The following is a summary of the Kennedy-Wilson Holdings, Inc. (KW) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Kennedy-Wilson Holdings reported consolidated revenues of $140 million in Q4 and $563 million for the year, showing an increase of 4% and 24% respectively compared to the last two years.

• Investment management fees for the year stood at $62 million, with an increase of 38% and 75% from 2022 and 2021 respectively.

• The company suffered a GAAP net loss per share of $1.78 in Q4, including non-cash items amounting to $1.54 per share.

• Adjusted EBITDA loss was reported to be $129 million in Q4; after excluding non-cash fair-value-related reductions the company's adjusted EBITDA would be $46 million in Q4 and $472 million for the year.

Business Progress:

• The company has sold several retail assets, generating $83 million in cash.

• Kennedy-Wilson anticipates a favorable future due to expected improvements in inflation and cost of capital.

• Expected to execute refinancing measures in 2024 and plans to pay off a $48 million loan using proceeds from recent retail asset sales.

• The company reported strong leasing activity in Q4, particularly in the California portfolio.

• Expansion of the credit platform by 148% in 2023, represents 56% of total fee-bearing capital, with potential new construction loan opportunities valued over $1 billion.

• The European industrial portfolio remains healthy with over 98% occupancy.

• Launching an 18-month cost reduction plan aimed at reducing total overhead costs by $15 million - $20 million annually.

• Aims to grow its global credit business, expand its industrial assets, and increase its stabilized multifamily portfolio. They are actively looking for growth opportunities from financially distressed owners amidst approaching debt maturities.

More details: Kennedy-Wilson IR

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