Meanwhile, the Company now owns four commercial properties, totaling 129,000 sf, which are, on average, 83% occupied. The company is focused on leasing the current vacant space and is evaluating opportunities to expand the existing operations.
Repurchases of the stock, which has declined in price from $2.87 a share to its close Monday at $0.41 a share, will occur periodically on the open market at prevailing market prices, or in negotiated transactions off the market. The repurchases are expected to continue through the end of the calendar year.
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