Kennedy Wilson reports Q3 adjusted EBITDA $33.2M vs. $165.9M last year

Reports Q3 revenue $141.3M, consensus $130.88M. The company said, “With high levels of inflation, interest rates at multi-decade highs, and rising geopolitical issues, the global investment environment continues to face headwinds. These factors have impacted our results due to non-cash mark-to-market adjustments in our fair value portfolio for assets which are generally being held as long-term investments in well capitalized joint ventures with institutional partners and are currently producing excellent net operating income. We saw continued strong demand for rental housing and further growth in our debt investment platform and our Fee-Bearing Capital. We also remain on track to complete and lease-up several development projects in the near term, including approximately 1,000 multifamily units delivered in Q3 and over 1,300 units expected to complete by the end of Q2-24, which will continue to convert non-income producing investments into cash flowing assets.”