SAN FRANCISCO-Mission West Properties Inc. said Monday it has been authorized by its board of directors to purchase up to $5 million of its common stock on the open market over the next 12 months. The Cupertino, CA-based R&D REIT has approximately 19.8 million common shares outstanding. In early afternoon trading Monday stock in the company’s was trading in the low-to-mid $7 range, a little less than $2 above its 52-week low of $5.69 and approximately $4 below its 52-week high of $12.45.

Mission West owns and operates eight million square feet in 111 buildings located primarily in the Silicon Valley, which borders the south end of San Francisco Bay. The total includes 854,000 square feet in 16 buildings that are in the process of being rezoned for residential development.

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