Kennedy-Wilson Holdings, Inc.
(NYSE: KW) today reported results for 1Q-2019:
1Q (Amounts in
millions, except per share data)
2019 2018
GAAP
Results
GAAP Net Loss to Common Shareholders
($5.3 ) ($2.4 )
Per Diluted Share
(0.04 ) (0.02 )
Non-GAAP
Results
Adjusted EBITDA
$ 120.2 $ 122.6
Adjusted Net
Income
53.9 63.2
“In Q1, we saw strong same-property trends and continued to
execute on our strategic initiatives, with a focus on progressing
our development pipeline and growing our fee-bearing capital," said
William McMorrow, Chairman and CEO of Kennedy Wilson. “We remain
focused on our strategic asset recycling plan, which includes the
sale of non-core assets and the re-investment of capital into capex
and development initiatives, aimed at growing our long-term cash
flow.”
1Q Highlights
- Same Property Performance: NOI up 3%
Driven by Multifamily Portfolio
- Excluding hotels, revenue and NOI grew
by 5%. Hotel performance was impacted by the Shelbourne Hotel that
underwent significant lobby and reception renovations in
1Q-19.
1Q
- 2019 vs 1Q - 2018 Occupancy
Revenue NOI Multifamily - Market Rate 0.9%
5.5% 7.1% Multifamily - Affordable (0.3)% 4.7% 5.7% Commercial 0.3%
3.9% 3.6% Hotel N/A (9.4)% n/m
Total
3.1% 3.5%
- 1Q-19 Adjusted EBITDA of $120
million (vs. $123 million in 1Q-18):
- KW's share of property NOI totaled $89
million in 1Q-19 (vs. $104 million in 1Q-18). The decrease is
primarily due to the sale of assets from 2Q-18 through 1Q-19,
resulting in an $11 million decrease of property NOI.
- KW's share of gains, including the sale
of real estate and fair-value gains, totaled $54 million in 1Q-19,
an increase of $14 million from 1Q-18.
- Promotes totaled $6 million in 1Q-19, a
decrease of $5 million from 1Q-18.
- For 1Q-19, changes in foreign currency
rates decreased Adjusted EBITDA by $4 million (or 3%) compared to
foreign currency rates as of 1Q-18.
- Consolidated Rental/Hotel
Revenue: Consolidated rental and hotel revenue was $131 million
in 1Q-19, down $40 million from 1Q-18. The decrease was due to
asset sales ($30 million), the deconsolidation of Irish multifamily
assets that were sold into the AXA Joint Venture in 3Q-18, which
are now accounted for as unconsolidated investments ($6 million),
and a negative impact from the change in foreign currency rates ($4
million).
- In-Place Estimated Annual NOI of
$405 Million; Targeting an Additional $100 Million from Development
and Leasing by 2023:
- Estimated Annual NOI from the Company's
stabilized portfolio decreased by $2 million to $405 million from
$407 million at year-end 2018 primarily driven by the net sale of
assets during 1Q-19.
- Targeting an additional $32 million of
Estimated Annual NOI to be in place by the end of 2020, and an
incremental $72-78 million to be in place by the end of 2023,
through the expected completion of development and stabilization
initiatives.
- Fee-Bearing Capital Growth: The
Company raised an additional $200 million in Fee-Bearing Capital
through joint-venture asset acquisitions offset by a decrease of
$80 million due to asset dispositions. Fee-Bearing Capital was $2.3
billion as of March 31, 2019.
1Q-19 Investment
Activity
- Capital Recycling: Invested $78
million of capital, allocating 71% to capex and development, 19% to
new investments, and 10% to share repurchases.
- Acquisitions: Completed $249
million of acquisitions, of which the Company's share was $16
million.
- Dispositions: Completed $323
million of dispositions, of which the Company's share was $145
million, generating $93 million of cash to KW and produced a
weighted-average IRR of 20% to KW. Key dispositions in the quarter
included:
- Ritz-Carlton, Lake Tahoe Sale:
The Company and its equity partner sold the 170-room Ritz-Carlton,
Lake Tahoe hotel for $120 million. Over the life of the investment,
KW earned a cash profit of $37 million, including $12 million of
gains and promotes in 1Q-19.
- Mountain States Retail Sales:
The Company sold three non-core retail properties in the Mountain
States for $53 million. KW had a 95% ownership in these properties,
and recognized a gain on sale of $11 million.
Balance Sheet and
Liquidity
- Liquidity: Liquidity totaled
$943 million, including cash of $443 million(1) and $500 million of
capacity on the Company's undrawn revolving line of credit.
