The board decided in July to buy back $200 million of company shares, upping that limit to $400 million in November. So far, Equity Office Properties Trust has paid $348.8 million to buy back more than 14.1 million common shares.
"We continue to believe that our own stock represents one of the more compelling investment options available to us in today's market," says Equity Office Properties Trust president Richard D. Kincaid in a statement.
The company spent $92 million on office acquisitions last year while selling off properties for $508 million. It expects to be a net seller again this year by a wide margin, company officials have said.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.