- **AUM Growth**: 11% YoY to $31 billion, with $9.7 billion fee-bearing capital.
- **Strategic Acquisition**: Toll Brothers deal adds $5 billion AUM, creating 90,000-unit rental platform.
- **Financial Strength**: Adjusted EBITDA doubles to $125 million; $470 million cash from asset sales exceeds $400 million target.
- **Market Momentum**: U.S. same-store NOI +2.4%, U.K. SFR portfolio expands to 1,300 homes.
- **Debt Management**: 96% debt fixed/hedged; $352 million legacy bonds repaid.

**【CEO Opening Remarks】**
- Q3 2025 highlights include 11% year-over-year growth in assets under management (AUM) to $31 billion and fee-bearing capital reaching $9.7 billion.
- Capital deployment of $900 million in Q3, with $3.5 billion year-to-date, focused on rental housing credit and equity investments.
- European expansion: U.K. single-family rental (SFR) platform now has 1,300 homes, with $585 million of $1.3 billion target committed.
- Asset sales generated $470 million in cash year-to-date, exceeding the $400 million target.
- Pending acquisition of Toll Brothers Apartment Living platform adds $5 billion to AUM, creating a national rental housing platform of 90,000 units.

**【CFO Financial Commentary】**
- Q3 adjusted EBITDA doubled to $125 million (vs. $66 million in Q3 2024), with year-to-date growth of 6% to $371 million.
- GAAP EPS improved to -$0.15, up from -$0.56 in Q3 2024, with investment management fees up 8% and income from unconsolidated investments up $55 million.
- Balance sheet strength: $255 million in unrestricted cash, 96% of debt fixed/hedged, and repayment of $352 million in legacy bonds.

**【President's Portfolio Update】**
- Portfolio NOI of $434 million, with 70% in rental housing and industrial assets.
- U.S. same-store NOI growth of 2.4%, driven by Pacific Northwest (3%) and Mountain West (2.6%) regions.
- Affordable housing portfolio expanded to 11,000 units, with 2,000 more units expected to stabilize by year-end.
- European office portfolio occupancy at 91%, with re-leasing at higher rates.

**【Q&A Highlights】**
- **Cap Rates & Development Spreads**: Multifamily cap rates range 4.5%-5.5%, with Toll Brothers developments targeting 125-175 basis points over market cap rates.
- **Government Shutdown Impact**: No material impact on affordable housing portfolio; Q3 NOI decline due to expenses, not subsidies.
- **U.K. SFR Growth**: 1,300 homes acquired year-to-date, with pipeline for further expansion in 2026.
- **Office Portfolio Recovery**: U.K. office occupancy expected to rebound as signed leases complete; Coopers Crossing pipeline improving.


Kennedy-Wilson Holdings, Inc. (KW) Q3 2025 Earnings Call Transcript

- **Record Capital Deployment**: $2.6 billion deployed YTD, 96% into rental housing
- **Asset Sales Beat**: $275 million cash from sales (vs $200M target)
- **Fee Growth**: $36M Q2 fee revenue, 39% Q/Q increase
- **UK SFR Expansion**: 1,200 homes under development, targeting 2,000 units by year-end
- **Debt Reduction**: $170M used to pay down unsecured debt, $100M share buyback remaining

**【CEO Opening Remarks】**
- Q2 2025 revenue exceeded expectations, with $1.7 billion of new capital deployed, bringing total deployment to $2.6 billion YTD.
- Generated $275 million in cash from asset sales, exceeding the $200 million target set in Q1.
- Assets under management (AUM) reached a record $30 billion, up 70% since 2021.
- 65% of AUM now focused on rental housing (70,000 units), with a target to grow to 80% of AUM over the next 2 years.
- Fee-bearing capital reached $9.2 billion, up 39% Q/Q, with $36 million in quarterly fee revenue.

