Cornerstone REIT Plans $50 Mil. Stock Buyback

RICHMOND, VA-Cornerstone Realty Income Trust plans to buy back up to $50 million of its common shares, now trading at $10.87 a share. The real estate investment trust, which recently completed another buyback program, believes its stock is undervalued.

By Mike Cleary | Updated on October 17, 2000

RICHMOND, VA-Cornerstone Realty Income Trust will buy back up to $50 million more of its common shares, now trading at $10.87 a share.The real estate investment trust recently completed its original share repurchase plan first authorized in October 1999.

“We continue to believe that our stock is undervalued at its current price and that the repurchase of our shares is a prudent investment that will increase shareholder value short term and long term,” says Glade M. Knight, chairman and chief executive officer, in a statement. “Our stock continues to trade at a discount to net asset value, and this situation provides us with an excellent opportunity to make another sizeable investment in the company for the benefit of our shareholders.”

The company plans to buy the shares on the open market at its discretion. It has about 35.5 million common shares outstanding.

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