35 Year Ended December 31, (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS) 2003 2002 2001 Revenues Rental $ 126,414 $ 111,694 $ 93,596 Tenant recoveries 32,076 29,020 24,143 Other income 2,068 1,557 3,122 160,558 142,271 120,861 Expenses Rental operations 32,794 29,135 24,655 General and administrative 14,211 13,436 11,694 Interest 26,416 24,984 27,666 Depreciation and amortization 38,633 32,898 29,264 Impairment on investments - 2,545 - Loss on early extinguishment of debt - 1,002 - 112,054 104,000 93,279 Income from continuing operations 48,504 38,271 27,582 Income from discontinued operations, net 11,139 1,761 2,695 Net income $ 59,643 $ 40,032 $ 30,277 Dividends on preferred stock $ 8,898 $ 8,579 $ 3,666 Net income allocated to common stockholders $ 50,745 $ 31,453 $ 26,611 Basic income per common share: Income from continuing operations $ 2.55 $ 2.18 $ 1.73 Income from discontinued operations, net $ 0.59 $ 0.10 $ 0.17 Net income $ 3.14 $ 2.28 $ 1.90 Net income available to common stockholders $ 2.67 $ 1.79 $ 1.67 Diluted income per common share: Income from continuing operations $ 2.52 $ 2.14 $ 1.70 Income from discontinued operations, net $ 0.58 $ 0.10 $ 0.17 Net income $ 3.10 $ 2.24 $ 1.87 Net income available to common stockholders $ 2.64 $ 1.76 $ 1.64 Weighted average shares of common stock outstanding: Basic 18,993,856 17,594,228 15,953,459 Diluted 19,247,790 17,859,787 16,208,178 See accompanying notes. CONSOLIDATED STATEMENTS OF INCOME ALEXANDRIA REAL ESTATE EQUITIES, INC. AND SUBSIDIARIES