Adjusted EBITDA increases 97% from same period of last year
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Aug. 6, 2013--
Kennedy-Wilson
Holdings, Inc. (NYSE: KW), an international real estate
investment and services company, today reported a second quarter 2013
Adjusted EBITDA of $37.1 million, a 97% increase from $18.8 million for
the same period in 2012. For the six months ended June 30, 2013,
Adjusted EBITDA was $69.0 million, a 82% increase from $38.0 million for
the same period in 2012.
Adjusted Net Income for the second quarter 2013 was $13.8 million or
$0.19 per basic share compared to Adjusted Net Income of $3.0 million
for the same period in 2012, or $0.06 per basic share. U.S. GAAP net
loss attributable to common shareholders for the second quarter 2013 was
$2.5 million, or $0.03 per basic and diluted share, compared to a loss
of $3.2 million, or $0.06 per basic and diluted share, for the same
period in 2012.
"Our gross investment account crossed the $1 billion mark during the
second quarter demonstrating our ability to find attractive investment
opportunities globally," said William McMorrow, chairman and CEO of
Kennedy Wilson. "Our recurring cash flow and distributions continue to
increase through strategic acquisitions and focused asset management."
Kennedy Wilson Recent Highlights
Investments business
Investment account
-
As of June 30, 2013, our gross investment account was $1.1 billion,
compared to $908.9 million as of December 31, 2012. Accumulated
depreciation and amortization was $98.3 million and $71.3 million as
of June 30, 2013 and December 31, 2012, respectively. The net
investment account was $962.0 million, compared to $837.6 million at
December 31, 2012. The change in the net investment account was
comprised of $233.3 million of cash contributed to and income earned
on investments and $108.9 million of cash distributed from investments.
-
As of June 30, 2013, the Company and its equity partners owned 19.3
million rentable square feet of real estate, including investments in
16,679 apartment units and 60 commercial properties. Additionally, as
of June 30, 2013, the Company and its equity partners owned in excess
of $2 billion in unpaid principal balance of loans secured by real
estate.
Operating metrics
-
During the six months ended June 30, 2013, our investments business
achieved an EBITDA of $61.2 million, a 77% increase from $34.7 million
for the same period in 2012.
-
During the six months ended June 30, 2013, based on our investments in
11,923 same property multifamily units, rental revenues, net operating
income and occupancy at the property level increased by 6%, 7% and 1%,
respectively, from the same period in 2012. In addition, based on our
investments in 3.0 million square feet of same property commercial
real estate, rental revenues, net operating income and occupancy at
the property level increased by 13%, 20% and 4%, respectively, from
the same period in 2012.
Acquisition program
-
From January 1, 2010 through June 30, 2013, the Company and its equity
partners have acquired approximately $9.6 billion of real estate
related investments (including unpaid principal balance of loan
purchases). During the six months ended June 30, 2013, the Company and
its equity partners acquired $1.6 billion of real estate related
investments. This includes $834.1 million of real estate and $733.9
million of unpaid principal balance of loans secured by real estate in
which we invested $155.9 million and $51.6 million, respectively.
These investments were directed 40% and 60% to the Western US and the
United Kingdom and Ireland, respectively.
-
During the second quarter, the Company and its equity partner
foreclosed on a Class A office building and adjacent 3.5 acre site in
Dublin, Ireland. As a result of the foreclosure, the Company and its
equity partner recognized a $30.1 million acquisition-related gain.
The Company's portion of the gain was $15.0 million and was recognized
in equity in joint venture income.
Property level debt financing
-
During the six months ended June 30, 2013, the Company and its equity
partners completed approximately $530.1 million of property financings
and re-financings at an average interest rate of 3.13% and a weighted
average maturity of 8.5 years. This includes re-financings of $122.1
million at a fixed interest rate of 1.35% in our Japanese multifamily
portfolio.
-
During the six months ended June 30, 2012, the Company and its equity
partners completed approximately $283.3 million of property financings
and re-financings at an average interest rate of 3.07% and a weighted
average maturity of 8.0 years. This includes re-financings of $80.5
million at a fixed interest rate of 1.61% in our Japanese multifamily
portfolio.
