Market Overview

Kennedy Wilson Reports Third Quarter 2012 Earnings

BEVERLY HILLS, Calif.--(BUSINESS WIRE)--

Kennedy-Wilson Holdings, Inc. (NYSE: KW) (“Kennedy Wilson”, "we," "us," "our," or the “Company”), an international real estate investment and services company, today reported a third quarter 2012 net loss attributable to common shareholders of $6.2 million (or $0.11 per basic and diluted share) compared to a net loss attributable to common shareholders of $6.9 million (or $0.16 per basic and diluted share) for the same period in 2011. Net loss attributable to common shareholders, adjusted for stock-based compensation expense, was $3.3 million (or $0.06 per basic share) compared to a net loss of $5.6 million for the same period in 2011 (or $0.13 per basic share).

The Company's earnings before interest, taxes, depreciation and stock-based compensation expense (“Adjusted EBITDA”) for the third quarter of 2012 was $17.5 million, a 94% increase from $9.0 million for the same period in 2011.

“The company had a very active and successful third quarter with more than $650 million of acquisitions in the U.S. and Ireland," said William McMorrow, chairman and CEO of Kennedy Wilson. "Our key operating metrics improve each quarter, and we continue to see significant investment opportunities in our core markets."

Kennedy Wilson Recent Highlights

Operating metrics

  • During the three months ended September 30, 2012, the Company achieved an adjusted EBITDA of $17.5 million, a 94% increase from $9.0 million for the same period in 2011.
  • During the nine months ended September 30, 2012, the Company achieved an adjusted EBITDA of $55.5 million, a 33% increase from $41.6 million for the same period in 2011.

Investments business

Investment Account

  • As of September 30, 2012, our investment account (Kennedy Wilson's equity in real estate, joint ventures, loan investments, and marketable securities) increased by 13% to $658.1 million from $582.8 million at December 31, 2011. This change was comprised of approximately $239.3 million (including $79.4 million during the third quarter) of cash contributed to and income earned on investments and approximately $164.0 million (including $47.4 million during the third quarter) of cash distributed from investments.
  • As of September 30, 2012, the Company and its equity partners owned 14.6 million rentable square feet of real estate including 13,950 apartment units and 24 commercial properties. Additionally, as of September 30, 2012, the Company and its equity partners owned $2.0 billion in loans secured by real estate.

Operating metrics

  • During the three months ended September 30, 2012, our investments business achieved an EBITDA of $12.6 million (inclusive of $0.4 million of acquisition related costs), a 108% increase from $6.0 million for the same period in 2011. There were no material acquisition related costs in the corresponding period in 2011.
  • During the nine months ended September 30, 2012, our investments business achieved an EBITDA of $47.2 million (inclusive of $1.2 million of acquisition related costs), a 29% increase from $36.6 million (inclusive of $0.3 million of acquisition related costs) for the same period in 2011.

Acquisition/disposition program

  • From January 1, 2010 through September 30, 2012, the Company and its equity partners, acquired approximately $6.7 billion of real estate related investments.
  • During the nine months ended September 30, 2012, the Company and its equity partners, acquired approximately $1.5 billion of real estate related investments, including $659.4 million during the third quarter. We invested $175.6 million (including $68.6 million during the third quarter) of our equity in the vehicles that acquired these investments.
  • The composition of the $1.5 billion of real estate related investments acquired by the Company and its equity partners during the nine months ended September 30, 2012 is as follows:
    • During the nine months ended September 30, 2012, we, along with our equity partners, acquired approximately $969.1 million of real estate investments, including $180.8 million during the third quarter. The underlying assets are located primarily in the Western U.S. (68% in terms of our equity invested) and Ireland (32% in terms of our equity invested) and include seven multifamily properties with 1,961 units and 11 commercial properties totaling 2.0 million square feet. We invested $80.4 million of our equity in vehicles that acquired these real estate assets, including $27.6 million during the third quarter.
    • During the nine months ended September 30, 2012, we, along with our equity partners, acquired approximately $563.6 million of loans (including $478.6 million during the third quarter) at an average discount of 20% to their principal balance (weighted based on our equity invested). In addition, we and our equity partners originated a loan of $8.6 million at a 10.8% interest rate. These loans are secured by 108 underlying properties located in the Western U.S. and Ireland. We invested approximately $95.2 million of our equity in loans, including $41.0 million during the third quarter.
  • During the nine months ended September 30, 2012, the Company and its equity partners sold four multifamily properties located in the Western U.S. for a total of $243.0 million, which resulted in a total gain of $32.6 million, of which our share was $7.9 million ($17.5 million of our equity invested). We also sold our interest in a 324-unit apartment building in San Jose, California generating a gain of $2.2 million to the Company ($3.2 million of our equity invested).

