Kennedy-Wilson Holdings, Inc. (NYSE: KW) ("Kennedy
Wilson," "we," "us," "our," or the "Company"), an international real
estate investment and services company, today reported a fourth quarter
2012 net income attributable to common shareholders of $8.9 million (or
$0.15 and $0.14 per basic and diluted share, respectively) compared to a
net income attributable to common shareholders of $8.0 million (or $0.17
and $0.14 per basic and diluted share, respectively) for the same period
in 2011. Net income attributable to common shareholders, adjusted for
stock-based compensation expense, was $12.0 million (or $0.20 per basic
share) compared to a net income of $9.3 million for the same period in
2011 (or $0.20 per basic share).
Full year 2012 net loss attributable to common shareholders was $3.9
million (or $0.07 per basic and diluted share) compared to a loss of
$2.4 million (or $0.05 per basic and diluted share) for the same period
in 2011. Net income attributable to common shareholders for the full
year 2012, adjusted for stock-based compensation expense and common
stock issuance discount treated as preferred dividend (for 2011), was
$4.3 million (or $0.08 per basic share) compared to net income of $3.3
million (or $0.08 per basic share) for the same period in 2011.
The Company's earnings before interest, taxes, depreciation, and
stock-based compensation expense ("Adjusted EBITDA") for the fourth
quarter of 2012 was $44.9 million, a 51% increase from $29.7 million for
the same period in 2011. The Company's Adjusted EBITDA for the full year
ended December 31, 2012 was $100.3 million, a 41% increase from $71.2
million for the same period 2011.
"The company had a very active and successful fourth quarter with more
than $1.3 billion of acquisitions in the U.S., United Kingdom and
Ireland," said William McMorrow, chairman and CEO of Kennedy Wilson.
"Our key operating metrics and recurring cash flow are improving each
quarter, and we continue to see significant investment opportunities in
our core markets."
The company also announced that it will pay a dividend of $0.07 per
share, a 40% increase from the previous quarter, to common shareholders
of record as of March 22, 2013 with a payment date of April 2, 2013. The
quarterly payment equates to an annual dividend of $0.28 per common
share.
Kennedy Wilson Recent Highlights
Investments business
Investment Account
-
As of December 31, 2012, our investment account (Kennedy Wilson's
equity in real estate, joint ventures, loan investments and marketable
securities, less mortgage debt) increased by 42% to $828.3 million
from $582.8 million at December 31, 2011. This change was comprised of
approximately $469.6 million (including $230.3 million during the
fourth quarter) of cash contributed to, offset by income earned on
investments and approximately $224.0 million (including $60.0 million
during the fourth quarter) of cash distributed from investments.
-
As of December 31, 2012, the Company and its equity partners owned
16.1 million rentable square feet of real estate including 14,764
apartment units and 30 commercial properties. Additionally, as of
December 31, 2012, the Company and its equity partners owned $2.2
billion in loans secured by real estate and over 3,300 acres of land.
Operating metrics
-
During the three months ended December 31, 2012, our investments
business achieved an Adjusted EBITDA of $42.0 million, a 159% increase
from $16.1 million for the same period in 2011.
-
During the year ended December 31, 2012, our investments business
achieved an Adjusted EBITDA of $88.5 million, a 68% increase from
$52.7 million for the same period in 2011.
-
During the year ended December 31, 2012, based on 9,015 same property
multifamily units, rental revenues and net operating income increased
by 3.6% and 5.9%, respectively, while percentage leased decreased by
0.2% from 2011. In addition, based on 2.2 million square feet of same
property commercial real estate, rental revenues, net operating income
and occupancy increased by 9.9%, 13.2% and 5.1%, respectively.
Acquisition/disposition program
-
From January 1, 2010 through December 31, 2012, the Company and its
equity partners, acquired approximately $8.0 billion of real estate
related investments (includes unpaid principal balance of loan
purchases). During 2012, the Company and its equity partners acquired
$2.9 billion of real estate related investments. This includes $1.4
billion of real estate and $1.5 billion of loans secured by real
estate in which we invested $206.1 million and $196.2 million,
respectively.
