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Area Real Estate Companies Get Back Into the Market

WASHINGTON, DC-The Securities and Exchange Commission has suspended certain rules about stock buybacks, and at least one real estate company in this region -- Mills Corp. -- have said they now plan to buy back some of their stock. Another company--Corporate Office Properties Trust--sold shares on last Friday.

By Marlon Millner | Updated on September 18, 2001

WASHINGTON, DC-The stock market is trying to recover from the terrorist attacks last week on New York and the Pentagon here. In the aftermath of the devastation, several real estate players have moved back into the market to either buy back or sell securities.

The Securities and Exchange Commission suspended rules this week for issuer stock repurchases. At least one area real estate company plans to take advantage of the measure, and perhaps stabilize its stock. Mills Corp. of Arlington, VA, said it will buy back some of its stock. Mills Corp. develops large-scale outlet retail and entertainment centers. It has 12 properties in the US, including Arundel Mills in the Baltimore area and Potomac Mills outside of Washington. Shares of Mills were recently trading around $21 a share.

Another local company — Corporate Office Properties Trust — actually sold shares into the market. On Friday Sept. 14, before the market re-opened, COPT sold 185,000 redeemable, preferred shares. The net proceeds to the real estate investment trust were $4.5 million. This over allotment selling followed the offering of 1.24 million preferred shares, which were priced at $25 each. The company’s common stock is trading around $12.75 currently.

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