Biomed Realty Trust 8-K Biomed Realty Trust Reports First Quarter 2013 Financial Results

Exhibit 99.2

SUPPLEMENTAL OPERATING AND FINANCIAL DATA

MARCH 31, 2013

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

TABLE OF CONTENTS

MARCH 31, 2013

	Page			Page
First Quarter Highlights		3	Common and Preferred Stock Data		20
Investor Information		4	Market Summary		21
Equity Research Coverage		5	Property Listing - Consolidated Portfolio		22-23
Financial and Operating Highlights		6	Redevelopment, Pre-development and
Capitalization Summary		7	Other Capital Improvements		24
Portfolio Summary		8	Capital Expenditures		25
Consolidated Balance Sheets		9	Property Listing - Unconsolidated Partnerships		26
Consolidated Statements of Operations		10	Lease Expirations		27
Balance Sheet / Operations Statement Detail		11	Expirations by Market		28
FFO, CFFO and AFFO		12	10 Largest Tenants		29
FFO, CFFO and AFFO per Share		13	Same Property Analysis		30
Reconciliation of EBITDA and Adjusted EBITDA		14	Acquisitions		31
Reconciliation of Net Operating Income		15	Leasing Activity		32
Interest Expense		16	Tenant Improvements, Leasing Commissions
Coverage Ratios		17	and Tenant Concessions		33
Debt Summary		18	Non-GAAP Financial Measure Definitions		34
Debt Maturities		19	Definitions		35

This Supplemental Operating and Financial Data package contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); adverse economic or real estate developments in the life science industry or the company’s target markets; risks associated with the availability and terms of financing, the use of debt to fund acquisitions, developments and other investments, and the ability to refinance indebtedness as it comes due; failure to maintain the company’s investment grade credit ratings with the ratings agencies; failure to manage effectively the company’s growth and expansion into new markets, or to complete or integrate acquisitions and developments successfully; reductions in asset valuations and related impairment charges; risks and uncertainties affecting property development and construction; risks associated with downturns in foreign, domestic and local economies, changes in interest rates and foreign currency exchange rates, and volatility in the securities markets; ownership of properties outside of the United States that subject the company to different and potentially greater risks than those associated with the company’s domestic operations; risks associated with the company’s investments in loans, including borrower defaults and potential principal losses; potential liability for uninsured losses and environmental contamination; risks associated with the company’s potential failure to qualify as a REIT under the Internal Revenue Code of 1986, as amended, and possible adverse changes in tax and environmental laws; and risks associated with the company’s dependence on key personnel whose continued service is not guaranteed. For a further list and description of such risks and uncertainties, see the reports filed by the company with the Securities and Exchange 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 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, 2013

• Executed 29 leasing transactions during the quarter representing approximately 583,700 square feet, contributing to an operating portfolio leased percentage on a weighted-average basis of approximately 91.7% at quarter end, and comprised of:

• 16 new leases totaling approximately 419,700 square feet, highlighted by:

• a pre-lease with Life Technologies Corporation for approximately 204,900 square feet at the company’s Science Center at Oyster Point property in South San Francisco, California;

• a pre-lease with Momenta Pharmaceuticals, Inc. for approximately 104,700 square feet at the company’s 320 Bent Street property in Cambridge, Massachusetts;

• a lease expansion with Risk Management Solutions for approximately 31,500 square feet at the company’s Pacific Research Center (PRC) in Newark, California; and

• a new lease with a global pharmaceutical company for approximately 30,200 square feet at the company’s Monte Villa property in Bothell, Washington.

• 13 lease renewals totaling approximately 164,000 square feet, highlighted by:

• a lease extension with Momentive Performance Materials, Inc. for approximately 61,900 square feet at the company’s The Landmark at Eastview campus in Tarrytown, New York; and

• a lease extension with Fujifilm Diosynth Biotechnologies for approximately 30,600 square feet at the company’s 3000 Weston Parkway property in Cary, North Carolina.

• In connection with the new Life Technologies lease at the company’s Science Center at Oyster Point, the company entered into a lease termination agreement with Elan Corporation related to their departure from this property in South San Francisco. The company received a termination fee of $46.5 million which is expected to increase funds from operations (FFO) by approximately $35.2 million, of which approximately $21.6 million ($0.12 per diluted share) was recognized during the first quarter. The remaining $13.6 million is expected to be recognized in the second quarter.

• Core funds from operations (CFFO) was $0.42 per diluted share, as compared to $0.30 per diluted share in the first quarter of 2012. FFO, calculated in accordance with standards established by NAREIT, was $0.41 per diluted share, as compared to $0.30 per diluted share in the first quarter of 2012.

• Adjusted funds from operations (AFFO) for the quarter was $0.47 per diluted share, as compared to $0.30 per diluted share in the first quarter of 2012.

• Same property net operating income on a cash basis increased 3.5% as compared to the same period in 2012.

• Generated total revenues for the quarter of approximately $160.5 million, up from approximately $120.0 million in the same period in 2012 and the highest in the company’s history. Rental revenues for the quarter increased to approximately $103.0 million from approximately $91.5 million in the same period in 2012.

• Reported net income available to common stockholders for the quarter of approximately $8.4 million, or $0.05 per diluted share.

• Acquired the Woodside Technology Park property in Redwood City, California for $87.0 million, excluding transaction costs, comprised of three buildings with an aggregate of approximately 256,000 square feet of laboratory and office space, which was 100% leased to five tenants at acquisition.

• Acquired The Campus at Lincoln Centre in Foster City, California from Life Technologies Corporation for $37.0 million, excluding transaction costs. The company intends to redevelop the 19-acre site, which currently includes seven buildings encompassing approximately 280,000 square feet.

• Completed a follow-on public offering of common stock, raising approximately $287.0 million in net proceeds.

• Completed the redemption of all 7,920,000 shares of its Series A preferred stock at $25.30217 per share, equal to the original issuance price of $25.00 per share, plus accrued and unpaid dividends up to the redemption date.

• Continued to enhance the breadth and depth of the company’s organization:

• Appointed Daniel M. Bradbury, former Chief Executive Officer of Amylin Pharmaceuticals, to its Board of Directors; and

• Promoted Denis J. Sullivan, Jr. to Vice President, Acquisitions.

• Entered into a definitive agreement to merge with Wexford Science & Technology, LLC, a private real estate investment and development company that owns and develops institutional quality life science real estate for academic and medical research organizations. Wexford Science & Technology owns approximately 1.6 million square feet of laboratory and office space in U.S. educational and research centers, in addition to three properties under construction expected to comprise approximately 935,000 square feet of rentable space upon completion, as well as other pipeline projects.

• Subsequent to the end of the quarter:

• Completed a follow-on public offering of common stock, raising approximately $354.1 million in net proceeds.

• Entered into a build-to-suit transaction to construct two new buildings pre-leased to Regeneron Pharmaceuticals for a 15 year term totaling approximately 297,000 square feet at The Landmark at Eastview in Tarrytown, New York, and extended Regeneron’s lease for approximately 360,500 square feet at The Landmark into 2029.

About BioMed Realty Trust

BioMed Realty delivers optimal real estate solutions for biotechnology and pharmaceutical companies, scientific research institutions, government agencies and other entities involved in the life science industry. BioMed Realty owns or has interests in properties comprising approximately 13.5 million rentable square feet. The company’s properties are located predominantly in the major U.S. life science markets of Boston, Maryland, San Francisco, San Diego, New York/New Jersey, Pennsylvania and Seattle, which have well-established reputations as centers for scientific research. Additional information is available atwww.biomedrealty.com.

3

INVESTOR INFORMATION

MARCH 31, 2013

Company Information
Corporate Headquarters	Trading Symbols	Transfer Agent	Stock Exchange Listing
17190 Bernardo Center Drive	BMR	Computershare Shareowner Services LLC	New York Stock Exchange
San Diego, CA 92128		250 Royall Street
(858) 485-9840		Canton, MA 02021
(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	Karen A. Sztraicher	Stephen A. Willey
Chairman	Chairman and	Executive Vice President,	Vice President,
Daniel M. Bradbury	Chief Executive Officer	Asset Management	Chief Accounting Officer
Barbara R. Cambon	R. Kent Griffin, Jr.	Jonathan P. Klassen	Janice L. Kameir
Edward A. Dennis, Ph.D.	President and	Senior Vice President,	Vice President,
Richard I. Gilchrist	Chief Operating Officer	General Counsel and Secretary	Human Resources
Gary A. Kreitzer	Gary A. Kreitzer	John P. Bonanno	Robert M. Sistek
Theodore D. Roth	Executive Vice President	Senior Vice President,	Vice President, Finance
M. Faye Wilson	and Director	Leasing & Development	William F. X. Kane
	Matthew G. McDevitt	Kevin M. Simonsen	Vice President,
	Executive Vice President,	Vice President,	Leasing & Development
	Real Estate	Real Estate Legal	Denis J. Sullivan, Jr.
	Greg N. Lubushkin	Bruce D. Steel	Vice President,
	Chief Financial Officer	Managing Director,	Acquisitions
		BioMed Ventures
Tentative Schedule for Quarterly Results
Second Quarter 2013	July 31, 2013
Third Quarter 2013	October 30, 2013
Fourth Quarter 2013	February 5, 2014
First Quarter 2014	April 30, 2014

4

EQUITY RESEARCH COVERAGE

MARCH 31, 2013

BMO Capital Markets	Richard C. Anderson Joshua Patinkin	(212) 885-4180 (212) 883-5102	richard.anderson@bmo.com joshua.patinkin@bmo.com
Cantor Fitzgerald	David Toti Evan Smith	(212) 915-1219 (212) 915-1220	dtoti@cantor.com evan.smith@cantor.com
Cowen and Company	James Sullivan Michael Gorman	(646) 562-1380 (646) 562-1381	james.sullivan@cowen.com michael.gorman@cowen.com
Goldman Sachs	Matthew Rand Andrew Rosivach	(212) 902-4227 (212) 902-2796	matthew.rand@gs.com andrew.rosivach@gs.com
Green Street Advisors	Jeff Theiler John Hornbeak	(949) 640-8780	jtheiler@greenst.com jhornbeak@greenst.com
Jefferies & Co.	Omotayo Okusanya David Shamis	(212) 336-7076 (212) 284-1796	tokusanya@jefferies.com dshamis@jefferies.com
KeyBanc Capital Markets	Jordan Sadler Craig Mailman	(917) 368-2280 (917) 368-2316	jsadler@keybanccm.com cmailman@keybanccm.com
Macquarie Capital (USA)	Robert Stevenson Nicholas Yulico	(212) 231-8068 (212) 231-8028	rob.stevenson@macquarie.com nicholas.yulico@macquarie.com
Morgan Stanley	Paul Morgan Vance Edelson	(415) 576-2627 (212) 761-0078	paul.b.morgan@morganstanley.com vance.edelson@morganstanley.com
Raymond James	Paul D. Puryear William A. Crow	(727) 567-2253 (727) 567-5294	paul.puryear@raymondjames.com bill.crow@raymondjames.com
Robert W. Baird & Co.	Mathew R. Spencer	(414) 298-5053	mspencer@rwbaird.com
Stifel, Nicolaus & Company, Inc.	Daniel Bernstein Seth P. Cohn	(443) 224-1351 (443) 224-1354	bernsted@stifel.com cohns@stifel.com
UBS Securities	Ross T. Nussbaum	(212) 713-4760	ross.nussbaum@ubs.com
Wells Fargo Securities	Brendan Maiorana Young Ku	(443) 263-6516 (443) 263-6564	brendan.maiorana@wachovia.com young.ku@wachovia.com

