Earnings Release
| |
News Release
| 3 |
Consolidated Balance Sheets (unaudited)
| 7 |
Consolidated Statements of Operations (unaudited)
| 8 |
Non-GAAP Metrics (unaudited)
| 9 |
Supplemental Financial Information (unaudited) | |
Capitalization Summary
| 16 |
Components of Value | |
Components of Value Summary
| 17 |
Stabilized Portfolio |
19 |
Segment Investment Summary |
20 |
Multifamily Portfolio
| 21 |
Office Portfolio |
22 |
Retail and Industrial Portfolio |
23 |
Hotel, Loans, Residential and Other Investment Portfolio
| 24 |
Lease-up Portfolio |
25 |
Development Projects |
26 |
Debt Schedule
| 28 |
Investment Management
| 30 |
Other Portfolio and Financial Information | |
Same Property - Multifamily
| 31 |
Same Property - Office |
33 |
Investment Transactions
| 35 |
EBITDA by Segment (Non-GAAP)
| 36 |
Pro-rata Financial Information
| 40 |
Appendix
| 44 |
Contact: Daven Bhavsar, CFA | |
Vice President of Investor Relations | |
(310) 887-3431 | |
dbhavsar@kennedywilson.com |
151 S. El Camino Drive |
www.kennedywilson.com | Beverly Hills, CA 90212 |
2Q | YTD | |||
(Amounts in millions, except per share data) | 2021 | 2020 | 2021 | 2020 |
GAAP Results | ||||
GAAP Net Income (Loss) to Common Shareholders | $215.4 | ($42.1) | $209.8 | ($52.0) |
Per Diluted Share | 1.53 | (0.30) | 1.50 | (0.37) |
Non-GAAP Results | ||||
Adjusted EBITDA | $410.2 | $72.8 | $537.8 | $184.8 |
Adjusted Net Income | 264.6 | 12.0 | 311.6 | 56.8 |
Transaction Value ($ in millions) |
Est. Annual NOI ($ in millions) |
Fee-Bearing Capital ($ in billions) | ||||
As of 1Q-21 | $ | 389 | $ | 4.1 | ||
Gross acquisitions and loan investments | 1,135 | 27 | 0.3 | |||
Gross dispositions and loan repayments | 143 | (4) | (0.1) | |||
New U.S. Multifamily Platform (at KW Share) | 392 | (18) | 0.2 | |||
Asset Stabilizations | - | 6 | - | |||
Operations and FX | - | 3 | - | |||
Total as of 2Q-21 | $ | 1,670 | $ | 403 | $ | 4.5 |
2Q - 2021 vs. 2Q - 2020 | YTD - 2021 vs. YTD - 2020 | |||||
Occupancy | Revenue | NOI | Occupancy | Revenue | NOI | |
Multifamily - Market Rate | 0.8% | 1.9% | 0.8% | 0.6% | (0.1)% | (2.0)% |
Multifamily - Affordable | 0.7% | 2.2% | 0.6% | 0.3% | 2.1% | 0.9% |
Office | (1.1)% | 1.7% | 0.5% | (1.0)% | 6.0% | 6.1% |
Total | 1.9% | 0.6% | 2.0% | 1.2% |
June 30, 2021 |
December 31, 2020 | |||
Assets | ||||
Cash and cash equivalents | $ | 686.5 | $ | 965.1 |
Accounts receivable | 43.7 | 47.9 | ||
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $786.2 and $815.0)
| 4,556.7 | 4,720.5 | ||
Unconsolidated investments (including $1,429.5 and $1,136.5 at fair value)
| 1,577.5 | 1,289.3 | ||
Other assets | 188.7 | 199.1 | ||
Loan purchases and originations | 134.8 | 107.1 | ||
Total assets | $ | 7,187.9 | $ | 7,329.0 |
Liabilities | ||||
Accounts payable | $ | 18.3 | $ | 30.1 |
Accrued expenses and other liabilities | 585.8 | 531.7 | ||
Mortgage debt | 2,332.4 | 2,589.8 | ||
KW unsecured debt | 1,472.1 | 1,332.2 | ||
KWE unsecured bonds | 951.5 | 1,172.5 | ||
Total liabilities | 5,360.1 | 5,656.3 | ||
Equity | ||||
Cumulative perpetual preferred stock | 295.2 | 295.2 | ||
Common stock | - | - | ||
Additional paid-in capital | 1,719.5 | 1,725.2 | ||
Retained earnings | 165.4 | 17.7 | ||
Accumulated other comprehensive loss | (382.9) | (393.6) | ||
Total Kennedy-Wilson Holdings, Inc. shareholders' equity | 1,797.2 | 1,644.5 | ||
Noncontrolling interests | 30.6 | 28.2 | ||
Total equity | 1,827.8 | 1,672.7 | ||
Total liabilities and equity | $ | 7,187.9 | $ | 7,329.0 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue | ||||||||
Rental | $ | 94.7 | $ | 98.9 | $ | 183.6 | $ | 206.6 |
Hotel | 2.2 | 0.1 | 3.0 | 7.3 | ||||
Investment management and property services fees | 9.3 | 7.9 | 17.4 | 16.3 | ||||
Loans and other | 2.2 | 0.2 | 3.8 | 0.2 | ||||
Total revenue | 108.4 | 107.1 | 207.8 | 230.4 | ||||
Expenses | ||||||||
Rental | 32.4 | 32.0 | 65.4 | 68.7 | ||||
Hotel | 2.5 | 2.2 | 4.1 | 8.2 | ||||
Commission and marketing | 0.3 | 0.9 | 0.6 | 1.6 | ||||
Compensation and related (includes $7.3 and $8.3 and $15.0 and $16.9 of share-based compensation)
| 48.6 | 27.4 | 83.3 | 58.8 | ||||
General and administrative | 9.0 | 8.0 | 15.8 | 17.5 | ||||
Depreciation and amortization | 41.7 | 45.3 | 86.1 | 90.8 | ||||
Total expenses | 134.5 | 115.8 | 255.3 | 245.6 | ||||
Income from unconsolidated investments | 52.4 | 19.2 | 70.8 | 30.1 | ||||
Gain on sale of real estate, net | 328.5 | (0.5) | 402.0 | 43.7 | ||||
Transaction-related expenses | (0.4) | (0.3) | (0.4) | (0.5) | ||||
Interest expense | (44.5) | (50.4) | (96.1) | (99.2) | ||||
Loss on early extinguishment of debt | (23.8) | (1.3) | (38.6) | (1.3) | ||||
Other income (loss) | - | (0.3) | (3.0) | (0.1) | ||||
Income / (loss) before benefit from (provision for) income taxes | 286.1 | (42.3) | 287.2 | (42.5) | ||||
(Provision for) benefit from income taxes | (64.9) | 3.2 | (67.6) | (2.5) | ||||
Net income (loss) | 221.2 | (39.1) | 219.6 | (45.0) | ||||
Net (income) loss attributable to noncontrolling interests | (1.5) | 1.3 | (1.2) | 1.6 | ||||
Preferred dividends
| (4.3) | (4.3) | (8.6) | (8.6) | ||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 215.4 | $ | (42.1) | $ | 209.8 | $ | (52.0) |
Basic earnings (loss) per share | ||||||||
Earnings (loss) per share | $ | 1.55 | $ | (0.30) | $ | 1.51 | $ | (0.37) |
Weighted average shares outstanding | 139,260,408 | 140,219,177 | 139,290,576 | 140,214,960 | ||||
Diluted earnings (loss) per share | ||||||||
Earnings (loss) per share | $ | 1.53 | $ | (0.30) | $ | 1.50 | $ | (0.37) |
Weighted average shares outstanding | 140,778,616 | 140,219,177 | 140,136,010 | 140,214,960 | ||||
Dividends declared per common share | $ | 0.44 | $ | 0.22 | $ | 0.44 | $ | 0.44 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 215.4 | $ | (42.1) | $ | 209.8 | $ | (52.0) |
Non-GAAP adjustments: | ||||||||
Add back (Kennedy Wilson's Share)(1):
| ||||||||
Interest expense | 52.6 | 58.8 | 111.4 | 114.9 | ||||
Loss on early extinguishment of debt | 23.8 | 1.3 | 38.6 | 1.3 | ||||
Depreciation and amortization
| 41.9 | 45.8 | 86.8 | 91.9 | ||||
Provision for (benefit from) income taxes | 64.9 | (3.6) | 67.6 | 3.2 | ||||
Preferred dividends | 4.3 | 4.3 | 8.6 | 8.6 | ||||
Share-based compensation | 7.3 | 8.3 | 15.0 | 16.9 | ||||
Adjusted EBITDA | $ | 410.2 | $ | 72.8 | $ | 537.8 | $ | 184.8 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) | $ | 221.2 | $ | (39.1) | $ | 219.6 | $ | (45.0) |
Non-GAAP adjustments: | ||||||||
Add back: | ||||||||
Interest expense | 44.5 | 50.4 | 96.1 | 99.2 | ||||
Loss on early extinguishment of debt | 23.8 | 1.3 | 38.6 | 1.3 | ||||
Kennedy Wilson's share of interest expense included in unconsolidated investments
| 8.9 | 9.1 | 16.8 | 17.2 | ||||
Depreciation and amortization | 41.7 | 45.3 | 86.1 | 90.8 | ||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
| 1.4 | 1.8 | 3.1 | 3.5 | ||||
Provision for (benefit from) income taxes | 64.9 | (3.2) | 67.6 | 2.5 | ||||
Kennedy Wilson's share of taxes included in unconsolidated investments | - | - | - | 1.1 | ||||
Share-based compensation | 7.3 | 8.3 | 15.0 | 16.9 | ||||
EBITDA attributable to noncontrolling interests(1)
| (3.5) | (1.1) | (5.1) | (2.7) | ||||
Adjusted EBITDA | $ | 410.2 | $ | 72.8 | $ | 537.8 | $ | 184.8 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 215.4 | $ | (42.1) | $ | 209.8 | $ | (52.0) |
Non-GAAP adjustments: | ||||||||
Add back (Kennedy Wilson's Share)(1):
| ||||||||
Depreciation and amortization | 41.9 | 45.8 | 86.8 | 91.9 | ||||
Share-based compensation | 7.3 | 8.3 | 15.0 | 16.9 | ||||
Adjusted Net Income | $ | 264.6 | $ | 12.0 | $ | 311.6 | $ | 56.8 |
Weighted average shares outstanding for diluted | 140,778,616 | 140,219,177 | 140,136,010 | 140,214,960 |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) | $ | 221.2 | $ | (39.1) | $ | 219.6 | $ | (45.0) |
Non-GAAP adjustments: | ||||||||
Add back (less): | ||||||||
Depreciation and amortization | 41.7 | 45.3 | 86.1 | 90.8 | ||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
| 1.4 | 1.8 | 3.1 | 3.5 | ||||
Share-based compensation | 7.3 | 8.3 | 15.0 | 16.9 | ||||
Preferred dividends | (4.3) | (4.3) | (8.6) | (8.6) | ||||
Net income attributable to the noncontrolling interests, before depreciation and amortization(1)
| (2.7) | - | (3.6) | (0.8) | ||||
Adjusted Net Income | $ | 264.6 | $ | 12.0 | $ | 311.6 | $ | 56.8 |
Weighted average shares outstanding for diluted | 140,778,616 | 140,219,177 | 140,136,010 | 140,214,960 |
Supplemental Financial Information |
June 30, 2021 | December 31, 2020 | |||
Market Data | ||||
Common stock price per share
| $ | 19.87 | $ | 17.89 |
Common stock and convertible preferred stock | ||||
Common stock shares outstanding | 140,763,243 | 141,365,323 | ||
Shares of common stock underlying convertible perpetual preferred stock(1)
| 12,000,000 | 12,000,000 | ||
Total Common stock outstanding and underlying convertible preferred stock | 152,763,243 | 153,365,323 | ||
Equity Market Capitalization | $ | 3,035.4 | $ | 2,743.7 |
Kennedy Wilson's Share of Debt | ||||
Kennedy Wilson's share of property debt(2)
| 4,167.2 | 4,105.8 | ||
Senior notes payable(3)
| 1,200.0 | 1,150.0 | ||
Kennedy Wilson Europe bonds(4)
| 955.0 | 1,177.2 | ||
Credit Facility | 289.3 | 200.0 | ||
Total Kennedy Wilson's share of debt | 6,611.5 | 6,633.0 | ||
Total Capitalization | $ | 9,646.9 | $ | 9,376.7 |
Less: Kennedy Wilson's share of cash | (801.0) | (1,033.2) | ||
Total Enterprise Value | $ | 8,845.9 | $ | 8,343.5 |
Kennedy Wilson's Share | ||||||
Investments | Description | Occupancy |
Est. Annual NOI(1)(2)
| Page # | ||
Income Producing Assets | ||||||
1 |
Multifamily(3)
|
27,663 units
| 95.9% | $ | 186.5 |
21 |
2 | Office |
10.1 million square feet
| 93.7% | 145.8 |
22 | |
3 | Retail and Industrial |
8.9 million square feet
| 93.6% | 53.2 |
23 | |
4 | Hotels |
2 Hotels / 337 Hotel Rooms
| N/A | 9.1 |
24 | |
5 |
Loans(5)
|
23 loan investments
KW Loan balance of $126.0 million
| N/A | 8.4 |
24 | |
Total | $ | 403.0 | ||||
Lease-up, Development, and Non-income Producing Assets | KW Gross Asset Value | |||||
6 |
Lease-up Portfolio(5) (6)
|
190 multifamily units
1.1 million office sq. ft.
