Q3 Adjusted EBITDA of $83.0 million, a 19% increase
Multifamily NOI growth exceeds 8% for ninth consecutive quarter
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Nov. 4, 2015--Kennedy-Wilson Holdings, Inc. (NYSE: KW)
today reported record third quarter results for Q3 2015.
For the three months ended September 30, 2015:
-
Adjusted EBITDA was $83.0 million, a 19% increase from $69.5 million
in Q3 2014.
-
Adjusted Net Income was $47.0 million or $0.44 per basic share
compared to $30.5 million or $0.34 per basic share for the same period
in 2014.
-
GAAP net income to common shareholders was $14.9 million or $0.13 per
basic and diluted share compared to a net loss of $2.2 million or $0.03 loss per basic and diluted share in Q3 2014.
For the nine months ended September 30, 2015:
-
Adjusted EBITDA was $249.5 million compared to $261.0 million for the
same period in 2014, which includes acquisition-related gains to the
Company of $75.5 million and $122.2 million for the first nine months
of 2015 and 2014, respectively.
-
Adjusted Net Income was $140.5 million or $1.39 per basic share
compared to $129.0 million or $1.45 per basic share for the same
period in 2014.
-
GAAP net income to common shareholders was $42.6 million or $0.40 per
basic and diluted share compared to $44.6 million or $0.47 per basic
and diluted share for the same period in 2014.
"During the third quarter, we continued to increase the existing
recurring income streams throughout our business" said William McMorrow,
chairman and CEO of Kennedy Wilson. "At the same time, we were able to
acquire strategic investments and to sell certain non-core assets and
resolve several significant loan portfolios."
3Q Highlights
-
The Company and its equity partners (including KWE) completed $721.5
million of acquisitions during the third quarter, resulting in
year-to-date total acquisitions by the Company and its equity partners
of approximately $2.7 billion. The acquisitions for the quarter were
directed 85% to the UK, Ireland, and Spain and 15% to the Western U.S.
-
The Company and its equity partners resolved two loan pools and
disposed of 11 real estate investments which resulted in an equity
multiple of 1.6x and a profit of approximately $22 million to Kennedy
Wilson over the life of the investments.
-
The Company and its equity partners invested $52.8 million (including $19.3 million by Kennedy Wilson) into 22 investments under-going
value-add, development, and re-development initiatives.
-
The Company acquired the interests of its partners in two
unconsolidated investments resulting in acquisition-related gains of $27.4 million.
-
Across the Company's same property portfolio, revenues grew 8.4% for
multifamily and 3.9% for commercial while net operating income grew
11.5% and 7.1%, respectively. The Company has now produced nine
consecutive quarters of multifamily net operating income growth in
excess of 8%.
-
As a result of refinancing and paying off certain unsecured debt in
the second half of 2014 as well as the conversion of $100 million of
preferred stock in May 2015, the Company reduced its corporate
interest expense and preferred dividends by over $5 million in Q3 2015
compared to Q3 2014.
Investments business
For the three and nine months ended September 30, 2015, the Company's
Investments segment reported the following results:
-
The Company, together with its equity partners (including KWE),
completed investment transactions of approximately $1.2 billion in Q3
2015 and $4.1 billion year-to-date through September 30, 2015:
| ($ in millions) |
| Aggregate
Purchase/Sale
Price |
| Cap Rate(1)(2) |
| KW
Ownership |
| KW Equity Basis
(at acquisition/disposition) |
| KW Equity
Multiple (3) |
| Three Months ended September 30, 2015 | | | | | | | | |
|
Acquisitions(4) | |
$ |
721.5 | | |
7.3% | |
19.2% | |
$100.4 | | |
|
Dispositions(5) | |
467.2 |
| |
6.0% | |
27.0% | |
32.9 | |
1.6x |
|
Total | |
$ |
1,188.7 | | | | | | | | | |
| | | | | | | | | |
|
| Nine months ended September 30, 2015 | | | | | | | | |
|
Acquisitions(4) | |
$ |
2,697.9 | | |
7.2% | |
29.4% | |
$404.1 | | |
|
Dispositions(5) | |
1,414.3 |
| |
4.8% | |
35.4% | |
139.7 | |
1.6x |
|
Total |
|
$ |
4,112.2 |
|
|
|
|
|
|
|
|
|
*Please see footnotes at the end of the earnings release
-
The Company continued to drive growth in same property revenue and net
operating income across the portfolio. The three and nine month change
in same property multifamily units and commercial real estate are as
follows:
| Three Months ended September 30, 2015 |
| Occupancy |
| Revenue |
| NOI |
|
Multifamily | |
0.2% | |
8.4% | |
11.5% |
|
Commercial | |
1.2% | |
3.9% | |
7.1% |
| Nine months ended September 30, 2015 | | | | | | |
|
Multifamily | |
—% | |
7.8% | |
10.8% |
|
Commercial |
|
1.8% |
|
2.1% |
|
3.9% |
Services business
For the three months ended September 30, 2015, the Company's Services
segment reported the following results:
-
Adjusted Fees were $30.2 million compared to $22.2 million for the
same period in 2014.
