Kennedy-Wilson Holdings Inc.: Q2 Earnings Report Highlights
A Surge in Estimated Net Operating Income and Assets Under Management
BEVERLY HILLS, Calif. – August 07, 2024 – Kennedy-Wilson Holdings Inc. (NYSE: KW) today announced its financial results for the second quarter of 2024, reporting a 5% increase in its estimated annual net operating income (NOI) to $485 million.
Key Financial Highlights:
- Estimated annual NOI up 5% to $485 million
- Assets under management (AUM) reached $23 billion, a 5 billion increase
- Fee-bearing capital grew to a record $86 billion
- Investment management fees increased by 94%
- Adjusted EBITDA rose substantially to $2,032 million from $909 million in the prior year
The company also saw an increase in asset realization activity, selling off a number of non-core wholly-owned assets. This contributed to the growth in AUM and the overall strong financial performance.
"We are very pleased with our Q2 results, which reflect the continued growth of our business," said William McMorrow, CEO of Kennedy-Wilson. "Our team's execution of our strategic plan, combined with favorable market conditions, has enabled us to deliver strong financial results and enhance value for our shareholders."
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