Newhall Land Resumes Units Buyback Plan

Newhall Land & Farming said it reinstated a program of buying back its ownership units, authorizing the periodic repurchase of about 1.3 million units, or 6.6% of the total outstanding.

The Valencia real-estate and agricultural concern is organized as a master limited partnership, whose equity units are similar to shares of stock and trade on the New York Stock Exchange.

The repurchase plan had been suspended during Newhall’s recent self-tender offer, under which it bought back 1.04 million, or 5.2%, of its total units for $56 a share.

The buyback program, under which Newhall earlier purchased 944,935 units out of the 2.2 million originally authorized, will resume with Newhall buying units in the open market or in privately negotiated sales. The frequency of the repurchases will depend on market conditions and other factors, Newhall said.