Alexandria Real Estate Hikes Dividend 8%
Jun 13th 2013 4:53PM
Updated Jun 13th 2013 6:00PM
Real estate investment trust Alexandria Real Estate Equities announced this morning its second-quarter dividend of $0.65 per share, an 8% increase of the $0.60 per share payout it made in the first quarter.
The board also announced it was paying dividends on two series of preferred shares:
- $0.4375 per share for its 7.00% Series D cumulative convertible preferred stock
- $0.3125 per share for its 6.45% Series E cumulative redeemable preferred stock
The dividends on both the common and preferred shares would be payable on July 15 to holders of record at the close of business on June 28.
Alexandria Real Estate Equities CEO Joel S. Marcus said:
Compared to a year ago, we have increased our quarterly cash dividend declared per common share by $0.14, or approximately 27%. Additionally, our funds from operations payout ratio -- the quarterly common stock dividend divided by quarterly funds from operations -- of 55% as of March 31, 2013, is one of the lowest payout ratios in the REIT industry.
The regular dividend payment equates to a $2.60-per-share annual dividend, yielding 4% based on the closing price of Alexandria's stock on June 12.
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