To showcase all the products, a grand re -opening celebration will take
place at this store between 11:00 a. Of
this total, approximately 797,000 square feet were for new or renewal leases
related to previously leased space and approximately 722,000 square feet were
for redeveloped, developed or previously vacant space.26 $2.60 2. Gain on sales of property is
included in the income statement in income from discontinued
operations, net.5%.2% 92.48 -- $6.59 7.5
years

Including Month-to-
Month Leases
Cash Basis 58 645,824 -- $23.9
million.2 million
developable square feet of office/laboratory space with an
aggregate cost basis of approximately $225 million. In addition to properties under active
redevelopment, as of December 31, 2005 our asset base contains imbedded
opportunities for a future permanent change of use to office/laboratory
space through redevelopment aggregating approximately 1.
Conference Call Information
For the Year and Fourth Quarter Ended December 31, 2005

Alexandria Real Estate Equities, Inc.

rental hygiene

and 2:00 p. to 4:30 p.com or, to speak with the nearest location,
call Hertz Equipment Rental toll-free at 1-888-777-2700.41 per share (diluted),
for the year ended December 31, 2004. Net income available
to common stockholders for the fourth quarter of 2005 was $12,157,000, or
$0. Of this total, approximately 451,000
square feet were for new or renewal leases related to previously leased space
and approximately 139,000 square feet were for redeveloped, developed or
previously vacant space. Of the 139,000 square feet , approximately 105,000
square feet were delivered from our redevelopment or development programs ,
with the remaining approximately 34,000 square feet for previously vacant
space. 31, Dec.

55 $0.52 $2.
Summary of Debt
December 31, 2005
(Dollars in thousands)
(Unaudited)

Principal Maturities / Rates

Secured Debt Unsecured Debt
Weighted Weighted
Average Average
Year Amount Interest Amount Interest
Rate(1) Rate(2)
2006 $44,552 6.26% 240,000 5.150% December 29,
2006
December 2003 December 29, 2006 50,000 -- 5.509% June 30, 2009

May 2005 November 28, 2008 25,000 -- 4. Properties under redevelopment are excluded from same
property results.C.3%(1) $1.C.

The current construction cost of these ground-up development
projects will average between $250 and $350 per developable
square foot.
Summary of Properties Under Redevelopment
December 31, 2005

Total Rentable
Estimated Square Footage Total Rentable
In-Service Under Square Footage
Markets Dates Redevelopment of Property

San Diego 2Q06 17,590 17,590

San Diego 3Q06 71,510 71,510

San Diego 3Q07 87,140 87,140

San Francisco Bay 1Q06 24,039 140,143

San Francisco Bay 3Q06 30,000 60,000

San Francisco Bay 3Q07 58,400 58,400

Eastern
Massachusetts 1Q07 17,187 45,820

Eastern
Massachusetts 2Q06 27,665 115,179

Eastern
Massachusetts 2Q07 26,589 26,589

New
Jersey/Suburban
Philadelphia 2Q06 20,727 42,600

Southeast 1Q06 33,321 60,519

Suburban
Washington D.

lease radiation

Hertz Equipment Rental Corporation is proud
to announce the opening of its newly remodeled store in Sanford, Florida;
located minutes off I-4 and Route 417 . In
addition, this location will continue to offer both short- and long-term
rental options on a wide assortment of quality equipment, such as skidsteer
loaders, backhoes, forklifts, aerial manlifts and various trucks.

The newly remodeled Hertz Equipment Rental store, located at 2300 West
Airport Blvd.
During the fourth quarter of 2005, we acquired five properties aggregating
approximately 368,000 square feet in the San Francisco Bay, Eastern
Massachusetts and Canadian markets.C.
Summary of Interest Rate Swap Agreements (1)
December 31, 2005
(Dollars in thousands)
(Unaudited)

Effective
at Interest
Transaction Notional December Pay Termination
Dates Effective Dates Amounts 31, 2005 Rates(2) Dates

December 2002 January 2, 2003 $25,000 $25,000 3.1% 7,240 7,232 0. Straight-line rent
adjustments for the years ended December 31, 2005 and 2004 for the
2005 Same Properties were $2,608,000 and $8,159,000, respectively.0% 100.7% 49.42 3.4%(1) $1.58 -- -- -- --
GAAP Basis 55 657,957 $23.8
years

Month-to-Month
Leases In Effect
Cash Basis 23 55,693 $24.

ALEXANDRIA REAL ESTATE EQUITIES, INC. Interest capitalized
on ground-up development and other construction projects for the
three months ended December 31, 2005 was approximately $6.

ALEXANDRIA REAL ESTATE EQUITIES, INC.

aq daily

on April 1, 2005.m.82 per share (diluted), compared to total revenues of $183,081,000 and FFO
available to common stockholders of $86,620,000 , or $4. A reconciliation of GAAP net income available to common
stockholders to FFO available to common stockholders, on both an aggregate and
a per share diluted basis, is included in the financial information
accompanying this press release.1 million for total consideration of $58.15
Earnings per share (diluted) $2.

This press release contains forward-looking statements , including earnings
guidance, within the meaning of the federal securities laws. Our 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.32% $-- --
2007 83,623 6.2 Years

(1) The weighted average interest rate related to our secured debt
is calculated based on the outstanding debt as of January 1st
for each year. The interest rate on floating
rate debt shown above does not reflect the impact of such swap
agreements.0% $108,742 $101,058 7.
Summary of Leasing Activity
For the Year Ended December 31, 2005

TI's/Lease
Number Rental Commissions
of Square Expiring New Rate Per Average
Leases Footage Rates Rates Changes Square Lease
Foot Terms

Leasing Activity
Lease Expirations
Cash Basis 79 1,258,034 $22.42 -- $12.65 -- $12.
Summary of Capital Costs
For the Year Ended December 31, 2005
(In thousands)

Property-related capital expenditures (1) $2,250

Leasing costs (2) $346

Property-related development costs (3) $94,037

Property-related redevelopment costs (3) $89,721

(1) Property-related capital expenditures include all major capital and
recurring capital expenditures except capital expenditures that are
recoverable from tenants, revenue-enhancing capital expenditures,
or costs related to the redevelopment of a property. Major capital
expenditures consist of roof replacements and HVAC systems which
are typically identified and considered at the time the property is
acquired.

