morning, Good today. for joining and Daven. Thanks thank everybody, you us
of We fourth quarter year to both for the are the full report pleased and record results XXXX.
adjusted strategic of annual levels public XXth of GAAP initiatives, result of income we adjusted XXXX highest going the net our and as since XXXX. produced was pleased strong a most that execution also year to report As company public I'm a our our as successful in EBITDA, year EPS,
and XXXX. our well review initiatives, XXXX as our we for as will growth discuss highlights key operating This on progress key our morning, our results, outlook
initiatives, from assets. from properties, remains management and our focused growing on recurring non-core strategic growing operating net income revenue team our selling Our investment business, fee executing our global three
continuing We made fronts forward progress all XXXX, momentum to in three XXXX. look in this and on
seller grow of despite able So, annual XXXX, net starting reinvesting in our $XXX being our assets, million to million, property one, to growing NOI. $XX number we're a development with pipeline. by estimated our In and NOI
as progress growth strong The supported our assets. by was stabilizing on results as newly well constructed same property
to is asset focus and growth completion on meaningfully property program, NOI of value construction of add the and years goal organic Our our our through the leasing initiatives. next continue the as our three management growing implementation we both in projects
We from million NOI expect the million the to add of initiatives. year-end construction by leasing including $XXX our projects of next of XXXX and year implementation $XX end by
We billion our We going KW’s XXXX also acquisitions grow of through billion XX XXXX. in which completed of property at total acquisitions. to acquisitions cost of bringing XX%, NOI was selective gross in since new $X.X share public
generated was investment fee also our second grew our million The and and strong XX% management investment initiative to fee growing promotes. by management for $X of fees. recurring billion management XXXX including fees business. a capital capital our We bearing bearing in year $XX
public. the We our ended we $XXX Fund closing adds of of This VI raised the to in targets. above the in initial going billion at on year a have U.S. which final came high million, approximately capital with since private the $XX note
Private you. Capital. Thank
to to global both continue and estate strong the We in for very and Europe. continue raise see real commercial in demand U.S. capital
funds that major pension last company a world's a sovereign the and interest years long the global companies. of We is number XX track term have insurance a unique built proven with from record plans, over wealth drawing
gross raise goal billion an capital. additional of fee-bearing our XXXX, to is X For
business our investment first We further management growth progress have in the and already of half in made months of year, XXXX. first the in the great expect two
three, sale our Number the of non-core assets.
have and assets and completed higher capital execute higher with potential. investments, our business where continue sale plan, our quality return selling a into program assets We asset recycle to can we non-core other
.XX% XX% of generating a million $XXX ownership million, of wholly-owned European was in QX XXX our portfolio for of where return For the sold cost XX disposed in we assets we quarter, of of sales on assets our were our XX%. which
for quarterly down which Our a account ago. only from of our XX% sales hotels and assets, XX% portfolio total were focused wholly-owned retail now year together on
assets For our we X.X year, ownership the sold billion XX%. of of which was
sales in U.S. Europe in Our were million $XXX and and the of KW. XX% cash to XX% generated
in expect On X% our XX% in of development, excess deployed to XX% cash we $XXX million investment London, our into the XXXX, non-core opportunities be new a development investment to XXX-unit assets month. value-add of of new across share used East and to with projects million fund last to These KW investments, closed Point, sales, front, including proceeds repurchases. CapEx million and platform. CapEx the in sale our and of $XXX which multifamily XXXX into will into capital Pioneer In going $XXX assets and we from generate recycled
real with The strong low $XX global Commercial asset remains real global investment today estate after estate trillion sought highly be to and class. yielding continues historically environment a debt. interest in negative rates over
find were Having assets purchased of we directly with transacted relationship we're Over the where our sourced ten able in off-market network $XX last opportunities. global half years, off-market and leverage our of costs to of billion the QX seller. transactions
to low investment, the Across drivers growth, of university multifamily growth, systems U.S. many both good including we rental that and of from workers, continually major of housing. young a our unemployment office job see and population will including all Dublin very favorable talented seek and pool of whom the demand generate markets Western continue U.K. economic
with summarize, office the and expand our Northwest, City in I'm for space. growth Large markets. Dublin, companies demand pleased to and Lake U.S. term prospects Salt of fundamentals long apartments creating underlying incremental continue the technology To the Pacific both and
power excess in own in our in and $X funds separate sheet have liquidity through accounts. balance of our We purchasing billion comingled and
recurring in to capital this And year investment continue both Deploying and expect management growing will fees. great our we enable NOI XXXX. another us
Matt discuss same-property I'd like in Now over the to Windisch. global our call to results detail, more turn to
