PASADENA, Calif., Sept. 15, 2014 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) announced today that its Board of Directors declared a quarterly cash dividend of 72 cents per common share for the third quarter of 2014. The dividend is payable on October 15, 2014, to shareholders of record on September 30, 2014. The common stock dividend for the third quarter of 2014 of 72 cents per common share represents an increase of 4 cents, or 6 percent, over the third quarter of 2013. The common stock dividend for the last four quarters through the third quarter of 2014 aggregating $2.82 per common share represents an increase of 33 cents, or 13 percent, compared to an aggregate of $2.49 per common share for the four quarters through the third quarter of 2013.
"We are pleased to announce a quarterly cash dividend to common shareholders of 72 cents per common share for the third quarter of 2014. 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. Additionally, our funds from operations payout ratio (quarterly common stock dividend divided by quarterly funds from operations) remains favorably low at 61 percent as of June 30, 2014. Growth in cash provided by operating activities after dividends will 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, 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 third quarter of 2014 for its 7.00% Series D Cumulative Convertible Preferred Stock. The dividend is payable on October 15, 2014, to preferred shareholders of record on September 30, 2014.
The Company also announced that its Board of Directors declared a quarterly cash dividend of 40.3125 cents per share for the third quarter of 2014 for its 6.45% Series E Cumulative Redeemable Preferred Stock. The dividend is payable on October 15, 2014, to preferred shareholders of record on September 30, 2014.
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.