ALEXANDRIA REAL ESTATE EQUITIES, INC.

radiation safety

This brings the total number
of EMLab AIHA accredited laboratories to fifteen. EMLab has been accredited by the AIHA in the
Environmental Microbiology Laboratory Program (EMLAP), which is
specifically for laboratories identifying microorganisms commonly detected
in air, fluids, and bulk samples during indoor air quality studies.
For more information about Hertz Equipment Rental, visit the company on the
web at http: //www.
For the year ended December 31, 2005, we reported total revenues of
$244,084,000 and FFO available to common stockholders of $102,689,000, or
$4. 31, Dec. 31, Dec.54 $0.02 -- 0.02) -- (0.82 $4.8%

For the Year Ended
12/31/2002 12/31/2001
Operational data
Breakdown of revenues from
continuing operations (a)
Rental income $111,516 $93,417
Tenant recoveries 28,995 24,121
Other income 1,556 3,120
Total $142,067 $120,658

Funds from operations per share-
diluted (b) $3.0% 56.8%
Straight line rent $1,492 $3,020 $3,305

As of
12/31/2005 9/30/2005 6/30/2005
Other data
Number of shares of common stock
outstanding at end of period 22,441,294 22,437 ,761 21,204,620
Number of properties (e)
Acquired/added/completed during
period 6 5 5
Sold/reconstructed during
period -- (1) --
Owned at end of period 134 128 124
Rentable square feet (e)
Acquired/added/completed during
period 415,978 301,458 333,788
Sold/reconstructed during
period -- (16,500) --
Owned at end of period 8,824,369 8,408,391 8,123,433

Debt to total market
capitalization (f)
Total debt $1,406,666 $1,271,698 $1,301,934
Preferred stock 192,419 196,420 197,474
Common stock 1 ,806,524 1,855,378 1,557,479
Total market capitalization $3,405,609 $3,323,496 $3,056,887
Debt to total market
capitalization ratio 41.6 % 5.98% 4.
(2) The weighted average interest rates related to our unsecured
line of credit and unsecured term loan are calculated based on
borrowings outstanding as of December 31, 2005.5%
Southeast 8 432,127 7,460 85.0% (2) 97 .5%
Properties Under
Redevelopment (3) 15 1,009,266 14,662 45.
(2) The decrease in occupancy percentage from September 30, 2005 to
December 31, 2005 is primarily related to one lease for
approximately 103,000 square feet.52 $25.98
2007 39 786,824 10.C.

equipment environmental

Environmental Microbiology Laboratory, Inc.54
- Executed 35 Leases for 590,000 Square Feet
- Added Five Properties Aggregating 368,000 Square Feet for Total
Consideration of $59 million
- Added Two Land Parcels Aggregating 603,000 Square Feet
- Closed $109 Million in Fixed Rate Loans
- Increased Capacity of Unsecured Credit Facilities to $1 Billion with
an Option to Increase Capacity by an Additional $200 Million

PASADENA, Calif. Comparing the year ended December 31,
2005 to the year ended December 31, 2004, total revenues increased 33%, FFO
available to common stockholders increased 19% and FFO per share (diluted)
increased 9%. Excluding two leases for approximately 47,000 square feet related to
one tenant in the Sorrento Valley submarket of San Diego, rental rates for new
or renewal leases for the fourth quarter of 2005 were on average approximately
3% higher (on a GAAP basis) than rental rates for expiring leases.37

Earnings per share -
diluted:
Continuing operations
(net of preferred stock
dividends
and preferred stock
redemption charge) $0.

(3) Gain on sales of property relates to the disposition of one property
in the Southeast market during the third quarter of 2005 , and the
disposition of one property in the Suburban Washington D.285% June 30, 2006

December 2003 December 30, 2005 50,000 50,000 4.615% November 30,
2009

December 2005 December 29, 2006 50,000 -- 4.768% December 31,
2010
Total Interest Rate Swap
Agreements in Effect at
December 31, 2005 $325,000

(1) For all interest rate swap agreements, interest is received based on
one month LIBOR.
(2) The interest pay rates represent the interest rate we will pay for
one month LIBOR under the respective interest rate swap agreement.

ALEXANDRIA REAL ESTATE EQUITIES, INC.6% $31,069 $28,483 9.1%
Total Properties 134 8,824,369 $199,750 87.

ALEXANDRIA REAL ESTATE EQUITIES, INC .82 $24.53 3.39 4.8
years
GAAP Basis 21 450,751 $23.91 5. 3Q06 44,208 131,415

Suburban
Washington D. See Summary of Imbedded Future Development and
Redevelopment Square Footage. In addition, we implement an active preventative
maintenance program at each of our properties to minimize capital
expenditures.

supplies aq

PRESS RELEASE Virginia Regional Lab Receives 15th AIHA Accreditation for EMLab(TM)

82,
Up 9% Over 2004, and Earnings Per Share (Diluted) of $2.18 per share (diluted), for the fourth quarter of 2004.10 per
share (diluted), recorded in the second quarter of 2004.58 per share (diluted) for the fourth
quarter of 2004. Our portfolio currently consists of 136 properties comprising
approximately 8.
Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Three Months Three Months Year Year
Ended Ended Ended Ended
Dec. 31,
2005 2004 2005 2004
Income statement data
Total revenues $66,076 $50,426 $244,084 $183,081

