Form 8-K BioMed Realty Trust Inc For: Nov 05

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November 5, 2015 4:28 PM EST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 5, 2015

BioMed Realty Trust, Inc.

(Exact name of registrant as specified in its charter)

Maryland

1-32261

20-1142292

(State or Other Jurisdiction of

Incorporation)

(Commission

File No.)

(I.R.S. Employer

Identification No.)

17190 Bernardo Center Drive

San Diego, California 92128

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (858) 485-9840

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On November 5, 2015, BioMed Realty Trust, Inc. (the “Company”) issued a press release regarding its financial results for the third quarter ended September 30, 2015 which referred to certain supplemental information that is available on the Company’s website at www.biomedrealty.com. Copies of the press release and supplemental information are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information contained in this Current Report, including the exhibits referenced herein, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 8.01 Other Events.

As disclosed in Item 2.02 above, on November 5, 2015, the Company issued a press release and made available supplemental information regarding its financial results for the period ended September 30, 2015 and also commenting on the Company’s pending acquisition by affiliates of Blackstone Real Estate Partners VIII. The information set forth in Item 2.02 regarding the Company’s pending acquisition by affiliates of Blackstone Real Estate Partners VIII is hereby incorporated into this Item 8.01. All other information set forth in Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d)	The following exhibits are furnished herewith:


Exhibit Number		Description of Exhibit

99.1		Press release issued by BioMed Realty Trust, Inc. on November 5, 2015.

99.2		BioMed Realty Trust, Inc. Supplemental Operating and Financial Data for the quarter ended September 30, 2015.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: November 5, 2015	BIOMED REALTY TRUST, INC.

	By:	/s/ Greg N. Lubushkin
	Name: Greg N. Lubushkin
	Title: Chief Financial Officer

Exhibit 99.1

LOGO


CONTACT:		Rick Howe
		Senior Director, Corporate Communications
		858.207.5859
		[email protected]

BIOMED REALTY TRUST REPORTS THIRD QUARTER 2015 FINANCIAL RESULTS

Q3 Gross Leasing Volume of 1.3 Million SF Drives 734,000 SF of Positive Net Absorption during the Quarter

SAN DIEGO, Calif. – November 5, 2015 – BioMed Realty Trust, Inc. (NYSE: BMR), investing in the highest quality institutional real estate to meet growing demand across the life science industry, today reported funds from operations (FFO) and core FFO (CFFO) per diluted share of $0.44 for the third quarter ended September 30, 2015, driven by the company’s sustained strong leasing, development deliveries and investment acumen.

Third Quarter Highlights

During the third quarter, the company:

•

Generated total gross leasing in the quarter of approximately 1.3 million square feet, bringing total gross leasing year-to-date to approximately 3.4 million square feet. Gross leasing drove approximately 734,000 square feet of aggregate positive net absorption;

•

Continued delivery of properties in its well-leased development pipeline, including completion of the 510,400 square foot 100 College Street property in New Haven, Connecticut, and the 297,000 square foot laboratory and office building in the company’s Landmark at Eastview campus, both of which are fully leased; and

•

Completed the acquisition of the South Street Landing property in Providence, Rhode Island, a historical rehabilitation development project which is expected to comprise approximately 268,000 square feet and is 100% pre-leased to Brown University and the Rhode Island Board of Education.

Subsequent to the end of the third quarter, the company announced a definitive agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone has agreed to acquire all of the outstanding shares of common stock of the company for $23.75 per share, plus, if the transaction is consummated after January 1, 2016, a per diem amount of approximately $0.003 per share for each day from January 1, 2016 until (but not including) the closing date.

Third Quarter 2015 Portfolio Update

During the quarter ended September 30, 2015, the company executed 61 leasing transactions totaling approximately 1.3 million square feet of gross leasing, driving positive net absorption for the quarter of approximately 329,000 square feet within the operating portfolio and approximately 404,900 square feet within the development portfolio. As of September 30, 2015, the operating portfolio leased percentage based on square footage improved 240 basis points from the prior quarter, from 91.0% to 93.4%. At quarter end, the active new construction portfolio comprised eight projects totaling approximately 1.9 million square feet, which were collectively 71.6% pre-leased.

Third quarter leasing included:

•

45 new leases totaling more than 1.0 million square feet, highlighted by new or expanded tenant relationships with:

•

AbbVie for approximately 43,000 square feet at 200 Sidney Street in the Sidney Research Campus in Cambridge, Massachusetts;

•

Precision Toxicology for approximately 56,000 square feet at the newly renovated Sorrento Valley Boulevard property in San Diego, California;

•

Stanford Health Care for approximately 41,200 square feet at the Pacific Research Center in Newark, California, bringing the total leased percentage on the North campus to 94% and to 88% for the entire campus;

•

A large, multi-national biopharmaceutical company for an approximately 95,000 square foot build-to-suit lease transaction at Granta Park in Cambridge, United Kingdom; and

•

MacroGenics for approximately 122,600 square feet at the 9704 Medical Center Drive property in Rockville, Maryland;

•

16 renewals and extensions of existing tenant relationships totaling approximately 228,200 square feet, including an extension for an additional ten years through March 2028 of the Dana Farber Cancer Institute for its 50,700 square foot lease at the Center for Life Science | Boston.

During the third quarter, the company completed construction and delivered:

•

The approximately 510,400 square foot laboratory and office building at 100 College Street in New Haven, Connecticut, which is adjacent to the Yale School of Medicine and Yale-New Haven Hospital. The building is fully leased to Alexion Pharmaceuticals and Yale University; and

•

The 297,000 square foot laboratory and office building in the company’s Landmark at Eastview campus in Tarrytown, New York, which is fully leased to Regeneron Pharmaceuticals. The campus now comprises approximately 1,461,000 square feet, which was 100% leased at September 30, 2015.

Also during the third quarter, the company completed the acquisition of a historical rehabilitation development project in Providence, Rhode Island for an initial investment of approximately $21.4 million. The project is expected to comprise approximately 268,000 square feet and is 100% pre-leased to Brown University and the Rhode Island Board of Education for expected use as office space and a nursing school, in addition to 172 residential units primarily for use by Brown University graduate school students and a 750-space parking garage. The estimated total investment for the development, net of tax credit subsidies, is approximately $185 million.

In addition, the company acquired the property located at 21 Firstfield Road in Gaithersburg, Maryland for approximately $10.4 million, comprising approximately 52,800 square feet and 100% leased to Novavax through November 2026.

In the quarter, the company recorded a gain of approximately $2.0 million from the sale of its 65 West Watkins Mill Road property in Gaithersburg, Maryland for $7.9 million in gross proceeds. This gain did not impact FFO or CFFO for the quarter.

Subsequent to the end of the third quarter, the company signed new leases with:

•

Ignyta for ten years for approximately 95,100 square feet at Towne Centre Technology Park in San Diego, California, a property which the company acquired in May 2015; and

•

Natera for seven years for approximately 88,400 square feet at the company’s Industrial Road property on the San Francisco Peninsula in San Carlos, California.

Third Quarter 2015 Financial Results

Total revenues for the third quarter were approximately $174.3 million, compared to approximately $168.9 million for the same period in 2014. Rental revenues for the third quarter were approximately $123.3 million, compared to $122.8 million for the same period in 2014.

CFFO and FFO, calculated in accordance with standards established by NAREIT, for the third quarter were $0.44 per diluted share. This amount includes realized gains totaling $15.5 million, or $0.07 per diluted share, net of an allocation of income attributable to noncontrolling interests, primarily from the acquisition of a life science company in which the company held an equity investment. In addition, other revenues included approximately $3.1 million of lease termination income, or $0.01 per diluted share. CFFO and FFO for the same period in 2014 were $0.40 per diluted share.

Adjusted funds from operations (AFFO) was $0.32 per diluted share for the quarter, compared to $0.35 per diluted share for the same period in 2014. The company reported net income attributable to common stockholders for the quarter of approximately $28.2 million, or $0.14 per diluted share, compared to $16.0 million, or $0.08 per diluted share, for the same period in 2014.

Same property net operating income on a cash basis for the three months ended September 30, 2015 declined by 4.0% as compared to the same period a year ago, driven primarily by the impact of previously disclosed lease terminations.

FFO, CFFO and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies. A complete reconciliation containing adjustments from GAAP net income available to common stockholders to FFO, CFFO and AFFO and definitions of terms are included at the end of this release.

Financing Activity

During the third quarter, the company refinanced the loan secured by the 650 East Kendall Street property, which the company owns through its joint venture with Prudential Real Estate Investors. Under the terms of the new loan, the amount financed was increased to $160 million from approximately $139 million and the applicable credit spread over LIBOR was reduced from 205 basis points to 140 basis points over a new five-year term. The facility matures in August 2020, with two one-year extension options exercisable at the joint venture’s discretion.

Quarterly Distributions

On October 8, 2015, the company announced that it entered into a definitive merger agreement with affiliates of Blackstone Real Estate Partners VIII, under which Blackstone has agreed to acquire all outstanding shares of common stock of BioMed Realty for $23.75 per share. Completion of the transaction is currently expected to occur in the first quarter of 2016 and is contingent upon customary closing conditions, including the approval of the company’s stockholders, who will vote on the transaction at a special meeting on a date to be announced.

BioMed Realty’s board of directors previously declared a third quarter 2015 dividend of $0.26 per share of common stock, which is equivalent to an annualized dividend of $1.04 per common share. The third quarter dividend was paid on October 15, 2015 to stockholders of record at the close of business on September 30, 2015. Pursuant to the terms of the merger agreement with Blackstone, the company will not pay dividends on the common stock for any quarter thereafter, subject to certain exceptions. However, if the proposed merger transaction is completed after January 1, 2016, stockholders will receive a per diem amount of approximately $0.003 per share for each day from January 1, 2016 until, but not including, the closing date.

Supplemental Information

Supplemental operating and financial data are available in the Investor Relations section of the company’s website at www.biomedrealty.com.

Teleconference and Webcast

As a result of the announcement of the company’s proposed merger with Blackstone, BioMed Realty will not be conducting a conference call and webcast to discuss results for the quarter.

About BioMed Realty Trust

BioMed Realty, with its trusted expertise and valuable relationships, 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 18.9 million rentable square feet. Additional information is available at www.biomedrealty.com. Follow us on Twitter @biomedrealty.

Forward-Looking Statements

This press release 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 forward-looking statements include, among other things, statements about the expected benefits of the proposed merger with affiliates of Blackstone Real Estate Partners VIII (“Blackstone”), the expected timing and completion of the proposed merger with affiliates of Blackstone and the future business, performance and opportunities of BioMed Realty. Forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “should,” “will,” or similar words intended to identify information that is not historical in nature. These risks and uncertainties include, without limitation: the ability of the company to obtain required stockholder or regulatory approvals required to consummate the proposed merger with affiliates of Blackstone; the satisfaction or waiver of other conditions to closing in the definitive agreement for the proposed merger with affiliates of Blackstone; unanticipated difficulties or expenditures relating to the proposed merger with affiliates of Blackstone; the response of business partners and competitors to the announcement of the proposed merger with affiliates of Blackstone; potential difficulties in employee retention as a result of the announcement and pendency of the proposed merger with affiliates of Blackstone; legal proceedings that have been, or may be, instituted against the company and others related to the proposed merger with affiliates of Blackstone; 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 tax credits, grants and other subsidies to fund development activities; 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 security breaches and other disruptions to the company’s information technology networks and related systems; 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 (the “SEC”), including BioMed Realty’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q. Any forward-looking statement speaks only as of the date of this communication. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information or developments, future events or otherwise.

Additional Information and Where to Find It

In connection with the proposed merger transaction involving BioMed Realty and affiliates of Blackstone, BioMed Realty will file a proxy statement and other relevant materials with the SEC. This communication does not constitute a solicitation of any vote or proxy from any stockholder of BioMed Realty. INVESTORS ARE URGED TO READ THE PROXY STATEMENT CAREFULLY AND IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS OR MATERIALS FILED OR TO BE FILED WITH THE SEC OR INCORPORATED BY REFERENCE IN THE PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The final proxy statement will be mailed to BioMed Realty stockholders. In addition, the proxy statement and other documents will be available free of charge at the SEC’s internet website, www.sec.gov. When available, the proxy statement and other pertinent documents also may be obtained free of charge at BioMed Realty’s website, www.biomedrealty.com, or by directing a written request to BioMed Realty at 17190 Bernardo Center Drive, San Diego, California 92128, Attention: Secretary.

Participants in the Solicitation

BioMed Realty and its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect to the proposed merger with affiliates of Blackstone. Information regarding BioMed Realty’s directors and executive officers is detailed in its proxy statements and annual reports on Form 10-K and quarterly reports on Form 10-Q previously filed with the SEC, each of which can be obtained free of charge from the sources indicated above. Additional information regarding the direct and indirect interests of BioMed Realty’s directors and executive officers in the proposed transaction may be obtained by reading the proxy statement relating to the proposed transaction and other relevant materials when they become available.

# # #

(Financial Tables Follow)

BIOMED REALTY TRUST, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)


	September 30, 2015			December 31, 2014
	(Unaudited)
ASSETS
Land	$	667,391		$	704,958
Building and improvements		5,252,993			4,877,135
Building and improvements		243,623			151,242
Construction in progress		638,078			629,679

Investments in real estate, gross		6,802,085			6,363,014
Accumulated depreciation		(1,080,838	)		(946,439	)

Investments in real estate, net		5,721,247			5,416,575
Investments in unconsolidated partnerships		29,367			35,291
Cash and cash equivalents		48,675			46,659
Accounts receivable, net		19,139			14,631
Accrued straight-line rents, net		177,423			163,716
Deferred leasing costs, net		226,956			219,713
Other assets		237,889			274,301

Total assets	$	6,460,696		$	6,170,886

LIABILITIES AND EQUITY
Mortgage notes payable, net	$	492,065		$	496,757
Exchangeable senior notes		—			95,678
Unsecured senior notes, net		1,294,978			1,293,903
Unsecured senior term loans		745,126			749,326
Unsecured line of credit		463,000			84,000
Accounts payable, accrued expenses and other liabilities		419,418			381,280

Total liabilities		3,414,587			3,100,944
Equity:
Stockholders’ equity:
Common stock, $.01 par value, 300,000,000 shares and 250,000,000 shares authorized, and 203,527,787 shares and 197,442,432 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively		2,036			1,975
Additional paid-in capital		3,754,137			3,649,235
Accumulated other comprehensive loss, net		(39,725	)		(2,214	)
Dividends in excess of earnings		(735,627	)		(645,983	)

Total stockholders’ equity		2,980,821			3,003,013
Noncontrolling interests		65,288			66,929

Total equity		3,046,109			3,069,942

Total liabilities and equity	$	6,460,696		$	6,170,886

BIOMED REALTY TRUST, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except share data)

(Unaudited)


	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Revenues:
Rental	$	123,332		$	122,838		$	357,112		$	363,788
Tenant recoveries		47,539			42,626			133,068			121,641
Other revenue		3,477			3,452			20,152			23,524

Total revenues		174,348			168,916			510,332			508,953

Expenses:
Rental operations		62,069			54,899			175,986			161,058
Depreciation and amortization		64,953			64,452			193,305			189,597
General and administrative		13,166			12,768			38,486			37,153
Executive severance		—			—			9,891			—
Acquisition-related expenses		720			487			2,284			2,871

Total expenses		140,908			132,606			419,952			390,679

Income from operations		33,440			36,310			90,380			118,274
Equity in net income of unconsolidated partnerships		242			733			534			585
Interest expense, net		(21,228	)		(22,215	)		(61,938	)		(73,356	)
Gain on sale of real estate		1,869			—			1,869			—
Impairment of real estate		—			—			(35,071	)		—
Other income, net		18,770			2,148			95,675			11,338

Net income		33,093			16,976			91,449			56,841
Net income attributable to noncontrolling interests		(4,890	)		(1,016	)		(22,323	)		(3,412	)

Net income attributable to the Company		28,203			15,960			69,126			53,429
Net income per share attributable to common stockholders:
Basic and diluted earnings per share	$	0.14		$	0.08		$	0.34		$	0.27

Weighted-average common shares outstanding:
Basic		202,210,976			194,022,619			201,746,167			191,988,661

Diluted		207,801,584			199,574,893			207,325,554			197,651,357

BIOMED REALTY TRUST, INC.

