Newhall Land Sells 1,673 Acres to Finance Buyback
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Newhall Land and Farming Co. has sold 1,673 acres of undeveloped land and farmland for $17.9 million.
The company said the sale will add $17 million to its net income for the second quarter that ends June 30.
Thomas Lee, Newhall’s chief executive, said the company will use the proceeds to keep repurchasing Newhall’s units, similar to common stock, in the open market. In January, the company announced plans to repurchase 500,000 units; as of early this month, 275,585 of the units remain to be purchased.
Companies typically launch stock, or unit, buybacks to try and boost the value of the remaining shares.
Newhall Land, based in Valencia, is developing the company’s 37,000 acres as part of a master-planned community.
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