5

FINANCIAL AND OPERATING HIGHLIGHTS

MARCH 31, 2013

(In thousands, except per share and ratio amounts)

	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Selected Operating Data
Total revenues	$	160,450		$	138,771		$	134,537		$	124,848		$	120,012
EBITDA (1)		95,878			85,018			81,774			63,302			66,485
Pro Forma Adjusted EBITDA (1)		88,396			88,784			85,647			79,571			75,291
Net operating income - cash basis (2)		98,784			92,728			92,032			86,800			83,432
General and administrative expense		10,028			10,608			10,226			8,576			8,614
Acquisition-related expenses		2,236			22			176			12,245			633
Capitalized interest		2,840			2,268			1,926			2,090			2,360
Interest expense, net		25,902			26,745			26,817			23,825			22,219
Operating margin (3)		70.1	%		70.9	%		70.8	%		70.3	%		69.4	%
General and administrative expense / Total revenues		6.2	%		7.6	%		7.6	%		6.9	%		7.2	%
Change in same property net operating income - cash basis (4)		3.5	%		6.1	%		7.7	%		6.4	%		4.3	%
Net income/(loss) available to common stockholders		8,388			4,516			2,758			(8,713	)		(1,339	)
Net income/(loss) per share - diluted	$	0.05		$	0.03		$	0.02		$	(0.06	)	$	(0.01	)
FFO - diluted (5)		71,333			59,546			56,166			40,680			50,197
FFO per share - diluted (5)	$	0.41		$	0.36		$	0.34		$	0.24		$	0.30
CFFO - diluted (5)		73,569			59,568			56,342			52,925			50,830
CFFO per share - diluted (5)	$	0.42		$	0.36		$	0.34		$	0.32		$	0.30
AFFO - diluted (5)		81,424			55,004			55,641			55,334			50,472
AFFO per share - diluted (5)	$	0.47		$	0.33		$	0.33		$	0.33		$	0.30
Dividend per share - common stock	$	0.235		$	0.235		$	0.215		$	0.215		$	0.215
CFFO payout ratio (6)		56.0	%		65.3	%		63.2	%		67.2	%		71.7	%
AFFO payout ratio (6)		50.0	%		71.2	%		65.2	%		65.2	%		71.7	%

(1) For definitions and discussion of EBITDA and Pro Forma Adjusted EBITDA, see page 34. For a quantitative reconciliation of the differences between EBITDA, Adjusted EBITDA, Pro Forma Adjusted EBITDA and net income available to common stockholders, see page 14.

(2) For definitions and discussion of net operating income - cash basis, see page 15.

(3) See page 15 for detail.

(4) Compared to the same period in the prior year. See page 30 for detail.

(5) For definitions and discussion of FFO, CFFO and AFFO, see page 34. For a quantitative reconciliation of the differences between FFO, CFFO, AFFO and net income available to common stockholders, see pages 12 and 13.

(6) See page 13 for detail of the CFFO and AFFO payout ratios.

6

CAPITALIZATION SUMMARY

MARCH 31, 2013

(In thousands, except per share and ratio amounts)

		3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Capitalization
Total common shares outstanding			169,055			154,328			154,335			154,184			154,163
Total units outstanding (1)			2,919			2,933			2,943			2,943			2,957
Total common shares and units outstanding			171,974			157,261			157,278			157,127			157,120
Common share price at quarter end		$	21.60		$	19.33		$	18.72		$	18.68		$	18.98
Equity value at quarter end		$	3,714,640		$	3,039,847		$	2,944,240		$	2,935,122		$	2,982,134
Preferred stock at liquidation value			—			198,000			198,000			198,000			198,000
Consolidated debt			2,255,941			2,170,983			2,142,405			2,106,021			1,812,258
Total capitalization		$	5,970,581		$	5,408,830		$	5,284,645		$	5,239,143		$	4,992,392
Debt / Total assets			45.1	%		44.9	%		44.3	%		43.9	%		39.9	%
Debt / Total gross assets			40.0	%		39.9	%		39.7	%		39.6	%		36.0	%
Debt / Total capitalization			37.8	%		40.1	%		40.5	%		40.2	%		36.3	%
Coverage Ratios (2)
Debt / Pro Forma Adjusted EBITDA			6.4			6.1			6.2			6.6			6.0
Interest coverage			3.8			3.7			3.6			3.8			3.8
Fixed charge coverage			3.2			3.0			2.9			3.0			3.0
Total Consolidated Debt
Secured debt / Total gross assets			10.1	%		10.5	%		10.7	%		10.3	%		11.1	%
Floating rate debt / Total debt			27.1	%		24.1	%		23.0	%		22.7	%		23.5	%
Adjusted floating rate debt / Total debt (3)			11.5	%		7.4	%		6.1	%		13.2	%		12.5	%
Unencumbered real estate / Total real estate			77.7	%		77.0	%		76.8	%		77.0	%		75.2	%
Unencumbered CABR / Total CABR (4)			79.1	%		79.3	%		79.1	%		79.3	%		77.9	%
Unsecured line of credit capacity		$	535,000		$	632,000		$	650,500		$	658,590		$	723,090
Bond Covenants (5)	Requirements
Total outstanding debt / Total assets	Must be £ 60%		41.2	%		41.1	%		41.3	%		41.2	%		37.2	%
Secured debt / Total assets	Must be £ 40%		10.4	%		10.8	%		11.0	%		10.7	%		11.5	%
Consolidated income available for debt service / Annual debt service charge	Must be ³ 1.5X		3.2			3.0			2.9			2.9			3.2
Unencumbered assets / Unsecured debt - Notes due 2020	Must be ³ 150%		257	%		260	%		259	%		258	%		299	%
Unencumbered assets / Unsecured debt - Notes due 2016, Notes due 2022	Must be ³ 150%		255	%		257	%		257	%		255	%		296	%

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

(2) For discussion of coverage ratios, see page 34. See page 17 for the calculation of interest and fixed charge coverage ratios. See page 14 for calculation of Pro Forma Adjusted EBITDA.

(3) Includes effect of interest rate swaps on the Company’s unsecured senior term loan facility. See page 18 for more information.

(4) For current annualized base rent (CABR) by market, see page 21.

(5) Calculated in accordance with the covenants contained in the indenture that governs the terms of the Company’s unsecured senior notes due 2020 and supplemental and base indentures that govern the terms of the Company’s unsecured senior notes due 2016 and unsecured senior notes due 2022, which are included as exhibits to the Company’s Forms 8-K filed with the SEC on April 30, 2010, March 30, 2011, and June 28, 2012, respectively. The covenants for the unsecured senior notes due 2020, unsecured senior notes due 2016, and unsecured senior notes due 2022 are identical, except that the unencumbered total asset value definition for the unsecured senior notes due 2020 includes investments in unconsolidated partnerships accounted for under the equity method of accounting, whereas the unencumbered total asset value definition for the unsecured senior notes due 2016 and unsecured senior notes due 2022 excludes such investments in unconsolidated partnerships.

7

PORTFOLIO SUMMARY

MARCH 31, 2013

	Gross Book  Value		Buildings		Rentable Square Feet		Weighted- Average Leased % (1)
	(In thousands)
Stabilized (2)	$	3,575,932		105		8,278,755		99.4	%
Lease up (2)		1,166,124		54		4,413,310		68.0	%
Total operating portfolio	$	4,742,056		159		12,692,065		91.7	%
Redevelopment (3)	$	48,799		4		196,867		42.9	%
Pre-Development (3)		94,084		—		1,096,000		—
Unconsolidated partnership portfolio (4)		32,118		3		352,863		56.4	%
Development potential (3)		184,502		—		3,303,000		—
Total portfolio	$	5,101,559		166		17,640,795

(1) Calculated based on gross book value for each asset multiplied by the percentage leased.

(2) See pages 22-23 for detail of consolidated portfolio and page 35 for definitions of terms.

(3) See page 24 for detail of the consolidated portfolio and page 35 for definitions of terms.

(4) See page 26 for detail of the unconsolidated partnership portfolio.

