tiprankstipranks
Kennedy-Wilson Reports Q3 2024 Financial Results
Company Announcements

Kennedy-Wilson Reports Q3 2024 Financial Results

Kennedy-wilson ( (KW) ) has released its Q3 earnings. Here is a breakdown of the information Kennedy-wilson presented to its investors.

Don't Miss our Black Friday Offers:

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.

Related Articles
TheFlyKennedy Wilson reports Q3 EPS (56c), consensus (53c)
Carrie WilliamsKW Upcoming Earnings Report: What to Expect?
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App