Kennedy Wilson to Delist Stock

Kennedy Wilson Inc., a public Beverly Hills-based real estate investment and services firm traded on Nasdaq, said Monday that it intended to deregister its common stock and suspend its reporting obligations to the Securities and Exchange Commission.

The company said in a statement that “the increasing financial costs and commitment of management’s time to ever-increasing regulatory requirements have become an excessive burden.”

Kennedy Wilson executives expect to file a Form 15 with the SEC on Nov. 1, at which point the company will no longer be obligated to file annual and quarterly reports with federal regulators. The company intends to continue to report to its shareholders in accordance with Delaware law, and said it expected its shares to trade over the counter in the so-called Pink Sheets market.

Kennedy Wilson, which went public in 1992, has a stock market value of $54 million. The company, with 20 offices in the United States and Japan, develops, owns and manages a mix of commercial, industrial and residential properties. Its holdings include the Pegasus, a downtown Los Angeles office tower that the company converted to apartments last year.

The company’s stock fell 24 cents to $8.12 on Monday before the announcement. The shares have risen 29% this year.