KW - Earnings call transcript Q1 2022 | Kennedy-Wilson Holdings, Inc.

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Operator

Good day, and welcome to Kennedy-Wilson's First Quarter 2022 Earnings Conference Call and Webcast. All participants will be in a listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please also note this event is being recorded. And now I would like to turn the conference over to Daven Bhavsar, Vice President of Investor Relations. ahead. go Please

Daven Bhavsar

and On good Investor EBITDA be The us and and is this Bhavsar webcast Vice measures, Daven Mary for Today's Financial three Thank months. will for and by for replay will call from morning. webcast replay. Kennedy-Wilson refer joining be President; website Executive Windisch, will today be we including President; and net our available Chairman see Enbody, call, by Relations are and the to Chief Ricks, Officer. will phone you, more live Matt This financial of Justin archived Bill CEO; information. for and one week non-GAAP income. section Please certain adjusted adjusted McMorrow,

may items this Exchange number most first like to made call of information You Relations and filings due statements. discussed with I reports call with along which our can earnings find directly may Investor Statements include GAAP our and a posted the a quarter the measure and now XXXX is section turn website. materially financial release to these over Commission. and call of Chairman CEO, on the other Bill and the would a risks, uncertainties comparable Securities of Actual forward-looking to this to differ reconciliation our on during forward-looking results indicated factors in from McMorrow. description

Bill McMorrow

are the increasing for we I'm rates our all joining driven XXXX, of to on some XXXX. in in to from metrics, $XXX new and Good by of providing asset morning, once rate I'd which markets. an reported results Operating XX% In the results year U.S. today. NOI like acquisitions everybody, we we million. in our by a our and start investment results strong by Daven, and market portfolio continue everyone, After seeing what QX apartment double-digit rental every off including record us U.S., is you, year key strong very background business construction, thanks, financial to robust EBITDA, increased with demand, same-property saw tenant region. adjusted of a improve, values, last resulting of thank yesterday. across totals completion again the start results and including pleased improvement and QX our that in in out growth

XX/XX/XX which XXXX. leasing the completed XX% office environment, roughly XX% moment, As multifamily in world's by announced properties. turn, In managers improving multibillion-dollar an billion grew in QX. of XXXX of few our Dublin, recently in portfolio million The deal were our where UK our a week, from strong $X by The of a estimated a which We multifamily from transactions QX and remainder Matt to in largely under last Investment go investments both In by for quarter, impressive existing and attractiveness versus at office announced which global and of billion towards billion recently units, be saw the a operating at similarly includes stabilizations last corporate Similarly, This high-quality, largest grew just Mary long-term value remained XX% year-end the and for X% are XX/XX/XX. we've existing with velocity assets end. transactions these in These the last $XX and $XXX quarter over our Including X,XXX grown NOI increase strong growth by will our management significant today, to driven a seen XXXX. the two to flow and count year. the the solid and in and across levels $XX development we our acquisitions organic represents market along QX the into $XX our asset which transaction almost demand NOI XX% I increase has to X% grew speaks or reinforces at suburban completed and portfolio. an growth drove multifamily billion results our Ireland, annual units with years. billion of $X.X under in development coincidentally, we fee-bearing XX,XXX totals office in communities. over portfolio expected capital unit and

from which this billion, a now CFO, take lending financial investment, of QX, to Finally, our Justin further call perpetual our opportunities. we commitment to our Along their highlight Fairfax of $X by also increased Financial completed with platform our Fairfax financial ability strengthened investment debt to debt preferred million $XXX position platform billion advantage equity and in now I'd the like to to Enbody, over capacity. QX which the results. our totals $X pass future

