PASADENA, Calif., March 6, 2023 /PRNewswire/ -- Alexandria Real Estate Equities, Inc. (NYSE: ARE) today announced that its Board of Directors declared a quarterly cash dividend of $1.21 per common share for the first quarter of 2023. The dividend is payable on April 14, 2023, to shareholders of record on March 31, 2023. The common stock dividend for the 12 months ending March 31, 2023, of $4.78 per common share represents an increase of 24 cents, or 5 percent, over the 12 months ended March 31, 2022.
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 retaining a significant portion for reinvestment into its highly leased pipeline of new Class A development and redevelopment projects. For the 5-year period ending December 31, 2023, the company expects an aggregate $1.7 billion of net cash provided by operating activities after dividends will have been generated for reinvestment. Additionally, its funds from operations (FFO) payout ratio (quarterly common stock dividends divided by quarterly funds from operations) remains favorably low at 58 percent for the three months ended December 31, 2022. 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.
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 its founding in 1994, Alexandria is the preeminent and longest-tenured owner, operator and developer of collaborative life science, agtech and technology campuses in AAA innovation cluster locations, including Greater Boston, the San Francisco Bay Area, New York City, San Diego, Seattle, Maryland and Research Triangle. 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: Sara Kabakoff, Vice President – Strategic Communications, (626) 788-5578, skabakoff@are.com
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SOURCE Alexandria Real Estate Equities, Inc.
