PASADENA, Calif., March 7, 2016 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE), an urban office real estate investment trust uniquely focused on world-class collaborative science and technology campuses in urban innovation cluster locations, announced today that its Board of Directors declared a quarterly cash dividend of 80 cents per common share for the first quarter of 2016. The dividend is payable on April 15, 2016, to shareholders of record on March 31, 2016. The common stock dividend for the first quarter of 2016 of 80 cents per common share represents an increase of three cents, or four percent, over the fourth quarter of 2015.
"We are very pleased to announce a quarterly cash dividend to common shareholders of 80 cents per common share for the first quarter of 2016. The dividend allows the Company to share its continued high-quality, strong and increasing cash flows from operations with its common shareholders while also continuing to retain cash flows from operating activities for reinvestment into our significantly leased value-creation pipeline. Additionally, our funds from operations payout ratio (quarterly common stock dividend divided by quarterly funds from operations) remains favorably low at 58 percent as of December 31, 2015. Growth in cash provided by operating activities after dividends continue 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 first quarter of 2016 for its 7 percent Series D Cumulative Convertible Preferred Stock. The dividend is payable on April 15, 2016, to preferred shareholders of record on March 31, 2016.
The Company also announced that its Board of Directors declared a quarterly cash dividend of 40.3125 cents per share for the first quarter of 2016 for its 6.45 percent Series E Cumulative Redeemable Preferred Stock. The dividend is payable on April 15, 2016, to preferred shareholders of record on March 31, 2016.
About Alexandria Real Estate Equities, Inc.
Alexandria Real Estate Equities, Inc. (NYSE: ARE) is an urban office REIT uniquely focused on collaborative science and technology campuses in AAA innovation cluster locations with a total market capitalization of $10.9 billion as of December 31, 2015, and an asset base of 32.0 million square feet, including 20.1 million RSF of operating properties and development and redevelopment projects (under construction or pre-construction), as well as an additional 11.9 million square feet of future ground-up development projects. Alexandria pioneered this niche in 1994 and has since established a dominant market presence in key locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle Park. Alexandria is known for its high-quality and diverse tenant base, with approximately 54% of total annualized base rent as of December 31, 2015, generated from investment-grade tenants – a REIT industry-leading percentage. Alexandria has a longstanding and proven track record of developing Class A assets clustered in urban 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. 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/alexandria-real-estate-equities-inc-declares-quarterly-cash-dividend-of-80-cents-per-common-share-up-three-cents-or-four-percent-over-4q15-300231387.html
SOURCE Alexandria Real Estate Equities, Inc.