"Due to conflicting family and work commitments on opposite coasts, and after much consideration, Peter and Jaimie have chosen to part ways amicably and remain good friends," their rep tells Us Weekly in a statement.
The couple, who got engaged last March, had been in a long-distance relationship lately while Alexander, 31, filmed Blind Spot in NYC, while Facinelli remained in L.A.
The couple, who both appeared on Nurse Jackie and worked together on Loosies, went public with their relationship in November 2012, eight months after Facinelli, 42, split with wife Jennie Garth after 11 years of marriage. The Twilight star and Beverly Hills, 90210 alum share three children, Luca, 16, Lola, 10, and Fiona, 7.
Facinelli and Alexander were most recently seen together on the red carpet at the Golden Globe Awards in January.
For access to all our exclusive celebrity videos and interviews – Subscribe on YouTube!