- 1.56% Capital Dock Refinance:
Completed a €261 million ($293 million) refinance of the
construction loan on Capital Dock, of which the Company's share was
€111 million ($124 million). The five-year floating-rate
interest-only loan bears an effective interest rate 1.56%.
- Global Debt Profile: Kennedy
Wilson's debt had a weighted average interest rate of 3.9% and a
weighted average remaining maturity of 5.6 years, with 81% of total
debt (at share) fixed and another 11% hedged against increases in
interest rates. 45% of the Company's debt is either Euro or
Sterling denominated and 55% is U.S. dollar denominated.
- Share Repurchase
Program(2): Repurchased and retired 0.4 million
shares for $7.9 million at a weighted-average price of $19.66. As
of March 31, 2019, the Company had $77 million remaining available
under its $250 million share repurchase plan.
Footnotes
(1) Includes $36.2 million of restricted cash, which is included
in cash and cash equivalents.
(2) Future purchases under the program may be made in the open
market, in privately negotiated transactions, through the net
settlement of the company's restricted stock grants or otherwise,
with the amount and timing of the repurchases dependent on market
conditions and subject to the Company's discretion.
Conference Call and Webcast
Details
Kennedy Wilson will hold a live conference call and webcast to
discuss results at 7:00 a.m. PT/ 10:00 a.m. ET on Thursday, May 2.
The direct dial-in number for the conference call is (800) 479-1004
for U.S. callers and (786) 789-4772 for international callers.
A replay of the call will be available for one week beginning
one hour after the live call and can be accessed by (888) 203-1112
for U.S. callers and +1 (719) 457-0820 for international callers.
The passcode for the replay is 9282106.
The webcast will be available at:
https://services.choruscall.com/links/kw1905023gs5x7Bd.html. A
replay of the webcast will be available one hour after the original
webcast on the Company’s investor relations web site for three
months.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate
investment company. We own, operate, and invest in real estate both
on our own and through our investment management platform. We focus
on multifamily and office properties located in the Western U.S.,
UK, and Ireland. For further information on Kennedy Wilson, please
visit www.kennedywilson.com.
Kennedy-Wilson Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
March 31, 2019 December 31,
2018 Assets Cash and cash equivalents $ 442.9 $ 488.0
Accounts receivable 43.5 56.6 Real estate and acquired in place
lease values, net of accumulated depreciation and amortization
5,561.9 5,702.5 Unconsolidated investments (including $710.0 and
$662.2 at fair value) 907.3 859.9 Other assets 284.0 274.8
Total assets $ 7,239.6 $ 7,381.8
Liabilities Accounts payable $ 18.4 $ 24.1 Accrued expenses
and other liabilities 464.9 513.7 Mortgage debt 2,988.8 2,950.3 KW
unsecured debt 1,203.3 1,202.0 KWE unsecured bonds 1,262.0
1,260.5
Total liabilities 5,937.4 5,950.6
Equity Common stock — — Additional paid-in capital
1,747.2 1,744.6 Accumulated deficit (92.1 ) (56.4 ) Accumulated
other comprehensive loss (424.6 ) (441.5 )
Total Kennedy-Wilson Holdings, Inc.
shareholders’ equity
1,230.5 1,246.7 Noncontrolling interests 71.7 184.5
Total equity 1,302.2 1,431.2
Total
liabilities and equity $ 7,239.6 $ 7,381.8
Kennedy-Wilson Holdings, Inc.
Consolidated Statements of
Operations
(Unaudited)
(Dollars in millions, except share amounts
and per share data)
Three Months Ended March 31, 2019
2018 Revenue Rental $ 115.8 $ 134.3 Hotel 15.0 36.3
Sale of real estate 1.1 9.4 Investment management, property
services and research fees 8.8 10.1
Total
revenue 140.7 190.1
Expenses Rental operating 41.0 41.6
Hotel operating 14.6 30.8 Cost of real estate sold 1.2 8.4
Commission and marketing 1.0 1.4 Compensation and related (includes
$10.4 and $9.9 of share-based compensation) 35.3 39.6 General and
administrative 10.9 11.4 Depreciation and amortization 49.1
55.7
Total expenses 153.1 188.9 Income from
unconsolidated investments, net of depreciation and amortization
41.7 26.0 Gain on sale of real estate, net 34.9 28.0
Acquisition-related expenses (0.8 ) — Interest expense (55.3 )
(58.9 ) Other (loss) income (2.5 ) 0.1
Income before
(provision for) benefit from income taxes 5.6 (3.6 ) (Provision
for) benefit from income taxes (4.0 ) 2.6
Net income
(loss) 1.6 (1.0 ) Net (income) attributable to noncontrolling
interests (6.9 ) (1.4 )
Net loss attributable to Kennedy-Wilson
Holdings, Inc. common shareholders $ (5.3 ) $ (2.4 )
Basic
and diluted loss per share(1) Loss per share $ (0.04 ) $
(0.02 ) Weighted average shares outstanding 139,756,358 147,941,982
Dividends declared per common share $ 0.21 $ 0.19
(1) Includes impact of the Company
allocating income and dividends per basic and diluted share to
participating securities.
