Kennedy-Wilson Holdings, Inc. (NYSE: KW), a leading
global real estate investment company with $23 billion in AUM that
owns, operates, and invests in real estate both on its own and
through its investment management platform, today reported the
following results for the fourth quarter and full year of 2022:
“In 2022 we successfully executed on our key initiatives
including delivering double-digit growth of both Estimated Annual
NOI and Fee-Bearing Capital,” said William McMorrow, Chairman and
CEO of Kennedy Wilson. “Our 2022 operating results were highlighted
with solid growth of 11% in our multifamily same property NOI.
Looking ahead, we remain focused on growing our recurring cash flow
in 2023 through the delivery of several key development projects,
organic NOI growth, and the continued expansion of our investment
management platform.”
Financial Results
Q4
Full Year
(Amounts in millions, except per share
data)
2022
2021
2022
2021
GAAP
Results
GAAP Net Income to Common Shareholders
$
22.6
$
37.5
$
64.8
$
313.2
Per Diluted Share
0.16
0.27
0.47
2.24
Non-GAAP
Results
Adjusted EBITDA
$
147.1
$
187.4
$
591.5
$
927.9
Adjusted Net Income
69.4
85.5
264.9
509.0
- Q4-22 Adjusted EBITDA of $147 million (vs. $187 million in
Q4-21) Driven By Higher Recurring Investment Income Offset By Lower
Gains:
- KW's share of property NOI, loan income and fees totaled $128
million, an increase of $2 million from Q4-21.
- KW's share of gains from the sale of real estate, changes in
fair values and performance allocation totaled $74 million, a
decrease of $37 million from Q4-21:
- Realized gains from asset sales totaled $53 million in Q4-22, a
$60 million increase from Q4-21
- Increases in fair value and net performance allocation totaled
$21 million (vs. $118 million in Q4-21)
- Other loss totaled $10 million in Q4-22 (vs. a loss of $1
million in Q4-21) and primarily related to the decrease in value of
the Company's interest rate hedging derivative contracts during
Q4-22.
- Compensation and related expenses decreased by $6 million or
17% from Q4-21
- FY-22 Adjusted EBITDA of $592 million (vs. $928 million in
FY-21) Driven By Higher Recurring Investment Income Offset By Lower
Gains:
- KW's share of property NOI, loan income and fees totaled $510
million in FY-22, an increase of $76 million or 18% from
FY-21.
- KW's share of gains and net performance allocations totaled
$212 million, a decrease of $473 million in FY-22:
- Realized gains from asset sales totaled $125 million in FY-22,
a $279 million decrease from FY-21
- Increases in fair value and accrued performance allocation
totaled $88 million (vs. $282 million in FY-21)
- Other income totaled $36 million in 2022 (vs. a loss of $5
million in 2021). The other income in 2022 primarily related to the
increase in value of the Company's interest rate hedging derivative
contracts.
- Compensation and related expenses decreased by $23 million or
17% from FY-21
Operating Performance
- 13% Growth in Estimated Annual NOI to $491 million from
Q4-21, 4% Growth from Q3-22:
Est. Annual NOI To KW
($ in millions)
Fee-Bearing Capital ($
in billions)
As of Q4-21
$
434
$
5.0
As of Q3-22
473
5.6
Gross acquisitions and loan
investments
3
0.2
Gross dispositions and loan repayments
(6
)
—
Operations
7
—
FX and other
14
0.1
Total as of Q4-22
$
491
$
5.9
- 10% Growth of Multifamily NOI in Q4 Drives Strong Same
Property Performance1 :
Q4 -
2022 vs. Q4 - 2021
FY -
2022 vs. FY- 2021
Occupancy
Revenue
NOI
Occupancy
Revenue
NOI
Multifamily - Market Rate
(1.0
)%
8.4
%
9.6
%
(0.7
)%
9.9
%
11.4
%
Multifamily - Affordable
0.5
%
10.3
%
8.9
%
(0.2
)%
6.8
%
5.5
%
Office
2.1
%
5.8
%
8.1
%
(0.3
)%
1.2
%
0.5
%
Total
7.9
%
9.0
%
6.9
%
6.6
%
(1)
Excludes minority-held investments
- Development and Lease-up Portfolio To Add $96 Million of
Estimated Annual NOI:
- The development and lease-up portfolio is expected to add $96
million of Estimated Annual NOI. The Company expects to fund its
share of remaining development costs primarily with cash from
non-core asset sales and proceeds from property-level
refinancing.
- The Company's development and lease-up portfolio totals
approximately $3 billion, in which KW's average ownership is 58%
and includes 4,994 multifamily units, 2.2 million commercial square
feet, and one hotel.
