		100.0	%
	San Diego
19	Balboa Avenue	August 13, 2004	Stabilized		1		35,344		0.4	%		35,344		100.0	%		100.0	%
20	Bernardo Center Drive	August 13, 2004	Stabilized		1		61,286		0.6	%		61,286		100.0	%		100.0	%
21	Faraday Avenue	September 19, 2005	Stabilized		1		28,704		0.3	%		28,704		100.0	%		100.0	%
22	Gazelle Court	March 30, 2010	Development		1		176,000		1.8	%		176,000		100.0	%		n/a
23	John Hopkins Court	August 16, 2006	Lease Up		1		72,192		0.7	%		21,470		29.7	%		29.7	%
24	6114-6154 Nancy Ridge Drive	May 2, 2007	Stabilized		3		196,557		2.0	%		196,557		100.0	%		100.0	%
25	6828 Nancy Ridge Drive	April 21, 2005	Lease Up		1		42,138		0.4	%		24,431		58.0	%		58.0	%
26	Pacific Center Boulevard	August 24, 2007	Stabilized		2		66,745		0.7	%		66,745		100.0	%		100.0	%
27	Road to the Cure	December 14, 2006	Lease Up		1		67,998		0.7	%		54,104		79.6	%		79.6	%
28	San Diego Science Center	October 21, 2004	Lease Up		1		105,364		1.1	%		78,187		74.2	%		79.2	%
29	Science Center Drive	September 24, 2004	Stabilized		1		53,740		0.5	%		53,740		100.0	%		100.0	%
30	Sorrento Valley Boulevard	December 7, 2006	Stabilized		1		54,924		0.6	%		54,924		100.0	%		100.0	%
31	Torreyana Road	March 22, 2007	Stabilized		1		81,204		0.8	%		81,204		100.0	%		100.0	%
32	9865 Towne Centre Drive	August 12, 2004	Stabilized		2		94,866		1.0	%		94,866		100.0	%		100.0	%
33	9885 Towne Centre Drive	August 12, 2004	Stabilized		2		104,870		1.1	%		104,870		100.0	%		100.0	%
34	Waples Street	March 1, 2005	Stabilized		1		50,055		0.5	%		50,055		100.0	%		100.0	%
	Total San Diego				21		1,291,987		13.2	%		1,182,487		91.5	%		90.7	%
	San Francisco
35	Ardentech Court	November 18, 2004	Stabilized		1		55,588		0.6	%		55,588		100.0	%		100.0	%
36	Ardenwood Venture (2)	June 14, 2006	Lease Up		1		72,500		0.7	%		27,620		38.1	%		38.1	%
37	Bayshore Boulevard	August 17, 2004	Stabilized		3		183,344		1.9	%		183,344		100.0	%		100.0	%

