See accompanying notes. P 22 As of December 31, (Dollars in thousands, except per share amounts) 2004 2003 ASSETS Rental properties, net $ 1,427,853 $ 982,297 Properties under development 252,249 153,379 Cash and cash equivalents 3,158 4,985 Tenant security deposits and other restricted cash 17,669 11,057 Tenant receivables 2,542 1,969 Deferred rent 43,166 31,503 Investments 67,419 47,126 Other assets 58,228 40,261 Total assets $ 1,872,284 $ 1,272,577 LIABILITIES AND STOCKHOLDERS’ EQUITY Secured notes payable $ 638,946 $ 320,007 Unsecured line of credit and unsecured term loan 548,000 389,000 Accounts payable, accrued expenses and tenant security deposits 48,581 43,408 Dividends payable 16,284 13,027 1,251,811 765,442 Commitments and contingencies Stockholders’ equity: 9.50% Series A cumulative redeemable preferred stock, $0.01 par value  per share, 1,610,000 shares authorized; 1,543,500 shares issued and  outstanding at December 31, 2003; $25.00 liquidation value - 38,588  9.10% Series B cumulative redeemable preferred stock, $0.01 par value  per share, 2,300,000 shares authorized; 2,300,000 shares issued and outstanding at December 31, 2004 and 2003; $25.00 liquidation value 57,500 57,500 8.375% Series C cumulative redeemable preferred stock, $0.01 par  value per share, 5,750,000 shares authorized; 5,185,500 shares  issued and outstanding at December 31, 2004; $25.00 liquidation value 129,638 - Common stock, $0.01 par value per share, 100,000,000 shares authorized;  19,594,418 and 19,264,023 shares issued and outstanding at  December 31, 2004 and 2003, respectively 196 193 Additional paid-in capital 421,835 409,926 Deferred compensation (7,807) (2,232) Retained earnings 5,267 8,635  Accumulated other comprehensive income (loss) 13,844 (5,475) Total stockholders’ equity 620,473 507,135 Total liabilities and stockholders’ equity $ 1,872,284 $ 1,272,577 C O N S O L I D A T E D B A L A N C E S H E E T S Alexandria Real Estate Equities, Inc. and Subsidiaries