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Jun 30, 2020
Kennedy-Wilson Q2 2020 Earnings Report
Reported second quarter 2020 results, facing an uncertain environment stemming from the COVID-19 pandemic.
Key Takeaways
Kennedy Wilson reported a GAAP Net Loss of $42.1 million. However, they maintained high occupancy rates, collected 97% of multifamily and office rents, and preserved a strong financial position with $1.1 billion in cash and credit availability. They also launched a new $2 billion debt platform and continued development initiatives.
Strong Liquidity Position: $788 million in cash and $300 million available on its line of credit.
6% Growth in Fee-Bearing Capital: Fee-Bearing Capital totaled $3.5 billion as of June 30, 2020, a 6% increase from 1Q-20 and a 17% increase from YE-19.
Launched a $2 Billion Debt Platform to pursue first mortgage loans secured by high-quality real estate in the Western U.S., Ireland and the U.K.
2Q-20 Adjusted EBITDA of $73 million.
Revenue by Segment
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