--  Third Quarter 2009 Funds from Operations Per Share (Diluted)
        Attributable to Alexandria Real Estate Equities, Inc.'s Common
        Stockholders of $1.13
    --  Third Quarter 2009 Earnings Per Share (Diluted) Attributable to
        Alexandria Real Estate Equities, Inc.'s Common Stockholders of $0.47
    --  Third Quarter 2009 GAAP Same Property Revenues Less Operating Expenses
        Up 1%; Nine Months Ended September 30, 2009 GAAP Same Property Revenues
        Less Operating Expenses Up 4%
    --  Executed 29 Leases for 450,000 Rentable Square Feet; Nine Months Ended
        September 30, 2009 Executed 108 Leases for 1,349,000 Rentable Square
        Feet
    --  Third Quarter 2009 GAAP Rental Rate Increase of 5.6% on Renewed/Released
        Space
    --  Third Quarter Occupancy Remains Relatively Steady at 94.4%
    --  Operating Margins at 73%
    --  Reduced $104 Million of Secured Debt Obligations
    --  Entered into 15-Year Lease with Eli Lilly and Company as Anchor Tenant
        at Alexandria Center for Life Science at East River Science Park -
        NYC(TM)
    --  Closed Follow-on Common Stock Offering with Net Proceeds of $233 Million
    --  Completed Ground-Up Development of One Property at Mission Bay, San
        Francisco Aggregating 102,000 Rentable Square Feet Pursuant to a 15-Year
        Lease with Pfizer Inc.

    --  As of September 30, 2009, Four Properties Aggregating 269,196 Rentable
        Square Feet Were Under Contract, LOI or Under Negotiation and Were
        Classified as "Held for Sale"

October 2009:

    --  Closed 10-Year Secured Loan for $120 Million

    --  Sold One Property Previously Classified as "Held For Sale" to a Life
        Science User

Alexandria Real Estate Equities, Inc. (NYSE: ARE) today announced operating and financial results for the third quarter ended September 30, 2009.

For the third quarter of 2009, we reported funds from operations ("FFO") attributable to Alexandria Real Estate Equities, Inc.'s common stockholders of $50,609,000, or $1.13 per share (diluted), compared to FFO attributable to Alexandria Real Estate Equities, Inc.'s common stockholders of $46,273,000, or $1.45 per share (diluted), for the third quarter of 2008. Comparing the third quarter of 2009 to the third quarter of 2008, FFO attributable to Alexandria Real Estate Equities, Inc.'s common stockholders increased 9% and FFO per share (diluted) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders decreased 22%. The weighted average number of basic and diluted common stock outstanding for calculating FFO per share (diluted) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders totaled 39,094,018 and 44,903,051, respectively, for the third quarter of 2009 and 31,694,711 and 31,807,455, respectively, for the third quarter of 2008. For the nine months ended September 30, 2009, we reported FFO attributable to Alexandria Real Estate Equities, Inc.'s common stockholders of $180,427,000, or $4.49 per share (diluted), compared to FFO attributable to

Alexandria Real Estate Equities, Inc.'s common stockholders of $130,317,000, or $4.11 per share (diluted), for nine months ended September 30, 2008. Comparing the nine months ended September 30, 2009 to the nine months ended September 30, 2008, FFO attributable to Alexandria Real Estate Equities, Inc.'s common stockholders and FFO per share (diluted) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders increased 38% and 9%, respectively.

FFO is a non-GAAP measure widely used by publicly traded real estate investment trusts. We compute FFO in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts ("NAREIT") in its April 2002 White Paper and related implementation guidance. A reconciliation of net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders in accordance with United States generally accepted accounting principles ("GAAP") to FFO attributable to Alexandria Real Estate Equities, Inc.'s common stockholders is included in the financial information accompanying this press release. The primary reconciling item between GAAP net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders and FFO attributable to Alexandria Real Estate Equities, Inc.'s common stockholders is depreciation and amortization expense. Depreciation and amortization expense for the three months ended September 30, 2009 and 2008 was $28,336,000 and $27,447,000, respectively. Depreciation and amortization expense for the nine months ended September 30, 2009 and 2008 was $89,504,000 and $80,260,000, respectively. Net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders for the third quarter of 2009 was $18,203,000, or $0.47 per share (diluted), compared to net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders of $19,319,000, or $0.61 per share (diluted), for the third quarter of 2008. The weighted average number of basic and diluted common stock outstanding for calculating earnings per share attributable to Alexandria Real Estate Equities, Inc.'s common stockholders totaled 39,094,018 and 39,105,950, respectively, for the third quarter of 2009 and 31,694,711 and 31,807,455, respectively, for the third quarter of 2008. Net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders for the nine months ended September 30, 2009 was $83,314,000, or $2.26 per share (diluted), compared to net income attributable to Alexandria Real Estate Equities, Inc.'s common stockholders of $71,521,000, or $2.25 per share (diluted), for the nine months ended September 30, 2008.

