BEVERLY HILLS, Calif., May 09, 2011 (BUSINESS WIRE) -- Kennedy-Wilson Holdings, Inc.(NYSE: KW) ("Kennedy Wilson" or the "Company"), an international real estate investment and services company, today reported a first quarter 2011 net loss attributable to Kennedy Wilson common shareholders of $1.0 million (or $0.02 per basic and diluted share) compared to a loss of $3.1 million (or $0.08 per basic and diluted share) for the same period in 2010. Net income attributable to Kennedy Wilson common shareholders adjusted for stock-based and merger-related compensation expense ("Adjusted Net Income") was $171,000 (or $0.00 per basic share) compared to $990,000 (or $0.03 per basic share) for the same period in 2010.
The Company's earnings before interest, taxes, depreciation and stock-based and merger-related compensation expense ("Adjusted EBITDA") for the first quarter 2011 were $15.1 million compared to $5.7 million for the same period in 2010.
1Q 2011 Highlights
Investments
- The Company's investment account (equity in real estate and loan investments) increased by $20.6 million to $384.3 million at March 31, 2011 from $363.7 million as of December 31, 2010.
- Kennedy Wilson's total assets topped $500 million.
Improved Adjusted EBITDA Metrics
- During the three month period ended March 31, 2011, the Company achieved an Adjusted EBITDA of $15.1 million, a 165% increase from $5.7 million for the same period in 2010.
- During the three month period ended March 31, 2011, KW Investments achieved an Adjusted EBITDA of $13.8 million, a 176% increase from $5.0 million for the same period in 2010.
- During the three month period ended March 31, 2011, KW Services achieved an Adjusted EBITDA of $1.8 million, a 38% increase from $1.3 million for the same period in 2010.
Robust Acquisition Program
- During the three month period ended March 31, 2011, the Company and its partners closed $216 million of real estate acquisitions through direct and joint venture investments.
Significant Multifamily Platform
- Kennedy Wilson's current multifamily platform, owned directly and through joint ventures, consists of 12,906 units (including 1,008 units in escrow and excluding 286 units sold on May 6, 2011) within 78 apartment communities. The units are located in California (53%), the Pacific Northwest (28%) and Japan (19%).
- The Company's multifamily portfolio, which is 96% occupied, on a trailing 12-month basis produced an annualized net operating income of $123 million (annualized for communities purchased in 2011 and stabilized for one community in lease up). The current debt associated with these properties is approximately $1.5 billion, and Kennedy Wilson's equity interest in the portfolio is approximately 30%. In many cases, in addition to ownership percentage, Kennedy Wilson has a promoted interest in the profits of these investments. Management believes that the Company's multifamily investments are in supply constrained markets which will experience rent growth over the next several years.
- On May 6, 2011, Kennedy Wilson and its partners sold a 286-unit multifamily project in Anaheim, CA at a 4.8% cap rate.
Expansion of Service Business
- Management and leasing fees increased by 14% to $5.0 million for the three month period ended March 31, 2011 from $4.4 million for the same period in 2010, driven primarily by higher asset management fees earned through the increased investment of partner equity.
- Commissions increased by 44% to $2.6 million for the three month period ended March 31, 2011 from $1.8 million for the same period in 2010, driven primarily by increased acquisition fees generated by the Company's acquisition activities.
Accessed Debt Financing
- During the three month period ended March 31, 2011, the Company and its equity partners completed $333 million of property level financings at a weighted average interest rate of 2.71%.
- In April 2011, the Company completed the sale and issuance of $250 million in aggregate principal amount of senior Notes.
"Our first quarter performance reflects the continued growth of the company and in particular, the increase in recurring cash flow from the previous quarter last year," William McMorrow, chairman and CEO of Kennedy Wilson said. "The company is well capitalized, and we continue to see and pursue buying opportunities."
Conference Call and Webcast Details
The Company will hold a live conference call and webcast to discuss results at 7:00 a.m. Pacific Time/10:00 a.m. Eastern Time on Tuesday, May 10.
The direct dial-in number for the conference call is (866) 804-6928 for U.S. and Canada callers and (857) 350-1674 for international callers. The access code for the live call is 46550173.
A replay of the call will be available for one week beginning two hours after the live call and can be accessed by (888) 286-8010 for U.S. and Canada callers and (617) 801-6888 for international callers. The access code for the replay is 66361055.
The webcast will be available at: phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=217898&eventID=4014457. 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 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including auction, conventional sales, property services 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. 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 (the "Securities Act") and Section 21 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). 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 these 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, 2010. 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 filing 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 (proforma statement of income, Adjusted Net Income, Adjusted Net Income per share and Adjusted EBITDA). Such information is reconciled to its closest GAAP measure in accordance with the SEC rules and is included in the attached supplemental data. 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.
