Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q1 2022 Earnings Conference Call May 5, 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
Derek Johnston – Deutsche Bank
Anthony Paolone – JPMorgan
Sheila McGrath – Evercore
Operator
Good day, and welcome to Kennedy-Wilson's First Quarter 2022 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note this event is being recorded.
And now I would 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 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 one week and by webcast for three months. Please see the Investor Relations section of our 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 a reconciliation to the most directly comparable GAAP financial measure and our first 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
Good morning, everyone, and thanks, Daven, and thank you, everybody, for joining us today. I'm pleased with the Q1 results that we reported yesterday. After a year of record results in 2021, our business is off to a very strong start in 2022. Operating results continue to improve, driven by robust tenant demand, the completion of construction, new acquisitions and increasing rental rates and asset values, all resulting in an improvement in our key financial metrics, including adjusted EBITDA, which increased by 25% from Q1 of last year and totals $160 million.