CarMax (KMX)
President and CEO Tom Folliard exercised options for 395,000 shares at a total $7.03 million. He then sold those shares at market price for a total of $17.82 million.
CFO Thomas Reedy exercised options for 38,000 shares at $19.82 per share. He then sold them at market price for $45.08 each for a total of $1.71 million.
Landmark Apartment Trust of America
As it moves toward a planned IPO, the REIT acquired interests in Landmark at Colonial 2011 LP, a portfolio of four apartment properties throughout the south. Landmark at Chesterfield Apartments located in Pineville, N.C., Landmark at Coventry Pointe Apartments in Lawrenceville, Ga., Landmark at Grand Oasis Apartments in Suwanne, Ga., and Landmark at Rosewood Apartments in Dallas.
The company took control of the properties in exchange for $27.88 million in cash and shares. The four properties have a combined 1,166 units encompassing 1.2 million in rentable square feet and are 95 percent occupied. The properties have a combined outstanding mortgage balance of $62.3 million
In a similar deal this month, LATA took control of Landmark at Lakeways, L.P. and its 10 multi-family properties spread throughout Texas. Consideration of $53.38 million was paid in the form of cash and shares. The Lakeways portfolio has a mortgage balance of $66.49 million.
MeadWestvaco (MWV)
The packaging company announced a program to accelerate profitability and cut costs. It said it will implement measures that will target annual cost savings of $100 to $125 million. It expects at least $75 million of that to be realized in 2014.
Without stating specifics, the company said it will implement a “leaner organization design across the packaging businesses to simplify the structure and speed decision making.”
It had executive Robert K. Beckler relocated to Richmond from its operations in Brazil to lead the new program. Beckler has been with the company for more than 26 years.
MWV said it also expects to return $700 million to shareholders, including the proceeds from its recent sale of its forestland properties.
CarMax (KMX)
President and CEO Tom Folliard exercised options for 395,000 shares at a total $7.03 million. He then sold those shares at market price for a total of $17.82 million.
CFO Thomas Reedy exercised options for 38,000 shares at $19.82 per share. He then sold them at market price for $45.08 each for a total of $1.71 million.
Landmark Apartment Trust of America
As it moves toward a planned IPO, the REIT acquired interests in Landmark at Colonial 2011 LP, a portfolio of four apartment properties throughout the south. Landmark at Chesterfield Apartments located in Pineville, N.C., Landmark at Coventry Pointe Apartments in Lawrenceville, Ga., Landmark at Grand Oasis Apartments in Suwanne, Ga., and Landmark at Rosewood Apartments in Dallas.
The company took control of the properties in exchange for $27.88 million in cash and shares. The four properties have a combined 1,166 units encompassing 1.2 million in rentable square feet and are 95 percent occupied. The properties have a combined outstanding mortgage balance of $62.3 million
In a similar deal this month, LATA took control of Landmark at Lakeways, L.P. and its 10 multi-family properties spread throughout Texas. Consideration of $53.38 million was paid in the form of cash and shares. The Lakeways portfolio has a mortgage balance of $66.49 million.
MeadWestvaco (MWV)
The packaging company announced a program to accelerate profitability and cut costs. It said it will implement measures that will target annual cost savings of $100 to $125 million. It expects at least $75 million of that to be realized in 2014.
Without stating specifics, the company said it will implement a “leaner organization design across the packaging businesses to simplify the structure and speed decision making.”
It had executive Robert K. Beckler relocated to Richmond from its operations in Brazil to lead the new program. Beckler has been with the company for more than 26 years.
MWV said it also expects to return $700 million to shareholders, including the proceeds from its recent sale of its forestland properties.