Property level debt financing

  • During the nine months ended September 30, 2012, the Company and its equity partners completed approximately $475.8 million of property financings and re-financings at an average interest rate of 3.3% and a weighted average maturity of 6.6 years. During the nine months ended September 30, 2011, the Company and its equity partners completed approximately $829.7 million of property financings and re-financings at an average interest rate of 3.6% and a weighted average maturity of 4.1 years.

United Kingdom and Ireland

  • In December 2011, we and our equity partners acquired a loan pool secured by real estate located in the United Kingdom with an unpaid principal balance of $2.1 billion. As of September 30, 2012, the unpaid principal balance was $1.3 billion due to loan resolutions of approximately $756.9 million, representing 36% of the pool. The total debt incurred at the venture level at the time of purchase of these loans was $323.4 million with a maturity date of October 2014. As a result of the loan resolutions, the venture level debt has been paid down by $176.6 million to $146.8 million as of September 30, 2012.
  • On March 13, 2012, we announced a €250 million (approximately $325 million) capital commitment from Fairfax Financial Holdings ("Fairfax") to acquire real estate and loans secured by real estate in the United Kingdom and Ireland. Investments under this program require Fairfax's agreement to participate on an investment-by-investment basis. As of September 30, 2012, we have purchased two investments within this platform, the historic 210-unit Alliance Building in Dublin, Ireland, located adjacent to Google's European headquarters, for $50.0 million and Brooklawn House, a Dublin office property, for $18.5 million. We invested $25.7 million of our equity in the investment vehicles that acquired these assets.
  • On May 2, 2012, we entered into a term sheet with a major European financial institution to create a framework to target the acquisition of €2 billion (approximately $2.5 billion) of performing, sub-performing and non-performing loans secured by commercial and residential real estate in Europe, with a focus on the United Kingdom and Ireland. In August 2012, we made our first investment within this platform. We, along with our equity partner acquired a loan pool secured by real estate located in Ireland with an unpaid principal balance of $449.0 million. We invested $7.4 million of our equity in the vehicle that acquired these assets.

Japan

  • Maintained 97% occupancy in 50 apartment buildings with over 2,400 units.
  • Since Fairfax became our partner in the Japanese apartment portfolio in September 2010, we have distributed a total of $51.5 million, of which our share was $24.0 million.

Services business

  • Management and leasing fees and commissions increased by 12% to $12.5 million for the three months ended September 30, 2012 from $11.1 million for the same period in 2011.
  • During the three months ended September 30, 2012, our services business achieved an EBITDA of $4.8 million, a 50% increase from $3.2 million for the same period in 2011.
  • Management and leasing fees and commissions increased by 35% to $35.5 million for the nine months ended September 30, 2012 from $26.2 million for the same period in 2011.
  • During the nine months ended September 30, 2012, our services business achieved an EBITDA of $11.2 million, a 72% increase from $6.5 million for the same period in 2011.

Corporate financing

  • In July 2012, the Company issued 8.6 million shares of common stock primarily to institutional investors, resulting in gross proceeds of $112.1 million of which $40.0 million was used to pay off the outstanding balance on our line of credit.

