Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q4 2022 Earnings Conference Call February 22, 2023 12:00 PM ET
Company Participants
Daven Bhavsar - Vice President, Investor Relations
Bill McMorrow - Chairman and Chief Executive Officer
Mary Ricks - President
Matt Windisch - Executive Vice President
Justin Enbody - Chief Financial Officer
Conference Call Participants
Anthony Paolone - JPMorgan
Derek Johnston - Deutsche Bank
Operator
Good day and welcome to the Kennedy-Wilson Fourth Quarter 2022 Earnings Conference Call. [Operator Instructions] Please note that this event is being recorded today. I would now like to turn the conference over to Daven Bhavsar, Vice President of Investor Relations. Please go ahead.
Daven Bhavsar
Thank you and good morning. This is Daven Bhavsar. Joining us today from Kennedy-Wilson are Bill McMorrow, Chairman and CEO; Mary Ricks, President; Matt Windisch, Executive Vice President; and Justin Enbody, CFO. Today’s call will be webcast live and will be archived for replay. The replay will be available by phone for 1 week and by webcast for 3 months. Please see the Investor Relations website for more information.
On this call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. You can find a description of these items along with the reconciliation of the most directly comparable GAAP financial measure in our fourth quarter 2022 earnings release, which is posted on the Investor Relations section of our website.
Statements made during this call may include forward-looking statements. Actual results may materially differ from forward-looking information discussed on this call due to the number of risks, uncertainties and other factors indicated in reports and filings with the Securities and Exchange Commission.
I would now like to turn the call over to our Chairman and CEO, Bill McMorrow.
Bill McMorrow
Thank you, Daven. Welcome, everybody. Good morning. Yesterday, we reported our fourth quarter and full year results for 2022 and I am pleased with the performance of our company and how we delivered on our strategic initiatives. On the earnings front, we generated $592 million of adjusted EBITDA in 2022, which includes an increase in our recurring NOI and fees by $76 million offset by lower gains from asset sales and changes to our fair value portfolio.
Estimated annual NOI grew by 13% to a record $491 million during the year. Our fee-bearing capital grew by 18% to a record $5.9 billion. These results were in line with the goals that we set out at the beginning of the year. Our assets under management closed the year at $23 billion, up from $18 billion just 2 years ago. We have concentrated almost two-thirds of our stabilized portfolio in sectors where we saw strong cash flow growth, including apartments, logistics, hotel and our floating rate loan portfolio. Fundamentals remain strong across these sectors with multifamily same-store NOI growing by 11% in 2022. We ended the year with strong occupancy across our stabilized apartment and commercial portfolio of over 95%.