-
As of June 30, 2013, the Company and its equity partners had
approximately $2.6 billion of property level debt of which 70% is at
fixed interest rates, 18% is floating with interest rate caps and 12%
is at floating interest rates.
Key investment updates
UK Loan Pool
-
Our book equity in this investment is $23.0 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 June 30, 2013, the
unpaid principal balance was $316.7 million due to loan resolutions of
approximately $1.8 billion, representing approximately 85% of the
pool. During the six months ended June 30, 2013, the Company received
$38.9 million in distributions related to resolutions.
Japan multifamily
-
Our book equity in this investment is $76.7 million; we own 40.9%
before carried interest.
-
We maintained 96% occupancy in 50 apartment buildings with a total of
more than 2,400 units.
-
Since Fairfax Financial became our partner in the Japanese multifamily
portfolio in September 2010, we have distributed a total of $96.0
million, of which our share was $45.0 million.
Services business
-
Management and leasing fees and commissions increased by 44% to $33.1
million for the six months ended June 30, 2013, from $23.0 million for
the same period in 2012.
-
During the six months ended June 30, 2013, our services business
achieved an EBITDA of $14.8 million, a 135% increase from $6.3 million
for the same period in 2012.
Corporate financing
-
In April 2013, we issued approximately 1.4 million shares of common
stock as a result of the underwriters fully exercising their option to
purchase additional shares, which resulted in gross proceeds of $21.2
million.
Subsequent events
-
In July 2013, the Company and its equity partners have acquired
approximately $418.3 million of real estate investments, totaling 0.7
million rentable square feet of real estate, comprised of 15
commercial properties, in the United Kingdom and Ireland in which we
invested $77.4 million.
-
In July, the Company drew an additional $40.0 million on its line of
credit to fund acquisitions.
Conference Call and Webcast Details
The Company will hold a live conference call and webcast to discuss
results at 7 a.m. PT/ 10 a.m. ET on Wednesday, August 7.
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 35310499.
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 35310499#.
The webcast will be available at: http://edge.media-server.com/m/p/64nx4hm8/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.
|
Kennedy-Wilson Holdings, Inc. and Subsidiaries
|
|
Consolidated Balance Sheets
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
June 30, 2013
|
|
|
|
|
December 31, 2012
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
139,651,000
|
|
|
|
|
|
$
|
120,855,000
|
|
|
Short term investments
|
|
|
|
|
—
|
|
|
|
|
|
10,000,000
|
|
|
Accounts receivable
|
|
|
|
|
7,384,000
|
|
|
|
|
|
3,647,000
|
|
|
Accounts receivable - related parties
|
|
|
|
|
22,170,000
|
|
|
|
|
|
22,393,000
|
|
|
Notes receivable
|
|
|
|
|
12,840,000
|
|
|
|
|
|
136,607,000
|
|
|
