PASADENA, Calif., March 1, 2021 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) today announced that its Board of Directors declared a quarterly cash dividend of $1.09 per common share for the first quarter of 2021. The dividend is payable on April 15, 2021, to shareholders of record on March 31, 2021. The common stock dividend for the 12 months ending March 31, 2021, of $4.30 per common share represents an increase of 24 cents, or 6 percent, over the 12 months ended March 31, 2020.
The dividend allows the company to share its continued high-quality, strong and increasing net cash provided by operating activities with its common shareholders while it retains significant cash provided by operating activities for reinvestment into its highly leased pipeline of development and redevelopment of new Class A properties. The company's funds from operations payout ratio (quarterly common stock dividends divided by quarterly funds from operations) remains favorably low at 60 percent for the three months ended December 31, 2020. Additionally, growth in net cash provided by operating activities after dividends continues to generate opportunities to increase the company's quarterly cash dividend per common share while enabling it to maintain a low funds from operations payout ratio.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500® urban office real estate investment trust, is the first, longest-tenured and pioneering owner, operator and developer uniquely focused on collaborative life science, technology and agtech campuses in AAA innovation cluster locations. 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. For more information, 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.
CONTACT: Sara Kabakoff, Vice President – Communications, (626) 788-5578, [email protected]
SOURCE Alexandria Real Estate Equities, Inc.