8

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2013

(In thousands)

	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Assets
Investments in real estate, net	$	4,424,867		$	4,319,716		$	4,327,426		$	4,309,421		$	4,037,928
Investments in unconsolidated partnerships		32,118			32,367			31,955			32,562			32,901
Cash and cash equivalents		18,552			19,976			20,646			17,385			13,336
Accounts receivable, net		35,888			4,507			7,128			4,241			4,426
Accrued straight-line rents, net		155,591			152,096			144,975			139,346			134,371
Deferred leasing costs, net		167,648			172,363			180,925			185,354			164,002
Other assets		164,968			133,454			118,052			111,383			158,285
Total assets	$	4,999,632		$	4,834,479		$	4,831,107		$	4,799,692		$	4,545,249
Liabilities and Equity
Liabilities:
Mortgage notes payable, net	$	569,390		$	571,652		$	574,497		$	550,704		$	559,111
Exchangeable senior notes		180,000			180,000			180,000			180,000			180,000
Unsecured senior notes, net		894,397			894,177			893,955			893,737			645,749
Unsecured senior term loan		395,486			405,456			405,216			400,000			400,000
Unsecured line of credit		215,000			118,000			87,000			78,000			26,000
Accounts payable, accrued expenses and other liabilities		199,731			180,653			178,706			157,829			156,669
Total liabilities		2,454,004			2,349,938			2,319,374			2,260,270			1,967,529
Equity:
Stockholders’ equity:
Preferred stock		—			191,469			191,469			191,469			191,469
Common stock		1,691			1,543			1,543			1,542			1,541
Additional paid-in capital		3,065,589			2,781,849			2,779,035			2,776,046			2,773,248
Accumulated other comprehensive loss, net		(55,480	)		(54,725	)		(56,988	)		(57,326	)		(58,882	)
Dividends in excess of earnings		(474,619	)		(443,280	)		(411,529	)		(381,105	)		(339,243	)
Total stockholders’ equity		2,537,181			2,476,856			2,503,530			2,530,626			2,568,133
Noncontrolling interests		8,447			7,685			8,203			8,796			9,587
Total equity		2,545,628			2,484,541			2,511,733			2,539,422			2,577,720
Total liabilities and equity	$	4,999,632		$	4,834,479		$	4,831,107		$	4,799,692		$	4,545,249

9

CONSOLIDATED STATEMENTS OF OPERATIONS

MARCH 31, 2013

(In thousands, except share and per share data)

	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Revenues:
Rental	$	102,956		$	103,978		$	101,467		$	95,708		$	91,475
Tenant recoveries		32,637			31,638			31,765			28,939			28,453
Other revenue		24,857			3,155			1,305			201			84
Total revenues		160,450			138,771			134,537			124,848			120,012
Expenses:
Rental operations		40,553			39,502			38,944			37,044			36,729
Depreciation and amortization		60,764			52,963			51,372			47,575			44,934
General and administrative		10,028			10,608			10,226			8,576			8,614
Acquisition-related expenses		2,236			22			176			12,245			633
Total expenses		113,581			103,095			100,718			105,440			90,910
Income from operations		46,869			35,676			33,819			19,408			29,102
Equity in net loss of unconsolidated partnerships		(319	)		(379	)		(339	)		(317	)		(355	)
Interest expense, net		(25,902	)		(26,745	)		(26,817	)		(23,825	)		(22,219	)
Other (expense)/income		(3,190	)		(292	)		(208	)		(549	)		174
Income/(loss) from continuing operations		17,458			8,260			6,455			(5,283	)		6,702
Income/(loss) from discontinued operations		—			—			—			49			(4,420	)
Net income/(loss)		17,458			8,260			6,455			(5,234	)		2,282
Net (income)/loss attributable to noncontrolling interests		(146	)		(93	)		(46	)		172			30
Net income/(loss) attributable to the Company		17,312			8,167			6,409			(5,062	)		2,312
Preferred stock dividends		(2,393	)		(3,651	)		(3,651	)		(3,651	)		(3,651	)
Cost on redemption of preferred stock		(6,531	)		—			—			—			—
Net income/(loss) available to common stockholders	$	8,388		$	4,516		$	2,758		$	(8,713	)	$	(1,339	)
Income/(loss) from continuing operations per share available to common stockholders:
Basic and diluted earnings per share	$	0.05		$	0.03		$	0.02		$	(0.06	)	$	0.02
Income/(loss) from discontinued operations per share available to common stockholders:
Basic and diluted earnings per share	$	—		$	—		$	—		$	—		$	(0.03	)
Net income/(loss) per share available to common stockholders:
Basic and diluted earnings per share	$	0.05		$	0.03		$	0.02		$	(0.06	)	$	(0.01	)
Weighted-average common shares outstanding:
Basic		159,692,470			152,790,669			152,785,451			152,775,422			152,659,258
Diluted		162,713,677			155,728,210			155,728,209			152,775,422			155,625,204

10

BALANCE SHEET / OPERATIONS STATEMENT DETAIL

MARCH 31, 2013

(In thousands)

	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Restricted cash	$	4,068		$	3,554		$	3,443		$	2,485		$	4,830
Real estate held for sale		—			—			—			—			28,000
Acquired above-market leases, net		12,432			18,099			20,234			22,292			23,670
Acquired below-market ground lease, net		11,310			11,368			11,426			11,484			11,542
Deferred loan costs, net		16,240			17,512			18,878			19,476			18,445
Lease incentives, net		21,140			21,741			21,990			21,925			24,778
Construction loan receivable, net (1)		55,981			21,695			1,275			1,275			—
Other		43,797			39,485			40,806			32,446			47,020
Other assets	$	164,968		$	133,454		$	118,052		$	111,383		$	158,285
Security deposits	$	12,186		$	12,417		$	12,296		$	12,501		$	11,941
Dividends and distributions payable		40,413			40,607			37,465			37,433			37,431
Accounts payable, accrued expenses and other liabilities		133,420			114,123			114,533			95,123			100,689
Derivative instruments		5,435			5,285			5,702			3,701			289
Acquired below-market leases, net		8,277			8,221			8,710			9,071			6,319
Accounts payable, accrued expenses and other liabilities	$	199,731		$	180,653		$	178,706		$	157,829		$	156,669
	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Lease termination revenue	$	24,001		$	2,483		$	935		$	81		$	32
Construction loan revenue		807			387			326			149			—
Other revenue		49			285			44			(29	)		52
Other revenue	$	24,857		$	3,155		$	1,305		$	201		$	84
Rental operations expenses	$	27,165		$	26,753		$	26,480		$	24,583		$	24,673
Real estate taxes		13,388			12,749			12,464			12,461			12,056
Rental operations	$	40,553		$	39,502		$	38,944		$	37,044		$	36,729
(Loss)/gain on extinguishment of debt	$	—		$	(100	)	$	—		$	34		$	174
Non-cash adjustment for securities		(2,825	)		—			—			(545	)		—
Realized (loss)/gain on foreign currency transactions		(160	)		16			40			—			—
Income tax expense		(205	)		(208	)		(248	)		(38	)		—
Other (expense)/income	$	(3,190	)	$	(292	)	$	(208	)	$	(549	)	$	174

(1) Represents funding of draws on a $355 million construction loan secured by first priority mortgages on a 1.1 million square foot laboratory, office and retail development project located in Boston, Massachusetts, of which the Company’s funding obligation is $255 million.

11

FFO, CFFO AND AFFO (1)

MARCH 31, 2013

(In thousands)

	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Reconciliation of net income/(loss) available to common stockholders to funds from operations excluding acquisition-related expenses (CFFO):
Net income/(loss) available to common stockholders	$	8,388		$	4,516		$	2,758		$	(8,713	)	$	(1,339	)
Adjustments:
Impairment loss		—			—			—			—			4,552
Noncontrolling interests in operating partnership		154			86			53			(166	)		(26	)
Depreciation & amortization - unconsolidated partnerships		369			323			323			323			323
Depreciation & amortization - consolidated entities		60,764			52,963			51,372			47,575			44,934
Depreciation & amortization - consolidated entities - discontinued operations		—			—			—			—			92
Depreciation & amortization - allocable to noncontrolling interests of consolidated joint ventures		(30	)		(30	)		(28	)		(27	)		(27	)
Funds from operations (FFO) - basic	$	69,645		$	57,858		$	54,478		$	38,992		$	48,509
Interest expense - exchangeable senior notes due 2030 (2)		1,688			1,688			1,688			1,688			1,688
FFO - diluted	$	71,333		$	59,546		$	56,166		$	40,680		$	50,197
Acquisition-related expenses		2,236			22			176			12,245			633
CFFO - diluted	$	73,569		$	59,568		$	56,342		$	52,925		$	50,830
Reconciliation of CFFO to adjusted funds from operations (AFFO):
Adjustments:
Recurring capital expenditures and second generation tenant improvements (3)		(9,795	)		(5,738	)		(2,739	)		(1,716	)		(4,629	)
Leasing commissions		(1,580	)		(1,476	)		(2,001	)		(1,335	)		(1,419	)
Gain on extinguishment of debt		—			(19	)		—			(34	)		(174	)
Non-cash adjustment for securities		2,825			—			—			545			—
Amortization of deferred interest costs		1,718			1,724			1,730			1,736			1,742
Amortization of deferred loan costs		1,351			1,354			1,255			1,225			1,035
Amortization of fair-value of debt acquired		(189	)		(159	)		(178	)		(130	)		(231	)
Amortization of debt discounts		219			222			218			172			168
Amortization of lease incentives		627			576			561			659			1,173
Depreciation included in general and administrative expense		481			510			484			455			442
Non-cash equity compensation		3,011			2,860			3,094			2,887			2,689
Cost on redemption of preferred stock		6,531			—			—			—			—
Straight line rents		(2,605	)		(6,330	)		(5,288	)		(4,300	)		(3,454	)
Share of unconsolidated partnership adjustments (4)		40			34			26			26			1
Fair-value lease revenue		5,221			1,878			2,137			2,219			2,299
AFFO - diluted	$	81,424		$	55,004		$	55,641		$	55,334		$	50,472

(1) For definitions and discussion of FFO, CFFO and AFFO, see page 34.

(2) The calculations of FFO, CFFO and AFFO per share diluted include the assumed issuance of common stock pursuant to the exchange provision of the exchangeable senior notes due 2030, which is dilutive based on the “if converted” method for all periods presented since the original issuance in January 2010. Under the if converted method, if the add back of interest charges relating to the exchangeable senior notes due 2030 divided by the corresponding number of common shares issuable upon exchange is dilutive, the potentially issuable shares are included in the calculations of FFO, CFFO and AFFO per diluted share.

(3) Includes revenue enhancing and non-revenue enhancing recurring capital expenditures. Excludes first generation tenant improvements. For definitions of recurring capital expenditures and first and second generation leases, see page 35.

(4) 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.

12

FFO, CFFO AND AFFO PER SHARE (1)

MARCH 31, 2013

(In thousands, except share, per share and ratio amounts)

	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
FFO - basic	$	69,645		$	57,858		$	54,478		$	38,992		$	48,509
FFO - diluted		71,333			59,546			56,166			40,680			50,197
CFFO - diluted		73,569			59,568			56,342			52,925			50,830
AFFO - diluted		81,424			55,004			55,641			55,334			50,472
FFO per share - basic	$	0.42		$	0.37		$	0.35		$	0.25		$	0.31
FFO per share - diluted (2)		0.41			0.36			0.34			0.24			0.30
CFFO per share - diluted (2)		0.42			0.36			0.34			0.32			0.30
AFFO per share - diluted (2)		0.47			0.33			0.33			0.33			0.30
Dividends and distributions declared per common share	$	0.235		$	0.235		$	0.215		$	0.215		$	0.215
CFFO payout ratio		56.0	%		65.3	%		63.2	%		67.2	%		71.7	%
AFFO payout ratio		50.0	%		71.2	%		65.2	%		65.2	%		71.7	%
Weighted-average common shares and units outstanding diluted (3)		164,111,880			157,265,242			157,223,682			157,111,463			157,108,910
Dilutive effect of exchangeable senior notes due 2030 (2)		10,259,496			10,259,496			10,127,232			10,127,232			10,127,232
Weighted-average common shares and units outstanding diluted - FFO, CFFO and AFFO		174,371,376			167,524,738			167,350,914			167,238,695			167,236,142

(1) For definitions and discussion of FFO, CFFO and AFFO, see page 34.