Subsequent events

  • Subsequent to September 30, 2012, we have acquired or have entered into contracts to acquire approximately $391.8 million of real estate related investments which include 1.8 million rentable square feet of real estate comprised of 926 apartment units and 6 commercial properties. We expect the acquisitions to be a combination of wholly owned and joint venture investments.
  • Subsequent to September 30, 2012, we have resolved an additional $190.5 million of the loan pool secured by real estate located in the United Kingdom which lowered the unpaid principal balance to $1.1 billion. Our venture level debt balance will be reduced by an additional $35.5 million to $111.3 million.

Conference Call and Webcast Details

The company will hold a live conference call and webcast to discuss results at 7:00 a.m. PT/ 10:00 a.m. ET on Tuesday, November 6.

The direct dial-in number for the conference call is (888) 895-5479 for U.S. callers and (847) 619-6250 for international callers. The confirmation number for the live call is 33644846.

A replay of the call will be available for one week beginning two hours after the live call and can be accessed by dialing (888) 843-7419 for U.S. callers and (630) 652-3042 for international callers. The passcode for the replay is 33644846#.

The webcast will be available at: http://edge.media-server.com/m/p/ust52w84/lan/en. A replay of the webcast will be available two hours after the original webcast on the Company's investor relations web site for one year.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 24 offices in the U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services, research and investment management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the U.S., U.K., Ireland and Japan. For further information on Kennedy Wilson, please visit www.kennedywilson.com.

Forward-Looking Statements

Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as “believe,” “anticipate,” “estimate,” “intend,” “could,” “plan,” “expect,” “project” or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results, to differ materially from any future results, performance or achievements, expressed or implied by such forward-looking statements. These risks and uncertainties may include these factors and the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the “SEC”), including the Item 1A. “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2011. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.

Non-GAAP Financial Information

In addition to the results reported in accordance with U.S. generally accepted accounting principles (GAAP) included within this press release, Kennedy Wilson has provided certain information, which includes non-GAAP financial measures (Pro Forma Statements of Operations, Adjusted Net Loss Attributable to Kennedy Wilson Common Shareholders, Basic Adjusted Net Loss Attributable to Kennedy Wilson Common Shareholders Per Share, EBITDA and Adjusted EBITDA). Additionally, there are certain revenue and expense line items in our pro forma consolidated statements of operations or income that would otherwise be classified as discontinued operations on a GAAP statement. Such information is reconciled to its closest GAAP measure in accordance with the SEC rules and is included in the attached supplemental tables. Management believes that these non-GAAP financial measures are useful to both management and the Company's shareholders in their analysis of the business and operating performance of the Company. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-GAAP financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies.

     
 

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Consolidated Balance Sheets

 
 
September 30,
2012
December 31,
2011
 
Assets
Cash and cash equivalents $ 126,804,000 $ 115,926,000
Accounts receivable 3,378,000 3,114,000
Accounts receivable — related parties 19,504,000 15,612,000
Notes receivable 43,391,000 7,938,000
Notes receivable — related parties 40,101,000 33,269,000
Real estate, net 111,517,000 115,880,000
Investments in joint ventures 380,563,000 343,367,000
Investment in loan pool participations 102,854,000 89,951,000
Marketable securities 10,265,000 23,005,000
Other assets 19,955,000 20,749,000
Goodwill 23,965,000   23,965,000  
Total assets $ 882,297,000   $ 792,776,000  
 
Liabilities
Accounts payable $ 1,306,000 $ 1,798,000
Accrued expenses and other liabilities 29,129,000 24,262,000
Accrued salaries and benefits 5,600,000 14,578,000
Deferred tax liability 19,610,000 18,437,000
Senior notes payable 249,425,000 249,385,000
Mortgage loans payable 30,748,000 30,748,000
Junior subordinated debentures 40,000,000   40,000,000  
Total liabilities 375,818,000 379,208,000
Equity
Common stock 6,000 5,000
Additional paid-in capital 514,586,000 407,335,000
(Accumulated deficit) retained earnings (11,583,000 ) 9,708,000
Accumulated other comprehensive income 11,786,000 5,035,000
Shares held in treasury at cost (9,856,000 ) (11,848,000 )
Total Kennedy-Wilson Holdings, Inc. shareholders' equity 504,939,000 410,235,000
Noncontrolling interests 1,540,000   3,333,000  
Total equity 506,479,000   413,568,000  
Total liabilities and equity $ 882,297,000   $ 792,776,000  
 