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Kennedy-Wilson Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets |
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March 31, 2011 |
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December 31, 2010 |
| Assets |
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(Unaudited) |
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| Cash and cash equivalents |
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$ |
35,493,000 |
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$ |
46,968,000 |
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| Accounts receivable |
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2,569,000 |
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|
2,097,000 |
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| Accounts receivable--related parties |
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|
7,337,000 |
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|
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|
7,062,000 |
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| Notes receivable |
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|
14,223,000 |
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|
20,264,000 |
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| Notes receivable--related parties |
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6,749,000 |
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3,837,000 |
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| Real estate, net |
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88,313,000 |
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82,701,000 |
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| Investments in joint ventures ($34,719,000 and $34,687,000 carried at fair value as of March 31, 2011 and December 31, 2010) |
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287,408,000 |
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266,886,000 |
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| Loan pool participations |
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27,092,000 |
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25,218,000 |
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| Other assets |
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8,283,000 |
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8,850,000 |
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| Goodwill |
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23,965,000 |
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23,965,000 |
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| Total assets |
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$ |
501,432,000 |
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$ |
487,848,000 |
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| Liabilities and equity |
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| Liabilities |
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| Accounts payable |
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577,000 |
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|
1,504,000 |
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| Accrued expenses and other liabilities |
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|
9,565,000 |
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|
9,064,000 |
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| Accrued salaries and benefits |
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2,579,000 |
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10,721,000 |
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| Deferred tax liability |
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25,873,000 |
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25,871,000 |
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| Notes payable |
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23,383,000 |
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24,783,000 |
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| Borrowings under line of credit |
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46,750,000 |
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27,750,000 |
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| Mortgage loans payable |
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39,454,000 |
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35,249,000 |
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| Junior subordinated debentures |
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40,000,000 |
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40,000,000 |
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| Total liabilities |
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188,181,000 |
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174,942,000 |
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| Equity |
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| Cumulative Preferred stock, $0.0001 par value, 1,000,000 shares authorized, $1,000 per share liquidation preference: |
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| 6.00% Series A, 100,000 shares issued as of March 31, 2011 and December 31, 2010, mandatorily convertible on May 19, 2015 |
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-- |
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-- |
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| 6.452% Series B, 32,550 shares issued as of March 31, 2011 and December 31, 2010, mandatorily convertible on November 3, 2018 |
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-- |
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-- |
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| Common stock, $0.0001 par value: 125,000,000 shares authorized, 41,294,596 and 41,177,658 shares issued and 40,180,056 and 41,179,906 shares outstanding as of March 31, 2011 and December 31, 2010, respectively |
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4,000 |
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4,000 |
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| Additional paid-in capital |
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285,847,000 |
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284,669,000 |
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| Retained earnings |
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16,781,000 |
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17,777,000 |
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| Accumulated other comprehensive income |
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|
8,156,000 |
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|
9,043,000 |
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| Common stock held in treasury, at cost, $0.0001 par value, 1,114,540 and 1,111,690 held at March 31, 2011 and December 31, 2010, respectively |
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(11,332,000 |
) |
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(11,301,000 |
) |
| Total Kennedy-Wilson Holdings, Inc. shareholders' equity |
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$ |
299,456,000 |