-
During the year ended December 31, 2012, the Company and its equity
partners sold six multifamily properties (through property sales and
sale of equity interest) located in the Western U.S. for a total of
$251.7 million, which resulted in a total gain of $33.7 million, of
which our share was $10.1 million ($20.7 million of our equity
invested).
Property level debt financing
-
During the year ended December 31, 2012, the Company and its equity
partners completed approximately $928.7 million of property financings
and re-financings at an average interest rate of 3.8% and a weighted
average maturity of 6.0 years.
-
During the year ended December 31, 2011, the Company and its equity
partners completed approximately $1.6 billion of property financings
and re-financings at an average interest rate of 4.2% and a weighted
average maturity of 3.3 years.
Key Investment Updates
UK Loan Pool
-
Our current equity in this investment is $60.4 million; we own 12.5%
before carried interest.
-
In December 2011, we and our equity partners acquired a loan pool
secured by real estate located in the United Kingdom with an unpaid
principal balance of $2.1 billion. As of December 31, 2012, the unpaid
principal balance was $765.8 million due to loan resolutions of
approximately $1.3 billion, representing 64% of the pool. The total
debt incurred at the venture level at the time of purchase of these
loans was $323.4 million with a maturity date of October 2014. As a
result of the loan resolutions, the venture level debt has been paid
down by $297.6 million to $25.8 million as of December 31, 2012.
KW Residential, LLC
-
Our current equity in this investment is $102.7 million; we own 40.9%
before carried interest.
-
Maintained 96.4% occupancy in 50 apartment buildings with over 2,400
units.
-
Since Fairfax Financial became our partner in the Japanese apartment
portfolio in September 2010, we have distributed a total of $56.5
million, of which our share was $26.4 million.
Services business
-
Management and leasing fees and commissions decreased by 42% to $17.8
million for the three months ended December 31, 2012 from $30.8
million for the same period in 2011.
-
During the three months ended December 31, 2012, our services business
achieved an EBITDA of $9.0 million, a 53% decrease from $19.2 million
for the same period in 2011.
-
Management and leasing fees and commissions decreased by 7% to $53.3
million for the year ended December 31, 2012 from $57.1 million for
the same period in 2011. Included in management and leasing fees and
commissions for the year ended December 31, 2012 and 2011 are $4.4
million and $21.6 million, respectively, of acquisition fees related
to the acquisition of the Bank of Ireland stock and the UK loan pool
in 2011. Excluding the acquisition fees, the Company achieved a 38%
increase in management and leasing fees and commissions for the year
ended December 31, 2012 as compared to the same period in 2011.
-
During the year ended December 31, 2012, our services business
achieved an EBITDA of $20.2 million, a 22% decrease from $25.7 million
for the same period in 2011. Excluding the acquisition fees related to
the acquisition of the Bank of Ireland stock and the UK loan pool in
2011 of $4.4 million and $21.6 million for the year ended December 31,
2012 and 2011, respectively, the Company achieved a 282% increase in
its services EBITDA for the year ended December 31, 2012 as compared
to the same period in 2011.
Corporate financing
-
In July 2012, the Company issued 8.6 million shares of common stock
primarily to institutional investors, resulting in gross proceeds of
$112.1 million, of which $40.0 million was used to pay off the
outstanding balance on our line of credit.
-
During the three months ended December 31, 2012, the Company issued
$155.0 million of senior notes.
Subsequent events
-
Subsequent to December 31, 2012, we have acquired or have entered into
contracts to acquire approximately $1.2 billion of real estate related
investments which include 1.6 million rentable square feet of real
estate, comprised of 725 apartment units and one commercial property
along with $727.6 million of loans secured by real estate and 301
residential lots. We expect the acquisitions to be joint venture
investments.