Expenses
Rental operations 14,767 10,686 54,540 38,394
General and
administrative 5,914 3,993 21,094 15,105
Interest 13,387 8,409 49,116 28,670
Depreciation and
amortization 15 ,451 11,861 55,399 42,476
49,519 34,949 180,149 124,645

Minority interest 377 -- 634 --
Income from continuing
operations 16,180 15,477 63 ,301 58,436

Income from discontinued
operations, net -- 27 132 1,759

Net income 16,180 15,504 63 ,433 60,195

Dividends on preferred
stock 4,023 4,022 16,090 12,595
Preferred stock redemption
charge -- -- -- 1,876

Net income available to
common stockholders $12,157 $11,482 $47,343 $45,724

Weighted average shares of
common stock outstanding
Basic 22,267,275 19,415,687 20,948,915 19,315,364
Diluted 22,672,986 19,755,325 21,316,886 19,658,759

Earnings per share -
basic:
Continuing operations
(net of preferred stock
dividends
and preferred stock
redemption charge) $0.59 $2. While FFO is a relevant and
widely used measure of operating performance for REITs, it 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.

The following table presents a reconciliation of net income available to
common stockholders, the most directly comparable GAAP financial measure to
FFO, to funds from operations available to common stockholders for the three
months and years ended December 31, 2005 and 2004 (in thousands, except per
share data):

Three Three
Months Months Year Year
Ended Ended Ended Ended
Dec.16
Minority interest 0.
(c ) Includes the effect of the preferred stock redemption charge of
$1,876,000, or $0. Pursuant to SFAS 13, "Accounting for Leases",
these payments are recognized on a straight-line basis over the lease
term.7% (2) 89.86 $24.6
years

Leasing Activity
Summary
Excluding Month -to-
Month Leases
Cash Basis 35 590,131 -- $23.1% $26. Average occupancy for properties under full or
partial redevelopment as of December 31, 2005 was 45 .

supplies space

hertzequip.
FFO is a non-GAAP measure widely used by publicly-traded real estate
investment trusts.55 $0.28
Discontinued operations,
net -- -- 0.21 $2. 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.18 $4.41

(1) During the second quarter of 2004, the Company elected to redeem its
9.956% December 31,
2006
March 2004 December 31 , 2004 25,000 25,000 2. Also, excluding the impact of this lease,
straight-line rent adjustments for the years ended December 31, 2005
and 2004 for the 2005 Same Properties were $4,178,000 and $8,159,000,
respectively, and straight-line rent adjustments for the quarters
ended December 31, 2005 and 2004 for the Fourth Quarter Same
Properties were $750,000 and $2,139,000, respectively.5% 97.19 8.93 -- -- --

(1) Excluding two leases for 47,000 square feet related to one tenant
in the Sorrento Valley submarket of San Diego, rental rates for
renewed/released space were on average 9.9% $24.

ALEXANDRIA REAL ESTATE EQUITIES, INC.0 million
rentable square feet.

This category contains sites from companies, organizations, and/or individuals with Scientific instruments, systems, equipment, and/or lab space for rent or lease.

supplies safety

We are proud of our association with the AIHA and are pleased to provide
this accreditation in keeping with our mission being the benchmark for
quality, turnaround time, and customer service in the indoor air quality
(IAQ) industry.com or contact us at 866-465-MOLD.22
- Fourth Quarter 2005 Total Revenues Up 31%, FFO Available to Common
Stockholders Up 18% and FFO Per Share (Diluted) Up 3% Over Fourth
Quarter 2004
- Fourth Quarter 2005 Earnings Per Share (Diluted) of $0. Also during the fourth
quarter of 2005, we acquired two land parcels with approximately 603,000
developable square feet.09
Earnings per share -
basic $0.
Financial Information
(Unaudited)

Funds from Operations
Generally accepted accounting principles ("GAAP") basis accounting for
real estate assets utilizes historical cost accounting and assumes real estate
values diminish over time .20 $4.48
Diluted $1.58 $2.9% 56.22 $1.9% 55.7%

(a) The historical results above exclude the results of assets "held for
sale" which have been reflected as discontinued operations.
(d) Excluding the impact of the preferred stock redemption charge, the
dividend payout ratio (common stock) for 2004 was 55.31% 5.

ALEXANDRIA REAL ESTATE EQUITIES, INC. Under GAAP, rental revenue is
recognized on a straight-line basis over the respective lease terms .
Summary of Properties
December 31, 2005
(Dollars in thousands)

December 31, 2005 September 30,
2005
Number Rentable Annualized
of Square Base Occupancy Occupancy
Properties Feet Rent Percentage Percentage
Markets
California - Pasadena 1 31 ,343 $793 100.0
years

Leasing Activity
Summary
Excluding Month-to-
Month Leases
Cash Basis 107 1,518,906 -- $24.01 -- $6.
(2) Acquisition amount includes a secured note payable of
approximately $19. For properties undergoing redevelopment, the
entire property is excluded from operating properties and related
statistics (e.