0.5 million retail sq. ft.
| 39.2% | $ | 557.2 |
25 |
7 |
Development Projects(5)(6)
|
4,064 multifamily units
0.6 million office sq. ft.
0.2 million industrial sq. ft.
One five-star resort
| N/A | 579.8 |
26 | |
8 |
Residential and other(5)
|
19 investments
| N/A | 298.4 |
24 | |
Total | $ | 1,435.4 | ||||
Investment Management and Real Estate Services | Fee-Bearing Capital |
Adj. Fees(7)
| ||||
9 | Investment management | Asset management fees (T-12) | $4,500 | $ | 30.4 |
30 |
10 | Investment Management | Performance fees (T-12) | $ | 19.6 |
30 | |
Total | $ | 50.0 | ||||
Net Debt | Total | |||||
11 |
KW Share of Debt(4)
| Secured and Unsecured Debt | $ | 6,611.5 | ||
12 | KW Share of Cash | Cash | (801.0) | |||
Total Net Debt | $ | 5,810.5 |
28 |
KW Gross Asset Value | KW Share of Debt |
Investment Account
(Gross asset value - share of debt)
| ||||
Lease-up - Multifamily and Commercial | $ | 557.2 | $ | 114.8 | $ | 442.4 |
Development - Multifamily, Commercial, and Hotel
| 579.8 | 283.0 | 296.8 | |||
Residential and other
| 298.4 | 30.1 | 268.3 | |||
Lease-up, Development, and Non-income Producing Assets | $ | 1,435.4 | $ | 427.9 | $ | 1,007.5 |
Pacific Northwest | Southern California | Northern California | Mountain States | Hawaii | U.K. | Ireland | Italy | Spain | Total | |||||||||||
Multifamily - Market Rate | $ | 33.8 | $ | 22.6 | $ | 22.0 | $ | 53.3 | $ | - | $ | - | $ | 26.5 | $ | - | $ | - | $ | 158.2 |
Multifamily - Affordable | 18.1 | 3.2 | 2.3 | 4.7 | - | - | - | - | - | 28.3 | ||||||||||
Commercial - Office | 18.2 | 11.0 | 11.1 | 2.6 | - | 60.7 | 32.5 | 9.5 | 0.2 | 145.8 | ||||||||||
Commercial - Retail | 0.8 | 3.6 | - | 7.7 | - | 19.1 | 9.2 | - | 6.8 | 47.2 | ||||||||||
Commercial - Industrial | - | - | - | - | - | 6.0 | - | - | - | 6.0 | ||||||||||
Hotel | - | - | - | - | - | - | 9.1 | - | - | 9.1 | ||||||||||
Loans | 1.4 | 2.7 | 2.3 | 1.9 | 0.1 | - | - | - | - | 8.4 | ||||||||||
Total Estimated Annual NOI | $ | 72.3 | $ | 43.1 | $ | 37.7 | $ | 70.2 | $ | 0.1 | $ | 85.8 | $ | 77.3 | $ | 9.5 | $ | 7.0 | $ | 403.0 |
Stabilized Portfolio | ||||||||||
KW Segment | Description | Balance Sheet Classification | Multifamily Units | Commercial Rentable Sq. Ft. | Hotels | Loan Investments |
KW Share of Est. Annual NOI(1)
|
Fee-Bearing Capital(2)($bn)
| KW Gross Asset Value |
Ownership(3)
|
1) Consolidated | Consists primarily of wholly-owned real estate investments | Consolidated | 8,032 | 7.2 | 1 | - | $265.5 | $- | $4,437.5 | 98.0% |
2) Co-investment Portfolio: | ||||||||||
~50% owned | Consists primarily of 50/50 investments with partners and our Vintage Housing joint-venture | Unconsolidated | 15,323 | 1.0 | - | - | 104.9 | 1.0 | 2,053.3 | 45.9% |
Minority owned | Includes fund investments, loans, and other minority-owned investments | Unconsolidated | 4,308 | 10.8 | 1 | 23 | 32.6 | 3.5 | 539.9 | 11.9% |
Co-investment Portfolio | 19,631 | 11.8 | 1 | 23 | $137.5 | $4.5 | $2,593.2 | 27.3% | ||
Total Portfolio | 27,663 | 19.0 | 2 | 23 | $403.0 | $4.5 | $7,030.7 | 52.1% |
Consolidated | Co-Investment (Unconsolidated) | ||||||||||||
Multifamily | # of Assets |
Market-Rate Units |
Market-Rate Units | Vintage Housing Affordable Units |
Total # of Units | Occupancy (Asset Level) | Occupancy (KW Share) |
Average Monthly Rents Per Market Rate Unit(1)(2)
|
KW Share
of Estimated Annual NOI(3)
| ||||
Mountain States | 36 | 4,246 | 4,253 | 1,592 | 10,091 | 95.1 | % | 95.6 | % | $ | 1,313 | $ | 58.0 |
Pacific Northwest | 43 | 1,426 | 2,449 | 5,623 | 9,498 | 96.7 | 96.6 | 1,653 | 51.9 | ||||
Southern California | 10 | 1,054 | 1,446 | 704 | 3,204 | 96.3 | 96.7 | 1,949 | 25.8 | ||||
Northern California | 8 | 1,306 | 542 | 676 | 2,524 | 96.1 | 95.7 | 1,973 | 24.3 | ||||
Total Western U.S. | 97 | 8,032 | 8,690 | 8,595 | 25,317 | 96.5 | % | 96.4 | % | $ | 1,614 | $ | 160.0 |
Ireland(4)
| 10 | - | 2,346 | - | 2,346 | 92.4 | 92.4 | 2,547 | 26.5 | ||||
Total Stabilized(5)
| 107 | 8,032 | 11,036 | 8,595 | 27,663 | 96.0 | % | 95.9 | % | $ | 1,712 | $ | 186.5 |
Lease-up Assets | 1 | - | 190 | - | 190 |
See Page 25 for more information
| |||||||
Development Projects | 16 | 733 | 1,764 | 1,567 | 4,064 |
See Page 26 for more information
| |||||||
Total | 17 | 733 | 1,954 | 1,567 | 4,254 | ||||||||
Total Multifamily | 124 | 8,765 | 12,990 | 10,162 | 31,917 |
Office | # of Assets |
Consolidated Rentable Sq. Ft. |
Co-Investment Rentable Sq. Ft. (Unconsolidated) |
Total Rentable Sq. Ft. | Occupancy (Asset Level) | Occupancy (KW Share) |
Average Annual Rent per Sq. Ft.(1)
|
Kennedy Wilson's Share of
Estimated Annual NOI(2)
| ||||
Pacific Northwest | 4 | 0.6 | 0.9 | 1.5 | 95.9 | % | 99.8 | % | $ | 25.4 | $ | 18.2 |
Southern California(3)
| 6 | 0.2 | 1.3 | 1.5 | 86.1 | 92.2 | 61.7 | 11.0 | ||||
Northern California | 6 | 0.4 | 1.3 | 1.7 | 89.6 | 86.3 | 35.9 | 11.1 | ||||
Mountain States | 5 | - | 1.7 | 1.7 | 90.1 | 90.9 | 18.9 | 2.6 | ||||
Total Western U.S. | 21 | 1.2 | 5.2 | 6.4 | 90.3 | % | 93.2 | % | $ | 34.4 | $ | 42.9 |
United Kingdom(4)
| 13 | 1.4 | 0.5 | 1.9 | 89.6 | 89.4 | 42.6 | 60.7 | ||||
Ireland(4)(5)
| 9 | 0.5 | 0.5 | 1.0 | 97.9 | 99.0 | 46.4 | 32.5 | ||||
Italy(4)
| 7 | 0.7 | - | 0.7 | 100.0 | 100.0 | 15.8 | 9.5 | ||||
Spain(4)
| 1 | - | 0.1 | 0.1 | 84.5 | 84.5 | 17.4 | 0.2 | ||||
Total Europe(4)
| 30 | 2.6 | 1.1 | 3.7 | 93.6 | % | 93.9 | % | $ | 37.2 | $ | 102.9 |
Total Stabilized | 51 | 3.8 | 6.3 | 10.1 | 91.5 | % | 93.7 | % | $ | 36.2 | $ | 145.8 |
Lease-up Assets | 7 | 0.8 | 0.3 | 1.1 |
See page 25 for more information
| |||||||
Development Projects | 5 | 0.2 | 0.4 | 0.6 |
See page 26 for more information
| |||||||
Total | 12 | 1.0 | 0.7 | 1.7 | ||||||||
Total Office | 63 | 4.8 | 7.0 | 11.8 |
Retail and Industrial | # of Assets |
Consolidated Rentable Sq. Ft. |
Co-Investment Rentable Sq. Ft. (Unconsolidated) |
Total Rentable Sq. Ft. | Occupancy (Asset Level) | Occupancy (KW Share) |
Average Annual Rent per Sq. Ft.(1)
|
Kennedy Wilson's Share of
Estimated Annual NOI(2)
| ||||
Pacific Northwest | 1 | 0.1 | - | 0.1 | 100.0 | % | 100.0 | % | $ | 16.5 | $ | 0.8 |
Southern California | 5 | 0.2 | 0.9 | 1.1 | 94.7 | 94.7 | 21.0 | 3.6 | ||||
Mountain States | 10 | 0.8 | 0.7 | 1.5 | 91.1 | 89.7 | 11.5 | 7.7 | ||||
Total Western U.S. | 16 | 1.1 | 1.6 | 2.7 | 91.8 | % | 91.0 | % | $ | 13.4 | $ | 12.1 |
United Kingdom(3)
| 74 | 2.3 | 3.2 | 5.5 | 97.6 | 95.0 | 14.0 | 25.1 | ||||
Ireland(3)
| 2 | 0.4 | - | 0.4 | 90.9 | 90.9 | 25.2 | 9.2 | ||||
Spain(3)
| 2 | 0.3 | - | 0.3 | 96.1 | 96.1 | 23.0 | 6.8 | ||||
Total Europe(3)
| 78 | 3.0 | 3.2 | 6.2 | 97.0 | % | 94.5 | % | $ | 16.7 | $ | 41.1 |
Total Stabilized | 94 | 4.1 | 4.8 | 8.9 | 95.9 | % | 93.6 | % | $ | 15.9 | $ | 53.2 |
Lease-up Assets | 6 | 0.2 | 0.3 | 0.5 |
See page 25 for more information
| |||||||
Development Projects | 2 | - | 0.2 | 0.2 |
See page 26 for more information
| |||||||
Total | 8 | 0.2 | 0.5 | 0.7 | ||||||||
Total Retail and Industrial | 102 | 4.3 | 5.3 | 9.6 |
Hotel | # of Assets | Hotel Rooms |
Average Daily Rate(2)
|
Kennedy Wilson's Share
of Estimated Annual NOI(1)
| ||
Hawaii | 1 | 72 | $ | 91.0 | $ | - |
Ireland(3)
| 1 | 265 | 304.0 | 9.1 | ||
Total Hotel | 2 | 337 | $ | 277.6 | $ | 9.1 |
Development | 1 | 150 |
See page 26 for more information
| |||
Total Hotel | 3 | 487 |
Loans | # of Loans | Average Interest Rate | Loan Balance (KW Share) |
Kennedy Wilson's Share of Annual Interest Income | |||
Pacific Northwest | 3 | 7.5 | % | $ | 19.2 | $ | 1.4 |
Southern California | 6 | 7.1 | % | 38.1 | 2.7 | ||
Northern California | 8 | 6.0 | % | 37.4 | 2.3 | ||
Mountain States | 5 | 6.2 | % | 30.5 | 1.9 | ||
Hawaii | 1 | 5.0 | % | 0.8 | 0.1 | ||
Total Loans | 23 | 6.6 | % | $ | 126.0 | $ | 8.4 |
