Vornado Realty Trust (NYSE: VNO) announced that its Board of Trustees has authorized a new share repurchase program allowing the company to buy back up to $300 million of its outstanding common shares.

The real estate investment trust has been operating under an existing $200 million share repurchase program, through which it has repurchased 6,929,439 common shares at an average price of $25.80 per share. Approximately $21 million remains available under the prior program.

Share repurchases under the new program may be conducted through various methods including open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, or trading plans under Rule 10b5-1. The timing, price, and amount of repurchases will be determined at the company's discretion based on market conditions, share prices, alternative capital uses, and other factors.

The program has no expiration date and may be suspended or discontinued at any time. The company is not obligated to repurchase any specific amount of shares under the authorization.

The announcement was made in a press release statement from the New York-based company.