Justin Enbody

net million EPS $XX last to we Bill. to adjusted $XX $X.XX GAAP income per last Bill compared compared Thanks, of compared QX in had last was And QX, as mentioned Adjusted million earlier, million of In $XXX to year. EBITDA share was million year. $X.XX year. $XXX diluted

new quarter, as as solid continued to improving management investment growth revenue from $XXX from hotel increased by our of million driven in we well acquisitions, in delivered XX% QX the growth growth XXXX. This strong our by During which revenues consolidated multifamily fees. our was revenues portfolio,

from in QX of QX $XX investment which of QX, to income only another returns include increasing fees income QX up in in attractive in shareholders. million continues QX, from unconsolidated quarter our management year. for resulting and in fee strong $XXX last XXXX. In performance values, base million generate management asset we saw million totaled compared Our investment investments to $XX co-investment promote of $X in portfolio Total million and our accrued

profile. Turning to and sheet debt balance our

monitor continue the debt. actively been to and have We interest in movements our rates managing

matures year, level. all unsecured XXXX at the costs. from reminder, debt maturities is lowering between XXXX of by the of As last of to debt XX% our property a share our next Less refinanced while extended our we secured of year, XXXX all and end the borrowing than which

of call Windisch Matt fixed either our hedged XX% to I'd multifamily to derivatives. discuss rate or our And to debt that, interest with over using is portfolio. turn now like Additionally, the

Matt Windisch

recent of a XXX price same-property XXX of Mountain operating units Thanks, estimated only roughly now years purchase totaled four West. portfolio four the another in quarter to In which units XX% NOI. including continuation of robust our as We the NOI million, $XXX comprises we co-investment our the of over additional Pacific Justin. ago. communities, Northwest, portfolio KW's the in through our annual delivered for gross X,XXX acquired trends half XX%. multifamily saw units QX, This global a portfolio compares strong in growth

remains of. the elevated solid Same new XX%. revenue concessions with by Mountain at XX% in by $X,XXX increasing remained XX% XX% think including leasing our in as region, quarter, that are still with and renewals which property So relocate states. attractive, Average from West. migration this U.S., the largest we higher-cost the XX% leases people spreads to West is current in by sees over starting region rents no approximately given with which Occupancy the in grew extremely remained Mountain speak robust

which unique Albuquerque Bill QX units. portfolio our We recently these as three markets in units million and across Scottsdale, Vegas mentioned Las in another Mountain $XXX high-growth X,XXX we to continue West up brings allocate for to off-market to almost earlier, assets capital acquired and XX,XXX

digits also NOI up to in each same-property California grow and assets Our continued region. Pacific double Northwest with

seen NOI increase a X% Looking increases region. results, at strong sequential our across in seen from with every we've by U.S. QX

positioning up property be to rate wages the U.S. X% has The have in renovated, loss average continue of of portfolio growing NOI XX half an is Our as was the yet affordable strong Rents increase. years. a units to average And our debt and tied market area are portfolio advantage track revenue portfolio. as change income, of attractive XX%. Same has typically summer for us in median for on which months. these lease vintage an to housing over weighted this leasing reminder, well maturity to

We we we XXXX. doubling original existing the be back X,XXX another the to X,XXX acquired units, have units in units will in resulting X,XXX adding

are We office. reopened property Turning saw growth X.X% over returning to Same boost economy has XX%, by occupancy in the of to X%. property the back to resulted as same Dublin. leasing which improved and in employees NOI a

at and an additional complete we continue a multifamily be XX% the housing, undersupply by believers long-term offering track in now units Dock best-in-class of is to Dublin growing to structural Our on population X,XXX a leased, with market remain XXXX. Capital and

I'd to Mary So management with President, to to that, portfolio like business. investment and turn call office our the over our discuss our Ricks,

