Alexandria Real Estate Equities, Inc. Reports Exercise of Over-Allotment Option by...

Alexandria Real Estate Equities, Inc. Reports Exercise of Over-Allotment
Option by Underwriters

PASADENA, Calif., March 31 /PRNewswire/ -- Alexandria Real Estate
Equities, Inc. (NYSE: ARE) announced today that the underwriters of its
recent public offering of 8,800,000 shares of its 7.00% Series D Cumulative
Convertible Preferred Stock have fully exercised their over-allotment option
to purchase an additional 1,200,000 shares of the 7.00% Series D Cumulative
Convertible Preferred Stock, bringing the total net proceeds to approximately
$242 million, after payment of underwriting discounts and commissions. The
closing of the over-allotment option is scheduled to occur on April 2, 2008.
J.P. Morgan Securities Inc., Citi and Merrill Lynch & Co. acted as joint
book-running managers of the offering.
Alexandria Real Estate Equities, Inc., Landlord and Developer of Choice to
the Life Science Industry(R), is a publicly-traded real estate investment
trust focused principally on the ownership, operation, management, selective
development, redevelopment and acquisition of life science properties. Our
properties are designed and improved for lease primarily to institutional
(universities and independent not-for-profit institutions), pharmaceutical,
biotechnology, medical device, life science product, service, and
translational medicine entities, as well as governmental agencies. We are the
largest and leading provider of real estate to the broad and diverse life
science industry with an asset base, as of December 31, 2007, that will enable
us to grow to approximately 22.4 million square feet consisting of 166
properties approximating 12.1 million rentable square feet, properties
undergoing ground-up development approximating 1.6 million square feet, plus
an imbedded pipeline for ground-up development approximating 8.7 million
developable square feet.
The Series D Cumulative Convertible Preferred Stock will be issued
pursuant to an effective registration statement on Form S-3 that was
previously filed with the Securities and Exchange Commission. This press
release does not constitute an offer to sell or the solicitation of an offer
to buy any of the Company's Series D Cumulative Convertible Preferred Stock,
nor shall there be any sale of the Series D Cumulative Convertible Preferred
Stock in any state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state.
Copies of the prospectus supplement relating to this offering, may be
obtained by contacting: J.P. Morgan Securities Inc., 4 Chase Metrotech Center,
CS Level, Brooklyn, NY 11245 (tel: 718-242-8002; fax 718-242-1350), or Citi,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York 11220
(tel: 718-765-6732; fax: 718-765-6734), or Merrill Lynch & Co., 4 World
Financial Center, Prospectus Department, New York, NY 10080. The offering may
be made only by means of a prospectus and related prospectus supplement.
This press release contains forward-looking statements within the meaning
of the federal securities laws. The Company's 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 Annual Report on Form 10-K and its other periodic reports filed with
the Securities and Exchange Commission.
SOURCE Alexandria Real Estate Equities, Inc.

Joel S. Marcus, Chief Executive Officer of Alexandria Real Estate Equities,
Inc., +1-626-578-9693