-
Adjusted EBITDA was $13.0 million, compared to $8.7 million for the
same period in 2014.
For the nine months ended September 30, 2015, the Company's Services
segment reported the following results:
-
Adjusted Fees were $94.0 million, compared to $89.1 million for the
same period in 2014.
-
Adjusted EBITDA was $45.9 million, compared to $47.0 million for the
same period in 2014.
Kennedy Wilson Europe Real Estate Plc (LSE: KWE)
-
As of September 30, 2015, Kennedy Wilson owns approximately 24.0
million shares of KWE, representing 17.7% of KWE’s outstanding shares,
with a market value at that date of $413.5 million. For the three and
nine months ended September 30, 2015, Kennedy Wilson has earned the
following fees and dividends from KWE:
| Three months ended September 30, |
| Nine months ended September 30, |
| 2015 |
| 2014 | | 2015 |
| 2014 |
|
Management Fees (1) |
$ |
5.8 | | |
$ |
4.1 | | |
$ |
17.1 | | |
$ |
8.7 |
|
Performance Fees (1) |
4.2 | | |
— | | |
12.8 | | |
— |
|
Dividends (2) |
3.6 |
| |
0.4 |
| |
8.5 |
| |
0.4 |
| Total |
$ |
13.6 |
|
|
$ |
4.5 |
|
|
$ |
38.4 |
|
|
$ |
9.1 |
(1) The majority of these fees are recognized in
non-controlling interest. Management fees are paid 50% in cash and 50%
in KWE shares. Performance fees are earned and accrued for during 2015
and if ultimately achieved will be paid 100% in KWE shares in 2016.
(2) Dividends are received in cash but are fully eliminated
in the consolidated financial statements of the Company.
Impact of fluctuations in foreign currencies on our operations
-
Due to our investments denominated in foreign currencies, the impact
of exchange rates on Adjusted EBITDA were -1% for the three months
ended September 30, 2015, and -2% for the nine months ended September
30, 2015.
Footnotes for table
(1) Cap rate includes only income-producing properties. For
the three and nine months ended September 30, 2015, $4.3 million and $219.5 million of acquisitions and $330.3 million and $392.3 million of
dispositions, respectively, were non-income producing assets. Please see
"common definitions" for a definition of cap rate.
(2) Cap rate and Kennedy Wilson's ownership are shown on a
weighted-average basis.
(3) Please see "common definitions" for a definition of
equity multiple.
(4) The three and nine months ended September 30, 2015,
includes $450.9 million and $1.4 billion of acquisitions by KWE. For the
three and nine months ended September 30, 2015, Kennedy Wilson's equity
basis in KWE acquisitions totaled $80.8 million and $168.6 million and
were calculated based on Kennedy Wilson's 17.7% ownership in KWE. The
amounts were funded through purchases of KWE stock in current and prior
periods. Kennedy Wilson acquired $38.1 million and $67.7 million of KWE
stock during the three and nine months ended September 30, 2015.
(5) The three and nine months ended September 30, 2015,
includes $100.2 million and $142.4 million of dispositions by KWE.
Conference Call and Webcast Details
Kennedy Wilson will hold a live conference call and webcast to discuss
results at 7:00 a.m. PT/ 10:00 a.m. ET on November 5, 2015.
The direct dial-in number for the conference call is (866) 807-9684 for
U.S. callers and (412) 317-5415 for international callers. To join the
call, please reference Kennedy Wilson.
A replay of the call will be available for one week beginning one hour
after the live call and can be accessed by (877) 344-7529 for U.S.
callers and (412) 317-0088 for international callers. The passcode for
the replay is 10074672.
The webcast will be available at: http://edge.media-server.com/m/p/e87fohy2. 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 a vertically integrated global real
estate investment and services company headquartered in Beverly Hills, CA, with 25 offices in the U.S., U.K., Ireland, Spain, Jersey and Japan.
