Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q2 2022 Results Conference Call August 4, 2022 12:00 PM ET

Company Participants

Daven Bhavsar - Vice President of Investor Relations

Bill McMorrow - Chairman and Chief Executive Officer

Justin Enbody - Chief Financial Officer

Matt Windisch - Executive Vice President

Mary Ricks - President

Conference Call Participants

Sheila McGrath - Evercore ISI

Anthony Paolone - JPMorgan

Derek Johnston - Deutsche Bank

Operator

Good day, and welcome to the Kennedy-Wilson Second Quarter 2022 Earnings Conference Call and Webcast. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Daven Bhavsar, Vice President of Investor Relations. Please go ahead, sir.

Daven Bhavsar

Thank you, and good morning, everyone. This is Daven Bhavsar. And joining us today from Kennedy-Wilson are Bill McMorrow, Chairman and CEO; Mary Ricks, President; Matt Windisch, Executive Vice President; and Justin Enbody, Chief Financial Officer. 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 and our second 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 a 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

Daven, thanks, and thank you, everybody, for joining us today. Yesterday, we reported our Q2 results and our business is off to a very strong start for the first half of the year. In Q2, we saw a record same-property revenue growth from our U.S. multi-family portfolio as well as a strong performance from our recent multi-family and industrial investments. We generated adjusted EBITDA of $119 million in the quarter.

For the year, to-date, we have generated $279 million in adjusted EBITDA compared to $538 million for the first half of 2021. I'd like to point out that in Q2 of 2021, we had a $330 million gain related to selling a 49% interest in a portfolio of wholly owned multi-family assets. This sale serves as the foundation of a new $1.5 billion U.S. multi-family platform done in partnership with a global institutional investor.