Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q2 2024 Earnings Conference Call August 8, 2024 12:00 PM ET

Company Participants

Daven Bhavsar - Vice President, Investor Relations
William McMorrow - Chairman & Chief Executive Officer
Justin Enbody - Chief Financial Officer
Matthew Windisch - President

Conference Call Participants

Anthony Paolone – J.P. Morgan
Joshua Dennerlein - Bank of America
Tayo Okusanya - Deutsche Bank
Alan Parsow - Elkhorn Partners

Operator

Good day, and welcome to the Kennedy-Wilson Second Quarter of 2024 Earnings Call. [Operator Instructions]. Please note that this event is being recorded.

I would like to now turn the call over to Daven Bhavsar, Head of Investor Relations. Please go ahead.

Daven Bhavsar

Thank you, and good morning. Thank you for joining us today. Today's call will be webcast live and will be archived for replay. The replay will be available phone for one week and by webcast for three months. Please see the Investor Relations website for more information.

With me today are William McMorrow, CEO; Matthew Windisch, President; Justin Enbody, CFO; and Mike Pegler, President of Europe. 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 2024 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, William McMorrow.

William McMorrow

Thank you, Daven. Good morning, everybody. Thank you for joining our call.

Yesterday, we reported our results in the second quarter and the first half of 2024, which highlighted improving operating fundamentals on our multifamily portfolio and solid progress on our key initiatives during what has been a challenging 24-month period of time for real estate, given that inflation rates were at a 40-year high and interest rates at a 22-year high.

We saw continued momentum in Q2 within our investment management business and deployed $2 billion of new capital throughout the first half of the year. The deployment includes $1.7 billion through our credit platform, which fully related to the construction of new high quality market rate multifamily and student housing made to best in class sponsors and $300 million on multifamily and industrial acquisitions.