20

						Rentable		Percent of			Leased
			Property			Square		Rentable			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/10			12/31/09
	San Francisco (Cont.)
38	Bridgeview Technology Park I	September 10, 2004	Lease Up		2		201,567		2.1	%		118,640		58.9	%		72.7	%
39	Bridgeview Technology Park II	March 16, 2005	Lease Up		1		50,400		0.5	%		—		—			—
40	Dumbarton Circle	May 27, 2005	Stabilized		3		44,000		0.4	%		44,000		100.0	%		100.0	%
41	Eccles Avenue	December 1, 2005	Pre-development		1		152,145		1.6	%		—		—			—
42	Forbes Boulevard	September 5, 2007	Stabilized		1		237,984		2.4	%		237,984		100.0	%		100.0	%
43	Industrial Road	August 17, 2004	Lease Up		1		171,965		1.8	%		144,105		83.8	%		83.8	%
44	Kaiser Drive	August 25, 2005	Lease Up		1		87,953		0.9	%		—		—			—
45	Pacific Research Center	July 11, 2006	Lease Up		10		1,389,517		14.2	%		354,022		25.5	%		25.5	%
	Total San Francisco				25		2,646,963		27.1	%		1,165,303		44.0	%		45.1	%
	New York / New Jersey
46	Graphics Drive	March 17, 2005	Lease Up		1		72,300		0.7	%		18,574		25.7	%		25.7	%
47	Landmark at Eastview	August 12, 2004	Lease Up		5		743,025		7.6	%		632,254		85.1	%		86.4	%
48	Landmark at Eastview II	August 12, 2004	Stabilized		3		360,520		3.7	%		360,520		100.0	%		100.0	%
49	One Research Way	May 31, 2006	Lease Up		1		49,421		0.5	%		—		—			—
	Total New York / New Jersey				10		1,225,266		12.5	%		1,011,348		82.5	%		83.4	%
	Pennsylvania
50	Eisenhower Road	August 13, 2004	Lease Up		1		27,750		0.3	%		16,565		59.7	%		59.7	%
51	George Patterson Boulevard	October 28, 2005	Stabilized		1		71,500		0.7	%		71,500		100.0	%		100.0	%
52	King of Prussia	August 11, 2004	Lease Up		5		427,109		4.4	%		374,387		87.7	%		87.7	%
53	Phoenixville Pike	May 5, 2005	Lease Up		1		104,400		1.1	%		69,103		66.2	%		71.6	%
54	Spring Mill Drive	July 20, 2006	Stabilized		1		76,561		0.8	%		76,561		100.0	%		100.0	%
55	900 Uniqema Boulevard	January 13, 2006	Stabilized		1		11,293		0.1	%		11,293		100.0	%		100.0	%
56	1000 Uniqema Boulevard	September 30, 2005	Stabilized		1		59,821		0.6	%		59,821		100.0	%		100.0	%
	Total Pennsylvania				11		778,434		8.0	%		679,230		87.3	%		88.0	%
	Seattle
57	Elliott Avenue	August 24, 2004	Lease Up		1		154,341		1.6	%		—		—			—
58	500 Fairview Avenue	January 28, 2008	Stabilized		1		22,213		0.2	%		22,213		100.0	%		100.0	%
59	530 Fairview Avenue	January 12, 2006	Lease Up		1		96,188		1.0	%		53,752		55.9	%		55.9	%
60	Monte Villa Parkway	August 17, 2004	Stabilized		1		51,000		0.5	%		51,000		100.0	%		100.0	%
61	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	%		43.3	%
	University Related — Other
62	Lucent Drive	May 31, 2005	Stabilized		1		21,500		0.2	%		21,500		100.0	%		100.0	%
63	Trade Centre Avenue	August 9, 2006	Stabilized		2		78,023		0.8	%		78,023		100.0	%		100.0	%
64	Walnut Street	July 7, 2006	Stabilized		4		149,984		1.5	%		149,984		100.0	%		100.0	%
	Total University Related — Other				7		249,507		2.5	%		249,507		100.0	%		100.0	%
	Total / weighted average				107		9,812,396		100.0	%		7,567,135		77.1	%		77.1	%

(1)For a definition of Property Status, see page 32.

(2)The Company owns 87.5% of the limited liability company that owns the Ardenwood Venture property.

21

DEVELOPMENT / REDEVELOPMENT / PRE-DEVELOPMENT / LAND PARCELS
MARCH 31, 2010
(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)
DEVELOPMENT:
Gazelle Court	San Diego		176,000		100.0	%		—	$	11,630	$	77,500	Q1 2012
REDEVELOPMENT:
N/A	N/A		—		—			—		—		—	—
Total / weighted average			176,000		100.0	%		—	$	11,630	$	77,500

										Estimated	Estimated
		Rentable		Percent		Percent		Investment		Total	In-Service
Property	Market	Square Feet		Leased		In Service		to Date (1)		Investment (2)	Date (3)
PRE-DEVELOPMENT:
Eccles Avenue(4)	San Francisco		152,145		—		—	$	24,100	TBD	TBD

LAND PARCELS FOR FUTURE DEVELOPMENT:

	Estimated
	Developable
Market	Square Feet
Boston		50,000
Maryland		500,000
San Francisco		508,000
New York / New Jersey		326,000
Pennsylvania		50,000
Seattle		114,000
Total		1,548,000

(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.
(4)	Management is currently engaged in entitlement activities that it estimates could increase the rentable square footage of this property to approximately 260,000 square feet.