For the third quarter of 2009, we executed a total of 29 leases for approximately 450,000 rentable square feet of space at 21 different properties (excluding month-to-month leases). Of this total, approximately 207,000 rentable square feet related to new or renewal leases of previously leased space and approximately 243,000 rentable square feet related to developed, redeveloped or previously vacant space. Of the 243,000 rentable square feet, approximately 144,000 rentable square feet were delivered from our development or redevelopment programs, with the remaining approximately 99,000 rentable square feet related to previously vacant space. Rental rates for these new or renewal leases were on average approximately 5.6% higher (on a GAAP basis) than rental rates for expiring leases.

For the nine months ended September 30, 2009, we executed a total of 108 leases for approximately 1,349,000 rentable square feet of space at 49 different properties (excluding month-to-month leases). Of this total, approximately 788,000 rentable square feet related to new or renewal leases of previously leased space and approximately 561,000 rentable square feet related to developed, redeveloped or previously vacant space. Of the 561,000 rentable square feet, approximately 252,000 rentable square feet were delivered from our development or redevelopment programs, with the remaining approximately 309,000 rentable square feet related to previously vacant space. Rental rates for these new or renewal leases were on average approximately 4.9% higher (on a GAAP basis) than rental rates for expiring leases.

During the nine months ended September 30, 2009, we sold three properties aggregating 64,218 rentable square feet to a life science user. These properties were located in the San Diego market and were sold for approximately $14.5 million at a gain of approximately $2.2 million. As of September 30, 2009, four properties with approximately 269,196 rentable square feet were classified as "held for sale." In October 2009, we sold one property located in the Suburban Washington, D.C. market aggregating 47,558 rentable square feet to a life science user for approximately $6.4 million.

In July 2009, we announced that we entered into a 15-year lease with Eli Lilly and Company ("Lilly") as the anchor tenant at the Alexandria Center for Life Science at East River Science Park - NYC(TM) ("the Alexandria Center"), a highly advanced state-of-the-art urban science park in New York City. Lilly has leased approximately 91,000 rentable square feet, as well as an additional approximately 9,000 rentable square feet of core services space, at the Alexandria Center, which will become the new research headquarters for ImClone Systems, a wholly-owned subsidiary of Lilly, and New York City's life science collaboration and translational research epicenter.

Also in July 2009, we completed the ground-up development of one property located in the San Francisco Mission Bay submarket aggregating 102,000 rentable square feet pursuant to a 15-year lease with Pfizer Inc.

In October 2009, we closed on a 10-year secured loan with an insurance company approximating $120 million. The loan is secured by several of our operating properties.

As of September 30, 2009, approximately 88% of our leases (on a rentable square footage basis) were triple net leases, requiring tenants to pay substantially all real estate taxes and insurance, common area and other operating expenses, including increases thereto. In addition, approximately 7% of our leases (on a rentable square footage basis) required the tenants to pay a majority of operating expenses. Additionally, approximately 92% of our leases (on a rentable square footage basis) provided for the recapture of certain capital expenditures, and approximately 93% of our leases (on a rentable square footage basis) contained effective annual rent escalations that were either fixed or indexed based on the consumer price index or another index.