Notes receivable - related parties
|
|
|
|
|
8,552,000
|
|
|
|
|
|
—
|
|
|
Real estate, net of accumulated depreciation
|
|
|
|
|
488,435,000
|
|
|
|
|
|
289,449,000
|
|
|
Investments in joint ventures
|
|
|
|
|
694,664,000
|
|
|
|
|
|
543,193,000
|
|
|
Investments in loan pool participations
|
|
|
|
|
68,719,000
|
|
|
|
|
|
95,601,000
|
|
|
Other assets
|
|
|
|
|
46,867,000
|
|
|
|
|
|
38,079,000
|
|
|
Goodwill
|
|
|
|
|
23,965,000
|
|
|
|
|
|
23,965,000
|
|
|
Total assets
|
|
|
|
|
$
|
1,513,247,000
|
|
|
|
|
|
$
|
1,283,789,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
2,051,000
|
|
|
|
|
|
$
|
1,762,000
|
|
|
Accrued expenses and other liabilities
|
|
|
|
|
37,788,000
|
|
|
|
|
|
29,417,000
|
|
|
Accrued salaries and benefits
|
|
|
|
|
11,349,000
|
|
|
|
|
|
24,981,000
|
|
|
Deferred tax liability
|
|
|
|
|
12,720,000
|
|
|
|
|
|
22,671,000
|
|
|
Mortgage loans and notes payable
|
|
|
|
|
318,813,000
|
|
|
|
|
|
236,538,000
|
|
|
Senior notes payable
|
|
|
|
|
409,348,000
|
|
|
|
|
|
409,640,000
|
|
|
Borrowings under line of credit
|
|
|
|
|
30,000,000
|
|
|
|
|
|
—
|
|
|
Junior subordinated debentures
|
|
|
|
|
40,000,000
|
|
|
|
|
|
40,000,000
|
|
|
Total liabilities
|
|
|
|
|
862,069,000
|
|
|
|
|
|
765,009,000
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Preferred stock:
|
|
|
|
|
|
|
|
|
|
|
|
6.00% Series A, 100,000 shares
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
6.45% Series B, 32,550 shares
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
Common stock
|
|
|
|
|
7,000
|
|
|
|
|
|
6,000
|
|
|
Additional paid-in capital
|
|
|
|
|
663,575,000
|
|
|
|
|
|
512,835,000
|
|
|
Accumulated deficit
|
|
|
|
|
(22,283,000
|
)
|
|
|
|
|
(5,910,000
|
)
|
|
Accumulated other comprehensive income
|
|
|
|
|
361,000
|
|
|
|
|
|
12,569,000
|
|
|
Shares held in treasury
|
|
|
|
|
—
|
|
|
|
|
|
(9,856,000
|
)
|
|
Total Kennedy-Wilson Holdings, Inc. stockholders’ equity
|
|
|
|
|
641,660,000
|
|
|
|
|
|
509,644,000
|
|
|
Noncontrolling interests
|
|
|
|
|
9,518,000
|
|
|
|
|
|
9,136,000
|
|
|
Total equity
|
|
|
|
|
651,178,000
|
|
|
|
|
|
518,780,000
|
|
|
Total liabilities and equity
|
|
|
|
|
$
|
1,513,247,000
|
|
|
|
|
|
$
|
1,283,789,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennedy-Wilson Holdings, Inc. and Subsidiaries
|
|
Consolidated Statements of Operations
|
|
(Unaudited)
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and leasing fees
|
|
|
$
|
4,754,000
|
|
|
|
$
|
4,101,000
|
|
|
|
$
|
9,463,000
|
|
|
|
$
|
7,257,000
|
|
|
Management and leasing fees - related parties
|
|
|
9,356,000
|
|
|
|
6,131,000
|
|
|
|
17,313,000
|
|
|
|
11,716,000
|
|
|
Commissions
|
|
|
936,000
|
|
|
|
1,370,000
|
|
|
|
1,460,000
|
|
|
|
2,036,000
|
|
|
Commissions - related parties
|
|
|
4,448,000
|
|
|
|
1,031,000
|
|
|
|
4,840,000
|
|
|
|
1,984,000
|
|
|
Sale of real estate
|
|
|
6,096,000
|
|
|
|
—
|
|
|
|
8,514,000
|
|
|
|
—
|
|
|
Rental income
|
|
|
10,365,000
|
|
|
|
1,477,000
|
|
|
|
16,762,000
|
|
|
|
2,947,000
|
|
|
Total revenue
|
|
|
