Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q3 2024 Results Conference Call November 7, 2024 12:00 PM ET
Company Participants
Daven Bhavsar - Vice President, Investor Relations
Bill McMorrow - Chairman & Chief Executive Officer
Matt Windisch - President
Justin Enbody - Chief Financial Officer
Michael Pegler - President, Europe
Conference Call Participants
Anthony Paolone - JPMorgan
Operator
Hello, and welcome to the Kennedy-Wilson Third Quarter 2024 Conference Call and Webcast. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to hand the call to Daven Bhavsar, Head of Investor Relations. Please go ahead.
Daven Bhavsar
Good morning, and thank you for joining us today. Today's call will be webcast live and will be archived for replay. The replay will be available for phone for one week and by webcast for three months. Please see the Investor Relations website for more information.
With me today are Bill McMorrow, CEO; Matt 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 to the most directly comparable GAAP financial measure and our third 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, Bill McMorrow.
Bill McMorrow
Daven, thank you, and thank you, everybody, for joining the call today. Yesterday, we reported our results for the third quarter, which highlighted improving operating fundamentals in our multifamily portfolio, continued growth of our investment management business and further progress on our non-core asset sale program.
Looking at our key portfolio metrics, AUM, assets under management has grown to $28 billion versus $25 billion at 12/31/23. Estimated annual NOI has grown to $492 million and fee-bearing capital grew to a record $8.8 billion.
Rental housing continues to be our major focus, with our portfolio today comprised of 60,000 multifamily or student housing units that we either have an ownership interest in, or are financing through our credit platform.
Starting in 2014, we embarked on a $3 billion ground-up development program, largely focused on multifamily communities. Since then, we have completed 9,000 units, including approximately 3,000 market rate units and 6,000 affordable housing units through our Vintage Housing venture.