**【CFO Financial Commentary】**
- GAAP EPS: -$0.05 (vs -$0.43 in Q2 2024)
- Adjusted EBITDA: $147 million (up 85% YoY)
- Debt reduction: $170 million used to pay down unsecured line of credit
- Share buybacks: 400,000 shares repurchased at $6.21 avg price
- $113 million of unrestricted cash and $450 million undrawn on $550 million credit facility

**【Q&A Highlights】**
1. **UK Single-Family Rental (SFR) Strategy**
- 1,200 homes under development, targeting 2,000+ units by end-2025
- Target IRR: 15-20% at asset level + fees
- Build-to-rent model with 10%+ discounts from developers

2. **Credit Business Competition**
- 50-70bps spread compression in construction lending
- Differentiation via 55-65% LTV secured loans vs unsecured private credit
- 50%+ of Pac Western portfolio loans repaid with 27% IRR

3. **Asset Sales Outlook**
- $400 million+ asset sales target for 2025
- $275 million achieved YTD, with $125 million+ remaining
- Proceeds to reduce debt and recycle into higher return investments

Kennedy-Wilson (KW)-7 Aug 25-2025 Q2 Earnings call transcript

- **Capital deployment acceleration**: $1B Q1 deployment, targeting $3.5B H1 2025 vs. $4B full-year 2024.
- **Fee growth momentum**: Q1 fees up 17% to $25M, with 20-25% annual growth target supported by $4.5B future credit fundings.
- **Debt reduction progress**: $400-450M asset sales/recaps in 2025 to pay down unsecured debt, including $250M already reduced since 2023.
- **Rental housing resilience**: U.S. apartments seeing 3% renewal rent growth, 28% turnover rate, and 1.5% blended spreads.
- **Affordable housing stability**: 5.5% NOI growth from reduced delinquencies, with only 15% tenant exposure to HUD subsidies.

**【CEO Opening Remarks】**
- Q1 2025 capital deployment of $1 billion, with $3.5 billion expected for H1 2025 vs. $4 billion in 2024, driven by rental housing sector.
- Assets under management (AUM) grew 26% over 2 years to $29 billion, generating $575M annual NOI and $25M in Q1 fees (17% YoY growth).
- 66% of AUM in rental housing (65,000 units) and 65% of new loans in multifamily/student housing post 2023 bank acquisition.
- On track to generate $400-450M from asset sales/recaps in 2025, with $150-200M expected in Q2 to reduce unsecured debt.

**【CFO Financial Commentary】**
- GAAP EPS: -$0.30 (vs. +$0.19 in Q1 2024), baseline EBITDA: $108M (+5% YoY), trailing 12M EBITDA: $412M.
- Balance sheet: $163M cash, $277M undrawn on $550M credit facility, $330M remaining on KWE Eurobonds maturing in Nov.
- 2025 secured maturities: $510M Irish portfolio refinanced at 4.1%, 25 remaining maturities (3.5% of debt) being addressed.
- Total debt: 96% fixed/hedged, 4.8-year WAM, 4.7% WAC.

**【Portfolio Update】**
- Stabilized portfolio: $473M annual NOI (72% from apartments/industrial).
- U.S. apartments: 1.5% blended leasing spreads, 3% renewal rent growth, 28% annualized turnover (vs. 35% in Q1 2024).
- Affordable housing: 5.5% NOI growth from higher median incomes and lower bad debt.
- Ireland: 99% occupancy, 3.5% NOI growth; U.K. offices: 92% occupancy, 17% rent increases.
- Investment management: $25M Q1 fees, $8.7B fee-bearing capital, $4.5B future credit fundings.

**【Q&A Highlights】**
- Fee growth: 20-25% annual target achievable via pipeline and recurring fees, despite timing delays in capital deployment.
- Competition: Pricing down 30-40bps vs. 12-18% spreads, but maintained discipline and repeat business with sponsors.
- Buybacks: Stock buyback program remains underutilized; priority is debt reduction, but may reconsider if NAV gap persists.
- Asset sales: Q2 dispositions expected to close in late June, with cap rates benefiting from multifamily demand and European rate dynamics.
- Affordable housing: 15% tenant exposure to HUD subsidies, no material impact from policy changes expected.


Kennedy-Wilson Holdings, Inc. (KW) Q1 2025 Earnings Call Transcript

- **Investment Management Soars**: 2024 fees hit $100M (+60% YoY), with $1.5B in new originations already closed in 2025. 
- **Capital Recycling Accelerates**: $400M+ cash from asset sales in 2025 to reduce debt and seed new platforms. 
- **Debt Profile Strengthened**: 97% debt hedged/fixed at 4.6%, with $310M unsecured bonds maturing in 2025. 
- **Portfolio Resilience**: 95% apartment occupancy, 5.6% NOI growth Q4, 72% of assets in high-conviction sectors. 
- **U.K. Expansion**: $361M committed to single-family rental platform with CPP, targeting $1.3B AUM. 


