Kennedy-Wilson Holdings Inc (FRA:13K)

Q1 2025 Kennedy-Wilson Holdings Inc Earnings Call Transcript

May 8, 2025 / 04:00 PM GMT

Release Date Price: €5.45 (-6.03%)

Transcript 10-Q8-K

Key Points

Positve

Kennedy-Wilson Holdings Inc (KW) deployed or committed approximately $1 billion of new capital in Q1, primarily driven by originations within their credit platform.
Assets under management have grown by 26% over the past two years to $29 billion, producing approximately $575 million in estimated annual NOI and fees.
The rental housing sector, a core focus for KW, represents 66% of their assets under management and is expected to grow to over 80% in the next three years.
Investment management fees grew by 17% in Q1, reflecting strong performance in their credit platform and continued growth in equity platforms.
KW has a strong pipeline of activity centered around rental housing, with a committed pipeline totaling $2.5 billion in loan originations and real estate equity acquisitions.

Negative

GAAP EPS for the first quarter resulted in a loss of $0.30 per share compared to income of $0.19 per share in Q1 of 2024.
There has been some downward pressure on loan origination spreads, with a decrease of 30 to 40 basis points on average due to increased competition.
The company is focusing on reducing unsecured debt, which may limit the availability of cash for stock buybacks in the near term.
Prepayments on loans were higher than typical, including a significant $200 million payoff on an office loan, which was somewhat out of the ordinary.
Approximately 15% of tenants in the affordable housing portfolio have some sort of HUD backing, which could be impacted by changes in government policies.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

KW.N - Kennedy-Wilson Holdings Inc
Q1 2025 Kennedy-Wilson Holdings Inc Earnings Call
May 08, 2025 / 04:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to the Kennedy Wilson first quarter 2025 earnings conference call.

All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0.

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad.

To withdraw your question, please press star, then 2.

Please note this event is being recorded.

I would now like to turn the conference over to Devin Bavsar, head of investor relations. Please go ahead.

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