Residential and Other | # of Investments | Residential Units/Lots | Total Acres | KW Gross Asset Value | |
Southern California | 2 | - | 633 | $ | 24.1 |
Hawaii | 5 | 232 | 3,242 | 198.3 | |
Total Western U.S. | 7 | 232 | 3,875 | $ | 222.4 |
United Kingdom(1)
| 1 | - | 1 | 4.6 | |
Total Residential | 8 | 232 | 3,876 | $ | 227.0 |
Other Investments | 11 | - | - | $ | 71.4 |
Total Residential and Other | 19 | 232 | 3,876 | $ | 298.4 |
Property | Location | Type | KW Ownership % | # of Assets | Commercial Sq. Ft. | MF Units | Leased % | KW Share Est. Stabilized NOI |
KW Est. Costs to Complete(1)
| KW Gross Asset Value | ||||
2021 | ||||||||||||||
Old School |
United Kingdom(2)
| Office | 100% | 1 | 21,000 | - | 67 | % | $ | 0.6 | $ | 0.5 | $ | 7.9 |
Capital Dock |
Ireland(2)
| Mixed-Use | 50% | 1 | 27,000 | 190 | 56 | 4.6 | 3.0 | 91.2 | ||||
2021 Subtotal | 2 | 48,000 | 190 | 61 | % | $ | 5.2 | $ | 3.5 | $ | 99.1 | |||
2022 | ||||||||||||||
Stockley Park |
United Kingdom(2)
| Office | 100% | 1 | 54,000 | - | - | $ | 2.7 | $ | 0.2 | $ | 40.0 | |
Maidenhead |
United Kingdom(2)
| Office | 100% | 1 | 65,000 | - | - | 2.7 | 0.1 | 38.0 | ||||
The Oaks | Southern California | Office | 100% | 1 | 357,000 | - | 72 | % | 6.3 | 10.3 | 128.9 | |||
Various |
United Kingdom(2)
| Retail | 100% | 2 | 168,000 | - | - | 1.8 | 1.0 | 25.0 | ||||
Various |
United Kingdom(2)
| Office | 100% | 2 | 281,000 | - | 34 | 8.6 | 16.0 | 145.8 | ||||
2022 Subtotal | 7 | 925,000 | - | 38 | % | $ | 22.1 | $ | 27.6 | $ | 377.7 | |||
Total Lease-Up | 9 | 973,000 | 190 | 39 | % | $ | 27.3 | $ | 31.1 | $ | 476.8 |
If Completed | Current | ||||||||||||
Property | Location | Type | Status | KW Ownership % |
Est. Completion Date(1)
| Est. Stabilization Date | Commercial Sq. Ft. | MF Units / Hotel Rooms |
KW Share Est. Stabilized NOI |
KW Est.
Total Cost(1)
| Est. Yield on Cost |
KW Costs Incurred(2)
|
KW Est. Costs to Complete(1)
|
Hanover Quay |
Ireland(3)
| Office | Under Construction | 60% | 2021 | 2022 | 69,000 | - | 3 | 41 | 6% | 34 | 7 |
Kildare |
Ireland(3)
| Office | Under Construction | 100% | 2022 | 2022 | 65,000 | - | 4 | 65 | 6% | 39 | 26 |
River Pointe | Mountain States | Multifamily | Under Construction | 100% | 2022 | 2022 | - | 89 | 1 | 23 | 6% | 8 | 15 |
38° North Phase II | Nor. California | Multifamily | Planning Received | 100% | 2023 | 2024 | - | 172 | 4 | 65 | 6% | 6 | 59 |
Dovetail | Mountain States | Multifamily | Planning Received | 90% | 2023 | 2024 | - | 240 | 3 | 54 | 6% | 5 | 49 |
Oxbow | Mountain States | Multifamily | Planning Received | 51% | 2023 | 2024 | - | 268 | 2 | 40 | 6% | - | 40 |
Coopers Cross |
Ireland(3)
| Office | Under Construction | 50% | 2023 | 2024 | 395,000 | - | 13 | 175 | 7% | 65 | 110 |
Coopers Cross |
Ireland(3)
| Multifamily | Under Construction | 50% | 2023 | 2024 | - | 471 | 6 | 131 | 5% | 74 | 57 |
Grange |
Ireland(3)
| Multifamily | Planning Received | 50% | 2023 | 2024 | 7,000 | 287 | 3 | 72 | 5% | 27 | 45 |
Kona Village Resort | Hawaii | Hotel | Under Construction | 50% | 2023 | 2024 | - | 150 | 19-22 | 335 | 6-7% | 155 | 180 |
The Cornerstone
(formerly 'Leisureplex')
|
Ireland(3)
| Mixed-Use | Planning Received | 100% | 2024 | 2025 | 20,000 | 232 | 7 | 150 | 5% | 27 | 123 |
556,000 | 1,909 | $ 66-69 | $ | 1,151 | 6% | $ | 440 | $ | 711 |
If Completed | Current | ||||||||
Property | Location | Status |
Est. Completion Date(1)
| Est. Stabilization Date | MF Units |
Est. Cash to KW(2)
|
KW Share Est. Stabilized NOI | KW Cash Basis | Leased % |
The Farm | Pacific Northwest | Under Construction | 2021 | 2022 | 354 | 3.0 | 2.1 | - | NA |
Sanctuary | Mountain States | Under Construction | 2022 | 2022 | 208 | 0.4 | 0.4 | - | NA |
Quinn | Pacific Northwest | Under Construction | 2022 | 2023 | 227 | 2.8 | 1.1 | - | NA |
Station | Pacific Northwest | Under Construction | 2022 | 2023 | 197 | 2.7 | 0.9 | - | NA |
The Point | Pacific Northwest | Under Construction | 2022 | 2023 | 161 | 1.5 | 0.7 | - | NA |
Springview | Mountain States | Under Construction | 2023 | 2023 | 180 | 0.4 | 0.5 | - | NA |
Beacon Hill | Pacific Northwest | In Planning | 2023 | 2023 | 240 | 5.8 | 0.9 | 5.7 | NA |
1,567 | $ | 16.6 | $ | 6.6 | $ | 5.7 |
Consolidated | Unconsolidated | |||||||||
Maturity |
Consolidated Secured(1)(5)
|
Kennedy Wilson Europe Unsecured Bonds(2)(5)
|
KW Unsecured Debt(6)
| Unconsolidated Secured |
KW Share(3)
| |||||
2021 | $ | 12.0 | $ | - | $ | - | $ | 221.6 | $ | 44.2 |
2022 | 347.7 | 303.3 | - | 782.6 | 864.0 | |||||
2023 | 299.4 | - | - | 574.9 | 437.6 | |||||
2024 | 162.1 | - | 289.3 | (4) | 802.1 | 791.1 | ||||
2025 | 487.6 | 651.7 | - | 950.1 | 1,410.4 | |||||
2026 | 243.9 | - | - | 517.5 | 434.8 | |||||
2027 | 247.4 | - | - | 176.6 | 330.7 | |||||
2028 | 306.9 | - | - | 291.4 | 417.6 | |||||
2029 | 31.6 | - | 600.0 | 330.5 | 686.2 | |||||
2030 | 47.5 | - | - | 215.8 | 84.5 | |||||
Thereafter | 154.5 | - | 600.0 | 910.2 | 1,110.4 | |||||
Total | $ | 2,340.6 | $ | 955.0 | $ | 1,489.3 | $ | 5,773.3 | $ | 6,611.5 |
Cash(5)(6)
| (424.2) | (84.0) | (178.3) | (471.2) | (801.0) | |||||
Net Debt | $ | 1,916.4 | $ | 871.0 | $ | 1,311.0 | $ | 5,302.1 | $ | 5,810.5 |
Weighted Average | ||
Debt Type | Annual Interest Rate | Years to Maturity |
Consolidated Secured | 3.3% | 4.7 |
Kennedy Wilson Europe Unsecured Bonds | 3.4% | 3.3 |
KW Unsecured Debt | 4.4% | 8.0 |
Unconsolidated Secured | 3.0% | 6.5 |
Total (KW Share) | 3.5% | 5.8 |
KW Share of Debt(1)
| ||||||||
Fixed Rate Debt | Floating with Interest Rate Caps | Floating without Interest Rate Caps | Total KW Share of Debt | |||||
Secured Investment Level Debt | $ | 2,642.5 | $ | 851.2 | $ | 673.5 | $ | 4,167.2 |
Kennedy Wilson Europe Unsecured Bonds(2)
| 955.0 | - | - | 955.0 | ||||
KW Unsecured Debt(3)
| 1,200.0 | 46.4 | 242.9 | 1,489.3 | ||||
Total | $ | 4,797.5 | $ | 897.6 | $ | 916.4 | $ | 6,611.5 |
% of Total Debt | 73 | % | 13 | % | 14 | % | 100 | % |
KW Share of Secured Investment Debt(1)
| ||||||||||||||||
Multifamily | Office | Retail | Industrial | Hotels | Residential and Other | Total | % of KW Share | |||||||||
Pacific Northwest | $ | 700.0 | $ | 107.0 | $ | 9.4 | $ | - | $ | - | $ | - | $ | 816.4 | 20 | % |
Southern California | 265.0 | 162.9 | 30.9 | - | - | - | 458.8 | 11 | % | |||||||
Northern California | 317.3 | 77.4 | - | - | - | - | 394.7 | 9 | % | |||||||
Mountain States | 730.4 | 26.8 | 63.3 | - | - | - | 820.5 | 20 | % | |||||||
Hawaii | - | - | - | - | 47.8 | 30.1 | 77.9 | 1 | % | |||||||
Total Western US | $ | 2,012.7 | $ | 374.1 | $ | 103.6 | $ | - | $ | 47.8 | $ | 30.1 | $ | 2,568.3 | 62 | % |
United Kingdom | $ | - | $ | 290.1 | $ | 162.4 | $ | 75.2 | $ | - | $ | - | $ | 527.7 | 13 | % |
Ireland | 453.5 | 389.4 | 100.7 | - | 85.3 | - | 1,028.9 | 24 | % | |||||||
Spain | - | - | 42.3 | - | - | - | 42.3 | 1 | % | |||||||
Italy | - | - | - | - | - | - | - | - | % | |||||||
Total Europe | $ | 453.5 | $ | 679.5 | $ | 305.4 | $ | 75.2 | $ | 85.3 | $ | - | $ | 1,598.9 | 38 | % |
Total | $ | 2,466.2 | $ | 1,053.6 | $ | 409.0 | $ | 75.2 | $ | 133.1 | $ | 30.1 | $ | 4,167.2 | 100 | % |
% of Total Debt | 60 | % | 25 | % | 10 | % | 2 | % | 3 | % | - | % | 100 | % |
Adjusted Fees - Detail | ||||||||
2Q | YTD | |||||||
Fee Description | 2021 | 2020 | 2021 | 2020 | ||||
Investment Management - Base | $ | 8.5 | $ | 4.8 | $ | 16.2 | $ | 9.9 |
Investment Management - Performance | 16.2 | (0.2) | 15.8 | (1.3) | ||||
Investment Management - Acquisition/Disposition | 0.6 | - | 0.6 | - | ||||
Property Services | 0.5 | 3.3 | 1.1 | 6.8 | ||||
Total Adjusted Fees(2)
| $ | 25.8 | $ | 7.9 | $ | 33.7 | $ | 15.4 |
Three Months Ended June 30, | Same Property Units | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Market Rate Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Mountain States | 3,655 | 95.6 | % | 94.3 | % | 1.4 | % | $ | 15.0 | $ | 13.7 | 9.3 | % | $ | 10.1 | $ | 9.0 | 12.6 | % |
