2004.We believe we can continue to do so and that we can deliver sustainable and mean- ingful growth.  The quality of Alexandria’s Labspace ® has earned the faith and trust of our life sci- ence industry constituency. So too, the integrity of our business goals, beliefs, practices, and principles have earned the faith and trust of our shareholders, client tenants, business relationships, and employees.We are an efficient and cost-conscious business culture man- aged by a team which possesses highly focused expertise, experience, strength and depth. Our unparalleled and unique business model and brand gives us a clear and sustainable competitive advantage, together with the multi-faceted growth strategies that we have implemented. These will enable us to achieve continued success. We remain highly focused and as dedicated and enthusiastic as ever. Our people are second to none in the industry.This human capital base is important and significant.We thank our entire team for their outstanding collective accomplishments during 2004. We thank our shareholders for choosing to invest in Alexandria, our client tenants for choosing to work with us, and our people for leading our outstanding performance. We will strive to continue to serve our client tenants’ Labspace ® needs, setting the stan- dard, capitalizing on market opportunities, and harnessing the entrepreneurial talent and spirit of our people. Jerry M. Sudarsky Chairman of the Board Joel S. Marcus Chief Executive Officer P 8