The Company, on its own or with partners, invests opportunistically in a
variety of real estate related investments, including multi-family,
commercial, loan purchases and originations, residential, and hotels.
Kennedy Wilson offers a comprehensive array of real estate services
including investment management, property services, auction,
conventional sales, brokerage and research. 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, and Section 21E of the Securities Exchange Act of
1934, as amended. 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," "may," "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 the 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 end December 31, 2014, as amended by our subsequent filings with
the SEC. 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.
Common Definitions
· “KWH,” "KW," “Kennedy Wilson,” the "Company," "we," "our," or "us"
refers to Kennedy-Wilson Holdings, Inc. and its wholly-owned
subsidiaries. The consolidated financial statements of the Company
include the results of the Company's consolidated subsidiaries
(including KWE).
· “KWE” refers to Kennedy Wilson Europe Real Estate plc, a London Stock
Exchange-listed company that we externally manage through a wholly-owned
subsidiary. In our capacity as external manager of KWE, we are entitled
to receive certain (i) management fees equal to 1% of KWE’s adjusted net
asset value (EPRA NAV), half of which are paid in cash and the remainder
of which is paid are KWE shares; and (ii) performance fees, all of which
are paid in KWE shares. In accordance with U.S. GAAP, the results of KWE
are consolidated in our financial statements. We own an approximately
17.7% equity interest in KWE, and throughout this release and
supplemental financial information, we refer to our pro-rata ownership
stake (based on our 17.7% equity interest or weighted-average ownership
interest during the period, as applicable) in investments made and held
directly by KWE and its subsidiaries.
· "Acquisition-related gains" consist of non-cash gains recognized by
the Company or its consolidated subsidiaries upon a GAAP required fair
value measurement due to a business combination. These gains are
typically recognized when a loan is converted into consolidated real
estate owned and the fair value of the underlying real estate exceeds
the basis in the previously held loan. These gains also arise when there
is a change of control of an investment. The gain amount is based upon
the fair value of the Company’s or its consolidated subsidiaries' equity
in the investment in excess of the carrying amount of the equity
directly preceding the change of control.
· "Adjusted EBITDA" represents Consolidated EBITDA as defined below,
adjusted to exclude share-based compensation expense and EBITDA
attributable to noncontrolling interests.
· “Adjusted fees’’ refers to Kennedy Wilson’s investment management,
property services and research fees adjusted to include fees eliminated
in consolidation and Kennedy Wilson’s share of fees in unconsolidated
service businesses.
· “Adjusted Net Asset Value’’ is calculated by KWE as net asset value
adjusted to include properties and other investment interests at fair
value and to exclude certain items not expected to crystallize in a
long-term investment property business model such as the fair value of
financial derivatives and deferred taxes on property valuation surpluses.
· "Adjusted Net Income” represents Consolidated Adjusted Net Income as
defined below, adjusted to exclude net income attributable to
noncontrolling interests, before depreciation and amortization.
· "Cap rate” represents the net operating income of an investment of the
year preceding its acquisition or disposition divided by the purchase or
sale price. Cap rates set forth in this presentation only includes data
from income-producing properties. Cap rates represent historical
performance and are not a guarantee of future NOI. Properties for which
a cap rate is provided may not continue to perform at that cap rate.
· "Consolidated Adjusted Net Income” represents net income before
depreciation and amortization, our share of depreciation and
amortization included in income from unconsolidated investments and
share-based compensation expense.
· "Consolidated EBITDA" represents net income before interest expense,
our share of interest expense included in income from investments in
unconsolidated investments, depreciation and amortization, our share of
depreciation and amortization included in income from unconsolidated
investments, loss on early extinguishment of corporate debt and income
taxes.
· “Consolidated investment account” refers to the sum of Kennedy
Wilson’s equity in: cash held by consolidated investments, consolidated
real estate and acquired in-place leases, net hedge assets,
unconsolidated investments, consolidated loans gross of accumulated
depreciation and amortization, and net other assets.
· “Equity multiple” is calculated by dividing the amount of total
distributions received by KW from an investment (including any gains,
return of equity invested by KW and promoted interests) by the amount of
total contributions invested by KW in such investment. This metric does
not take into account management fees, organizational fees, or other
similar expenses, all of which in the aggregate may be substantial and
lower the overall return to KW. Equity multiples represent historical
performance and are not a guarantee of the performance of future
investments.