Based on our current view of existing market conditions and certain current assumptions, our updated guidance for FFO per share (diluted) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders and earnings per share (diluted) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders is as follows:

                                                                2009
                                                                ----
    FFO per share (diluted) (1)                               $5.52 (1)
    Earnings per share (diluted) (1)                          $2.69 (1)

    (1)  Our guidance for 2009 includes a $7.2 million gain for a cash payment
         related to real estate acquired in November 2007 and a $11.3 million
         gain on early extinguishment of debt recognized during the nine
         months ended September 30, 2009.  Our guidance for FFO per share
         (diluted) for the twelve months ended December 31, 2009 assumes
         conversion of our 8% unsecured convertible notes as the impact of
         the conversion is expected to be dilutive under the "if-converted"
         method.  Our guidance for earnings per share (diluted) for the twelve
         months ended December 31, 2009, however, does not assume conversion
         of our 8% unsecured convertible notes as the impact of the conversion
         is expected to be anti-dilutive under the "if-converted" method.

Alexandria Real Estate Equities, Inc. ("Alexandria") has a very broad and diversified quality client tenant base. As of September 30, 2009, on a rental revenue basis by sector, Alexandria's multinational pharmaceutical client tenants led by its top client tenants Novartis AG, Roche Holding Ltd, GlaxoSmithKline plc, Pfizer Inc., Johnson & Johnson and Merck & Co., Inc., represented approximately 28% of its client tenant base; revenue producing life science product and service companies led by Quest Diagnostics Incorporated, Qiagen N.V., Laboratory Corporation of America Holdings and Monsanto Company represented approximately 19% of its client tenant base; public biopharmaceutical companies represented approximately 17% of its client tenant base and included the three largest in the sector, Amgen Inc., Gilead Sciences, Inc., Celgene Corporation; government agencies and renowned medical and research institutions represented approximately 15% of its client tenant base and included The Scripps Research Institute, Massachusetts Institute of Technology, Fred Hutchinson Cancer Research Center, University of Washington, the Burnham Institute for Medical Research and the United States Government; private biopharmaceutical companies represented approximately 14% of its client tenant base and included high-quality, leading-edge companies with blue chip venture and institutional investors, including Achaogen, Inc., Ambrx, Inc., Intellikine, Inc., MacroGenics, Inc. and ToleRx, Inc.; the remaining approximately 7% of its client tenant base consisted of traditional office tenants. The two fastest growing client tenant sectors by revenue currently include leading institutional and multinational pharmaceutical. Alexandria's innovative business model, very strong and unique life sciences and underwriting skills with substantial experience and expertise, long-term life science industry relationships and sophisticated management with both real estate and life science operating experience and expertise, set Alexandria apart from all other publicly-traded REITs.

We will host a conference call on Thursday, November 5, 2009 at 3:00 p.m. Eastern Time ("ET")/12:00 p.m. noon Pacific Time ("PT") that is open to the general public to discuss our operating and financial results for the third quarter ended September 30, 2009. To participate in this conference call, dial (719) 325-2255 and confirmation code 8251486, shortly before 3:00 p.m. ET/12:00 p.m. noon PT. The audio web cast can be accessed at: www.labspace.com, in the Corporate Information section. A replay of the call will be available from 6:00 p.m. ET/3:00 p.m. PT on Thursday, November 5, 2009 through a limited time thereafter. The replay number is (719) 457-0820 and the confirmation code is 8251486.

Additionally, a copy of Alexandria Real Estate Equities, Inc.'s Supplemental Financial & Property Information for the quarter ended September 30, 2009 and this press release are available in the Corporate Information section of our website at www.labspace.com.

Alexandria Real Estate Equities, Inc., Landlord of Choice to the Life Science Industry(R), is the largest owner and pre-eminent first-in-class REIT 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. Our asset base approximates 12.8 million rentable square feet consisting of 157 properties approximating 11.8 million rentable square feet (including spaces undergoing active redevelopment) and properties undergoing ground-up development approximating an additional 980,000 rentable square feet.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding our 2009 earnings per share (diluted) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders, 2009 FFO per share (diluted) attributable to Alexandria Real Estate Equities, Inc.'s common stockholders, the business plans of certain tenants and the expected impact of the conversion of our unsecured convertible notes. Our actual results may differ materially from those projected in such forward-looking statements. Factors that might cause such a difference include, without limitation, our failure to obtain capital (debt, construction financing and or equity) or refinance debt maturities, increased interest rates and operating costs, adverse economic or real estate developments in our markets, our failure to successfully complete and lease our existing space held for redevelopment and new properties acquired for that purpose and any properties undergoing development, our failure to successfully operate or lease acquired properties, decreased rental rates or increased vacancy rates or failure to renew or replace expiring leases, defaults on or non-renewal of leases by tenants, general and local economic conditions and other risks and uncertainties detailed in our filings with the Securities and Exchange Commission ("SEC"). All forward-looking statements are made as of the date of this press release, and we assume no obligation to update this information. For more discussion relating to risks and uncertainties that could cause actual results to differ materially from those anticipated in our forward-looking statements, and risks to our business in general, please refer to our SEC filings, including our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q.

