The nearly 7.9 million shares bought back by Equity Office Properties is almost 2% of the outstanding number of common shares. The shares have been acquired at a weighted average of $24.92 per share.
Equity Office Properties stock hit $31.36 per share in April, but shares closed at $25.49 Friday, a drop of 18.7% in little more than six months. That is a slight premium to Equity Office Properties' most recent book value.
Recent action by the board of trustees gives the company the ability to buy back another $200 million over the next 12 months, according to Equity Office Properties, which forecasts lower funds from operations next year as the office market bottoms out.
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