Investment Management
- 18% Growth in Fee-Bearing Capital in 2022; 5% Growth in
Q4-22:
- Fee-Bearing Capital grew to $5.9 billion as of YE-22, an 18%
increase from YE-21 and a 5% increase from Q3-22. The Company has
approximately $3.5 billion in additional non-discretionary
Fee-Bearing Capital with certain strategic partners that is
available for investment. The growth in 2022 was primarily driven
by KW's real estate debt and EU logistics platforms.
- 36% Growth in Debt Platform in 2022; 10% Growth in
Q4-22: In Q4, completed loan investments totaling $240 million
while loan repayments totaled $62 million, resulting in 10% growth
from Q3-22. The Company has a 6% ownership in its debt platform,
which totals $2.7 billion of outstanding loans (including $322
million of future funding commitments) and $2.2 billion of
Fee-Bearing Capital as of Q4-22.
- 40% Growth of EU Logistics Platform in 2022; AUM totals $1.2
billion:
- Acquired 35 assets totaling 2.4 million square feet for $501
million in 2022
- The Company has a 20% ownership in its European logistics
platform, which totals $1.2 billion of assets and $402 million of
Fee-Bearing Capital as of Q4-22
- Including investments made through its commingled fund, Kennedy
Wilson's European logistics portfolio totals $1.5 billion across
9.6 million commercial square feet
Investment Activity
- $243 million in Gross New Investments in Q4 ($13 million at
share):
- Co-Investment Portfolio: Completed $240 million in loan
originations, in which the Company had a 5% ownership interest. The
originations added $228 million in Fee-Bearing Capital
- $326 million of Gross Dispositions and Loan Repayments in Q4
($109 million at share):
- Consolidated Portfolio: $127 million of Wholly-Owned
Dispositions in Q4:
- U.S. Multifamily: Sold a 49% interest in one previously
wholly-owned multifamily community totaling 208 units in Santa
Maria, CA for a gross valuation of $98 million ($48 million at KW's
share). KW retained a 51% ownership interest in this community. The
sale generated a gain on sale of $57 million and Fee-Bearing
Capital of $31 million.
- European Retail: Sold 12 European retail assets totaling
120,000 square feet for $29 million.
- Co-Investment Portfolio: Sold $187 million of real
estate investments from its various commingled funds, totaling
333,000 commercial square feet, and received debt repayments of $62
million. KW's average ownership interest in these assets was
13%.
Balance Sheet and
Liquidity
- Cash and Line of Credit Availability: As of December 31,
2022, Kennedy Wilson had cash and cash equivalents of $439
million(1) and $218 million of capacity on its $500 million
revolving credit facility.
- Discounted Debt Extinguishments: During the fourth
quarter of 2022, The Company repurchased €75 million of its KWE
unsecured notes due 2025 via a tender offer at a price of 82% of
the nominal amount. The Company also repaid a £53 million mortgage
secured by a retail asset in the U.K. (in which KW had a 50%
ownership interest) for £40 million. These discounted debt
extinguishments resulted in a $30 million gain on early
extinguishment of debt, of which KW's share (net of non-controlling
interest) was $22 million.
- Debt Profile: Kennedy Wilson's share of debt had a
weighted average effective interest rate of 4.2% per annum and a
weighted-average maturity of 5.6 years as of December 31, 2022. As
of February 21, 2023, approximately 97% of the Company's debt is
either fixed or hedged with interest rate hedges. As of December
31, 2022, approximately 93% of the Company's debt was either fixed
or hedged with interest rate hedges.
- Interest Rate Hedging Strategy: The Company hedges its
floating rate exposure through the usage of interest rate caps and
swaps. The Company's interest rate hedges have a weighted-average
maturity of 2.1 years as of December 31, 2022.
- Foreign Currency Hedging Strategy: Kennedy Wilson hedges
its exposure to foreign currency fluctuations by borrowing in the
currency in which it invests and using foreign currency hedging
instruments. As of December 31, 2022, the Company has hedged
approximately 91% of the carrying value of its foreign currency
investments, using local currency debt and hedging instruments with
a weighted-average term of 2.7 years.
- Dividend Taxability: The Company's 2022 dividend
distributions were characterized as 62.19% non-taxable return of
capital and 37.81% ordinary dividends. Please refer to
kennedywilson.com for further information.
