Kennedy-wilson ( (KW) ) has released its Q3 earnings. Here is a breakdown of the information Kennedy-wilson presented to its investors.
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Kennedy-Wilson Holdings, Inc. is a global real estate investment company with $28 billion in assets under management, focusing on both equity and debt investments across high-growth markets in the United States, UK, and Ireland.
For the third quarter of 2024, Kennedy-Wilson reported significant progress in its strategic initiatives, including the stabilization of developments, completion of non-core asset sales, and expansion of its investment management business. A notable highlight was the €175 million partial redemption of KWE bonds due in November 2025.
Financially, the company achieved an adjusted EBITDA of $66.4 million, a substantial increase from $33.2 million in the same quarter last year. The company’s investment management fees grew by 39% year-over-year, reflecting robust activity in its debt investment platform. The multifamily segment was a major contributor, with stabilizations adding $12 million to estimated annual NOI in the quarter. The development and lease-up portfolio is expected to contribute an additional $60 million in estimated annual NOI upon stabilization.
Despite reporting a GAAP net loss of $77.4 million attributable to common shareholders, the company generated $375 million from asset sales year-to-date and expanded its fee-bearing capital to $8.8 billion. Kennedy-Wilson also enhanced its liquidity position with a renewed and expanded credit facility.
Looking ahead, Kennedy-Wilson is poised for continued growth in its investment management business, with a strategic focus on rental housing and a new joint venture targeting £1 billion in single-family rental housing in the UK. The company remains committed to leveraging its expertise and strategic partnerships to capitalize on market opportunities and drive value for shareholders.
