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.