ALEXANDRIA REAL ESTATE EQUITIES, INC.

testing survey

m.4 million cash for the
land parcels and closed a secured note payable for approximately $19. Such properties are designed and improved
for lease primarily to institutional (universities and not-for-profit
institutions ), pharmaceutical, biotechnology, life science product, service,
biodefense and translational research entities, as well as government
agencies.54 $0. 31, Dec.03) --
FFO per share (diluted) (1) $1.72 $2.4% 44.48% -- --
Thereafter 280,145 6.24% -- --
Subtotal 662,147 740,000
Unamortized
premium 4,519 --
Total $666,666 $740,000

Secured and Unsecured Debt Analysis
Weighted
Average Weighted
% of Interest Average
Balance Balance Rate Maturity
Secured Debt $666,666 47.3 Years
Total Debt $1,406,666 100.98% 4.090% October 31,
2008
March 2004 December 31, 2004 25,000 25,000 2.5%, respectively.8%
California - San
Francisco Bay 15 1,043,737 30,583 96.2%, 94.
(3) See Properties Under Redevelopment.57 $25.24
2009 26 492,926 6. Approximately
89% of our leases (based on rentable square feet) provide for the
recapture of certain capital expenditures (such as HVAC systems
maintenance and/or replacement, roof replacement and parking lot
resurfacing).

survey lease

, is open Monday through Friday, from 7:00 a. to 5:30 p. Company Reports 2005 Funds from Operations Per Share (Diluted) of $4. 31, Dec. Since its introduction , FFO has become a widely used non-GAAP
financial measure by REITs.82 $4.343% June 30, 2007

December 2004 December 31, 2004 50,000 50,000 3.120% November 30,
2006

May 2005 June 30, 2006 50,000 -- 4.

(1) Revenue less operating expenses computed under GAAP is total revenue
associated with the 2005 Same Properties and the Fourth Quarter Same
Properties, as applicable, (excluding lease termination fees, if any)
less property operating expenses.

5% 98.66 $23.52 6. 392,000 382,000 774,000

Eastern Massachusetts 225,000 179,000 404,000

Washington - Seattle 203,000(3) 120,000 323,000

Other 430,000(4) 157,000 587,000

Total Imbedded Future Development
and Redevelopment 5,139,000 1,036,000 6,175,000

A significant portion of our imbedded future development and
redevelopment square footage is in the preconstruction phase
(entitlement, permitting, design, etc.

hygiene environmental

EMLab.

As part of Hertz Equipment Rental's commitment to expand its service to the
small to medium-size contractor, a broad range of products such as air
tools, generators, pressure washers, concrete saws, trenchers, paint
sprayers, ladders, pumps and scaffolding are available to rent or buy.
and Saturday from 8:00 a.

Rental rates for these new or renewal leases
were on average approximately 3% higher (on a GAAP basis) than rental rates
for expiring leases.9 million. In addition, as of December 31, 2005,
approximately 6% of our leases (on a square footage basis) required the
tenants to pay a majority of operating expenses . Additionally, as of December
31, 2005, approximately 89% of our leases (on a square footage basis ) provided
for the recapture of certain capital expenditures and approximately 90% of our
leases (on a square footage basis) contained effective annual rent escalations
that are either fixed or indexed based on the consumer price index or another
index.24 $1.08)
FFO allocable to minority
interest (0.18 $4.

ALEXANDRIA REAL ESTATE EQUITIES, INC.7% (d) 51.70 $0.66
Dividend payout ratio (common
stock) 58.2 Years
Unsecured Debt 740,000 52.4% 6.
(3) A portion of our floating rate debt is hedged by existing swap
agreements (see following table).730% November 30,
2009

December 2005 December 29, 2006 50,000 -- 4.
Summary of Same Property Comparisons
(Dollars in thousands)
(Unaudited)

GAAP Basis (1) Cash Basis (1)
Year Year
Ended Ended
12/31/ 12/31/ % Change 12/31/ 12/31/ % Change
2005 2004 2005 2004

Revenue (2) $139,173 $135,738 2.9%
Revenue less
operating
expenses $111,350 $109,217 2.9%
California - San
Diego 23 1,070,477 27,509 92.6% 93.6
years
GAAP Basis 47 796,945 $22.53 -- -- --

(1) Excluding two renewal leases for 76,000 square feet related to one
tenant in an East Bay submarket of San Francisco and two leases for
47,000 square feet related to one tenant in the Sorrento Valley
submarket of San Diego, rental rates for renewed/released space were
on average 8.
Summary of Leasing Activity
For the Quarter Ended December 31 , 2005

TI's/Lease
Commissions
Number Rental Per Average
of Square Expiring New Rate Square Lease
Leases Footage Rates Rates Changes Foot Terms
Leasing Activity
Lease Expirations
Cash Basis 55 657,957 $21.6
years
GAAP Basis 14 139,380 -- $25.1% higher than rental
rates for expiring leases on a Cash Basis and 3.

ALEXANDRIA REAL ESTATE EQUITIES, INC.
As required under GAAP, interest is capitalized on redevelopment
properties on the basis allocable only to that portion of space actively
undergoing redevelopment.

aq safety

Please visit our website at www.22
for Year Ended December 31, 2005

Highlights
Year Ended December 31, 2005:
- 2005 Funds from Operations (FFO) Per Share (Diluted) of $4. Depreciation and
amortization expense for the year ended December 31, 2005 and 2004 was
$55,416,000 and $42 ,523,000, respectively.
We executed a total of 107 leases during the year ended December 31, 2005
for approximately 1,519,000 square feet of space at 51 different properties
(excluding month-to -month leases for approximately 56,000 square feet).03 --
Gain on sales of property (3) -- -- -- (0. Accordingly, in
compliance with Emerging Issues Task Force Topic D-42, the Company
recorded a charge of $1,876,000, or $0.7% 36 .00 $1.7% 52.5 Years
Floating Rate Debt 810,808 (3) 57 .927% July 1, 2008

May 2005 December 30, 2005 25,000 25,000 4.88 -- -- --
GAAP Basis 23 55,693 $25.72 -- -- -- --

Renewed/Releasable
Space Leased
Cash Basis 21 450,751 $22.30
2008 27 630,784 8.C.3 million that closed concurrent with the
acquisition.5% and is not
included in the occupancy of the operating properties.

testing daily

This is the first grand re-opening in the Florida market this year for
Hertz Equipment Rental.m., Alexandria Real Estate Equities,
Inc. FFO for the year ended December 31, 2004 included the impact of
the preferred stock redemption charge of $1,876,000, or $0.7 million. is a publicly-traded real estate
investment trust focused principally on the ownership, operation, management,
acquisition and selective redevelopment and development of properties
containing office/laboratory space.9 million square feet of office /laboratory space.22 $2. 31,
2005 2004 2005 2004
Reconciliation of net income
available to common stockholders to
funds from operations available
to common stockholders