Pacific Northwest | 3,426 | 96.3 | 94.9 | 1.5 | 15.8 | 15.7 | 0.7 | 10.1 | 10.1 | 0.1 | |||||||||
Southern California | 1,898 | 96.4 | 95.1 | 1.4 | 9.4 | 9.3 | 0.9 | 5.9 | 6.0 | (1.8) | |||||||||
Northern California | 1,728 | 94.8 | 93.9 | 0.9 | 9.7 | 10.0 | (2.8) | 6.0 | 6.3 | (5.0) | |||||||||
Western U.S. | 10,707 | 95.8 | % | 94.6 | % | 1.3 | % | $ | 49.9 | $ | 48.7 | 2.4 | % | $ | 32.1 | $ | 31.4 | 2.3 | % |
Ireland | 2,067 | 92.6 | 95.9 | (3.4) | 6.9 | 7.0 | (1.7) | 5.2 | 5.6 | (7.8) | |||||||||
Total | 12,774 | 95.5 | % | 94.7 | % | 0.8 | % | $ | 56.8 | $ | 55.7 | 1.9 | % | $ | 37.3 | $ | 37.0 | 0.8 | % |
Affordable Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Pacific Northwest | 5,045 | 97.4 | % | 96.6 | % | 0.9 | % | $ | 6.0 | $ | 6.0 | 0.8 | % | $ | 4.1 | $ | 4.2 | (1.9) | % |
Southern California | 704 | 97.4 | 97.7 | (0.3) | 1.1 | 1.0 | 0.8 | 5.7 | 0.8 | 0.8 | 6.6 | ||||||||
Northern California | 676 | 97.2 | 97.7 | (0.5) | 0.9 | 0.9 | 1.2 | 0.6 | 0.6 | 1.0 | |||||||||
Mountain States | 944 | 98.4 | 97.3 | 1.1 | 1.0 | 0.9 | 8.3 | 0.7 | 0.6 | 9.9 | |||||||||
Western U.S.
| 7,369 | 97.5 | % | 96.9 | % | 0.7 | % | $ | 9.0 | $ | 8.8 | 2.2 | % | $ | 6.2 | $ | 6.2 | 0.6 | % |
Six Months Ended June 30, | Same Property Units | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Market Rate Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Mountain States | 3,655 | 95.6 | % | 94.4 | % | 1.1 | % | $ | 29.5 | $ | 27.6 | 6.8 | % | $ | 19.8 | $ | 18.2 | 8.4 | % |
Pacific Northwest | 3,426 | 96.3 | 94.9 | 1.4 | 31.1 | 31.5 | (1.3) | 19.7 | 20.4 | (3.4) | |||||||||
Southern California | 1,898 | 96.1 | 94.6 | 1.4 | 18.6 | 18.8 | (0.6) | 11.8 | 12.1 | (2.9) | |||||||||
Northern California | 1,728 | 94.9 | 93.9 | 0.9 | 19.3 | 20.2 | (4.7) | 11.9 | 13.0 | (8.5) | |||||||||
Western US | 10,707 | 95.7 | % | 94.5 | % | 1.2 | % | $ | 98.5 | $ | 98.1 | 0.4 | % | $ | 63.2 | $ | 63.7 | (1.0) | % |
Ireland | 2,067 | 92.2 | 96.6 | (4.6) | 13.7 | 14.3 | (4.0) | 10.5 | 11.4 | (7.8) | |||||||||
Total | 12,774 | 95.4 | % | 94.7 | % | 0.6 | % | $ | 112.2 | $ | 112.4 | (0.1) | % | $ | 73.7 | $ | 75.1 | (2.0) | % |
Affordable Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Pacific Northwest | 5,045 | 97.2 | % | 96.7 | % | 0.5 | % | $ | 12.0 | $ | 11.9 | 1.0 | % | $ | 8.2 | $ | 8.3 | (0.9) | % |
Southern California | 704 | 97.3 | 97.6 | (0.3) | 2.1 | 2.0 | 5.5 | 1.6 | 1.5 | 6.4 | |||||||||
Northern California | 676 | 97.1 | 98.2 | (1.1) | 1.7 | 1.7 | (0.1) | 1.2 | 1.2 | (1.5) | |||||||||
Mountain States | 944 | 97.9 | 97.1 | 0.8 | 1.9 | 1.8 | 7.7 | 1.4 | 1.2 | 8.8 | |||||||||
Western US
| 7,369 | 97.3 | % | 97.0 | % | 0.3 | % | $ | 17.7 | $ | 17.4 | 2.1 | % | $ | 12.4 | $ | 12.2 | 0.9 | % |
Three Months Ended June 30, | Same Property Square Feet | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Region: | |||||||||||||||||||
Pacific Northwest(3)
| 0.6 | 100.0 | % | 100.0 | % | - | % | $ | 4.4 | $ | 4.3 | 3.6 | % | $ | 3.8 | $ | 3.6 | 5.1 | % |
Southern California(4)
| 0.2 | 92.3 | 98.9 | (6.7) | 2.5 | 2.8 | (11.8) | 1.6 | 1.9 | (17.6) | |||||||||
Northern California(5)
| 0.4 | 84.6 | 88.4 | (4.2) | 3.1 | 3.6 | (16.2) | 1.6 | 2.4 | (31.5) | |||||||||
Western U.S. | 1.2 | 93.5 | % | 95.7 | % | (2.3) | % | 10.0 | 10.7 | (7.1) | % | 7.0 | 7.9 | (11.4) | % | ||||
United Kingdom(6)
| 1.4 | 92.6 | 94.0 | (1.5) | 10.2 | 8.9 | 14.7 | 9.7 | 8.6 | 12.1 | |||||||||
Ireland(7)
| 0.9 | 98.9 | 98.7 | 0.2 | 7.8 | 7.9 | (0.6) | 7.7 | 7.8 | (0.5) | |||||||||
Italy | 0.7 | 100.0 | 100.0 | - | 2.6 | 2.6 | 0.6 | 2.4 | 2.3 | 0.7 | |||||||||
Europe | 3.0 | 96.3 | % | 96.9 | % | (0.6) | % | 20.6 | 19.4 | 6.6 | % | 19.8 | 18.7 | 5.4 | % | ||||
Total(8)
| 4.2 | 95.4 | % | 96.5 | % | (1.1) | % | $ | 30.6 | $ | 30.1 | 1.7 | % | $ | 26.8 | $ | 26.6 | 0.5 | % |
Six Months Ended June 30, | Same Property Square Feet | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Region: | |||||||||||||||||||
Pacific Northwest(3)
| 0.6 | 100.0 | % | 100.0 | % | - | % | $ | 8.8 | $ | 8.4 | 4.7 | % | $ | 7.5 | $ | 7.1 | 6.1 | % |
Southern California(4)
| 0.2 | 94.6 | 99.1 | (4.5) | 4.9 | 5.7 | (13.8) | 3.0 | 3.8 | (20.1) | |||||||||
Northern California(5)
| 0.4 | 85.3 | 88.9 | (4.0) | 6.5 | 7.1 | (8.3) | 3.7 | 4.5 | (16.6) | |||||||||
Western U.S. | 1.2 | 94.1 | % | 96.0 | % | (2.0) | % | 20.2 | 21.2 | (4.6) | % | 14.2 | 15.4 | (7.0) | % | ||||
United Kingdom(6)
| 1.4 | 92.8 | 94.2 | (1.5) | 20.4 | 16.7 | 22.3 | 19.3 | 15.9 | 21.4 | |||||||||
Ireland(7)
| 0.9 | 98.8 | 98.7 | 0.1 | 15.7 | 14.9 | 5.0 | 15.4 | 14.7 | 5.1 | |||||||||
Italy | 0.7 | 100.0 | 100.0 | - | 5.2 | 5.2 | - | 4.7 | 4.6 | 0.8 | |||||||||
Europe | 3.0 | 96.3 | % | 97.0 | % | (0.6) | % | 41.3 | 36.8 | 12.1 | % | 39.4 | 35.2 | 11.9 | % | ||||
Total(8)
| 4.2 | 95.6 | % | 96.7 | % | (1.0) | % | $ | 61.5 | $ | 58.0 | 6.0 | % | $ | 53.6 | $ | 50.6 | 6.1 | % |
100% | Kennedy Wilson's Share | ||||||||||||
Acquisitions | Real Estate Aggregate Purchase Price |
Cap Rate(1)
| Loan Purchases/Originations |
Annual Return on Loans(4)
| Real Estate Pro-Rata Purchase Price |
Cap Rate(2)(4)
| Loan Purchases/Originations |
Annual Return on Loans(4)
|
KW Ownership(3)
| ||||
2Q-21 | |||||||||||||
Western U.S. | $ | 416.1 | 4.8% | $ | 264.7 | 5.9% | $ | 231.3 | 4.5% | $ | 38.2 | 7.9% | 39.6% |
Europe | 454.6 | 4.8% | - | -% | 316.9 | 4.7% | - | -% | 69.7% | ||||
Total | $ | 870.7 | 4.8% | $ | 264.7 | 5.9% | $ | 548.2 | 4.6% | $ | 38.2 | 7.9% | 51.6% |
YTD | |||||||||||||
Western U.S. | $ | 474.9 | 5.1% | $ | 401.5 | 5.8% | $ | 238.2 | 4.6% | $ | 50.7 | 7.8% | 33.0% |
Europe | 635.1 | 4.6% | - | -% | 353.2 | 4.6% | - | -% | 55.6% | ||||
Total | $ | 1,110.0 | 4.8% | $ | 401.5 | 5.8% | $ | 591.4 | 4.6% | $ | 50.7 | 7.8% | 42.5% |
100% | Kennedy Wilson's Share | ||||||||||||
Dispositions |
Real Estate Aggregate Sale Price |
Cap Rate(1)
| Loan Repayments |
Annual Return on Loans(4)
| Pro-Rata Sale Price |
Cap Rate(2)(4)
| Loan Repayments |
Annual Return on Loans(4)
|
KW Ownership(3)
| ||||
2Q-21 | |||||||||||||
Western U.S. | $ | 454.9 | 4.8% | $ | 36.7 | 4.1% | $ | 392.9 | 4.7% | $ | 1.9 | 4.2% | 86.4% |
Europe | 10.9 | 6.8% | - | -% | 10.9 | 6.8% | - | -% | 100.0% | ||||
Total | $ | 465.8 | 4.9% | $ | 36.7 | 4.1% | $ | 403.8 | 4.8% | $ | 1.9 | 4.2% | 86.7% |
YTD | |||||||||||||
Western U.S. | $ | 783.1 | 5.2% | $ | 36.7 | 4.1% | $ | 428.4 | 4.7% | $ | 1.9 | 4.2% | 54.7% |
Europe | 271.7 | 4.0% | - | -% | 263.5 | 3.9% | - | -% | 97.0% | ||||
Total | $ | 1,054.8 | 4.8% | $ | 36.7 | 4.1% | $ | 691.9 | 4.4% | $ | 1.9 | 4.2% | 65.6% |
Three Months Ended June 30, 2021 | ||||||||
Consolidated | Co-Investment | Corporate | Total | |||||
Revenue | ||||||||
Rental | $ | 94.7 | $ | - | $ | - | $ | 94.7 |
Hotel | 2.2 | - | - | 2.2 | ||||
Investment management and property services fees | - | 8.7 | 0.6 | 9.3 | ||||
Loans and other | - | 2.2 | - | 2.2 | ||||
Total revenue | 96.9 | 10.9 | 0.6 | 108.4 | ||||
Expenses | ||||||||
Rental | 32.4 | - | - | 32.4 | ||||
Hotel | 2.5 | - | - | 2.5 | ||||
Commission and marketing | - | - | 0.3 | 0.3 | ||||
Compensation and related | 23.8 | 6.4 | 18.4 | 48.6 | ||||
General and administrative | 5.9 | 1.4 | 1.7 | 9.0 | ||||
Depreciation and amortization | 41.7 | - | - | 41.7 | ||||
Total expenses | 106.3 | 7.8 | 20.4 | 134.5 | ||||
Income from unconsolidated investments, net of depreciation and amortization | - | 52.4 | - | 52.4 | ||||
Gain on sale of real estate, net | 328.5 | - | - | 328.5 | ||||
Transaction-related expenses | (0.4) | - | - | (0.4) | ||||
Interest expense | (30.1) | - | (14.4) | (44.5) | ||||
