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Kennedy Wilson Closes Separate Transactions Worth $363M
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Kennedy-Wilson Holdings, Inc. (KW - Free Report) , the Beverly Hills, CA-based real estate investment and services company announced the completion of separate multifamily transactions worth $363 million. The transactions will allow the company to enhance the quality of its portfolio and expand financing options.
Kennedy-Wilson offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, along with construction and trust management. The transactions included the acquisition of Alara Hedges Creek, disposition of The Grove and refinancing of Bella Vista at Hilltop.
Last Thursday, Kennedy Wilson acquired 100% of Alara Hedges Creek, a low-density garden style community located in the Portland suburb of Tualatin for $93 million.
A day before that, the company, along with its partner sold The Grove for $96 million, and reaped $58 million in net proceeds. Also, the company refinanced the wholly-owned assets, Bella Vista at Hilltop, with a new $175 million 10 year fixed-rate loan at 3.50% from Fannie Mae, interest-only for the entire term.
Currently Kennedy Wilson carries a Zacks Rank #3 (Hold). For the current year, Kennedy Wilson’s loss estimates narrowed from 32 cents to 31 cents per share over the past 30 days. Year to date, the company’s share price moved down 15.1%, whereas this fall for the Zacks categorized Real Estate Operations industry was 3.4%.
Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.
DCT Industrial Trust’s current-year FFO estimates have moved up 2.3% over the past one month to $2.24 per share.
Current-year estimates for American Tower Corporation moved up 0.2% to $5.55 over the past month.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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Kennedy Wilson Closes Separate Transactions Worth $363M
Kennedy-Wilson Holdings, Inc. (KW - Free Report) , the Beverly Hills, CA-based real estate investment and services company announced the completion of separate multifamily transactions worth $363 million. The transactions will allow the company to enhance the quality of its portfolio and expand financing options.
Kennedy-Wilson offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, along with construction and trust management. The transactions included the acquisition of Alara Hedges Creek, disposition of The Grove and refinancing of Bella Vista at Hilltop.
Last Thursday, Kennedy Wilson acquired 100% of Alara Hedges Creek, a low-density garden style community located in the Portland suburb of Tualatin for $93 million.
A day before that, the company, along with its partner sold The Grove for $96 million, and reaped $58 million in net proceeds. Also, the company refinanced the wholly-owned assets, Bella Vista at Hilltop, with a new $175 million 10 year fixed-rate loan at 3.50% from Fannie Mae, interest-only for the entire term.
Currently Kennedy Wilson carries a Zacks Rank #3 (Hold). For the current year, Kennedy Wilson’s loss estimates narrowed from 32 cents to 31 cents per share over the past 30 days. Year to date, the company’s share price moved down 15.1%, whereas this fall for the Zacks categorized Real Estate Operations industry was 3.4%.
Some better-ranked stocks in the real estate space include Seritage Growth Properties (SRG - Free Report) , DCT Industrial Trust Inc. and American Tower Corporation (AMT - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Seritage Growth Properties’ current-year funds from operations (“FFO”) estimates have moved up 0.9% over the past one month to $2.34 per share.
DCT Industrial Trust’s current-year FFO estimates have moved up 2.3% over the past one month to $2.24 per share.
Current-year estimates for American Tower Corporation moved up 0.2% to $5.55 over the past month.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
The Best Place to Start Your Stock Search
Today, you are invited to download the full list of 220 Zacks Rank #1 "Strong Buy" stocks – absolutely free of charge. Since 1988, Zacks Rank #1 stocks have nearly tripled the market, with average gains of +26% per year. Plus, you can access the list of portfolio-killing Zacks Rank #5 "Strong Sells" and other private research. See these stocks free >>