|
Adjusted EBITDA increases 142% from same period of last year
BEVERLY HILLS, Calif.
--(BUSINESS WIRE)--Nov. 5, 2013--
Kennedy-Wilson Holdings, Inc.
(NYSE:KW), an international real
estate investment and services company, today reported third quarter
2013 Adjusted EBITDA of
$42.3 million
, a 142% increase from
$17.5
million
for the same period in 2012. For the nine months ended
September
30, 2013
, Adjusted EBITDA was
$111.3 million
, a 101% increase from
$55.5
million
for the same period in 2012.
Adjusted Net Income for the third quarter 2013 was
$14.4 million
or
$0.20
per basic share compared to Adjusted Net Income of
$2.8 million
for the same period in 2012, or
$0.05
per basic share. U.S. GAAP net
loss attributable to common shareholders for the third quarter 2013 was
$4.1 million
, or
$0.06
per basic and diluted share, compared to a loss
of
$6.2 million
, or
$0.11
per basic and diluted share, for the same
period in 2012.
"Kennedy Wilson and its equity partners acquired
$1 billion
of real
estate investments this quarter and we raised approximately
$120 million
in equity further strengthening our balance sheet," said William
McMorrow, chairman and CEO of Kennedy Wilson. "We continue to focus on
sourcing attractive investment opportunities, improving the operating
performance of our properties, and executing on select asset
realizations."
Kennedy Wilson Recent Highlights
Investments business
Investment account
- As of September 30, 2013, our gross investment account was
$1.1
billion
, compared to
$908.9 million
as of
December 31, 2012
. The net
investment account was
$1.0 billion
as of September 30, 2013 compared
to
$837.6 million
at
December 31, 2012
, after accumulated depreciation
and amortization of
$114.6 million
and
$71.3 million
, respectively.
The change in the net investment account was comprised of
$387.1
million
of cash contributed to and income earned on investments offset
by
$209.3 million
of cash distributed from investments. During the
nine months ended September 30, 2013, the Company and its equity
partners received approximately
$940 million
in distributions from
their investments.
- As of September 30, 2013, the Company and its equity partners owned
22.9 million rentable square feet of real estate, including
investments in 16,511 apartment units and 79 commercial properties.
Additionally, as of September 30, 2013, the Company and its equity
partners owned in excess of
$1.6 billion
in unpaid principal balance
of loans secured by real estate.
Operating metrics
- During the nine months ended September 30, 2013, our investments
business achieved an EBITDA of
$99.5 million
, a 111% increase from
$47.2 million
for the same period in 2012.
- During the nine months ended September 30, 2013, based on our
investments in 11,755 same property multifamily units, rental revenues
increased 5%, net operating income increased 7% and occupancy
increased 1% at the property level from the same period in 2012. In
addition, based on our investments in 2.8 million square feet of same
property commercial real estate, rental revenues increased 15%, net
operating income increased 18% and occupancy increased 4% at the
property level from the same period in 2012.
Acquisition/disposition program
- From
January 1, 2010
through September 30, 2013, the Company and its
equity partners acquired approximately
$10.6 billion
of real estate
related investments (including unpaid principal balance of loan
purchases). During the nine months ended September 30, 2013, the
Company and its equity partners acquired
$2.6 billion
of real estate
related investments, in which the Company invested
$368.5 million
of
equity. Our investments were directed 71% to the
United Kingdom
and
Ireland
and 29% to the Western U.S.
- During the fourth quarter of 2012, the Company and one of its equity
partners acquired the mortgage on The Rock, a premier retail,
residential and entertainment center in
Manchester, United Kingdom
.
During the third quarter, the Company and its equity partner converted
their mortgage note to a 100% equity ownership in the property
resulting in a
$28.8 million
acquisition related gain. The Company's
portion of the gain was
$14.4 million
and was recognized in equity in
joint venture income.
