C O N S O L I D A T E D S T A T E M E N T S O F S T O C K H O L D E R ’ S E Q U I T Y Alexandria Real Estate Equities, Inc. and Subsidiaries Series A Series B Series C Preferred Preferred Preferred (Dollars in thousands) Stock Stock Stock BALANCE AT DECEMBER 31, 2001 $ 38,588 $ -  $ -  Net income -  -  -  Reclassification adjustment -  -  -  Unrealized loss on marketable securities -  -  -  Unrealized loss on swap agreements -  -  -  Comprehensive income - -  -  Issuance of common stock, net of offering costs -  -  -  Issuance of Series B preferred stock, net of offering costs -  57,500 -  Stock compensation expense -  -  -  Amortization of stock compensation expense -  -  -  Exercise of stock options  -  -  -  Dividends declared on preferred stock -  -  -  Dividends declared on common stock -  -  -  BALANCE AT DECEMBER 31, 2002 38,588 57,500 -  Net income -  -  -  Unrealized gain on marketable securities -  -  -  Unrealized gain on swap agreements -  -  -  Comprehensive income -  -  -  Stock compensation expense -  -  -  Amortization of stock compensation expense - - - Exercise of stock options  -  -  -  Dividends declared on preferred stock - - - Dividends declared on common stock -  -  -  BALANCE AT DECEMBER 31, 2003 38,588 57,500 -  Net income -  -  -  Unrealized gain on marketable securities -  -  -  Unrealized gain on swap agreements -  -  -  Comprehensive income -  -  -  Issuance of Series C preferred stock, net of offering costs -  -  129,638 Redemption of Series A preferred stock (38,588) -  -  Stock compensation expense -  -  -  Amortization of stock compensation expense -  -  -  Exercise of stock options -  -  -  Dividends declared on preferred stock -  -  -  Dividends declared on common stock -  -  -  BALANCE AT DECEMBER 31, 2004 $ -  $ 57,500 $129,638 See accompanying notes. P 24