 
     
 

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Consolidated Statements of Operations

 
 
Three months ended September 30, Nine months ended September 30,
2012   2011 2012   2011
Revenue
Management and leasing fees $ 10,335,000 $ 7,851,000 $ 29,308,000 $ 17,808,000
Commissions 2,145,000 3,259,000 6,165,000 8,429,000
Sale of real estate 1,275,000 1,275,000 417,000
Rental and other income 1,485,000   1,666,000   4,432,000   3,359,000  
Total revenue 15,240,000 12,776,000 41,180,000 30,013,000
Operating expenses
Commission and marketing expenses 1,371,000 1,641,000 3,676,000 3,015,000
Compensation and related expenses 11,364,000 8,473,000 30,658,000 24,562,000
Cost of real estate sold 1,275,000 1,275,000 397,000
General and administrative 5,014,000 3,329,000 13,571,000 9,183,000
Depreciation and amortization 989,000 931,000 2,903,000 1,828,000
Rental operating expenses 847,000   1,195,000   2,638,000   2,248,000  
Total operating expenses 20,860,000 15,569,000 54,721,000 41,233,000
Equity in joint venture income (loss) 1,848,000 (646,000 ) 12,472,000 7,229,000
Interest income from loan pool participations and notes receivable 3,712,000   1,048,000   7,126,000   5,835,000  
Operating (loss) income (60,000 ) (2,391,000 ) 6,057,000 1,844,000
Non-operating income (expense)
Interest income 179,000 635,000 2,503,000 1,234,000
Remeasurement gain 6,348,000
Gain on sale of marketable securities 2,931,000
Realized foreign currency exchange loss (6,000 ) (80,000 )
Interest expense (6,755,000 ) (6,117,000 ) (19,979,000 ) (13,874,000 )
Loss from continuing operations before benefit from income taxes (6,642,000 ) (7,873,000 ) (8,568,000 ) (4,448,000 )
Benefit from income taxes 2,500,000   2,997,000   5,121,000   2,162,000  
Loss from continuing operations (4,142,000 ) (4,876,000 ) (3,447,000 ) (2,286,000 )
Discontinued Operations
Income from discontinued operations, net of income taxes 2,000
Loss from sale of real estate, net of income taxes     (212,000 )  
Net loss (4,142,000 ) (4,876,000 ) (3,657,000 ) (2,286,000 )
Net (loss) income attributable to the noncontrolling interests (64,000 ) 42,000   (2,990,000 ) (1,295,000 )
Net loss attributable to Kennedy-Wilson Holdings, Inc. (4,206,000 ) (4,834,000 ) (6,647,000 ) (3,581,000 )
Preferred dividends and accretion of preferred stock issuance costs (2,036,000 ) (2,036,000 ) (6,108,000 ) (6,708,000 )
Net loss attributable to Kennedy-Wilson Holdings, Inc. common
shareholders
$ (6,242,000 ) $ (6,870,000 ) $ (12,755,000 ) $ (10,289,000 )
Basic and diluted loss per share attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Continuing operations $ (0.11 ) $ (0.16 ) $ (0.23 ) $ (0.25 )
Discontinued operations, net of income taxes        
Earning per share - basic and diluted (a) $ (0.11 ) $ (0.16 ) $ (0.24 ) $ (0.25 )
Weighted average number of common shares outstanding 58,043,357   44,016,880   53,551,708   40,712,496  
Dividends declared per common share $ 0.05   $ 0.04   $ 0.15   $ 0.08  
 

_________

(a) EPS amounts may not add due to rounding.

