Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-With attractive office properties remaining scarce, Equity Office Properties Trust is nearly doubling its stock repurchase program to $1.1 billion, and extending it into next May. The largest US office REIT’s board of trustees gave the company’s management team authority to buy back an additional $500 million in common stock.

Equity Office Properties has paid $597 million to buy 23.5 million shares, including $36.6 million so far this year for 1.4 million shares.

So far this year, Equity Office Properties has spent more than $150 million on acquisitions, almost all of it buying out partners in 1301 Avenue of the Americas in New York City.

“Our shares continue to offer us an attractive investment opportunity in today’s market,” says president and chief executive officer Richard D. Kincaid. “We plan to execute the program primarily with proceeds from asset sales, and do not anticipate borrowing to fund share repurchases.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.