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Alexandria Real Estate Equities Provides Update

- Approximately $256 Million in Net Proceeds Raised in a Follow-on Offering -

- 1Q '09 Leasing Activity Remains Solid and Alexandria Receives Award for Best R&D Lease in San Francisco Bay Area -

- Zoning Approved for Redevelopment Project in Cambridge Laying the Groundwork for a Future State-of-the-Art Life Science Venue and Ensures Cambridge's Position as an Epicenter of the Life Science Industry -

PASADENA, Calif., March 31 /PRNewswire-FirstCall/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), Landlord of Choice to the Life Science Industry(R), today provided an update highlighting some recent accomplishments and reinforcing its leadership position as the preeminent life science property specialist.

On March 24, 2009, Alexandria completed a follow-on offering, raising net proceeds of approximately $256 million. The Company intends to use the net proceeds from the offering to reduce its debt. Additionally, leasing activity remained solid in the first quarter of 2009 with new leases signed in Massachusetts, Maryland and San Francisco, as well as Alexandria's other cluster markets.

Alexandria was recently honored at the San Francisco Business Times Bay Area Real Estate Deals of the Year Awards, winning "Best R&D Lease" for its lease with Pfizer Inc. in August 2008 for approximately 100,000 square feet, with an option for an additional 50,000 square feet, at the Alexandria Center for Science and Technology at Mission Bay. Pfizer intends to locate its new and leading edge Biotherapeutics and Bioinnovation Center in this state-of-the-art facility.

"The award we received from the San Francisco Business Times further speaks to Alexandria's underwriting skill and unique offering. We have created world-class life science cluster destinations by bringing together talent, capital and innovative research and science in AAA locations, such as Mission Bay, that are adjacent to great academic institutions and we are extremely honored to be recognized for this achievement," said Stephen Richardson, Senior Vice President and Regional Market Director, Alexandria Real Estate Equities, Inc.

Alexandria also announced that the Cambridge City Council approved the changes to the zoning ordinance that it requested related to its first-in-class Binney Street project, a necessary first step toward the future development of more than 1.5 million square feet of laboratory space and other mixed uses near Kendall Square. The project is a once in a generation, 15.7-acre development, that will create a smart-growth, transit-oriented project that will include five highly sustainable state-of-the-art lab facilities, as well as the preservation of existing buildings. This innovative development will connect East Cambridge to Kendall Square, providing convenient access to leading research and academic institutions including MIT, Whitehead Institute for Biomedical Research and Harvard University. The site contains numerous parcels with existing structures which are generating current cash flow.

"Cambridge is home to some of the world's finest universities, medical centers, research institutes, pharmaceutical and biotechnology companies. Our plans for the Binney project will further enhance the desirability of Cambridge as a life science destination, cementing its position at the epicenter of the industry," said Tom Andrews, Senior Vice President and Regional Market Director, Alexandria Real Estate Equities, Inc. "Our project team will employ strong urban design principles in ultimately replacing the current surface parking lots and obsolete industrial buildings with attractive new facilities and a vibrant, pedestrian-friendly urban environment, giving life science firms room to grow close to Harvard, MIT and so many important firms doing cutting-edge research."

Within the Cambridge market, Alexandria includes among its client tenants such industry leaders as GlaxoSmithKline, Inc., Massachusetts Institute of Technology, Novartis AG, Alnylam Pharmaceuticals, Inc. and Thermo Fisher Scientific Inc. Technology Square, one of the world's leading life science cluster destinations, based in Cambridge, is also an Alexandria life science campus.

Alexandria has a very broad and diversified quality client tenant base. As of December 31, 2008, on an annualized base rent basis by sector, Alexandria's multinational pharmaceutical client tenants represented approximately 24%, led by Novartis AG and GlaxoSmithKline plc; revenue producing life science products and service companies represented approximately 16%, led by Quest Diagnostics Incorporated, Laboratory Corporation of America Holdings and Monsanto Company; government agencies and renown medical and research institutions represented approximately 14%, including The Scripps Research Institute, the Massachusetts Institute of Technology, the Fred Hutchinson Cancer Research Center, the University of Washington and the U.S. Government; public biopharmaceutical companies represented approximately 26% and included the six largest in the sector, Genentech, Inc., Amgen Inc., Gilead Sciences, Inc., Celgene Corporation, Genzyme Corporation, and Biogen Idec, Inc.; private biopharmaceutical represented approximately 13% and were dominated by high-quality, leading-edge companies with blue chip venture investors, including Ambrx, Inc., Archemix Corp., Fate Therapeutics, Inc., Juvaris BioTherapeutics, Inc. and TolerRx, Inc.; and the remainder of approximately 7% was comprised of traditional office. The two fastest growing sectors by revenue currently include leading institutional and multinational pharmaceutical client tenants. Alexandria's innovative business model, very strong and unique life sciences and financial underwriting skills with substantial experience and expertise, long-term client tenant relationships and sophisticated management with both real estate and life science operating experience and expertise, set Alexandria apart from all other publicly-traded REITs. From Alexandria's IPO (May 1997) through December 31, 2008, Alexandria ranked number four of all publicly-traded equity REIT with a total return of 399% (assuming reinvestment of all dividends).

Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life Science Industry(R), is the largest owner and preeminent first-in-class real estate investment trust focused principally on science-driven cluster formation. Alexandria is the leading provider of high-quality environmentally sustainable real estate, technical infrastructure and services to the broad and diverse life science industry. Client tenants include institutional (universities and independent not-for-profit institutions), pharmaceutical, biopharmaceutical, medical device, product, service, and translational entities, as well as government agencies. Alexandria's operating platform is based on the principle of "clustering", with assets and operations located in key life science markets.

This press release contains forward-looking statements, including earnings guidance, within the meaning of the federal securities laws. Actual results may differ materially from those projected in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained in our Annual Report on Form 10-K and our other periodic reports filed with the Securities and Exchange Commission.

SOURCE Alexandria Real Estate Equities, Inc.
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