Loss on early extinguishment of debt | (12.1) | - | (11.7) | (23.8) | ||||
Other (loss) income | (0.1) | - | 0.1 | - | ||||
(Loss) income before (provision for) benefit from income taxes | 276.4 | 55.5 | (45.8) | 286.1 | ||||
(Provision for) benefit from income taxes | 1.7 | - | (66.6) | (64.9) | ||||
Net (loss) income | 278.1 | 55.5 | (112.4) | 221.2 | ||||
Net loss attributable to noncontrolling interests | (1.5) | - | - | (1.5) | ||||
Preferred dividends | - | - | (4.3) | (4.3) | ||||
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 276.6 | $ | 55.5 | $ | (116.7) | $ | 215.4 |
Add back (less) (Kennedy Wilson's Share): | ||||||||
Interest expense | $ | 29.3 | $ | 8.9 | $ | 14.4 | $ | 52.6 |
Loss on early extinguishment of debt | 12.1 | - | 11.7 | 23.8 | ||||
Depreciation and amortization | 40.5 | 1.4 | - | 41.9 | ||||
Provision for (benefit from) income taxes | (1.7) | - | 66.6 | 64.9 | ||||
Preferred dividends | - | - | 4.3 | 4.3 | ||||
Share-based compensation | - | - | 7.3 | 7.3 | ||||
Fees eliminated in consolidation | (0.2) | 0.2 | - | - | ||||
Adjusted EBITDA | $ | 356.6 | $ | 66.0 | $ | (12.4) | $ | 410.2 |
Six Months Ended June 30, 2021 | ||||||||
Consolidated | Co-Investment | Corporate | Total | |||||
Revenue | ||||||||
Rental | $ | 183.6 | $ | - | $ | - | $ | 183.6 |
Hotel | 3.0 | - | - | 3.0 | ||||
Investment management and property services fees | - | 16.1 | 1.3 | 17.4 | ||||
Loans and other | - | 3.8 | - | 3.8 | ||||
Total revenue | 186.6 | 19.9 | 1.3 | 207.8 | ||||
Expenses | ||||||||
Rental | 65.4 | - | - | 65.4 | ||||
Hotel | 4.1 | - | - | 4.1 | ||||
Commission and marketing | - | - | 0.6 | 0.6 | ||||
Compensation and related | 38.9 | 12.3 | 32.1 | 83.3 | ||||
General and administrative | 10.2 | 2.7 | 2.9 | 15.8 | ||||
Depreciation and amortization | 86.1 | - | - | 86.1 | ||||
Total expenses | 204.7 | 15.0 | 35.6 | 255.3 | ||||
Income from unconsolidated investments, net of depreciation and amortization | - | 70.8 | - | 70.8 | ||||
Gain on sale of real estate, net | 402.0 | - | - | 402.0 | ||||
Transaction-related expenses | (0.4) | - | - | (0.4) | ||||
Interest expense | (62.2) | - | (33.9) | (96.1) | ||||
Loss on early extinguishment of debt | (12.1) | - | (26.5) | (38.6) | ||||
Other (loss) income | (2.5) | - | (0.5) | (3.0) | ||||
(Loss) income before (provision for) benefit from income taxes | 306.7 | 75.7 | (95.2) | 287.2 | ||||
(Provision for) benefit from income taxes | (2.2) | - | (65.4) | (67.6) | ||||
Net (loss) income | 304.5 | 75.7 | (160.6) | 219.6 | ||||
Net loss attributable to noncontrolling interests | (1.2) | - | - | (1.2) | ||||
Preferred dividends | - | - | (8.6) | (8.6) | ||||
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 303.3 | $ | 75.7 | $ | (169.2) | $ | 209.8 |
Add back (less) (Kennedy Wilson's Share): | ||||||||
Interest expense | $ | 60.7 | $ | 16.8 | $ | 33.9 | $ | 111.4 |
Loss on early extinguishment of debt | 12.1 | - | 26.5 | 38.6 | ||||
Depreciation and amortization | 83.7 | 3.1 | - | 86.8 | ||||
Provision for (benefit from) income taxes | 2.2 | - | 65.4 | 67.6 | ||||
Share-based compensation | - | - | 15.0 | 15.0 | ||||
Preferred Dividends | - | - | 8.6 | 8.6 | ||||
Fees eliminated in consolidation | (0.5) | 0.5 | - | - | ||||
Adjusted EBITDA | $ | 461.5 | $ | 96.1 | $ | (19.8) | $ | 537.8 |
Three Months Ended June 30, 2020 | ||||||||
Consolidated | Co-Investment | Corporate | Total | |||||
Revenue | ||||||||
Rental | $ | 98.9 | $ | - | $ | - | $ | 98.9 |
Hotel | 0.1 | - | - | 0.1 | ||||
Investment management and property services fees | - | 5.2 | 2.7 | 7.9 | ||||
Loans and other | - | 0.2 | - | 0.2 | ||||
Total revenue | 99.0 | 5.4 | 2.7 | 107.1 | ||||
Expenses | ||||||||
Rental | 32.0 | - | - | 32.0 | ||||
Hotel | 2.2 | - | - | 2.2 | ||||
Commission and marketing | - | - | 0.9 | 0.9 | ||||
Compensation and related | 9.0 | 4.9 | 13.5 | 27.4 | ||||
General and administrative | 4.2 | 1.6 | 2.2 | 8.0 | ||||
Depreciation and amortization | 45.3 | - | - | 45.3 | ||||
Total expenses | 92.7 | 6.5 | 16.6 | 115.8 | ||||
Income from unconsolidated investments, net of depreciation and amortization | - | 19.2 | - | 19.2 | ||||
Gain on sale of real estate, net | (0.5) | - | - | (0.5) | ||||
Transaction-related expenses | (0.3) | - | - | (0.3) | ||||
Interest expense | (32.3) | - | (18.1) | (50.4) | ||||
Loss on early extinguishment of debt | (1.3) | - | - | (1.3) | ||||
Other income | (0.6) | - | 0.3 | (0.3) | ||||
Income (loss) before provision for income taxes | (28.7) | 18.1 | (31.7) | (42.3) | ||||
Provision for income taxes | (2.5) | - | 5.7 | 3.2 | ||||
Net income (loss) | (31.2) | 18.1 | (26.0) | (39.1) | ||||
Net income attributable to noncontrolling interests | 1.3 | - | - | 1.3 | ||||
Preferred dividends | - | - | (4.3) | (4.3) | ||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | (29.9) | $ | 18.1 | $ | (30.3) | $ | (42.1) |
Add back (less) (Kennedy Wilson's Share): | ||||||||
Interest expense | $ | 31.6 | $ | 9.1 | $ | 18.1 | $ | 58.8 |
Loss on early extinguishment of debt | 1.3 | $ | - | - | $ | 1.3 | ||
Depreciation and amortization | 44.0 | 1.8 | - | 45.8 | ||||
Provision for income taxes | 2.1 | - | (5.7) | (3.6) | ||||
Share-based compensation | - | - | 8.3 | 8.3 | ||||
Preferred dividends | - | - | 4.3 | 4.3 | ||||
Fees eliminated in consolidation | (0.1) | - | 0.1 | - | ||||
Adjusted EBITDA | $ | 49.0 | $ | 29.0 | $ | (5.2) | $ | 72.8 |
Six Months Ended June 30, 2020 | ||||||||
Consolidated | Co-Investment | Corporate | Total | |||||
Revenue | ||||||||
Rental | $ | 206.6 | $ | - | $ | - | $ | 206.6 |
Hotel | 7.3 | - | - | 7.3 | ||||
Investment management and property services fees | - | 9.7 | 6.6 | 16.3 | ||||
Loans and other | - | 0.2 | - | 0.2 | ||||
Total revenue | 213.9 | 9.9 | 6.6 | 230.4 | ||||
Expenses | ||||||||
Rental | 68.7 | - | - | 68.7 | ||||
Hotel | 8.2 | - | - | 8.2 | ||||
Commission and marketing | - | - | 1.6 | 1.6 | ||||
Compensation and related | 20.9 | 9.5 | 28.4 | 58.8 | ||||
General and administrative | 9.8 | 3.3 | 4.4 | 17.5 | ||||
Depreciation and amortization | 90.8 | - | - | 90.8 | ||||
Total expenses | 198.4 | 12.8 | 34.4 | 245.6 | ||||
Income from unconsolidated investments, net of depreciation and amortization | - | 30.1 | - | 30.1 | ||||
Gain on sale of real estate, net | 43.7 | - | - | 43.7 | ||||
Transaction-related expenses | (0.5) | - | - | (0.5) | ||||
Interest expense | (65.7) | - | (33.5) | (99.2) | ||||
Loss on early extinguishment of debt | (1.3) | - | - | (1.3) | ||||
Other (expense) income | (1.3) | - | 1.2 | (0.1) | ||||
Income (loss) before provision for income taxes | (9.6) | 27.2 | (60.1) | (42.5) | ||||
Provision for income taxes | (7.6) | - | 5.1 | (2.5) | ||||
Net income (loss) | (17.2) | 27.2 | (55.0) | (45.0) | ||||
Net income attributable to noncontrolling interests | 1.6 | - | - | 1.6 | ||||
Preferred dividends | - | - | (8.6) | (8.6) | ||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | (15.6) | $ | 27.2 | $ | (63.6) | $ | (52.0) |
Add back (less) (Kennedy Wilson's Share): | ||||||||
Interest expense | $ | 64.2 | $ | 17.2 | $ | 33.5 | $ | 114.9 |
Loss on early extinguishment of debt | 1.3 | $ | - | - | $ | 1.3 | ||
Depreciation and amortization | 88.4 | 3.5 | - | 91.9 | ||||
Provision for income taxes | 7.2 | 1.1 | (5.1) | 3.2 | ||||
Share-based compensation | - | - | 16.9 | 16.9 | ||||
Preferred dividends | - | - | 8.6 | 8.6 | ||||
Fees eliminated in consolidation | (0.2) | - | 0.2 | - | ||||
Adjusted EBITDA | $ | 145.3 | $ | 49.0 | $ | (9.5) | $ | 184.8 |
June 30, 2021 | December 31, 2020 | |||||||
Non-GAAP | Non-GAAP | Non-GAAP | Non-GAAP | |||||
Noncontrolling Interests (2)
|
KW Share of Unconsolidated Investments (3)
|
Noncontrolling Interests (2)
|