Net income available to common
stockholders (1) $12,157 $11,482 $47,343 $45,724
Add:
Depreciation and
amortization (2) 15,451 11,880 55,416 42,523
Minority interest 377 -- 634 --
Subtract:
Gain on sales of property (3) -- -- (36) (1,627 )
FFO allocable to minority
interest (393) -- (668) --
Funds from operations available to
common stockholders (1) $27,592 $23,362 $102,689 $86,620

FFO per share (1)
Basic $1.66 $0.0% 41.
Condensed Consolidated Balance Sheets
(In thousands)

December 31, December 31,
2005 2004
(Unaudited)

Assets
Rental properties, net $1,788,818 $1,427,853
Properties under development 329,338 252,249
Cash and cash equivalents 3,911 3,158
Tenant security deposits and
other restricted cash 21,013 17,669
Tenant receivables 4,764 2,542
Deferred rent 54,573 43,166
Investments 82,010 67,419
Other assets 78,023 58,228
Total assets $2,362,450 $1,872,284

Liabilities and Stockholders' Equity
Secured notes payable $666,666 $638,946
Unsecured line of credit and
unsecured term loan 740 ,000 548,000
Accounts payable, accrued
expenses and tenant security deposits 86,391 48,581
Dividends payable 19,478 16,284
Total liabilities 1,512,535 1,251,811

Minority interest 20,115 --

Stockholders ' equity:
Series B preferred stock 57,500 57,500
Series C preferred stock 129,638 129,638
Common stock 224 196
Additional paid-in capital 607,405 414,028
Retained earnings -- 5,267
Accumulated other comprehensive
income 35,033 13,844
Total stockholders'
equity 829,800 620,473
Total liabilities and
stockholders' equity $2,362,450 $1,872,284

ALEXANDRIA REAL ESTATE EQUITIES, INC.72% (3) 3.3%
Operating
expenses 7,240 7,232 0.1%
Revenue less
operating
expenses $31,432 $30 ,622 2.2% (2) 94.5%

(1) Substantially all of the vacant space is office or warehouse space.38 4.0
years
GAAP Basis 60 721,961 -- $25.
Summary of Additions to and Dispositions of Properties
For The Quarter Ended December 31, 2005
(Dollars in thousands)

Acquisition Month of Rentable
Amount Acquisition Square
Markets Feet

Additions to Operating
Properties/Properties
Under Redevelopment

Eastern Massachusetts $8,414 November 54,391
International - Canada 27,000 November 162,362
International - Canada 10,181(1 ) December 66,000

Additions to Operating
Properties 45,595 282,753

Eastern Massachusetts 4,800 October 26,589
California - San Francisco Bay 8,490 December 58,400

Additions to Properties
Under Redevelopment 13,290 84,989

Total Additions to Operating
Properties /Properties
Under Redevelopment $58,885 367,742

Acquisition Month of Developable
Markets Amount Acquisition Square
Footage
Additions of Land:

California - San Francisco Bay 27,500(2) December 550,000
Washington - Seattle 2,167 November 53,000

Total Additions of Land $29,667 603,000

Disposition Month of Rentable
Markets Amount Disposition Square
Feet
Dispositions:

None N/A N/A N/A

(1) Acquisition amount includes assumption of a secured note
payable of approximately $6. 2Q06 73,000 Leased/Negotiating
Seattle 1Q06 50,000 (1) Leased/Negotiating
Total 510,000

(1) Excludes certain phases of a property which were previously
delivered to tenants.

In addition to properties under development, as of December 31,
2005, our asset base contains strategically located ground-up
development opportunities for approximately 5. As required
under GAAP, interest is being capitalized during the preconstruction
phase while activities are ongoing to bring these assets to their
intended use.

(1) Approximately 3. Capital expenditures fluctuate in any given period due
to the nature, extent or timing of improvements required and the
extent to which they are recoverable from tenants.

basis lab

For the fourth quarter of
2005, we reported total revenues of $66 ,076,000 and FFO available to common
stockholders of $27,592,000, or $1. Net income available to common stockholders for the year ended December
31, 2004 included a gain on the sale of property of $1,627,000, or $0.8 million cash
for the properties and also assumed a secured note payable of approximately
$6. We paid approximately $10. 31, Dec.5% Series A cumulative redeemable preferred stock.81 $3.6%

For the Three Months Ended
3/31/2005 12/31/2004
Operational data
Breakdown of revenues from
continuing operations (a)
Rental income $43,731 $39,660
Tenant recoveries 11,587 9,504
Other income 721 1,262
Total $56,039 $50,426

Funds from operations per share-
diluted (b) $1.140% April 28, 2006

April 2004 April 28, 2006 50,000 -- 4 .2% $38,309 $35,715 7.

(3) Revenue less operating expenses on a cash basis for the 2005 Same
Properties and the Fourth Quarter Same Properties were impacted by
prepayment of a portion of rents due under one lease of $1,570,000 and
$387,000, respectively.8% 87.0%
Total Operating
Properties 119 7,815,103 $185,088 93.40 -- -- -- --

Renewed/Releasable
Space Leased
Cash Basis 47 796,945 $22.63 4.6
years

Month-to-Month
Leases In Effect
Cash Basis 23 55,693 $24. See Summary
of Imbedded Future Development and Redevelopment Square Footage. occupancy information, same property performance, etc.4 million developable square feet located in the
San Francisco Bay market is in the preconstruction phase of
development.

(3) Amount includes leasing costs related to development and
redevelopment projects.

basis lease

All laboratories accredited by the AIHA are in compliance with ISO/IEC
17025, General Requirements for the Competence of Testing and Calibration
Laboratories .

