The properties that Alexandria Real Estate Equities (NYSE: ARE) owns are very complex, but its business model is actually pretty simple. That model has also proven to be very robust over time, allowing the real estate investment trust (REIT) with a focus on medical research properties to increase its dividend annually for more than a decade. Here's why Alexandria's dividend is highly likely to keep growing.

As a REIT Alexandria's goal is to own the most desirable properties in the most desirable markets. As the old saying goes, it's about location, location, location. To achieve this, management focuses on what it calls a "cluster model." 

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Source Fool.com