General Growth Adds $500 Million to Stock Buyback Plans
August 26 2015 - 08:59AM
Dow Jones News
By Tess Stynes
General Growth Properties Inc. (GGP) said its board authorized
the repurchase of an additional $500 million of the mall owner's
shares, raising the total under the company's stock buyback program
to $600 million.
General Growth, the nation's second-largest mall owner by number
of properties, has been slimming operations and accelerating its
redevelopment pipeline since exiting bankruptcy in 2010.
The Chicago-based real-estate investment trust this month
reported that its funds from operations--an important measure of
performance for REITs--increased on higher initial rental rates and
tenant sales during the second quarter.
Write to Tess Stynes at tess.stynes@wsj.com
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(END) Dow Jones Newswires
August 26, 2015 08:44 ET (12:44 GMT)
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