CONSOLIDATED FUNDS FROM OPERATIONS

(In thousands, except share data)

(Unaudited)

Our FFO and CFFO attributable to common shares and OP units and a reconciliation to net income for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share and share data) were as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Net income attributable to the Company	$	28,203		$	15,960		$	69,126		$	53,429
Adjustments:
Gain on sale of real estate		(1,869	)		—			(1,869	)		—
Impairment of real estate		—			—			35,071			—
Noncontrolling interests in operating partnership		734			429			1,804			1,464
Depreciation and amortization – unconsolidated partnerships		471			2,312			2,527			3,088
Depreciation and amortization – consolidated entities		64,953			64,452			193,305			189,597
Depreciation and amortization – allocable to noncontrolling interest of consolidated joint ventures		(593	)		(699	)		(2,178	)		(1,739	)

FFO attributable to common shares and units – basic		91,899			82,454			297,786			245,839
Interest expense on Exchangeable Senior Notes		—			1,241			183			4,616

FFO attributable to common shares and units – diluted		91,899			83,695			297,969			250,455
Acquisition-related expenses		720			487			2,284			2,871

CFFO attributable to common shares and units – diluted	$	92,619		$	84,182		$	300,253		$	253,326

FFO per share – diluted	$	0.44		$	0.40		$	1.42		$	1.20

CFFO per share – diluted	$	0.44		$	0.40		$	1.44		$	1.21

Weighted-average common shares and units outstanding – diluted (1)		209,144,827			208,649,141			209,115,535			208,723,924

Our AFFO available to common shares and partnership and LTIP units and a reconciliation of CFFO to AFFO for the three and nine months ended September 30, 2015 and 2014 was as follows:


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
CFFO – diluted	$	92,619		$	84,182		$	300,253		$	253,326
Adjustments:
Recurring capital expenditures and second generation tenant improvements		(22,996	)		(17,007	)		(60,378	)		(46,291	)
Leasing commissions		(2,693	)		(1,741	)		(8,454	)		(5,580	)
Non-cash revenue adjustments		(7,727	)		(702	)		(16,368	)		(5,452	)
Deferred revenue		1,066			379			1,929			969
Non-cash debt adjustments		2,755			3,040			8,196			9,737
Non-cash equity compensation		3,442			3,658			14,796			11,137
Depreciation included in general and administrative expenses		879			848			2,561			2,346
Share of non-cash unconsolidated partnership adjustments		(96	)		218			(140	)		254
Adjustments for noncontrolling interests		286			246			1,061			367

AFFO available to common shares and units	$	67,535		$	73,121		$	243,456		$	220,813

AFFO per share – diluted	$	0.32		$	0.35		$	1.16		$	1.06

Weighted-average common shares and units outstanding – diluted (1)		209,144,827			208,649,141			209,115,535			208,723,924

(1)

The nine months ended September 30, 2015 and the three and nine months ended September 30, 2014 include 393,631, 7,589,600 and 9,571,008 shares of common stock, respectively, potentially issuable pursuant to the exchange feature of the Exchangeable Senior Notes based on the “if converted” method. The three months ended September 30, 2015 and 2014 include 1,343,243 and 1,484,648 shares of unvested restricted stock, respectively, which are considered anti-dilutive for purposes of calculating diluted earnings per share. The nine months ended September 30, 2015 and 2014 include 1,396,350 and 1,501,559 shares of unvested restricted stock, respectively, which are considered anti-dilutive for purposes of calculating diluted earnings per share.

Exhibit 99.2

LOGO

Supplemental Operating and Financial Data : September 30, 2015


BioMed Realty Trust, Inc.		Investor Relations
17190 Bernardo Center Drive		Corporate Communications Contact:
San Diego, CA 92128		Rick Howe
t 858.485.9840 f 858.485.9843		Senior Director, Corporate Communications
biomedrealty.com		[email protected]

LOGO

TABLE OF CONTENTS

SEPTEMBER 30, 2015


	Page			Page
Third Quarter Highlights		3	Debt Analysis		20
Investor Information		4	Debt Maturities		21
Equity Research Coverage		5	Market Summary		22
Financial and Operating Highlights		6	Property Listing		23-26
Portfolio Summary		7	Development and Redevelopment		27
Consolidated Balance Sheets		8	Capital Expenditures		28
Consolidated Statements of Income		9	Lease Expirations		29
Balance Sheet / Income Statement Detail		10	Expirations by Market		30
FFO, CFFO and AFFO		11	Future Lease Commencements		31
FFO, CFFO and AFFO per Share		12	20 Largest Tenants		32
Reconciliation of EBITDA and Adjusted EBITDA		13	Leasing Activity		33
Reconciliation of Net Operating Income		14	Leasing Data		34
Same Property Analysis - Three Months Ended		15	Acquisitions and Dispositions		35
Same Property Analysis - Six Months Ended		16	Non-GAAP Financial Measure Definitions		36
Interest Expense and Coverage Ratios		17	Definitions		37
Capital Structure		18	Top Twenty Tenant Notes		38
Debt Summary		19

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: the ability of the company to obtain required stockholder or regulatory approvals required to consummate the proposed merger with affiliates of Blackstone Real Estate Partners VIII; the satisfaction or waiver of other conditions to closing in the definitive agreement for the proposed merger with affiliates of Blackstone; unanticipated difficulties or expenditures relating to the proposed merger with affiliates of Blackstone; the response of business partners and competitors to the announcement of the proposed merger with affiliates of Blackstone; potential difficulties in employee retention as a result of the announcement and pendency of the proposed merger with affiliates of Blackstone: legal proceedings that have been, or may be instituted against the company and others related to the proposed merger with affiliates of Blackstone; 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 tax credits, grants and other subsidies to fund development activities; 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 security breaches and other disruptions to the company’s information technology networks and related systems; 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. Any forward-looking statement speaks only as of the date of this communication. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information or developments, 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.

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THIRD QUARTER HIGHLIGHTS

SEPTEMBER 30, 2015

Financial Results

•

Portfolio Highlights

45 new leases totaling more than 1.0 million square feet, highlighted by new or expanded tenant relationships with:

•

AbbVie for approximately 43,000 square feet at 200 Sidney Street in the Sidney Research Campus in Cambridge, Massachusetts;

•

Precision Toxicology for approximately 56,000 square feet at the newly renovated Sorrento Valley Boulevard property in San Diego, California;

•

A large, multi-national biopharmaceutical company for an approximately 95,000 square foot build-to-suit lease transaction at Granta Park in Cambridge, United Kingdom;

•

MacroGenics for approximately 122,600 square feet at the 9704 Medical Center Drive property in Rockville, Maryland;

During the third quarter, the company completed construction and delivered:

•

The 297,000 square foot laboratory and office building in the company’s Landmark at Eastview campus in Tarrytown, New York. The building is fully leased to Regeneron Pharmaceuticals. The campus now comprises approximately 1,461,000 square feet, which was 100% leased at September 30, 2015.

About BioMed Realty Trust

BioMed Realty, with its trusted expertise and valuable relationships, 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 18.9 million rentable square feet. Additional information is available at www.biomedrealty.com.Follow us on Twitter @biomedrealty.

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INVESTOR INFORMATION

SEPTEMBER 30, 2015

(In thousands, except per share amounts)


Company Information
Corporate Headquarters	Trading Symbol	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	Executive Leadership Team
Alan D. Gold	Alan D. Gold	Karen A. Sztraicher	John P. Bonanno
Chairman	Chairman, President and	Executive Vice President,	Executive Vice President,
Daniel M. Bradbury	Chief Executive Officer	Asset Management	Development & Investments
William R. Brody, M.D., Ph.D.	Gary A. Kreitzer	Jonathan P. Klassen	James R. Berens
Gary A. Kreitzer	Executive Vice President, Director	Executive Vice President,	President
Theodore D. Roth	Greg N. Lubushkin	General Counsel	Wexford Science & Technology
Janice. L. Sears	Chief Financial Officer


Common Stock Data (NYSE: BMR)	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
High price	$	22.02		$	22.93		$	25.11		$	22.03		$	22.62
Low price	$	17.94		$	19.16		$	20.26		$	19.87		$	19.92
Average closing price	$	20.00		$	20.71		$	22.97		$	21.30		$	21.73
Closing price	$	19.98		$	19.34		$	22.66		$	21.54		$	20.20
Dividends per share - annualized	$	1.04		$	1.04		$	1.04		$	1.04		$	1.00
Closing dividend yield - annualized		5.2	%		5.4	%		4.6	%		4.8	%		5.0	%
Total common shares and units outstanding		208,926			208,966			208,968			202,847			202,860
Closing market value of outstanding shares and units	$	4,174,341		$	4,041,402		$	4,735,215		$	4,369,337		$	4,097,785
Consolidated Debt		2,989,014			2,897,073			2,758,530			2,712,900			2,845,686

Total market capitalization	$	7,163,355		$	6,938,475		$	7,493,745		$	7,082,237		$	6,943,471

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EQUITY RESEARCH COVERAGE

SEPTEMBER 30, 2015


BMO Capital Markets	John Kim Thomas Polise	(212) 885-4115 (212) 885-4127	[email protected] [email protected]

Canaccord Genuity	Paul Morgan Joseph Ng	(415) 310-7269 (212) 389-8096	[email protected] [email protected]

Cowen and Company	James Sullivan Tom Catherwood	(646) 562-1380 (646) 562-1382	[email protected] [email protected]

Green Street Advisors	Michael Knott Kevin Tyler	(949) 640-8780 (949) 640-8780	[email protected] [email protected]

Jefferies & Co.	Omotayo Okusanya	(212) 336-7076	[email protected]

KeyBanc Capital Markets	Jordan Sadler Craig Mailman	(917) 368-2280 (917) 368-2316	[email protected] [email protected]

Mizuho Securities	Richard Anderson	(212) 205-8445	[email protected]

Morgan Stanley	Vikram Malhotra Landon Park	(212) 761-7064 (212) 761-6368	[email protected] [email protected]

Raymond James	Paul Puryear William Crow	(727) 567-2253 (727) 567-2594	[email protected] [email protected]

Robert W. Baird & Co.	David Rodgers Stephen Dye	(216) 737-7341 (312) 609-5480	[email protected] [email protected]

Stifel, Nicolaus & Company, Inc.	Daniel Bernstein Elizabeth Moran	(443) 224-1351 (443) 224-1353	[email protected] [email protected]

UBS Securities	Ross Nussbaum Nick Yulico	(212) 713-2484 (212) 713-3402	[email protected] [email protected]

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FINANCIAL AND OPERATING HIGHLIGHTS

SEPTEMBER 30, 2015

(In thousands, except per share and ratio amounts)


	Three Months Ended															Year to Date
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			9/30/15			9/30/14
Selected Operating Data:
Rental revenues	$	123,332		$	116,260		$	117,520		$	121,973		$	122,838		$	357,112		$	363,788
Other revenues		3,477			141			16,534			2,930			3,452			20,152			23,524
Total revenues		174,348			157,974			178,010			165,656			168,916			510,332			508,953
Net operating income - GAAP (1)		112,279			102,704			119,363			112,212			114,017			334,346			347,895
Net operating income - cash basis (1)		105,843			98,681			116,766			111,439			113,662			321,290			343,896
Other income/(expense)		18,770			64,021			12,884			(184	)		2,148			95,675			11,338
General and administrative expense		13,166			12,531			12,789			12,162			12,768			38,486			37,153
Interest expense, net		21,228			19,315			21,395			21,924			22,215			61,938			73,355
Capitalized interest		6,686			8,191			6,781			6,143			6,120			21,657			15,734
General and administrative expense / Total revenues		7.6	%		7.9	%		7.2	%		7.3	%		7.6	%		7.5	%		7.3	%
Net income available to common stockholders (2)		28,203			23,578			17,345			140,349			15,960			69,126			53,429
FFO - diluted (3)		91,899			120,811			85,259			73,157			83,695			297,969			83,383
CFFO - diluted (3)		92,619			121,911			85,723			74,117			84,182			300,253			84,633
AFFO - diluted (3)		67,535			100,218			75,704			56,962			73,121			243,457			79,400
Selected Balance Sheet Data:
Investments in real estate, gross	$	6,802,085		$	6,634,014		$	6,517,174		$	6,363,014		$	6,473,731		$	6,802,085		$	6,473,731
Investments in real estate, net		5,721,247			5,607,912			5,517,629			5,416,575			5,535,115			5,721,247			5,535,115
Cash and cash equivalents		48,675			45,329			64,958			46,659			33,864			48,675			33,864
Total assets		6,460,696			6,338,209			6,308,418			6,170,886			6,238,312			6,460,696			6,238,312
Total debt		2,989,014			2,897,073			2,758,530			2,712,900			2,845,686			2,989,014			2,845,686
Total liabilities		3,414,587			3,257,362			3,151,340			3,100,944			3,228,602			3,414,587			3,228,602
Profitability Measures:
Net income per share - diluted	$	0.14		$	0.11		$	0.08		$	0.70		$	0.08		$	0.34		$	0.27
FFO per share - diluted (3)	$	0.44		$	0.58		$	0.41		$	0.35		$	0.40		$	1.42		$	1.20
CFFO per share - diluted (3)	$	0.44		$	0.58		$	0.41		$	0.36		$	0.40		$	1.44		$	1.21
AFFO per share - diluted (3)	$	0.32		$	0.48		$	0.36		$	0.27		$	0.35		$	1.16		$	1.06
Dividend per share - common stock	$	0.26		$	0.26		$	0.26		$	0.26		$	0.25		$	0.78		$	0.75
CFFO payout ratio (4)		59.1	%		44.8	%		63.4	%		72.2	%		62.5	%		54.2	%		62.0	%
AFFO payout ratio (4)		81.3	%		54.2	%		72.2	%		96.3	%		71.4	%		67.2	%		70.8	%
Financial Ratios:
EBITDA (5)	$	115,776		$	105,615		$	107,159		$	229,158		$	105,677
Adjusted EBITDA (5)		114,675			141,299			117,508			100,712			106,103
Net Debt / Adjusted EBITDA (5) (6)		6.4			5.0			5.7			6.5			6.6
Interest coverage		6.1			8.4			6.2			5.2			5.4
Fixed charge coverage		5.4			7.3			5.5			4.7			4.9
Debt / Total assets		46.3	%		45.7	%		43.7	%		44.0	%		45.6	%
Debt / Total gross assets		39.6	%		39.3	%		37.7	%		38.1	%		39.7	%
Debt / Total capitalization		41.7	%		41.8	%		36.8	%		38.3	%		41.0	%

(1)	See page 14 for detail of net operating income – GAAP and net operating income – cash basis. For definitions and discussions see page 36.

(2)	For the three months ended December 31, 2014, amount includes $136.6 million related to the gain on sale of the Company’s 9911 Belward Campus Drive property in Rockville, Maryland.

(3)	For definitions and discussion of FFO, CFFO and AFFO, see page 36. For a quantitative reconciliation of the differences between FFO, CFFO, AFFO and net income available to common stockholders, see page 11.

(4)	See page 12 for detail of the CFFO and AFFO payout ratios.

(5)	For definitions and discussion of EBITDA and Adjusted EBITDA, see page 36. For a quantitative reconciliation of the differences between EBITDA, Adjusted EBITDA and net income available to common stockholders, page 13.

(6)

Adjusted EBITDA is calculated by adding to EBITDA: (a) noncontrolling interests in our operating partnership, (b) losses from sales of real estate and (c) executive severance and by subtracting from EBITDA gains from sales of real estate, on an annualized basis. See page 13 for detail. Net Debt is calculated as debt less (cash and cash equivalents and restricted cash).

