The following is a summary of the Kennedy-Wilson Holdings, Inc. (KW) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Kennedy-Wilson reported growth in key financial matrices with fee-bearing capital reaching a record $8.6 billion and a 94% increase in investment management fees.

• The company completed $360 million non-core asset disposals in Q1, generating gains of $106 million and boosting liquidity by $236 million.

• Consolidated revenue grew by 3% to $136 million, while investment management revenue rose dramatically by 94% to $21 million.

• The Q1 GAAP net income was $0.19 per share, with adjusted EBITDA and adjusted net income totaling $203 million and $71 million respectively.

Business Progress:

• Progress on the $2.5 billion development pipeline includes the completion of the remaining two projects in Dublin and delivery of 800 new apartments.

• Transaction activity surged with $1.1 billion of loan originations processed, including $800 million anticipated closure.

• Kennedy-Wilson shifted its focus to growing their investment management platforms, rental housing, credit platform expansion, and logistics platform development.

• Investment management fees are projected to grow at a rate of 15%-20% in the coming years, and successful non-core-asset sales look set to generate between $550 million to $750 million by Q1 2025.

• Dividend savings of $66 million per year will help to cover Kennedy-Wilson's current level and reduce overall business leverage, all while development costs reach a five-year low.

• The company plans to undertake capital expenditures at multifamily assets only if they generate a minimum return on cost of 15%.

More details: Kennedy-Wilson IR

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