PASADENA, Calif., Sept. 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 third quarter of
2023. The dividend is payable on October 13,
2023 to shareholders of record on September 29, 2023. The common stock dividend for
the 12 months ending September 30,
2023 of $4.90 per common share
represents an increase of 24 cents,
or 5 percent, over the 12 months ended September 30, 2022.
![(PRNewsfoto/Alexandria Real Estate Equities, Inc.) (PRNewsfoto/Alexandria Real Estate Equities, Inc.)](https://mma.prnewswire.com/media/1930628/Alexandria_Real_Estate_Equities_Logo_v1.jpg)
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/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
dividends.1 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 June 30, 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 the company's 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, Senior Vice President – Chief Content Officer,
(626) 788-5578, skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.