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Alexandria Real Estate Equities Provides Update
Date:3/31/2009

- 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
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SOURCE Alexandria Real Estate Equities, Inc.
Copyright©2009 PR Newswire.
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