Mary Ricks

Matt. Thanks,

includes cycling. European Scottish of office foot XXX,XXX and QX, and including Waverleygate, our a our leading comes find from office is the UK where features. high-quality to $XXX to office NOI adjacent opportunities. for In as excellent Over strong we is to connectivity, square occupied the prime well-located Microsoft XX% investment Waverleygate, It we government. continue Amazon, main assets acquired station in XX% property and tenants, environmental portfolio. It the and walking transport and such with railway both million. wellness Turning

building London, the transitioning number all reducing increase wellness initial and consumption that sources rented in and significant and vacancy added market building approximately UK current X% are Buckingham extremely environmental currently has enhancing at XX% features to system, we refurbished expect under Palace an similarities renewable over largest rents We office, initiatives, XXX a management in-place from where our the investment almost a period of $X.X XXX. successfully amenities including NOI tenant to million have Road electric our delivered rate. of energy and to tight as in has Waverleygate

in commercial feet from XXX% increase strong, lease million. a lease estimated lease an growth We foot XX% Physical close of at with average in and transactions driving total tenant QX completing have QX, of of to end term years. in signing we've XXX,XXX attractive weighted Leasing to NOI QX recently and the lease a of our inspections $XX unexpired recent leased, – to annual portfolio. usage square XX,XXX seen XXXX taken a prospective seen across inquiries including QX entire further in a traffic. X.X square We've buildings, new market activity foot expected in occupancy of remains the

office our to Turning developments.

with the in wellness achieved stabilized rental XX,XXX developments we fintech LEED, newer entire environmental, development In Fortune foot to business occupier resulting exceeding building We X%. XX-year continue office our on to in certification. Quay Across cost plan leased building a QX, on meaningful a intelligent We Gold own XXX and our business Hanover rents our demand pre-COVID leading Dublin, portfolio, plans. square and yield tenant an rates ahead was interest and with are Dublin of see lease with technologies. new term completed in in leasing excess attractive assets of which WiredScore WELL on

progress QX. XX% We offer street building in scheduled complete Kildare rents We making above leasing business at office our plan. under already are to great the also is which have development, of at

total, commercial campuses XXX,XXX year most multifamily totals feet which annual Dublin, end in of NOI to slated and is estimated our add of is complete make will XX% desirable next year. and to development is or Cross complete multifamily XXX targeting square and development next relates mixed-use to incremental KW. in that which of and Coopers lease-up city portfolio, top lease-up our which expected finish center ahead, this $XXX will is construction it NOI market. further and to XX% the the XX% assets In of either the Looking office million units global credentials, ESG efficient Approximately one by

on a to cap which average yield, is market completed X% to being are developments current development a spread rates. substantial Our

to growing Growth from investment by in debt the quarter trajectory, Turning XXXX. platform. drivers two billion in in logistics and platform $X.X capital to portfolio. fee-bearing up year-end XX% The QX upward and largest the European management our continues were quarter X% from our its

end origination to the quarter $XXX $XXX with benefit stands $X.X rate. loan of that billion interest Our another from quarter, loans commitments earning loans realization drove outstanding KW is additional to $X $X.X in floating XX% billion. debt the this successful at commitments $X billion We which another double-digit since our with platform, rates of are which as attractive to million billion returns million capacity total given loans at sponsors launch. high-quality rise, with an completed platform of in growing secured

growth increasingly across on is from logistics as just-in-time focused significant they delivered logistics just-in-case from continued rise assets remains last-mile which inventory e-commerce. occupiers Demand benefit also to very the in our from shift We portfolio, management. European that strong

market offer, and Importantly, X.X% in delivered we has continue Ireland million the investments attractive our a industrial with to QX remain platform $X supply, that fund and acquisition across rental little attractive UK lease track grow under to XX% NOI well expected with to approximately with our assets billion the approximately million $XX deep make of find industrial transactions as to continue end made low existing last generate our to the The contacts months. markets, European and across up as our Including at XX through on XX feet opportunities UK square currently. logistics of available uplift grow portfolio Spain. teams are XX rents XXXX. hit on over record Fundamentals of which completed deals

own rental will coupled from low values. remains macro current Our benefit estimated with in-place strong continue to rented vacancies below portfolio property the under platforms. our and credit XX% environment rents benefits logistics and fundamentals We believe both our with

to We like nondiscretionary our announced across of fee-bearing of Bill. to pass platforms. add all existing have This $X.X which over our billion will billion with significantly back it capital. deploy I'd that, $X.X to we look capital to And

Bill McMorrow

Thank you, Mary.

to our to great very our net NOI core two operating management business, the a the our initiatives, global We investment growing growing year, simplify income growing on business receive focused are and management where we our our we continue plus to and of recurring share off is which start fees.