**【CEO Strategic Overview】**
- **Investment Management Growth**: 2024 fees reached $100 million, up 60% YoY, driven by credit platform expansion. $1.4 billion in Q4 loan originations and $3.5 billion annually, with $1.5 billion already closed in 2025. 
- **Capital Recycling**: $475 million in 2024 noncore asset sales (vs. $550 million target), with $400+ million expected in 2025. Proceeds to reduce unsecured debt and seed new platforms. 
- **Debt Reduction**: Repaid $185 million of KWE bonds, leaving $310 million maturing in November 2025. Revolving credit facility repaid $78 million Q4. 
- **Portfolio Shift**: 72% of stabilized assets in rental housing (60,000 units) and industrial, up from 49% in 2019. U.S. apartment NOI grew 5.6% Q4, 95% occupancy. 

**【CFO Financial Highlights】**
- **Q4 2024 Results**: GAAP EPS $0.24 vs. loss of $1.78 prior year. Investment Management revenue $30 million (up 83% YoY). Adjusted EBITDA $191 million, baseline EBITDA $98 million (4% YoY growth). 
- **Balance Sheet**: $218 million cash, $452 million undrawn on $550 million credit facility. 97% debt fixed/hedged, weighted average rate 4.6%. 
- **Debt Maturities**: $300 million KWE bonds remaining in 2025. $535 million secured debt maturing, including $210 million Irish portfolio refinancing at mid-4% rates. 

**【Q&A Key Takeaways】**
- **U.K. SFR Platform**: Targeting $1.3 billion AUM with CPP. 36% of $361 million committed. Expected high 5%-6% stabilized yields. 
- **Construction Lending**: $4.1 billion future fundings in 2025, 80%+ deployment in credit. Industrial portfolio 98% occupied, 23% rent growth Q4. 
- **International Markets**: Ireland apartment NOI +10.5% Q4. U.K. office occupancy 88%, 49% rent increases. Dublin office pipeline exceeds 2023 activity. 
- **Supply Dynamics**: Sunbelt markets constrained by developer quality and capital access. 2026 deliveries expected to decline after 2025 ramp-up. 


Kennedy-Wilson (KW)-27 Feb 25-2024 Q4 Earnings call transcript

Kennedy-Wilson (KW)-7 Nov 24-2024 Q3 Earnings call transcript

Kennedy-Wilson (KW)-8 Aug 24-2024 Q2 Earnings call transcript

Kennedy-Wilson (KW)-9 May 24-2024 Q1 Earnings call transcript

Kennedy-Wilson Holdings, Inc. (KW) Q4 2023 Earnings Call Transcript

Kennedy-Wilson (KW)-2 Nov 23-2023 Q3 Earnings call transcript

Kennedy-Wilson Holdings, Inc. (KW) Q2 2023 Earnings Call Transcript

Kennedy-Wilson Holdings, Inc. (KW) Q1 2023 Earnings Call Transcript

- **Record Growth**: 2022 fee-related income +18% to $510M, AUM $23B (vs. $18B 2020). 
- **Debt Platform Surge**: $2.7B AUM debt origination business (6% KW ownership), 2023 originations >$240M/Q4. 
- **Multifamily Strength**: Mountain West NOI +12%, Ireland portfolio NOI +11%, 99% occupancy. 
- **Liquidity & Efficiency**: 97% interest rate hedged, 4.2% debt cost, $439M cash. 
- **2023 Outlook**: $96M NOI from development completions, 5,000 units under construction. 


**【CEO Opening Remarks】**
- **2022 Performance Highlights**: Adjusted EBITDA of $592 million, recurring NOI growth of 13% to $491 million, fee-bearing capital up 18% to $5.9 billion, and AUM of $23 billion (vs. $18 billion in 2020). 
- **Strategic Focus**: 66% of stabilized portfolio in high-cash-flow sectors (apartments, logistics, hotels). Multifamily same-store NOI +11%, 95%+ occupancy across stabilized assets.
- **Investment Approach**: Patient with new acquisitions; Q4 capital deployment via debt platform (unlevered returns >20%) and construction pipeline completion.

