Despite an improved stock outlook for real estate firms in general, the going just seems to get tougher all the time for Kennedy-Wilson, Inc. (Nasdaq:KWIC). The firm is buying back 10 percent of its common stock - up to 1 million shares - in hopes of shoring up a flagging price.

So far this year, the company has performed well. In the first quarter, revenue rose 123 percent, and net income increased 44 percent. But the stock bottomed out in March on low volume and has not seen the light of day since.

Currently tracking in the $5 ¹/2 range, the stock still is a bargain with a price-to-earnings ratio of less than 10. Its year-high of $11 ¹/4 has popped up three times over the last months - in October, September and again in February. Look for another positive earnings report in the coming weeks.

Kennedy-Wilson focuses on real estate property management and leasing services, including its newly launch technology division. In addition, the company this quarter has purchased a loan portfolio with a face value of $100 million from a major Japanese Trust Bank.

But weak fourth quarter results turned investors off after earnings were significantly lower than analyst expectations. Both Friedman Billings and Wedbush Morgan Securities downgraded the stock in February, and the price plunged to just above $5.

In other earnings news, tiny American Church Mortgage Company (OTC Bulletin Board: ACMC) continues to pay out for investors. The company this week announced a second-quarter dividend of 21 ¹/4 cents per share, which is equivalent to an impressive annualized dividend yield of 8.50 percent.

While itty-bitty, total revenue for the REIT’s second quarter was up significantly. And the firm, which makes its money from interest income earned from loans to churches and other non-profit religious organizations, still is hawking its shares.

And on the more residential side of things, expect to see a great many more apartment-focused firms announcing major rehab plans for their existing assets. According to the National Multi Housing Council (NMHC), shifts in the market and an aging apartment stock likely will cause the pace of rental apartment upgrades to increase over the coming decade.

"Although spending on apartment upgrading exceeds $5 billion annually, little has been known about this important vehicle for improving the nation's housing," said Jonathan Kempner, president of NMHC, which just completed a study on the issue in conjunction with FannieMae. "This new research fills the information gap to help guide business decisions and government policy and suggests that renovating and improving the nation’s 17 million existing rental apartments will likely be one of the multifamily industry's major business opportunities in the coming years."

The new report indicated that rehabbing takes up a great deal more in resources than many in the industry would suspect. Approximately one out of every three apartments is upgraded each year, and seven out of 10 are improved over a 10-year period.

Between 2000 and 2010, an estimated 5 million apartments are likely to be upgraded annually. And half of the nation’s apartment upgrades, whether measured by the number of apartments improved or the aggregate spending on those improvements, will occur in just six states: California, New York, Texas, Florida, Illinois, and Ohio.

As housing starts and resales slow, demand for apartments likely will grow accordingly. Look for masses of capital spending to fulfill this demand coming round the corner.