35,955,000
|
|
|
|
14,110,000
|
|
|
|
58,352,000
|
|
|
|
25,940,000
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission and marketing expenses
|
|
|
1,336,000
|
|
|
|
1,340,000
|
|
|
|
1,834,000
|
|
|
|
2,305,000
|
|
|
Compensation and related expenses
|
|
|
18,264,000
|
|
|
|
10,294,000
|
|
|
|
31,884,000
|
|
|
|
19,294,000
|
|
|
Cost of real estate sold
|
|
|
5,130,000
|
|
|
|
—
|
|
|
|
7,002,000
|
|
|
|
—
|
|
|
General and administrative
|
|
|
6,387,000
|
|
|
|
4,888,000
|
|
|
|
11,814,000
|
|
|
|
8,557,000
|
|
|
Depreciation and amortization
|
|
|
4,415,000
|
|
|
|
977,000
|
|
|
|
7,472,000
|
|
|
|
1,914,000
|
|
|
Rental operating expenses
|
|
|
4,582,000
|
|
|
|
921,000
|
|
|
|
7,685,000
|
|
|
|
1,791,000
|
|
|
Total operating expenses
|
|
|
40,114,000
|
|
|
|
18,420,000
|
|
|
|
67,691,000
|
|
|
|
33,861,000
|
|
|
Equity in joint venture income
|
|
|
11,920,000
|
|
|
|
5,108,000
|
|
|
|
11,576,000
|
|
|
|
10,624,000
|
|
|
Interest income from loan pool participations and notes receivable
|
|
|
3,281,000
|
|
|
|
2,876,000
|
|
|
|
6,226,000
|
|
|
|
3,414,000
|
|
|
Operating income
|
|
|
11,042,000
|
|
|
|
3,674,000
|
|
|
|
8,463,000
|
|
|
|
6,117,000
|
|
|
Non-operating income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
199,000
|
|
|
|
1,207,000
|
|
|
|
239,000
|
|
|
|
2,324,000
|
|
|
Acquisition-related gain
|
|
|
—
|
|
|
|
—
|
|
|
|
9,459,000
|
|
|
|
—
|
|
|
Acquisition-related expenses
|
|
|
(510,000
|
)
|
|
|
—
|
|
|
|
(510,000
|
)
|
|
|
—
|
|
|
Gain on sale of marketable securities
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,931,000
|
|
|
Interest expense
|
|
|
(12,531,000
|
)
|
|
|
(7,054,000
|
)
|
|
|
(23,963,000
|
)
|
|
|
(13,224,000
|
)
|
|
Other
|
|
|
—
|
|
|
|
38,000
|
|
|
|
—
|
|
|
|
(74,000
|
)
|
|
Loss from continuing operations before benefit from income taxes
|
|
|
(1,800,000
|
)
|
|
|
(2,135,000
|
)
|
|
|
(6,312,000
|
)
|
|
|
(1,926,000
|
)
|
|
Benefit from income taxes
|
|
|
469,000
|
|
|
|
1,138,000
|
|
|
|
2,172,000
|
|
|
|
2,621,000
|
|
|
(Loss) income from continuing operations
|
|
|
(1,331,000
|
)
|
|
|
(997,000
|
)
|
|
|
(4,140,000
|
)
|
|
|
695,000
|
|
|
Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income from discontinued operations, net of income taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,000
|
)
|
|
|
2,000
|
|
|
Gain (loss) from sale of real estate, net of income taxes
|
|
|
—
|
|
|
|
—
|
|
|
|
217,000
|
|
|
|
(212,000
|
)
|
|
Net (loss) income
|
|
|
(1,331,000
|
)
|
|
|
(997,000
|
)
|
|
|
(3,926,000
|
)
|
|
|
485,000
|
|
|
Net loss (income) attributable to the noncontrolling interests
|
|
|
899,000
|
|
|
|
(128,000
|
)
|
|
|
1,898,000
|
|
|
|
(2,926,000
|
)
|
|
Net loss attributable to Kennedy-Wilson Holdings, Inc.
|
|
|
(432,000
|
)
|
|
|
(1,125,000
|
)
|
|
|
(2,028,000
|
)
|
|
|
(2,441,000
|
)
|
|
Preferred stock dividends and accretion of issuance costs
|
|
|
(2,036,000
|
)
|
|
|
(2,036,000
|
)
|
|
|
(4,072,000
|
)
|
|
|
(4,072,000
|
)
|
Net loss attributable to Kennedy-Wilson Holdings, Inc.