XXXX. previously available the investment quarter I million $XXX debt and and credit, with have cash of our million was maturities lines ended strengthened with through February Fairfax We we $XXX financial from Financial. the As minimal in mentioned, of position

As Justin debt mentioned, or rate rate is property against XX% carries of fixed our increases. and corporate hedged level a

and to attract from deploy significant strategic business. with partner partners management our capital investment to who continue well-capitalized into We global capital have

over at have has We team several that extremely talented invested an KW decades. together

to our ability our and opportunities returns then hands-on and to that, the team for risk-adjusted it thank the initiatives. of with to your investment support source and demonstrated of shareholders, sound you management Board asset enhance consistently up I'd like have through global like partners our KW I'd back teams Our open questions. all any to send for Kennedy-Wilson. And Daven, it to

Operator

comes Derek session. Instructions] Bank. with question We Johnston go And from will begin the now [Operator Deutsche question-and-answer Please ahead. the first

Derek Johnston

capital few I of mean, Hi, very you Bill, asset a the sequentially Or becoming a everybody. basis. a you building is XX% Good part on morning out limit this grow? perhaps growth the there. on year-over-year years business on at there continue may some mentioned point, And to or a The business. meaningful large and growth fee-bearing runway base? and X% that is of or do fund more the adding see ceiling how

Bill McMorrow

go been amplify the Mary where I on Derek. and But bragging, Well, I that our I among there's with think mean only ceiling And partners this. I institutional would name years think without let it, on we've no has we investing. can capital over improved decades

been have We on that together investing going now us with XX like partners in years. some cases been have almost we've investing Fairfax,

we that manage our to Matt you I ability that deploy responsibility the have when lot classes the it's for. It's the are I industrial So main capital. asset balance the invest the as business, properties like our And not – classes thirdly, the the And would ability continue of Mary look asset debt grow partners we're confidence we that in mentioned, just growing while to business. business management the three to business are, asset think buy business that at sheet. our our lending then multifamily on in and/or to a the really has say, in investment

We our for co-investment have multifamily platforms also business.

see the a want ones to office don't your fund three But as on management do But are I so to I smaller Mary, asset business to – this. the directly, that? I ceiling But the office management are today. question classes asset those And along any the you of assets mean, with said, office. really add business part answer or

Mary Ricks

partners mean would add with one are who I think have relationships that we is for the deep thing that looking all I very income. the Yes. I

which really about you lot talk the when the in we're so can is that for And asset think platform, extremely about nature. classes growing, reversionary a I example, logistics

we're well inflationary capital So especially driving dynamics partners e-commerce about in, the I rental environment that of fact, and alongside the you supply-demand and businesses just are for trends heeled the our income I when that the of are think macro want the think reversion in looking we're in us. invest that in think to many business

rents in where marketing and multifamily, and debt those really So space. the industrial you're

Bill McMorrow

and $XX between Yes. billion. now in worth management grew assets just Derek, masked $X to is of we're you're what years two way. which as assets And it I year. the $XX And think billion too, is of each $X.X that I disposing said, somewhere assets is billion number, disposing of Mary, billion under from along the typically ago, also And

see so really over couple factor has of process, that grown management the under thought you into And when the can really years. the much kind how assets you last of

Derek Johnston

that ask Mary Hanover about development but pipeline job Thank behind you. did And about sense. of I really remarks, of a think but in the the Quay, not in to makes lot going opening a I talking project, No, that good ones it. was the near-term are only that

So kind would we've XXXX? Dublin Sherbrooke pivot but occupancy the really hotel, would impressive clearly, of in the a talked expected which rebound about just era? contribution question, you right, begs post-pandemic while, NOI an I be type do in the in see think how to that And occupancy of back, don't a in X.X%, – in performing what something I year-over-year, multifamily, snap