                        ALEXANDRIA REAL ESTATE EQUITIES, INC.
                       Condensed Consolidated Income Statements
                     (Dollars in thousands, except per share data)
                                     (Unaudited)

                               Three Months Ended     Nine Months Ended
                                 September 30,          September 30,
                                 -------------          -------------
                                2009     2008 (1)     2009       2008 (1)
                               -----     -------      ----       -------
    Income statement data
    Total revenues           $114,605   $112,531   $365,771     $327,133

    Expenses
    Rental operations          30,783     29,057     91,430       83,567
    General and
     administrative             9,610      8,587     27,827       25,816
    Interest                   20,909     21,289     61,865       63,174
    Depreciation and
     amortization              28,031     26,924     87,878       78,520
        Non-cash impairment
         on investments             -          -          -        1,985
                             --------   --------   --------     --------
    Total expenses             89,333     85,857    269,000      253,062

    Gain on early
     extinguishment of debt         -          -     11,254            -
                             --------   --------   --------     --------
    Income from continuing
     operations                25,272     26,674    108,025       74,071

    Income from discontinued
     operations, net            1,106        928      3,718       18,458
                             --------   --------   --------     --------

    Net income                 26,378     27,602    111,743       92,529

    Net income attributable
     to noncontrolling
     interests                    886        929      6,123        2,828
    Dividends on preferred
     stock                      7,090      7,090     21,268       17,136
    Net income attributable
     to unvested restricted
     stock awards                 199        265      1,038        1,048
                             --------   --------   --------     --------
    Net income attributable
     to Alexandria Real
     Estate Equities, Inc.'s
     common stockholders      $18,203    $19,318    $83,314      $71,517
                             ========   ========   ========     ========

    Earnings per share
     attributable to
     Alexandria Real Estate
     Equities, Inc.'s common
     stockholders - basic
    Continuing operations       $0.44      $0.58      $2.16        $1.68
    Discontinued
     operations, net             0.03       0.03       0.10         0.58
                             --------   --------   --------     --------
    Earnings per share
     - basic                    $0.47      $0.61      $2.26        $2.26
                             ========   ========   ========     ========

    Earnings per share
     attributable to
     Alexandria Real Estate
     Equities, Inc.'s common
     stockholders - diluted
    Continuing operations       $0.44      $0.58      $2.16        $1.68
    Discontinued operations,
     net                         0.03       0.03       0.10         0.57
                             --------   --------   --------     --------
    Earnings per share
     - diluted                  $0.47      $0.61      $2.26        $2.25
                             ========   ========   ========     ========

    (1)  Includes the retrospective impact of new accounting provisions
         adopted on January 1, 2009 impacting accounting for and disclosure
         of convertible debt, noncontrolling interests and participating
         securities.



                        ALEXANDRIA REAL ESTATE EQUITIES, INC.
                        Condensed Consolidated Balance Sheets
                                   (In thousands)
                                     (Unaudited)

                                                September 30, December 31,
                                                     2009       2008 (1)
                                                     ----       -------
                      Assets
    Rental properties, net                       $3,366,960   $3,215,723
    Land held for future development                254,549      109,478
    Construction in progress                     $1,349,656    1,398,895
    Cash and cash equivalents                        68,280       71,161
    Tenant security deposits and other
     restricted cash                                 60,002       67,782
    Tenant receivables                                3,789        6,453
    Deferred rent                                    92,022       85,733
    Investments                                      71,080       61,861
    Other assets                                    126,999      114,991
                                                 ----------   ----------
    Total assets                                 $5,393,337   $5,132,077
                                                 ==========   ==========

