CBL & Assoc. Properties (CBL) Reports In-Line Q2 FFO; Approves $200M Common Stock Buyback Program
CBL & Assoc. Properties (NYSE: CBL) reported Q2 FFO of $0.54, in-line with the analyst estimate of $0.54. Same-center sales per square foot increased 4.1% during the second quarter 2015 over the prior-year period.
The company also announced that its Board of Directors has authorized a share repurchase program for the Company to buy up to $200 million of its common stock. The Company plans to repurchase shares from time to time on the open market, in privately negotiated transactions or otherwise, depending on market prices and other conditions. Purchases may be made through the program through August 31, 2016.
“The significant discount that our stock currently trades at relative to its private market valuation provides an attractive investment opportunity,” said Stephen Lebovitz, president and chief executive officer. “As we execute our disposition program, applying a portion of the proceeds towards share repurchases will create significant shareholder value. Management and the Board believe it is important to proactively implement a program, demonstrating our ongoing confidence in the value of CBL’s portfolio. Importantly, we remain fully committed to maintaining and further improving our credit metrics and do not intend to borrow funds to execute these share repurchases.”
This stock repurchase program does not obligate the Company to acquire any particular amount of its common stock and the program may be extended, modified, suspended or discontinued at any time at the Company’s discretion.
For earnings history and earnings-related data on CBL & Assoc. Properties (CBL) click here.