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PORTFOLIO SUMMARY

SEPTEMBER 30, 2015


			Current
	Gross		Annualized		Percent of					Rentable		Leased
	Book Value		Base Rent (1)		CABR			Buildings		Square Feet		Square Feet		Leased %
	(In thousands)		(In thousands)
Operating portfolio
Boston	$	1,888,710	$	162,145		27.9	%		27		3,088,594		2,765,335		89.5	%
San Francisco		852,795		64,017		11.0	%		30		2,861,061		2,589,252		90.5	%
San Diego		784,124		63,021		10.8	%		40		1,919,676		1,845,403		96.1	%
New York		595,072		60,478		10.4	%		17		1,789,884		1,767,377		98.7	%
Maryland		557,479		52,977		9.1	%		20		1,742,573		1,709,154		98.1	%
Cambridge, UK		182,633		17,617		3.0	%		13		514,644		512,425		99.6	%
North Carolina		187,188		14,568		2.5	%		5		858,328		843,477		98.3	%
Pennsylvania
Philadelphia		190,450		13,489		2.3	%		2		489,098		481,781		98.5	%
Suburban PA		84,175		6,217		1.1	%		5		393,149		264,453		67.3	%
Seattle
Downtown Seattle		254,982		14,240		2.5	%		3		368,526		316,678		85.9	%
Suburban Seattle		39,005		2,197		0.4	%		2		118,799		97,966		82.5	%
University Related (2)		589,473		54,343		9.4	%		15		2,301,156		2,161,139		93.9	%

Total operating portfolio	$	6,206,086	$	525,309		90.4	%		179		16,445,488		15,354,440		93.4	%
Active redevelopment (3)
San Diego	$	55,907	$	—		—			3		182,866		—		—
Active new construction
San Francisco	$	37,036	$	11,830		2.0	%		2		360,000		360,000		100.0	%
San Diego		76,740		—		—			3		316,000		—		—
Cambridge, UK		6,184		10,412		1.8	%		1		249,991		249,991		100.0	%
North Carolina		53,365		9,613		1.7	%		3		567,712		425,250		74.9	%
Seattle		46,589		2,161		0.4	%		1		122,702		46,407		37.8	%
University Related (2)		40,205		3,751		0.6	%		1		267,941		267,941		100.0	%

Total active new construction	$	260,119	$	37,767		6.5	%		11		1,884,346		1,349,589		71.6	%

Total consolidated portfolio	$	6,522,112	$	563,076		96.9	%		193		18,512,700		16,704,029		90.2	%

Unconsolidated partnership portfolio (4)
Boston	$	17,454	$	16,083		2.8	%		2		282,217		281,987		99.9	%
San Diego		11,713		2,037		0.4	%		1		72,863		72,863		100.0	%
Maryland		200		—		—			—		—		—		—

Total unconsolidated partnership portfolio	$	29,367	$	18,120		3.1	%		3		355,080		354,850		99.9	%

Total portfolio	$	6,551,479	$	581,196		100.0	%		196		18,867,780		17,058,879		90.4	%

Total land bank	$	279,973		—		—			—		6,381,500		—		—

Total portfolio including land bank	$	6,831,452									25,249,280

(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)	Includes properties within our University platform that are not located in other markets noted above. See pages 23 – 26 for property listing.

(3)	Includes Towne Centre Technology Park, which was acquired in May 2015. Sidney Reseach Park properties remain within the operating portfolio.

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

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CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2015

(In thousands)


	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Assets
Investments in real estate:
Land	$	667,391		$	651,201		$	643,041		$	704,958		$	701,977
Buildings and improvements		5,252,993			4,956,823			4,909,684			4,877,135			5,018,091
Land under development		243,623			248,225			225,846			151,242			158,389
Construction in progress		638,078			777,766			738,603			629,679			595,273

Investments in real estate, gross		6,802,085			6,634,015			6,517,174			6,363,014			6,473,730
Accumulated depreciation		(1,080,838	)		(1,026,103	)		(999,545	)		(946,439	)		(938,615	)

Investments in real estate, net		5,721,247			5,607,912			5,517,629			5,416,575			5,535,115
Investments in unconsolidated partnerships		29,367			34,469			34,978			35,291			36,275
Cash and cash equivalents		48,675			45,329			64,958			46,659			33,864
Accounts receivable, net		19,139			10,740			13,518			14,631			18,843
Accrued straight-line rents, net		177,423			169,592			164,049			163,716			183,904
Deferred leasing costs, net		226,956			229,290			219,549			219,713			224,824
Other assets		237,889			240,877			293,737			274,301			205,487

Total assets	$	6,460,696		$	6,338,209		$	6,308,418		$	6,170,886		$	6,238,312

Liabilities and Equity
Liabilities:
Mortgage notes payable, net	$	492,065		$	488,945		$	503,200		$	496,757		$	478,543
Exchangeable senior notes, net		—			—			—			95,678			95,678
Unsecured senior notes, net		1,294,978			1,294,614			1,294,255			1,293,903			1,293,572
Unsecured senior term loans		745,126			750,856			741,626			749,326			755,876
Unsecured line of credit		463,000			369,000			226,000			84,000			229,000
Accounts payable, accrued expenses, and other liabilities		419,418			353,947			386,259			381,280			375,933

Total liabilities		3,414,587			3,257,362			3,151,340			3,100,944			3,228,602
Equity:
Stockholders’ equity:
Common stock		2,036			2,036			2,036			1,975			1,975
Additional paid-in capital		3,754,137			3,750,959			3,746,823			3,649,235			3,643,957
Accumulated other comprehensive loss, net		(39,725	)		(24,544	)		14,804			(2,214	)		(20,915	)
Dividends in excess of earnings		(735,627	)		(710,913	)		(681,564	)		(645,983	)		(675,763	)

Total stockholders’ equity		2,980,821			3,017,538			3,082,099			3,003,013			2,949,254
Noncontrolling interests		65,288			63,309			74,979			66,929			60,456

Total equity		3,046,109			3,080,847			3,157,078			3,069,942			3,009,710

Total liabilities and equity	$	6,460,696		$	6,338,209		$	6,308,418		$	6,170,886		$	6,238,312

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CONSOLIDATED STATEMENTS OF INCOME

SEPTEMBER 30, 2015

(In thousands, except share and per share data)


	Three Months Ended															Year to Date
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			9/30/15			9/30/14
Revenues:
Rental	$	123,332		$	116,260		$	117,520		$	121,973		$	122,838		$	357,112		$	363,788
Tenant recoveries		47,539			41,573			43,956			40,753			42,626			133,068			121,641
Other revenue		3,477			141			16,534			2,930			3,452			20,152			23,524

Total revenues		174,348			157,974			178,010			165,656			168,916			510,332			508,953

Expenses:
Rental operations		62,069			55,270			58,647			53,444			54,899			175,986			161,058
Depreciation and amortization		64,953			61,272			67,080			64,744			64,452			193,305			189,597
General and administrative		13,166			12,531			12,789			12,162			12,768			38,486			37,153
Executive severance		—			—			9,891			4,380			—			9,891			—
Acquisition-related expenses		720			1,100			464			960			487			2,284			2,871

Total expenses		140,908			130,173			148,871			135,690			132,606			419,952			390,679

Income from operations		33,440			27,801			29,139			29,966			36,310			90,380			118,274
Equity in net income of unconsolidated partnerships		242			139			153			160			733			534			585
Interest expense, net		(21,228	)		(19,315	)		(21,395	)		(21,924	)		(22,215	)		(61,938	)		(73,355	)
Impairment of real estate (1)		—			(35,071	)		—			—			—			(35,071	)		—
Gain on sale of real estate (2)		1,869			—			—			136,609			—			1,869			—
Other income/(expense) (3)		18,770			64,021			12,884			(184	)		2,148			95,675			11,338

Net income		33,093			37,575			20,781			144,627			16,976			91,449			56,842
Net income attributable to noncontrolling interests		(4,890	)		(13,997	)		(3,436	)		(4,278	)		(1,016	)		(22,323	)		(3,413	)

Net income available to common stockholders	$	28,203		$	23,578		$	17,345		$	140,349		$	15,960		$	69,126		$	53,429

Net income per share available to common stockholders:
Basic earnings per share	$	0.14		$	0.11		$	0.08		$	0.71		$	0.08		$	0.34		$	0.27

Diluted earnings per share	$	0.14		$	0.11		$	0.08		$	0.70		$	0.08		$	0.34		$	0.27

Weighted-average common shares outstanding:
Basic		202,210,976			202,055,325			200,789,795			196,017,579			194,022,619			201,746,167			191,988,661

Diluted		207,801,584			207,458,236			206,536,148			208,528,196			199,574,893			207,325,554			197,651,357

(1)	Includes impairment of King of Prussia property that was sold in May 2015.

(2)	Includes gains on sales of 65 West Watkins Mill Road and 9911 Belward Campus Drive properties in September 2015 and December 2014, respectively.

(3)	See page 10 for detail.

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BALANCE SHEET / INCOME STATEMENT DETAIL

SEPTEMBER 30, 2015

(In thousands)


	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Investment in equity securities, cost basis	$	80,082		$	68,276		$	58,204		$	53,708		$	38,334
Unrealized gain on equity securities		454			17,857			71,662			48,341			22,001

Investment in equity securities, net		80,536			86,133			129,866			102,049			60,335
Restricted cash		15,181			18,202			24,019			30,057			8,297
Acquired above-market leases, net		9,765			10,240			10,692			11,207			12,197
Acquired below-market ground lease, net		21,326			21,569			24,669			24,975			25,256
Deferred loan costs, net		12,522			13,683			14,851			16,154			16,997
Lease incentives, net		30,724			23,090			23,790			24,414			23,907
Prepaid ground rent		18,240			18,286			18,333			18,380			18,380
Other		49,595			49,674			47,517			47,065			40,118

Other assets	$	237,889		$	240,877		$	293,737		$	274,301		$	205,487

Security deposits	$	17,490		$	14,649		$	14,312		$	14,931		$	14,766
Dividends and distributions payable		54,321			54,331			54,332			52,740			50,715
Accounts payable, accrued expenses and other liabilities		309,638			247,266			278,553			276,176			271,634
Derivative instruments		2,774			2,256			2,632			1,635			1,328
Acquired below-market leases, net		35,195			35,445			36,430			35,798			37,490

Accounts payable, accrued expenses and other liabilities	$	419,418		$	353,947		$	386,259		$	381,280		$	375,933


	Three Months Ended
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Lease termination revenue	$	3,091		$	28		$	16,150		$	2,801		$	3,300
Other revenue		386			113			384			129			152

Other revenue	$	3,477		$	141		$	16,534		$	2,930		$	3,452

Rental operations expenses	$	47,357		$	40,983		$	44,904		$	38,902		$	39,359
Real estate taxes		14,712			14,287			13,743			14,542			15,540

Rental operations	$	62,069		$	55,270		$	58,647		$	53,444		$	54,899

Gain on extinguishment of debt	$	—		$	15		$	—		$	—		$	—
Gain/(loss) on derivative instruments		11			189			(170	)		276			(190	)
Income on investment securities, net		19,551			63,814			13,412			843			2,972
Realized (loss)/gain on foreign currency transactions		(107	)		218			(211	)		(167	)		(96	)
Income tax expense		(685	)		(215	)		(147	)		(1,136	)		(538	)

Other income/(expense)	$	18,770		$	64,021		$	12,884		$	(184	)	$	2,148

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FFO, CFFO AND AFFO (1)

SEPTEMBER 30, 2015

(In thousands)


	Three Months Ended															Year to Date
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			9/30/15			9/30/14
Reconciliation of net income available to common stockholders to funds from operations excluding acquisition-related expenses (CFFO):
Net income available to common stockholders	$	28,203		$	23,578		$	17,345		$	140,349		$	15,960		$	69,126		$	53,429
Adjustments:
Gain on sale of real estate (2)		(1,869	)		—			—			(136,609	)		—			(1,869	)		—
Impairment of real estate (3)		—			35,071			—			—			—			35,071			—
Noncontrolling interests in operating partnership		734			613			457			3,782			429			1,804			1,464
Depreciation & amortization - unconsolidated partnerships		471			1,050			1,006			821			2,312			2,527			3,088
Depreciation & amortization - consolidated entities		64,953			61,272			67,080			64,744			64,452			193,305			189,597
Depreciation & amortization - allocable to noncontrolling interests of consolidated joint ventures		(593	)		(773	)		(812	)		(847	)		(699	)		(2,178	)		(1,739	)

Funds from operations (FFO) - basic	$	91,899		$	120,811		$	85,076		$	72,240		$	82,454		$	297,786		$	245,839
Interest expense - exchangeable senior notes due 2030 (4)		—			—			183			917			1,241			183			4,616

FFO - diluted	$	91,899		$	120,811		$	85,259		$	73,157		$	83,695		$	297,969		$	250,455
Acquisition-related expenses		720			1,100			464			960			487			2,284			2,871

CFFO - diluted	$	92,619		$	121,911		$	85,723		$	74,117		$	84,182		$	300,253		$	253,326


Reconciliation of CFFO to adjusted funds from operations (AFFO):
Adjustments:
Recurring capital expenditures and second generation tenant improvements		(22,996	)		(21,600	)		(15,782	)		(22,591	)		(17,007	)		(60,378	)		(46,291	)
Leasing commissions (5)		(2,693	)		(2,205	)		(3,556	)		(2,078	)		(1,741	)		(8,454	)		(5,580	)
Gain on extinguishment of debt		—			(15	)		—			—			—			(15	)		—
Non-cash debt adjustments		2,766			2,686			2,790			2,950			2,850			8,242			9,439
(Gain)/loss on derivative instruments		(11	)		(189	)		170			(276	)		190			(30	)		298
Depreciation included in general and administrative expense		879			838			844			771			848			2,561			2,346
Non-cash equity compensation		3,442			3,347			8,007			4,625			3,658			14,796			11,137
Straight line rents		(8,266	)		(5,889	)		(3,781	)		(1,941	)		(1,174	)		(17,936	)		(6,315	)
Amortization of lease incentives		1,049			1,004			1,016			910			656			3,069			1,774
Fair-value lease revenue		(510	)		(520	)		(471	)		(506	)		(184	)		(1,501	)		(911	)
Deferred revenue (6)		1,066			520			343			395			379			1,929			969
Share of unconsolidated partnership adjustments (7)		(96	)		(90	)		46			281			218			(140	)		254
Adjustments for noncontrolling interests		286			420			355			305			246			1,061			367

AFFO - diluted	$	67,535		$	100,218		$	75,704		$	56,962		$	73,121		$	243,457		$	220,813

(1)	For definitions and discussion of FFO, CFFO and AFFO, see page 36.

(2)	Includes gains on sales of 65 West Watkins Mill Road and 9911 Belward Campus Drive properties in September 2015 and December 2014, respectively.

(3)	Includes impairment of King of Prussia property that was sold in May 2015.

(4)

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.

(5)	Leasing commissions associated with obtaining new or renewal leases are recorded at cost and amortized on a straight-line basis over the terms of the respective leases for AFFO purposes.

(6)	Consists of rental cash receipts deferred for GAAP purposes.

(7)	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.

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FFO, CFFO AND AFFO PER SHARE (1)

SEPTEMBER 30, 2015

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


	Three Months Ended															Year to Date
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			9/30/15			9/30/14
FFO - basic	$	91,899		$	120,811		$	85,076		$	72,240		$	82,454		$	297,786		$	245,839
FFO - diluted		91,899			120,811			85,259			73,157			83,695			297,969			250,455
CFFO - diluted		92,619			121,911			85,723			74,117			84,182			300,253			253,326
AFFO - diluted		67,535			100,218			75,704			56,962			73,121			243,457			220,813
FFO per share - basic	$	0.44		$	0.58		$	0.41		$	0.36		$	0.41		$	1.43		$	1.23
FFO per share - diluted (2)		0.44			0.58			0.41			0.35			0.40			1.42			1.20
CFFO per share - diluted (2)		0.44			0.58			0.41			0.36			0.40			1.44			1.21
AFFO per share - diluted (2)		0.32			0.48			0.36			0.27			0.35			1.16			1.06
Dividends and distributions declared per common share (4)	$	0.26		$	0.26		$	0.26		$	0.26		$	0.25		$	0.78		$	0.75

CFFO payout ratio		59.1	%		44.8	%		63.4	%		72.2	%		62.5	%		54.2	%		62.0	%
AFFO payout ratio		81.3	%		54.2	%		72.2	%		96.3	%		71.4	%		67.2	%		70.8	%
CFFO payout ratio - trailing twelve months		58.1	%		58.9	%		65.0	%		64.3	%		64.1	%
AFFO payout ratio - trailing twelve months		72.2	%		70.1	%		77.9	%		75.9	%		73.0	%
Weighted-average common shares and units outstanding diluted (3)		209,144,827			208,969,199			208,039,538			202,850,109			201,059,541			208,721,904			199,152,916

Weighted-average common shares and units outstanding diluted - FFO, CFFO and AFFO		209,144,827			208,969,199			209,233,553			208,528,196			208,649,141			209,115,535			208,723,924

(1)	For definitions and discussion of FFO, CFFO and AFFO, see page 36.