common shareholders
|
|
|
$
|
(2,468,000
|
)
|
|
|
$
|
(3,161,000
|
)
|
|
|
$
|
(6,100,000
|
)
|
|
|
$
|
(6,513,000
|
)
|
|
Basic and diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per basic and diluted - continuing operations
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.12
|
)
|
|
Earnings (loss) per basic and diluted - discontinued
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Earnings (loss) per share - basic and diluted(a)
|
|
|
$
|
(0.03
|
)
|
|
|
$
|
(0.06
|
)
|
|
|
$
|
(0.09
|
)
|
|
|
$
|
(0.13
|
)
|
|
Weighted average shares outstanding for basic and diluted
|
|
|
70,976,247
|
|
|
|
51,401,674
|
|
|
|
66,432,823
|
|
|
|
51,280,986
|
|
|
Dividends declared per common share
|
|
|
$
|
0.07
|
|
|
|
$
|
0.05
|
|
|
|
$
|
0.14
|
|
|
|
$
|
0.10
|
|
_________________________________________
(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
|
|
|
Six Months Ended
|
|
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Net loss attributable to Kennedy-Wilson Holdings, Inc. common
shareholders
|
|
|
|
|
$
|
(2,468,000
|
)
|
|
|
$
|
(3,161,000
|
)
|
|
|
$
|
(6,100,000
|
)
|
|
|
$
|
(6,513,000
|
)
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
|
4,415,000
|
|
|
|
977,000
|
|
|
|
7,472,000
|
|
|
|
1,914,000
|
|
|
Kennedy Wilson's share of depreciation and amortization included in
investment in joint ventures
|
|
|
|
|
10,167,000
|
|
|
|
4,000,000
|
|
|
|
19,477,000
|
|
|
|
7,900,000
|
|
|
Stock-based compensation
|
|
|
|
|
1,662,000
|
|
|
|
1,207,000
|
|
|
|
3,431,000
|
|
|
|
2,078,000
|
|
|
Adjusted Net Income Attributable to Kennedy-Wilson Holdings, Inc.
Common Shareholders
|
|
|
|
|
$
|
13,776,000
|
|
|
|
$
|
3,023,000
|
|
|
|
$
|
24,280,000
|
|
|
|
$
|
5,379,000
|
|
|
Basic weighted average number of common shares outstanding
|
|
|
|
|
70,976,247
|
|
|
|
51,401,674
|
|
|
|
66,432,823
|
|
|
|
51,280,986
|
|
|
Basic Adjusted Net Income Attributable to Kennedy-Wilson
Holdings, Inc. Common Shareholders Per Share
|
|
|
|
|
$
|
0.19
|
|
|
|
$
|
0.06
|
|
|
|
$
|
0.37
|
|
|
|
$
|
0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennedy-Wilson Holdings, Inc. and Subsidiaries
|
|
EBITDA and Adjusted EBITDA
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Six Months Ended
|
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
|
2013
|
|
|
2012
|
|
|
2013
|
|
|
2012
|
|
Net (loss) income
|
|
|
$
|
(1,331,000
|
)
|
|
|
$
|
(997,000
|
)
|
|
|
$
|
(3,926,000
|
)
|
|
|
$
|
485,000
|
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
12,531,000
|
|
|
|
7,054,000
|
|
|
|
23,963,000
|
|
|
|
13,224,000
|
|
|
Kennedy Wilson's share of interest expense included in investment
in joint ventures and loan pool participations
|
|
|
10,100,000
|
|
|
|
7,715,000
|
|
|
|
20,717,000
|
|
|
|
15,000,000
|
|
|
Depreciation and amortization
|
|
|
4,415,000
|
|
|
|
977,000
|
|
|
|
7,472,000
|
|
|
|
1,914,000
|
|
|
Kennedy Wilson's share of depreciation and amortization included
in investment in joint ventures
|
|
|
10,167,000
|
|
|
|
4,000,000
|
|
|
|
19,477,000
|
|
|
|
7,900,000
|
|
|
Benefit from income taxes
|
|
|
(469,000
|
)
|
|
|
(1,138,000
|
)
|
|
|
(2,172,000
|
)
|
|
|
(2,621,000
|
)
|
|
EBITDA
|
|
|
35,413,000
|
|
|
|
17,611,000
|
|
|
|
65,531,000
|
|
|
|
35,902,000
|
|
|
Stock-based compensation
|
|
|
1,662,000
|
|
|
|
1,207,000
|
|
|
|
3,431,000
|
|
|
|
2,078,000
|
|
|
Adjusted EBITDA
|
|
|
$
|
37,075,000
|
|
|
|
$
|
18,818,000
|
|
|
|
$
|
68,962,000
|
|
|
|
$
|
37,980,000
|
|
Source: Kennedy-Wilson Holdings, Inc.
Kennedy Wilson
Christina Cha, 310-887-6294
Vice President of
Corporate Communication
[email protected]
www.kennedywilson.com
|