PASADENA, Calif., Sept. 4,
2024 /PRNewswire/ -- Alexandria Real Estate Equities,
Inc. (NYSE: ARE) today announced that its Board of Directors
declared a quarterly cash dividend of $1.30 per common share for the third quarter of
2024. The dividend is payable on October 15,
2024 to stockholders of record on September 30, 2024. The common stock dividend for
the 12 months ending September 30,
2024 of $5.14 per common share
represents an increase of 24 cents,
or 5 percent, over the 12 months ended September 30, 2023.
The dividend allows the company to share its continued
high-quality, strong and increasing net cash provided by operating
activities with its common stockholders 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, 2024, the company expects to
generate for reinvestment an aggregate $2.1
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 June 30, 2024. 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.
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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. Amount represents the years ended December 31,
2020 through 2023 and the midpoint of our 2024 guidance range as
provided on July 22, 2024.
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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 with our founding
in 1994, Alexandria is the
preeminent and longest-tenured owner, operator and developer of
collaborative life science mega campuses in AAA innovation cluster
locations, including Greater
Boston, the San Francisco Bay
Area, San Diego,
Seattle, Maryland, Research Triangle and New York City. 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: Marc E.
Binda, Chief Financial Officer & Treasurer, (626)
578-0777,
mbinda@are.com
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SOURCE Alexandria Real Estate Equities, Inc.