-
Subsequent to December 31, 2012, KW Residential, LLC settled several
Japanese yen related hedges resulting in cash proceeds of $23.7
million to the joint venture, of which our share was $10.6 million.
-
In December 2012, we invested $43.6 million of our equity and borrowed
$79.3 million to acquire a loan secured by a shopping center in the
United Kingdom. Additionally, in partnership with an institutional
investor, we acquired a loan pool with an unpaid principal balance of
$232.3 million, comprised of seven loans secured by 23 underlying
properties in the United Kingdom. Our investment in the pool totaled
$16.0 million. Subsequent to December 31, 2012, we sold 50% of our
interest in both investments to an institutional investor. As a result
of the sale, the loan secured by a shopping center will no longer be
consolidated.
-
During March 2013, we drew $35 million on our unsecured credit
facility.
Conference Call and Webcast Details
The company will hold a live conference call and webcast to discuss
results at 7:00 a.m. PT/ 10:00 a.m. ET on Wednesday, March 13.
The direct dial-in number for the conference call is (800) 706-7745 for
U.S. callers and (617) 614-3472 for international callers. The
confirmation number for the live call is 14209752.
A replay of the call will be available for one week beginning two hours
after the live call and can be accessed by (888) 286-8010 for U.S.
callers and (617) 801-6888 for international callers. The passcode for
the replay is 20403213.
The webcast will be available at: http://edge.media-server.com/m/p/rgvcnd5k/lan/en.
A replay of the webcast will be available two hours after the original
webcast on the Company’s investor relations web site for one year.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Forward-Looking Statements
Statements made by us in this report and in other reports and statements
released by us that are not historical facts constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended (the "Securities Act") and Section 21 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). These
forward-looking statements are necessarily estimates reflecting the
judgment of our senior management based on our current estimates,
expectations, forecasts and projections and include comments that
express our current opinions about trends and factors that may impact
future operating results. Disclosures that use words such as "believe,"
"anticipate," "estimate," "intend," "could," "plan," "expect," "project"
or the negative of these, as well as similar expressions, are intended
to identify forward-looking statements. These statements are not
guarantees of future performance, rely on a number of assumptions
concerning future events, many of which are outside of our control, and
involve known and unknown risks and uncertainties that could cause our
actual results, performance or achievement, or industry results, to
differ materially from any future results, performance or achievements,
expressed or implied by such forward-looking statements. These risks and
uncertainties may include these factors and the risks and uncertainties
described elsewhere in this report and other filings with the Securities
and Exchange Commission (the "SEC"), including the Item 1A. "Risk
Factors" section of our Annual Report on Form 10-K for the year ended
December 31, 2011. Any such forward-looking statements, whether made in
this report or elsewhere, should be considered in the context of the
various disclosures made by us about our businesses including, without
limitation, the risk factors discussed in our filings with the SEC.
Except as required under the federal securities laws and the rules and
regulations of the SEC, we do not have any intention or obligation to
update publicly any forward-looking statements, whether as a result of
new information, future events, changes in assumptions, or otherwise.
Non-GAAP Financial Information
In addition to the results reported in accordance with U.S. generally
accepted accounting principles (GAAP) included within this press
release, Kennedy Wilson has provided certain information, which includes
non-GAAP financial measures (Pro Forma Statements of Operations,
Adjusted Net Loss Attributable to Kennedy Wilson Common Shareholders,
Basic Adjusted Net Loss Attributable to Kennedy Wilson Common
Shareholders Per Share, EBITDA and Adjusted EBITDA). Additionally, there
are certain revenue and expense line items in our pro forma consolidated
statements of operations or income that would otherwise be classified as
discontinued operations on a GAAP statement. Such information is
reconciled to its closest GAAP measure in accordance with the SEC rules
and is included in the attached supplemental tables. Management believes
that these non-GAAP financial measures are useful to both management and
the Company's shareholders in their analysis of the business and
operating performance of the Company. Management also uses this
information for operational planning and decision-making purposes.
