PASADENA, Calif., June 5, 2023
/PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE)
today announced that its Board of Directors declared a quarterly
cash dividend of $1.24 per common
share for the second quarter of 2023. The dividend is payable on
July 14, 2023, to shareholders of
record on June 30, 2023. The common
stock dividend for the 12 months ending June
30, 2023, of $4.84 per common
share represents an increase of 24
cents, or 5 percent, over the 12 months ended June 30, 2022.
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The dividend allows the company to share its continued
high-quality, strong and increasing net cash provided by operating
activities with its common shareholders while retaining a
significant portion for reinvestment into its highly leased
pipeline of new Class A development and redevelopment
projects. For the five-year period ending December 31, 2023, the company expects to
generate for reinvestment an aggregate $1.7
billion of net cash provided by operating activities after
dividends1. Additionally, its funds from operations
(FFO) payout ratio (quarterly common stock dividends divided by
quarterly funds from operations) remains favorably low at 55
percent for the three months ended March 31, 2023. Growth in
the company's net cash provided by operating activities continues
to generate opportunities to increase the company's quarterly cash
dividend per common share while maintaining a low FFO payout
ratio.
1
|
Net cash provided by
operating activities after dividends: (i) excludes timing
differences such as changes in operating assets and liabilities,
and (ii) includes deductions for distributions to our
consolidated real estate joint venture partners.
|
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P
500® company, is a best-in-class, mission-driven life
science REIT making a positive and lasting impact on the world. As
the pioneer of the life science real estate niche since our
founding in 1994, Alexandria is
the preeminent and longest-tenured owner, operator and developer of
collaborative life science, agtech and advanced technology campuses
in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San
Diego, Seattle,
Maryland and Research Triangle.
For more information, please visit www.are.com.
This press release includes "forward-looking statements" within
the meaning of the federal securities laws. 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 other periodic reports filed with the
Securities and Exchange Commission.
CONTACT: Sara
Kabakoff, Vice President – Strategic Communications, (626)
788-5578, skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.