Kennedy-Wilson Holdings, Inc.
Adjusted EBITDA
(Unaudited)
(Dollars in millions)
The table below reconciles Adjusted EBITDA
to net income attributable to Kennedy-Wilson Holdings, Inc. common
shareholders, using Kennedy Wilson’s pro-rata share amounts for
each adjustment item.
Three Months Ended March 31, 2019
2018 Net loss attributable to Kennedy-Wilson
Holdings, Inc. common shareholders $ (5.3 ) $ (2.4 )
Non-GAAP adjustments: Add back (Kennedy Wilson's Share)(1):
Interest expense 62.3 62.0 Depreciation and amortization 48.8 55.7
Provision for (benefit from) income taxes 4.0 (2.6 ) Share-based
compensation 10.4 9.9
Adjusted EBITDA $
120.2 $ 122.6
(1) See Appendix for reconciliation of
Kennedy Wilson's Share amounts.
The table below provides a detailed
reconciliation of Adjusted EBITDA to net income.
Three Months Ended March 31, 2019
2018 Net loss attributable to Kennedy-Wilson Holdings,
Inc. common shareholders $ (5.3 ) $ (2.4 )
Non-GAAP
adjustments: Add back: Interest expense 55.3 58.9 Kennedy
Wilson's share of interest expense included in unconsolidated
investments 8.5 5.1 Depreciation and amortization 49.1 55.7 Kennedy
Wilson's share of depreciation and amortization included in
unconsolidated investments 2.1 3.5 Provision for (benefit from)
income taxes 4.0 (2.6 ) Share-based compensation 10.4 9.9 EBITDA
add backs attributable to noncontrolling interests(1) (3.9 ) (5.5 )
Adjusted EBITDA $ 120.2 $
122.6
(1) EBITDA attributable to noncontrolling
interest includes $2.4 million and $3.5 million of depreciation and
amortization, $1.5 million and $2.1 million of interest for the
three months ended March 31, 2019 and 2018, respectively.
Kennedy-Wilson Holdings, Inc.
Adjusted Net Income
(Unaudited)
(Dollars in millions, except share
data)
The table below reconciles Adjusted Net
Income to net income attributable to Kennedy-Wilson Holdings, Inc.
common shareholders, using Kennedy Wilson’s pro-rata share amounts
for each adjustment item.
Three Months Ended March 31, 2019
2018 Net loss attributable to Kennedy-Wilson
Holdings, Inc. common shareholders $ (5.3 ) $ (2.4 )
Non-GAAP adjustments: Add back (Kennedy Wilson's Share)(1):
Depreciation and amortization 48.8 55.7 Share-based compensation
10.4 9.9
Adjusted Net Income $
53.9 $ 63.2 Weighted
average shares outstanding for diluted 139,756,358
147,941,982
(1) See Appendix for reconciliation of
Kennedy Wilson's Share amounts.
The table below provides a detailed
reconciliation of Adjusted Net Income to net income.
Three Months Ended March 31, 2019 2018
Net income (loss) $ 1.6 $ (1.0 )
Non-GAAP
adjustments: Add back (less): Depreciation and amortization
49.1 55.7 Kennedy Wilson's share of depreciation and amortization
included in unconsolidated investments 2.1 3.5 Share-based
compensation 10.4 9.9 Net income attributable to the noncontrolling
interests, before depreciation and amortization(1) (9.3 ) (4.9 )
Adjusted Net Income $ 53.9 $
63.2 Weighted average shares outstanding
for diluted 139,756,358 147,941,982
(1) Includes $2.4 million and $3.5 million
of depreciation and amortization for the three months ended
March 31, 2019 and 2018, respectively.