**【CFO Financial Commentary】**
- **Earnings**: GAAP EPS $0.16/Q4, $0.47/year; adjusted net income $69M/Q4 ($0.50/share), $265M/year ($1.91/share). 
- **Revenue Growth**: Consolidated revenue +19% YoY, fee-related income +18% to $510M (driven by +27% base mgmt fees, +11% multifamily NOI). 
- **Balance Sheet**: $439M cash, $218M revolver availability. Debt at 4.2% effective rate, 5.6-year WAM. Q4 debt buybacks ($100M) yielded $22M gains. 
- **Liquidity**: $323M debt maturing 2023, half to be repaid via asset sales. 97% interest rate hedged post-Q4.

**【Matt Windisch - Multifamily & Debt】**
- **Multifamily Performance**: 
  - Mountain West: NOI +12%, in-place rents +15%, 5% Q4 leasing spreads. 
  - Pacific NW: NOI +11%, 5% Q4 spreads. 
  - Ireland: 2,500-unit portfolio at 99% occupancy, NOI +11%. 
- **Debt Platform Growth**: 
  - Q4 originations $240M (420bps spread, 55% LTV). 
  - Platform AUM $2.7B (vs. $0 in May 2020). 
  - 6% KW ownership; $3B remaining capacity. 
- **Development Pipeline**: 5,000 units under construction, $96M NOI upon stabilization. 1,700 unit renovations/year (22% IRR). 

**【Mary Ricks - Logistics & Office】**
- **Logistics Growth**: 
  - UK AUM $1.2B (vs. $500M 2021), fee-bearing capital +80%. 
  - Rents +32% YoY, 98% occupancy. 
  - 2023 pipeline: 700k sqft leases >2022 volume. 
- **Office Recovery**: 
  - UK/Europe NOI +10%, US West Coast +8%. 
  - London assets: 100% leased at 101 Buckingham Palace Road, 80%+ at One Embassy Gardens. 
- **Development Success**: 5 assets stabilized Q4 ( NOI +$10M), 2023 completions expected to add $96M NOI. 

**【Q&A Highlights】**
- **Dublin Tech Impact**: Despite global tech pullback, Ireland added 35k tech jobs 2020-22. KW’s Dublin portfolio NOI +11%, 99% occupancy. 
- **Debt Platform Edge**: Repeat borrowers, owner-operator mindset, selective underwriting (LTV 55% vs. industry 70%). 
- **Multifamily Rents**: Q4 market rents flat, but January +2% YoY. 82% leased at Oaks (CA), set to stabilize 2023. 
- **Development Strategy**: Focus on affordable housing (300 units in Camarillo, CA) and value-add projects. No new US office acquisitions planned. 


Kennedy-Wilson (KW)-22 Feb 23-2022 Q4 Earnings call transcript

- **Revenue Growth**: Consolidated revenue up 22% YoY, multifamily NOI +9% YoY. 
- **Development Pipeline**: $3B pipeline to deliver $92M NOI, 83% stabilized by 2024. 
- **Liquidity Strength**: $720M liquidity, 97% debt fixed/hedged. 
- **Dividend Security**: Comfortable with current dividend level, supported by $5.6B fee-bearing capital. 
- **Strategic Focus**: 100% of Q3 investments in multifamily debt and logistics, 99% logistics occupancy. 


**【Management Opening Remarks】**
- Daven Bhavsar introduced the call, noting the company's $22 billion AUM across 37,000 multifamily units and 27M sq.ft. of commercial properties.
- Emphasized the importance of non-GAAP metrics and forward-looking statements.

**【CEO Commentary】**
- **Portfolio Performance**: Q3 NOI up 17% YoY to $130M, driven by multifamily (9% same-property growth) and logistics (99% occupancy). 
- **Development Pipeline**: $3B pipeline expected to deliver $92M NOI, 83% stabilized by end-2024. 
- **Strategic Focus**: 100% of Q3 investments ($700M) in multifamily debt and logistics. 
- **Liquidity Management**: $311M debt maturities in 2023, 60% to be funded via asset sales. 
- **Currency Hedging**: Generated $73M cash from FX hedges in Q3, total $240M since 2013. 