PRESS RELEASE Hertz Equipment Rental Opens Remodeled Rental Store in Sanford Florida

m.22
- Executed 107 Leases for 1,519,000 Square Feet
- Added 19 Properties Aggregating 1,197,000 Square Feet for Total
Consideration of $263 million
- Added Four Land Parcels Aggregating 1,438,000 Square Feet
- Commenced Ground-Up Development of Three Properties Aggregating
339,000 Square Feet
- 2005 Common Stock Dividends Up 6% Over 2004 to $0. We paid approximately $52.25 $2.01 0.09
Earnings per share -
diluted $0.33
Depreciation and amortization (2) 0.22 $1.20
Dividend payout ratio (common
stock) 57.3%

As of
12/31/2002 12/31/2001
Other data
Number of shares of common stock
outstanding at end of period 18,973,957 16,354,541
Number of properties (e)
Acquired/added/completed during
period 6 7
Sold/reconstructed during
period -- --
Owned at end of period 91 85
Rentable square feet (e)
Acquired/added/completed during
period 427,077 453,090
Sold/reconstructed during
period -- --
Owned at end of period 5,799,562 5,372,485

Debt to total market capitalization (f)
Total debt $614,878 $573,161
Preferred stock 100,670 42,246
Common stock 808,291 672,172
Total market capitalization $1,523,839 $1,287,579
Debt to total market
capitalization ratio 40.67%
2010 88,553 6.590% January 2,
2008
December 2004 January 3, 2006 50,000 -- 3. We believe that revenue less operating
expenses on a cash basis is helpful to investors as an additional
measure of operating performance because it eliminates straight -line
rent adjustments to rental revenue.93 -- -- --

Redeveloped /Developed/
Vacant Space Leased
Cash Basis 14 139,380 -- $23.

radiation lab

Contact the individual laboratory for the Scope of Accreditation.82
- 2005 Total Revenues Up 33%, FFO Available to Common Stockholders Up
19% and FFO Per Share (Diluted) Up 9% Over 2004
- 2005 Earnings Per Share (Diluted) of $2.54 per share (diluted), compared to net income available to common
stockholders of $11,482,000, or $0. Rental rates for these new or renewal leases were on average
approximately 1% lower (on a GAAP basis) than rental rates for expiring
leases.3 million
concurrent with the acquisitions for total consideration of $29.90 $4.41 (c) $4.3% 41.2% 59.6%
Straight line rent $2,836 $3,047

As of
3/31/2005 12/31/2004
Other data
Number of shares of common stock
outstanding at end of period 21,075,793 19,594,418
Number of properties (e)
Acquired/added/completed during
period 6 10
Sold/reconstructed during
period -- --
Owned at end of period 119 113
Rentable square feet (e)
Acquired /added/completed during
period 341,075 917,794
Sold/reconstructed during
period - - --
Owned at end of period 7,789,645 7,448,570

Debt to total market capitalization (f)
Total debt $1,217,917 $1,186,946
Preferred stock 194,692 199,360
Common stock 1,356,860 1,458,217
Total market capitalization $2,769,469 $2,844,523
Debt to total market
capitalization ratio 44.10 per share (diluted) recorded in the second
quarter of 2004.2 Years

Fixed and Floating Rate Debt Analysis
Weighted
Average Weighted
% of Interest Average
Balance Balance Rate Maturity
Fixed Rate Debt $595,858 42.230% April 30, 2007

April 2004 April 30, 2007 50,000 -- 4.330% November 30,
2007

May 2005 June 29, 2007 50,000 -- 4.400% June 30, 2008

May 2005 November 30, 2007 25,000 -- 4.

(2) Fees received from tenants in connection with termination of their
leases, if any, are excluded from revenue in the Same Property
Comparisons.8%
and 7.3%
International -
Canada 3 296,362 6,223 100.2
years
GAAP Basis 107 1,518,906 -- $24.59 7.91 5.2% $26. 170,472 528,395
Washington - Seattle 58,093 7,542
International - Canada -- --

Total 924,223 (1) 786,824

(1) Includes month-to-month leases for approximately 56,000 square feet .) of development.

rent instruments

With more than 265 locations in the U.22 per share
(diluted), compared to net income available to common stockholders of
$45,724,000, or $2.08 per
share (diluted), recorded in the first quarter of 2004, and also included the
impact of the preferred stock redemption charge of $1,876,000, or $0.
For the fourth quarter 2005 we executed a total of 35 leases for
approximately 590,000 square feet of space at 24 different properties
(excluding month-to-month leases).33

ALEXANDRIA REAL ESTATE EQUITIES, INC.20
Dividends per share on common
stock $0.3% 38.19 $1.
(e) Includes assets "held for sale" during the applicable periods such
assets were "held for sale".

285% June 30, 2006

December 2002 January 2, 2003 25,000 25,000 3.850% April 30, 2008

June 2004 June 30, 2005 50,000 50,000 4.270% June 29, 2007

May 2005 November 30, 2006 25,000 -- 4.66 $23.39 4.
Summary of Properties Under Development
December 31, 2005

Total
Estimated Rentable
In-Service Square
Markets Dates Footage Status

San Diego 2Q06 64,000 Leased
San Francisco Bay 4Q07 121,000 Negotiating
San Francisco Bay 4Q07 154,000 Pre-marketing
Southeast 1Q06 48,000 Leased/Negotiating
Suburban
Washington D.C.

survey radiation

(NYSE: ARE) today announced operating and financial results for the year
ended December 31, 2005 and fourth quarter 2005.22 per share (diluted), compared to total
revenues of $50,426,000 and FFO available to common stockholders of
$23,362,000, or $1. Depreciation and amortization
expense for the three months ended December 31, 2005 and 2004 was $15,451,000
and $11,880,000, respectively.33 per share (diluted) for the year ended December 31,
2004.01 0.41