· “Equity partners” refers to non-wholly-owned subsidiaries that we
consolidate in our financial statements under U.S. GAAP, including KWE,
and third-party equity providers.
· "Investment account” refers to the consolidated investment account
presented after noncontrolling interest on invested assets gross of
accumulated depreciation and amortization.
· "Net operating income" or " NOI” is a non-GAAP measure representing
the income produced by a property calculated by deducting operating
expenses from operating revenues.
· “Same property" refers to properties in which Kennedy Wilson has an
ownership interest during the entire span of both periods being compared.
Note about Non-GAAP and certain other financial
information included in this presentation
In addition to the results reported in accordance with U.S. generally
accepted accounting principles ("GAAP") included within this
presentation, Kennedy Wilson has provided certain information, which
includes non-GAAP financial measures (including, Consolidated EBITDA,
Adjusted EBITDA, Consolidated Adjusted Net Income, Adjusted Net Income,
Adjusted Net Income Per Basic Share and Adjusted Fees, as defined
above). Such information is reconciled to its closest GAAP measure in
accordance with the rules of the SEC, and such reconciliations are
included within this presentation. These measures may contain cash and
non-cash acquisition-related gains and expenses and gains and losses
from the sale of real-estate related investments. Consolidated non-GAAP
measures discussed throughout this report contain income or losses
attributable to non-controlling interests. Management believes that
these non-GAAP financial measures are useful to both management and
Kennedy Wilson'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. Annualized
figures used throughout this release and supplemental financial
information, including annualized net operating income, are not an
indicator of the actual net operating income that the Company will or
expects to realize in any period.
Kennedy-Wilson Holdings, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in millions) |
|
| |
| |
| | September 30,
2015 | | December 31,
2014 |
Assets | | | | |
|
Cash and cash equivalents | |
$ |
153.8 | | |
$ |
174.6 | |
|
Cash held by consolidated investments | |
387.8 | | |
763.1 | |
|
Accounts receivable | |
56.2 | | |
55.6 | |
|
Loan purchases and originations | |
421.3 | | |
313.4 | |
|
Real estate and acquired in place lease values, net of accumulated
depreciation and amortization | |
5,463.5 | | |
4,228.1 | |
|
Unconsolidated investments | |
499.6 | | |
492.2 | |
|
Other assets | |
310.5 |
| |
305.1 |
|
| Total assets | |
$ |
7,292.7 |
| |
$ |
6,332.1 |
|
| | | |
|
| Liabilities | | | | |
|
Accounts payable | |
19.9 | | |
11.7 | |
|
Accrued expenses and other liabilities | |
348.9 | | |
253.2 | |
|
Investment debt | |
3,296.6 | | |
2,195.9 | |
|
Senior notes payable | |
702.5 | | |
702.4 | |
|
Line of credit | |
— |
| |
125.0 |
|
| Total liabilities | |
4,367.9 |
| |
3,288.2 |
|
| Equity | | | | |
|
Cumulative preferred stock | |
— | | |
— | |
|
