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Jun 30, 2024
Kennedy-Wilson Q2 2024 Earnings Report
Reported results for the second quarter of 2024, highlighted by growth in baseline EBITDA and investment management fees.
Key Takeaways
Kennedy Wilson reported a net loss of $59.1 million for Q2 2024. However, baseline EBITDA grew by 6% year-over-year, driven by a 57% increase in investment management fees and NOI growth in the multifamily business. The company deployed $2 billion in new capital and generated $295 million from asset sales and loan repayments.
Baseline EBITDA increased by 6% compared to the previous year, driven by growth in investment management fees and multifamily NOI.
Investment Management fees grew by 37% to $26 million, fueled by higher levels of Fee-Bearing Capital and new originations from the Debt Investment Platform.
The Company stabilized five multifamily properties during Q2-24, adding $16 million in Estimated Annual NOI.
Fee-Bearing Capital reached a record $8.7 billion in Q2-24, representing a 4% increase year-to-date.
Revenue by Segment
Forward Guidance
Kennedy Wilson anticipates continued growth and stability, driven by strategic asset dispositions, debt reduction, and investment opportunities.
Positive Outlook
- Optimistic about the disposition program and the ability to raise third-party capital.
- Expectations for valuations within the existing portfolio.
- Continued growth in the investment management business.
- Asset sales proceeds will be used primarily to reduce unsecured debt.
- Decline in interest rates is expected to positively impact future investment opportunities.
Challenges Ahead
- No specific negative forward guidance mentioned in the provided text.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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