CBL Properties (NYSE:CBL) on Thursday announced that it completed the repurchase of 500,000 shares of CBL stock for $12.525 million, in a privately-negotiated block trade from a single shareholder. The block repurchase was completed separately from CBL’s existing stock repurchase program described below.
On Aug. 10, 2023, CBL announced that its board of directors authorized a stock repurchase program for the company to buy up to $25.0 million of its common stock. As of Sept. 20, 2024, CBL had completed all repurchase activity under this program. A total of 1,074,826 shares were repurchased under the program at a weighted average share price of $23.259 per share.
“We are pleased to have repurchased more than 1.5 million shares of CBL at extremely attractive valuations,” said Stephen D. Lebovitz, CBL’s chief executive officer. “This investment demonstrates our confidence in the company’s future, our conviction that there is significant upside value in CBL, and our commitment to returning capital to shareholders.”
After cancellation of the repurchased shares the company currently has 30,749,272 shares of common stock outstanding (excluding 34 treasury shares).