For the sixth straight quarter, Alexandria Real Estate Equities (NYSE: ARE ) has increased its quarterly dividend, the company announced today. Alexandria's board of directors has approved a $0.03 increase to its dividend, raising it to $0.68 a share for Q3, Alexandria said.
Following the 4.6% jump, Alexandria now boasts a dividend yield of approximately 4.3%, based on Sept. 9's closing price of $63.30. At $0.68 per share, Alexandria's quarterly dividend payout is 28% larger than the same period last year.
The dividend is payable on Oct. 15 to shareholders of record Sept. 30. The REIT engages in the ownership, operation, management, development, acquisition, and redevelopment of properties for the life sciences industry.
Joel Marcus, CEO of Alexandria, commented in a statement, "The dividend increase will allow the Company to share its continued high quality and strong cash flows from operations with its common shareholders while also continuing to retain cash flows from operations for reinvestment."