22

PROPERTY LISTING — UNCONSOLIDATED PARTNERSHIPS
MARCH 31, 2010
(Dollars in thousands)

						Rentable			Leased
			Property			Square			Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet (2)			Feet		3/31/10			12/31/09			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			243,771		58.4	%		46.4	%	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	Development		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	$	15,382		$	645,300		$	660,682
Total debt (4)		10,280			399,347			409,627
Current annualized base rent		1,845			25,907			27,752
BioMed’s net investment in unconsolidated partnerships	$	12,675		$	43,293		$	55,968
BioMed’s pro rata share of debt		—			79,869			79,869
BioMed ownership percentage		22	%		20	%		20	%

(1)	For a definition of Property Status, see page 32.
(2)	Estimates for purposes of development.
(3)	The Company owns a general partnership interest in the limited partnership that owns this property, which entitles it to 75% of the gains upon a sale of the property and 22%
	of the operating cash flows.
(4)	McKellar Court’s debt is payable to BioMed Realty, L.P. and is included in investments in unconsolidated partnerships on the Company’s consolidated balance sheet.

23

LEASE EXPIRATIONS
MARCH 31, 2010

Weighted average remaining lease term is 9 years for the consolidated portfolio and 8.9 years for the total portfolio.

						Current (1)							Expiration (2)
											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		12,850		0.2	%	$	178		0.1	%	$	13.85	$	178		0.1	%	$	13.85
Second quarter 2010		2,295		0.0	%		28		0.0	%		12.20		28		0.0	%		12.20
Third quarter 2010		92,136		1.1	%		2,553		0.8	%		27.71		2,562		0.7	%		27.81
Fourth quarter 2010		210,597		2.6	%		4,347		1.4	%		20.64		4,361		1.2	%		20.71
2010		317,878		3.9	%		7,106		2.3	%		22.35		7,129		2.0	%		22.43
2011		330,269		4.1	%		10,540		3.5	%		31.91		10,556		3.0	%		31.96
2012		326,808		4.1	%		7,469		2.5	%		22.85		7,935		2.2	%		24.28
2013		543,353		6.7	%		12,886		4.3	%		23.72		14,353		4.1	%		26.42
2014		702,005		8.7	%		16,716		5.5	%		23.81		18,183		5.1	%		25.90
2015		134,807		1.7	%		4,008		1.3	%		29.73		4,509		1.3	%		33.45
2016		1,054,564		13.1	%		40,905		13.5	%		38.79		50,396		14.2	%		47.79
2017		118,045		1.5	%		3,457		1.1	%		29.29		4,213		1.2	%		35.69
2018		1,117,541		13.9	%		48,200		15.9	%		43.13		54,732		15.5	%		48.98
2019		270,150		3.3	%		7,410		2.4	%		27.43		9,493		2.7	%		35.14
Thereafter		3,152,754		39.0	%		144,325		47.7	%		45.78		172,171		48.7	%		54.61
Total / weighted average		8,068,174		100.0	%	$	303,022		100.0	%	$	37.56	$	353,670		100.0	%	$	43.84

(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.
(2)	Annualized base rent at expiration is the monthly contractual rent as of the date of expiration of the applicable lease (not including any extension option(s)), multiplied by 12 months.