Common stock | |
— | | |
— | |
|
Additional paid-in capital | |
1,214.4 | | |
991.3 | |
|
Retained earnings (accumulated deficit) | |
(58.9 |
) | |
(62.0 |
) |
|
Accumulated other comprehensive loss | |
(36.4 |
) | |
(28.2 |
) |
| Total Kennedy-Wilson Holdings, Inc. shareholders’ equity | |
1,119.1 | | |
901.1 | |
|
Noncontrolling interests | |
1,805.7 |
| |
2,142.8 |
|
| Total equity | |
2,924.8 |
| |
3,043.9 |
|
| Total liabilities and equity | |
$ |
7,292.7 |
| |
$ |
6,332.1 |
|
| | | | | | | |
|
Kennedy-Wilson Holdings, Inc. Consolidated Statements of Operations (Unaudited) (Dollars in millions, except share amounts and per share data) |
|
| |
| |
| | Three Months Ended
September 30, |
| Nine Months Ended
September 30, |
| | 2015 |
| 2014 |
| 2015 |
| 2014 |
| Revenue | | | | | | |
| |
|
Investment management, property services and research fees | |
$ |
15.1 | | |
$ |
12.9 | | |
$ |
47.0 | | |
$ |
65.0 | |
|
Rental | |
106.6 | | |
70.6 | | |
295.3 | | |
124.4 | |
|
Hotel | |
31.3 | | |
22.9 | | |
78.0 | | |
36.9 | |
|
Sale of real estate | |
1.6 | | |
1.6 | | |
3.7 | | |
19.0 | |
|
Loan purchases, loan originations and other | |
4.6 |
| |
5.7 |
| |
13.4 |
| |
11.7 |
|
| Total revenue | |
159.2 | | |
113.7 | | |
437.4 | | |
257.0 | |
| Operating expenses | | | | | | | | |
|
Commission and marketing | |
1.2 | | |
2.0 | | |
4.4 | | |
3.8 | |
|
Rental operating | |
29.4 | | |
20.9 | | |
78.5 | | |
37.8 | |
|
Hotel operating | |
22.7 | | |
16.9 | | |
66.1 | | |
32.1 | |
|
Cost of real estate sold | |
1.1 | | |
1.1 | | |
2.6 | | |
14.6 | |
|
Compensation and related | |
35.2 | | |
26.8 | | |
105.4 | | |
79.6 | |
|
General and administrative | |
10.0 | | |
11.8 | | |
31.3 | | |
28.3 | |
|
Depreciation and amortization | |
44.9 |
| |
34.7 |
| |
119.5 |
| |
67.3 |
|
| Total operating expenses | |
144.5 | | |
114.2 | | |
407.8 | | |
263.5 | |
|
Income from unconsolidated investments, net of depreciation and
amortization | |
15.9 |
| |
12.1 |
| |
44.1 |
| |
45.9 |
|
| Operating income | |
30.6 | | |
11.6 | | |
73.7 | | |
39.4 | |
| Non-operating income (expense) | | | | | | | | |
|
Gain on sale of real estate | |
4.6 | | |
— | | |
44.7 | | |
— | |
|
Acquisition-related gains | |
29.9 | | |
28.9 | | |
87.2 | | |
199.2 | |
|
Acquisition-related expenses | |
(8.2 |
) | |
(5.3 |
) | |
(28.3 |
) | |
(16.9 |
) |
|
Interest expense-investment | |
(31.3 |
) | |
(13.8 |
) | |
(77.9 |
) | |
(30.2 |
) |
|
Interest expense-corporate | |
(11.7 |
) | |
(15.9 |
) | |
(35.5 |
) | |
(41.1 |
) |
|
Other income | |
(4.3 |
) | |
(1.9 |
) | |
(0.7 |
) | |
1.0 |
|
| Income before provision for income taxes | |
9.6 | | |
3.6 | | |
63.2 | | |
151.4 | |
|
Provision for income taxes | |
(4.5 |
) | |
(6.6 |
) | |
(32.5 |
) | |
(40.8 |
) |
| Net income (loss) | |
5.1 | | |
(3.0 |
) | |
30.7 | | |
110.6 | |
|
Net loss (income) attributable to noncontrolling interests | |
10.3 | | |
2.8 | | |
15.0 | | |
(59.9 |
) |
|
Preferred stock dividends and accretion of issuance costs | |
(0.5 |
) | |
(2.0 |
) | |
(3.1 |
) | |
(6.1 |
) |
| Net income (loss) attributable to Kennedy-Wilson Holdings, Inc.
