Alexander’s to Sell Kings Plaza Mall for $751 Million
PARAMUS, N.J. -- October 22, 2012
ALEXANDER’S, INC. (New York Stock Exchange: ALX) announced today that it has
entered into an agreement to sell the KingsPlaza Mall, Brooklyn, New York to
The Macerich Company (NYSE: MAC), for $751 million. Net proceeds from the sale
will be approximately $481 million after repaying the existing loan and
The financial statement gain will be approximately $602million. The tax gain
will be approximately $624 million, which is expected to be paid out to
stockholders as a special long-term capital gain dividend.
The sale, which is subject to customary closing conditions, is expected to be
completed in the fourth quarter.
Alexander’s, Inc. is a real estate investment trust that has sevenproperties
in the greater NewYork City metropolitan area.
Certain statements contained herein may constitute “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among others, risks
associated with the timing of and costs associated with property improvements,
financing commitments and general competitive factors.
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