Newhall Land Board OKs 1.5-Million-Unit Buyback

Newhall Land & Farming Co., a Valencia-based real estate developer, said its board approved the repurchase of up to 1.5 million of the company’s units.

The buyback would be funded by the sale of agricultural land and more rapid residential land sales. A portion of the proceeds would also be used to repay debt, the company said.

The company now has about 36.2 million units outstanding.