common shareholders | |
$ |
14.9 |
| |
$ |
(2.2 |
) | |
$ |
42.6 |
| |
$ |
44.6 |
|
| Basic earnings per share(1) | | | | | | | | |
|
Income (loss) per basic | |
$ |
0.13 | | |
$ |
(0.03 |
) | |
$ |
0.40 | | |
$ |
0.47 | |
|
Weighted average shares outstanding for basic | |
107,433,124 | | |
89,267,838 | | |
101,361,606 | | |
88,854,215 | |
| Diluted earnings per share(1) | | | | | | | | |
|
Income (loss) per diluted | |
$ |
0.13 | | |
$ |
(0.03 |
) | |
$ |
0.40 | | |
$ |
0.47 | |
|
Weighted average shares outstanding for diluted | |
107,433,124 | | |
89,267,838 | | |
105,517,172 | | |
90,169,008 | |
|
Dividends declared per common share | |
$ |
0.12 | | |
$ |
0.09 | | |
$ |
0.36 | | |
$ |
0.27 | |
(1) Includes impact of the Company allocating income and
dividends per basic and diluted share to participating securities
Kennedy-Wilson Holdings, Inc. Consolidated Adjusted Net Income and Adjusted Net Income (Unaudited) (Dollars in millions, except share amounts and per share data) |
|
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| | 2015 |
| 2014 | | 2015 |
| 2014 |
|
Net income (loss) | |
$ |
5.1 | | |
$ |
(3.0 |
) | |
$ |
30.7 | | |
$ |
110.6 | |
| Non-GAAP adjustments: | | | | | | | | |
|
Add back: | | | | | | | | |
|
Depreciation and amortization | |
44.9 | | |
34.7 | | |
119.5 | | |
67.3 | |
|
Kennedy Wilson's share of depreciation and amortization included in
unconsolidated investments | |
5.3 | | |
9.9 | | |
22.5 | | |
37.1 | |
|
Share-based compensation | |
5.5 |
| |
5.3 |
| |
19.6 |
| |
8.7 |
|
| Consolidated Adjusted Net Income | | 60.8 |
| | 46.9 |
| | 192.3 |
| | 223.7 |
|
|
Less: | | | | | | | | |
|
Net income attributable to the noncontrolling interests, before
depreciation and amortization(1) | |
(13.8 |
) | |
(16.4 |
) | |
(51.8 |
) | |
(94.7 |
) |
| Adjusted Net Income | | $ | 47.0 |
| | $ | 30.5 |
| | $ | 140.5 |
| | $ | 129.0 |
|
| | | | | | | |
|
|
Basic weighted average number of common shares outstanding | |
107,433,124 | | |
89,267,838 | | |
101,361,606 | | |
88,854,215 | |
|
Basic Adjusted Net Income per share | |
$ |
0.44 | | |
$ |
0.34 | | |
$ |
1.39 | | |
$ |
1.45 | |
(1) $24.2 million and $19.2 million of depreciation
and amortization for the three months ended September 30, 2015 and 2014,
respectively, and $66.8 million and $34.8 million of depreciation and
amortization for the nine months ended September 30, 2015 and 2014,
respectively.
Consolidated EBITDA and Adjusted EBITDA (Unaudited) (Dollars in millions) |
|
| |
| |
| | Three Months Ended | | Nine Months Ended |
| | September 30, | | September 30, |
| | 2015 |
| 2014 | | 2015 |
| 2014 |
|
Net income (loss) | |
$ |
5.1 | | |
$ |
(3.0 |
) | |
$ |
30.7 | | |
$ |
110.6 | |
| Non-GAAP adjustments: | | | | | | | | |
|
Add back: | | | | | | | | |
|
Interest expense-investment | |
31.3 | | |
13.8 | | |
77.9 | | |
30.2 | |
|
Interest expense-corporate | |
11.7 | | |
14.4 | | |
35.5 | | |
39.6 | |
|
Early extinguishment of corporate debt | |
— | | |
1.5 | | |
— | | |
1.5 | |
|
Kennedy Wilson's share of interest expense included in
unconsolidated investments | |
7.1 | | |
7.9 | | |
20.7 | | |
28.4 | |
|
Depreciation and amortization | |
44.9 | | |
34.7 | | |
119.5 | | |
67.3 | |
|
Kennedy Wilson's share of depreciation and amortization included in
unconsolidated investments | |
5.3 | | |
9.9 | | |
22.5 | | |
37.1 | |
|
Provision for income taxes | |
4.5 |
| |
6.6 |
| |
32.5 |
| |
40.8 |
|
| Consolidated EBITDA | | 109.9 |
| | 85.8 |
| | 339.3 |
| | 355.5 |
|
|
Add back (less): | | | | | | | | |
|
Share-based compensation | |
5.5 | | |
5.3 | | |
19.6 | | |
8.7 | |
|
EBITDA attributable to noncontrolling interests (1) | |
(32.4 |
) | |
(21.6 |
) | |
(109.4 |
) | |
(103.2 |
) |
| Adjusted EBITDA | | $ | 83.0 |
| | $ | 69.5 |
| | $ | 249.5 |
| | $ | 261.0 |
|
(1) $42.8 million and $24.4 million of depreciation,
amortization, taxes and interest for the three months ended
September 30, 2015 and 2014, respectively, and $124.4 million and $43.3
million of depreciation, amortization, taxes and interest for the nine
months ended September 30, 2015 and 2014, respectively.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006773/en/
Source: Kennedy-Wilson Holdings, Inc.
Kennedy-Wilson Holdings, Inc.
Daven Bhavsar
Director of
Investor Relations
(310) 887-3431
[email protected]
www.kennedywilson.com