Multifamily and Office Rent Collections Total
97% in April 2020
Kennedy-Wilson Holdings, Inc.
(NYSE: KW) today reported results for 1Q-2020:
1Q
(Amounts in millions, except per share
data)
2020
2019
GAAP Results
GAAP Net Loss to Common Shareholders
($9.9
)
($5.3
)
Per Diluted Share
(0.07
)
(0.04
)
Non-GAAP Results
Adjusted EBITDA
$112.0
$120.2
Adjusted Net Income
44.8
53.9
"As the COVID-19 health pandemic presented new unknown
challenges, our first response has been to prioritize the health
and safety of our employees, tenants, and stakeholders" said
William McMorrow, Chairman and CEO of Kennedy Wilson. "We entered
April in a strong financial position with $735 million in cash, a
newly extended $500 million credit facility and only 4% of our debt
maturing before 2022. Throughout our 32-year history, we have
managed through many different periods of market dislocation. We
are confident in our ability to emerge stronger from this current
environment, supported by a seasoned management team that has been
working together for decades, a high quality multifamily and office
portfolio producing strong cash flow, and the most dry powder we
have had in our history."
April Rent Collection
Update
The Company continues to monitor the on-going financial impacts
and risks associated with the COVID-19 health crisis. The following
is a summary of KW's share of contractual cash rent collections for
the month of April 2020 (as of May 5, 2020):
Asset Class
April Rent Collections
% of Portfolio
Multifamily
97
%
59
%
Office
97
%
28
%
Retail(1)
49
%
11
%
Industrial(1)
72
%
2
%
Total
91
%
100
%
1Q Highlights
- Strong Liquidity Position(2): The Company
continues to maintain a strong liquidity position with $735 million
in cash and $500 million available on its line of credit.
- 10% Growth in Fee-Bearing Capital: The Company's
Fee-Bearing Capital totaled $3.3 billion as of March 31, 2020, a
10% increase from YE-19.
- In-Place Estimated Annual NOI of $413 Million; 80% of which
is Multifamily and Office:
- The multifamily portfolio totals 25,045 stabilized units, with
occupancy of 95%.
- The office portfolio totals 10.0 million stabilized square feet
with occupancy of 93%.
- The Company's development and unstabilized portfolio totals
4,951 units, 2.9 million commercial square feet, and one hotel. The
Company has a weighted-average ownership of 60% in its development
and unstabilized portfolio.
- Same Property Performance: NOI up 1% Driven by Strength in
Multifamily Portfolio:
1Q - 2020 vs. 1Q -
2019
Occupancy
Revenue
NOI
Multifamily - Market Rate
0.4%
4.7%
4.7%
Multifamily - Affordable
(0.1)%
4.8%
5.1%
Commercial
0.7%
(1.8)%
(3.1)%
Hotel
N/A
(0.4)%
25.9%
Total
2.0%
1.4%
- 1Q-20 Adjusted EBITDA of $112 million (vs. $120 million in
1Q-19):
- KW's share of property NOI and fees totaled $108 million in
1Q-20 (vs. $103 million in 1Q-19), an increase of $5 million.
- KW's share of gains from the sale of real estate and fair value
gains totaled $40 million in 1Q-20, a decrease of $15 million from
1Q-19.
- For 1Q-20 general and administrative and compensation and
related expenses (excluding share-based compensation) decreased by
$4 million or 10% (vs. 1Q-19).
1Q-20 Investment
Activity
- Capital Investment: Invested $95 million of cash,
allocating 42% to new investments, 31% to capex and development
initiatives, and 27% to share repurchases.
- Acquisitions: The Company completed $199 million ($25
million at KW Share) of acquisitions in 1Q-20, including the
following key transactions:
- Loan Investments: The Company completed three loan
investments totaling $154 million, of which the Company's share was
$14 million.
- Dispositions: The Company completed $331 million ($330
million at KW Share) of dispositions in 1Q-20, which generated $272
million of cash proceeds to KW and included the following key
transactions:
- $183 Million in UK Asset Sales:
- Sold Pioneer Point, a wholly-owned 294-unit multifamily
property in the UK, for $130 million, eleven wholly-owned UK retail
properties for $34 million, and a wholly-owned 188,000 square foot
industrial property in the UK for $19 million.
- $67 Million in Non-income Producing Assets: Sold a
non-performing loan investment in Ireland for $40 million and a
Southern California residential investment for $27 million.