 
 
   
 

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Pro Forma Consolidated Statements of Operations (Non-GAAP)

 
 
Three Months Ended September 30,
2012   2011
  Pro Rata     Pro Rata  
Unconsolidated Pro Forma Unconsolidated Pro Forma
Consolidated Investments Total Consolidated Investments Total
Revenue
Management and leasing fees $ 10,335,000 $ $ 10,335,000 $ 7,851,000 $ $ 7,851,000
Commissions 2,145,000 2,145,000 3,259,000 3,259,000
Sale of real estate 1,275,000 1,275,000 3,029,000 3,029,000
Rental and other income 1,485,000 20,572,000 22,057,000 1,666,000 12,655,000 14,321,000
Interest income       4,549,000     4,549,000         2,459,000     2,459,000  
Total revenue 15,240,000 25,121,000 40,361,000 12,776,000 18,143,000 30,919,000
Operating expenses
Commission and marketing expenses 1,371,000 1,371,000 1,641,000 1,641,000
Compensation and related expenses 11,364,000 198,000 11,562,000 8,473,000 8,473,000
Cost of real estate sold 1,275,000 1,275,000 2,522,000 2,522,000
General and administrative 5,014,000 229,000 5,243,000 3,329,000 3,329,000
Depreciation and amortization 989,000 5,085,000 6,074,000 931,000 3,849,000 4,780,000
Rental operating expenses   847,000     7,055,000     7,902,000     1,195,000     6,063,000     7,258,000  
Total operating expenses 20,860,000 12,567,000 33,427,000 15,569,000 12,434,000 28,003,000
Equity in joint venture income (loss) 1,848,000 (1,848,000 ) (646,000 ) 646,000
Interest income from loan pool participations and notes receivable   3,712,000     (3,712,000 )       1,048,000     (1,048,000 )    
Operating (loss) income (60,000 ) 6,994,000 6,934,000 (2,391,000 ) 5,307,000 2,916,000
Non-operating income (expense)
Interest income 179,000 (179,000 ) 635,000 (635,000 )
Gain on sale of interest in joint venture investments 2,352,000 2,352,000
Realized foreign currency exchange loss (6,000 ) (6,000 )
Interest expense (6,755,000 ) (8,364,000 ) (15,119,000 ) (6,117,000 ) (4,672,000 ) (10,789,000 )
Other non-operating expenses       (803,000 )   (803,000 )            
Loss from continuing operations before benefit from income taxes (6,642,000 ) (6,642,000 ) (7,873,000 ) (7,873,000 )
Benefit from income taxes   2,500,000         2,500,000     2,997,000         2,997,000  
Loss from continuing operations $ (4,142,000 ) $   $ (4,142,000 ) $ (4,876,000 ) $   $ (4,876,000 )
 
 
   
 

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Pro Forma Consolidated Statements of Operations (Non-GAAP)

 
 