Reconciliation of earnings per share
(diluted) to FFO per share (diluted)
Earnings per share (diluted) (1) $0.60 2.10 per

(2) Includes depreciation and amortization on assets "held for sale"
reflected as discontinued operations (for the periods prior to when
such assets were designated as "held for sale ").53
Dividends per share on common
stock $2.21 $1.0% 5.
These rates do not include any spread in addition to one month LIBOR
that is due monthly as interest expense under our unsecured line of
credit and unsecured term loan credit facilities.0%
New Jersey/Suburban
Philadelphia 7 458,623 7,900 98.52 6.90 -- $3.64 -- $3.

testing provide

S.
Based on our current view of existing market conditions and certain
current assumptions, we have updated our prior guidance for 2006 FFO per share
(diluted) and earnings per share (diluted) as follows:

2006
FFO per share (diluted) $5.35

Alexandria Real Estate Equities, Inc. 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 .22 $2.68 0.68
Dividend payout ratio (common
stock) 57.18
Dividends per share on common
stock $0.69%
2008 123,190 6.32% 5.6% 5.460% November 28,
2008

May 2005 June 30, 2008 50,000 -- 4.5% $136,565 $127,579 7.6%(3)

GAAP Basis (1) Cash Basis (1)
Quarter Quarter
Ended Ended
12/31/ 12/31/ % Change 12/31/ 12/31/ % Change
2005 2004 2005 2004

Revenue (2) $38,672 $37,854 2. Excluding the impact of this lease, the percentage change in
revenue less operating expenses on a cash basis for the 2005 Same
Properties and the Fourth Quarter Same Properties would have been 5.95 - - -- -- --
GAAP Basis 79 1,258,034 $24.5%(1) $1.74 -- $1. The current
construction cost of properties under redevelopment will average between
$75 and $100 per square foot.

(2) Leasing costs consist of tenant improvements and leasing
commissions related to leasing of acquired vacant space and second
generation space.M.

hygiene lab

and Canada, and an additional 95
locations in France and Spain, Hertz Equipment Rental has a diverse
equipment inventory and offers daily, weekly, monthly and long-term
rentals, tools and supplies, as well as new and used equipment for sale.70 Per Share
- 2005 GAAP Basis Same Property Revenues Less Operating Expenses Up 2%
Over 2004
- Debt to Total Market Capitalization at December 31, 2005 of 41%

Fourth Quarter 2005:
- Fourth Quarter 2005 FFO Per Share (Diluted) of $1. The primary reconciling item between GAAP
net income available to common stockholders and FFO available to common
stockholders is depreciation and amortization expense.
As of December 31, 2005, approximately 85% of our leases (on a 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.

(Tables follow)

ALEXANDRIA REAL ESTATE EQUITIES, INC.59 $2. We believe that FFO is helpful to investors as an
additional measure of the performance of an equity REIT. market
during the first quarter of 2004.
Supplemental Financial Information
(Dollars in thousands, except per share data)
(Unaudited)

Annual Supplemental Financial Information
For the Year Ended
12 /31/2005 12/31/2004 12/31/2003
Operational data
Breakdown of revenues from
continuing operations (a)
Rental income $189,312 $143 ,700 $126,236
Tenant recoveries 49,974 35,840 32,050
Other income 4,798 3,541 2,068
Total $244,084 $183,081 $160,354

Funds from operations per
share-diluted (b) $4.5%

Quarterly Supplemental Financial Information
For the Three Months Ended
12/31/2005 9/30/2005 6/30/2005
Operational data
Breakdown of revenues from
continuing operations (a)
Rental income $51,068 $48,814 $45,699
Tenant recoveries 13,350 13,588 11,449
Other income 1,658 1,350 1,069
Total $66,076 $63,752 $58,217

Funds from operations per share-
diluted (b) $1.68% 3 .0% 5.740% November 30,
2009

December 2005 January 2, 2008 50,000 -- 4.8% (1)
Suburban Washington
D.93 -- -- --

Redeveloped/Developed/
Vacant Space Leased
Cash Basis 60 721,961 -- $24.73 -- -- --
GAAP Basis 58 645,824 -- $23.4% $21. 3Q06 60,443 92,449

Seattle 4Q07 12,719 27,633

Seattle 2Q06 16,513 32,279

Total 548,051 1,009,266

Our redevelopment program involves ongoing activities necessary for the
permanent change of use of applicable redevelopment space to
office/laboratory space.).

(3) Approximately 75,000 developable square feet located in the
Seattle market is in the preconstruction phase of development. Eastern Standard Time
Phone Number: (913) 981-5507
Confirmation Code: 7475142

supplies hygiene

This location will offer Hertz
Equipment Rental's expanded line of products, including small tools,
equipment and contractors supplies, for rental and sale.54 $0.23
Dividends per share on common
stock $2.3% 42.
(f) Debt to total market capitalization is the ratio of total debt
(secured notes payable and unsecured line of credit and unsecured
term loan) to total market capitalization.52% 500,000 5.956% December 31,
2006
April 2004 April 29, 2005 50,000 50,000 3.0%
Operating
expenses 27,823 26,521 4.1%(3)

NOTE: This summary represents operating data for all properties that were
owned and fully operating for the entire periods presented ("2005 Same
Properties" for the Full Year periods and "Fourth Quarter Same Properties" for
the Quarter periods).
Revenue less operating expenses on a cash basis is total revenue
associated with the 2005 Same Properties and the Fourth Quarter Same
Properties, as applicable (excluding lease termination fees, if any)
less property operating expenses, adjusted to exclude the effect of
straight -line rent adjustments required by GAAP.
Straight-line rent adjustments for the quarters ended December 31,
2005 and 2004 for the Fourth Quarter Same Properties were $363,000 and
$2,139,000, respectively.6%
Eastern Massachusetts 22 1,263,077 34,603 93.9% (1) 83.04 -- -- --
GAAP Basis 130 1,574,599 -- $24.37 $23.15 -0.6% $22.

