UPDATE: Alexander's Cuts Dividend to $2.75 from $3.75

Alexander's, Inc. (NYSE: ALX) today announced that its Board of Directors has declared a quarterly dividend of $2.75 per share (a new indicated annual rate of $11.00). The dividend will be payable on February 19, 2013 to stockholders of record on January 28, 2013.

The new indicated annual dividend rate has been adjusted down from the former annual rate of $15.00 per share to reflect the November 2012 sale of the Kings Plaza Mall and the $122.00 per share special long-term capital gain dividend resulting therefrom.

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