Mary Ricks

our seen remarks, that performing, the for lot we're expect here And We've occupancy about we're about we're the see I energy. Yes. how in we mean, of really here the Dublin mean, said and just There's to city super – week. well continue. are multifamily been as Dublin. a And in just and is And excited buzzing. assets Bill the excited occupancy. I we've his

to the super it's it's busy. Shelbourne same comment. see Shelbourne, great the the of terms In mean I

And at April We're $X will in the to And – we're of looking is the month a have already numbers book what Shelbourne. similar I March. look end just excited really is about doing NOI of when million think about you about – at We the think that the we've then built – now. been we've doing business that.

the So the sold balance we're of for rooms out about XX% year.

base March of euro that been we're are right And as a great so of to to about world, about thing weakens hotel And that's the driving that now were XX% the rate. XXXX. room talking really And we then that in the the from bookings drives seeing other hasn't this, team and American obviously just start of since tourists the sort our America. like your

where excited really going. about Shelbourne the we're So is

least it NOI year, and We expect for we to be at million €XX a exceed this could that.

Bill McMorrow

think, could I you last that. just slightly revenue remembering the March contrast. it in year. add I to I'm March And over the same million $XXX,XXX. I Mary, to numbers That in believe the was hotel the give $X.XX month, was

revenue other go and in I starts see, you'll I here March the from on Dublin October. of through XX% in that season so thing Mary, And think – I could slightly in as the what came think, busy kind into very travelers so the and the really U.S. be interesting but of off May this, roughly you

going results. in know Dublin that you're there's in see very have It's out United this, summer very the strong how to not, the describe so don't I of And restrictions of easy States. still we not to standing some and to There's but now. get

And tell are full, the I well. hotels you so restaurants can the doing that are

have is office as a pointed the And from strong. way. very apartment the very, Mary, the increased heard occupancy Derek, you've leasing you in occupancies big and As office very out,

Derek Johnston

Thank you, good stuff.

Operator

next Anthony JPMorgan. Please from ahead. Paolone go The question with comes

Anthony Paolone

Okay. a minute I Dublin stay here. we'll for with guess

residential in what side U.S. that quickly how rents back and did that happened on there, the move. you So back when occupancy saw the we came and get

playbook the do that from point there So this now the could happen that's or occupancies what back? you think

Mary Ricks

you with growth. through, building. we're seeing I think coming as pipeline about amenities a in And our lot apartments building I really of we're we're mean, think rental development that everything best-in-class

working So really ship continue occupancy. our new and to I development run drive can NOI and just our our move to expenses keep on into we're think continuing rents seeing and sure. those so a up tight market projects And containing for we

Bill McMorrow

Yes.

Tony, think, these it's mean that – you'd have in we're I to planning are Mary, design. and doing and I to little both of quality mean, add remarkable see. the I bit, here a developments scale

and Coopers that Clancy these there is Quay yesterday up, about the in site I XXX,XXX almost a could think are I side, square But I example. square office XXX think undertakings do. be with and and Mary – of that's it's big is… mean Mary, there units. mean You remainders, foot XXX multifamily the Cross. And I little development, people it's then on project to they're feet units the our Dublin when good a a finished, were on million like occupancy they're is new obviously X the single construction largest but I the That apartment

Mary Ricks

XX%.

Bill McMorrow

issues. whatever year, that it development in the United we very things a thing we're the really projects these over years underway we they a And you're the this the why we XX% fitness decision is last these to new started in. two you sound projects you be in say made of and development three centers, in locale the out out on quality And and we cases, at of – some XXX And because buying ago, that COVID got we're years sizable pipeline, right as made a – too, we've thing, supermarket team materials that did going the beginning almost where of when other now. turned construction people they X.X there's ago. see we in building discussion were did here and amenities, I the And – I'll well-known decision through would you finishing here as it our whole stored developments. our started States to to the both attracted clients, that on on, supply the a continue property now just period that's units. – call our But chain there, a on things it, time are see and very, so the

supply speak pipeline overrun And of. issues development so very to large or going on. And chain any a that's haven't that have against issues had cost we we

exceptional would teams, have of and Europe in So really these done I that the development our an job the through all both in building of say managing United States, assets.