24

EXPIRATIONS BY MARKET
MARCH 31, 2010

	Leased Square Feet
Expiration	Boston		Maryland		San Diego		San Francisco		NY/NJ		Pennsylvania		Seattle		University/Other		Total
2010		110,466		—		22,995		136,925		47,492		—		—		—		317,878
2011		35,093		18,401		60,491		71,308		27,244		117,732		—		—		330,269
2012		21,705		—		116,013		118,992		47,885		—		22,213		—		326,808
2013		12,972		—		148,800		200,669		136,594		44,318		—		—		543,353
2014		28,019		64,004		89,744		66,002		—		396,776		35,960		21,500		702,005
2015		—		—		53,740		17,561		19,124		44,382		—		—		134,807
2016		618,603		—		—		100,040		—		76,022		31,892		228,007		1,054,564
2017		—		51,181		21,470		—		45,394		—		—		—		118,045
2018		807,347		—		68,237		199,329		—		—		42,628		—		1,117,541
2019		2,676		168,817		—		61,757		—		—		36,900		—		270,150
Thereafter		673,589		924,970		673,860		192,720		687,615		—		—		—		3,152,754
Total		2,310,470		1,227,373		1,255,350		1,165,303		1,011,348		679,230		169,593		249,507		8,068,174

25

10 LARGEST TENANTS
MARCH 31, 2010

BioMed’s properties were leased to 123 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		11.5	%	$	41,918	$	45.32		13.8	%	June 2026
2	Vertex Pharmaceuticals Incorporated (2)		685,286		8.5	%		28,982		42.29		9.6	%	Multiple
3	Beth Israel Deaconess Medical Center, Inc.		362,364		4.5	%		25,543		70.49		8.4	%	July 2023
4	Regeneron Pharmaceuticals, Inc. (3)		549,338		6.8	%		22,273		40.55		7.4	%	Multiple
5	Genzyme Corporation		343,000		4.3	%		15,464		45.08		5.1	%	August 2018
6	Ironwood Pharmaceuticals, Inc. (4) (5)		203,189		2.5	%		11,163		54.94		3.7	%	Multiple
7	Merck & Co., Inc. (4) (6)		184,357		2.3	%		9,340		50.66		3.1	%	September 2016
8	Children’s Hospital Corporation		150,215		1.9	%		8,901		59.26		2.9	%	May 2023
9	Centocor Ortho Biotech, Inc. (Johnson & Johnson)		374,387		4.6	%		8,490		22.68		2.8	%	April 2014
10	Isis Pharmaceuticals, Inc.		204,704		2.5	%		7,531		36.79		2.5	%	January 2032
	Total / weighted average (7)		3,981,810		49.4	%	$	179,605	$	45.11		59.3	%

(1)	Based on current annualized base rent. Current annualized base rent is the monthly contractual rent as of the current quarter ended, or if rent has not yet commenced, the first monthly rent payment due at each rent commencement date, multiplied by 12 months.
(2)	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)	5,833 square feet is on a month-to-month basis, 16,725 square feet expires March 2011, 6,568 square feet expires August 2011, and 520,212 square feet expires July 2024.
(4)	The Company owns 20% of the limited liability company that owns a property that this tenant occupies.
(5)	39,101 square feet expires December 2010 and 164,088 square feet expires January 2016.
(6)	39,053 square feet expires July 2012 and 145,304 square feet expires September 2016.
(7)	Without regard to any early lease terminations and/or renewal options.

26

SAME PROPERTY ANALYSIS
MARCH 31, 2010
(Dollars in thousands)

	Quarter Ended
	3/31/10			3/31/09			Percent Change
Total Same Property Portfolio (1)
Number of properties		62			62
Rentable square feet		7,371,679			7,371,679
Percent of total portfolio		68.5	%		68.5	%
Percent leased		86.8	%		87.2	%
Revenues:
Rental	$	58,916		$	62,066			(5.1	%)
Tenant recoveries		15,291			17,032			(10.2	%)
Total revenues		74,207			79,098			(6.2	%)
Expenses:
Rental operations		14,314			19,490			(26.6	%)
Real estate taxes		7,021			6,170			13.8	%
Total expenses		21,335			25,660			(16.9	%)
Same property net operating income (2)	$	52,872		$	53,438			(1.1	%)
Less straight line rents, fair-value lease revenue, lease incentive revenue, and bad debt expense		(3,972	)		(3,771	)		5.3	%
Same property net operating income — cash basis (2) (3)	$	48,900		$	49,667			(1.5	%)
Rental revenue — cash basis (3)	$	53,869		$	54,387			(1.0	%)

(1)	The same property portfolio includes properties 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 31. 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. Excluding properties which had lease terminations in 2009, quarterly same property NOI — cash basis increased 1.9%, and rental revenue — cash basis increased 0.9%, year-over-year.