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$ |
300,192,000 |
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| Noncontrolling interests |
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13,795,000 |
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12,714,000 |
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| Total equity |
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313,251,000 |
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312,906,000 |
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| Total liabilities and equity |
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$ |
501,432,000 |
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$ |
487,848,000 |
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Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited) |
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Three months ended March 31, |
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2011 |
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2010 |
| Revenue |
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| Management and leasing fees |
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$ |
2,449,000 |
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$ |
2,125,000 |
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| Management and leasing fees--related party |
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|
2,562,000 |
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|
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|
2,282,000 |
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| Commissions |
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|
1,551,000 |
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|
|
|
1,382,000 |
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| Commissions--related party |
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|
1,010,000 |
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|
431,000 |
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| Sale of real estate |
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|
417,000 |
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|
3,937,000 |
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| Rental and other income |
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|
738,000 |
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|
669,000 |
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| Total revenue |
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8,727,000 |
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10,826,000 |
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| Operating expenses |
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| Commission and marketing expenses |
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|
638,000 |
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|
771,000 |
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| Compensation and related expenses |
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7,832,000 |
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9,102,000 |
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| Cost of real estate sold |
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|
397,000 |
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|
2,714,000 |
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| General and administrative |
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|
2,813,000 |
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|
1,758,000 |
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| Depreciation and amortization |
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|
434,000 |
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|
285,000 |
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| Rental operating expense |
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|
411,000 |
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|
241,000 |
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| Total operating expenses |
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12,525,000 |
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14,871,000 |
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| Equity in joint venture income |
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5,256,000 |
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|
657,000 |
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| Interest income from loan pool participations and notes receivable |
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|
2,546,000 |
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|
651,000 |
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| Operating income (loss) |
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|
4,004,000 |
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(2,737,000 |
) |
| Non-operating income (expense) |
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| Interest income |
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|
38,000 |
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|
63,000 |
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| Interest income--related party |
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|
228,000 |
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|
218,000 |
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| Interest expense |
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|
|
(1,529,000 |
) |
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|
|
(2,114,000 |
) |
| Income (loss) before (provision for) benefit from income taxes |
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|
|
2,741,000 |
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|
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(4,570,000 |
) |
| (Provision for) benefit from income taxes |
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|
(663,000 |
) |
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|
1,998,000 |
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| Net income (loss) |
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|
2,078,000 |
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|
(2,572,000 |
) |
| Net income attributable to the noncontrolling interests |
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|
(1,038,000 |
) |
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|
|
(568,000 |
) |
| Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. |
|
|
|
1,040,000 |
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|
(3,140,000 |
) |
| Preferred dividends and accretion of preferred stock issuance costs |
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|
(2,036,000 |
) |
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|
-- |
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| Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders |
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|
|
(996,000 |
) |
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(3,140,000 |
) |
| Other comprehensive loss, net of tax |
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(887,000 |
) |
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(196,000 |
) |
| Total comprehensive loss |
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$ |
