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- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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Operating Income

Non-Operating Income (Loss)

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Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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Net Income Attributable to Owners of the Company

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Other Adjustments

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Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Discontinued Operations

KW

KW fundamentals

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