(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 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 interest charges relating to calculations of FFO, CFFO and AFFO per diluted share.

(3)

The three months ended September 30, 2015, June 30, 2015, March 31, 2015 and September 30, 2014 include 1,343,243, 1,510,963, 1,503,390 and 1,484,648 shares of unvested restricted stock, respectively, which are considered anti-dilutive for purposes of calculating diluted earnings per share. The three months ended December 31, 2014 include 1,427,056 shares of unvested restricted stock which are considered dilutive for purposes of calculating diluted earnings per share. The nine months ended September 30, 2015 and September 30, 2014 include 1,396,350 and 1,501,559 shares of unvested restricted stock, respectively, which are considered anti-dilutive for purposes of calculating diluted earnings per share.

(4)	Excludes the special dividend of $0.30 per share paid on December 29, 2014 to stockholders of record as of the close of business on December 22, 2014.

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RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (1)

SEPTEMBER 30, 2015

(In thousands)


	Three Months Ended
	9/30/15			6/30/15		3/31/15		12/31/14			9/30/14
Reconciliation of net income available to common stockholders to earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA:
Net income available to common stockholders	$	28,203		$	23,578	$	17,345	$	140,349		$	15,960
Interest expense, net		21,228			19,315		21,395		21,924			22,215
Interest expense - unconsolidated partnerships		236			185		186		184			200
Income tax expense		685			215		147		1,136			538
Depreciation & amortization - consolidated entities		64,953			61,272		67,080		64,744			64,452
Depreciation & amortization - unconsolidated partnerships		471			1,050		1,006		821			2,312

EBITDA		115,776			105,615		107,159		229,158			105,677
Noncontrolling interests (2)		768			613		458		3,783			426
Gain on sale of real estate (3)		(1,869	)		—		—		(136,609	)		—
Impairment of real estate (4)		—			35,071		—		—			—
Executive severance		—			—		9,891		4,380			—

Adjusted EBITDA	$	114,675		$	141,299	$	117,508	$	100,712		$	106,103

(1)	For definitions and discussion of EBITDA and Adjusted EBITDA, see page 36.

(2)	Includes noncontrolling interests of operating partnership units, consolidated joint ventures with debt and investment in equity securities.

(3)	Includes gains on sales of 65 West Watkins Mill Road and 9911 Belward Campus Drive properties in September 2015 and December 2014, respectively.

(4)	Includes impairment of King of Prussia property that was sold in May 2015.

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RECONCILIATION OF NET OPERATING INCOME (1)

SEPTEMBER 30, 2015

(In thousands, except ratio amounts)


	Three Months Ended
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Net income	$	33,093		$	37,575		$	20,781		$	144,627		$	16,976
Equity in net income of unconsolidated partnerships		(242	)		(139	)		(153	)		(160	)		(733	)
Interest expense, net		21,228			19,315			21,395			21,924			22,215
Gain on sale of real estate (2)		(1,869	)		—			—			(136,609	)		—
Impairment of real estate (3)		—			35,071			—			—			—
Other (income)/expense		(18,770	)		(64,021	)		(12,884	)		184			(2,148	)

Income from operations		33,440			27,801			29,139			29,966			36,310
Depreciation and amortization		64,953			61,272			67,080			64,744			64,452
General and administrative		13,166			12,531			12,789			12,162			12,768
Executive severance		—			—			9,891			4,380			—
Acquisition-related expenses		720			1,100			464			960			487

Consolidated net operating income	$	112,279		$	102,704		$	119,363		$	112,212		$	114,017

Revenues:
Rental	$	123,332		$	116,260		$	117,520		$	121,973		$	122,838
Tenant recoveries		47,539			41,573			43,956			40,753			42,626
Other revenue (4)		3,477			141			16,534			2,930			3,452

Total revenues		174,348			157,974			178,010			165,656			168,916
Expenses:
Rental operations		62,069			55,270			58,647			53,444			54,899

Consolidated net operating income	$	112,279		$	102,704		$	119,363		$	112,212		$	114,017

Consolidated net operating income - cash basis (5)	$	105,843		$	98,681		$	116,766		$	111,439		$	113,662

Operating expense recovery (6)		76.6	%		75.2	%		75.0	%		76.3	%		77.6	%

(1)	For a definition and discussion of net operating income and net operating income - cash basis, see page 36.

(2)	Includes gains on sales of 65 West Watkins Mill Road and 9911 Belward Campus Drive properties in September 2015 and December 2014, respectively.

(3)	Includes impairment of King of Prussia property that was sold in May 2015.

(4)	Includes lease termination income, see page 10 for detail.

(5)	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 + rental cash receipts deferred for GAAP purposes).

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

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SAME PROPERTY ANALYSIS - THREE MONTHS ENDED

SEPTEMBER 30, 2015

(Dollars in thousands)


	Same Property (1)			Previous Same (2)			Total			Development (3)			New Properties (4)			Other (5)			Total
Three Months Ended	9/30/15			9/30/15			9/30/15			9/30/15			9/30/15			9/30/15			9/30/15
Rentable square feet		14,987,573			—			14,987,573			3,356,123			169,004			—			18,512,700
Percent of total portfolio		81.0	%		—			81.0	%		18.1	%		0.9	%		—			100.0	%
Percent leased		92.8	%		—			92.8	%		78.2	%		76.7	%		—			90.2	%
Revenues:
Rental	$	114,439		$	—		$	114,439		$	7,428		$	1,491		$	(26	)	$	123,332
Tenant recoveries		45,572			—			45,572			1,187			533			247			47,539
Other revenues (6)		—			—			—			—			—			3,477			3,477

Total revenues		160,011			—			160,011			8,615			2,024			3,698			174,348
Expenses:
Rental operations		55,542			278			55,820			3,537			468			2,244			62,069

Net operating income / (loss) (8)	$	104,469		$	(278	)	$	104,191		$	5,078		$	1,556		$	1,454		$	112,279
Less adjustments to cash basis (7)		(3,059	)		—			(3,059	)		(3,197	)		(213	)		33			(6,436	)

Net operating income - cash basis (8)	$	101,410		$	(278	)	$	101,132		$	1,881		$	1,343		$	1,487		$	105,843
Rental revenue - cash basis (8)	$	109,691		$	—		$	109,691		$	4,066		$	1,278		$	8		$	115,043


	Same Property (1)			Previous Same (2)			Total			Development (3)			New Properties (4)			Other (5)			Total
Three Months Ended	9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14
Rentable square feet		14,987,573			107,231			15,094,804			1,409,960			—			332,812			16,837,576
Percent of total portfolio		89.0	%		0.6	%		89.6	%		8.4	%		—			2.0	%		100.0	%
Percent leased		90.6	%		70.7	%		89.5	%		83.8	%		—			100.0	%		90.3	%
Revenues:
Rental	$	115,068		$	805		$	115,873		$	971		$	—		$	5,994		$	122,838
Tenant recoveries		41,850			216			42,066			178			—			382			42,626
Other revenues (6)		—			—			—			—			—			3,452			3,452

Total revenues		156,918			1,021			157,939			1,149			—			9,828			168,916
Expenses:
Rental operations		50,823			502			51,325			994			—			2,580			54,899

Net operating income (8)	$	106,095		$	519		$	106,614		$	155		$	—		$	7,248		$	114,017
Less adjustments to cash basis (7)		(449	)		623			174			(325	)		—			(204	)		(355	)

Net operating income - cash basis (8)	$	105,646		$	1,142		$	106,788		$	(170	)	$	—		$	7,044		$	113,662
Rental revenue - cash basis (8)	$	113,447		$	1,428		$	114,875		$	478		$	—		$	5,790		$	121,143

Rental Revenues - GAAP basis		(0.5	%)		—			(1.2	%)
Rental Revenues - Cash basis (9)		(3.3	%)		—			(4.5	%)
NOI - GAAP basis		(1.5	%)		—			(2.3	%)
NOI - Cash basis		(4.0	%)		—			(5.3	%)

(1)	The same property portfolio includes properties in the operating portfolio that were not under development or redevelopment for any part of the quarter in both the current year and the prior year.

(2)	Properties previously included in same property portfolio in prior year quarters that are now in the Land Bank, comprised of 700 and 750 Gateway properties.

(3)	Development includes properties that were entirely or primarily under active new construction during the quarter for the current or prior year.

(4)	New properties include properties that were not owned for the full quarter in the prior year.

(5)

Other includes legal entities performing corporate level functions and properties that were sold during, or in between the comparative periods, which includes revenue and operating expenses relating to 65 West Watkins Mill Road, which was sold on September 24, 2015, 9911 Belward Campus Drive, which was sold on December 9, 2014, and King of Prussia, which was sold on May 29, 2015.

(6)	Includes lease termination revenue of $3.1 million and $3.3 million for the three months ended September 30, 2015 and 2014, respectively.

(7)	Adjustments to cash basis exclude adjustments to expenses accrued in rental operations, but include straight line rents, fair-value lease revenue, lease incentive revenue, bad debt expense and rental cash receipts deferred for GAAP purposes.

(8)	For definition and discussion of Net Operating Income and Net Operating Income - cash basis, see page 36.

(9)	Rental revenues - cash basis calculated by adjusting for straight-line rents, lease incentives, fair value lease revenue and rental cash receipts deferred for GAAP purposes.

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SAME PROPERTY ANALYSIS - YEAR TO DATE

SEPTEMBER 30, 2015

(Dollars in thousands)


	Same Property (1)			Previous Same (2)			Total			Development (3)			New Properties (4)			Other (5)			Total
Year to Date	9/30/15			9/30/15			9/30/15			9/30/15			9/30/15			9/30/15			9/30/15
Rentable square feet		14,363,890			—			14,363,890			3,460,866			687,944			—			18,512,700
Percent of total portfolio		77.6	%		—			77.6	%		18.7	%		3.7	%		—			100.0	%
Percent leased		92.6	%		—			90.3	%		78.9	%		98.8	%		—			90.2	%
Revenues:
Rental	$	328,855		$	122		$	328,977		$	16,189		$	11,994		$	(48	)	$	357,112
Tenant recoveries		122,620			(69	)		122,551			2,823			6,978			716			133,068
Other revenues (6)		—			—			—			—			—			20,152			20,152

Total revenues		451,475			53			451,528			19,012			18,972			20,820			510,332
Expenses:
Rental operations		154,047			218			154,265			8,010			7,678			6,033			175,986

Net operating income / (loss) (8)	$	297,428		$	(165	)	$	297,263		$	11,002		$	11,294		$	14,787		$	334,346
Less adjustments to cash basis (7)		(7,389	)		—			(7,389	)		(5,160	)		(948	)		441			(13,056	)

Net operating income - cash basis (8)	$	290,039		$	(165	)	$	289,874		$	5,842		$	10,346		$	15,228		$	321,290
Rental revenue - cash basis (9)	$	316,522		$	122		$	316,644		$	10,533		$	11,046		$	33		$	338,256


	Same Property (1)			Previous Same (2)			Total			Development (3)			New Properties (4)			Other (5)			Total
Year to Date	9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14			9/30/14
Rentable square feet		14,363,890			107,231			14,471,121			1,514,703			518,940			332,812			16,837,576
Percent of total portfolio		85.3	%		0.6	%		85.9	%		9.0	%		3.1	%		2.0	%		100.0	%
Percent leased		89.4	%		70.7	%		89.4	%		84.5	%		98.7	%		100.0	%		90.3	%
Revenues:
Rental	$	332,922		$	2,416		$	335,338		$	2,844		$	5,400		$	20,206		$	363,788
Tenant recoveries		115,263			640			115,903			202			3,842			1,694			121,641
Other revenues (6)		—			—			—			—			—			23,524			23,524

Total revenues		448,185			3,056			451,241			3,046			9,242			45,424			508,953
Expenses:
Rental operations		145,184			1,506			146,690			2,098			4,373			7,897			161,058

Net operating income (8)	$	303,001		$	1,550		$	304,551		$	948		$	4,869		$	37,527		$	347,895
Less adjustments to cash basis (7)		(4,707	)		1,865			(2,842	)		(313	)		(261	)		(685	)		(4,101	)

Net operating income - cash basis (8)	$	298,294		$	3,415		$	301,709		$	635		$	4,608		$	36,842		$	343,794
Rental revenue - cash basis (9)	$	324,124		$	4,281		$	328,405		$	2,049		$	5,139		$	19,522		$	355,115

Rental Revenues - GAAP basis		(1.2	%)		—			(1.9	%)
Rental Revenues - Cash basis (9)		(2.3	%)		—			(3.6	%)
NOI - GAAP basis		(1.8	%)		—			(2.4	%)
NOI - Cash basis		(2.8	%)		—			(3.9	%)

(1)	The same property portfolio includes properties in the operating portfolio that were not under development or redevelopment for any part of the quarter in both the current year and the prior year.

(2)	Properties previously included in same property portfolio in the nine months ended September 30, 2014 that are now in the Land Bank, comprised of 700 and 750 Gateway properties.

(3)	Development includes properties that were entirely or primarily under active new construction during the nine months ended September 30, 2015 or September 30, 2014.

(4)	New properties include properties that were not owned for the nine months ended September 30, 2014.

(5)

(6)	Includes lease termination revenue of $19.3 million and $9.8 million in the nine months ended September 30, 2015 and 2014, respectively. Also includes construction loan revenue of $11.5 million in the nine months ended September 30, 2014, net of deferred loan fees write-offs.

(7)	Adjustments to cash basis exclude adjustments to expenses accrued in rental operations, but include straight line rents, fair-value lease revenue, lease incentive revenue, bad debt expense and rental cash receipts deferred for GAAP purposes.

(8)	For definition and discussion of Net Operating Income and Net Operating Income - cash basis, see page 36.

(9)	Rental revenues - cash basis calculated by adjusting for straight-line rents, lease incentives, fair value lease revenue and rental cash receipts deferred for GAAP purposes.

