Colony Financial Inc. said Monday that it will buy back up to $50 million of its stock over the next year.
Colony Financial, the public real estate finance and investment company advised by billionaire Thomas J. Barrack Jr.’s Colony Capital LLC, said the timing and pricing of the repurchases would be based on market conditions, available investment options and capital availability.
The repurchase comes after the company in April closed the sale of nearly 15.4 million shares of its common stock at $18.50 each for total net proceeds of nearly $272 million. The share price has since fallen 12 percent.
Shares were up 26 cents, or 1.6 percent, to $16.20 in midday trading on the New York Stock Exchange.