Forward-Looking Statements
Statements made by us in this report and in other reports and
statements released by us that are not historical facts constitute
"forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements are necessarily estimates reflecting the
judgment of our senior management based on our current estimates,
expectations, forecasts and projections and include comments that
express our current opinions about trends and factors that may
impact future operating results. Disclosures that use words such as
"believe," "anticipate," "estimate," "intend," "may," "could,"
"plan," "expect," "project" or the negative of these, as well as
similar expressions, are intended to identify forward-looking
statements. These statements are not guarantees of future
performance, rely on a number of assumptions concerning future
events, many of which are outside of our control, and involve known
and unknown risks and uncertainties that could cause our actual
results, performance or achievement, or industry results, to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. These
risks and uncertainties may include the factors and the risks and
uncertainties described elsewhere in this report and other filings
with the Securities and Exchange Commission (the "SEC"), including
the Item 1A. "Risk Factors" section of our Annual Report on
Form 10-K for the year ended December 31, 2018, as amended by
our subsequent filings with the SEC. Any such forward-looking
statements, whether made in this report or elsewhere, should be
considered in the context of the various disclosures made by us
about our businesses including, without limitation, the risk
factors discussed in our filings with the SEC. Except as required
under the federal securities laws and the rules and regulations of
the SEC, we do not have any intention or obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events, changes in assumptions, or
otherwise.
Common Definitions
· “KWH,” "KW," “Kennedy Wilson,” the "Company," "we," "our," or
"us" refers to Kennedy-Wilson Holdings, Inc. and its wholly-owned
subsidiaries.
· “Adjusted EBITDA” represents net income before interest
expense, our share of interest expense included in income from
investments in unconsolidated investments, depreciation and
amortization, our share of depreciation and amortization included
in income from unconsolidated investments, loss on early
extinguishment of corporate debt and income taxes, share-based
compensation expense for the Company and EBITDA attributable to
noncontrolling interests.
Please also see the reconciliation to GAAP in the Company’s
supplemental financial information included in this release and
also available at www.kennedywilson.com. Our management uses
Adjusted EBITDA to analyze our business because it adjusts net
income for items we believe do not accurately reflect the nature of
our business going forward or that relate to non-cash compensation
expense or noncontrolling interests. Such items may vary for
different companies for reasons unrelated to overall operating
performance. Additionally, we believe Adjusted EBITDA is useful to
investors to assist them in getting a more accurate picture of our
results from operations. However, Adjusted EBITDA is not a
recognized measurement under GAAP and when analyzing our operating
performance, readers should use Adjusted EBITDA in addition to, and
not as an alternative for, net income as determined in accordance
with GAAP. Because not all companies use identical calculations,
our presentation of Adjusted EBITDA may not be comparable to
similarly titled measures of other companies. Furthermore, Adjusted
EBITDA is not intended to be a measure of free cash flow for our
management’s discretionary use, as it does not remove all non-cash
items (such as acquisition-related gains) or consider certain cash
requirements such as tax and debt service payments. The amount
shown for Adjusted EBITDA also differs from the amount calculated
under similarly titled definitions in our debt instruments, which
are further adjusted to reflect certain other cash and non-cash
charges and are used to determine compliance with financial
covenants and our ability to engage in certain activities, such as
incurring additional debt and making certain restricted
payments.
· “Adjusted Fees’’ refers to Kennedy Wilson’s gross investment
management, property services and research fees adjusted to include
Kennedy Wilson's share of fees eliminated in consolidation, Kennedy
Wilson’s share of fees in unconsolidated service businesses and
performance fees included in unconsolidated investments. Effective
January 1, 2018, we adopted new GAAP guidance on revenue
recognition and implemented a change in accounting principles
related to performance allocations, which resulted in us now
accounting for performance allocations (commonly referred to as
“performance fees” or “carried interest”) under the GAAP guidance
for equity method investments and presenting performance
allocations as a component of income from unconsolidated
investments. Our management uses Adjusted fees to analyze our
investment management and real estate services business because the
measure removes required eliminations under GAAP for properties in
which the Company provides services but also has an ownership
interest. These eliminations understate the economic value of the
investment management, property services and research fees and
makes the Company comparable to other real estate companies that
provide investment management and real estate services but do not
have an ownership interest in the properties they manage. Our
management believes that adjusting GAAP fees to reflect these
amounts eliminated in consolidation presents a more holistic
measure of the scope of our investment management and real estate
services business.
· “Adjusted Net Income” represents net income before
depreciation and amortization, our share of depreciation and
amortization included in income from unconsolidated investments,
share-based compensation and net income attributable to
noncontrolling interests, before depreciation and amortization.