KW Share of Unconsolidated Investments (3)
| |||||
Assets | ||||||||
Cash and cash equivalents | $ | (12.6) | $ | 127.1 | $ | (9.2) | $ | 77.3 |
Accounts receivable | (1.3) | 9.9 | (1.2) | 7.1 | ||||
Real estate and acquired in place lease values, net of accumulated depreciation and amortization (1)
| (117.5) | 3,198.4 | (116.4) | 2,654.4 | ||||
Unconsolidated investments | - | (1,577.5) | - | (1,289.3) | ||||
Other assets | (3.3) | 216.2 | (3.4) | 197.9 | ||||
Total assets | $ | (134.7) | $ | 1,974.1 | $ | (130.2) | $ | 1,647.4 |
Liabilities | ||||||||
Accounts payable | $ | (0.8) | $ | - | $ | (1.7) | $ | - |
Accrued expenses and other liabilities | (27.1) | 70.4 | (25.6) | 64.6 | ||||
Mortgage debt | (76.2) | 1,903.7 | (74.7) | 1,582.8 | ||||
KW unsecured debt | - | - | - | - | ||||
KWE unsecured bonds | - | - | - | - | ||||
Total liabilities | (104.1) | 1,974.1 | (102.0) | 1,647.4 | ||||
Equity | ||||||||
Total Kennedy-Wilson Holdings, Inc. shareholders' equity | - | - | - | - | ||||
Noncontrolling interests | (30.6) | - | (28.2) | - | ||||
Total equity | (30.6) | - | (28.2) | - | ||||
Total liabilities and equity | $ | (134.7) | $ | 1,974.1 | $ | (130.2) | $ | 1,647.4 |
2Q - 2021 | 2Q - 2020 | |||||||
Non-GAAP | Non-GAAP | Non-GAAP | Non-GAAP | |||||
Noncontrolling Interests(1)
|
KW Share of Unconsolidated Investments(2)
|
Noncontrolling Interests(1)
|
KW Share of Unconsolidated Investments(2)
| |||||
Revenue | ||||||||
Rental | $ | (2.5) | $ | 38.3 | $ | (2.4) | $ | 33.4 |
Hotel | - | - | - | - | ||||
Sale of real estate | - | 0.5 | - | 0.8 | ||||
Investment management and property services fees | 0.3 | 16.1 | 0.1 | (0.2) | ||||
Total revenue | (2.2) | 54.9 | (2.3) | 34.0 | ||||
Expenses | ||||||||
Rental | (1.1) | 11.3 | (1.0) | 10.6 | ||||
Hotel | - | - | - | - | ||||
Cost of real estate sold | - | 1.1 | - | 1.3 | ||||
Commission and marketing | - | - | - | - | ||||
Compensation and related | - | - | - | - | ||||
General and administrative | - | - | - | - | ||||
Depreciation and amortization | (1.1) | 1.5 | (1.1) | 1.7 | ||||
Total expenses | (2.2) | 13.9 | (2.1) | 13.6 | ||||
Income from unconsolidated investments, net of depreciation and amortization | - | (52.4) | - | (19.2) | ||||
Gain on sale of real estate, net | (2.0) | (3.1) | (0.1) | - | ||||
Transaction-related expenses | - | - | - | - | ||||
Interest expense | 0.8 | (8.8) | 0.7 | (9.0) | ||||
Other income (loss) | (0.3) | (2.6) | 0.5 | (1.8) | ||||
Fair Value/Other Adjustments (3)
| - | 25.9 | - | 9.6 | ||||
Income before benefit from income taxes | (1.5) | - | 0.9 | - | ||||
Benefit from income taxes | - | - | 0.4 | - | ||||
Net income | (1.5) | - | 1.3 | - | ||||
Net loss attributable to noncontrolling interests | 1.5 | - | (1.3) | - | ||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | - | $ | - | $ | - | $ | - |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||
Non-GAAP | Non-GAAP | Non-GAAP | Non-GAAP | |||||
Noncontrolling Interests(1)
|
KW Share of Unconsolidated Investments(2)
|
Noncontrolling Interests(1)
|
KW Share of Unconsolidated Investments(2)
| |||||
Revenue | ||||||||
Rental | $ | (5.4) | $ | 76.0 | $ | (5.4) | $ | 74.0 |
Hotel | - | - | - | - | ||||
Sale of real estate | - | 19.1 | - | 2.8 | ||||
Investment management and property services fees | 0.6 | 15.7 | 0.1 | (1.2) | ||||
Total revenue | (4.8) | 110.8 | (5.3) | 75.6 | ||||
Expenses | ||||||||
Rental | (2.1) | 22.6 | (2.1) | 21.3 | ||||
Hotel | - | - | - | - | ||||
Cost of real estate sold | - | 17.0 | - | 3.8 | ||||
Commission and marketing | - | - | - | - | ||||
Compensation and related | - | - | - | - | ||||
General and administrative | - | - | - | - | ||||
Depreciation and amortization | (2.2) | 3.3 | (2.3) | 3.4 | ||||
Total expenses | (4.3) | 42.9 | (4.4) | 28.5 | ||||
Income from unconsolidated investments, net of depreciation and amortization | - | (70.8) | - | (30.1) | ||||
Gain on sale of real estate, net | (2.0) | (3.1) | (0.1) | (0.6) | ||||
Transaction-related expenses | - | 0.1 | - | |||||
Interest expense | 1.7 | (16.7) | 1.6 | (17.3) | ||||
Other income (loss) | (0.4) | (7.5) | 0.5 | (4.8) | ||||
Fair Value/Other Adjustments (3)
| - | 30.2 | - | 6.7 | ||||
Loss before benefit from income taxes | (1.2) | - | 1.2 | 1.0 | ||||
Provision for income taxes | - | - | 0.4 | (1.0) | ||||
Net income | (1.2) | - | 1.6 | - | ||||
Net (loss) income attributable to noncontrolling interests | 1.2 | - | (1.6) | - | ||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | - | $ | - | $ | - | $ | - |
Three Months Ended | Six Months Ended | |||||||
June 30, | June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Interest expense - investment (Kennedy Wilson's Share) | ||||||||
Interest expense - investment | $ | 30.1 | $ | 32.3 | $ | 62.2 | $ | 65.7 |
Interest expense (attributable to noncontrolling interests) | (0.8) | (0.7) | (1.5) | (1.5) | ||||
Kennedy Wilson's share of interest expense included in unconsolidated investments
| 8.9 | 9.1 | 16.8 | 17.2 | ||||
Interest expense - investment (Kennedy Wilson's Share) | $ | 38.2 | $ | 40.7 | $ | 77.5 | $ | 81.4 |
Interest expense - corporate (Kennedy Wilson's Share) | ||||||||
Interest expense - corporate | $ | 14.4 | $ | 18.1 | $ | 33.9 | $ | 33.5 |
Interest expense - corporate (Kennedy Wilson's Share) | $ | 14.4 | $ | 18.1 | $ | 33.9 | $ | 33.5 |
Loss on early extinguishment of debt (Kennedy Wilson's Share) | ||||||||
Loss on early extinguishment of debt | $ | 23.8 | $ | 1.3 | $ | 38.6 | $ | 1.3 |
Loss on early extinguishment of debt (Kennedy Wilson's Share) | $ | 23.8 | $ | 1.3 | $ | 38.6 | $ | 1.3 |
Depreciation and amortization (Kennedy Wilson's Share) | ||||||||
Depreciation and amortization | $ | 41.7 | $ | 45.3 | $ | 86.1 | $ | 90.8 |
Depreciation and amortization (attributable to noncontrolling interests)
| (1.2) | (1.3) | (2.4) | (2.4) | ||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
| 1.4 | 1.8 | 3.1 | 3.5 | ||||
Depreciation and amortization (Kennedy Wilson's Share) | $ | 41.9 | $ | 45.8 | $ | 86.8 | $ | 91.9 |
Provision for (benefit from) income taxes (Kennedy Wilson's Share) | ||||||||
Provision for (benefit from) income taxes | $ | 64.9 | $ | (3.2) | $ | 67.6 | $ | 2.5 |
Benefit from taxes (attributable to noncontrolling interests)
| - | (0.4) | - | (0.4) | ||||
Provision for income taxes included in unconsolidated investments
| - | - | - | 1.1 | ||||
Provision for income taxes (Kennedy Wilson's Share) | $ | 64.9 | $ | (3.6) | $ | 67.6 | $ | 3.2 |
2Q - 2021 | 2Q - 2020 | |||||||
Same Property | Same Property | |||||||
Revenue | NOI | Revenue | NOI | |||||
Rental Revenues | $ | 94.7 | $ | 94.7 | $ | 98.9 | $ | 98.9 |
Hotel Revenues | 2.2 | 2.2 | 0.1 | 0.1 | ||||
Rental (Expenses) | - | (32.4) | - | (32.0) | ||||
Hotel (Expenses) | - | (2.5) | - | (2.2) | ||||
Consolidated Total | 96.9 | 62.0 | 99.0 | 64.8 | ||||
Less: NCI adjustments (1)
| (1.7) | (0.8) | (1.4) | (0.7) | ||||
Add: Unconsolidated investment adjustments (2)
| 31.5 | 23.0 | 31.9 | 23.8 | ||||
Add: Straight-line and above/below market rents
| 0.9 | 0.9 | (3.7) | (3.7) | ||||
Less: Reimbursement of recoverable operating expenses
| (4.1) | - | (4.8) | - | ||||
Less: Properties bought and sold (3)
| (1.6) | 0.3 | (9.3) | (6.2) | ||||
Less: Other properties excluded (4)
| (9.7) | (1.8) | (6.4) | 1.4 | ||||
Other Reconciling Items (5)
| (0.2) | (1.6) | 5.3 | 2.5 | ||||
Same Property | $ | 112.0 | $ | 82.0 | $ | 110.6 | $ | 81.9 |
2Q - 2021 | 2Q - 2020 | |||||||
Same Property | Same Property | |||||||
Same Property (Reported) | Revenue | NOI | Revenue | NOI | ||||
Commercial - Same Property | $ | 44.1 | $ | 37.2 | $ | 44.2 | $ | 37.6 |
Multifamily Market Rate Portfolio - Same Property | 58.9 | 38.6 | 57.7 | 38.1 | ||||