Footnotes
(1)
Represents consolidated cash and includes
$21 million of restricted cash, which is included in cash and cash
equivalents and primarily relates to lender reserves associated
with consolidated mortgages that we hold on properties. These
reserves typically relate to interest, tax, insurance and future
capital expenditures at the properties. Additionally, we are
subject to withholding taxes to the extent we repatriate cash from
certain of our foreign subsidiaries. Under the KWE Notes covenants
we have to maintain certain interest coverage and leverage ratios
to remain in compliance (see "Indebtedness and Related Covenants"
for more detail on KWE Notes in the Company's quarterly report on
Form 10-Q for the quarter ended September 30, 2022, filed with the
Securities and Exchange Commission on November 3, 2022)). Due to
these covenants, we evaluate the tax and covenant implications
before we distribute cash, which could impact the availability of
funds at the corporate level. The Company's share of cash,
including unconsolidated joint-ventures, totals $520 million.
Conference Call and Webcast
Details
Kennedy Wilson will hold a live conference call and webcast to
discuss results at 9:00 a.m. PT/ 12:00 p.m. ET on Wednesday,
February 22. 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 4194796.
The webcast will be available at:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=op0kWdPD.
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)
December 31,
2022
2021
Assets
Cash and cash equivalents
$
439.3
$
524.8
Accounts receivable
40.8
36.1
Real estate and acquired in place lease
values (net of accumulated depreciation and amortization of $882.2
and $838.1)
5,188.1
5,059.8
Unconsolidated investments (including
$2,093.7 and $1,794.8 at fair value)
2,238.1
1,947.6
Other assets
216.1
177.9
Loan purchases and originations
149.4
130.3
Total assets
$
8,271.8
$
7,876.5
Liabilities
Accounts payable
$
16.2
$
18.6
Accrued expenses and other liabilities
(including $303.7 and $269.9 of deferred-tax liabilities)
658.2
619.1
Mortgage debt
3,018.0
2,959.8
KW unsecured debt
2,062.6
1,852.3
KWE unsecured bonds
506.4
622.8
Total liabilities
6,261.4
6,072.6
Equity
Cumulative perpetual preferred stock
592.5
295.2
Common stock
—
—
Additional paid-in capital
1,679.5
1,679.6
Retained earnings
122.1
192.4
Accumulated other comprehensive loss
(430.1
)
(389.6
)
Total Kennedy-Wilson Holdings, Inc.
shareholders’ equity
1,964.0
1,777.6
Noncontrolling interests
46.4
26.3
Total equity
2,010.4
1,803.9
Total liabilities and equity
$
8,271.8
$
7,876.5
Kennedy-Wilson Holdings,
Inc.
Consolidated Statements of
Income
(Unaudited)
(Dollars in millions, except per
share data)
For the Three Months
Ended
For the Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue
Rental
$
110.5
$
110.8
$
434.9
$
390.5
Hotel
13.7
7.9
46.9
17.1
Investment management fees
11.3
9.9
44.8
35.3
Property services fees
0.4
0.4
1.7
2.1
Loans and other
3.7
2.4
11.7
8.6
Total revenue
139.6
131.4
540.0
453.6
Income from unconsolidated
investments
Principal co-investments
51.6
119.2
199.5
271.1
Performance allocations
(21.6
)
55.9
(21.1
)
117.9
Total income from unconsolidated
investments
30.0
175.1
178.4
389.0
Gain (loss) on sale of real estate,
net
52.9
(4.3
)
103.7
412.7
Expenses
Rental
40.5
34.9
151.2
132.7
Hotel
9.0
4.9
29.5
12.7
Compensation and related
29.3
35.5
111.3
133.9
Share based compensation
7.3
6.8
29.0
28.7
Performance allocation compensation
(7.5
)
38.8
(4.3
)
42.0
General and administrative
10.7
8.6
37.2
33.3
Depreciation and amortization
40.2
41.0
172.9
166.3
Total expenses
129.5
170.5
526.8
549.6
Interest expense
(60.0
)
(51.0
)
(220.8
)
(192.4
)
Gain (loss) on early extinguishment of
debt, net
29.9
(7.1
)
27.5
(45.7
)
Other (loss) income, net
(10.0
)
(1.3
)
36.1
(5.0
)
Income before provision for income
taxes
52.9
72.3
138.1
462.6
Provision for income taxes
(13.7
)
(28.0
)
(36.2
)
(126.2
)
Net income
39.2
44.3
101.9
336.4
Net income attributable to the
noncontrolling interests
(8.7
)
(2.5
)
(8.2
)
(6.0
)
Preferred dividends
(7.9
)
(4.3
)
(28.9
)
(17.2
)
Net income attributable to
Kennedy-Wilson Holdings, Inc. common shareholders
$
22.6
$
37.5
$
64.8
$
313.2
Basic earnings per share
Income per basic
$
0.17
$
0.27
$
0.47
$
2.26
Weighted average shares outstanding for
basic
137,110,908
137,258,502
136,900,875
138,552,058
Diluted earnings per share
Income per diluted
$
0.16
$
0.27
$
0.47
$
2.24
Weighted average shares outstanding for
diluted
137,436,886
137,782,173
138,567,534
140,132,435
Dividends declared per common share
$
0.24
$
0.24
$
0.96
$
0.90
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
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net income attributable to
Kennedy-Wilson Holdings, Inc. common shareholders
$
22.6
$
37.5
$
64.8
$
313.2
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Interest expense
76.2
62.5
278.0
229.8
(Gain) loss on early extinguishment of
debt
(21.8
)
7.1
(19.4
)
45.7
Depreciation and amortization
39.5
41.2
171.1
167.1
Provision for income taxes
15.4
28.0
39.1
126.2
Preferred dividends
7.9
4.3
28.9
17.2
Share-based compensation
7.3
6.8
29.0
28.7
Adjusted EBITDA
$
147.1
$
187.4
$
591.5
$
927.9
(1)
See Appendix for reconciliation of Kennedy
Wilson's Share amounts.
