PASADENA, Calif., Dec. 4, 2023 /PRNewswire/ — Alexandria Real Estate Equities, Inc. (NYSE: ARE) today announced that its Board of Directors declared a quarterly cash dividend of $1.27 per common share for the fourth quarter of 2023. The dividend is payable on January 12, 2024 to shareholders of record on December 29, 2023. The common stock dividend for the year ending December 31, 2023 of $4.96 per common share represents an increase of 24 cents, or 5 percent, over the year ended December 31, 2022.
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 $1.8 billion of net cash provided by operating activities after dividends.1 Additionally, its dividend payout ratio (quarterly common stock dividends divided by quarterly funds from operations) remains favorably low at 55 percent for the three months ended September 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.
1Net 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 mega 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.
SOURCE Alexandria Real Estate Equities, Inc.
Originally published at https://www.prnewswire.com/news-releases/alexandria-real-estate-equities-inc-declares-cash-dividend-of-1-27-per-common-share-for-4q23–an-increase-of-3-cents-over-3q23–and-an-aggregate-of-4-96-per-common-share-for-2023–an-increase-of-24-cents-or-5-percent-over-20–302003864.html
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