Multifamily Affordable Portfolio - Same Property | 9.0 | 6.2 | 8.7 | 6.2 | ||||
Same Property | $ | 112.0 | $ | 82.0 | $ | 110.6 | $ | 81.9 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||
Same Property | Same Property | |||||||
Revenue | NOI | Revenue | NOI | |||||
Rental Revenues | $ | 183.6 | $ | 183.6 | $ | 206.6 | $ | 206.6 |
Hotel Revenues | 3.0 | 3.0 | 7.3 | 7.3 | ||||
Rental (Expenses) | - | (65.4) | - | (68.7) | ||||
Hotel (Expenses) | - | (4.1) | - | (8.2) | ||||
Consolidated Total | 186.6 | 117.1 | 213.9 | 137.0 | ||||
Less: NCI adjustments (1)
| (1.9) | (1.1) | (3.4) | (1.9) | ||||
Add: Unconsolidated investment adjustments (2)
| 62.1 | 45.1 | 64.4 | 48.1 | ||||
Add: Straight-line and above/below market rents
| 8.0 | 8.0 | (7.4) | (7.4) | ||||
Less: Reimbursement of recoverable operating expenses
| (9.9) | - | (11.7) | - | ||||
Less: Properties bought and sold (3)
| (5.3) | (2.7) | (18.8) | (14.1) | ||||
Less: Other properties excluded (4)
| (17.4) | (2.7) | (20.1) | 0.6 | ||||
Other Reconciling Items (5)
| 0.6 | (0.2) | 5.8 | 2.9 | ||||
Same Property | $ | 222.8 | $ | 163.5 | $ | 222.7 | $ | 165.2 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||
Same Property | Same Property | |||||||
Same Property (Reported) | Revenue | NOI | Revenue | NOI | ||||
Commercial - Same Property | $ | 88.9 | $ | 74.9 | $ | 89.1 | $ | 75.4 |
Multifamily Market Rate Portfolio - Same Property | 116.2 | 76.2 | 116.2 | 77.6 | ||||
Multifamily Affordable Portfolio - Same Property | 17.7 | 12.4 | 17.4 | 12.2 | ||||
Same Property | $ | 222.8 | $ | 163.5 | $ | 222.7 | $ | 165.2 |
2Q - 2021 | 2Q - 2020 | |||||||
Same Property | Same Property | |||||||
Revenue | NOI | Revenue | NOI | |||||
Net Income | $ | 221.2 | $ | 221.2 | $ | (39.1) | $ | (39.1) |
Less: (Provision for) benefit from income taxes
| 64.9 | 64.9 | (3.2) | (3.2) | ||||
Less: Income from unconsolidated investments
| (52.4) | (52.4) | (19.2) | (19.2) | ||||
Less: Gain on sale of real estate, net
| (328.5) | (328.5) | 0.5 | 0.5 | ||||
Add: Transaction-related expenses
| 0.4 | 0.4 | 0.3 | 0.3 | ||||
Add: Interest expense
| 44.5 | 44.5 | 51.7 | 51.7 | ||||
Add: Loss on early extinguishment of debt
| 23.8 | 23.8 | - | - | ||||
Less: Other (loss) income
| - | - | 0.3 | 0.3 | ||||
Less: Sale of real estate
| - | - | - | - | ||||
Less: Investment management, property services and research fees
| (9.3) | (9.3) | (7.9) | (7.9) | ||||
Less: Loans and other
| (2.2) | (2.2) | (0.2) | (0.2) | ||||
Add: Rental expenses
| 32.4 | - | 32.0 | - | ||||
Add: Hotel expenses
| 2.5 | - | 2.2 | - | ||||
Add: Cost of real estate sold
| - | - | - | - | ||||
Add: Commission and marketing
| 0.3 | 0.3 | 0.9 | 0.9 | ||||
Add: Compensation and related
| 48.6 | 48.6 | 27.4 | 27.4 | ||||
Add: General and administrative
| 9.0 | 9.0 | 8.0 | 8.0 | ||||
Add: Depreciation and amortization
| 41.7 | 41.7 | 45.3 | 45.3 | ||||
Less: NCI adjustments (1)
| (1.7) | (0.8) | (1.4) | (0.7) | ||||
Add: Unconsolidated investment adjustments (2)
| 31.5 | 23.0 | 31.9 | 23.8 | ||||
Add: Straight-line and above/below market rents
| 0.9 | 0.9 | (3.7) | (3.7) | ||||
Less: Reimbursement of recoverable operating expenses
| (4.1) | - | (4.8) | - | ||||
Less: Properties bought and sold (3)
| (1.6) | 0.3 | (9.3) | (6.2) | ||||
Less: Other properties excluded (4)
| (9.7) | (1.8) | (6.4) | 1.4 | ||||
Other Reconciling Items (5)
| (0.2) | (1.6) | 5.3 | 2.5 | ||||
Same Property | $ | 112.0 | $ | 82.0 | $ | 110.6 | $ | 81.9 |
2Q - 2021 | 2Q - 2020 | |||||||
Same Property | Same Property | |||||||
Same Property (Reported) | Revenue | NOI | Revenue | NOI | ||||
Commercial - Same Property | $ | 44.1 | $ | 37.2 | $ | 44.2 | $ | 37.6 |
Multifamily Market Rate Portfolio - Same Property | 58.9 | 38.6 | 57.7 | 38.1 | ||||
Multifamily Affordable Portfolio - Same Property | 9.0 | 6.2 | 8.7 | 6.2 | ||||
Same Property | $ | 112.0 | $ | 82.0 | $ | 110.6 | $ | 81.9 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||
Same Property | Same Property | |||||||
Revenue | NOI | Revenue | NOI | |||||
Net Income | $ | 219.6 | $ | 219.6 | $ | (45.0) | $ | (45.0) |
Less: (Provision for) benefit from income taxes
| 67.6 | 67.6 | 2.5 | 2.5 | ||||
Less: Income from unconsolidated investments
| (70.8) | (70.8) | (30.1) | (30.1) | ||||
Less: Gain on sale of real estate, net
| (402.0) | (402.0) | (43.7) | (43.7) | ||||
Add: Acquisition-related expenses
| 0.4 | 0.4 | 0.5 | 0.5 | ||||
Add: Interest expense
| 96.1 | 96.1 | 100.5 | 100.5 | ||||
Add: Loss on early extinguishment of debt
| 38.6 | 38.6 | - | - | ||||
Less: Other (loss) income
| 3.0 | 3.0 | (0.1) | (0.1) | ||||
Less: Sale of real estate
| - | - | - | - | ||||
Less: Investment management, property services and research fees
| (17.4) | (17.4) | (16.3) | (16.3) | ||||
Less: Loans and other
| (3.8) | (3.8) | - | - | ||||
Add: Rental expenses
| 65.4 | - | 68.7 | - | ||||
Add: Hotel expenses
| 4.1 | - | 8.2 | - | ||||
Add: Cost of real estate sold
| - | - | - | - | ||||
Add: Commission and marketing
| 0.6 | 0.6 | 1.6 | 1.6 | ||||
Add: Compensation and related
| 83.3 | 83.3 | 58.8 | 58.8 | ||||
Add: General and administrative
| 15.8 | 15.8 | 17.5 | 17.5 | ||||
Add: Depreciation and amortization
| 86.1 | 86.1 | 90.8 | 90.8 | ||||
Less: NCI adjustments (1)
| (1.9) | (1.1) | (3.4) | (1.9) | ||||
Add: Unconsolidated investment adjustments (2)
| 62.1 | 45.1 | 64.4 | 48.1 | ||||
Add: Straight-line and above/below market rents
| 8.0 | 8.0 | (7.4) | (7.4) | ||||
Less: Reimbursement of recoverable operating expenses
| (9.9) | - | (11.7) | - | ||||
Less: Properties bought and sold (3)
| (5.3) | (2.7) | (18.8) | (14.1) | ||||
Less: Other properties excluded (4)
| (17.4) | (2.7) | (20.1) | 0.6 | ||||
Other Reconciling Items (5)
| 0.6 | (0.2) | 5.8 | 2.9 | ||||
Same Property | $ | 222.8 | $ | 163.5 | $ | 222.7 | $ | 165.2 |
Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | |||||||
Same Property | Same Property | |||||||
Same Property (Reported) | Revenue | NOI | Revenue | NOI | ||||
Commercial - Same Property | $ | 88.9 | $ | 74.9 | $ | 89.1 | $ | 75.4 |
Multifamily Market Rate Portfolio - Same Property | 116.2 | 76.2 | 116.2 | 77.6 | ||||
Multifamily Affordable Portfolio - Same Property | 17.7 | 12.4 | 17.4 | 12.2 | ||||
Same Property | $ | 222.8 | $ | 163.5 | $ | 222.7 | $ | 165.2 |
Three Months Ended June 30, | Same Property Units | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Market Rate Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Mountain States | 6,292 | 95.6 | % | 94.1 | % | 1.5 | % | $ | 16.2 | $ | 14.8 | 9.3 | % | $ | 10.9 | $ | 9.7 | 12.7 | % |
Pacific Northwest | 3,875 | 96.3 | 94.9 | 1.6 | 16.2 | 16.1 | 0.9 | 10.4 | 10.3 | 0.4 | |||||||||
Southern California | 2,500 | 96.4 | 95.1 | 1.4 | 9.9 | 9.8 | 1.0 | 6.1 | 6.2 | (1.8) | |||||||||
Northern California | 1,728 | 94.8 | 93.9 | 0.9 | 9.7 | 10.0 | (2.8) | 6.0 | 6.3 | (5.0) | |||||||||
Western U.S. | 14,395 | 95.8 | % | 94.5 | % | 1.4 | % | $ | 52.0 | $ | 50.7 | 2.6 | % | $ | 33.4 | $ | 32.5 | 2.6 | % |
Ireland | 2,067 | 92.6 | 95.9 | (3.4) | 6.9 | 7.0 | (1.7) | 5.2 | 5.6 | (7.8) | |||||||||
Total | 16,462 | 95.5 | % | 94.6 | % | 0.9 | % | $ | 58.9 | $ | 57.7 | 2.1 | % | $ | 38.6 | $ | 38.1 | 1.1 | % |
Affordable Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Pacific Northwest | 5,045 | 97.4 | % | 96.6 | % | 0.9 | % | $ | 6.0 | $ | 6.0 | 0.8 | % | $ | 4.1 | $ | 4.2 | (1.9) | % |
Southern California | 704 | 97.4 | 97.7 | (0.3) | 1.1 | 1.0 | 5.7 | 0.8 | 0.8 | 6.6 | |||||||||
Northern California | 676 | 97.2 | 97.7 | (0.5) | 0.9 | 0.8 | 1.2 | 0.6 | 0.6 | 1.0 | |||||||||
Mountain States | 944 | 98.2 | 97.3 | 1.1 | 1.0 | 0.9 | 8.3 | 0.7 | 0.6 | 9.9 | |||||||||
Western U.S.
