Alexandria Real Estate Equities, Inc. Declares Quarterly Cash Dividend Of 68 Cents Per Common Share Up 3 Cents, Or 5%, Over Third Quarter Of 2013
QUARTERLY CASH DIVIDEND PER COMMON SHARE UP 28% OVER THIRD QUARTER OF 2012 WITH CONTINUING LOW FFO PAYOUT RATIO OF 65% PROVIDES OPPORTUNITY TO GROW COMMON STOCK DIVIDEND
PASADENA, Calif., Sept. 10, 2013 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today that its Board of Directors declared a quarterly cash dividend of 68 cents per common share for the third quarter of 2013. This reflects a quarterly cash dividend increase of 3 cents per common share, or approximately 5 percent, over the second quarter of 2013. The dividend is payable on October 15, 2013, to shareholders of record on September 30, 2013.
"We are pleased to announce a 5 percent increase in our quarterly cash dividend declared to common shareholders from 65 cents to 68 cents per common share for the third quarter of 2013. The dividend increase will allow the Company to share its continued high quality and strong cash flows from operations with its common shareholders while also continuing to retain cash flows from operations for reinvestment. Compared to a year ago, we have increased our quarterly cash dividend declared per common share by 15 cents, or approximately 28 percent. Additionally, our funds from operations payout ratio (quarterly common stock dividend divided by quarterly funds from operations) of 65 percent as of June 30, 2013, is one of the lowest payout ratios in the REIT industry. This payout ratio will provide additional opportunities to grow our quarterly cash dividend per common share," 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 third quarter of 2013 for its 7.00% Series D Cumulative Convertible Preferred Stock. The dividend is payable on October 15, 2013, to preferred shareholders of record on September 30, 2013.
The Company also announced that its Board of Directors declared a quarterly cash dividend of 40.3125 cents per share for the third quarter of 2013 for its 6.45% Series E Cumulative Redeemable Preferred Stock. The dividend is payable on October 15, 2013, to preferred shareholders of record on September 30, 2013.
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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