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INTEREST EXPENSE & COVERAGE RATIOS (1)

SEPTEMBER 30, 2015

(In thousands, except ratio amounts)


	Three Months Ended
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Mortgage notes payable	$	6,181		$	6,293		$	6,220		$	6,253		$	6,156
Exchangeable senior notes		—			—			183			917			1,241
Unsecured senior notes		12,957			12,991			12,959			12,959			12,959
Unsecured senior term loan		1,747			1,705			1,653			1,717			1,785
Unsecured line of credit		2,479			1,997			1,577			1,786			1,793
Line of credit fees		460			455			450			460			460
Derivative instruments		828			883			844			860			895
Preferred returns on tax credits		495			496			1,500			165			196

Interest expense - cash basis	$	25,147		$	24,820		$	25,386		$	25,117		$	25,485

Non-cash interest expense:
Amortization of fair-value of debt acquired		(554	)		(565	)		(569	)		(548	)		(665	)
Amortization of debt discounts		363			358			351			331			327
Amortization of deferred loan costs		1,160			1,183			1,214			1,433			1,451
Amortization of deferred interest costs		1,647			1,656			1,662			1,670			1,677
Amortization of put/call		151			54			132			64			60

Non-cash debt adjustments		2,767			2,686			2,790			2,950			2,850
Capitalized interest		(6,686	)		(8,191	)		(6,781	)		(6,143	)		(6,120	)

Interest expense, net	$	21,228		$	19,315		$	21,395		$	21,924		$	22,215

Interest coverage ratio
Adjusted EBITDA	$	114,675		$	141,299		$	117,508		$	100,712		$	106,103
Interest expense:
Interest expense, net		21,228			19,315			21,395			21,924			22,215
Interest expense - unconsolidated partnerships		236			185			186			184			200
Amortization of deferred interest costs		(1,647	)		(1,655	)		(1,662	)		(1,670	)		(1,677	)
Amortization of deferred loan costs		(1,160	)		(1,183	)		(1,214	)		(1,433	)		(1,451	)
Amortization of debt discounts		(363	)		(358	)		(351	)		(331	)		(327	)
Amortization of fair-value of debt acquired		554			565			569			548			665

Total interest expense	$	18,848		$	16,869		$	18,923		$	19,222		$	19,625

Interest coverage ratio		6.1			8.4			6.2			5.2			5.4

Interest coverage ratio - trailing twelve months		6.4			6.2			5.5			5.0			4.7

Fixed charge coverage ratio
Adjusted EBITDA	$	114,675		$	141,299		$	117,508		$	100,712		$	106,103
Fixed charges:
Interest expense, net		21,228			19,315			21,395			21,924			22,215
Interest expense - unconsolidated partnerships		236			185			186			184			200
Amortization of deferred interest costs		(1,647	)		(1,655	)		(1,662	)		(1,670	)		(1,677	)
Amortization of deferred loan costs		(1,160	)		(1,183	)		(1,214	)		(1,433	)		(1,451	)
Amortization of debt discounts		(363	)		(358	)		(351	)		(331	)		(327	)
Amortization of fair-value of debt acquired		554			565			569			548			665
Principal payments		2,550			2,499			2,514			2,080			2,020

Total fixed charges	$	21,398		$	19,368		$	21,437		$	21,302		$	21,645

Fixed charge coverage ratio		5.4			7.3			5.5			4.7			4.9

Fixed charge coverage ratio - trailing twelve months		5.7			5.6			5.0			4.6			4.2

(1)	For a discussion of coverage ratios, see page 36.

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CAPITAL STRUCTURE

SEPTEMBER 30, 2015

(In thousands, except per share amounts)


Consolidated Debt	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Mortgage notes payable, net	$	492,065		$	488,945		$	503,200		$	496,757		$	478,543
Exchangeable senior notes, net		—			—			—			95,678			95,678
Unsecured senior notes, net		1,294,978			1,294,614			1,294,255			1,293,903			1,293,572
Unsecured senior term loans		745,126			750,856			741,626			749,326			755,876
Unsecured line of credit		463,000			369,000			226,000			84,000			229,000

Total Debt		2,995,169			2,903,415			2,765,081			2,719,664			2,852,669
Premium on consolidated debt, net		(6,155	)		(6,342	)		(6,551	)		(6,764	)		(6,983	)

Total Consolidated Debt	$	2,989,014		$	2,897,073		$	2,758,530		$	2,712,900		$	2,845,686


Equity	9/30/15		6/30/15		3/31/15		12/31/14		9/30/14
Closing share price	$	19.98	$	19.34	$	22.66	$	21.54	$	20.20
Total common shares and units outstanding		208,926		208,966		208,968		202,847		202,860

Total Equity Value	$	4,174,341	$	4,041,402	$	4,735,215	$	4,369,337	$	4,097,785

Total consolidated debt		2,989,014		2,897,073		2,758,530		2,712,900		2,845,686

Total Market Capitalization	$	7,163,355	$	6,938,475	$	7,493,745	$	7,082,237	$	6,943,471


	Three Months Ended
Summary of Common Shares	9/30/15		6/30/15		3/31/15		12/31/14		9/30/14
Earnings per share
Weighted-average common shares outstanding		202,211		202,055		200,790		196,018		194,023
Weighted-average OP and LTIP units outstanding		5,398		5,399		5,405		5,405		5,405
Dilutive effect of performance units		192		4		341		—		147
Dilutive effect of restricted stock		—		—		—		1,427		—
Dilutive effect of exchangeable senior notes due 2030 (1)		—		—		—		5,678		—

Diluted common shares - EPS		207,802		207,458		206,536		208,528		199,575

Funds from operations
Weighted-average common shares outstanding		202,211		202,055		200,790		196,018		194,023
Weighted-average OP and LTIP units outstanding		5,398		5,399		5,405		5,405		5,405
Dilutive effect of performance units		192		4		341		—		147
Dilutive effect of restricted stock		1,343		1,511		1,503		1,427		1,485
Dilutive effect of exchangeable senior notes due 2030 (1)		—		—		1,194		5,678		7,590

Diluted common shares - FFO		209,145		208,969		209,234		208,528		208,649

(1)	In January 2015, the entire principal amount of the Operating Partnership’s Exchangeable Senior Notes due 2030 was exchanged for 5,764,026 shares of the Parent Company’s common stock, at the request of the holders.

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DEBT SUMMARY

SEPTEMBER 30, 2015

(Dollars in thousands)


									Unamortized
	Stated			Effective			Principal		Premium /			Carrying		Maturity
	Rate			Rate			Balance		(Discount)			Value		Date
Consolidated Debt:
Mortgage Notes Payable:
9900 Belward Campus Drive		5.64	%		3.99	%	$	10,373	$	313		$	10,686		07/17
9901 Belward Campus Drive		5.64	%		3.99	%		12,773		383			13,156		07/17
100 College Street		2.40	%		2.40	%		108,224		—			108,224		08/16
300 George Street		6.20	%		4.91	%		43,721		3,368			47,089		07/25
Hershey Center for Applied Research		6.15	%		4.71	%		12,516		1,166			13,682		05/27
500 Kendall Street (Kendall D)		6.38	%		5.45	%		52,506		1,263			53,769		12/18
Shady Grove Road		5.97	%		5.97	%		139,606		—			139,606		09/16
University of Maryland BioPark I		5.93	%		4.69	%		15,483		1,181			16,664		05/25
University of Maryland BioPark II		5.20	%		4.33	%		61,088		3,123			64,211		09/21
University of Maryland BioPark Garage		5.20	%		4.33	%		4,598		235			4,833		09/21
University of Miami Life Science & Technology Park		4.00	%		2.89	%		20,000		145			20,145		02/16

Total / Weighted-Average on Mortgage Notes Payable		5.03	%		4.49	%		480,888		11,177			492,065
Unsecured Fixed Rate Debt:
Unsecured Senior Notes Due 2016		3.85	%		3.99	%		400,000		(296	)		399,704		04/16
Unsecured Senior Notes Due 2019		2.63	%		2.72	%		400,000		(1,789	)		398,211		05/19
Unsecured Senior Notes Due 2020		6.13	%		6.27	%		250,000		(1,360	)		248,640		04/20
Unsecured Senior Notes Due 2022		4.25	%		4.36	%		250,000		(1,577	)		248,423		07/22
Unsecured Variable Rate Debt:
Unsecured Senior Term Loan Due 2017 - U.S. Dollar (1)		1.60	%		2.39	%		243,596		—			243,596		03/17
Unsecured Senior Term Loan Due 2017 - GBP (2)		1.91	%		2.14	%		151,530		—			151,530		03/17
Unsecured Senior Term Loan Due 2018 (3)		1.40	%		1.69	%		350,000		—			350,000		03/18
Unsecured Line of Credit (4)		1.31	%		1.31	%		463,000		—			463,000		03/18

Total / Weighted-Average on Consolidated Debt		3.14	%		3.21	%	$	2,989,014	$	6,155		$	2,995,169

Share of Unconsolidated Partnership Debt:
BioPark Fremont (50%) (fixed)		2.75	%		2.70	%		1,431		6			1,437		05/17
PREI Secured Loan (20%) (variable)		1.60	%		3.08	%		32,000		—			32,000		08/20

Total / Weighted-Average on Share of Unconsolidated Partnership Debt		1.65	%		3.06	%		33,431		6			33,437

Total / Weighted-Average on Consolidated and Share of Unconsolidated Partnership Debt		3.12	%		3.21	%	$	3,022,445	$	6,161		$	3,028,606

(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 due 2017 at 2.56% 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 due 2017 was 2.39% at September 30, 2015.

(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 1.5153 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 2.14% for the remaining term of the loan, subject to adjustments based on the Company’s credit ratings.

(3)	The Company entered into interest rate swap agreements effective October 1, 2013 that effectively fix the interest rate on $200 million of the unsecured senior term loan facility due 2018 at 1.90% for three years, subject to adjustments based on the Company’s credit ratings.

(4)	Effective rate excludes facility fee of 20 bps on the entire capacity of the unsecured line of credit, which equals approximately $450,000 per quarter.

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DEBT ANALYSIS

SEPTEMBER 30, 2015

(Dollars in thousands)


Credit Ratings	Rating	Outlook
Standard & Poors	BBB	Stable
Moody’s Investors Service	Baa2	Rating(s) Under Review (1)


	Principal		Percentage			Wtd. - Avg.			Wtd. - Avg.
Variable and Fixed Rate Debt	Balance		of Total			Stated Rate			Effective Rate
Fixed Rate Debt	$	1,678,819		56.1	%		4.39	%		4.33	%
Variable Rate Debt - Hedged
Unsecured Senior Term Loan Due 2017 - U.S. Dollar	$	200,000		6.7	%		1.60	%		2.56	%
Unsecured Senior Term Loan Due 2017 - GBP		151,530		5.1	%		1.91	%		2.14	%
Unsecured Senior Term Loan Due 2018		200,000		6.7	%		1.40	%		1.90	%

Subtotal / Weighted-Average on Variable Rate Debt - Hedged	$	551,530		18.4	%		1.61	%		2.21	%

Variable Rate Debt - Unhedged
Variable Rate Mortgages	$	108,224		3.6	%		2.40	%		2.40	%
Unsecured Senior Term Loan Due 2017 - U.S. Dollar		43,596		1.5	%		1.60	%		1.60	%
Unsecured Senior Term Loan Due 2018		150,000		5.0	%		1.40	%		1.40	%
Unsecured Line of Credit		463,000		15.5	%		1.31	%		1.31	%

Subtotal / Weighted-Average on Variable Rate Debt - Unhedged	$	764,820		25.5	%		1.50	%		1.50	%

Total / Weighted-Average on Consolidated Debt	$	2,995,169		100.0	%		3.14	%		3.21	%


Total Consolidated Debt		9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Secured debt / Total gross assets			6.5	%		6.6	%		6.9	%		7.0	%		6.7	%
Floating rate debt / Total debt			44.0	%		42.2	%		38.4	%		33.7	%		36.8	%
Adjusted floating rate debt / Total debt (2)			25.5	%		22.9	%		18.5	%		13.2	%		17.0	%
Unencumbered real estate / Total real estate			90.4	%		90.1	%		90.2	%		85.7	%		86.1	%
Unencumbered CABR / Total CABR (3)			84.3	%		83.8	%		82.6	%		82.9	%		83.4	%
Unsecured line of credit capacity		$	437,000		$	531,000		$	674,000		$	816,000		$	671,000
Net Debt / Adjusted EBITDA (4)			6.4			5.0			5.7			6.5			6.6
Net Debt / Adjusted EBITDA - trailing twelve months			6.2			6.1			6.2			6.2			6.6
Bond Covenants (5)	Requirements
Total outstanding debt / Total assets	Must be < 60%		40.5	%		40.2	%		38.6	%		39.1	%		40.7	%
Secured debt / Total assets	Must be < 40%		6.7	%		6.8	%		7.0	%		7.1	%		6.8	%
Consolidated income available for debt service / Annual debt service charge	Must be > 1.5X		4.6			4.6			4.5			4.2			4.3
Unencumbered assets / Unsecured debt - Notes due 2020	Must be > 150%		249	%		254	%		264	%		260	%		246	%
Unencumbered assets / Unsecured debt - Notes due 2016, 2019 and 2022	Must be > 150%		248	%		253	%		263	%		259	%		244	%

(1)	Outlook Stable as of September 30, 2015. Placed under review for possible downgrade as of October 12, 2015.

(2)	Includes effect of interest rate swaps on the Company’s unsecured senior term loan facilities. See page 20 for more information.

(3)	For current annualized base rent (CABR) by market, see page 30.

(4)

Adjusted EBITDA is calculated by adding to EBITDA: (a) noncontrolling interests in our operating partnership, (b) impairment of real estate, and (c) executive severance, and by subtracting from EBITDA gains from sales of real estate, on an annualized basis. Net Debt is calculated as debt less (cash and cash equivalents and restricted cash).

(5)	For discussion on bond covenants, see page 37.

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DEBT MATURITIES

SEPTEMBER 30, 2015

(In thousands)

Weighted-average debt maturity is 2.9 years for consolidated debt (excluding extension options).


	2015		2016		2017		2018		2019		2020		Thereafter		Total
Consolidated debt:
Mortgage notes payable:
Principal amortization	$	2,620	$	13,560	$	9,796	$	9,852	$	5,724	$	6,139	$	29,332	$	77,023
Maturity payments		—		263,073		22,510		37,952		—		—		80,330	$	403,865

Total mortgage notes payable		2,620		276,633		32,306		47,804		5,724		6,139		109,662		480,888
Unsecured debt:
Unsecured senior notes due 2016		—		400,000		—		—		—		—		—		400,000
Unsecured senior notes due 2019		—		—		—		—		400,000		—		—		400,000
Unsecured senior notes due 2020		—		—		—		—		—		250,000		—		250,000
Unsecured senior notes due 2022		—		—		—		—		—		—		250,000		250,000
Unsecured senior term loan due 2017 - U.S. Dollar		—		—		243,596		—		—		—		—		243,596
Unsecured senior term loan due 2017 - GBP		—		—		151,530		—		—		—		—		151,530
Unsecured senior term loan due 2018		—		—		—		350,000		—		—		—		350,000
Unsecured line of credit		—		—		—		463,000		—		—		—		463,000

Total unsecured debt		—		400,000		395,126		813,000		400,000		250,000		250,000		2,508,126
Total consolidated debt	$	2,620	$	676,633	$	427,432	$	860,804	$	405,724	$	256,139	$	359,662	$	2,989,014

Share of unconsolidated partnership debt:
BioPark Fremont (50%) (fixed)		—		—		1,431		—		—		—		—		1,431
PREI secured loan (20%) (variable)		—		—		—		—		—		32,000		—		32,000

Share of total unconsolidated partnership debt	$	—	$	—	$	1,431	$	—	$	—	$	32,000	$	—	$	33,431

Total consolidated and share of unconsolidated partnership debt	$	2,620	$	676,633	$	428,863	$	860,804	$	405,724	$	288,139	$	359,662	$	3,022,445

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MARKET SUMMARY

SEPTEMBER 30, 2015


				Current (1)							Expiration (2)									GAAP
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			Annualized Base Rent			Annualized Base Rent per Leased Sq Ft
				(In thousands)							(In thousands)									(In thousands)
Boston		3,047,322		$	178,228		30.7	%	$	58.49	$	192,899			28.5	%	$	63.30		$	175,255		$	57.51
San Francisco		2,949,252			75,847		13.1	%		25.72		93,134			13.8	%		31.58			79,748			27.04
San Diego		1,918,266			65,058		11.2	%		33.92		79,324			11.7	%		41.35			66,642			34.74
New York		1,767,377			60,478		10.4	%		34.22		72,843			10.8	%		41.22			63,025			35.66
Maryland		1,709,154			52,977		9.1	%		31.00		61,537			9.1	%		36.00			53,426			31.26
Cambridge, UK		762,416			28,029		4.8	%		36.76		28,199			4.2	%		36.99			27,731			36.37
North Carolina		1,268,727			24,181		4.2	%		19.06		31,329			4.6	%		24.69			28,465			22.44
Pennsylvania		746,234			19,706		3.4	%		26.41		24,515			3.6	%		32.85			21,349			28.61
Seattle		461,051			18,598		3.2	%		40.34		23,370			3.5	%		50.69			20,066			43.52
University Related (3)		2,429,080			58,094		9.9	%		23.92		68,535			10.2	%		28.21			61,749			25.42

Total portfolio		17,058,879		$	581,196		100.0	%	$	34.07	$	675,685			100.0	%	$	39.61		$	597,456		$	35.02


	Active New			Active		Unconsolidated
	Construction			Redevelopment		Partnership					Total Operating Portfolio
Percent Leased by Market	(4)			(4)		Portfolio (5)					9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
Boston		—			—		99.9	%				89.5	%		87.1	%		86.0	%		96.5	%		99.2	%
San Francisco		100.0	%		—		—					90.5	%		87.6	%		86.1	%		81.4	%		83.7	%
San Diego		—			—		100.0	%				96.1	%		94.6	%		94.0	%		93.6	%		92.7	%
New York		—			—		—					98.7	%		98.0	%		86.8	%		86.8	%		86.8	%
Maryland		—			—		—					98.1	%		93.9	%		91.7	%		92.1	%		95.4	%
Cambridge, UK		100.0	%		—		—					99.6	%		99.6	%		99.5	%		99.5	%		99.5	%
North Carolina		74.9	%		—		—					98.3	%		98.3	%		98.3	%		97.0	%		92.9	%
Pennsylvania		—			—		—					84.6	%		84.5	%		83.0	%		75.9	%		75.9	%
Seattle		37.8	%		—		—					85.1	%		84.6	%		84.2	%		72.9	%		69.7	%
University Related (3)		100.0	%		—		—					93.9	%		90.1	%		91.9	%		91.3	%		91.2	%

Total portfolio		71.6	%		—		99.9	%				93.4	%		91.0	%		89.2	%		89.6	%		90.6	%

(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)	Includes properties not located in a core market. See pages 23-26 for property listing.

