Company Announces $100M Share Repurchase Program
Global real estate investment firm Kennedy
Wilson (NYSE: KW) today announced a 17% increase in the
common dividend per share to $0.14 per quarter or $0.56 on an annualized
basis. The Company will pay a quarterly dividend to common shareholders
of record as of March 31, 2016 with a payment date of April 7, 2016.
This is the fifth consecutive year the Company has increased its
dividend, over which time the quarterly dividend has increased by 250%.
The Company also announced that its Board of Directors has approved a
new two-year stock repurchase program for up to $100 million of its
common stock. Repurchases under the Company’s new program will be made
in the open market, privately negotiated transactions or otherwise with
the amount and timing of repurchases depending on market conditions and
subject to the Company’s discretion.
Open market repurchases will be structured to comply with the applicable
requirements under Rule 10b-18. This share repurchase plan does not
obligate the Company to acquire any particular amount of common stock,
and it may be extended, modified, suspended or discontinued at any time
at the Company’s discretion.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and commercial
properties located in the Western U.S., UK, Ireland, Spain, Italy and
Japan. To complement our investment business, the Company also provides
real estate services primarily to financial services clients. For
further information on Kennedy Wilson, please visit www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, we may not be able to maintain our current
acquisition or disposition pace or identify future properties to acquire
on terms we consider attractive, and our current property portfolio may
not perform as expected. Furthermore, the capitalization rate of our
investments represents the net operating income of an investment for the
year preceding its acquisition or disposition divided by the purchase or
sale price. Capitalization rates represent historical performance and
are not a guarantee of future net operating income. Accordingly, you
should not unduly rely on these statements, which speak only as of the
date of this press release. We assume no duty to update the
forward-looking statements, except as may be required by law.
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