| 7,369 | 97.5 | % | 96.9 | % | 0.7 | % | $ | 9.0 | $ | 8.7 | 2.2 | % | $ | 6.2 | $ | 6.2 | 0.6 | % |
Six Months Ended June 30, | Same Property Units | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Market Rate Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Mountain States | 6,292 | 95.4 | % | 94.3 | % | 1.3 | % | $ | 31.8 | $ | 29.8 | 6.7 | % | $ | 21.3 | $ | 19.7 | 8.3 | % |
Pacific Northwest | 3,875 | 96.3 | 94.8 | 1.5 | 31.9 | 32.3 | (1.1) | 20.3 | 20.9 | (3.2) | |||||||||
Southern California | 2,500 | 96.1 | 94.6 | 1.5 | 19.5 | 19.6 | (0.9) | 12.2 | 12.6 | (3.3) | |||||||||
Northern California | 1,728 | 94.9 | 93.9 | 1.0 | 19.3 | 20.2 | (4.7) | 11.9 | 13.0 | (8.5) | |||||||||
Western U.S. | 14,395 | 95.7 | % | 94.4 | % | 1.3 | % | $ | 102.5 | $ | 101.9 | 0.5 | % | $ | 65.7 | $ | 66.2 | (0.9) | % |
Ireland | 2,067 | 92.2 | 96.6 | (4.6) | 13.7 | 14.3 | (4.0) | 10.5 | 11.4 | (7.8) | |||||||||
Total | 16,462 | 95.3 | % | 94.7 | % | 0.7 | % | $ | 116.2 | $ | 116.2 | - | % | $ | 76.2 | $ | 77.6 | (1.9) | % |
Affordable Portfolio | |||||||||||||||||||
Region: | |||||||||||||||||||
Pacific Northwest | 5,045 | 97.2 | % | 96.7 | % | 0.5 | % | $ | 12.0 | $ | 11.9 | 1.0 | % | $ | 8.2 | $ | 8.3 | (0.9) | % |
Southern California | 704 | 97.3 | 97.6 | (0.3) | 2.1 | 2.0 | 5.5 | 1.6 | 1.5 | 6.4 | |||||||||
Northern California | 676 | 97.1 | 98.2 | (1.1) | 1.7 | 1.7 | (0.7) | 1.2 | 1.2 | (1.5) | |||||||||
Mountain States | 944 | 97.9 | 97.1 | 0.8 | 1.9 | 1.8 | 7.7 | 1.4 | 1.2 | 8.8 | |||||||||
Western U.S.
| 7,369 | 97.3 | % | 97.0 | % | 0.3 | % | $ | 17.7 | $ | 17.4 | 2.1 | % | $ | 12.4 | $ | 12.2 | 0.9 | % |
Three Months Ended June 30, | Same Property Square Feet | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Region: | |||||||||||||||||||
Pacific Northwest(3)
| 1.2 | 99.8 | % | 99.6 | % | 0.2 | % | $ | 5.5 | $ | 5.3 | 3.5 | % | $ | 4.5 | $ | 4.3 | 4.6 | % |
Southern California(4)
| 1.6 | 91.8 | 92.2 | (0.4) | 3.5 | 4.2 | (16.2) | 2.1 | 2.8 | (25.5) | |||||||||
Northern California(5)
| 1.1 | 84.9 | 89.0 | (4.5) | 3.5 | 4.1 | (15.4) | 1.9 | 2.7 | (30.0) | |||||||||
Mountain States | 2.5 | 90.0 | 90.2 | (0.2) | 3.4 | 3.2 | 6.7 | 2.5 | 2.4 | 4.2 | |||||||||
Western U.S. | 6.4 | 92.0 | % | 92.9 | % | (0.9) | % | 15.9 | 16.8 | (5.5) | % | 11.0 | 12.2 | (10.1) | % | ||||
United Kingdom(6)
| 4.5 | 95.0 | 95.2 | (0.3) | 14.5 | 13.4 | 9.0 | 13.6 | 12.5 | 8.8 | |||||||||
Ireland(7)
| 1.5 | 95.8 | 96.2 | (0.5) | 9.7 | 10.0 | (3.4) | 9.2 | 9.6 | (4.6) | |||||||||
Spain(8)
| 0.3 | 95.9 | 95.5 | 0.4 | 1.4 | 1.4 | (1.3) | 1.0 | 1.0 | (3.2) | |||||||||
Italy | 0.7 | 100.0 | 100.0 | - | 2.6 | 2.6 | 0.6 | 2.4 | 2.3 | 0.7 | |||||||||
Europe | 7.0 | 95.9 | % | 96.1 | % | (0.2) | % | 28.2 | 27.4 | 3.1 | % | 26.2 | 25.4 | 2.5 | % | ||||
Total(9)
| 13.4 | 94.6 | % | 95.1 | % | (0.5) | % | $ | 44.1 | $ | 44.2 | (0.2) | % | $ | 37.2 | $ | 37.6 | (1.6) | % |
Six Months Ended June 30, | Same Property Square Feet | Average Occupancy % |
Total Revenues(2)
|
Net Operating Income(2)
| |||||||||||||||
2021 vs. 2020 | 2021 | 2021 | 2020 | % Change | 2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||
Region: | |||||||||||||||||||
Pacific Northwest(3)
| 1.2 | 99.8 | % | 99.3 | % | 0.5 | % | $ | 11.0 | $ | 10.5 | 5.1 | % | $ | 9.1 | $ | 8.5 | 6.7 | % |
Southern California(4)
| 1.6 | 92.7 | 92.5 | 0.2 | 7.5 | 8.7 | (13.5) | 4.6 | 5.8 | (20.1) | |||||||||
Northern California(5)
| 1.1 | 85.6 | 89.4 | (4.3) | 7.4 | 8.0 | (7.7) | 4.3 | 5.1 | (15.7) | |||||||||
Mountain States | 2.5 | 90.0 | 90.7 | (0.8) | 6.6 | 6.4 | 2.1 | 4.8 | 4.7 | 0.6 | |||||||||
Western U.S. | 6.4 | 92.3 | % | 93.2 | % | (0.9) | % | 32.5 | 33.6 | (3.3) | % | 22.8 | 24.1 | (5.7) | % | ||||
United Kingdom(6)
| 4.7 | 95.1 | 95.3 | (0.2) | 29.4 | 27.1 | 8.5 | 27.3 | 25.3 | 8.1 | |||||||||
Ireland(7)
| 1.5 | 95.8 | 96.4 | (0.6) | 19.3 | 20.0 | (3.8) | 18.3 | 19.1 | (4.2) | |||||||||
Spain(8)
| 0.3 | 95.2 | 95.9 | (0.7) | 2.5 | 3.2 | 19.5 | 1.8 | 2.3 | 22.3 | |||||||||
Italy | 0.7 | 100.0 | 100.0 | - | 5.2 | 5.2 | - | 4.7 | 4.6 | 0.8 | |||||||||
Europe | 7.2 | 95.9 | % | 96.2 | % | (0.3) | % | 56.4 | 55.5 | 1.7 | % | 52.1 | 51.3 | 1.5 | % | ||||
Total(9)
| 13.6 | 94.7 | % | 95.2 | % | (0.5) | % | $ | 88.9 | $ | 89.1 | (0.2) | % | $ | 74.9 | $ | 75.4 | (0.8) | % |
Property-Level NOI | Property-Level NOI | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net Income | $ | 221.2 | $ | (39.1) | $ | 219.6 | $ | (45.0) |
Less: (Provision for) benefit from income taxes
| 64.9 | (3.2) | 67.6 | 2.5 | ||||
Less: Income from unconsolidated investments
| (52.4) | (19.2) | (70.8) | (30.1) | ||||
Less: Gain on sale of real estate, net
| (328.5) | 0.5 | (402.0) | (43.7) | ||||
Add: Acquisition-related expenses
| 0.4 | 0.3 | 0.4 | 0.5 | ||||
Add: Interest expense
| 44.5 | 51.7 | 96.1 | 100.5 | ||||
Add: Loss on early extinguishment of debt
| 23.8 | - | 38.6 | - | ||||
Less: Other (loss) income
| - | 0.3 | 3.0 | (0.1) | ||||
Less: Sale of real estate
| - | - | - | - | ||||
Less: Investment management, property services and research fees
| (9.3) | (7.9) | (17.4) | (16.3) | ||||
Less: Loans and other | (2.2) | (0.2) | (3.8) | - | ||||
Add: Cost of real estate sold
| - | - | - | - | ||||
Add: Commission and marketing
| 0.3 | 0.9 | 0.6 | 1.6 | ||||
Add: Compensation and related
| 48.6 | 27.4 | 83.3 | 58.8 | ||||
Add: General and administrative
| 9.0 | 8.0 | 15.8 | 17.5 | ||||
Add: Depreciation and amortization
| 41.7 | 45.3 | 86.1 | 90.8 | ||||
Less: NCI adjustments (1)
| (1.4) | (1.4) | (3.3) | (3.3) | ||||
Add: Unconsolidated investment adjustments (2)
| 27.0 | 22.8 | 53.4 | 52.7 | ||||
Property-Level NOI (KW Share) | $ | 87.6 | $ | 86.2 | $ | 167.2 | $ | 186.4 |
Adjusted Fees | ||||||||
QTD | YTD | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Investment management, property services and research fees | $ | 9.3 | $ | 7.9 | $ | 17.4 | $ | 16.3 |
Non-GAAP adjustments: | ||||||||
Add back: | ||||||||
KW share of fees eliminated in consolidation(1)
| 0.3 | 0.1 | 0.5 | 0.2 | ||||
Performance fees included in unconsolidated investments
| 16.2 | (0.1) | 15.8 | (1.1) | ||||
Adjusted Fees | $ | 25.8 | $ | 7.9 | $ | 33.7 | $ | 15.4 |
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Disclaimer
Kennedy Wilson Holdings Inc. published this content on 04 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2021 21:47:45 UTC.