Alexandria Real Estate Equities, Inc. Declares Cash Dividend of $1.30 per Common Share for 2Q24, an Increase of 3 Cents Over 1Q24, and an Aggregate of $5.08 per Common Share for the 12 Months Ending June 30, 2024, an Increase of 24 Cents, or 5 Percent, Over the 12 Months Ended June 30, 2023

Rhea-AI Summary

Alexandria Real Estate Equities (NYSE: ARE) announced a quarterly cash dividend of $1.30 per share for Q2 2024, a 3-cent increase from Q1 2024. This contributes to a 12-month dividend ending June 30, 2024, of $5.08 per share, up 24 cents or 5% from the previous year. The dividend will be payable on July 15, 2024, to shareholders of record on June 28, 2024. The company retains significant cash for reinvestment in new high-quality Class A/A+ projects. Over the five-year period ending December 31, 2024, Alexandria expects to reinvest $2.1 billion from net cash provided by operating activities. The dividend payout ratio remains low at 54% for Q1 2024, supporting further dividend growth while maintaining financial stability.

Positive

• Quarterly cash dividend increased by 3 cents to $1.30 per share.
• 12-month dividend per share increased by 24 cents or 5%.
• Company retains significant cash for reinvestment in high-quality projects.
• Low dividend payout ratio of 54% for Q1 2024.
• $2.1 billion expected for reinvestment over five years ending 2024.

Negative

• No specific mention of revenue growth or profitability.
• Financial performance details for operating activities not fully disclosed.

PASADENA, Calif., June 3, 2024 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) today announced that its Board of Directors declared a quarterly cash dividend of $1.30 per common share for the second quarter of 2024. The dividend is payable on July 15, 2024 to stockholders of record on June 28, 2024. The common stock dividend for the 12 months ending June 30, 2024 of $5.08 per common share represents an increase of 24 cents, or 5 percent, over the 12 months ended June 30, 2023.

The dividend allows the company to share its continued high-quality, strong and increasing net cash provided by operating activities with its common stockholders while retaining a significant portion for reinvestment into its highly leased pipeline of new Class A/A+ development and redevelopment projects. For the five-year period ending December 31, 2024, the company expects to generate for reinvestment an aggregate $2.1 billion of net cash provided by operating activities after dividends.¹ Additionally, its dividend payout ratio (quarterly common stock dividends divided by quarterly funds from operations) remains favorably low at 54 percent for the three months ended March 31, 2024. Growth in the company's net cash provided by operating activities continues to generate opportunities to increase the company's quarterly cash dividend per common share while maintaining a low FFO payout ratio.

1.  Net cash provided by operating activities after dividends (i) excludes timing differences such as changes in operating assets and liabilities and (ii) includes deductions for distributions to the company's consolidated real estate joint venture partners.

About Alexandria Real Estate Equities, Inc.

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500^® company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world. As the pioneer of the life science real estate niche since our founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative life science mega campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, San Diego, Seattle, Maryland, Research Triangle and New York City. For more information, please visit www.are.com.

This press release includes "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: Marc E. Binda, Chief Financial Officer & Treasurer, (626) 578-0777,
mbinda@are.com

 

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SOURCE Alexandria Real Estate Equities, Inc.

FAQ

What is the dividend declared by Alexandria Real Estate Equities for Q2 2024?

Alexandria Real Estate Equities declared a quarterly cash dividend of $1.30 per common share for Q2 2024.

When is the dividend payment date for Alexandria Real Estate Equities' Q2 2024 dividend?

The dividend payment date is July 15, 2024.

What is the record date for Alexandria Real Estate Equities' Q2 2024 dividend?

The record date for the Q2 2024 dividend is June 28, 2024.

How much did Alexandria Real Estate Equities increase its annual dividend by in 2024?

The annual dividend increased by 24 cents, or 5%, to $5.08 per share for the 12 months ending June 30, 2024.

What is Alexandria Real Estate Equities' dividend payout ratio for Q1 2024?

Alexandria Real Estate Equities' dividend payout ratio for Q1 2024 is 54%.