(4)	See pages 23 - 25 for detail of the consolidated portfolio and page 37 for definitions of terms.

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

LOGO

PROPERTY LISTING

SEPTEMBER 30, 2015


		Excluded from Same Property Analysis		Rentable Square Feet								Leased Square Feet		Percent Leased (1)
	Property	3 months	9 months	Land Bank		Active New Construction		Active Redevelopment		Operating Portfolio		Leased Square Feet		9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
	Boston
1	Albany Street				—		—		—		75,003		75,003		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
2	320 Bent Street				—		—		—		195,198		195,137		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
3	301 Binney Street				—		—		—		417,290		417,290		100.0	%		100.0	%		100.0	%		79.7	%		98.8	%
4	301 Binney Street Garage				—		—		—		528 Stalls		n/a		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
5	210 Broadway				—		—		—		64,812		64,812		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
6	Center for Life Science \| Boston				—		—		—		704,159		704,159		100.0	%		100.0	%		100.0	%		98.9	%		98.9	%
7	Charles Street				—		—		—		47,912		47,912		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
8	320 Charles Street				—		—		—		99,513		99,513		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
9	Coolidge Avenue				—		—		—		37,684		34,580		91.8	%		91.8	%		91.8	%		91.8	%		91.8	%
10	21 Erie Street				—		—		—		48,627		28,019		57.6	%		57.6	%		57.6	%		100.0	%		100.0	%
11	40 Erie Street				—		—		—		100,854		—		—			—			—			100.0	%		100.0	%
12	47 Erie Street Parking Structure				—		—		—		440 Stalls		n/a		28.2	%		28.2	%		28.2	%		73.2	%		73.2	%
13	Fresh Pond Research Park				—		—		—		90,702		84,496		93.2	%		98.3	%		98.3	%		98.3	%		98.3	%
14	50 Hampshire Street				—		—		—		200,360		103,694		51.8	%		51.8	%		51.8	%		100.0	%		100.0	%
15	60 Hampshire Street	ü	ü		—		—		—		41,257		41,257		100.0	%		100.0	%		86.5	%		86.5	%		86.5	%
16	Kendall Crossing Apartments				—		—		—		37 Apts.		n/a		100.0	%		97.3	%		97.3	%		94.7	%		97.6	%
17	450 Kendall Street (Kendall G)	ü	ü		—		—		—		63,520		53,944		84.9	%		49.3	%		22.8	%		22.8	%		—
18	500 Kendall Street (Kendall D)				—		—		—		349,325		346,535		99.2	%		99.2	%		99.2	%		99.2	%		98.5	%
19	675 W. Kendall Street (Kendall A)				—		—		—		302,919		302,919		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
20	Sidney Street				—		—		—		188,614		105,220		55.8	%		25.3	%		—			100.0	%		100.0	%
21	Vassar Street				—		—		—		60,845		60,845		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total Boston				—		—		—		3,088,594		2,765,335		89.5	%		87.1	%		84.7	%		95.0	%		97.0	%

	San Francisco
22	Ardentech Court				—		—		—		55,588		55,588		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
23	Ardenwood Venture (2)				—		—		—		72,500		72,500		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
24	Bayshore Boulevard				—		—		—		183,344		183,344		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
25	Bridgeview Technology Park I				—		—		—		201,567		128,676		63.8	%		63.8	%		66.8	%		52.9	%		52.9	%
26	Bridgeview Technology Park II				—		—		—		50,400		50,400		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
27	550 Broadway Street				—		—		—		71,239		71,239		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
28	Dumbarton Circle				—		—		—		44,000		44,000		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
29	Eccles Avenue	ü	ü		265,000		—		—		—		—		—			—			—			—			—
30	Gateway Business Park				770,000		—		—		69,272		69,272		100.0	%		100.0	%		62.8	%		43.2	%		82.2	%
31	Gateway Business Park II	ü	ü		650,000		—		—		—		—		—			—			—			—			—
32	Industrial Road				—		—		—		175,144		175,144		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
33	Kaiser Drive				—		—		—		87,953		71,215		81.0	%		81.0	%		81.0	%		81.0	%		81.0	%
34	Lincoln Centre	ü	ü		160,000		360,000		—		—		360,000		100.0	%		100.0	%		100.0	%		100.0	%		—
35	Pacific Industrial Center				—		—		—		305,026		305,026		100.0	%		85.9	%		86.4	%		86.4	%		85.9	%
36	Pacific Research Center North				—		—		—		661,245		623,870		94.3	%		88.1	%		83.7	%		79.2	%		79.2	%
37	Pacific Research Center South				400,000		—		—		423,246		296,525		70.1	%		70.1	%		70.1	%		62.3	%		62.3	%
38	Science Center at Oyster Point				—		—		—		204,887		204,887		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
39	Woodside Technology Park				—		—		—		255,650		237,566		92.9	%		92.9	%		100.0	%		100.0	%		100.0	%

	Total San Francisco				2,245,000		360,000		—		2,861,061		2,949,252		91.6	%		88.9	%		87.6	%		83.5	%		83.7	%

	San Diego
40	Balboa Avenue				—		—		—		35,344		35,344		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
41	Bernardo Center Drive				—		—		—		61,286		61,286		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
42	Coast 9				—		—		—		162,074		156,345		96.5	%		98.8	%		96.7	%		84.6	%		84.6	%
43	4570 Executive Drive				—		—		—		125,219		125,219		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
44	Faraday Avenue				—		—		—		28,704		28,704		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
45	Gazelle Court				—		—		—		176,000		176,000		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

LOGO

PROPERTY LISTING

SEPTEMBER 30, 2015


		Excluded from Same Property Analysis		Rentable Square Feet								Leased Square Feet		Percent Leased (1)
	Property	3 months	9 months	Land Bank		Active New Construction		Active Redevelopment		Operating Portfolio		Leased Square Feet		9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
	San Diego (Continued)
46	i3	ü	ü		—		316,000		—		—		—		—			—			—			—			—
47	3525 John Hopkins Court				—		—		—		48,306		48,306		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
48	3545-3575 John Hopkins Court				—		—		—		72,192		72,192		100.0	%		100.0	%		84.7	%		84.7	%		87.9	%
49	6114-6154 Nancy Ridge Drive				—		—		—		196,557		196,557		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
50	6122-6126 Nancy Ridge Drive				—		—		—		68,000		68,000		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
51	6828 Nancy Ridge Drive				—		—		—		42,138		42,138		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
52	Pacific Center Boulevard				—		—		—		66,745		66,745		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
53	Road to the Cure				—		—		—		67,998		48,248		71.0	%		71.0	%		71.0	%		100.0	%		100.0	%
54	San Diego Science Center				—		—		—		105,364		90,607		86.0	%		83.8	%		89.8	%		83.5	%		81.6	%
55	10240 Science Center Drive				—		—		—		49,347		29,019		58.8	%		100.0	%		100.0	%		100.0	%		100.0	%
56	10255 Science Center Drive				—		—		—		53,740		53,740		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
57	Sorrento Plaza				—		—		—		31,184		31,184		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
58	Sorrento Valley Boulevard				—		—		—		56,053		56,053		100.0	%		—			—			—			—
59	11388 Sorrento Valley Road				—		—		—		35,940		35,940		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
60	Summers Ridge				—		—		—		—		—		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
61	Torreyana Road				—		—		—		81,204		81,204		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
62	9865 Towne Centre Drive				—		—		—		94,866		90,466		95.4	%		100.0	%		100.0	%		100.0	%		100.0	%
63	9885 Towne Centre Drive				—		—		—		104,870		104,870		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
64	Towne Centre Technology Park	ü	ü		104,500		—		182,866		—		—		—			—			—			—			—
65	Waples Street				—		—		—		50,055		40,746		81.4	%		81.4	%		81.4	%		81.4	%		43.9	%
66	Wateridge Circle				—		—		—		106,490		106,490		100.0	%		100.0	%		95.6	%		95.6	%		95.6	%

	Total San Diego				104,500		316,000		182,866		1,919,676		1,845,403		76.3	%		75.1	%		80.7	%		93.6	%		92.7	%

	New York
67	Ardsley Park				50,000		—		—		209,283		187,785		89.7	%		89.7	%		89.4	%		89.4	%		89.4	%
68	Graphics Drive				—		—		—		69,406		68,397		98.5	%		98.5	%		64.2	%		64.2	%		64.2	%
69	Landmark at Eastview				273,000		—		—		803,094		803,094		100.0	%		99.0	%		81.5	%		81.5	%		81.5	%
70	Landmark at Eastview II				—		—		—		360,520		360,520		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
71	Landmark at Eastview III	ü	ü		—		—		—		297,000		297,000		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
72	One Research Way				—		—		—		50,581		50,581		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total New York				323,000		—		—		1,789,884		1,767,377		98.7	%		98.3	%		89.0	%		89.0	%		89.0	%

	Maryland
73	Beckley Street				—		—		—		77,225		77,225		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
74	9900 Belward Campus Drive				—		—		—		49,317		41,816		84.8	%		84.8	%		84.8	%		84.8	%		84.8	%
75	9901 Belward Campus Drive				—		—		—		57,152		57,110		99.9	%		99.9	%		99.9	%		99.9	%		99.9	%
76	9920 Belward Campus Drive				—		—		—		51,181		51,181		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
77	Firstfield Road	ü	ü		—		—		—		52,790		52,790		100.0	%		—			—			—			—
78	9704 Medical Center Drive				—		—		—		122,600		122,600		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
79	9708-9714 Medical Center Drive				—		—		—		92,125		80,131		87.0	%		54.4	%		54.4	%		54.2	%		54.2	%
80	1701 / 1711 Research Boulevard		ü		—		—		—		104,743		104,743		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
81	Shady Grove Road				500,000		—		—		635,058		635,058		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
82	Tributary Street				—		—		—		91,592		91,592		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
83	University of Maryland BioPark I				—		—		—		76,542		72,909		95.3	%		95.3	%		98.7	%		98.7	%		98.5	%
84	University of Maryland BioPark II				—		—		—		235,333		225,084		95.6	%		95.1	%		94.1	%		97.5	%		98.0	%
85	University of Maryland BioPark III	ü	ü		200,000		—		—		—		—		—			—			—			—			—
86	University of Maryland BioPark Garage				—		—		—		638 Stalls		n/a		100.0	%		66.5	%		100.0	%		100.0	%		100.0	%
87	50 West Watkins Mill Road				—		—		—		57,410		57,410		100.0	%		34.8	%		34.8	%		34.8	%		34.8	%
88	55 West Watkins Mill Road				—		—		—		39,505		39,505		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total Maryland				700,000		—		—		1,742,573		1,709,154		98.1	%		93.9	%		91.7	%		92.1	%		95.4	%

LOGO

PROPERTY LISTING

SEPTEMBER 30, 2015


		Excluded from Same Property Analysis		Rentable Square Feet								Leased Square Feet		Percent Leased (1)
	Property	3 months	9 months	Land Bank		Active New Construction		Active Redevelopment		Operating Portfolio		Leased Square Feet		9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
	Cambridge, UK
89	Granta Park				138,000		94,991		—		472,234		565,006		99.6	%		99.5	%		99.5	%		99.5	%		99.5	%
90	Granta Park II	ü	ü		—		155,000		—		—		155,000		100.0	%		100.0	%		—			—			—
91	430 Cambridge Science Park	ü	ü		—		—		—		42,410		42,410		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total Cambridge, UK				138,000		249,991		—		514,644		762,416		99.7	%		99.7	%		99.6	%		99.6	%		99.6	%

	North Carolina
92	Chesterfield	ü	ü		150,000		284,462		—		—		142,000		49.9	%		35.2	%		—			—			—
93	Paramount Parkway				—		—		—		61,603		61,603		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
94	Patriot Drive				—		—		—		48,394		48,394		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
95	Piedmont Triad Research - Wake 90		ü		—		—		—		475,742		460,891		96.9	%		96.9	%		96.9	%		94.6	%		87.3	%
96	Wake 60	ü	ü		—		283,250		—		—		283,250		100.0	%		100.0	%		59.3	%		59.3	%		—
97	Wake Forest Biotech Place				—		—		—		242,000		242,000		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
98	Weston Parkway				—		—		—		30,589		30,589		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total North Carolina				150,000		567,712		—		858,328		1,268,727		89.0	%		86.0	%		88.6	%		87.6	%		92.9	%

	Pennsylvania
99	Drexel	ü	ü		2,271,000		—		—		—		—		—			—			—			—			—
100	George Patterson Boulevard				—		—		—		71,500		71,500		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
101	Hershey Center for Applied Research				—		—		—		80,867		78,596		97.2	%		96.6	%		96.6	%		95.7	%		96.9	%
102	3711 Market Street (4)				—		—		—		154,793		147,476		95.3	%		95.3	%		95.3	%		96.2	%		95.5	%
103	3737 Market Street (3) (4)	ü	ü		—		—		—		334,305		334,305		100.0	%		100.0	%		100.0	%		82.4	%		82.4	%
104	Phoenixville Pike				—		—		—		104,400		48,181		46.2	%		46.2	%		41.8	%		41.8	%		41.8	%
105	Spring Mill Drive				—		—		—		76,561		66,176		86.4	%		86.4	%		86.4	%		80.5	%		80.5	%
106	1000 Uniqema Boulevard				—		—		—		59,821		—		—			—			—			—			—

	Total Pennsylvania				2,271,000		—		—		882,247		746,234		84.6	%		84.5	%		83.0	%		75.9	%		75.9	%

	Seattle
107	Elliott Avenue				—		—		—		151,194		101,025		66.8	%		65.3	%		64.0	%		64.0	%		56.0	%
108	500 Fairview Avenue	ü	ü		—		122,702		—		—		46,407		37.8	%		37.8	%		37.8	%		37.8	%		20.5	%
109	530 Fairview Avenue				—		—		—		101,118		100,501		99.4	%		99.4	%		99.4	%		100.0	%		100.0	%
110	Monte Villa Parkway				—		—		—		51,000		30,167		59.2	%		59.2	%		59.2	%		59.2	%		59.2	%
111	Westlake	ü	ü		—		—		—		116,214		115,152		99.1	%		99.1	%		99.1	%		—			—
112	217th Place				50,000		—		—		67,799		67,799		100.0	%		100.0	%		100.0	%		62.9	%		100.0	%

	Total Seattle				50,000		122,702		—		487,325		461,051		75.6	%		75.2	%		74.9	%		64.2	%		57.5	%

