CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY ALEXANDRIA REAL ESTATE EQUITIES, INC. AND SUBSIDIARIES 36 Series A Series B Number of (DOLLARS IN THOUSANDS) Preferred Stock Preferred Stock Common Shares Balance at December 31, 2000 $ 38,588 $ - 15,548,356 FAS 133 transition adjustment - - - Net income - - - Unrealized loss on marketable securities - - - Unrealized loss on swap agreements - - - Comprehensive income - - - Issuance of common stock, net of offering costs - - 500,000 Stock compensation expense - - 122,555 Amortization of stock compensation expense - - - Exercise of stock options - - 183,630 Dividends declared on preferred stock - - - Dividends declared on common stock - - - Balance at December 31, 2001 38,588 - 16,354,541 Net income - - - Reclassification adjustment - - - Unrealized loss on marketable securities - - - Unrealized loss on swap agreements - - - Comprehensive income - - - Issuance of common stock, net of offering costs - - 2,418,970 Issuance of Series B preferred stock, net of offering costs - 57,500 - Stock compensation expense - - 76,075 Amortization of stock compensation expense - - - Exercise of stock options - - 124,371 Dividends declared on preferred stock - - - Dividends declared on common stock - - - Balance at December 31, 2002 38,588 57,500 18,973,957 Net income - - - Unrealized gain on marketable securities - - - Unrealized gain on swap agreements - - - Comprehensive income - - - Stock compensation expense - - 92,483 Amortization of stock compensation expense - - - Exercise of stock options - - 197,583 Dividends declared on preferred stock - - - Dividends declared on common stock - - - Balance at December 31, 2003 $ 38,588 $57,500 19,264,023 See accompanying notes.