Alexandria Real Estate Equities, Inc. Declares Quarterly Cash Dividend Of 60 Cents Per Common Share; Up 4 Cents, Or 7%, Over Fourth Quarter Of 2012
Quarterly Cash Dividend Per Common Share Up 22% Over Past 12 Months
PASADENA, Calif., March 14, 2013 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today that its Board of Directors declared a quarterly cash dividend of 60 cents per common share for the first quarter of 2013. This reflects a quarterly dividend increase of approximately 4 cents, or 7 percent, over the fourth quarter of 2012. The dividend is payable on April 15, 2013, to shareholders of record on March 28, 2013. The Company's funds from operations payout ratio (quarterly common stock dividend divided by quarterly funds from operations) as of December 31, 2012, was 49 percent.
"We are pleased to announce a 7 percent increase in our quarterly cash dividend declared to common shareholders from 56 cents to 60 cents per common share for the first quarter of 2013. The dividend increase will allow the Company to share its increase in cash flows from operations with its common shareholders while also continuing to retain cash flows from operations for reinvestment. Over the past 12 months, we have increased our quarterly cash dividend declared per common share by 11 cents, or approximately 22 percent," 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 first quarter of 2013 for its 7.00% Series D Cumulative Convertible Preferred Stock. The dividend is payable on April 15, 2013, to preferred shareholders of record on March 28, 2013.
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 2013 for its 6.45% Series E Cumulative Redeemable Preferred Stock. The dividend is payable on April 15, 2013, to preferred shareholders of record on March 28, 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.