- During the nine months ended September 30, 2013, the Company and its
equity partners sold a total of
$177.4 million
of real estate, which
resulted in a gain of
$41.3 million
, of which our share was
$13.2
million
(
$29.9 million
of our equity invested) including nine
commercial buildings, two multifamily properties and 52 condos.
Property level debt financing
- As of September 30, 2013, the Company and its equity partners had
approximately
$3.2 billion
of property level debt with a weighted
average interest rate of 5.1% and a weighted average maturity of 6.1
years.
- As of September 30, 2013 the Company and its equity partners property
level debt was 54% at fixed interest rates, 31% floating with interest
rate caps and 15% at floating interest rates.
Key investment updates
UK Loan Pool
- Our book equity in this investment is
$11.4 million
; we own 12.5%
before carried interest.
- In
December 2011
, the Company and its equity partners acquired a loan
pool secured by real estate located in the
United Kingdom
with an
unpaid principal balance of
$2.1 billion
. As of September 30, 2013,
the unpaid principal balance was
$189.1 million
due to loan
resolutions of approximately
$1.9 billion
, representing approximately
91% of the pool. During the nine months ended September 30, 2013, the
Company received
$53.4 million
in distributions related to resolutions.
Japan
multifamily
- Our book equity in this investment is
$72.2 million
; we own 40.9%
before carried interest.
- We maintained 96% occupancy in 50 apartment buildings as of
September 30, 2013 with a total of 2,410 units.
- Since
Fairfax Financial
became our partner in the Japanese multifamily
portfolio in
September 2010
, we have distributed a total of
$104.4
million
, of which our share was
$49.1 million
.
Services business
- Management and leasing fees and commissions increased by 52% to
$54.0
million
for the nine months ended September 30, 2013, from
$35.5
million
for the same period in 2012.
- During the nine months ended September 30, 2013, our services business
achieved an EBITDA of
$22.6 million
, a 102% increase from
$11.2
million
for the same period in 2012.
Corporate financing
- In
September 2013
, the Company issued and sold 6.9 million shares of
common stock primarily to institutional investors, resulting in gross
proceeds of
$127.7 million
. A portion of the proceeds were used to pay
off the outstanding balance on our line of credit.
- In
September 2013
, the Company increased the availability on its line
of credit to
$140.0 million
from
$100.0 million
and extended the
line's maturity to
October 1, 2016
.
Subsequent events
- In
October 2013
,
Meyers Research
, a wholly owned subsidiary, launched
Zonda, a mobile application designed to provide market insight for the
homebuilding industry by combining interactive tools and real-time
data on approximately 300 metrics impacting housing.
Conference Call and Webcast Details
The Company will hold a live conference call and webcast to discuss
results at
7:00 a.m. PT
/
10:00 a.m. ET
on
Wednesday, November 6
.
The direct dial-in number for the conference call is (888) 895-5479 for
U.S. callers and (847) 619-6250 for international callers. The
confirmation number for the live call is 35911843.
A replay of the call will be available for one week beginning two hours
after the live call and can be accessed by (888) 843-7419 for U.S.
callers and (630) 652-3042 for international callers. The passcode for
the replay is 35911843#.
The webcast will be available at: http://edge.media-server.com/m/p/68ekhgu8/lan/en.
A replay of the webcast will be available two hours after the original
webcast on the Company’s investor relations web site for one year.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in
Beverly Hills, CA
with
24 offices in the U.S.,
U.K.
,
Ireland
,
Spain
and
Japan
. The Company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor of real estate investments in the
U.S.,
U.K.
,
Ireland
and
Japan
. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Forward-Looking Statements
Statements made by us in this report and in other reports and statements
released by us that are not historical facts constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended and Section 21 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," "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 ended December 31, 2012, 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.