Please also see the reconciliation to GAAP in the Company’s
supplemental financial information included in this release and
also available at www.kennedywilson.com.
· “Cap rate” represents the net operating income of an
investment for the year preceding its acquisition or disposition,
as applicable, divided by the purchase or sale price, as
applicable. Cap rates set forth in this presentation only includes
data from income-producing properties. We calculate cap rates based
on information that is supplied to us during the acquisition
diligence process. This information is not audited or reviewed by
independent accountants and may be presented in a manner that is
different from similar information included in our financial
statements prepared in accordance with GAAP. In addition, cap rates
represent historical performance and are not a guarantee of future
NOI. Properties for which a cap rate is provided may not continue
to perform at that cap rate.
· "Consolidated investment account" refers to the sum of Kennedy
Wilson’s equity in: cash held by consolidated investments,
consolidated real estate and acquired in-place leases gross of
accumulated depreciation and amortization, net hedge asset or
liability, unconsolidated investments, consolidated loans, and net
other assets.
· "Equity partners" refers to non-wholly-owned subsidiaries that
we consolidate in our financial statements under U.S. GAAP and
third-party equity providers.
· "Estimated Annual NOI" is a property-level non-GAAP measure
representing the estimated annual net operating income from each
property as of the date shown, inclusive of rent abatements (if
applicable). The calculation excludes depreciation and amortization
expense, and does not capture the changes in the value of our
properties that result from use or market conditions, nor the level
of capital expenditures, tenant improvements, and leasing
commissions necessary to maintain the operating performance of our
properties. Any of the enumerated items above could have a material
effect on the performance of our properties. Also, where
specifically noted, for properties purchased in 2019, the NOI
represents estimated Year 1 NOI from our original underwriting.
Estimated year 1 NOI for properties purchased in 2019 may not be
indicative of the actual results for those properties. Estimated
annual NOI is not an indicator of the actual annual net operating
income that the Company will or expects to realize in any period.
Please also see the definition of "Net operating income" below. The
Company does not provide a reconciliation for estimated annual NOI
to its most directly comparable forward-looking GAAP financial
measure, because it is unable to provide a meaningful or accurate
estimation of each of the component reconciling items, and the
information is not available without unreasonable effort. This is
due to the inherent difficulty of forecasting the timing and/or
amount of various items that would impact estimated annual NOI,
including, for example, gains on sales of depreciable real estate
and other items that have not yet occurred and are out of the
Company’s control. For the same reasons, the Company is unable to
meaningfully address the probable significance of the unavailable
information and believes that providing a reconciliation for
estimated annual NOI would imply a degree of precision as to its
forward-looking net operating income that would be confusing or
misleading to investors.
· "Estimated Forward Yield on Cost” represents the Company’s
estimate of future net operating income, assuming it has completed
its planned value-add asset management initiatives, divided by the
sum of the purchase price and additional capital expenditure costs
that are expected to be incurred in accordance with the Company’s
original underwriting at the time of acquisition. This information
is not audited or reviewed by independent accountants and may be
presented in a manner that is different from similar information
included in our financial statements prepared in accordance with
GAAP. Estimated Forward Return on Cost is based on management’s
current expectations and are based on assumptions that may prove to
be inaccurate and involve known and unknown risks. For example,
Estimated Forward Return on Cost is based in part on data made
available to us during the course of our due diligence process in
connection with asset acquisitions and assumes the timely and
on-budget completion of our value-add initiatives, the timely
leasing of all additional capacity and the absence of customer
defaults or early lease terminations. Accordingly, the actual
return on cost of an investment made by the Company may differ
materially and adversely from the Estimated Forward Return on Cost
figures set forth in this release, and we caution you not to place
undue reliance on such figures. This information is not provided
for development assets with no current income-producing
component.
· "Fee-Bearing Capital" represents total third-party
committed or invested capital that we manage in our joint-ventures
and commingled funds that entitle us to earn fees, including
without limitation, asset management fees, construction management
fees, acquisition and disposition fees and/or promoted interest, if
applicable.
· "Gross Asset Value” refers to the gross carrying value of
assets, before debt, depreciation and amortization, and net of
noncontrolling interests.
· "Internal Rate of Return" (“IRR”) is based on cumulative
contributions and distributions to Kennedy Wilson on each
investment that has been sold and is the leveraged internal rate of
return on equity invested in the investment. The IRR measures the
return to Kennedy Wilson on each investment, expressed as a
compound rate of interest over the entire investment period. This
return does take into account carried interest, if applicable, but
excludes management fees, organizational fees, or other similar
expenses.
