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FBR Asset To Repurchase Half-Million Stock Shares

ARLINGTON, VA-The board of directors of the Northern Virginia-based REIT says the company will hold repurchased shares for possible future issuance. Both individual and institutional investors own most of FBR Asset's outstanding shares.

By Wendy Watkins | Updated on February 20, 2001

ARLINGTON, VA-FBR Asset Investment Corporation’s board of directors has authorized the repurchase of 500,000 shares of FBR Asset’s common stock. The repurchased shares will be held as treasury stock and, according to the company, will be available for future issuance and for general corporate purposes.

FBR Asset, a REIT formed in December 1997, invests in mortgages, mortgage-backed securities, and other real estate assets. At the end of last year, the company had $225.8 million in total assets, shareholders’ equity of $86.8 million, a book value of $22.36 per share, and 3.9 million shares outstanding.

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