SEATTLE-Expecting to complete a $200-million share buyback program today, the board of directors of locally based REIT Plum Creek Timber Co. has authorized a new $200-million buyback program. CEO Rick Holley says the move underscores “conviction about the long-term value of our assets.”

Plum Creek repurchased 3.36 million shares, at an average price of $35.78 per share for the month of May and 0.90 million shares, at an average price of $36.08 per share for the month of June. The 4.26 million shares repurchased during the second quarter of 2006 reduced stock outstanding by approximately 2.3%.

Plum Creek is the largest and most geographically diverse private landowner in the nation, with 8.2 million acres of timberlands in major timber producing regions of the US. The company also owns and operates 10 wood products manufacturing facilities in the Northwest.

As with the old buyback program, the new program authorizes the company, at its own discretion, to buy back shares of its outstanding common stock from time to time with open-market purchases as market conditions warrant. “Through this program, we have acquired valuable timber and land assets at attractive values in the stock market, increasing our shareholders’ proportionate ownership interest in these assets,” Holley says.

In April, Plum Creek announced first quarter earnings of $94 million, or $0.51 per diluted share, on revenues of $414 million. Earnings for the first quarter of 2005 were $122 million, or $0.66 per diluted share, on revenues of $400 million.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.