Balance Sheet
- $1.2 billion in Cash and Lines of Credit(2): As
of March 31, 2020, Kennedy Wilson had total cash and cash
equivalents of $735 million and $500 million of capacity on its
revolving line of credit. During 1Q-20, the Company's line of
credit was extended until 2024, with the option to extend for an
additional year.
- Global Debt Profile: Kennedy Wilson's share of debt had
a weighted average interest rate of 3.8% per annum and a weighted
average remaining maturity of 4.7 years, with only 4% maturing
before 2022.
- Share Repurchase Program(3): In 1Q-20, Kennedy
Wilson repurchased 1.3 million shares at a weighted-average price
of $20.15 per share. Since the $250 million share repurchase plan
was authorized on March 20, 2018, the Company has repurchased 11.5
million shares at a weighted-average price of $18.46 per share,
with $38 million remaining as of March 31, 2020.
- Dividend Declaration: The Company announced that it will
pay a quarterly dividend of $0.22 to the common shareholders of
record as of June 30, 2020, with a payment date of July 9,
2020.
Subsequent Events
The Company drew $200 million on its line of credit to further
strengthen its cash position.
Footnotes
(1)
The Company has $2.6 million in April
rents outstanding for its retail and industrial portfolio.
(2)
Includes $25.8 million of restricted cash
and our share of cash held at unconsolidated joint-ventures.
(3)
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 7.
The direct dial-in number for the conference call is (844) 340-4761
for U.S. callers and (412) 717-9616 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 (877) 344-7529
for U.S. callers and (412) 317-0088 for international callers. The
passcode for the replay is 10142168.
The webcast will be available at:
https://services.choruscall.com/links/kw200507lliRRk44.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, 2020
December 31, 2019
Assets
Cash and cash equivalents
$
665.6
$
573.9
Accounts receivable
47.6
52.1
Real estate and acquired in place lease
values, net of accumulated depreciation and amortization
4,715.8
5,080.2
Unconsolidated investments (including
$1,081.6 and $1,107.4 at fair value)
1,256.4
1,334.6
Other assets
262.6
263.7
Total assets
$
6,948.0
$
7,304.5
Liabilities
Accounts payable
$
10.9
$
20.4
Accrued expenses and other liabilities
485.2
518.0
Mortgage debt
2,450.9
2,641.0
KW unsecured debt
1,128.6
1,131.7
KWE unsecured bonds
1,217.4
1,274.2
Total liabilities
5,293.0
5,585.3
Equity
Cumulative perpetual preferred stock
—
—
Common stock
—
—
Additional paid-in capital
2,033.9
2,049.7
Retained earnings
3.4
46.2
Accumulated other comprehensive loss
(424.8
)
(417.2
)
Total Kennedy-Wilson Holdings, Inc.
shareholders’ equity
1,612.5
1,678.7
Noncontrolling interests
42.5
40.5
Total equity
1,655.0
1,719.2
Total liabilities and equity
$
6,948.0
$
7,304.5
Kennedy-Wilson Holdings,
Inc.
Consolidated Statements of
Operations
(Unaudited)
(Dollars in millions, except
share amounts and per share data)
Three Months Ended March
31,
2020
2019
Revenue
Rental
$
107.7
$
115.8
Hotel
7.2
15.0
Sale of real estate
—
1.1
Investment management and property
services fees
8.4
8.8
Total revenue
123.3
140.7
Expenses
Rental
36.7
41.0
Hotel
6.0
14.6
Cost of real estate sold
—
1.2
Commission and marketing
0.7
1.0
Compensation and related (includes $8.6
and $10.4 of share-based compensation)
31.4
35.3
General and administrative
9.5
10.9
Depreciation and amortization
45.5
49.1
Total expenses
129.8
153.1
Income from unconsolidated investments,
net of depreciation and amortization
10.9
41.7
Gain on sale of real estate, net
44.2
34.9
Acquisition-related expenses
(0.2
)
(0.8
)
Interest expense
(48.8
)
(55.3
)
Other income (loss)
0.2
(2.5
)
(Loss) income before benefit from
(provision for) income taxes
(0.2
)
5.6
Provision for income taxes
(5.7
)
(4.0
)
Net (loss) income
(5.9
)
1.6
Net loss (income) attributable to
noncontrolling interests
0.3
(6.9
)
Preferred dividends
(4.3
)
—
Net loss attributable to Kennedy-Wilson
Holdings, Inc. common shareholders
$
(9.9
)
$
(5.3
)
Basic and diluted loss per
share(1)
Loss per basic and diluted
$
(0.07
)
$
(0.04
)
Weighted average shares outstanding for
basic and diluted
140,210,705
139,756,358
Dividends declared per common
share
$
0.22
$
0.21
(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 net income
attributable to Kennedy-Wilson Holdings, Inc. common shareholders
to Adjusted EBITDA, using Kennedy Wilson’s pro-rata share amounts
for each adjustment item.