Non-GAAP financial measures are not and should not be considered a
substitute for any GAAP measures. Additionally, non-GAAP financial
measures as presented by Kennedy Wilson may not be comparable to
similarly titled measures reported by other companies.
Kennedy-Wilson Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
2012
|
|
|
|
|
|
2011
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
$
|
120,855,000
|
|
|
|
|
|
|
$
|
115,926,000
|
|
Short term investments
|
|
|
|
|
|
|
10,000,000
|
|
|
|
|
|
|
—
|
|
Accounts receivable
|
|
|
|
|
|
|
3,647,000
|
|
|
|
|
|
|
3,114,000
|
|
Accounts receivable—related parties
|
|
|
|
|
|
|
22,393,000
|
|
|
|
|
|
|
15,612,000
|
|
Notes receivable
|
|
|
|
|
|
|
136,607,000
|
|
|
|
|
|
|
7,938,000
|
|
Notes receivable—related parties
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
33,269,000
|
|
Real estate, net of accumulated depreciation
|
|
|
|
|
|
|
289,449,000
|
|
|
|
|
|
|
115,880,000
|
|
Investments in joint ventures
|
|
|
|
|
|
|
543,193,000
|
|
|
|
|
|
|
343,367,000
|
|
Investments in loan pool participations
|
|
|
|
|
|
|
95,601,000
|
|
|
|
|
|
|
89,951,000
|
|
Marketable securities
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
23,005,000
|
|
Other assets
|
|
|
|
|
|
|
38,079,000
|
|
|
|
|
|
|
20,749,000
|
|
Goodwill
|
|
|
|
|
|
|
23,965,000
|
|
|
|
|
|
|
23,965,000
|
|
Total assets
|
|
|
|
|
|
|
$
|
1,283,789,000
|
|
|
|
|
|
|
$
|
792,776,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
|
|
$
|
1,762,000
|
|
|
|
|
|
|
$
|
1,798,000
|
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
29,417,000
|
|
|
|
|
|
|
24,262,000
|
|
Accrued salaries and benefits
|
|
|
|
|
|
|
24,981,000
|
|
|
|
|
|
|
14,578,000
|
|
Deferred tax liability
|
|
|
|
|
|
|
22,671,000
|
|
|
|
|
|
|
18,437,000
|
|
Mortgage loans and notes payable
|
|
|
|
|
|
|
236,538,000
|
|
|
|
|
|
|
30,748,000
|
|
Senior notes payable
|
|
|
|
|
|
|
409,640,000
|
|
|
|
|
|
|
249,385,000
|
|
Junior subordinated debentures
|
|
|
|
|
|
|
40,000,000
|
|
|
|
|
|
|
40,000,000
|
|
Total liabilities
|
|
|
|
|
|
|
765,009,000
|
|
|
|
|
|
|
379,208,000
|
|
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative Preferred stock:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00% Series A, 100,000 shares
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
6.45% Series B, 32,550 shares
|
|
|
|
|
|
|
—
|
|
|
|
|
|
|
—
|
|
Common stock
|
|
|
|
|
|
|
6,000
|
|
|
|
|
|
|
5,000
|
|
Additional paid-in capital
|
|
|
|
|
|
|
512,835,000
|
|
|
|
|
|
|
407,335,000
|
|
Retained earnings (accumulated deficit)
|
|
|
|
|
|
|
(5,910,000
|
)
|
|
|
|
|
|
9,708,000
|
|
Accumulated other comprehensive income
|
|
|
|
|
|
|
12,569,000
|
|
|
|
|
|
|
5,035,000
|
|
Shares held in treasury
|
|
|
|
|
|
|
(9,856,000
|
)
|
|
|
|
|
|
(11,848,000
|
)
|
Total Kennedy-Wilson Holdings, Inc. stockholders’ equity
|
|
|
|
|
|
|
509,644,000
|
|
|
|
|
|
|
410,235,000
|
|
Noncontrolling interests
|
|
|
|
|
|
|
9,136,000
|
|
|
|
|
|
|
3,333,000
|
|
Total equity
|
|
|
|
|
|
|
518,780,000
|
|
|
|
|
|
|
413,568,000
|
|
Total liabilities and equity
|
|
|
|
|
|
|
$
|
1,283,789,000
|
|
|
|
|
|
|
$
|
792,776,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to consolidated financial statements.