(2) The calculations of FFO, CFFO and AFFO per share diluted include the assumed issuance of common stock pursuant to the exchange provision of the exchangeable senior notes due 2030, which is dilutive based on the “if converted” method for all periods presented since the original issuance in January 2010. Under the if converted method, if the add back of interest charges relating to the exchangeable senior notes due 2030 divided by the corresponding number of common shares issuable upon exchange is dilutive, the potentially issuable shares are included in the calculations of FFO, CFFO and AFFO per diluted share.

(3) The three months ended June 30, 2012 includes 2,947,140 shares of OP and LTIP units, which are considered anti-dilutive for purposes of calculating diluted earnings per share. The three months ended March 31, 2013, December 31, 2012, September 30, 2012, June 30, 2012 and March 31, 2012 include 1,398,203, 1,537,032, 1,495,473, 1,388,901 and 1,483,706 shares of unvested restricted stock, respectively, which are considered anti-dilutive for purposes of calculating diluted earnings per share.

13

RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (1)

MARCH 31, 2013

(In thousands)

	Three Months Ended
	3/31/13			12/31/12		9/30/12		6/30/12			3/31/12
Reconciliation of net income/(loss) available to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA and Pro Forma Adjusted EBITDA:
Net income/(loss) available to common stockholders	$	8,388		$	4,516	$	2,758	$	(8,713	)	$	(1,339	)
Interest expense, net		25,902			26,745		26,817		23,825			22,219
Interest expense - unconsolidated partnerships		250			263		256		254			256
Income tax expense		205			208		248		38			—
Depreciation & amortization - consolidated entities		60,764			52,963		51,372		47,575			44,934
Depreciation & amortization - discontinued operations		—			—		—		—			92
Depreciation & amortization - unconsolidated partnerships		369			323		323		323			323
EBITDA		95,878			85,018		81,774		63,302			66,485
Noncontrolling interests		146			93		46		(172	)		(30	)
Impairment loss		—			—		—		—			4,552
Preferred dividends		2,393			3,651		3,651		3,651			3,651
Cost on redemption of preferred stock		6,531			—		—		—			—
Non-cash adjustment for securities		2,825			—		—		545			—
Acquisition-related expenses		2,236			22		176		12,245			633
Adjusted EBITDA		110,009			88,784		85,647		79,571			75,291
Elan Corporation lease termination revenue, net		(21,613	)		—		—		—			—
Pro Forma Adjusted EBITDA	$	88,396		$	88,784	$	85,647	$	79,571		$	75,291

(1) For definitions and discussion of EBITDA, Adjusted EBITDA and Pro Forma Adjusted EBITDA, see page 34.

14

RECONCILIATION OF NET OPERATING INCOME (1)

MARCH 31, 2013

(In thousands, except ratio amounts)

	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Net income/(loss)	$	17,458		$	8,260		$	6,455		$	(5,234	)	$	2,282
(Income)/loss from discontinued operations		—			—			—			(49	)		4,420
Equity in net loss of unconsolidated partnerships		319			379			339			317			355
Interest expense, net		25,902			26,745			26,817			23,825			22,219
Other expense/(income)		3,190			292			208			549			(174	)
Income from operations		46,869			35,676			33,819			19,408			29,102
Depreciation and amortization		60,764			52,963			51,372			47,575			44,934
General and administrative		10,028			10,608			10,226			8,576			8,614
Acquisition-related expenses		2,236			22			176			12,245			633
Consolidated net operating income	$	119,897		$	99,269		$	95,593		$	87,804		$	83,283
Revenues:
Rental	$	102,956		$	103,978		$	101,467		$	95,708		$	91,475
Tenant recoveries		32,637			31,638			31,765			28,939			28,453
Other revenue (2)		24,857			3,155			1,305			201			84
Total revenues		160,450			138,771			134,537			124,848			120,012
Expenses:
Rental operations		40,553			39,502			38,944			37,044			36,729
Consolidated net operating income	$	119,897		$	99,269		$	95,593		$	87,804		$	83,283
Consolidated net operating income - cash basis (3)	$	98,784		$	92,728		$	92,032		$	86,800		$	83,432
Operating margin (4)		70.1	%		70.9	%		70.8	%		70.3	%		69.4	%
Operating expense recovery (5)		80.5	%		80.1	%		81.6	%		78.1	%		77.5	%

(1) For a definition and discussion of net operating income, see page 34.

(2) Includes lease termination income, see page 11 for detail.

(3) 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 - other revenue).

(4) Operating margin is calculated as ((rental revenues + tenant recovery revenues - rental operations) / (rental revenues + tenant recovery revenues)).

(5) Operating expense recovery is calculated as (tenant recovery revenues / rental operations).

15

INTEREST EXPENSE

MARCH 31, 2013

(In thousands)

	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Mortgage notes payable	$	10,004		$	10,103		$	10,077		$	9,882		$	10,275
Exchangeable senior notes		1,688			1,688			1,688			1,688			1,688
Unsecured senior notes		10,334			10,334			10,334			7,767			7,678
Unsecured senior term loan		1,940			2,039			2,022			1,911			42
Unsecured line of credit		461			417			346			533			1,508
Line of credit fees		656			712			729			664			664
Derivative instruments		560			579			522			467			10
Interest expense, net - cash basis	$	25,643		$	25,872		$	25,718		$	22,912		$	21,865
Non-cash interest expense:
Amortization of fair-value of debt acquired		(189	)		(159	)		(178	)		(130	)		(231	)
Amortization of debt discounts		219			222			218			172			168
Amortization of deferred loan costs		1,351			1,354			1,255			1,225			1,035
Amortization of deferred interest costs		1,718			1,724			1,730			1,736			1,742
Capitalized interest		(2,840	)		(2,268	)		(1,926	)		(2,090	)		(2,360	)
Interest expense, net	$	25,902		$	26,745		$	26,817		$	23,825		$	22,219

16

COVERAGE RATIOS (1)

MARCH 31, 2013

(In thousands, except ratio amounts)

	Three Months Ended
	3/31/13			12/31/12			9/30/12			6/30/12			3/31/12
Interest coverage ratio
Pro Forma Adjusted EBITDA	$	88,396		$	88,784		$	85,647		$	79,571		$	75,291
Interest expense:
Interest expense, net		25,902			26,745			26,817			23,825			22,219
Interest expense - unconsolidated partnerships		250			263			256			254			256
Amortization of deferred interest costs		(1,718	)		(1,724	)		(1,730	)		(1,736	)		(1,742	)
Amortization of deferred loan costs		(1,351	)		(1,354	)		(1,255	)		(1,225	)		(1,035	)
Amortization of debt discounts		(219	)		(222	)		(218	)		(172	)		(168	)
Amortization of fair-value of debt acquired		189			159			178			130			231
Total interest expense	$	23,053		$	23,867		$	24,048		$	21,076		$	19,761
Interest coverage ratio		3.8			3.7			3.6			3.8			3.8
Fixed charge coverage ratio
Pro Forma Adjusted EBITDA	$	88,396		$	88,784		$	85,647		$	79,571		$	75,291
Fixed charges:
Interest expense, net		25,902			26,745			26,817			23,825			22,219
Interest expense - unconsolidated partnerships		250			263			256			254			256
Amortization of deferred interest costs		(1,718	)		(1,724	)		(1,730	)		(1,736	)		(1,742	)
Amortization of deferred loan costs		(1,351	)		(1,354	)		(1,255	)		(1,225	)		(1,035	)
Amortization of debt discounts		(219	)		(222	)		(218	)		(172	)		(168	)
Amortization of fair-value of debt acquired		189			159			178			130			231
Principal payments		2,072			2,063			1,975			1,918			2,092
Preferred dividends		2,393			3,651			3,651			3,651			3,651
Total fixed charges	$	27,518		$	29,581		$	29,674		$	26,645		$	25,504
Fixed charge coverage ratio		3.2			3.0			2.9			3.0			3.0

(1) For a discussion of coverage ratios, see page 34.

17

DEBT SUMMARY

MARCH 31, 2013

(Dollars in thousands)

	Stated Rate			Effective Rate			Principal Balance		Unamortized Premium / (Discount)			Carrying Value		Maturity Date
Consolidated Debt:
Fixed Rate Mortgages:
9900 Belward Campus Drive		5.64	%		3.99	%	$	10,732	$	720		$	11,452		07/17
9901 Belward Campus Drive		5.64	%		3.99	%		13,216		882			14,098		07/17
Center for Life Science | Boston		7.75	%		7.75	%		337,476		—			337,476		06/14
500 Kendall Street (Kendall D)		6.38	%		5.45	%		59,617		2,333			61,950		12/18
Shady Grove Road		5.97	%		5.97	%		144,414		—			144,414		09/16
Total / Weighted-Average on Fixed Rate Mortgages		7.06	%		6.89	%		565,455		3,935			569,390
Fixed Rate Debt:
Unsecured Exchangeable Senior Notes Due 2030		3.75	%		3.75	%		180,000		—			180,000		01/30
Unsecured Senior Notes Due 2016		3.85	%		3.99	%		400,000		(1,590	)		398,410		04/16
Unsecured Senior Notes Due 2020		6.13	%		6.27	%		250,000		(1,962	)		248,038		04/20
Unsecured Senior Notes Due 2022		4.25	%		4.36	%		250,000		(2,051	)		247,949		07/22
Subtotal / Weighted-Average on Unsecured Senior Notes		4.59	%		4.73	%		900,000		(5,603	)		894,397
Total / Weighted-Average on Fixed Rate Debt		5.35	%		5.36	%		1,645,455		(1,668	)		1,643,787
Variable Rate Debt:
Unsecured Senior Term Loan - U.S. Dollar (1)		1.85	%		2.64	%		243,596		—			243,596		03/17
Unsecured Senior Term Loan - GBP (2)		2.14	%		2.39	%		151,890		—			151,890		03/17
Unsecured Line of Credit (3)		1.75	%		1.75	%		215,000		—			215,000		07/15
Total / Weighted-Average on Variable Rate Debt		1.89	%		2.26	%		610,486		—			610,486
Total / Weighted-Average on Unsecured Debt		3.53	%		3.73	%		1,690,486		(5,603	)		1,684,883
Total / Weighted-Average on Consolidated Debt		4.41	%		4.53	%	$	2,255,941	$	(1,668	)	$	2,254,273
Share of Unconsolidated Partnership Debt:
PREI Secured Construction Loan (20%) (variable)		3.21	%		3.21	%		27,795		—			27,795		08/13
Total / Weighted-Average on Share of Unconsolidated Partnership Debt		3.21	%		3.21	%		27,795		—			27,795
Total / Weighted-Average on Consolidated and Share of Unconsolidated Partnership Debt		4.40	%		4.51	%	$	2,283,736	$	(1,668	)	$	2,282,068

(1) The Company entered into interest rate swap agreements that effectively fix the interest rate on $200 million of the unsecured senior term loan facility at 2.81% for the remaining term of the loan, subject to adjustments based on the Company’s credit ratings. Including the effect of these swaps, the weighted-average effective interest rate for the $243.6 million outstanding under the unsecured senior term loan facility was 2.64% at March 31, 2013.