	University Related
113	BRDG Park at Danforth Plant Science Center				—		—		—		109,731		86,522		78.8	%		65.0	%		90.6	%		90.6	%		90.6	%
114	100 College Street (5)	ü	ü		—		—		—		510,419		505,683		99.1	%		99.1	%		99.1	%		99.1	%		99.1	%
115	4320 Forest Park Avenue				—		—		—		152,403		152,403		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
116	300 George Street (5)		ü		—		—		—		518,940		511,971		98.7	%		98.7	%		98.7	%		98.7	%		98.7	%
117	Heritage @ 4240		ü		—		—		—		202,529		176,816		87.3	%		90.0	%		90.0	%		89.0	%		89.0	%
118	Innovation Research Park at ODU I				—		—		—		95,634		84,419		88.3	%		86.5	%		90.0	%		90.0	%		90.0	%
119	Innovation Research Park at ODU II				—		—		—		95,634		78,472		82.1	%		82.1	%		82.7	%		82.7	%		82.7	%
120	311 South Sarah	ü	ü		300,000		—		—		—		—		—			—			—			—			—
121	South Street Landing	ü	ü		—		267,941		—		—		267,941		100.0	%		—			—			—			—
122	Trade Centre Avenue				—		—		—		78,023		49,223		63.1	%		100.0	%		100.0	%		100.0	%		100.0	%
123	University of Miami Life Science & Technology Park				—		—		—		258,681		236,468		91.4	%		68.3	%		68.4	%		64.7	%		64.4	%
124	University Tech Park at IIT				—		—		—		129,178		129,178		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
125	Walnut Street				—		—		—		149,984		149,984		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%

	Total University Related				300,000		267,941		—		2,301,156		2,429,080		94.5	%		92.1	%		93.5	%		93.0	%		93.0	%

	Total Consolidated Portfolio				6,281,500		1,884,346		182,866		16,445,488		16,704,029		90.2	%		89.0	%		87.3	%		89.2	%		90.2	%

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PROPERTY LISTING

SEPTEMBER 30, 2015


		Excluded from Same Property Analysis		Rentable Square Feet								Leased Square Feet		Percent Leased (1)
	Property	3 months	9 months	Land Bank		Active New Construction		Active Redevelopment		Operating Portfolio		Leased Square Feet		9/30/15			6/30/15			3/31/15			12/31/14			9/30/14
	Unconsolidated Partnership Portfolio
126	BioPark Fremont	ü	ü		100,000		—		—		—		—		—			—			—			—			—
127	McKellar Court	ü	ü		—		—		—		72,863		72,863		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
128	350 E. Kendall Street Garage (Kendall F)	ü	ü		—		—		—		1,409 Stalls		n/a		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
129	650 E. Kendall Street (Kendall B)	ü	ü		—		—		—		282,217		281,987		99.9	%		99.9	%		99.9	%		99.9	%		99.9	%

	Total Unconsolidated Partnership Portfolio				100,000		—		—		355,080		354,850		99.9	%		99.9	%		99.9	%		99.9	%		99.9	%

	Total Portfolio				6,381,500		1,884,346		182,866		16,800,568		17,058,879		90.4	%		88.3	%		87.5	%		89.4	%		90.4	%

(1)	Percentage leased excludes estimated square feet in the Land Bank.

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

(3)	The Company owns 68% of the limited liability company that owns the 3737 Market Street property.

(4)	The Company has entered into a joint development agreement to explore the potential acquisition of an estimated additional 2.1 million square feet next to the Market Street properties.

(5)	The Company owns 93% of the limited liability companies that own the 300 George Street property. Upon debt repayment the Company is expected to own 97.5% of the limited liability company that owns the 100 College Street property.

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DEVELOPMENT AND REDEVELOPMENT

SEPTEMBER 30, 2015

(Dollars in thousands)


Active Development: Property	Market	Rentable Square Feet		Pre-Leased Square Feet		Percent Pre-Leased			Investment to Date (1)		Cost to Complete		Estimated Total Investment (2)		Estimated In-Service Date (3)
Active New Construction:
South Street Landing (4)	University Related		267,941		267,941		100.0	%	$	37,100	$	147,900	$	185,000	Q3 2016 - Q3 2017
i3	San Diego		316,000		—		—			65,000		116,500		181,500	Q3 2017
Lincoln Centre (5)	San Francisco		360,000		360,000		100.0	%		35,800		111,200		147,000	Q3 2017 & Q3 2018
Chesterfield	North Carolina		284,462		142,000		49.9	%		9,100		76,900		86,000	Q4 2017
Granta Park II	Cambridge, UK		155,000		155,000		100.0	%		3,000		73,000		76,000	Q4 2017
500 Fairview Avenue	Seattle		122,702		46,407		37.8	%		37,700		36,800		74,500	Q1 2016
Wake 60	North Carolina		283,250		283,250		100.0	%		22,600		32,700		55,300	Q3 2016
Granta Park	Cambridge, UK		94,991		94,991		100.0	%		100		51,900		52,000	Q1 2017

Total / weighted-average			1,884,346		1,349,589		71.6	%	$	210,400	$	646,900	$	857,300


Active Redevelopment: Property	Market	Rentable Square Feet		Leased Square Feet		Percent Leased			Investment to Date (1)		Cost to Complete		Estimated Total Investment (2)		Estimated In-Service Date (3)
Active Redevelopment:
Sidney Street/40 Erie Street	Boston		289,468		105,220		36.3	%	$	119,500	$	86,500	$	206,000	Q4 2015 - 2017
Towne Centre Technology Park	San Diego		182,866		—		—			55,400		49,600		105,000	Q1 2016 - 2017

Total / weighted-average			472,334		105,220		22.3	%	$	174,900	$	136,100	$	311,000


Recently Delivered Development: Property	Market	Rentable Square Feet		Leased Square Feet		Percent Leased			Percent In-Service			Capitalized Interest (6)		In-Service Date
Recently Delivered Development:
430 Cambridge Science Park	United Kingdom		42,410		42,410		100.0	%		100.0	%	$	—	Q2 2015
100 College Street	University Related		510,419		505,683		99.1	%		80.1	%		211	Q3 2015
450 Kendall Street (Kendall G)	Boston		63,520		53,944		84.9	%		22.8	%		282	Q2 2015
Landmark at Eastview III	New York		297,000		297,000		100.0	%		75.0	%		1,320	Q3 2015

Total / weighted-average			913,349		899,037		98.4	%		75.4	%	$	1,813

(1)	Includes amounts paid for acquiring the property, landlord improvements, tenant improvement allowances and capitalized payroll, interest, ground rent and operating expenses, but excludes any amounts accrued as of September 30, 2015.

(2)	Includes construction costs associated with speculative leasing and forecasted capitalized payroll, interest, ground rent and operating expenses.

(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. Upon completion, management expects the property to enter the

Same Property Portfolio one year subsequent to the in-service date.

(4)	Includes a 750 stall garage and 172 unit residential graduate student housing complex currently under development as of September 30, 2015.

(5)	Phase I of the project is comprised of 200,000 square feet and is estimated to be substantially completed in Q3 2017. Phase II comprising 160,000 square feet is estimated to be substantially completed in Q3 2018.

(6)	Capitalized interest for the three months ended September 30, 2015.

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CAPITAL EXPENDITURES

SEPTEMBER 30, 2015

(Dollars in thousands)


Capital Expenditures:			Three Months Ended
			9/30/15			6/30/15			3/31/15			12/31/14			9/30/14

Active new construction			$	62,824		$	75,710		$	33,619		$	69,530		$	73,264
Tax credit funding receipts, net of deferred costs				(8,606	)		(3,332	)		—			(26,232	)		—
Land bank				2,608			2,115			3,618			6,139			6,998
Active redevelopment				8,827			679			—			—			—
Tenant improvements – first generation (1)				3,082			17,972			14,534			10,386			13,304
Recurring capital expenditures and second generation tenant improvements (1) (2)				22,996			21,600			15,782			22,591			17,007
Other capital				4,674			13,321			3,200			5,093			10,454

Total capital expenditures			$	96,405		$	128,065		$	70,753		$	87,507		$	121,027


Capitalized Interest:	Investment		Three Months Ended
	to Date (3)		9/30/15			6/30/15			3/31/15			12/31/14			9/30/14

Active new construction	$	210,400	$	1,580		$	3,489		$	3,395		$	2,634		$	1,983
Active redevelopment		55,400		796			496			—			—			—
Recently delivered development projects (4)		119,268		1,813			288			129			373			738
Other portfolio improvements (5)		241,329		1,406			2,472			1,576			1,506			1,696
Land bank		122,591		1,091			1,446			1,681			1,630			1,703

Total	$	748,988	$	6,686		$	8,191		$	6,781		$	6,143		$	6,120

Average interest rate capitalized				3.71	%		3.81	%		3.95	%		3.96	%		3.97	%

(1)	For definitions of first and second generation leases, see page 37.

(2)	Includes revenue enhancing and non-revenue enhancing recurring capital expenditures. For a definition of recurring capital expenditures, see page 37.

(3)	Includes amounts paid for acquiring the property, landlord improvements, tenant improvement allowances and capitalized payroll, interest, ground rent and operating expenses, but excludes any amounts accrued as of September 30, 2015.

(4)	Includes 100 College Street (Q3 2015), Landmark at Eastview III (Q3 2015), 450 Kendall Street (Kendall G) (Q2 2015), Heritage @4240 (Q4 2013), 3737 Market Street (Q2 2014) and Piedmont Triad Research – Wake 90 (Q4 2013). See page 27 for recently delivered projects during the quarter.

(5)	Includes improvements on operating properties, including major tenant improvement projects on properties which are not considered to be in Active New Construction, Active Redevelopment or Land Bank for the respective periods.

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LEASE EXPIRATIONS

SEPTEMBER 30, 2015

The weighted-average remaining lease term is 8.7 years for the total portfolio.


						Current (1)							Expiration (2)							GAAP
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		Annualized Base Rent		Percent of Annualized Base Rent			Annualized Base Rent per Leased Square Feet
						(In thousands)							(In thousands)							(In thousands)
Month-to-month		32,578		0.2	%	$	291		0.1	%	$	8.93	$	291		—		$	8.93	$	291		—		$	8.93
Fourth quarter 2015		265,166		1.6	%		6,153		1.1	%		23.20		6,426		1.0	%		24.23		6,140		1.0	%		23.16

2015		265,166		1.6	%		6,153		1.1	%		23.20		6,426		1.0	%		24.23		6,140		1.0	%		23.16
2016		702,182		4.1	%		23,478		4.0	%		33.44		23,736		3.5	%		33.80		22,646		3.8	%		32.25
2017		946,360		5.5	%		28,566		4.9	%		30.19		29,767		4.4	%		31.45		26,569		4.4	%		28.07
2018		1,874,703		11.0	%		82,360		14.2	%		43.93		84,882		12.6	%		45.28		75,887		12.7	%		40.48
2019		1,154,345		6.8	%		32,968		5.7	%		28.56		35,366		5.2	%		30.64		33,182		5.6	%		28.75
2020		1,041,108		6.1	%		33,165		5.7	%		31.86		36,796		5.4	%		35.34		33,075		5.5	%		31.77
2021		414,051		2.4	%		14,900		2.6	%		35.99		17,521		2.6	%		42.32		15,425		2.6	%		37.25
2022		451,323		2.6	%		13,194		2.3	%		29.23		15,617		2.3	%		34.60		13,786		2.3	%		30.55
2023		1,877,548		11.0	%		73,014		12.6	%		38.89		80,419		11.9	%		42.83		73,183		12.2	%		38.98
2024		672,157		3.9	%		22,428		3.9	%		33.37		26,719		4.0	%		39.75		23,136		3.9	%		34.42
Thereafter		7,627,358		44.8	%		250,679		42.9	%		32.87		318,145		47.1	%		41.71		274,136		46.0	%		35.94

Total / weighted- average		17,058,879		100.0	%	$	581,196		100.0	%	$	34.07	$	675,685		100.0	%	$	39.61	$	597,456		100.0	%	$	35.02

LOGO

(1)	Current annualized base rent (CABR) 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.

(3)	For a definition of “forward leased”, see page 37.

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EXPIRATIONS BY MARKET

SEPTEMBER 30, 2015


	Leased Square Feet
Expiration	Boston		San Francisco		San Diego		New York		Maryland		Cambridge, UK		North Carolina		Pennsylvania		Seattle		University Related		Total
Month-to-month		—		—		728		11,311		5,156		1,038		—		1,014		—		13,331		32,578
2015		20,559		15,189		8,186		—		131,166		21,576		—		8,163		—		60,327		265,166
2016		113,624		230,602		81,568		110,891		58,150		1,103		30,589		26,313		14,124		35,218		702,182
2017		130,965		266,952		205,147		90,063		122,760		29,884		7,853		28,448		34,581		29,707		946,360
2018		1,123,540		99,067		352,249		82,124		64,508		—		15,117		11,839		—		126,259		1,874,703
2019		155,305		204,179		104,228		—		275,328		185,535		8,932		92,019		—		128,819		1,154,345
2020		210,705		300,260		59,182		34,371		53,185		136,434		35,753		118,727		1,744		90,747		1,041,108
2021		122,214		50,327		70,952		45,626		24,985		—		71,663		7,142		2,695		18,447		414,051
2022		64,780		216,430		20,235		27,524		42,009		—		—		30,771		1,733		47,841		451,323
2023		614,882		636,666		330,381		68,039		33,843		26,294		—		8,542		—		158,901		1,877,548
2024		75,903		—		—		264,557		11,120		64,617		23,932		—		34,980		197,048		672,157
Thereafter		414,845		929,580		685,410		1,032,871		886,944		295,935		1,074,888		413,256		371,194		1,522,435		7,627,358

Total		3,047,322		2,949,252		1,918,266		1,767,377		1,709,154		762,416		1,268,727		746,234		461,051		2,429,080		17,058,879


	Current Annualized Base Rent at Expiration (1)
Expiration	Boston		San Francisco		San Diego		New York		Maryland		Cambridge, UK		North Carolina		Pennsylvania		Seattle		University Related		Total
	(in thousands)
Month-to-month	$	—	$	—	$	—	$	13	$	79	$	—	$	—	$	24	$	—	$	175	$	291
2015		373		210		132		—		2,203		881		—		181		3		2,442		6,426
2016		6,333		8,061		1,693		3,191		1,543		52		663		845		630		725		23,736
2017		5,685		6,173		7,211		2,687		3,680		1,114		133		851		1,405		829		29,767
2018		62,136		2,898		10,237		2,402		3,176		—		343		502		—		3,188		84,882
2019		7,886		3,790		3,367		—		7,448		7,167		217		2,096		—		3,395		35,366
2020		13,342		8,766		2,142		1,224		1,215		3,950		650		3,299		80		2,128		36,796
2021		9,416		984		2,705		877		797		—		1,829		190		84		638		17,521
2022		4,491		6,922		1,007		—		975		—		—		998		72		1,151		15,617
2023		47,751		10,934		14,572		2,397		722		937		—		279		—		2,828		80,419
2024		4,739		—		—		8,867		503		2,088		314		—		942		9,264		26,719
Thereafter		30,747		44,395		36,259		51,185		39,195		12,010		27,179		15,251		20,153		41,772		318,145

Total	$	192,899	$	93,134	$	79,324	$	72,843	$	61,537	$	28,199	$	31,329	$	24,515	$	23,370	$	68,535	$	675,686

(1)	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.