Non-GAAP Financial Information
In addition to the results reported in accordance with U.S. generally
accepted accounting principles (GAAP) included within this press
release, Kennedy Wilson has provided certain information, which includes
non-GAAP financial measures (Pro Forma Statements of Operations,
Adjusted Net Income Attributable to Kennedy Wilson Common Shareholders,
Basic Adjusted Net Income Attributable to Kennedy Wilson Common Shareholders Per Share, EBITDA and Adjusted EBITDA). Additionally, there
are certain revenue and expense line items in our pro forma consolidated
statements of operations or income that would otherwise be classified as
discontinued operations on a GAAP statement. Such information is
reconciled to its closest GAAP measure in accordance with the
SEC
rules
and is included in the attached supplemental tables. Management believes
that these non-GAAP financial measures are useful to both management and
the Company's shareholders in their analysis of the business and
operating performance of the Company. Management also uses this
information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a
substitute for any GAAP measures. Additionally, non-GAAP financial
measures as presented by Kennedy Wilson may not be comparable to
similarly titled measures reported by other companies.
Tables Follow
|
|
|
|
|
|
|
|
| Kennedy-Wilson Holdings, Inc. and Subsidiaries |
| Consolidated Balance Sheets |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013 |
|
|
December 31, 2012 |
| Assets |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
|
|
$ |
181,371,000 |
|
|
|
$ |
120,855,000 |
|
| Short term investments |
|
|
|
— |
|
|
|
10,000,000 |
|
| Accounts receivable |
|
|
|
6,051,000 |
|
|
|
3,647,000 |
|
| Accounts receivable - related parties |
|
|
|
31,433,000 |
|
|
|
22,393,000 |
|
| Notes receivable |
|
|
|
22,444,000 |
|
|
|
136,607,000 |
|
| Notes receivable - related parties |
|
|
|
5,785,000 |
|
|
|
— |
|
| Real estate, net of accumulated depreciation |
|
|
|
518,047,000 |
|
|
|
289,449,000 |
|
| Investments in joint ventures |
|
|
|
742,221,000 |
|
|
|
543,193,000 |
|
| Investments in loan pool participations |
|
|
|
58,774,000 |
|
|
|
95,601,000 |
|
| Other assets |
|
|
|
51,103,000 |
|
|
|
38,079,000 |
|
| Goodwill |
|
|
|
23,965,000 |
|
|
|
23,965,000 |
|
| Total assets |
|
|
|
$ |
1,641,194,000 |
|
|
|
$ |
1,283,789,000 |
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
| Accounts payable |
|
|
|
$ |
1,735,000 |
|
|
|
$ |
1,762,000 |
|
| Accrued expenses and other liabilities |
|
|
|
37,220,000 |
|
|
|
29,417,000 |
|
| Accrued salaries and benefits |
|
|
|
20,081,000 |
|
|
|
24,981,000 |
|
| Deferred tax liability |
|
|
|
16,937,000 |
|
|
|
22,671,000 |
|
| Mortgage loans and notes payable |
|
|
|
340,366,000 |
|
|
|
236,538,000 |
|
| Senior notes payable |
|
|
|
409,196,000 |
|
|
|
409,640,000 |
|
| Junior subordinated debentures |
|
|
|
40,000,000 |
|
