Real estate investment trust Alexandria Real Estate Equities (ARE) will raise its quarterly dividend by another 2.8 percent to $1.09 per share in 2020. This follows a 2.9 percent dividend hike by the REIT earlier this year and marks 11 consecutive years of increased dividends.

The next dividend is payable on January 15, 2021, to shareholders of record on December 31, 2020. The new annual dividend rate of $4.36 per share yields 2.5% at a stock price of $171.

Alexandria Real Estate Equities, Inc. is an urban office real estate investment trust (REIT) focused on collaborative life science and technology campuses in AAA innovation cluster locations. Its locations include Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland and Research Triangle. Alexandria Real Estate Equities was founded in 1994 and has paid a dividend every year since 1997.