Kennedy-Wilson Holdings Inc Stock Price, News & Analysis

Kennedy Wilson (NYSE: KW) has launched a cash tender offer to repurchase up to $1 billion of its 5.875% Senior Notes due 2024. As of January 27, 2021, $1.15 billion in Notes were outstanding. The tender offer will expire at midnight on February 24, 2021, unless extended. Holders who tender their Notes by February 9, 2021, can receive a total consideration of $1,015 per $1,000 principal amount, including an early tender premium of $30. The offer is not subject to a minimum tender condition and will be managed by BofA Securities.

Kennedy Wilson (NYSE: KW) will announce its fourth quarter and full year 2020 financial results on February 24, 2021, after market closure. A live conference call is scheduled for February 25, 2021, at 7:00 a.m. PT / 10:00 a.m. ET, where management will discuss the results. U.S. callers can join at (844) 340-4761, while international participants can dial +1 (412) 717-9616. A replay of the call will be available for one week post-event. For more details, visit www.kennedywilson.com.

Kennedy Wilson (NYSE:KW) has formed a joint venture with GIC, Singapore's sovereign wealth fund, to acquire and manage urban logistics properties in the UK, with potential expansion into Ireland and Spain. This venture will initially have a $220 million portfolio of 18 assets, wholly owned by Kennedy Wilson, and aims for total assets of up to $1 billion. Kennedy Wilson will manage the assets, holding a 20% stake while GIC will own 80%. The partnership focuses on growing demand for urban logistics driven by e-commerce and limited space in major cities.

Kennedy Wilson (NYSE:KW) has announced an expansion of its share repurchase program, increasing it from $250 million to $500 million. As of September 30, 2020, the company has repurchased approximately 12.9 million shares for about $232 million since the program's inception in March 2018. The repurchases will occur in the open market or through privately negotiated transactions, with timing and amount being at the company's discretion. This move aims to enhance shareholder value and reflects management's confidence in the company's future prospects.

Kennedy-Wilson Holdings (KW) reported a net loss of $25.1 million for Q3 2020, compared to a net income of $20.7 million in Q3 2019. The company's Adjusted EBITDA also saw a significant decline to $76.3 million from $142.5 million year-over-year. Despite low transaction volumes in Q2 and Q3, KW anticipates a more active Q4, highlighted by the sale of Baggot Plaza for $165 million, generating an estimated gain of $85 million. The company's Fee-Bearing Capital rose by 9% to $3.8 billion, further bolstered by significant loan investments totaling $335 million in the quarter.

Kennedy Wilson (NYSE: KW) has announced a quarterly dividend of $0.22 per share for common shareholders, with an annual total of $0.88 per share. The dividend will be paid to shareholders of record as of December 31, 2020, with a payment date set for January 7, 2021. This payment reflects the company's ongoing commitment to returning value to its investors amidst its real estate investment operations across the Western U.S., U.K., and Ireland.

Kennedy Wilson (NYSE:KW) has acquired 880 multifamily units across three properties in an off-market deal valued at $198 million. This strategic acquisition enhances KW's focus on institutional-quality, garden-style apartments in growing markets in the Western U.S. Plans include value-add asset management through updated amenities and unit interiors. The new portfolio increases KW's total multifamily units to approximately 9,404 in the Mountain States and 30,870 globally, reflecting the company's consistent growth and investment in regions with strong job growth.

Kennedy Wilson has sold Baggot Plaza, a prime office building in Dublin, for $165.4 million to Deka Immobilien, achieving a net initial yield of 4%. The transaction is part of Kennedy Wilson's strategy to recycle the net proceeds of $165.1 million into new investments across Europe. Originally acquired in 2013, the property underwent significant redevelopment, enhancing its value with a LEED Gold certification. The building has been leased to Bank of Ireland, generating a stabilized yield on cost of 8.6%.

Kennedy Wilson (NYSE: KW) will report its Q3 2020 financial results on November 4, 2020, post-market. The company will then host a conference call at 7:00 a.m. PT on November 5, 2020, accessible via a direct dial-in number for U.S. (844) 340-4761 or international callers (+1 (412) 717-9616). A replay will be available for a week following the call. Kennedy Wilson specializes in real estate investments, focusing on multifamily and office properties in the Western U.S., U.K., and Ireland.