RE:Buybacks It's because they are literally the only one buying. It's funny because they are projecting 0.15 in 2020, 0.25 in 2021, 0.60 in 2022. So in 2-3 years you get more than your money back in earnings. It's currently priced to book value for some reason, like a REIT who's returns are based on assets. But this isn't really a REIT, it's a developer who's returns are based on development fees and returns on construction. That and education are probably putting the valuation under the radar.
I think unless the spinout changes the valuation perspective, it will continue to be priced to book. Until that happens, I think it makes sense to continue to acquire shares.