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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.
Kennedy-Wilson
Kennedy-Wilson
Kennedy-Wilson Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comLoan Revenue
CapyFin.comOther Revenue
CapyFin.com 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.