Kennedy-Wilson Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended
|
|
|
For the Year Ended
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
|
|
2012
|
|
|
2011
|
|
|
2012
|
|
|
2011
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management and leasing fees
|
|
|
|
|
$
|
10,996,000
|
|
|
|
$
|
9,308,000
|
|
|
|
$
|
40,304,000
|
|
|
|
$
|
27,116,000
|
|
Commissions
|
|
|
|
|
6,790,000
|
|
|
|
21,531,000
|
|
|
|
12,955,000
|
|
|
|
29,960,000
|
|
Sale of real estate
|
|
|
|
|
996,000
|
|
|
|
—
|
|
|
|
2,271,000
|
|
|
|
417,000
|
|
Rental and other income
|
|
|
|
|
4,094,000
|
|
|
|
1,781,000
|
|
|
|
8,526,000
|
|
|
|
5,140,000
|
|
Total revenue
|
|
|
|
|
22,876,000
|
|
|
|
32,620,000
|
|
|
|
64,056,000
|
|
|
|
62,633,000
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commission and marketing expenses
|
|
|
|
|
874,000
|
|
|
|
950,000
|
|
|
|
4,550,000
|
|
|
|
3,965,000
|
|
Compensation and related expenses
|
|
|
|
|
25,176,000
|
|
|
|
16,567,000
|
|
|
|
55,834,000
|
|
|
|
41,129,000
|
|
Cost of real estate sold
|
|
|
|
|
955,000
|
|
|
|
—
|
|
|
|
2,230,000
|
|
|
|
397,000
|
|
General and administrative
|
|
|
|
|
5,797,000
|
|
|
|
5,273,000
|
|
|
|
19,448,000
|
|
|
|
14,455,000
|
|
Depreciation and amortization
|
|
|
|
|
2,034,000
|
|
|
|
970,000
|
|
|
|
4,937,000
|
|
|
|
2,798,000
|
|
Rental operating expenses
|
|
|
|
|
1,858,000
|
|
|
|
1,060,000
|
|
|
|
4,496,000
|
|
|
|
3,308,000
|
|
Total operating expenses
|
|
|
|
|
36,694,000
|
|
|
|
24,820,000
|
|
|
|
91,495,000
|
|
|
|
66,052,000
|
|
Equity in joint venture income
|
|
|
|
|
9,055,000
|
|
|
|
5,346,000
|
|
|
|
21,527,000
|
|
|
|
12,507,000
|
|
Interest income from loan pool participations and notes receivable
|
|
|
|
|
2,130,000
|
|
|
|
2,051,000
|
|
|
|
9,256,000
|
|
|
|
7,886,000
|
|
Operating (loss) income
|
|
|
|
|
(2,633,000
|
)
|
|
|
15,197,000
|
|
|
|
3,344,000
|
|
|
|
16,974,000
|
|
Non-operating income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
435,000
|
|
|
|
1,072,000
|
|
|
|
2,938,000
|
|
|
|
2,306,000
|
|
Acquisition related gain
|
|
|
|
|
25,476,000
|
|
|
|
—
|
|
|
|
25,476,000
|
|
|
|
6,348,000
|
|
Gain on sale of marketable securities
|
|
|
|
|
1,422,000
|
|
|
|
—
|
|
|
|
4,353,000
|
|
|
|
—
|
|
Acquisition-related expenses
|
|
|
|
|
(675,000
|
)
|
|
|
—
|
|
|
|
(675,000
|
)
|
|
|
—
|
|
Interest expense
|
|
|
|
|
(8,616,000
|
)
|
|
|
(6,634,000
|
)
|
|
|
(28,595,000
|
)
|
|
|
(20,507,000
|
)
|
Income from continuing operations before (provision for)
benefit from income taxes
|
|
|
|
|
15,409,000
|
|
|
|
9,635,000
|
|
|
|
6,841,000
|
|
|
|
5,121,000
|
|
(Provision for) benefit from income taxes
|
