KW
Kennedy-Wilson Holdings, Inc.9.75
-0.19-1.91%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Q&A reaffirms growth, adds color
Q&A largely reaffirmed the prepared remarks' emphasis on investment management growth and noncore sales, while deftly sidestepping go-private queries. Management pegged multifamily cap rates at high 4s to high 5s, steady amid supply dynamics, and detailed Toll Brothers development targeting 125-175 bps spreads over market in West/East Coast spots. No government shutdown hit to affordable NOI yet; Q3 loan originations slowed seasonally with competition, but pipelines hum. UK SFR platform nears 1,300 homes, more buys eyed into 2026; office occupancy slips proved timing blips, with backfills at better rents signed. Q&A added modest color. Watch Toll close and leasing momentum.
Key Stats
Market Cap
1.34BP/E (TTM)
-Basic EPS (TTM)
-0.27Dividend Yield
0.05%Recent Filings
8-K
First closing of Toll platform deal
Kennedy-Wilson completed the first phased closing on December 5, 2025, of its $379.6 million acquisition of Toll Brothers' apartment platform, investing $102.5 million for interests in four completed multifamily/student housing properties and key development pipeline assets. Total company investment upon full close: $126.3 million for ~8% of 5,056-unit portfolio and 95% of pipeline. Key team joined. Remaining closings eyed for Dec 2025-Jan 2026, but not assured.
10-Q
Q3 FY2025 results
Kennedy Wilson posted Q3 revenue down 9% y/y to $116.4M (derived), driven by rental declines from non-core sales and deconsolidations, yet co-investment fees rose 8% y/y to $23.4M on AUM growth to $31B. Net loss narrowed to $21.2M from $77.4M y/y, with gains on $11.1M real estate sales and $34.5M unconsolidated income offsetting $58.4M interest. Cash swelled to $382.6M, mortgage debt fell 9% y/y to $2.4B, revolver holds $448M availability. Recaps freed $155M cash. Office leasing softens.
8-K
Q3 EBITDA doubles to $125M
Kennedy Wilson posted Q3 Adjusted EBITDA of $125.2M, nearly doubling last year, fueled by $30.3M realized gains and Fee-Bearing Capital hitting record $9.7B. YTD dispositions generated $470M cash, beating the $400M target. Pending Toll Brothers acquisition adds $5B AUM. Recaps trimmed ownership in key multifamily holdings.
8-K
Buyout proposal at $10.25/share
Kennedy-Wilson received a $10.25-per-share cash buyout proposal on November 4, 2025, from a consortium led by CEO William McMorrow and Fairfax Financial, who own ~31% of shares. It offers a 38% premium to the prior close. Board formed special committee to evaluate. No financing hurdles. Deal uncertain.
8-K
Notes fully redeemed
IPO
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