(2) The Company amended the unsecured senior term loan facility and converted $156.4 million of outstanding borrowings into British pounds sterling equal to £100 million. The principal balance represents the dollar amount based on the exchange rate of $1.52 to £1.00 at the end of the quarter. The Company entered into interest rate swap agreements that effectively fix the interest rate on £100 million at 2.39% for the remaining term of the loan, subject to adjustments based on the Company’s credit ratings.

(3) Effective rate excludes facility fee of 35 bps on the entire capacity of the unsecured line of credit, or $750.0 million, which equals approximately $664,000 per quarter.

18

DEBT MATURITIES

MARCH 31, 2013

(In thousands)

Weighted-average debt maturity is 5.2 years for consolidated debt (excluding extension options).

	2013		2014		2015		2016		2017		Thereafter		Total
Consolidated debt:
Fixed rate debt:
Fixed rate mortgages	$	6,292	$	339,088	$	6,482	$	143,784	$	27,338	$	42,471	$	565,455
Unsecured exchangeable senior notes due 2030 (1)		—		—		—		—		—		180,000		180,000
Unsecured senior notes due 2016		—		—		—		400,000		—		—		400,000
Unsecured senior notes due 2020		—		—		—		—		—		250,000		250,000
Unsecured senior notes due 2022		—		—		—		—		—		250,000		250,000
Total fixed rate debt		6,292		339,088		6,482		543,784		27,338		722,471		1,645,455
Variable rate debt:
Unsecured senior term loan - U.S. Dollar		—		—		—		—		243,596		—		243,596
Unsecured senior term loan - GBP		—		—		—		—		151,890		—		151,890
Unsecured line of credit		—		—		215,000		—		—		—		215,000
Total variable rate debt		—		—		215,000		—		395,486		—		610,486
Total consolidated debt	$	6,292	$	339,088	$	221,482	$	543,784	$	422,824	$	722,471	$	2,255,941
Share of unconsolidated partnership debt:
PREI secured construction loan (20%) (variable)		27,795		—		—		—		—		—		27,795
Share of total unconsolidated partnership debt	$	27,795	$	—	$	—	$	—	$	—	$	—	$	27,795
Total consolidated and share of unconsolidated partnership debt	$	34,087	$	339,088	$	221,482	$	543,784	$	422,824	$	722,471	$	2,283,736

(1) 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.

19

COMMON AND PREFERRED STOCK DATA

MARCH 31, 2013

(Shares in thousands)

Summary of Common Shares

	Three Months Ended
	03/31/13			12/31/12			09/30/12			06/30/12			03/31/12
Earnings per share
Weighted-average common shares outstanding		159,692			152,791			152,785			152,775			152,659
Weighted-average OP and LTIP units outstanding		2,924			2,937			2,943			—			2,966
Dilutive effect of performance units		98			—			—			—			—
Diluted common shares - EPS		162,714			155,728			155,728			152,775			155,625
Funds from operations
Weighted-average common shares outstanding		159,692			152,791			152,785			152,775			152,659
Weighted-average OP and LTIP units outstanding		2,924			2,937			2,943			2,948			2,966
Dilutive effect of performance units		98			—			—			—			—
Dilutive effect of restricted stock		1,398			1,537			1,496			1,389			1,484
Dilutive effect of exchangeable senior notes due 2030		10,259			10,260			10,127			10,127			10,127
Diluted common shares - FFO		174,371			167,525			167,351			167,239			167,236
Closing common shares, OP and LTIP units outstanding		171,974			157,261			157,278			157,127			157,120
Preferred shares outstanding		—			7,920			7,920			7,920			7,920
High price	$	22.30		$	19.68		$	19.94		$	20.30		$	19.65
Low price	$	19.47		$	18.19		$	18.10		$	17.52		$	17.72
Average closing price	$	20.88		$	19.07		$	18.81		$	18.71		$	18.65
Closing price	$	21.60		$	19.33		$	18.72		$	18.68		$	18.98
Dividends per share - annualized	$	0.94		$	0.94		$	0.86		$	0.86		$	0.86
Closing dividend yield - annualized		4.4	%		4.9	%		4.6	%		4.6	%		4.5	%
Dividends per Share
	03/31/13			12/31/12			09/30/12			06/30/12			03/31/12
Common Stock - BMR
Amount	$	0.235		$	0.235		$	0.215		$	0.215		$	0.215
Declared		March 15, 2013			December 12, 2012			September 14, 2012			June 15, 2012			March 15, 2012
Record		March 28, 2013			December 31, 2012			September 28, 2012			June 29, 2012			March 30, 2012
Paid		April 15, 2013			January 15, 2013			October 15, 2012			July 16, 2012			April 16, 2012
Preferred Stock - BMR PrA(1)
Amount		—		$	0.46094		$	0.46094		$	0.46094		$	0.46094
Declared		—			December 12, 2012			September 14, 2012			June 15, 2012			March 15, 2012
Record		—			December 31, 2012			September 28, 2012			June 29, 2012			March 30, 2012
Paid		—			January 15, 2013			October 15, 2012			July 16, 2012			April 16, 2012

(1) The Company voluntarily redeemed all shares of its Series A preferred stock on March 15, 2013, at a redemption price of $25.30217 per share (the sum of the $25.00 per share redemption price and a quarterly dividend of $0.46094 prorated through the redemption date).

20

MARKET SUMMARY

MARCH 31, 2013

				Current (1)								Expiration (2)
Market	Leased Square Feet			Annualized Base Rent			Percent of Annualized Base Rent			Annualized Base Rent per Leased Sq Ft		Annualized Base Rent		Percent of Annualized Base Rent			Annualized Base Rent per Leased Sq Ft
				(In thousands)								(In thousands)
Boston		2,965,467		$	160,596			36.9	%	$	54.16	$	171,762		34.4	%	$	57.92
Maryland		1,584,443			60,267			13.9	%		38.04		75,326		15.1	%		47.54
San Francisco		2,324,056			60,041			13.8	%		25.83		68,063		13.6	%		29.29
San Diego		1,778,114			58,659			13.5	%		32.99		74,519		14.9	%		41.91
New York / New Jersey		1,233,247			40,983			9.4	%		33.23		51,179		10.3	%		41.50
Pennsylvania		638,632			15,079			3.5	%		23.61		15,902		3.2	%		24.90
Seattle		270,707			12,407			2.9	%		45.83		14,516		2.9	%		53.62
University Related - Other		830,426			27,087			6.1	%		32.62		27,752		5.6	%		33.42
Total portfolio / weighted-average		11,625,092		$	435,119			100.0	%	$	37.43	$	499,019		100.0	%	$	42.93
	Percent Leased
Market	Total Operating Portfolio			Redevelopment (3)			Unconsolidated Partnership Portfolio (4)
Boston		97.6	%		—			45.0	%
Maryland		96.7	%		61.4	%		—
San Francisco		78.3	%		—			—
San Diego		88.8	%		—			100.0	%
New York / New Jersey		85.2	%		—			—
Pennsylvania		88.0	%		—			—
Seattle		73.9	%		—			—
University Related - Other		98.8	%		—			—
Total portfolio (5)		89.1	%		61.4	%		56.4	%
Total portfolio weighted-average leased % (6)		91.7	%		42.9	%		56.4	%

(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 option(s)), multiplied by 12 months.

(3) See page 24 for detail of the consolidated portfolio and page 34 for definitions of terms.

(4) See page 26 for detail of the unconsolidated partnership portfolio.

(5) Calculated based on leased square feet divided by total square feet.

(6) Calculated based on gross book value for each asset multiplied by the percentage leased.