· "Investment account” refers to the consolidated investment
account presented after noncontrolling interest on invested assets
gross of accumulated depreciation and amortization.
· "Investment Management and Real Estate Services Assets under
Management" ("IMRES AUM") generally refers to the
properties and other assets with respect to which we provide (or
participate in) oversight, investment management services and other
advice, and which generally consist of real estate properties or
loans, and investments in joint ventures. Our IMRES AUM is
principally intended to reflect the extent of our presence in the
real estate market, not the basis for determining our management
fees. Our IMRES AUM consists of the total estimated fair value of
the real estate properties and other real estate related assets
either owned by third parties, wholly owned by us or held by joint
ventures and other entities in which our sponsored funds or
investment vehicles and client accounts have invested. Committed
(but unfunded) capital from investors in our sponsored funds is not
included in our IMRES AUM. The estimated value of development
properties is included at estimated completion cost.
· "Net operating income" or " NOI” is a non-GAAP measure
representing the income produced by a property calculated by
deducting certain property expenses from property revenues. Our
management uses net operating income to assess and compare the
performance of our properties and to estimate their fair value. Net
operating income does not include the effects of depreciation or
amortization or gains or losses from the sale of properties because
the effects of those items do not necessarily represent the actual
change in the value of our properties resulting from our value-add
initiatives or changing market conditions. Our management believes
that net operating income reflects the core revenues and costs of
operating our properties and is better suited to evaluate trends in
occupancy and lease rates. Please also see the reconciliation to
GAAP in the Company’s supplemental financial information included
in this release and also available at www.kennedywilson.com.
· "Noncontrolling interests" represents the portion of equity
ownership in a consolidated subsidiary not attributable to Kennedy
Wilson.
· "Pro-Rata" represents Kennedy Wilson's share calculated by
using our proportionate economic ownership of each asset in our
portfolio. Please also refer to the pro-rata financial data in our
supplemental financial information.
· "Property NOI" or "Property-level NOI" is a non-GAAP measure
calculated by deducting the Company's Pro-Rata share of rental and
hotel property expenses from the Company's Pro-Rata rental and
hotel revenues. Please also see the reconciliation to GAAP in the
Company’s supplemental financial information included in this
release and also available at www.kennedywilson.com.
· "Return on Equity" is a ratio calculated by dividing the net
cash distributions of an investment to Kennedy Wilson, after the
cost of leverage, if applicable, by the total cash contributions by
Kennedy Wilson over the lifetime of the investment.
· “Same property” refers to properties in which Kennedy Wilson
has an ownership interest during the entire span of both periods
being compared. The same property information presented throughout
this report is shown on a cash basis and excludes non-recurring
expenses. This analysis excludes properties that are either under
development or undergoing lease up as part of our asset management
strategy.
Note about Non-GAAP and certain other
financial information included in this presentation
In addition to the results reported in accordance with U.S.
generally accepted accounting principles ("GAAP") included within
this presentation, Kennedy Wilson has provided certain information,
which includes non-GAAP financial measures (including Adjusted
EBITDA, Adjusted Net Income, Net Operating Income, and Adjusted
Fees, as defined above). Such information is reconciled to its
closest GAAP measure in accordance with the rules of the SEC, and
such reconciliations are included within this presentation. These
measures may contain cash and non-cash acquisition-related gains
and expenses and gains and losses from the sale of real-estate
related investments. Consolidated non-GAAP measures discussed
throughout this report contain income or losses attributable to
non-controlling interests. Management believes that these non-GAAP
financial measures are useful to both management and Kennedy
Wilson's shareholders in their analysis of the business and
operating performance of the Company. Management also uses this
information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a
substitute for any GAAP measures. Additionally, non-GAAP financial
measures as presented by Kennedy Wilson may not be comparable to
similarly titled measures reported by other companies. Annualized
figures used throughout this release and supplemental financial
information, and our estimated annual net operating income metrics,
are not an indicator of the actual net operating income that the
Company will or expects to realize in any period.
KW-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190501005945/en/
Daven Bhavsar, CFAVice President of Investor Relations(310)
887-3431dbhavsar@kennedywilson.comwww.kennedywilson.com
Kennedy Wilson (NYSE:KW)
過去 株価チャート
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Kennedy Wilson (NYSE:KW)
過去 株価チャート
から 7 2023 まで 7 2024