27

ACQUISITIONS
MARCH 31, 2010

Acquisitions since August 11, 2004:

			Rentable
	Number of		Square		Investment
	Properties		Feet (1)		(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		—		—		—
2010
First Quarter 2010		2		258,405		26,015
Total acquisitions since August 11, 2004		73		9,231,562	$	3,242,008

Acquisitions detail for 2010:

			Rentable				Percent
			Square				Leased at
Property	Market	Closing Date	Feet (1)		Investment		Acquisition
					(In thousands)
First Quarter 2010
55 / 65 West Watkins Mill Road	Maryland	February 23, 2010		82,405	$	14,385		100.0	%
Gazelle Court (3)	San Diego	March 30, 2010		176,000		11,630		100.0	%
First quarter total				258,405	$	26,015		100.0	%

(1)	Rentable square feet at the time of acquisition.
(2)	Includes an investment of approximately $506.7 million in properties owned through the Company’s joint venture with PREI, of which the Company’s investment was $18.5 million.
(3)	The total estimated cost for this property is $77.5 million upon the completion of construction.

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LEASING ACTIVITY (1)
MARCH 31, 2010

				Current
	Leased			Annualized
	Square			Base Rent per
	Feet			Leased Sq Ft
Leased Square Feet as of December 31, 2009		7,818,769
Acquisitions		258,405		$	29.60
Expirations		(150,525	)		23.77
Terminations		(21,470	)		35.40
Pre-leased delivery		7,888			28.50
Renewals, amendments, and extensions		70,526			27.58
New leases		84,581			34.35
Leased Square Feet as of March 31, 2010		8,068,174
Pre-leased Square Feet as of December 31, 2009		20,810		$	28.50
Pre-leased delivery		(7,888	)		28.50
Pre-leased Square Feet as of March 31, 2010		12,922
Gross Leasing Activity — First Quarter 2010		155,107		$	31.27

(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, 2010

	Three Months Ended
	3/31/10		12/31/09		9/30/09		6/30/09		3/31/09
Renewals, Amendments, and Extensions (1)
Number of renewals		5		6		3		3		4
Square feet		70,526		262,714		43,456		20,717		298,520
Tenant improvement costs per square foot (2)	$	1.66	$	16.79	$	4.37	$	2.39	$	—
Leasing commission costs per square foot (2)		3.78		2.17		1.00		—		3.35
Total tenant improvement and leasing commission costs psf	$	5.44	$	18.96	$	5.37	$	2.39	$	3.35
New Leases (3)
Number of leases		8		11		8		14		9
Square feet		84,581		325,988		228,731		228,759		120,722
Tenant improvement costs per square foot (2)	$	44.09	$	99.77	$	2.47	$	23.40	$	3.26
Leasing commission costs per square foot (2)		8.91		10.62		1.73		4.10		4.25
Total tenant improvement and leasing commission costs psf	$	53.00	$	110.39	$	4.20	$	27.50	$	7.51
Total
Number of renewals/leases		13		17		11		17		13
Square feet		155,107		588,702		272,187		249,476		419,242
Tenant improvement costs per square foot (2)	$	24.80	$	62.74	$	2.77	$	21.66	$	0.94
Leasing commission costs per square foot (2)		6.57		6.85		1.61		3.76		3.61
Total tenant improvement and leasing commission costs psf	$	31.37	$	69.59	$	4.38	$	25.42	$	4.55

(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 the Company’s portfolio.

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NON-GAAP FINANCIAL MEASURE DEFINITIONS
MARCH 31, 2010

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) noncontrolling 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, noncontrolling 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, 2010

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

Development

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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