               Liabilities and Equity
    Secured notes payable                          $837,177   $1,081,963
    Unsecured line of credit and unsecured
     term loan                                    1,248,000    1,425,000
    Unsecured convertible notes                     580,919      431,145
    Accounts payable, accrued expenses and
     tenant security deposits                       325,720      386,801
    Dividends payable                                21,665       32,105
                                                 ----------   ----------
    Total liabilities                             3,013,481    3,357,014

    Redeemable noncontrolling interests              41,232       33,963

    Alexandria Real Estate Equities, Inc.
     stockholders' equity:
    Series C preferred stock                        129,638      129,638
    Series D cumulative convertible
     preferred stock                                250,000      250,000
    Common stock                                        437          319
    Additional paid-in capital                    1,961,421    1,407,294
    Accumulated other comprehensive loss            (44,162)     (87,241)
                                                 ----------   ----------
          Total Alexandria Real Estate Equities,
           Inc. stockholders' equity              2,297,334    1,700,010
    Noncontrolling interests                         41,290       41,090
                                                 ----------   ----------
    Total equity                                  2,338,624    1,741,100
                                                 ----------   ----------
    Total                                        $5,393,337   $5,132,077
                                                 ==========   ==========

    (1)  Includes the retrospective impact of new accounting provisions
         adopted on January 1, 2009 impacting accounting for and disclosure
         of convertible debt, noncontrolling interests and participating
         securities.



                         ALEXANDRIA REAL ESTATE EQUITIES, INC.
                                  Earnings per Share
                                     (Unaudited)

    Earnings per Share ("EPS")

    The following table presents the computation of basic and diluted EPS
    for the three and nine months ended September 30, 2009 and 2008
    (in thousands, except share and per share data):


                                     Three Months Ended     Nine Months Ended
                                        September 30,         September 30,
                                      2009       2008(1)     2009      2008(1)
                                      ----       ------      ----      ------
    Net income attributable to
     Alexandria Real Estate
     Equities, Inc.'s common
     stockholders - numerator for
     basic earnings per share        $18,203     $19,318    $83,314    $71,517
    Assumed conversion of 8%
     unsecured convertible notes           -           -          -          -
    Effect of dilutive securities
     and assumed conversion
     attributable to unvested
     restricted stock awards               -           1          -          4
                                  ----------  ---------- ---------- ----------
    Net income attributable to
     Alexandria Real Estate
     Equities, Inc.'s common
     stockholders assuming effect
     of dilutive securities and
     assumed conversion -
     numerator for diluted
     earnings per share              $18,203     $19,319    $83,314    $71,521
                                  ==========  ========== ========== ==========

    Weighted average shares of
     common stock outstanding
     for calculating earnings
     per share attributable to
     Alexandria Real Estate
     Equities, Inc.'s common
     stockholders - denominator
     for basic earnings per
     share                        39,094,018  31,694,711 36,858,606 31,619,163
    Effect of dilutive securities
     and assumed conversion:
       Dilutive effect of stock
        options                       11,932     112,744      8,207    126,671
       Assumed conversion of 8%
        unsecured convertible notes        -           -          -          -
                                  ----------  ---------- ---------- ----------
    Weighted average shares of
     common stock outstanding for
     calculating earnings per
     share attributable to
     Alexandria Real Estate Equities,
     Inc.'s common stockholders
     assuming effect of dilutive
     securities and assumed
     conversion - denominator
     for diluted earnings
     per share                    39,105,950  31,807,455 36,866,813 31,745,834
                                  ==========  ========== ========== ==========

    Earnings per share
     attributable to Alexandria
     Real Estate Equities,
     Inc.'s common stockholders
        Basic                          $0.47       $0.61      $2.26      $2.26
                                  ==========  ========== ========== ==========
        Diluted                        $0.47       $0.61      $2.26      $2.25
                                  ==========  ========== ========== ==========

    (1)  Includes the retrospective impact of new accounting provisions
         adopted on January 1, 2009 impacting accounting for and disclosure
         of convertible debt, noncontrolling interests and participating
         securities.



