The following is a summary of the Kennedy-Wilson Holdings, Inc. (KW) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Rental housing is a major focus with 60,000 multifamily or student housing units and $500 million of equity capital invested across developments since 2020.

• Investment management fees grew 51% to $69 million in 2024.

• Rental housing contributes $305 million to an estimated annual NOI of $492 million.

• Completed $2.1 billion in new loan originations in 2024.

• Disposed of $234 million of assets in Q3, generating $375 million year-to-date, and plans for asset sales expected to generate over $150 million in Q4.

Business Progress:

• Partnering with the Canadian Pension Plan Investment Board (CPPIB) to create a new U.K. single-family rental housing platform, targeting £1 billion in asset purchases.

• Final stages of a $3 billion ground-up development program, almost completing the expenditure of $3 million KW equity.

• Redeeming EUR 175 million of KWE bonds, reducing unsecured maturity liabilities until 2028.

Opportunities:

• Expansion into the U.K.'s single-family rental housing market to address the structural undersupply of housing, with initial investments already made.

• A strong pipeline of over $1.2 billion in new loan origination opportunities that are expected to close soon.

Risks:

• New product market launch in the U.K. presents risks associated with entering new markets and managing new regulatory environments.

More details: Kennedy-Wilson IR

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