**【CFO Financial Commentary】**
- **Earnings**: GAAP EPS $0.12, adjusted net income $69M ($0.50/share). Year-to-date adjusted EBITDA $444M. 
- **Revenue Growth**: Consolidated revenue up 22% YoY, 3% QoQ. 
- **Balance Sheet**: $720M liquidity (including $420M cash), 97% debt fixed/hedged. 
- **Interest Rate Risk**: 87% of European investments hedged, hedges added $38M to Q3 P&L. 

**【Multifamily Portfolio Update】**
- **U.S. Multifamily**: 13% leasing spreads, 9% NOI growth. Albuquerque acquisition (260 units) with 3.64% fixed-rate debt. 
- **Vintage Affordable Housing**: 6% rent growth, 97.5% occupancy. 
- **Europe**: Dublin NOI up 7%, 1,000+ units under development. 

**【Logistics & Debt Platform】**
- **Logistics**: 11M sq.ft. portfolio, 83% in U.K. with 13% prime rental growth. 
- **Debt Originations**: $320M in Q3 at 430bps spread, $2.6B platform with 7% KW interest. 
- **Hotel Performance**: Shelbourne Hotel NOI $5M in Q3, 90%+ occupancy. 

**【Q&A Highlights】**
- **Cap Rate Environment**: Sold 178-unit Oakland asset at 4% cap rate. Replacement cost 20-30% higher than 2021 levels. 
- **Dividend Sustainability**: Comfortable with current dividend level, $5.6B fee-bearing capital provides cushion. 
- **Market Outlook**: Patient on equity investments, focused on debt platform growth. 


Kennedy-Wilson (KW)-3 Nov 22-2022 Q3 Earnings call transcript

Kennedy-Wilson (KW)-6 Aug 22-2022 Q2 Earnings call transcript

Kennedy-Wilson (KW)-7 May 22-2022 Q1 Earnings call transcript

Kennedy-Wilson (KW)-26 Feb 22-2021 Q4 Earnings call transcript

Kennedy-Wilson (KW)-7 Nov 21-2021 Q3 Earnings call transcript

Kennedy-Wilson (KW)-8 Aug 21-2021 Q2 Earnings call transcript

Kennedy-Wilson (KW)-9 May 21-2021 Q1 Earnings call transcript

Kennedy-Wilson (KW)-27 Feb 21-2020 Q4 Earnings call transcript

Kennedy-Wilson (KW)-8 Nov 20-2020 Q3 Earnings call transcript

Kennedy-Wilson (KW)-9 Aug 20-2020 Q2 Earnings call transcript

Kennedy-Wilson (KW)-10 May 20-2020 Q1 Earnings call transcript

- **2019 Record Year**: Highest GAAP EPS, EBITDA, and net income since 2009, with $14M NOI growth and $79M fee revenue.
- **2020 Growth Targets**: $1B+ fee capital raise, $400M+ asset sales, and $105M NOI by 2023.
- **Key Markets**: Mountain States (8.6% NOI growth) and U.K. (4.7% office vacancy) driving expansion.
- **Debt Efficiency**: 3.5% overall cost, sub-2% in Europe; no immediate refinancing plans.
- **Strategic Focus**: Deploying $400M+ cash into development and off-market acquisitions.

**【CEO Summary Section】**
- **Record 2019 Performance**: Achieved highest annual levels of GAAP EPS, adjusted EBITDA, and adjusted net income since 2009. Q4 and full-year results highlighted strong execution of strategic initiatives.
- **Strategic Pillars**: 
  1. **Property NOI Growth**: $14M annual NOI increase to $421M, driven by same-property growth and development. Targeting $105M NOI by 2023, including $34M by end-2021.
  2. **Fee-Bearing Capital Expansion**: Raised $3B (39% YoY), with $79M in investment management fees. Aims to raise $1B+ in 2020.
  3. **Non-Core Asset Sales**: Sold $1.4B in 2019, generating $536M cash. 2020 expects $400M+ from asset sales, including $130M Pioneer Point sale.
- **2020 Outlook**: Focus on deploying $400M+ cash into development and acquisitions, with a 50:50 split between U.S. and European markets.