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
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Net income attributable to
Kennedy-Wilson Holdings, Inc. common shareholders
$
22.6
$
37.5
$
64.8
$
313.2
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Depreciation and amortization
39.5
41.2
171.1
167.1
Share-based compensation
7.3
6.8
29.0
28.7
Adjusted Net Income
$
69.4
$
85.5
$
264.9
$
509.0
Weighted average shares outstanding for
diluted
137,436,886
137,782,173
138,567,534
140,132,435
(1)
See Appendix for reconciliation of Kennedy
Wilson's Share amounts.
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, 2021, and Item 1A. "Risk Factors" section of our
Quarterly Report on Form 10-Q for the quarter ended September 30,
2022 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, loss on early extinguishment of debt, our share of
interest expense included in unconsolidated investments,
depreciation and amortization, our share of depreciation and
amortization included in unconsolidated investments, provision for
income taxes, our share of taxes included in unconsolidated
investments, 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 and property services fees adjusted to include Kennedy
Wilson's share of fees eliminated in consolidation, and performance
fees included in unconsolidated investments. Our management uses
Adjusted fees to analyze our investment management 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 and property services fees and makes the
Company comparable to other real estate companies that provide
investment management 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 (loss) before
depreciation and amortization, our share of depreciation and
amortization included in unconsolidated investments, share-based
compensation, preferred dividends and net income attributable to
the noncontrolling interests, before depreciation and amortization
and preferred dividends. 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.
- “Annual Return on Loans” is a metric that applies to our real
estate debt business that represents the sum of annual interest
income, transaction fees and the payback of principal for
discounted loan purchases, amortized over the life of the loans and
divided by the principal balances of the loans.
- “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.
- “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” refers to our consolidated NOI
(comprised of rental revenues, hotel revenues, rental (expenses),
hotel (expenses) and loans and other), as adjusted to the
property-level NOI, at our share, as further adjusted by assets
acquired and disposed (net), lease-up and development portfolio,
hotel operations, assets owned and occupied by us, amortization of
above/below market leases (net), straight-line and free rent (net)
and non-recurring income/expense, FX, and other on an estimated
annualized basis. It 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. For assets wholly-owned and fully occupied by KW, the
Company provides an estimated NOI for valuation purposes of $4.1
million, which includes an assumption for applicable market rents.
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 2022, the NOI represents estimated Year
1 NOI from our original underwriting. Estimated year 1 NOI for
properties purchased in 2022 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. 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.
- “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.
- “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.
- “Performance allocations” relates to allocations to the general
partner, special limited partner or asset manager of Kennedy
Wilson's co-investments it manages based on the cumulative
performance of the fund and are subject to preferred return
thresholds of the limited partners.
- “Performance allocation compensation” - the compensation
committee of the Company’s board of directors approved and reserved
up to thirty-five percent (35%) of any performance allocation
earned by certain commingled funds and separate account investments
to be allocated to certain non-NEO employees of the Company.
- “Principal co-investments” consists of the Company’s share of
income or loss earned on investments in which the Company can
exercise significant influence but does not have control. Income
from unconsolidated investments includes income from ordinary
course operations of the underlying investment, gains on sale, fair
value gains and losses.
- “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.
- “Real Estate Assets Under Management” (“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 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 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 AUM.
The estimated value of development properties is included at
estimated completion cost.
- “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/20230221005788/en/
Daven Bhavsar, CFA Vice President of Investor Relations (310)
887-6400 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