Three Months Ended
March 31,
2020
2019
Net loss attributable to Kennedy-Wilson
Holdings, Inc. common shareholders
$
(9.9
)
$
(5.3
)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Interest expense
56.1
62.3
Depreciation and amortization
46.1
48.8
Provision for income taxes
6.8
4.0
Preferred dividends
4.3
—
Share-based compensation
8.6
10.4
Adjusted EBITDA
$
112.0
$
120.2
(1) See Appendix for reconciliation of
Kennedy Wilson's Share amounts.
The table below provides a detailed
reconciliation of net income to Adjusted EBITDA.
Three Months Ended
March 31,
2020
2019
Net (loss) income
$
(5.9
)
$
1.6
Non-GAAP adjustments:
Add back:
Interest expense
48.8
55.3
Kennedy Wilson's share of interest expense
included in unconsolidated investments
8.1
8.5
Depreciation and amortization
45.5
49.1
Kennedy Wilson's share of depreciation and
amortization included in unconsolidated investments
1.7
2.1
Provision for income taxes
5.7
4.0
Kennedy Wilson's share of taxes included
in unconsolidated investments
1.1
—
Share-based compensation
8.6
10.4
EBITDA attributable to noncontrolling
interests(1)
(1.6
)
(10.8
)
Adjusted EBITDA
$
112.0
$
120.2
(1) EBITDA attributable to noncontrolling
interests includes $1.1 million and $2.4 million of depreciation
and amortization, $0.8 million and $1.5 million of interest for the
three months ended March 31, 2020 and 2019, respectively.
Kennedy-Wilson Holdings,
Inc.
Adjusted Net Income
(Unaudited)
(Dollars in millions, except
share data)
The table below reconciles net
income attributable to Kennedy-Wilson Holdings, Inc. common
shareholders to Adjusted Net Income, using Kennedy Wilson’s
pro-rata share amounts for each adjustment item.
Three Months Ended
March 31,
2020
2019
Net loss attributable to Kennedy-Wilson
Holdings, Inc. common shareholders
$
(9.9
)
$
(5.3
)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Depreciation and amortization
46.1
48.8
Share-based compensation
8.6
10.4
Adjusted Net Income
$
44.8
$
53.9
Weighted average shares outstanding for
diluted
140,210,705
139,756,358
(1) See Appendix for reconciliation of
Kennedy Wilson's Share amounts.
The table below provides a detailed
reconciliation of net income to Adjusted Net Income.
Three Months Ended
March 31,
2020
2019
Net (loss) income
$
(5.9
)
$
1.6
Non-GAAP adjustments:
Add back (less):
Depreciation and amortization
45.5
49.1
Kennedy Wilson's share of depreciation and
amortization included in unconsolidated investments
1.7
2.1
Share-based compensation
8.6
10.4
Preferred dividends
(4.3
)
—
Net income attributable to the
noncontrolling interests, before depreciation and
amortization(1)
(0.8
)
(9.3
)
Adjusted Net Income
$
44.8
$
53.9
Weighted average shares outstanding for
diluted
140,210,705
139,756,358
(1) Includes $1.1 million and $2.4 million
of depreciation and amortization for the three months ended March
31, 2020 and 2019, 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, 2019, 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. 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, preferred stock dividends 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 2020, the NOI
represents estimated Year 1 NOI from our original underwriting.
Estimated year 1 NOI for properties purchased in 2020 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, the sale of real estate that have not yet
occurred and other items 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 Yield 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
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version on businesswire.com: https://www.businesswire.com/news/home/20200506006049/en/
Daven Bhavsar, CFA Vice President of Investor Relations (310)
887-3431 dbhavsar@kennedywilson.com www.kennedywilson.com
Kennedy Wilson (NYSE:KW)
過去 株価チャート
から 6 2024 まで 7 2024
Kennedy Wilson (NYSE:KW)
過去 株価チャート
から 7 2023 まで 7 2024