We consider the asymmetric simple exclusion process with Langmuir kinetics on a periodic lattice. We analytically obtain the exact time evolution of correlation functions with arbitrary length starting from the initial state with no particle in the system. The exact stationary state of this model has been known for the totally asymmetric case. We propose a basis transformation which simplifies the proof of the stationarity of this state and enables the generalization to the partially asymmetric case. Moreover, we construct low-energy excitations and obtain the exact relaxation time.