(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
BEVERLY HILLS, CA-Despite a net loss of $3.4 million in the first quarter, executives at Kennedy-Wilson Holdings Inc. are pleased with the company’s financial outlook and consider it to be on track with expectations set out for the year, according to chairman and CEO William McMorrow, who spoke during the company’s recent earnings call.
“We had a very good first quarter, clearly in line with the expectations we set out for the year,” said McMorrow during the call. The company’s earnings before interest, taxes, depreciation and stock-based compensation expense (EBITDA) for the first quarter was $19.2 million compared to $15.1 million in the first quarter of 2011. McMorrow had said in an earlier statement that K-W has begun to realize gains on some assets acquired in 2010 and 2011, and that the company continues to see many opportunities to grow the recurring cash flow through reinvestment of the return of capital and gains achieved from sales.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
