PASADENA, Calif., Dec. 9, 2024
/PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE)
today announced that its Board of Directors declared a quarterly
cash dividend of $1.32 per common
share for the fourth quarter of 2024. The dividend is payable on
January 15, 2025 to stockholders of
record on December 31, 2024. The
common stock dividend for the year ending December 31, 2024 of $5.19 per common share represents an increase of
23 cents, or 5 percent, over the year
ended December 31, 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 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
September 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
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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 the company's 2024 guidance range as provided on
October 21, 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 Megacampus™ ecosystems in AAA life science
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: Sara
Kabakoff, Senior Vice President – Chief Content Officer,
(626) 788-5578,
skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.