|
|
|
|
(4,913,000
|
)
|
|
|
(148,000
|
)
|
|
|
208,000
|
|
|
|
2,014,000
|
|
Income from continuing operations
|
|
|
|
|
10,496,000
|
|
|
|
9,487,000
|
|
|
|
7,049,000
|
|
|
|
7,135,000
|
|
Discontinued Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from discontinued operations, net of income taxes
|
|
|
|
|
—
|
|
|
|
8,000
|
|
|
|
2,000
|
|
|
|
8,000
|
|
Gain (loss) from sale of real estate, net of income taxes
|
|
|
|
|
—
|
|
|
|
335,000
|
|
|
|
(212,000
|
)
|
|
|
335,000
|
|
Net income
|
|
|
|
|
10,496,000
|
|
|
|
9,830,000
|
|
|
|
6,839,000
|
|
|
|
7,478,000
|
|
Net income (loss) attributable to the noncontrolling interests
|
|
|
|
|
401,000
|
|
|
|
163,000
|
|
|
|
(2,589,000
|
)
|
|
|
(1,132,000
|
)
|
Net income attributable to Kennedy-Wilson Holdings, Inc.
|
|
|
|
|
10,897,000
|
|
|
|
9,993,000
|
|
|
|
4,250,000
|
|
|
|
6,346,000
|
|
Preferred stock dividends and accretion of issuance costs
|
|
|
|
|
(2,036,000
|
)
|
|
|
(2,036,000
|
)
|
|
|
(8,144,000
|
)
|
|
|
(8,744,000
|
)
|
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc.
common shareholders
|
|
|
|
|
$
|
8,861,000
|
|
|
|
$
|
7,957,000
|
|
|
|
$
|
(3,894,000
|
)
|
|
|
$
|
(2,398,000
|
)
|
Basic earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per basic - continuing operations
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.16
|
|
|
|
$
|
(0.07
|
)
|
|
|
$
|
(0.06
|
)
|
Income (loss) per basic - discontinued
|
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
Earnings (loss) per share - basic (a)
|
|
|
|
|
$
|
0.15
|
|
|
|
$
|
0.17
|
|
|
|
$
|
(0.07
|
)
|
|
|
$
|
(0.05
|
)
|
Weighted average shares outstanding for basic
|
|
|
|
|
60,450,450
|
|
|
|
47,412,858
|
|
|
|
55,285,833
|
|
|
|
42,415,770
|
|
Diluted earnings per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per diluted - continuing operations
|
|
|
|
|
$
|
0.14
|
|
|
|
$
|
0.13
|
|
|
|
$
|
(0.07
|
)
|
|
|
$
|
(0.06
|
)
|
Income (loss) per diluted - discontinued
|
|
|
|
|
—
|
|
|
|
0.01
|
|
|
|
—
|
|
|
|
0.01
|
|
Earnings per share - diluted (a) |
|
|
|
|
$
|
0.14
|
|
|
|
$
|
0.14
|
|
|
|
$
|
(0.07
|
)
|
|
|
$
|
(0.06
|
)
|
Weighted average shares outstanding for diluted
|
|
|
|
|
72,266,197
|
|
|
|
58,896,137
|
|
|
|
55,285,833
|
|
|
|
42,415,770
|
|
Dividends declared per common share
|
|
|
|
|
$
|
0.20
|
|
|
|
$
|
0.11
|
|
|
|
$
|
0.05
|
|
|
|
$
|
0.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
(a) EPS amounts may not add due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennedy-Wilson Holdings, Inc. and Subsidiaries
Adjusted Net Loss Attributable to Kennedy Wilson Common
Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc.