|
|
40,000,000 |
|
| Total liabilities |
|
|
|
865,535,000 |
|
|
|
765,009,000 |
|
| Equity |
|
|
|
|
|
|
|
| Cumulative Preferred stock: |
|
|
|
|
|
|
|
| 6.00% Series A, 100,000 shares |
|
|
|
— |
|
|
|
— |
|
| 6.45% Series B, 32,550 shares |
|
|
|
— |
|
|
|
— |
|
| Common stock |
|
|
|
8,000 |
|
|
|
6,000 |
|
| Additional paid-in capital |
|
|
|
792,449,000 |
|
|
|
512,835,000 |
|
| Accumulated deficit |
|
|
|
(32,049,000 |
) |
|
|
(5,910,000 |
) |
| Accumulated other comprehensive income |
|
|
|
5,553,000 |
|
|
|
12,569,000 |
|
| Shares held in treasury |
|
|
|
— |
|
|
|
(9,856,000 |
) |
| Total Kennedy-Wilson Holdings, Inc. stockholders’ equity |
|
|
|
765,961,000 |
|
|
|
509,644,000 |
|
| Noncontrolling interests |
|
|
|
9,698,000 |
|
|
|
9,136,000 |
|
| Total equity |
|
|
|
775,659,000 |
|
|
|
518,780,000 |
|
| Total liabilities and equity |
|
|
|
$ |
1,641,194,000 |
|
|
|
$ |
1,283,789,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kennedy-Wilson Holdings, Inc. and Subsidiaries |
| Consolidated Statements of Operations |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
|
For the Nine Months Ended |
|
|
|
|
September 30, |
|
|
September 30, |
|
|
|
|
2013 |
|
2012 |
|
|
2013 |
|
2012 |
| Revenue |
|
|
|
|
|
|
|
|
|
|
|
| Management and leasing fees |
|
|
|
$ |
4,462,000 |
|
|
$ |
4,015,000 |
|
|
|
$ |
13,925,000 |
|
|
$ |
11,272,000 |
|
| Management and leasing fees - related parties |
|
|
|
10,649,000 |
|
|
6,320,000 |
|
|
|
27,962,000 |
|
|
18,036,000 |
|
| Commissions |
|
|
|
836,000 |
|
|
1,477,000 |
|
|
|
2,296,000 |
|
|
3,513,000 |
|
| Commissions - related parties |
|
|
|
5,025,000 |
|
|
668,000 |
|
|
|
9,865,000 |
|
|
2,652,000 |
|
| Sale of real estate |
|
|
|
1,546,000 |
|
|
1,275,000 |
|
|
|
10,060,000 |
|
|
1,275,000 |
|
| Rental and other income |
|
|
|
10,690,000 |
|
|
1,485,000 |
|
|
|
27,452,000 |
|
|
4,432,000 |
|
| Total revenue |
|
|
|
33,208,000 |
|
|
15,240,000 |
|
|
|
91,560,000 |
|
|
41,180,000 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
| Commission and marketing expenses |
|
|
|
1,011,000 |
|
|
1,371,000 |
|
|
|
2,845,000 |
|
|
3,676,000 |
|
| Compensation and related expenses |
|
|
|
20,956,000 |
|
|
11,364,000 |
|
|
|
52,840,000 |
|
|
30,658,000 |
|
| Cost of real estate sold |
|
|
|
883,000 |
|
|
1,275,000 |
|
|
|
7,885,000 |
|
|
1,275,000 |
|
| General and administrative |
|
|
|
5,760,000 |
|
|
5,014,000 |
|
|
|
17,574,000 |
|
|
13,571,000 |
|
| Depreciation and amortization |
|
|
|
4,531,000 |
|
|
989,000 |
|
|
|
12,003,000 |
|
|
2,903,000 |
|
| Rental operating expenses |
|
|
|
4,167,000 |
|
|
847,000 |
|
|
|
11,852,000 |
|
|
2,638,000 |
|
| Total operating expenses |
|
|
|
37,308,000 |
|
|
20,860,000 |
|
|
|
104,999,000 |
|
|
54,721,000 |
|
| Equity in joint venture income |
|
|
|
9,379,000 |
|
|
1,848,000 |
|
|
|
20,955,000 |
|
|
12,472,000 |
|
| Interest income from loan pool participations and notes receivable |
|
|
|
3,983,000 |