**【Management Updates】**
- **Same-Property Results**: Global NOI up 4.9% Q4, 4.1% YoY. Western U.S. multifamily and U.K. commercial led growth (6.2% and 8.6% NOI increases, respectively).
- **Development Pipeline**: $3B+ in construction, targeting 30,000+ units by 2023. Key projects include Dublin's Clancy Quay Phase 3 (266 units) and U.S. senior housing expansion (2,000+ units).
- **Acquisitions**: $1.9B in 2019, 90% in unconsolidated joint ventures. Focus on off-market deals, e.g., $342M Western U.S. multifamily portfolio.

**【Q&A Key Highlights】**
- **Capital Raising**: 2020 target to raise $1B+ fee-bearing capital, offsetting $300-400M from fund liquidations.
- **Market Dynamics**: Mountain States (Salt Lake City, Boise) and U.K. (South East office market) seen as high-growth regions with 4.7% U.K. office vacancy.
- **Debt Strategy**: Overall cost of debt ~3.5%, with sub-2% property-level borrowing in Europe. No immediate plans to refinance 5.75% senior notes.
- **Risk Management**: Minimal COVID-19 impact to date; focused on precautionary measures in property operations.


Kennedy-Wilson (KW)-27 Feb 20-2019 Q4 Earnings call transcript

Kennedy-Wilson (KW)-3 Nov 19-2019 Q3 Earnings call transcript

Kennedy-Wilson (KW)-3 Aug 19-2019 Q2 Earnings call transcript

Kennedy-Wilson (KW)-3 May 19-2019 Q1 Earnings call transcript

- **Record EBITDA growth**: +56% to $713M, driven by multifamily/office asset management
- **Boise leading at 7% growth**: Tech migration fueling West
- **$400-500M asset sales**: Reinvesting into 10,000+ unit pipeline
- **Ireland office market**: 3.9M sqft absorption (vs. 10yr avg 2.5M)
- **Vintage Housing scale**: 10,000 units targeting $25-30M annual fees
- **Debt profile**: 80% fixed-rate, 6+ year avg maturity
- **Share buyback**: 14M shares ($255M) since 2016 at $18.41 avg price

**【CEO Summary Section】**
- Reported record annual Adjusted EBITDA of $713 million, up 56% year-over-year, driven by strong asset management in multifamily and office portfolios.
- Same-property NOI growth of 7% in the U.S. and 5% in Europe, with Boise, ID leading at 7% growth due to tech migration trends.
- Completed $634 million in asset sales, targeting $400-500 million in 2019, with proceeds allocated to development and fee-bearing capital.
- Launched value-add initiatives in 2,500+ units across U.S. and Europe, targeting 20%+ IRR on renovations.

**【CFO Financial Commentary】**
- GAAP EPS of $0.21 vs. $0.83 prior year; Non-GAAP EPS of $1.08 exceeded expectations.
- Ireland office market absorption of 3.9 million sqft (vs. 10-year average 2.5 million), with 8%+ rent growth.
- Vintage Housing JV to scale to 10,000+ units, generating $25-30 million annual fees.
- Ireland development pipeline of 10,000+ units with 6-7% cap rates.

**【Q&A Highlights】**
- Brexit has no impact on UK office demand; 15-20 year leases signed at 10-15% above market.
- Ireland construction costs controlled via fixed-price contracts and in-house management teams.
- Target 4-5% same-property growth in 2019, outpacing market 200-300bps.
- 80%+ of debt fixed-rate, average maturity 6+ years.
- 14 million shares repurchased since 2016 at $18.41 avg price.

Actual										-0.07	-0.3	-0.18	1.21	-0.04	1.53	0.47	0.27	0.24	-0.07	0.12	0.16	-0.3	0.28	-0.66	-1.78	0.19	-0.43	-0.56	0.24	-0.3	-0.05	-0.15	0.21
Forecast										-0.04	-0.07	-0.1334	0.0714	-0.0624	1.155	-0.0468	0.0355	-0.02	0.006	0.0387	0.069	0.0899	0.04	0.08	-0.31	-0.72	-0.55	-0.41	-0.3224	-0.1943	-0.1089	-0.1021	-0.1429
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-75.00%	-328.57%	-34.93%	+1594.68%	+35.90%	+32.47%	+1104.27%	+660.56%	+1300.00%	-1266.67%	+210.08%	+131.88%	-433.70%	+600.00%	-925.00%	-474.19%	+126.39%	+21.82%	-36.59%	+174.44%	-54.40%	+54.09%	-46.91%	+246.96%

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