PASADENA, Calif., June 5, 2017 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office real estate investment trust uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, announced today that its Board of Directors declared a quarterly cash dividend of 86 cents per common share for the second quarter of 2017. The dividend is payable on July 17, 2017, to shareholders of record on June 30, 2017. The common stock dividend for the second quarter of 2017 of 86 cents per common share represents an increase of three cents, or four percent, over the first quarter of 2017 and an increase of six cents, or eight percent, over the second quarter of 2016.
"We are very pleased to announce the quarterly cash dividend to common shareholders of 86 cents per common share for the second quarter of 2017. The dividend allows the Company to share our continued high-quality, strong and increasing cash flows from operations with our common shareholders while continuing to retain significant cash flows from operating activities for reinvestment into our highly leased pipeline of development and redevelopment of new Class A properties. Additionally, our funds from operations payout ratio (quarterly common stock dividend divided by quarterly funds from operations) remains favorably low at 57 percent as of March 31, 2017. Growth in net cash flows provided by operating activities after dividends continues to generate additional opportunities to grow our quarterly cash dividend per common share while maintaining a low funds from operations payout ratio," said Joel S. Marcus, chairman, chief executive officer and founder of Alexandria Real Estate Equities, Inc.
The Company announced that its Board of Directors declared a quarterly cash dividend of 43.75 cents per share for the second quarter of 2017 for its 7 percent Series D Cumulative Convertible Preferred Stock. The dividend is payable on July 17, 2017, to preferred shareholders of record on June 30, 2017.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® company, is an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations, with a total market capitalization of $14.5 billion and an asset base in North America of 28.2 million square feet as of March 31, 2017. The asset base in North America includes 20.1 million RSF of operating properties, including 1.6 million RSF of development and redevelopment of new Class A properties currently undergoing construction. Founded in 1994, Alexandria pioneered this niche and has since established a significant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Alexandria has a longstanding and proven track record of developing Class A properties clustered in urban life science and technology campuses that provide its innovative tenants with highly dynamic and collaborative environments that enhance their ability to successfully recruit and retain world-class talent and inspire productivity, efficiency, creativity and success. We believe these advantages result in higher occupancy levels, longer lease terms, higher rental income, higher returns and greater long-term asset value. For additional information on Alexandria, please visit www.are.com.
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.
Joel S. Marcus
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SOURCE Alexandria Real Estate Equities, Inc.