|
|
3,712,000 |
|
|
|
10,209,000 |
|
|
7,126,000 |
|
| Operating income (loss) |
|
|
|
9,262,000 |
|
|
(60,000 |
) |
|
|
17,725,000 |
|
|
6,057,000 |
|
| Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
|
205,000 |
|
|
179,000 |
|
|
|
444,000 |
|
|
2,503,000 |
|
| Acquisition-related gain |
|
|
|
1,668,000 |
|
|
— |
|
|
|
11,127,000 |
|
|
— |
|
| Acquisition-related expenses |
|
|
|
— |
|
|
— |
|
|
|
(510,000 |
) |
|
— |
|
| Gain on sale of marketable securities |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
2,931,000 |
|
| Interest expense |
|
|
|
(13,141,000 |
) |
|
(6,755,000 |
) |
|
|
(37,104,000 |
) |
|
(19,979,000 |
) |
| Other |
|
|
|
— |
|
|
(6,000 |
) |
|
|
— |
|
|
(80,000 |
) |
Loss from continuing operations before benefit from income taxes |
|
|
|
(2,006,000 |
) |
|
(6,642,000 |
) |
|
|
(8,318,000 |
) |
|
(8,568,000 |
) |
| (Provision for) benefit from income taxes |
|
|
|
(726,000 |
) |
|
2,500,000 |
|
|
|
1,446,000 |
|
|
5,121,000 |
|
Loss from continuing operations |
|
|
|
(2,732,000 |
) |
|
(4,142,000 |
) |
|
|
(6,872,000 |
) |
|
(3,447,000 |
) |
| Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
| (Loss) income from discontinued operations, net of income taxes |
|
|
|
(291,000 |
) |
|
— |
|
|
|
(294,000 |
) |
|
2,000 |
|
| Gain (loss) from sale of real estate, net of income taxes |
|
|
|
338,000 |
|
|
— |
|
|
|
555,000 |
|
|
(212,000 |
) |
| Net loss |
|
|
|
(2,685,000 |
) |
|
(4,142,000 |
) |
|
|
(6,611,000 |
) |
|
(3,657,000 |
) |
| Net loss (income) attributable to the noncontrolling interests |
|
|
|
652,000 |
|
|
(64,000 |
) |
|
|
2,550,000 |
|
|
(2,990,000 |
) |
| Net loss attributable to Kennedy-Wilson Holdings, Inc. |
|
|
|
(2,033,000 |
) |
|
(4,206,000 |
) |
|
|
(4,061,000 |
) |
|
(6,647,000 |
) |
| Preferred stock dividends and accretion of issuance costs |
|
|
|
(2,036,000 |
) |
|
(2,036,000 |
) |
|
|
(6,108,000 |
) |
|
(6,108,000 |
) |
Net loss attributable to Kennedy-Wilson Holdings, Inc. common
shareholders |
|
|
|
$ |
(4,069,000 |
) |
|
$ |
(6,242,000 |
) |
|
|
$ |
(10,169,000 |
) |
|
$ |
(12,755,000 |
) |
| Basic and diluted earnings per share |
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per basic and diluted share - continuing operations |
|
|
|
$ |
(0.06 |
) |
|
$ |
(0.11 |
) |
|
|
$ |
(0.15 |
) |
|
$ |
(0.23 |
) |
| Earnings (loss) per basic and diluted share - discontinued |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
| Earnings (loss) per share - basic and diluted(a) |
|
|
|
$ |
(0.06 |
) |
|
$ |
(0.11 |
) |
|
|
$ |
(0.15 |
) |
|
$ |
(0.24 |
) |
Weighted average shares outstanding for basic and diluted |
|
|
|
72,643,080 |
|
|
58,043,357 |
|
|
|
68,486,876 |
|
|
53,551,708 |
|
| Dividends declared per common share |
|
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
|
|
$ |
0.21 |
|
|
$ |
0.15 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) EPS amounts may not add due to rounding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kennedy-Wilson Holdings, Inc. and Subsidiaries |
