Market Overview

Kennedy Wilson Reports Third Quarter 2019 Results

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Company reports record third quarter GAAP EPS and Adjusted EBITDA

Kennedy-Wilson Holdings, Inc. (NYSE:KW) today reported results for 3Q-2019:

 

3Q

 

YTD

(Amounts in millions, except per share data)

2019

 

2018

 

2019

 

2018

GAAP Results

 

 

 

 

 

 

 

GAAP Net Income to Common Shareholders

$20.7

 

 

$12.1

 

 

$66.2

 

 

$119.3

 

Per Diluted Share

0.15

 

 

0.09

 

 

0.47

 

 

0.83

 

 

 

 

 

 

 

 

 

Non-GAAP Results

 

 

 

 

 

 

 

Adjusted EBITDA

$142.5

 

 

$141.9

 

 

$450.0

 

 

$535.0

 

Adjusted Net Income

73.9

 

 

74.1

 

 

232.8

 

 

308.2

 

"Building on the momentum from the first half of the year, we delivered another strong quarter highlighted by continued impressive same-property results, the completion of $775 million in investment transactions, and further growth of our investment management platform," said William McMorrow, Chairman and CEO of Kennedy Wilson. "As we celebrate our 10th year as a public company, I am proud of the accomplishments we have achieved as a global team over the past decade and remain very optimistic about the significant growth opportunities that lie ahead."

3Q Highlights

  • Same Property Performance: NOI up 5% Driven by Strength in Multifamily Portfolio:

 

3Q - 2019 vs. 3Q - 2018

YTD - 2019 vs. YTD - 2018

 

Occupancy

 

Revenue

 

NOI

Occupancy

 

Revenue

 

NOI

Multifamily - Market Rate

0.6%

 

5.2%

 

6.5%

0.9%

 

5.3%

 

6.9%

Multifamily - Affordable

(0.1)%

 

4.0%

 

4.5%

(0.2)%

 

3.8%

 

4.3%

Commercial

(0.2)%

 

3.9%

 

4.8%

(0.3)%

 

4.1%

 

3.4%

Hotel

N/A

 

3.9%

 

(0.6)%

N/A

 

(1.0)%

 

(7.9)%

Total

 

 

4.4%

 

4.9%

 

 

3.7%

 

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