21

PROPERTY LISTING - CONSOLIDATED PORTFOLIO

MARCH 31, 2013

			Property			Rentable Square		Percent of Rentable			Leased Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/13			12/31/12
	Boston
1	Albany Street	May 31, 2005	Stabilized		2		75,003		0.6	%		75,003		100.0	%		100.0	%
2	320 Bent Street	December 14, 2011	Stabilized		1		195,198		1.5	%		191,576		98.1	%		98.1	%
3	301 Binney Street	December 14, 2011	Stabilized		1		417,290		3.2	%		403,381		96.7	%		96.7	%
4	301 Binney Street Garage	December 14, 2011	Stabilized		1		503 Stalls		n/a			503 Stalls		100.0	%		100.0	%
5	210 Broadway	February 9, 2012	Lease Up		1		64,812		0.5	%		32,842		50.7	%		50.7	%
6	Center for Life Science | Boston	November 17, 2006	Stabilized		1		704,159		5.5	%		696,331		98.9	%		98.8	%
7	Charles Street	April 7, 2006	Stabilized		1		47,912		0.4	%		47,912		100.0	%		100.0	%
8	Coolidge Avenue	April 5, 2005	Lease Up		1		37,684		0.3	%		29,431		78.1	%		78.3	%
9	21 Erie Street	May 31, 2005	Stabilized		1		48,627		0.4	%		48,627		100.0	%		100.0	%
10	40 Erie Street	May 31, 2005	Stabilized		1		100,854		0.8	%		100,854		100.0	%		100.0	%
11	47 Erie Street Parking Structure	May 31, 2005	Stabilized		1		447 Stalls		n/a			447 Stalls		100.0	%		100.0	%
12	Fresh Pond Research Park	April 5, 2005	Stabilized		6		90,702		0.7	%		89,176		98.3	%		98.3	%
13	50 Hampshire Street	February 9, 2012	Stabilized		1		183,052		1.4	%		183,052		100.0	%		100.0	%
14	60 Hampshire Street	February 9, 2012	Stabilized		1		39,014		0.3	%		39,014		100.0	%		100.0	%
15	Kendall Crossing Apartments	December 14, 2011	Stabilized		1		37 Apts.		n/a			36 Apts.		96.6	%		94.5	%
16	500 Kendall Street (Kendall D)	May 31, 2005	Stabilized		1		349,325		2.7	%		346,535		99.2	%		99.2	%
17	675 W. Kendall Street (Kendall A)	May 31, 2005	Stabilized		1		302,919		2.4	%		302,919		100.0	%		100.0	%
18	Sidney Street	May 31, 2005	Stabilized		1		191,904		1.5	%		191,904		100.0	%		100.0	%
19	Vassar Street	May 31, 2005	Stabilized		1		60,845		0.5	%		60,845		100.0	%		100.0	%
	Total Boston				25		2,909,300		22.7	%		2,839,402		97.6	%		97.6	%
	Maryland
20	Beckley Street	December 17, 2004	Stabilized		1		77,225		0.6	%		77,225		100.0	%		100.0	%
21	9900 Belward Campus Drive	July 18, 2012	Lease Up		1		49,317		0.4	%		36,550		74.1	%		83.8	%
22	9901 Belward Campus Drive	July 18, 2012	Stabilized		1		57,152		0.4	%		57,110		99.9	%		99.9	%
23	9911 Belward Campus Drive	May 24, 2006	Stabilized		1		289,912		2.2	%		289,912		100.0	%		100.0	%
24	9920 Belward Campus Drive	May 8, 2007	Stabilized		1		51,181		0.4	%		51,181		100.0	%		100.0	%
25	9704 Medical Center Drive	May 3, 2010	Stabilized		1		122,600		1.0	%		122,600		100.0	%		100.0	%
26	9708-9714 Medical Center Drive	May 3, 2010	Redevelopment		3		92,124		0.7	%		16,067		17.4	%		17.4	%
27	1701 / 1711 Research Boulevard	May 9, 2011	Redevelopment		1		104,743		0.8	%		104,743		100.0	%		100.0	%
28	Shady Grove Road	May 24, 2006	Stabilized		4		635,058		4.9	%		635,058		100.0	%		100.0	%
29	Tributary Street	December 17, 2004	Stabilized		1		91,592		0.7	%		91,592		100.0	%		100.0	%
30	50 West Watkins Mill Road	May 7, 2010	Lease Up		1		57,410		0.4	%		20,000		34.8	%		34.8	%
31	55 / 65 West Watkins Mill Road	February 23, 2010	Stabilized		2		82,405		0.6	%		82,405		100.0	%		100.0	%
	Total Maryland				18		1,710,719		13.1	%		1,584,443		92.6	%		92.9	%
	San Francisco
32	Ardentech Court	November 18, 2004	Stabilized		1		55,588		0.4	%		55,588		100.0	%		100.0	%
33	Ardenwood Venture (2)	June 14, 2006	Lease Up		1		72,500		0.6	%		60,339		83.2	%		83.2	%
34	Bayshore Boulevard	August 17, 2004	Stabilized		3		183,344		1.4	%		183,344		100.0	%		100.0	%
35	Bridgeview Technology Park I	September 10, 2004	Lease Up		2		201,567		1.6	%		125,144		62.1	%		87.6	%
36	Bridgeview Technology Park II	March 16, 2005	Lease Up		1		50,400		0.4	%		28,714		57.0	%		57.0	%
37	550 Broadway Street	April 27, 2012	Stabilized		1		71,239		0.6	%		71,239		100.0	%		100.0	%
38	Dumbarton Circle	May 27, 2005	Lease Up		1		44,000		0.3	%		—		—			100.0	%
39	Gateway Business Park	October 26, 2010	Lease Up		4		176,503		1.4	%		145,056		82.2	%		91.0	%
40	Industrial Road	August 17, 2004	Stabilized		1		175,144		1.4	%		175,144		100.0	%		100.0	%
41	Kaiser Drive	August 25, 2005	Lease Up		1		87,953		0.7	%		49,915		56.8	%		56.8	%
42	Pacific Industrial Center	July 11, 2006	Lease Up		1		305,026		2.4	%		219,255		71.9	%		71.9	%
43	Pacific Research Center North	July 11, 2006	Lease Up		6		661,245		5.1	%		486,238		73.5	%		66.1	%
44	Pacific Research Center South	July 11, 2006	Lease Up		3		423,246		3.3	%		263,543		62.3	%		62.3	%
45	Science Center at Oyster Point	October 26, 2010	Stabilized		2		204,887		1.6	%		204,887		100.0	%		100.0	%
46	Woodside Technology Park	February 28, 2013	Stabilized		3		255,650		2.0	%		255,650		100.0	%		n/a
	Total San Francisco				31		2,968,292		23.2	%		2,324,056		78.3	%		78.5	%
	San Diego
47	Balboa Avenue	August 13, 2004	Stabilized		1		35,344		0.3	%		35,344		100.0	%		100.0	%
48	Bernardo Center Drive	August 13, 2004	Stabilized		1		61,286		0.5	%		61,286		100.0	%		100.0	%
49	Coast 9	October 15, 2010	Lease Up		8		164,074		1.3	%		127,468		77.7	%		75.3	%
50	4570 Executive Drive	September 17, 2010	Lease Up		1		125,219		1.0	%		106,757		85.3	%		85.3	%
51	Faraday Avenue	September 19, 2005	Stabilized		1		28,704		0.2	%		28,704		100.0	%		100.0	%
	San Diego (Continued)
52	Gazelle Court	March 30, 2010	Stabilized		1		176,000		1.4	%		176,000		100.0	%		100.0	%

22

PROPERTY LISTING - CONSOLIDATED PORTFOLIO

MARCH 31, 2013

			Property			Rentable Square		Percent of Rentable			Leased Square		Percent Leased
	Property	Acquisition Date	Status (1)	Buildings		Feet		Sq Ft			Feet		3/31/13			12/31/12
53	3525 John Hopkins Court	December 28, 2010	Stabilized		1		48,306		0.4	%		48,306		100.0	%		100.0	%
54	3545-3575 John Hopkins Court	August 16, 2006	Lease Up		1		72,192		0.6	%		61,173		84.7	%		84.6	%
55	6114-6154 Nancy Ridge Drive	May 2, 2007	Stabilized		3		196,557		1.5	%		196,557		100.0	%		100.0	%
56	6122-6126 Nancy Ridge Drive	April 25, 2012	Stabilized		1		68,000		0.5	%		68,000		100.0	%		100.0	%
57	6828 Nancy Ridge Drive	April 21, 2005	Stabilized		1		42,138		0.3	%		42,138		100.0	%		100.0	%
58	Pacific Center Boulevard	August 24, 2007	Stabilized		2		66,745		0.5	%		66,745		100.0	%		100.0	%
59	Road to the Cure	December 14, 2006	Lease Up		1		67,998		0.5	%		37,219		54.7	%		54.7	%
60	San Diego Science Center	October 21, 2004	Lease Up		1		105,364		0.8	%		73,065		69.3	%		72.9	%
61	10240 Science Center Drive	September 23, 2010	Stabilized		1		49,347		0.4	%		49,347		100.0	%		100.0	%
62	10255 Science Center Drive	September 24, 2004	Stabilized		1		53,740		0.4	%		53,740		100.0	%		100.0	%
63	Sorrento Plaza	December 18, 2010	Stabilized		2		31,184		0.2	%		31,184		100.0	%		100.0	%
64	Sorrento Valley Boulevard	December 7, 2006	Lease Up		1		54,924		0.4	%		—		—			100.0	%
65	11388 Sorrento Valley Road	September 10, 2010	Stabilized		1		35,940		0.3	%		35,940		100.0	%		100.0	%
66	Summers Ridge	June 8, 2012	Stabilized		—		—		n/a			—		100.0	%		100.0	%
67	Torreyana Road	March 22, 2007	Stabilized		1		81,204		0.6	%		81,204		100.0	%		100.0	%
68	9865 Towne Centre Drive	August 12, 2004	Stabilized		2		94,866		0.7	%		94,866		100.0	%		100.0	%
69	9885 Towne Centre Drive	August 12, 2004	Stabilized		2		104,870		0.8	%		104,870		100.0	%		100.0	%
70	Waples Street	March 1, 2005	Stabilized		1		50,055		0.4	%		50,055		100.0	%		100.0	%
71	Wateridge Circle	November 1, 2011	Lease Up		3		106,490		0.8	%		75,283		70.7	%		77.5	%
	Total San Diego				39		1,920,547		14.8	%		1,705,251		88.8	%		92.0	%
	New York / New Jersey
72	Ardsley Park	June 23, 2011	Stabilized		5		160,500		1.2	%		160,500		100.0	%		100.0	%
73	Graphics Drive	March 17, 2005	Lease Up		1		72,300		0.6	%		46,386		64.2	%		64.2	%
74	Landmark at Eastview	August 12, 2004	Lease Up		5		804,496		6.1	%		665,841		82.8	%		79.2	%
75	Landmark at Eastview II	August 12, 2004	Stabilized		3		360,520		2.8	%		360,520		100.0	%		100.0	%
76	One Research Way	May 31, 2006	Lease Up		1		49,421		0.4	%		—		—			—
	Total New York / New Jersey				15		1,447,237		11.1	%		1,233,247		85.2	%		83.3	%
	Pennsylvania
77	Eisenhower Road	August 13, 2004	Stabilized		1		27,750		0.2	%		27,750		100.0	%		100.0	%
78	George Patterson Boulevard	October 28, 2005	Stabilized		1		71,500		0.6	%		71,500		100.0	%		100.0	%
79	King of Prussia	August 11, 2004	Stabilized		5		374,387		2.9	%		374,387		100.0	%		100.0	%
80	Phoenixville Pike	May 5, 2005	Lease Up		1		104,400		0.8	%		90,518		86.7	%		86.7	%
81	Spring Mill Drive	July 20, 2006	Lease Up		1		76,561		0.6	%		63,184		82.5	%		100.0	%
82	900 Uniqema Boulevard	January 13, 2006	Stabilized		1		11,293		0.1	%		11,293		100.0	%		100.0	%
83	1000 Uniqema Boulevard	September 30, 2005	Lease Up		1		59,821		0.5	%		—		—			—
	Total Pennsylvania				11		725,712		5.7	%		638,632		88.0	%		89.8	%
	Seattle
84	Elliott Avenue	August 24, 2004	Lease Up		1		151,194		1.2	%		90,222		59.7	%		59.7	%
85	530 Fairview Avenue	January 12, 2006	Stabilized		1		96,305		0.7	%		96,305		100.0	%		100.0	%
86	Monte Villa Parkway	August 17, 2004	Lease Up		1		51,000		0.4	%		30,167		59.2	%		37.5	%
87	217th Place	November 21, 2006	Lease Up		1		67,799		0.5	%		54,013		79.7	%		62.9	%
	Total Seattle				4		366,298		2.8	%		270,707		73.9	%		67.8	%
	University Related - Other
88	Granta Park	June 12, 2012	Stabilized		11		472,234		3.7	%		469,686		99.5	%		99.5	%
89	Paramount Parkway	July 20, 2010	Stabilized		1		61,603		0.5	%		61,603		100.0	%		100.0	%
90	Patriot Drive	December 17, 2010	Lease Up		1		48,394		0.4	%		40,541		83.8	%		82.0	%
91	Trade Centre Avenue	August 9, 2006	Stabilized		2		78,023		0.6	%		78,023		100.0	%		100.0	%
92	Walnut Street	July 7, 2006	Stabilized		4		149,984		1.2	%		149,984		100.0	%		100.0	%
93	Weston Parkway	December 17, 2010	Stabilized		1		30,589		0.2	%		30,589		100.0	%		100.0	%
	Total University Related - Other				20		840,827		6.6	%		830,426		98.8	%		98.7	%
	Total				163		12,888,932		100.0	%		11,426,164		88.7	%		89.1	%

(1) For a definition of Property Status, see page 35.