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FUTURE LEASE COMMENCEMENTS

SEPTEMBER 30, 2015

(Dollars in thousands)


	Annualized Base Rent (1)
	Operating				Development				Total
Expected Commencement Quarter (1)	GAAP (2)		Cash (3)		GAAP (2)		Cash (3)		GAAP (2)		Cash (3)
4Q15	$	16,724	$	18,588	$	—	$	—	$	16,724	$	18,588
2016		23,561		31,078		9,951		9,067		33,513		40,145
2017		1,912		5,230		22,257		9,214		24,169		14,444
2018		—		—		8,134		12,262		8,134		12,262
2019		24,509		19,767		—		7,195		24,509		26,962

	$	66,707	$	74,663	$	40,342	$	37,738	$	107,049	$	112,400


	Leased Square Feet
	Operating				Development				Total
Expected Commencement Quarter (1)	GAAP (4)		Cash (4)		GAAP (4)		Cash (4)		GAAP (4)		Cash (4)
4Q15		496,996		519,488		—		—		496,996		519,488
2016		739,226		949,583		462,106		462,106		1,201,332		1,411,689
2017		99,342		265,611		657,483		365,492		756,825		631,103
2018		—		—		230,000		319,991		230,000		319,991
2019		295,030		295,030		—		202,000		295,030		497,030

		1,630,594		2,029,712		1,349,589		1,349,589		2,980,183		3,379,301

(1)	Current estimates of future lease commencement timing. Actual results may vary from current estimates. Excludes unconsolidated joint ventures.

(2)	The annualized GAAP monthly rent (GABR).

(3)	The annualized first monthly cash rent payment due (CABR).

(4)	The leased square feet for GAAP and Cash correspond with the applicable annualized base rent commencement dates above.

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20 LARGEST TENANTS

SEPTEMBER 30, 2015

BioMed’s properties were leased to 395 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 (2)
1	Regeneron Pharmaceuticals, Inc.		1,111,455		6.5	%		44,079		39.66		7.6	%		Multiple
2	Beth Israel Deaconess Medical Center, Inc.		362,364		2.1	%		26,823		74.02		4.6	%		June 2023
3	Illumina, Inc.		705,732		4.1	%		25,807		36.57		4.4	%		Multiple
4	GlaxoSmithKline plc		635,058		3.7	%		23,603		37.17		4.1	%		May 2026
5	Sanofi		418,003		2.5	%		23,100		55.26		4.0	%		Multiple
6	Vertex Pharmaceuticals Incorporated		371,920		2.2	%		21,425		57.61		3.7	%		Multiple
7	Children’s Hospital Corporation		207,909		1.2	%		15,506		74.58		2.7	%		April 2023
8	Ironwood Pharmaceuticals, Inc.		311,702		1.8	%		15,483		49.67		2.7	%		January 2018
9	Wake Forest University		655,420		3.8	%		12,049		18.38		2.1	%		Multiple
10	Baxter Healthcare Corporation		206,084		1.2	%		12,024		58.35		2.1	%		January 2027
11	Alexion Pharmaceuticals, Inc.		413,545		2.4	%		10,428		25.22		1.8	%		Multiple
12	Arena Pharmaceuticals, Inc.		264,557		1.6	%		8,137		30.76		1.4	%		May 2027
13	Yale University		397,402		2.3	%		8,027		20.20		1.4	%		Multiple
14	MedImmune, Inc.		221,371		1.3	%		7,586		34.27		1.3	%		Multiple
15	Isis Pharmaceuticals, Inc.		204,704		1.2	%		7,268		35.50		1.3	%		Multiple
16	Life Technologies Corporation		204,887		1.2	%		7,251		35.39		1.2	%		March 2028
17	Bristol-Myers Squibb Company		237,435		1.4	%		7,042		29.66		1.2	%		Multiple
18	Momenta Pharmaceuticals, Inc.		104,678		0.6	%		6,281		60.00		1.1	%		August 2016
19	Penn Presbyterian Medical Center		269,238		1.6	%		5,923		22.00		1.0	%		August 2034
20	Gilead Sciences, Inc.		133,945		0.8	%		5,300		39.57		0.9	%		Multiple

	Total / weighted-average (3)		7,437,409		43.5	%	$	293,142	$	39.41		50.6	%

(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)	See page 38 for additional information.

(3)	Without regard to any renewal options, but includes management’s assessment on early termination options.

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LEASING ACTIVITY (1)

SEPTEMBER 30, 2015


	Leased Square Feet			Current Annualized Base Rent per Leased Sq Ft			GAAP Annualized Base Rent per Leased Sq Ft			Forward-Leased Square Feet			Current Annualized Base Rent per Forward- Leased Sq Ft			GAAP Annualized Base Rent per Forward- Leased Sq Ft
Leased Square Feet as of June 30, 2015		16,272,140									417,140
Acquisitions		52,790		$	23.22		$	24.67			10,524		$	23.11		$	23.63
Expirations and terminations		(510,718	)		32.02			30.25
Forward-lease delivery (2)		121,014			26.25			27.27			(121,014	)		26.25			27.27
Renewals and extensions		228,244			33.29			34.23
New leases (3)		895,409			28.92			28.94			151,606			13.94			15.84

Leased Square Feet as of September 30, 2015		17,058,879									458,256


	Three Months Ended															Year to Date
Leased Square Feet	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			9/30/15
Renewals and extensions		228,244			264,780			84,392			219,817			277,313			577,416
New leases		1,047,015			1,037,786			696,408			656,157			380,433			2,781,209

Gross Leasing Activity		1,275,259			1,302,566			780,800			875,974			657,746			3,358,625

Expirations		(374,142	)		(353,486	)		(137,441	)		(423,634	)		(385,365	)		(865,069	)
Terminations		(136,576	)		(107,715	)		(759,588	)		(9,189	)		(106,629	)		(1,003,879	)
Forward-lease delivery (2)		121,014			53,095			18,396			—			103,192			192,505
Renewals and extensions		228,244			264,780			84,392			219,817			277,313			577,416
New leases - 1st & 2nd generation (2)		490,477			361,696			692,713			92,158			331,153			1,544,886
New leases - pre-leased (3)		404,932			370,303			—			563,999			—			775,235

Net Absorption (4)		733,949			588,673			(101,528	)		443,151			219,664			1,221,094

Operating portfolio		329,017			218,370			(101,528	)		(120,848	)		214,172			445,859
Active redevelopment		—			—			—			—			—			—
Active new construction		404,932			370,303			—			563,999			5,492			775,235

Net Absorption (4)		733,949			588,673			(101,528	)		443,151			219,664			1,221,094

Operating portfolio		870,327			932,263			780,800			311,975			652,254			2,583,390
Active redevelopment		—			—			—			—			—			—
Active new construction		404,932			370,303			—			563,999			5,492			775,235

Gross Leasing Activity		1,275,259			1,302,566			780,800			875,974			657,746			3,358,625

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

(2)	For definition of forward-leased, see page 37.

(3)	Includes first and second generation leases, forward-leases, and pre-leased. For definitions see page 37.

(4)	Net absorption is calculated as total square footage of new leases, renewals and extensions, and forward-lease deliveries, less expirations and terminated square feet for the given period.

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LEASING DATA

SEPTEMBER 30, 2015


	Three Months Ended															Year to Date
	9/30/15			6/30/15			3/31/15			12/31/14			9/30/14			9/30/15
Renewals and Extensions (1)
Number of renewals		16			18			16			14			14			50
Square feet		228,244			264,780			84,392			219,817			277,313			577,416
Percentage change - CABR (2)		14.3	%		-15.3	%		6.4	%		-5.5	%		0.4	%		-1.4	%
Percentage change - GABR (2)		22.6	%		-0.1	%		11.4	%		-1.5	%		3.3	%		4.6	%
Free rent months		0.3			0.2			3.4			1.1			—			0.7
Weighted-average lease term years		5.2			9.0			4.8			6.4			7.2			6.9
Tenant improvement costs per square foot	$	8.87		$	11.37		$	—		$	8.78		$	1.50		$	8.72
Leasing commission costs per square foot		5.41			9.47			1.55			4.61			1.46			6.70

Total tenant improvement and leasing commission costs psf	$	14.27		$	20.84		$	1.55		$	13.39		$	2.96		$	15.43

New Leases - 1st Generation (3)
Number of leases		15			9			9			5			12			33
Square feet		203,392			87,381			160,674			40,107			152,380			451,447
Free rent months		4.1			0.5			3.3			7.8			0.2			3.1
Weighted-average lease term years		7.1			7.5			12.6			9.4			9.5			9.2
Tenant improvement costs per square foot	$	72.01		$	59.16		$	45.04		$	87.64		$	62.99		$	59.93
Leasing commission costs per square foot		6.47			9.05			9.16			6.57			12.60			7.92

Total tenant improvement and leasing commission costs psf	$	78.48		$	68.20		$	54.20		$	94.22		$	75.59		$	67.85

New Leases - 2nd Generation (3)
Number of leases		26			16			24			11			21			66
Square feet		438,691			580,102			535,734			52,051			228,053			1,554,527
Percentage change - CABR (2)		3.7	%		3.4	%		-5.9	%		66.0	%		15.3	%		-0.1	%
Percentage change - GABR (2)		12.4	%		27.9	%		14.7	%		50.4	%		16.0	%		20.5	%
Free rent months		3.3			2.4			1.5			0.4			5.8			2.3
Weighted-average lease term years		7.1			12.1			8.6			3.9			9.4			9.5
Tenant improvement costs per square foot	$	59.77		$	118.04		$	39.77		$	23.59		$	87.14		$	74.62
Leasing commission costs per square foot		7.21			17.18			10.77			5.16			12.19			12.16

Total tenant improvement and leasing commission costs psf	$	66.98		$	135.21		$	50.54		$	28.74		$	99.33		$	86.78

New Leases - Pre-Leased
Number of leases		4			3			—			4			—			7
Square feet		404,932			370,303						563,999						775,235
Free rent months		6.0			2.5			—			3.5			—			4.3
Weighted-average lease term years		13.6			17.1			—			14.6			—			15.3
Tenant improvement costs per square foot	$	161.26		$	113.67		$	—		$	84.49		$	—		$	138.53
Leasing commission costs per square foot		0.88			7.81			—			10.62			—			4.19

Total tenant improvement and leasing commission costs psf	$	162.14		$	121.48		$	—		$	95.11		$	—		$	142.72

Total
Number of leases and renewals		61			46			49			34			47			156
Square feet		1,275,259			1,302,566			780,800			875,974			657,746			3,358,625
Percentage change - CABR (2)		8.1	%		-1.6	%		-4.6	%		1.4	%		8.7	%		-0.4	%
Percentage change - GABR (2)		16.5	%		20.6	%		14.6	%		3.7	%		10.5	%		16.4	%
Free rent months		3.8			1.8			2.0			2.9			2.1			2.6
Weighted-average lease term years		8.8			12.6			9.0			11.7			8.5			10.3
Tenant improvement costs per square foot	$	84.84		$	91.16		$	36.56		$	62.02		$	45.44		$	76.07
Leasing commission costs per square foot		4.76			12.40			9.44			8.60			7.76			8.81

Total tenant improvement and leasing commission costs psf	$	89.60		$	103.56		$	46.00		$	70.62		$	53.20		$	84.88

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

(2)	Excludes retail leases, leases less than 5,000 square feet, and leases for space unoccupied for a period greater than 24 months.

(3)	Includes forward-leasing activity and retained tenants that have relocated or expanded into new space within the Company’s portfolio. For definitions of first and second generation leases, see page 37.

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ACQUISITIONS AND DISPOSITIONS

SEPTEMBER 30, 2015


Acquisitions Detail for 2015:			Rentable				Percent
			Square				Leased at
Property	Market	Closing Date	Feet		Investment		Acquisition
					(In thousands)
First Quarter 2015
Westlake	Seattle	February 11, 2015		116,214	$	89,700		99.1	%
Second Quarter 2015
Towne Centre Technology Park (1)	San Diego	May 5, 2015		182,866	$	84,000		—
Third Quarter 2015
South Street Landing (2)	University Related	July 24, 2015		267,941	$	21,352		100.0	%
Firstfield Road	Maryland	September 3, 2015		52,790		10,418		100.0	%

Third Quarter Total				320,731	$	31,770		100.0	%

Total 2015 Acquisitions				619,811	$	205,470		70.3	%

Dispositions Detail for 2015:

Rentable

Square

Gross

Property

Market

Closing Date

Feet

Proceeds

(In thousands)

Second Quarter 2015

King of Prussia

Pennsylvania

May 29, 2015

547,000

35,223

Third Quarter 2015

65 West Watkins Mill Road

Maryland

September 24, 2015

42,900

7,900

Total 2015 Dispositions

589,900

43,123

(1)	Investment includes approximately 104,500 SF of estimated development potential.

(2)	Property is currently under active new construction and is expected to also include a 750 stall garage and 172 unit residential graduate student housing complex. Total estimated remaining cost to complete the project is $147.9 million as of September 30, 2015.

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NON-GAAP FINANCIAL MEASURE DEFINITIONS

SEPTEMBER 30, 2015

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), 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, (b) losses from sales of real estate, and (c) executive severance, and by subtracting from EBITDA gains from sales of real estate. 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.

Net Operating Income (NOI) - Cash Basis

We believe that net operating income on a cash basis is helpful to investors as an additional measure of operating performance because it eliminates straight-line rent, amortization of lease incentives, above and below market amortization on acquired leases, bad debt expense and rental cash adjustments to rental revenue recorded on a GAAP basis. 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

SEPTEMBER 30, 2015

Property Status

Active 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.

Active New Construction

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

Land Bank

Represents estimates of the additional rentable square footage that we could put into service if management made the strategic election to pursue additional development. Also includes properties that may be held for future development or are currently engaged in activities related to planning, entitlement or other preparations for future construction.

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.

Pre-Leased

Leases on space classified as active new construction or, prior to execution, was included in the land bank and is expected to enter the Company’s operating portfolio at a future date.

Forward-Leased

Leases on space which is currently occupied and which are expected to commence upon vacancy of the existing tenants.

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.

Bond Covenants

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, unsecured senior notes due 2019, 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, April 23, 2014, and June 28, 2012, respectively. The covenants for the unsecured senior notes due 2020, unsecured senior notes due 2016, unsecured senior notes due 2019, 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, unsecured senior notes due 2019, and unsecured senior notes due 2022 excludes such investments in unconsolidated partnerships.

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TOP TWENTY TENANT NOTES

SEPTEMBER 30, 2015

Regeneron Pharmaceuticals, Inc.

5,081 square feet will expire in November 2015, 7,568 square feet in December 2016, 42,170 square feet in December 2018, 264,557 square feet in June 2024, 455,125 square feet in June 2029, and 297,000 square feet in July 2029.

Illumina, Inc.

Includes build-to-suit transactions to construct three new buildings pre-leased to Illumina for a 15 year term totaling approximately 360,000 square feet at Lincoln Centre and another new building on a 20 year term totaling approximately 155,000 square feet at Granta Park II. 28,057 square feet will expire in June 2017, 162,675 square feet in October 2023, 200,000 square feet in June 2032, 160,000 square feet in June 2033, and 155,000 square feet in September 2037.

GlaxoSmithKline plc

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

Sanofi

343,000 square feet expire July 2018 and 75,003 square feet expire September 2018.

Vertex Pharmaceuticals Incorporated

81,204 square feet are leased with a subsidiary of Vertex Pharmaceuticals Incorporated. 290,716 square feet expire April 2018, and 81,204 square feet expire December 2018.

Children’s Hospital Corporation

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

Wake Forest University

242,000 square feet expire December 2027, 130,170 square feet in March 2029, 167,947 square feet in June 2031, and 115,303 square feet expire in December 2031. Wake Forest University is the sole member of the tenant, Wake Forest University Health Sciences.

Alexion Pharmaceuticals, Inc.

3,134 square feet are currently month-to-month and 410,411 square feet expire November 2027.

Yale University

9,330 square feet are currently month-to-month, 8,478 square feet expire May 2016, 10,578 square feet expire February 2018, 15,436 square feet expire August 2020, 20,143 square feet expire February 2022, 19,912 square feet expire May 2025, 4,796 square feet expire October 2025, 208,777 square feet expire April 2032 and 95,272 square feet expire February 2036.

MedImmune, Inc.

21,576 square feet expire December 2015, 39,505 square feet expire December 2020 and 160,290 square feet expire in December 2021.

Isis Pharmaceuticals, Inc.

176,000 square feet expire July 2031 and 28,704 square feet expire December 2031.

Bristol-Myers Squibb Company

13,160 square feet expire July 2016, 30,167 square feet expire April 2024 and 194,108 square feet expire May 2025.

Gilead Sciences, Inc.

38,954 square feet expire July 2017 and 101,597 square feet expire April 2027.

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