(1,883,000 |
) |
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$ |
(3,336,000 |
) |
| Basic and diluted loss per share |
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|
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|
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| Basic and diluted loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders |
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$ |
(0.02 |
) |
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|
$ |
(0.08 |
) |
| Weighted average number of common shares outstanding |
|
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|
40,022,940 |
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|
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38,980,351 |
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Kennedy-Wilson Holdings, Inc.
Proforma Statements of Income
(Unaudited) |
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Three months ended March 31, |
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2011 |
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2010 |
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Pro Rata |
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Pro Rata |
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Unconsolidated |
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Proforma |
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Unconsolidated |
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Proforma |
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Consolidated |
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Investments |
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Total |
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Consolidated |
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Investments |
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Total |
| Revenue |
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Management and leasing fees |
|
$ |
5,011,000 |
|
|
$ |
-- |
|
|
$ |
5,011,000 |
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|
|
$ |
4,407,000 |
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|
$ |
-- |
|
|
$ |
4,407,000 |
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| Commissions |
|
|
2,561,000 |
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|
|
-- |
|
|
|
2,561,000 |
|
|
|
|
1,813,000 |
|
|
|
-- |
|
|
|
1,813,000 |
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| Sales of real estate |
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|
417,000 |
|
|
|
6,126,000 |
|
|
|
6,543,000 |
|
|
|
|
3,937,000 |
|
|
|
-- |
|
|
|
3,937,000 |
|
| Rental and other income |
|
|
738,000 |
|
|
|
18,482,000 |
|
|
|
19,220,000 |
|
|
|
|
669,000 |
|
|
|
5,947,000 |
|
|
|
6,616,000 |
|
| Interest income |
|
|
-- |
|
|
|
3,239,000 |
|
|
|
3,239,000 |
|
|
|
|
-- |
|
|
|
1,879,000 |
|
|
|
1,879,000 |
|
| Total revenue |
|
|
8,727,000 |
|
|
|
27,847,000 |
|
|
|
36,574,000 |
|
|
|
|
10,826,000 |
|
|
|
7,826,000 |
|
|
|
18,652,000 |
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission and marketing expenses |
|
|
638,000 |
|
|
|
-- |
|
|
|
638,000 |
|
|
|
|
771,000 |
|
|
|
-- |
|
|
|
771,000 |
|
| Compensation and related expenses |
|
|
7,832,000 |
|
|
|
-- |
|
|
|
7,832,000 |
|
|
|
|
9,102,000 |
|
|
|
-- |
|
|
|
9,102,000 |
|
| Cost of real estate sold |
|
|
397,000 |
|
|
|
4,732,000 |
|
|
|
5,129,000 |
|
|
|
|
2,714,000 |
|
|
|
-- |
|
|
|
2,714,000 |
|
| General and administrative |
|
|
2,813,000 |
|
|
|
-- |
|
|
|
2,813,000 |
|
|
|
|
1,758,000 |
|
|
|
-- |
|
|
|
1,758,000 |
|
| Rental operating expense |
|
|
411,000 |
|
|
|
5,856,000 |
|
|
|
6,267,000 |
|
|
|
|
241,000 |
|
|
|
2,486,000 |
|
|
|
2,727,000 |
|
| Depreciation and amortization |
|
|
434,000 |
|
|
|
3,725,000 |
|
|
|
4,159,000 |
|
|
|
|
285,000 |
|
|
|
1,949,000 |
|
|
|
2,234,000 |
|
| Total operating expense |
|
|
12,525,000 |
|
|
|
14,313,000 |
|
|
|
26,838,000 |
|
|
|
|
14,871,000 |
|
|
|
4,435,000 |
|
|
|
19,306,000 |
|
| Equity in joint venture income |
|
|
5,256,000 |
|
|
|
(5,256,000 |
) |
|
|
-- |
|
|
|
|
657,000 |
|
|
|
(657,000 |
) |
|
|
-- |
|
| Income from loan pool participations and notes receivable |
|
|
2,546,000 |
|
|
|
(2,546,000 |
) |
|
|
-- |
|
|
|
|
651,000 |
|
|
|
(651,000 |
) |
|
|
-- |
|
|
Operating income (loss) |
|
|
4,004,000 |
|
|
|
5,732,000 |
|
|
|
9,736,000 |
|
|
|
|
(2,737,000 |
) |
|
|
2,083,000 |
|
|
|
(654,000 |
) |
| Non-operating income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest income |
|
|
266,000 |
|
|
|
(266,000 |
) |
|
|
-- |
|
|
|
|
281,000 |
|
|
|
(281,000 |
) |
|
|
-- |
|
| Interest expense |
|
|
(1,529,000 |
) |
|
|
(5,466,000 |
) |
|
|
(6,995,000 |
) |
|
|
|
(2,114,000 |
) |
|
|
(1,802,000 |
) |
|
|
(3,916,000 |
) |
| Income (loss) before (provision for) benefit from income taxes |
|
|
2,741,000 |
|
|
|
-- |
|
|
|
2,741,000 |
|
|
|
|
(4,570,000 |
) |
|
|
-- |
|
|
|
(4,570,000 |
) |
| Provision for income taxes |
|
|
(663,000 |
) |
|
|
-- |
|
|
|
(663,000 |
) |
|
|
|
1,998,000 |
|
|
|
-- |
|
|
|
1,998,000 |
|
| Net income (loss) |
|
$ |
2,078,000 |
|
|
$ |
-- |
|
|
$ |
2,078,000 |
|
|
|
$ |
(2,572,000 |
) |
|
$ |
-- |
|
|
$ |
(2,572,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennedy-Wilson Holdings, Inc.
Adjusted Net Income
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2011 |
|
|
Three months ended
March 31, 2010 |
| GAAP net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders |
|
$ |
(996,000 |
) |
|
|
$ |
(3,140,000 |
) |
| Basic shares outstanding |
|
|
40,022,940 |
|
|
|
|
38,980,351 |
|
| GAAP basic and diluted net income per share |
|
$ |
(0.02 |
) |
|
|
$ |
(0.08 |
) |
|
GAAP net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders |
|
$ |
(996,000 |
) |
|
|
$ |
(3,140,000 |
) |
| Non-GAAP adjustments: |
|
|
|
|
|
|
|
| Plus: Merger-related and stock-based compensation expense |
|
|
1,167,000 |
|
|
|
|
4,130,000 |
|
| Adjusted Net Income |
|
$ |
171,000 |
|
|
|
$ |
990,000 |
|
|
Basic shares outstanding |
|
|
40,022,940 |
|
|
|
|
38,980,351 |
|
| Basic non-GAAP Adjusted Net Income per share |
|
$ |
0.00 |
|
|
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennedy-Wilson Holdings, Inc.
Adjusted EBITDA
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2011 |
|
|
Three months ended
March 31, 2010 |
| Net income (loss) |
|
|
$ |
2,078,000 |
|
|
$ |
(2,572,000 |
) |
| Add back: |
|
|
|
|
|
|
|
|
| Interest expense |
|
|
|
1,529,000 |
|
|
|
2,114,000 |
|
| Kennedy-Wilson's share of interest expense included in investment in joint ventures and loan pool participations |
|
|
|
5,466,000 |
|
|
|
1,802,000 |
|
| Depreciation and amortization |
|
|
|
434,000 |
|
|
|
285,000 |
|
| Kennedy-Wilson's share of depreciation and amortization included in investment in joint ventures |
|
|
|
3,725,000 |
|
|
|
1,949,000 |
|
| Income taxes |
|
|
|
663,000 |
|
|
|
(1,998,000 |
) |
| Merger-related compensation expense |
|
|
|
-- |
|
|
|
2,215,000 |
|
| Stock-based compensation expense |
|
|
|
1,167,000 |
|
|
|
1,915,000 |
|
| Adjusted EBITDA |
|
|
$ |
15,062,000 |
|
|
$ |
5,710,000 |
|
SOURCE: Kennedy-Wilson Holdings, Inc.
Kennedy Wilson
Christina Cha
Marketing & Communications Manager
(310) 887-6294
[email protected]
www.kennedywilson.com |