common shareholders
|
|
|
|
|
|
$
|
8,861,000
|
|
|
|
|
$
|
7,957,000
|
|
|
|
|
$
|
(3,894,000
|
)
|
|
|
|
$
|
(2,398,000
|
)
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock based compensation
|
|
|
|
|
|
3,147,000
|
|
|
|
|
1,294,000
|
|
|
|
|
8,147,000
|
|
|
|
|
5,055,000
|
|
Common stock issuance discount treated as preferred dividend
|
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
600,000
|
|
Adjusted Net Income Attributable to
Kennedy Wilson Holdings, Inc. Common Shareholders
|
|
|
|
|
|
$
|
12,008,000
|
|
|
|
|
$
|
9,251,000
|
|
|
|
|
$
|
4,253,000
|
|
|
|
|
$
|
3,257,000
|
|
Basic weighted average number of
common shares outstanding
|
|
|
|
|
|
60,450,450
|
|
|
|
|
47,412,858
|
|
|
|
|
55,285,833
|
|
|
|
|
42,415,770
|
|
Basic Adjusted Net Loss Attributable to
Kennedy Wilson Holdings, Inc. Common Shareholders Per Share
|
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
0.20
|
|
|
|
|
$
|
0.08
|
|
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kennedy-Wilson Holdings, Inc. and Subsidiaries
EBITDA and Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Year Ended
|
|
|
|
|
|
|
December 31,
|
|
|
|
December 31,
|
|
|
|
|
|
|
2012
|
|
|
|
2011
|
|
|
|
2012
|
|
|
|
2011
|
Net income
|
|
|
|
|
|
$
|
10,496,000
|
|
|
|
|
$
|
9,830,000
|
|
|
|
|
$
|
6,839,000
|
|
|
|
|
$
|
7,478,000
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add back:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
8,616,000
|
|
|
|
|
6,634,000
|
|
|
|
|
28,595,000
|
|
|
|
|
20,507,000
|
|
Kennedy Wilson's share of interest expense included in investment
in joint ventures and loan pool participations
|
|
|
|
|
|
6,048,000
|
|
|
|
|
8,472,000
|
|
|
|
|
29,412,000
|
|
|
|
|
23,453,000
|
|
Depreciation and amortization
|
|
|
|
|
|
2,034,000
|
|
|
|
|
970,000
|
|
|
|
|
4,937,000
|
|
|
|
|
2,798,000
|
|
Kennedy Wilson's share of depreciation and amortization included
in investment in joint ventures
|
|
|
|
|
|
9,614,000
|
|
|
|
|
2,342,000
|
|
|
|
|
22,599,000
|
|
|
|
|
13,900,000
|
|
Provision for (benefit from) income taxes
|
|
|
|
|
|
4,913,000
|
|
|
|
|
148,000
|
|
|
|
|
(208,000
|
)
|
|
|
|
(2,014,000
|
)
|
EBITDA
|
|
|
|
|
|
41,721,000
|
|
|
|
|
28,396,000
|
|
|
|
|
92,174,000
|
|
|
|
|
66,122,000
|
|
Stock-based compensation
|
|
|
|
|
|
3,147,000
|
|
|
|
|
1,294,000
|
|
|
|
|
8,147,000
|
|
|
|
|
5,055,000
|
|
Adjusted EBITDA
|
|
|
|
|
|
$
|
44,868,000
|
|
|
|
|
$
|
29,690,000
|
|
|
|
|
$
|
100,321,000
|
|
|
|
|
$
|
71,177,000
|
|