| Adjusted Net Income Attributable to Kennedy Wilson Common
Shareholders |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
|
2013 |
|
|
2012 |
|
|
|
2013 |
|
|
2012 |
Net loss attributable to Kennedy-Wilson Holdings, Inc. common
shareholders |
|
|
|
$ |
(4,069,000 |
) |
|
|
$ |
(6,242,000 |
) |
|
|
|
$ |
(10,169,000 |
) |
|
|
$ |
(12,755,000 |
) |
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
|
4,531,000 |
|
|
|
989,000 |
|
|
|
|
12,003,000 |
|
|
|
2,903,000 |
|
| Kennedy Wilson's share of depreciation and amortization included in
investment in joint ventures |
|
|
|
11,871,000 |
|
|
|
5,085,000 |
|
|
|
|
31,348,000 |
|
|
|
12,985,000 |
|
| Stock-based compensation |
|
|
|
2,035,000 |
|
|
|
2,922,000 |
|
|
|
|
5,466,000 |
|
|
|
5,000,000 |
|
Adjusted Net Income Attributable to Kennedy-Wilson Holdings,
Inc. Common Shareholders |
|
|
|
$ |
14,368,000 |
|
|
|
$ |
2,754,000 |
|
|
|
|
$ |
38,648,000 |
|
|
|
$ |
8,133,000 |
|
| Basic weighted average number of common shares outstanding |
|
|
|
72,643,080 |
|
|
|
58,043,357 |
|
|
|
|
68,486,876 |
|
|
|
53,551,708 |
|
| Basic Adjusted Net Income Attributable to Kennedy-Wilson
Holdings, Inc. Common Shareholders Per Share |
|
|
|
$ |
0.20 |
|
|
|
$ |
0.05 |
|
|
|
|
$ |
0.56 |
|
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Kennedy-Wilson Holdings, Inc. and Subsidiaries |
| EBITDA and Adjusted EBITDA |
| (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
|
2013 |
|
|
2012 |
|
|
|
2013 |
|
|
2012 |
| Net loss |
|
|
|
$ |
(2,685,000 |
) |
|
|
$ |
(4,142,000 |
) |
|
|
|
$ |
(6,611,000 |
) |
|
|
$ |
(3,657,000 |
) |
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
|
13,141,000 |
|
|
|
6,755,000 |
|
|
|
|
37,104,000 |
|
|
|
19,979,000 |
|
Kennedy Wilson's share of interest expense included in investment
in joint ventures and loan pool participations |
|
|
|
12,688,000 |
|
|
|
8,364,000 |
|
|
|
|
33,405,000 |
|
|
|
23,364,000 |
|
| Depreciation and amortization |
|
|
|
4,531,000 |
|
|
|
989,000 |
|
|
|
|
12,003,000 |
|
|
|
2,903,000 |
|
Kennedy Wilson's share of depreciation and amortization included
in investment in joint ventures |
|
|
|
11,871,000 |
|
|
|
5,085,000 |
|
|
|
|
31,348,000 |
|
|
|
12,985,000 |
|
Provision for (benefit from) income taxes |
|
|
|
726,000 |
|
|
|
(2,500,000 |
) |
|
|
|
(1,446,000 |
) |
|
|
(5,121,000 |
) |
| EBITDA |
|
|
|
40,272,000 |
|
|
|
14,551,000 |
|
|
|
|
105,803,000 |
|
|
|
50,453,000 |
|
| Stock-based compensation |
|
|
|
2,035,000 |
|
|
|
2,922,000 |
|
|
|
|
5,466,000 |
|
|
|
5,000,000 |
|
| Adjusted EBITDA |
|
|
|
$ |
42,307,000 |
|
|
|
$ |
17,473,000 |
|
|
|
|
$ |
111,269,000 |
|
|
|
$ |
55,453,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Source:
Kennedy-Wilson Holdings, Inc.
Kennedy Wilson
Christina Cha, 310-887-6294
Vice President of
Corporate Communication
[email protected]
www.kennedywilson.com
|