Alexandria Real Estate Equities, Inc. Declares Quarterly Cash Dividend
QUARTERLY CASH DIVIDEND PER COMMON SHARE UP 13 PERCENT OVER PAST 12 MONTHS
PASADENA, Calif., June 12, 2012 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today that its Board of Directors declared a quarterly cash dividend of 51 cents per common share for the second quarter of 2012. This reflects a dividend increase of approximately 4 percent. The dividend is payable on July 16, 2012, to shareholders of record on June 29, 2012. The Company's funds from operations payout ratio (quarterly common stock dividend by quarterly funds from operations) as of March 31, 2012, was 46 percent.
"We are pleased to announce a 4 percent increase in our quarterly cash dividend declared to common shareholders for the second quarter of 2012. The dividend increase will allow the Company to share its increase in cash flows from operations with its common shareholders while also continuing to retain cash flows from operations for reinvestment. Over the past 12 months, we have increased our cash dividend per common share by 6 cents, or approximately 13 percent," said Joel S. Marcus, Chief Executive Officer of Alexandria.
The Company announced that its Board of Directors declared a quarterly cash dividend of 43.75 cents per share for the second quarter of 2012 for its 7.00% Series D Cumulative Convertible Preferred Stock. The dividend is payable on July 16, 2012, to preferred shareholders of record on June 29, 2012.
The Company also announced that its Board of Directors declared a quarterly cash dividend of 53.75 cents per share for its 6.45% Series E Cumulative Redeemable Preferred Stock. The dividend is payable on July 16, 2012, to preferred shareholders of record on June 29, 2012, and is a pro rata dividend for the period beginning on the 6.45% Series E Cumulative Redeemable Preferred Stock issuance date of March 15, 2012, and ending on July 14, 2012.
This press release contains 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.
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