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

23

REDEVELOPMENT, PRE-DEVELOPMENT AND OTHER CAPITAL IMPROVEMENTS

MARCH 31, 2013

(Dollars in thousands)

Property	Market		Rentable Square Feet		Percent Leased			Investment to Date (1)		Estimated Total Investment (2)		Estimated In-Service Date (3)
Redevelopment:
9708-9714 Medical Center Drive		Maryland		92,124		17.4	%	$	29,500	$	29,500		In-Service
1701 / 1711 Research Blvd		Maryland		104,743		100.0	%		13,300		28,200		Q1 2014
Total / weighted-average				196,867		61.4	%	$	42,800	$	57,700
Other Capital Improvements (4)								$	65,200
Pre-Development:
Eccles Avenue		San Francisco		260,000		—		$	29,600
4775 / 4785 Executive Drive		San Diego		275,000		—			30,000
500 Fairview Avenue		Seattle		108,000		—			1,000
800 / 1000 Gateway Business Park		San Francisco		400,000		—			45,800
450 Kendall Street (Kendall G)		Boston		53,000		—			10,300
Total / weighted-average				1,096,000		—		$	116,700
Total								$	224,700
Additional Development Potential:	Estimated							Capitalized Interest
	Developable							3 Mo. Ended
Market	Square Feet							3/31/13 (5)
Boston		50,000							Redevelopment			$	611
Maryland		674,000							Other Capital Improvements (4)				755
San Francisco		1,334,000							Pre-Development				1,474
New York / New Jersey		964,000							Total			$	2,840
Pennsylvania		103,000
Seattle		40,000
University Related - Other		138,000
Total		3,303,000
Total Development Potential
(including Pre-Development)		4,399,000

(1) Includes amounts paid for acquiring the property, landlord improvements and tenant improvement allowances, but for Redevelopment properties excludes any amounts accrued, and payroll, interest or operating expenses capitalized, through March 31, 2013.

(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) Includes improvements on operating properties, including major tenant improvement projects on properties which are not considered to be in Redevelopment or Pre-development during the three months ended March 31, 2013.

(5) Interest was capitalized at an average rate of 5.20% during the three months ended March 31, 2013.

24

CAPITAL EXPENDITURES

MARCH 31, 2013

(In thousands)

	Three Months Ended
	3/31/13		12/31/12		9/30/12		6/30/12		3/31/12
Development / Pre-Development	$	3,241	$	1,832	$	1,540	$	1,582	$	443
Redevelopment		1,395		1,411		2,429		8,117		11,006
Tenant improvements - first generation (1)		13,933		11,831		19,727		17,184		15,083
Recurring capital expenditures and second generation tenant improvements (1) (2)		9,795		5,738		2,739		1,716		4,629
Other capital		10,886		7,853		4,067		9,034		10,909
Total capital expenditures	$	39,250	$	28,665	$	30,502	$	37,633	$	42,070

(1) For definitions of first and second generation leases, see page 35.

(2) Includes revenue enhancing and non-revenue enhancing recurring capital expenditures. For a definition of recurring capital expenditures, see page 35.

25

PROPERTY LISTING - UNCONSOLIDATED PARTNERSHIPS

MARCH 31, 2013

(Dollars in thousands)

Rentable

Leased

Property

Square

Square

Percent Leased

Property

Acquisition Date

Status (1)

Buildings

Feet

Feet

3/31/13

12/31/12

Market

McKellar Court

McKellar Court

September 30, 2004

Stabilized

1

72,863

72,863

100.0

%

100.0

%

San Diego

PREI

650 E. Kendall Street (Kendall B)

April 4, 2007

Lease Up

1

280,000

126,065

45.0

%

45.0

%

Boston

350 E. Kendall Street Garage (Kendall F)

April 4, 2007

Stabilized

1

1,409 Stalls

1,409 Stalls

100.0

%

100.0

%

Boston

	McKellar Court (2)			PREI			Total
Total assets	$	13,976		$	251,821		$	265,797
Total debt (3)		10,280			138,975			149,255
Current annualized base rent		1,958			6,884			8,842
BioMed’s net investment in unconsolidated partnerships	$	12,146		$	19,972		$	32,118
BioMed’s pro rata share of debt		—			27,795			27,795
BioMed ownership percentage		22	%		20	%		20	%

(1) For a definition of Property Status, see page 35.

(2) 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.

(3) 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.

26

LEASE EXPIRATIONS

MARCH 31, 2013

The weighted-average remaining lease term is 7.4 years for the total portfolio.

						Current (1)							Expiration (2)
Expiration	Leased Square Feet		Percent of Leased Square Feet			Annualized Base Rent		Percent of Annualized Base Rent			Annualized Base Rent per Leased Square Feet		Annualized Base Rent		Percent of Annualized Base Rent			Annualized Base Rent per Leased Square Feet
						(In thousands)							(In thousands)
Month-to-month		19,633		0.2	%	$	148		—		$	7.54	$	148		—		$	7.54
Second quarter 2013		110,834		1.0	%		3,262		0.7	%		29.43		3,286		0.7	%		29.65
Third quarter 2013		133,745		1.2	%		4,808		1.1	%		35.95		4,824		1.0	%		36.07
Fourth quarter 2013		72,028		0.6	%		1,619		0.4	%		22.48		2,518		0.5	%		34.96
2013		316,607		2.8	%		9,689		2.2	%		30.60		10,628		2.2	%		33.57
2014		723,619		6.2	%		20,365		4.7	%		28.14		20,585		4.1	%		28.45
2015		611,957		5.3	%		22,732		5.2	%		37.15		23,774		4.8	%		38.85
2016		1,067,367		9.2	%		38,815		8.9	%		36.37		41,154		8.2	%		38.56
2017		492,096		4.2	%		14,633		3.4	%		29.74		16,305		3.3	%		33.13
2018		1,737,460		14.9	%		72,038		16.6	%		41.46		79,019		15.8	%		45.48
2019		600,955		5.2	%		18,457		4.2	%		30.71		20,610		4.1	%		34.30
2020		797,026		6.9	%		31,558		7.3	%		39.59		31,251		6.3	%		39.21
2021		659,538		5.7	%		18,324		4.2	%		27.78		21,033		4.2	%		31.89
2022		719,395		6.2	%		17,858		4.1	%		24.82		22,441		4.5	%		31.19
Thereafter		3,879,439		33.2	%		170,502		39.2	%		43.95		212,071		42.5	%		54.67
Total / weighted-average		11,625,092		100.0	%	$	435,119		100.0	%	$	37.43	$	499,019		100.0	%	$	42.93

(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.

27

EXPIRATIONS BY MARKET

MARCH 31, 2013

	Leased Square Feet
Expiration	Boston		Maryland		San Francisco		San Diego		NY/NJ		Pennsylvania		Seattle		University/Other		Total
Month-to-month		—		—		—		7,657		11,976		—		—		—		19,633
2013		99,154		6,955		42,887		101,294		10,928		48,326		5,565		1,498		316,607
2014		28,019		67,946		136,769		69,398		—		407,961		11,385		2,141		723,619
2015		147,720		7,546		91,568		282,673		—		44,382		—		38,068		611,957
2016		311,506		4,721		282,616		39,661		40,613		31,166		36,885		320,199		1,067,367
2017		104,243		95,747		119,923		95,674		65,119		—		11,390		—		492,096
2018		1,135,652		14,914		171,584		332,621		24,944		—		42,628		15,117		1,737,460
2019		23,115		186,550		133,571		81,204		—		—		49,664		126,851		600,955
2020		367,010		130,846		49,915		72,863		39,958		—		—		136,434		797,026
2021		16,634		39,505		230,311		8,365		132,933		71,500		—		160,290		659,538
2022		42,385		—		596,482		17,707		27,524		35,297		—		—		719,395
Thereafter		690,029		1,029,713		468,430		668,997		879,252		—		113,190		29,828		3,879,439
Total		2,965,467		1,584,443		2,324,056		1,778,114		1,233,247		638,632		270,707		830,426		11,625,092

28

10 LARGEST TENANTS

MARCH 31, 2013

BioMed’s properties were leased to 213 tenants.

	Tenant	Leased Square Feet		Percent of Leased Sq Ft			Annualized Base Rent Current (1) (In thousands)		Annualized Base Rent per Leased Sq Ft Current		Percent of Annualized Base Rent Current Total Portfolio			Lease Expiration
1	GlaxoSmithKline plc (2)		924,970		8.0	%	$	44,483	$	48.09		10.2	%		June 2026
2	Vertex Pharmaceuticals Incorporated (3)		685,286		5.9	%		34,845		50.85		8.0	%		Multiple
3	Regeneron Pharmaceuticals, Inc. (4)		673,045		5.8	%		26,545		39.44		6.1	%		July 2024
4	Beth Israel Deaconess Medical Center, Inc.		362,364		3.1	%		25,543		70.49		5.9	%		July 2023
5	Sanofi (5)		418,003		3.6	%		19,471		46.58		4.5	%		Multiple
6	Elan Pharmaceuticals, Inc. (6)		259,985		2.2	%		15,659		60.23		3.6	%		Multiple
7	Ironwood Pharmaceuticals, Inc.		303,259		2.6	%		15,302		50.46		3.5	%		February 2018
8	Children’s Hospital Corporation (7)		200,081		1.7	%		13,853		69.24		3.2	%		May 2023
9	Merck & Co., Inc. (8)		175,893		1.5	%		9,358		53.20		2.2	%		Multiple
10	Janssen Biotech, Inc. (Johnson & Johnson)		374,387		3.2	%		9,002		24.04		2.1	%		April 2014
	Total / weighted-average (9)		4,377,273		37.6	%	$	214,061	$	48.90		49.3	%

(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) The Company’s tenant is Human Genome Sciences (HGS), a wholly owned subsidiary of GlaxoSmithKline plc (GSK).

