EXHIBIT 99.1
For Immediate Release
Contact: | Joel S. Marcus |
| Chief Executive Officer |
| Alexandria Real Estate Equities, Inc. |
| (626) 578-9693 |
ALEXANDRIA REAL ESTATE EQUITIES, INC.
REPORTS EXERCISE OF OVER-ALLOTMENT OPTION BY UNDERWRITERS
PASADENA, CA. — March 31, 2008 — 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®, 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.
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