Vornado (VNO) Affiliate Alexander's (ALX) Complets Kings Plaza Sale, Announced Sp. Dividend

December 3, 2012 7:12 AM EST
Vornado Realty Trust (NYSE: VNO) announced that its 32.4% affiliate, Alexander’s, Inc. (NYSE: ALX) completed the previously announced sale of the Kings Plaza Mall, Brooklyn, New York for $751 million. Vornado’s share of the financial statement gain is approximately $180 million. Vornado will receive a special long-term capital gain dividend from Alexander’s of approximately $202 million from the sale. In turn, Vornado’s Board of Trustees has declared a special long-term capital gain dividend of $1.00 per Vornado share payable on December 21, 2012 to shareholders of record on December 10, 2012.

Vornado Realty Trust is a fully integrated equity real estate investment trust.

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