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Income from discontinued operations, net includes the operating results of one property we sold dur- ing 2004, three properties we sold during 2003 and four properties that have been designated as “held for sale” at December 31, 2002 under the provisions of SFAS 144. See Note 2, Basis of Presentation and Summary of Significant Accounting Policies. 

During the first quarter of 2004, we sold one property located in the Suburban Washington D.C. mar- ket that had been designated as “held for sale” as of December 31, 2003.The total sale price for the prop- erty was approximately $5.7 million. In connection with the sale, we recorded a gain on sale of proper- ty of approximately $1.6 million. During the fourth quarter of 2003, we sold one property located in the Suburban Washington D.C. market that had been designated as “held for sale” during the fourth quarter of 2003.The total sale price for the property was approximately $9.0 million. In connection with the sale, we recorded a loss on sale of property of approximately $36,000. During the third quarter of 2003, we sold one property located in the Eastern Massachusetts market that had been previously designated as “held for sale” as of December 31, 2002.The total sale price for the property was approximately $46.5 million. In connection with this sale, we recorded a gain on sale of property of approximately $8.8 mil- lion. Interest expense included in discontinued operations represents interest related to a secured note payable, which was assumed by the buyer in connection with the sale of this property. During the first quarter of 2003, we sold one property located in the San Francisco Bay market which could not be rede- veloped pursuant to our original strategic objectives and that had been designated as “held for sale” as of December 31, 2002.The total sale price for the property was approximately $6.8 million. In connection with this sale, we recorded a loss on sale of property of approximately $455,000 in 2003. Gains and loss- es on sales of these properties are included in the income statement in income from discontinued oper- ations, net.The non-cash impairment charge of $1.2 million in discontinued operations in 2002 relates to the reduction in the net book value as of December 31, 2002 of the property in the San Francisco Bay market which could not be redeveloped and was sold in the first quarter of 2003. 

## M A R K E T F O R R E G I S T R A N T ’ S C O M M O N E Q U I T Y A N D R E L AT E D S T O C K H O L D E R M AT T E R S 

Alexandria Real Estate Equities, Inc. and Subsidiaries 

Our common stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “ARE”. As of March 11, 2005, there were approximately 239 holders of record of our common stock (excluding beneficial owners whose shares are held in the name of CEDE & Co.). The following table sets forth the quarterly high and low sales prices per share of our common stock as reported on the NYSE and the distributions paid by us with respect to each such period. , 

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