Wednesday’s L.A. News RoundupWednesday, August 8, 2012
STOCK OFFERING: Kilroy Realty Corp. on Wednesday priced a public offering of 5 million shares at $46.10 a share. The Los Angeles office real estate investment trust, which announced the offering late Tuesday, said estimated net proceeds of $221 million may be used to buy properties, pay off borrowings under the partnership’s revolving credit facility and for other corporate purposes. Shares closed down 1 percent to $46.72 on the New York Stock Exchange.
LOWER EARNINGS: The stock of Live Nation Entertainment Inc. rose 1 percent on Wednesday, even after announcing that its second-quarter net profit fell 42 percent. The Beverly Hills concert promoter and artist management company blamed adverse currency exchange rates and a decline in artist management fees and sponsorships. Net income was $7.7 million (4 cents a share), compared with $13.3 million (7 cents) in the same period a year earlier. Revenue fell almost 1 percent to less than $1.55 billion. The Wall Street consensus was for profit of 5 cents a share on revenue of $1.58 billion.
U.S. EXPANSION: Realtime, a Brazilian startup that is developing technology for real-time web applications, announced it raised $100 million and had expanded operations to the United States, with offices Santa Monica and New York City. The São Paulo company, originally called Internet Business Technologies, has developed a language called xRTML, to power mobile web applications such as cloud-hosted messaging systems.
OVERSEAS EXPANSION: DineEquity Inc., the parent of IHOP Restaurants and Applebee's Neighborhood Grill & Bar, announced the opening of the first IHOP restaurant in the Middle East. The Glendale company said the restaurant is located in the Mall of the Emirates in Dubai, United Arab Emirates. The opening is the first of a 40-restaurant franchise development agreement announced in June with M.H. Alshaya Co. of Kuwait.