Alexandria dividend
MyStockButler's October 2026 analysis: Alexandria pays a quarterly dividend of $0.72 per share, or $2.88 annualized. In 2025, operating cash of $1.4 billion covered $911.5 million of dividends, but the $1.9 billion building program meant operations did not fund both the dividend and construction.
How much does Alexandria pay shareholders over the years shown?
The reported 2025 payout ratio was 51.9%, based on declared dividends of $4.68 per share and adjusted FFO per share. In December 2025, Alexandria cut the quarterly dividend to $0.72, which annualizes to $2.88. The lower commitment helps, but an unused repurchase authorization is not a continuing cash return.
The base dividend remains $2.88 per share in each period, matching the current $0.72 quarterly rate. The board already cut the dividend from $1.32 to $0.72, while 2026 FFO guidance remains above the reduced payout. Bear dividends fall to $1.44 after another cut. Bull dividends rise to $3.52, but remain below the former rate.
Is Alexandria’s dividend covered by its cash?
Operating activities generated $1.4 billion in 2025, while dividends paid were $911.5 million. That left $502.6 million before investing, but additions to real estate consumed $1.9 billion. The calculation includes growth spending, not just maintenance, yet it shows that operations did not fund both the dividend and the building program.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 1,414,046 | 1,504,524 | 1,630,550 | 1,294,321 | 1,010,197 |
| − Dividends paid | 911,450 | 898,557 | 847,483 | 757,742 | 655,968 |
| = Operating cash after dividends | 502,596 | 605,967 | 783,067 | 536,579 | 354,229 |
| + Properties sold | 2,320,875 | 1,220,206 | 1,195,743 | 994,331 | 190,576 |
| − Development and capital spending | 1,870,924 | 2,422,625 | 3,418,296 | 3,307,313 | 2,089,849 |
| − Shares bought back | 208,187 | 50,107 | 0 | 0 | 0 |
What this means. Properties sold shows the cash received from selling properties, not the profit made on those sales.
What could change Alexandria’s dividend?
The base view strengthens during 2028 if lease-up improves same-property NOI while dispositions and partial-interest sales provide the planned capital for construction and debt reduction. Management expects those transactions to provide $1.1–$2.7 billion.
What is Alexandria’s dividend yield against its share price?
On October 27, 2026, the shares traded at $43.40 and 4.5 times FFO. FFO, or funds from operations, adds much property depreciation back to accounting earnings because depreciation does not directly measure a building’s changing market value. AFFO usually subtracts more recurring property costs, but companies define it differently. Neither measure equals cash ready to distribute: Alexandria may still need to pay for repairs, laboratory fit-outs, leasing commissions and interest.
| Today (Oct 27, 2026) | |
|---|---|
| Share price | 43.40 |
| Market value (calculated) | 7,558,571.993 |
| Price to FFO (calculated) | 4.5x |
| Price to AFFO (calculated) | 6.1x |
| Dividend yield (calculated) | 6.6% |
What this means. The price-to-funds-from-operations ratio looks cheaper because it includes a one-time gain from paying off debt, which is not normal ongoing profit.