(3) 81,204 square feet are leased with a subsidiary of Vertex Pharmaceuticals Incorporated. 292,758 square feet expire January 2016, 20,608 square feet expire May 2017, 290,716 square feet expire May 2018 and 81,204 square feet expire January 2019.

(4) Subsequent to quarter end, the Company entered into a build-to-suit transaction to construct two new buildings pre-leased to Regeneron for a 15 year term totaling approximately 297,000 square feet at Landmark at Eastview, and extended Regeneron’s lease for 360,520 square feet which will expire July 2029.

(5) 343,000 square feet expire August 2018 and 75,003 square feet expire October 2018.

(6) 88,999 square feet expire April 2013, 115,888 square feet expire May 2013 and 55,098 square feet expire December 2014. The Company has pre-leased 204,887 square feet through March 2028.

(7) This tenant guarantees rent on 49,866 square feet leased at the Center for Life Science| Boston.

(8) This tenant guarantees rent on 30,589 square feet leased at Weston Parkway. 145,304 square feet expire September 2013 and 30,589 square feet expire January 2016.

(9) Without regard to any early lease terminations and/or renewal options.

29

SAME PROPERTY ANALYSIS

MARCH 31, 2013

(Dollars in thousands)

	Three Months Ended
	3/31/13			3/31/12			Percent Change
Total Same Property Portfolio (1)
Rentable square feet		11,623,958			11,623,958
Percent of total portfolio		87.8	%		93.7	%
Percent leased		87.2	%		84.1	%
Revenues:
Rental	$	92,963		$	88,931			4.5	%
Tenant recoveries		32,639			29,487			10.7	%
Total revenues		125,602			118,418			6.1	%
Expenses:
Rental operations		38,439			35,830			7.3	%
Same property net operating income (2)	$	87,163		$	82,588			5.5	%
Less straight line rents, fair-value lease revenue, lease incentive revenue, and bad debt expense		(2,926	)		(1,194	)		145.1	%
Same property net operating income - cash basis (2) (3)	$	84,237		$	81,394			3.5	%
Rental revenue - cash basis (3)	$	88,796		$	87,102			1.9	%

(1) The same property portfolio includes properties in the total 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 34. For a quantitative reconciliation of net operating income to net income in accordance with GAAP, see page 15.

(3) Represents rents on a “cash-on-cash” basis.

(4) Compared to the same period in the prior year.

30

ACQUISITIONS

MARCH 31, 2013

Acquisitions Detail for 2013:	Market	Closing Date	Rentable Square Feet (1)		Investment		Percent Leased at Acquisition
Property
					(In thousands)
First Quarter 2013
Woodside Technology Park	San Francisco	February 28, 2013		255,650	$	87,000		100.0	%
The Campus at Lincoln Centre (2)	San Francisco	March 20, 2013		—		37,000		n/a
First quarter total				255,650	$	124,000		100.0	%
Total 2013 Acquisitions				255,650	$	124,000		100.0	%

(1) Rentable square feet at the time of acquisition or disposition.

(2) Includes approximately 280,000 square feet of potential development.

31

LEASING ACTIVITY (1)

MARCH 31, 2013

	Leased Square Feet			Current Annualized Base Rent per Leased Sq Ft		Pre-Leased Square Feet			Current Annualized Base Rent per Pre-Leased Sq Ft
Leased Square Feet as of December 31, 2012		11,549,607					71,011
Acquisitions		255,650		$	22.15
Expirations		(454,620	)		38.78
Terminations		(51,472	)		7.52
Pre-leased delivery		70,865			26.43		(70,865	)	$	26.43
Renewals, amendments, and extensions		164,004			28.59
New leases - 1st generation (2)		65,779			17.02		—			—
New leases - 2nd generation (2)		25,279			27.60		328,673			40.72
Leased Square Feet as of March 31, 2013		11,625,092					328,819

	Three Months Ended
Leased Square Feet	3/31/13			12/31/12		9/30/12		6/30/12		3/31/12
Renewals, amendments, and extensions		164,004			368,299		176,655		87,383		70,894
New leases		419,731			256,576		190,705		263,432		395,365
Gross Leasing Activity		583,735			624,875		367,360		350,815		466,259
Net Absorption		(180,165	)		144,516		115,493		186,911		210,313

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

(2) For definitions of first and second generation leases, see page 35.

32

TENANT IMPROVEMENTS, LEASING COMMISSIONS AND TENANT CONCESSIONS

MARCH 31, 2013

	Three Months Ended
	3/31/13		12/31/12		9/30/12		6/30/12		3/31/12
Renewals, Amendments, and Extensions (1)
Number of renewals		13		17		6		7		6
Square feet		164,004		368,299		176,655		87,383		70,894
Tenant improvement costs per square foot (2)	$	15.21	$	1.23	$	21.68	$	0.17	$	10.31
Leasing commission costs per square foot (2)		0.58		3.54		6.23		1.15		2.99
Tenant concession costs per square foot (2) (3)		2.88		17.01		2.60		0.24		7.99
Total tenant improvement, leasing commission, and tenant concession costs psf	$	18.67	$	21.78	$	30.51	$	1.56	$	21.29
New Leases - 1st Generation (4)
Number of leases		7		5		8		8		8
Square feet		65,779		149,987		100,992		219,552		319,947
Tenant improvement costs per square foot (2)	$	39.46	$	61.97	$	1.14	$	118.40	$	18.98
Leasing commission costs per square foot (2)		7.99		7.25		7.77		17.19		7.84
Tenant concession costs per square foot (2) (3)		4.99		22.00		4.93		4.28		29.22
Total tenant improvement, leasing commission, and tenant concession costs psf	$	52.44	$	91.22	$	13.84	$	139.87	$	56.04
New Leases - 2nd Generation (4)
Number of leases		9		8		8		8		8
Square feet		353,952		106,589		89,713		43,880		75,418
Tenant improvement costs per square foot (2)	$	26.03	$	16.86	$	46.58	$	7.93	$	27.22
Leasing commission costs per square foot (2)		15.90		8.99		7.48		5.62		2.78
Tenant concession costs per square foot (2) (3)		3.51		10.15		1.55		7.16		4.22
Total tenant improvement, leasing commission, and tenant concession costs psf	$	45.44	$	36.00	$	55.61	$	20.71	$	34.22
Total
Number of renewals/leases		29		30		22		23		22
Square feet		583,735		624,875		367,360		350,815		466,259
Tenant improvement costs per square foot (2)	$	24.50	$	18.47	$	22.42	$	75.14	$	19.00
Leasing commission costs per square foot (2)		10.70		5.36		6.96		11.74		6.29
Tenant concession costs per square foot (2) (3)		3.50		17.04		2.97		3.64		21.95
Total tenant improvement, leasing commission, and tenant concession costs psf	$	38.70	$	40.87	$	32.35	$	90.52	$	47.24

(1) Does not include retained tenants that have relocated to new space or expanded into new space.

(2) Based on management estimates. Assumes all tenant improvement, leasing commission, and tenant concession costs are paid in the calendar year in which the lease is executed, which may be different than the year in which they are actually paid.

(3) Includes both rent concessions due to free or discounted rent periods and lease incentives paid to tenants.

(4) Includes pre-leasing activity and retained tenants that have relocated to new space or expanded into new space within the Company’s portfolio. For definitions of first and second generation leases, see page 35.

33

NON-GAAP FINANCIAL MEASURE DEFINITIONS

MARCH 31, 2013

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.

FFO, CFFO and AFFO

We present funds from operations, or FFO, FFO excluding acquisition-related expenses, or CFFO, and adjusted funds from operations, or AFFO, available to common shares and OP units because we consider them to be important supplemental measures of our operating performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO, CFFO and AFFO when reporting their results.

FFO, CFFO and AFFO are 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, CFFO and AFFO exclude depreciation and amortization unique to real estate, gains and losses from property dispositions and extraordinary items, they provide performance measures that, when compared year over year, reflect 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. As defined by NAREIT, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable property, impairment charges on depreciable real estate, real estate related depreciation and amortization (excluding amortization of loan origination costs) and after adjustments for unconsolidated partnerships and joint ventures.

We calculate CFFO by adding acquisition-related expenses to FFO. We calculate AFFO by adding to CFFO: (a) non-cash revenues and expenses, (b) recurring capital expenditures and second generation tenant improvements and (c) leasing commissions.

Our computations may differ from the methodologies for calculating FFO, CFFO and AFFO utilized by other equity REITs and, accordingly, may not be comparable to such other REITs. Further, FFO, CFFO and AFFO do 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, CFFO and AFFO should not be considered alternatives to net income/(loss) (computed in accordance with GAAP) as indicators of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as indicators of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. FFO, CFFO and AFFO should be considered only as supplements to net income computed in accordance with GAAP as measures of our operations.

Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA and Pro Forma 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, (b) impairments, (c) dividends payable on and cost on redemption of our series A preferred stock, (d) non-cash adjustments for securities, (e) gains or losses from sales of real estate and (f) acquisition-related expenses. 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. We calculate Pro Forma Adjusted EBITDA by subtracting the lease termination fee related to the Elan Corporation lease termination at our Science Center at Oyster Point property in 2013.

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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DEFINITIONS

MARCH 31, 2013

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.

Pre-development

Represents development properties that are engaged in activities related to planning, entitlement or other preparations for future construction.

Development

Represents properties that we are currently developing through ground up construction.

Development Potential

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

Lease Type

First Generation

Leases on space which, in management’s evaluation, require significant improvements to prepare or condition the premises for its intended purpose or enhance the value of the property. This generally includes capital expenditures for development, redevelopment or repositioning a property.

Second Generation

Leases which are not considered by management to be first generation leases.

Recurring Capital Expenditures

Recurring capital expenditures exclude (1) items associated with the expansion of a building or its improvements, (2) renovations to a building which change the underlying classification of the building, incurred to prepare or condition the premises for its intended purpose (for example, from office to laboratory) or (3) capital improvements that represent an addition to the property rather than the replacement of property, plant or equipment.

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