ALEXANDRIA REAL ESTATE EQUITIES, INC.1 million.

As required under GAAP, interest is being capitalized on these
ground -up development projects as activities are ongoing to
bring these assets to their intended use.C.

(2) Approximately 430,000 developable square feet located in the San
Diego market is in the preconstruction phase of development. will be hosting a conference call to
discuss its operating and financial results for the year and fourth quarter
ended December 31, 2005:

Date: February 9, 2006
Time: 3:00 P.

provide palms

(EMLab) is proud to announce the accreditation of its Fairfax, VA
regional laboratory by the American Industrial Hygiene Association (AIHA)
for Fungal Direct Exam Air Field of Testing.m.

Alexandria Real Estate Equities Inc. Reports Year Ended December 31 2005 and Fourth Quarter 2005 Results

58 $2.24
Discontinued operations,
net -- -- 0. In an effort to overcome the difference between
real estate values and historical cost accounting for real estate assets, the
Board of Governors of the National Association of Real Estate Investment
Trusts ("NAREIT") established the measurement tool of Funds From Operations
("FFO" ).8%

As of
12/31/2005 12/31/2004 12/31/2003
Other data
Number of shares of common
stock outstanding at end of
period 22,441 ,294 19,594,418 19,264,023
Number of properties (e)
Acquired/added/completed
during period 22 23 4
Sold/reconstructed during
period (1) (1) (4)
Owned at end of period 134 113 91
Rentable square feet (e)
Acquired/added/completed
during period 1,392,299 1 ,717,209 267,164
Sold/reconstructed during
period (16,500) 2,891 (338,256)
Owned at end of period 8,824,369 7,448,570 5,728,470

Debt to total market
capitalization (f)
Total debt $1,406,666 $1,186,946 $709,007
Preferred stock 192,419 199,360 104,421
Common stock 1,806 ,524 1,458,217 1,115,387
Total market capitalization $3,405,609 $2,844,523 $1,928,815
Debt to total market
capitalization ratio 41.
(b) See prior table for a reconciliation of earnings per share (diluted)
to FFO per share (diluted).16% -- --
2009 42,084 6. 31 2 ,439,146 46,936 93.8% (2)
Washington - Seattle 9 780,211 23,081 87., total operating
properties and total properties would have been 97.5% and
88.38 4.19 8.

ALEXANDRIA REAL ESTATE EQUITIES, INC.73 $23.62 -- $1 .
Summary of Lease Expirations
December 31, 2005

Year Number Square Percentage Annualized
of of Footage of Aggregate Base Rent
Lease Leases of Leased of Expiring
Expiration Expiring Expiring Square Feet (per square
Leases foot)

2006 79(1) 924,223 11. Our aggregate construction costs to date
approximate $160 per developable square foot.
Summary of Imbedded Future Development and Redevelopment Square Footage
December 31, 2005

Imbedded Future Development and
Redevelopment

Redevelopment
Development Square
Markets Square Footage Footage Total

California - San Francisco Bay 3,422,000(1) 55,000 3,477,000

California - San Diego 467,000(2) 143,000 610,000

Suburban Washington D.

(4 ) Approximately 100,000 developable square feet is in the
preconstruction phase of development .

provide safety

m. Net income available to common stockholders for
the year ended December 31, 2005 was $47,343,000 , or $2. Of the 722,000 square
feet, approximately 523,000 square feet were delivered from our redevelopment
or development programs, with the remaining approximately 199,000 square feet
for previously vacant space. Excluding two renewal leases for approximately 76,000
square feet related to one tenant in an East Bay submarket of San Francisco
and two leases for approximately 47,000 square feet related to one tenant in
the Sorrento Valley submarket of San Diego, rental rates for new or renewal
leases for the year ended December 31, 2005 were on average approximately 8%
higher (on a GAAP basis) than rental rates for expiring leases.58 $2.82 $4.68 $0. Total market
capitalization is equal to the outstanding shares of preferred stock

ALEXANDRIA REAL ESTATE EQUITIES, INC.4% 6.9% 27,823 26,521 4.

ALEXANDRIA REAL ESTATE EQUITIES, INC.9%, respectively, as of December 31, 2005.6% higher than rental rates for expiring leases on a GAAP
Basis.88 -- -- --
GAAP Basis 23 55,693 $25.5
years
GAAP Basis 35 590,131 -- $23.3% higher than
rental rates for expiring leases on a GAAP Basis.

providers rent

Hertz Equipment Rental Corporation is a wholly owned subsidiary of The
Hertz Corporation.10 per share
(diluted), recorded in the second quarter of 2004.
Comparing the fourth quarter of 2005 to the fourth quarter of 2004, total
revenues increased 31%, FFO available to common stockholders increased 18% and
FFO per share (diluted) increased 3%.22 $1.84
Dividend payout ratio (common
stock) 52.3 Years
Total Debt $1,406,666 100.0% 98.C. Excluding this one lease,
occupancy percentages for Suburban Washington D.2
years

Including Month-to-
Month Leases
Cash Basis 130 1,574,599 -- $24.2% higher than rental rates for expiring leases on a Cash
Basis and 7.9%(1) $1.77
2010 33 740,788 9.40

Square Footage of Expiring Leases
Markets 2006 2007
California - Pasadena 14,193 3,653
California - San Diego 281,378 42 ,862
California - San Francisco Bay 111,732 73,042
Eastern Massachusetts 198,231 74,693
New Jersey/Suburban Philadelphia 12,239 21,000
Southeast 77,885 35,637
Suburban Washington D.g.