C O N S O L I D A T E D S T A T E M E N T S O F I N C O M E Alexandria Real Estate Equities, Inc. and Subsidiaries Year Ended December 31, (Dollars in thousands, except per share amounts) 2004 2003 2002 REVENUES Rental $ 143,879 $ 126,414 $ 111,694 Tenant recoveries 35,864 32,076 29,020 Other income 3,541 2,068 1,557 183,284 160,558 142,271 EXPENSES Rental operations 38,417 32,794 29,135 General and administrative 15,105 14,211 13,436 Interest 28,670 26,416 24,984 Depreciation and amortization 42,523 38,633 32,898 Impairment of investments - - 2,545 Loss on early extinguishment of debt - - 1,002 124,715 112,054 104,000 Income from continuing operations 58,569 48,504 38,271 Income from discontinued operations, net 1,626 11,139 1,761 Net income $ 60,195 $ 59,643 $ 40,032 Dividends on preferred stock 12,595 8,898 8,579 Preferred stock redemption charge 1,876 -  - Net income available to common stockholders $ 45,724 $ 50,745 $ 31,453 Basic income per common share: Income from continuing operations (net of preferred  stock dividends and preferred stock redemption charge) $ 2.28 $ 2.09 $ 1.69 Income from discontinued operations, net $ 0.08 $ 0.59 $ 0.10 Net income available to common stockholders $ 2.37 $ 2.67 $ 1.79 Diluted income per common share: Income from continuing operations (net of preferred  stock dividends and preferred stock redemption charge) $ 2.24 $ 2.06 $ 1.66 Income from discontinued operations, net $ 0.08 $ 0.58 $ 0.10 Net income available to common stockholders $ 2.33 $ 2.64 $ 1.76 Weighted average shares of common stock outstanding: Basic 19,315,364 18,993,856 17,594,228 Diluted 19,658,759 19,247,790 17,859,787 See accompanying notes. P 23