                        ALEXANDRIA REAL ESTATE EQUITIES, INC.
                                Funds from Operations
                                      (Unaudited)

    Funds from Operations ("FFO") (1)

    The following table presents a reconciliation of net income attributable
    to Alexandria Real Estate Equities, Inc.'s common stockholders, the most
    directly comparable GAAP financial measure to FFO, to FFO attributable to
    Alexandria Real Estate Equities, Inc.'s common stockholders for the three
    and nine months ended September 30, 2009 and 2008 (in thousands, except
    share and per share data):


                                    Three Months Ended     Nine Months Ended
                                       September 30,          September 30,
                                      2009      2008(2)     2009      2008(2)
                                      ----      ------      ----      ------
    Net income attributable
     to Alexandria Real
     Estate Equities, Inc.'s
     common stockholders            $18,203    $19,318    $83,314    $71,517
       Add: Depreciation and
        amortization (3)             28,336     27,447     89,504     80,260
       Add: Net income
        attributable to
        noncontrolling interests        886        929      6,123      2,828
       Add: Net income
        attributable to unvested
        restricted stock awards         199        265      1,038      1,048
       Subtract: Gain on sales
        of property                       -          -     (2,234)   (20,395)
       Subtract: FFO attributable
        to noncontrolling interests    (918)    (1,054)    (2,837)    (3,039)
       Subtract: FFO attributable
        to unvested restricted
        stock awards                   (505)      (634)    (2,153)    (1,909)
                                 ---------- ---------- ---------- ----------
    FFO attributable to
     Alexandria Real Estate,
     Inc.'s common stockholders -
     numerator for basic FFO
     per share                       46,201     46,271    172,755    130,310
       Add: Assumed conversion
        of 8% unsecured
        convertible notes             4,384          -      7,581          -
       Add: Effect of dilutive
        securities and assumed
        conversion attributable
        to unvested restricted
        stock awards                     24          2         91          7
                                 ---------- ---------- ---------- ----------
    FFO attributable to
     Alexandria Real Estate, Inc.'s
     common stockholders assuming
     effect of dilutive
     securities and assumed
     conversion - numerator for
     diluted FFO per share          $50,609    $46,273   $180,427   $130,317
                                 ========== ========== ========== ==========

    Weighted average shares of
     common stock outstanding
     for calculating FFO per
     share attributable to
     Alexandria Real Estate
     Equities, Inc.'s common
     stockholders - denominator
     for basic FFO per share     39,094,018 31,694,711 36,858,606 31,619,163
    Effect of dilutive
     securities and assumed
     conversion:
       Dilutive effect of
        stock options                11,932    112,744      8,207    126,671
       Assumed conversion of
        8% unsecured convertible
        notes                     5,797,101          -  3,333,864          -
                                 ---------- ---------- ---------- ----------

    Weighted average shares of
     common stock outstanding
     for calculating FFO per
     share attributable to
     Alexandria Real Estate
     Equities, Inc.'s common
     stockholders assuming effect
     of dilutive securities and
     assumed conversion -
     denominator for diluted FFO
     per share                   44,903,051 31,807,455 40,200,677 31,745,834
                                 ========== ========== ========== ==========

    FFO per share attributable
     to Alexandria Real Estate
     Equities, Inc.'s common
      stockholders
       Basic                          $1.18      $1.46      $4.69      $4.12
                                 ========== ========== ========== ==========
       Diluted                        $1.13      $1.45      $4.49      $4.11
                                 ========== ========== ========== ==========

    (1)  See note regarding FFO on page 9.
    (2)  Includes the retrospective impact of new accounting provisions
         adopted on January 1, 2009 impacting accounting for and disclosure
         of convertible debt, noncontrolling interests and participating
         securities.
    (3)  Includes depreciation and amortization for assets "held for sale"
         reflected as discontinued operations (for the periods prior to when
         such assets were designated as "held for sale").

Note Regarding Funds from Operations

GAAP basis accounting for real estate assets utilizes historical cost accounting and assumes real estate values diminish over time. In an effort to overcome the difference between real estate values and historical cost accounting for real estate assets, the Board of Governors of NAREIT established the measurement tool of FFO. Since its introduction, FFO has become a widely used non-GAAP financial measure among REITs. We believe that FFO is helpful to investors as an additional measure of the performance of an equity REIT. We compute FFO in accordance with standards established by the Board of Governors of NAREIT in its April 2002 White Paper (the "White Paper") and related implementation guidance, which may differ from the methodology for calculating FFO utilized by other equity REITs, and, accordingly, may not be comparable to such other REITs. The White Paper defines FFO as net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales, plus real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures.

