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Sep 30, 2023
Kennedy-Wilson Q3 2023 Earnings Report
Kennedy Wilson reported Q3 2023 results, impacted by non-cash mark-to-market adjustments in its fair value portfolio, while experiencing strong rental housing demand and growth in its debt investment platform and Fee-Bearing Capital.
Key Takeaways
Kennedy Wilson reported a GAAP Net Loss of $92.2 million, with adjusted EBITDA at $33.2 million. The company saw continued strong demand for rental housing and further growth in its debt investment platform and Fee-Bearing Capital, which grew by 46% year-over-year. They are on track to complete and lease-up several development projects.
Adjusted EBITDA totaled $33 million, driven by unrealized fair value declines in its co-investment portfolio.
KW's share of recurring property NOI, loan income, and fees totaled $131 million.
Realized gains on sale from real estate, net of non-controlling interest, totaled $14 million.
Fee-Bearing Capital grew to a record $8.2 billion, up 39% year-to-date.
Kennedy-Wilson
Kennedy-Wilson
Kennedy-Wilson Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comHotel Revenue
CapyFin.com Forward Guidance
Kennedy Wilson is on track to complete and lease-up several development projects in the near term.
Positive Outlook
- Completing construction of 471-unit Coopers Cross.
- Completing construction of 287-unit Grange multifamily projects in Dublin, which are leasing up ahead of business plan.
- Stabilized the 227-unit Quinn by Vintage communities in the Pacific Northwest.
- Stabilized the 197-unit Station by Vintage communities in the Pacific Northwest.
- The Company has begun delivering units at its two Mountain West market-rate development projects, Dovetail and Oxbow, which will total 508 units at completion.
Challenges Ahead
- High levels of inflation.
- Interest rates at multi-decade highs.
- Rising geopolitical issues.
- Global investment environment continues to face headwinds.
- California Same Property results continue to be impacted by higher delinquencies.
Revenue & Expenses
Visualization of income flow from segment revenue to net income