Nine Months Ended September 30,
2012   2011
  Pro Rata     Pro Rata  
Unconsolidated Pro Forma Unconsolidated Pro Forma
Consolidated Investments Total Consolidated Investments Total
Revenue
Management and leasing fees $ 29,308,000 $ $ 29,308,000 $ 17,808,000 $ $ 17,808,000
Commissions 6,165,000 6,165,000 8,429,000 8,429,000
Sale of real estate 1,275,000 58,800,000 60,075,000 417,000 34,164,000 34,581,000
Rental and other income 4,432,000 54,496,000 58,928,000 3,359,000 46,077,000 49,436,000
Interest income       12,687,000     12,687,000         8,838,000     8,838,000  
Total revenue 41,180,000 125,983,000 167,163,000 30,013,000 89,079,000 119,092,000
Operating expenses
Commission and marketing expenses 3,676,000 3,676,000 3,015,000 3,015,000
Compensation and related expenses 30,658,000 698,000 31,356,000 24,562,000 24,562,000
Cost of real estate sold 1,275,000 50,100,000 51,375,000 397,000 29,674,000 30,071,000
General and administrative 13,571,000 529,000 14,100,000 9,183,000 9,183,000
Depreciation and amortization 2,903,000 12,985,000 15,888,000 1,828,000 11,558,000 13,386,000
Rental operating expenses   2,638,000     18,855,000     21,493,000     2,248,000     18,568,000     20,816,000  
Total operating expenses 54,721,000 83,167,000 137,888,000 41,233,000 59,800,000 101,033,000
Equity in joint venture income 12,472,000 (12,472,000 ) 7,229,000 (7,229,000 )
Interest income from loan pool participations and notes receivable   7,126,000     (7,126,000 )       5,835,000     (5,835,000 )    
Operating income 6,057,000 23,218,000 29,275,000 1,844,000 16,215,000 18,059,000
Non-operating income (expense)
Interest income 2,503,000 (2,503,000 ) 1,234,000 (1,234,000 )
Carried interest on realized investment 2,400,000 2,400,000
Gain on sale of interest in joint venture investments 2,352,000 2,352,000
Remeasurement gain 6,348,000 6,348,000
Gain on sale of marketable securities 2,931,000 2,931,000
Realized foreign currency exchange loss (80,000 ) (80,000 )
Interest expense (19,979,000 ) (23,364,000 ) (43,343,000 ) (13,874,000 ) (14,981,000 ) (28,855,000 )
Other non-operating expenses       (2,103,000 )   (2,103,000 )            
Loss from continuing operations before benefit from income taxes (8,568,000 ) (8,568,000 ) (4,448,000 ) (4,448,000 )
Benefit from income taxes   5,121,000         5,121,000     2,162,000         2,162,000  
Loss from continuing operations $ (3,447,000 ) $   $ (3,447,000 ) $ (2,286,000 ) $   $ (2,286,000 )
 
 
     
 

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Adjusted Net Loss Attributable to Kennedy Wilson Common Shareholders

 
 
Three months ended Nine months ended
September 30, September 30,
2012   2011 2012   2011
Net loss attributable to Kennedy-Wilson Holdings, Inc. common

shareholders

$ (6,242,000 ) $ (6,870,000 ) $ (12,755,000 ) $ (10,289,000 )
Non-GAAP adjustments:
Add back:
Stock based compensation 2,922,000   1,296,000   5,000,000   3,761,000  
Adjusted Net Loss Attributable to

Kennedy Wilson Holdings, Inc. Common Shareholders

$ (3,320,000 ) $ (5,574,000 ) $ (7,755,000 ) $ (6,528,000 )
Basic weighted average number of

common shares outstanding

58,043,357   44,016,880   53,551,708   40,712,496  
Basic Adjusted Net Loss Attributable to

Kennedy Wilson Holdings, Inc. Common Shareholders Per Share

$ (0.06 ) $ (0.13 ) $ (0.14 ) $ (0.16 )
 
 
     
 

Kennedy-Wilson Holdings, Inc. and Subsidiaries

EBITDA and Adjusted EBITDA

 
 
Three months ended Nine months ended
September 30, September 30,
2012   2011 2012   2011
Net loss $ (4,142,000 ) $ (4,876,000 ) $ (3,657,000 ) $ (2,286,000 )
Non-GAAP adjustments:
Add back:
Interest expense 6,755,000 6,117,000 19,979,000 13,874,000
Kennedy Wilson's share of interest expense included in investment

in joint ventures and loan pool participations

8,364,000 4,672,000 23,364,000 14,981,000
Depreciation and amortization 989,000 931,000 2,903,000 1,828,000
Kennedy Wilson's share of depreciation and amortization included

in investment in joint ventures

5,085,000 3,849,000 12,985,000 11,558,000
Benefit from income taxes (2,500,000 ) (2,997,000 ) (5,121,000 ) (2,162,000 )
EBITDA 14,551,000 7,696,000 50,453,000 37,793,000
Stock-based compensation 2,922,000   1,296,000   5,000,000   3,761,000  
Adjusted EBITDA $ 17,473,000   $ 8,992,000   $ 55,453,000   $ 41,554,000  
 

Kennedy Wilson
Christina Cha
Director of Corporate Communication
(310) 887-6294
ccha@kennedywilson.com
www.kennedywilson.com

 

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