FFO should not be considered as an alternative to net income (determined in accordance with GAAP) as an indication of financial performance, or to cash flows from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to make distributions.

SOURCE Alexandria Real Estate Equities, Inc.

http://www.labspace.com

Pfizer Inc. recently completed a sublease with Nektar Therapeutics, which will use this facility for its drug discovery research, development and commercialization activities. The facility is very high quality with environmentally sustainable technical infrastructure located in a critically important adjacency location to University of California San Francisco (UCSF). The Pfizer Inc. facility is Alexandria's third life science project at Mission Bay and is highly successful in its construction, delivery and lease-up.

"We are proud to have worked closely with Pfizer on the design and construction of this state-of-the-art facility. Equally important, we are pleased to note that the building was delivered on time and on budget," said Stephen Richardson, Senior Vice President and Regional Market Director for the San Francisco Bay Area, Alexandria Real Estate Equities, Inc.

The Alexandria Center for Science and Technology at Mission Bay(R) has quickly become one of the world's preeminent life science clusters. At the heart of Mission Bay is UCSF, which provides a strong foundation for collaboration, with a rich and prolific history of generating commercially viable intellectual capital. UCSF's entrepreneurial faculty and technology transfer office have led to the creation of more than 60 biopharmaceutical companies. UCSF, a powerful life science innovation engine, is unique among nearly all centers of excellence across the nation Other Alexandria client tenants at Mission Bay include such prestigious entities as Celgene Corporation, Merck & Co., Inc., Presidio Pharmaceuticals, Inc., Five Prime Therapeutics, Inc., Ion Torrent Systems, Inc., the J. David Gladstone Institutes, UCSF Orthopedic Clinic and blue-chip venture capital firms.

Further executing on its capital plan, Alexandria announced the closing of a new $120 million 10-year fixed rate secured financing with a top tier life insurance company. The proceeds of the loan will initially be used to reduce outstanding indebtedness on its unsecured line of credit. The collateral for this loan consists of six properties, which were previously part of our unencumbered assets. As of June 30, 2009, our unencumbered net operating income approximated 60.8 percent of our total net operating income.

Also, as part of the ongoing execution of Alexandria's multi-faceted capital plan, Alexandria reported the identification of four properties for sale aggregating approximately 269,000 rentable square feet, including several properties that are under negotiation for sale. These properties will be sold primarily to life science users with anticipated closings over the next several quarters. Total estimated sales prices for these properties, including the three properties that have been sold to date in 2009, aggregate approximately $50 million. The proceeds of these asset sales have and will be used to repay outstanding indebtedness on Alexandria's unsecured revolving line of credit.

Alexandria also today announced the receipt of Gold LEED certification by the U.S. Green Building Council for the recent build out of its proprietary Science Hotel(R) in San Diego, California. This is one of the very first office/laboratory spaces to have been Gold Certified LEED Commercial Interiors in the State of California.

The Science Hotel(R) consists of office/laboratory space divided in multiple suites with many common functions and a very high laboratory operations service component. As part of the project, Alexandria replaced the existing chiller and boilers with high efficiency models, installed a water reducing chemical treatment system for the cooling towers and installed water saving plumbing fixtures that saves over 40 percent of water use compared to a similar building. Alexandria also diverted more than 82 percent of the construction waste generated by the project from the local landfills, used materials that incorporated more than 23 percent recycled content, salvaged and refurbished more than 20 percent of the existing materials on site, and 40 percent of the materials purchased were manufactured regionally. All of these sustainable practices not only provide for a better working environment and reduce the environmental impact of the building but equally important, the energy efficiencies also lower tenants' operating costs.

LEED is the nationally accepted benchmark for the design, construction and operating of high performance green buildings. LEED promotes a whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.

"Alexandria continues to lead the way in the development and operation of life science clusters globally and this Gold LEED certification, one of the first office/laboratory spaces in California to be designated as such, is yet another example of our innovative leadership and commitment to efficient practices," said Vincent Ciruzzi, Senior Vice President, Construction and Development, Alexandria Real Estate Equities, Inc.

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.

This press release contains forward-looking statements within the meaning of the federal securities laws. Actual results might 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 the Company's Form 10-K Annual Report and other periodic reports filed with the Securities and Exchange Commission.

SOURCE Alexandria Real Estate Equities, Inc.