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Mar 31, 2020
Kennedy-Wilson Q1 2020 Earnings Report
Reported a net loss due to the challenges of the COVID-19 pandemic, while maintaining a strong liquidity position and high rent collections.
Key Takeaways
Kennedy Wilson reported a GAAP Net Loss to Common Shareholders of $9.9 million, or $(0.07) per diluted share. Adjusted EBITDA was $112.0 million and Adjusted Net Income was $44.8 million. The company maintained a strong liquidity position with $735 million in cash and benefited from high rent collections in April, with 97% collected from both multifamily and office tenants.
Maintained a strong liquidity position with $735 million in cash and $500 million available on its line of credit.
Grew Fee-Bearing Capital by 10% to $3.3 billion.
Achieved in-place estimated annual NOI of $413 million, with 80% from multifamily and office properties.
Experienced same property NOI growth of 1% driven by strength in the multifamily portfolio.
Kennedy-Wilson
Kennedy-Wilson
Kennedy-Wilson Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comHotel Revenue
CapyFin.com Forward Guidance
Kennedy Wilson did not provide specific financial forward guidance, but emphasized a strong financial position and the ability to navigate market challenges.
Positive Outlook
- Strong liquidity position with significant cash reserves.
- Extended credit facility providing financial flexibility.
- Limited debt maturing before 2022.
- Experienced management team.
- High-quality multifamily and office portfolio producing strong cash flow.
Challenges Ahead
- Ongoing financial impacts and risks associated with the COVID-19 health crisis.
- Outstanding April rents for the retail and industrial portfolio.
- Potential impact on timing of completion and stabilization of development projects.
- Risks and uncertainties related to development projects.
- Market volatility and economic uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income