Alexandria Real Estate Equities, Inc. Declares Cash Dividend of $1.30 per Common Share for 3Q24, for an Aggregate of $5.14 per Common Share for the 12 Months Ending September 30, 2024, an Increase of 24 Cents, or 5 Percent, Over the 12 Months Ended September 30, 2023
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.
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. |
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,
[email protected]
SOURCE Alexandria Real Estate Equities, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article