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CBL Approves Stock Buyback Plan

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CBL & Associates became the second big mall REIT to approve a stock repurchase plan in recent weeks. CBL's board authorized the company to acquire up to $100 million in common stock in the next 12 months.

Earlier today, CBL announced its second quarter results.

Mall real estate investment trust CBL & Associates Properties Inc. said Thursday its second-quarter results fell 3 percent on an income tax provision, missing Wall Street's average estimate.

Funds from operations, or FFO, in the second quarter fell to $85.9 million, or 74 cents per share, from $88.5 million, or 76 cents per share, in the year-ago period. Excluding a gross redemption charge, FFO was 77 cents per share in the recent quarter.

CBL's stock closed today at $31.64, a bit above the 52-week low of $30.72. Year-to-date, the company's stock is down 27 percent.

Previously, Simon Property Group's board approved a $1 billion buyback plan.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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