Anthony Paolone

Okay. remind tenants? that tenant or expect you Coopers a can to to asset? Cross more like something small me, do a the at office of you Or think you number single that And is go component, a is multi-tenant

Mary Ricks

So that's square XXX,XXX and foot It's XXX,XXX Tony. building. two buildings, foot a a building square

So really that the all is a and develop our parks one team team things with city team The this XXX,XXX the things just definitely that dog see and about. asset with our and go that our all we all really going lockstep then square park working management the commercial because building, could we large and one city and also as is the exceptional development talked about plan Bill foot one amenities out. develop is of occupier. larger to so which site the campus And could to be with concessions restaurants it could very largest on the just and center

So – Street it's which right to just street hard what Green. which from did St. which to the is Kildare the say. Shelbourne, on development, is is We'll just at Stephen's the we it, across flexibility the multi-tenant have

the leases. certain we've managed our multi-tenanted all say, management I would on to asset XX-year but so keep term team And that impressively has

in the tenants, Well, term And shorter terms. so have lease times multi, a benefit lot really lease as with single often And a doing that's in this you tenant case, deals. the drive to smaller term. one of certain you of we're XX-year doing the that can

really is So Coopers, to back best it that in development hard say. to What Dublin. I I will say will it's be think the

all And – demand of is buildings ESG lot environmental my and really Coopers in buildings, the a what cutting is be what that's in wired really that really I talked and occupier really developments edge Cross driving probably our and smart noticed to really these is driving You credentials. space. and demand remarks, are about credentials that impressive going seen, we've because that and

Bill McMorrow

you that comment to important become. Mary, at might I tenants mean, point, that how I about that and looking think has are how

Mary Ricks

say, every a it year the I mind literally in it's single even people tour every and ESG, sure conversation of now interested. conversation. that were mean, would as I little – single as was on But it's ago top

of world So the sort their in assets are or ESG credentials. think person are that are the working employees, requiring I corporations it And around that the down demanding. goes to living some

We've So very we in really focused it. is we're and excited Kennedy-Wilson a the strong got program, believe in because space.

Anthony Paolone

And then probably Matt, debt I make rate the you originate easier, could, the Okay. have that it last and harder, one, impact, if environment any in that's platform? does as indifferent does the unfolded, volatility for

Matt Windisch

Yes. That's a great question, Tony.

we So floating XX%, as of historically has been doing mentioned, rate. about XX% what been we've

the we're be months it on and volume we really strong the we're with several are over so borrower's we a loans these the very reserves, could weeks. to loans past say and from to sure capitalized we have, And three perspective the in floors, years, for think as we've rate obviously, most them rising around continued interest five be I have over which environment. business floating rate has as moving the thoughtful of making underwriting about rates. up things did low Fed increases a proper to have several But if these seen you

mezz was being of very move in of the pretty up. say interestingly, off past has returns I so of going as was that that months. And making to it that we're understanding Doing think market, little broken will space. way That rate securitizations. the strong the couple there fixed capital I'd in dramatically year, of opportunity an last with out changed for are actually this up gate rates over the thoughtfully to the move deploy be sponsorship, us

substantially mezz rate fixed be that there'll we're ago our in mezz our the volume and they getting we're in long-term definitely XX% a space XX% were lending think opportunity today there. more more are platform. thoughtful rates in could than for I being LTVs locking So in platform, so or we but securitized The higher very year see around

Anthony Paolone

help. the for thanks Okay,

Operator

Sheila Evercore. next [Operator question comes Instructions] from And Please McGrath with ahead. the go

Sheila McGrath

if loss-to-lease there? the wondering And think you opportunity. potential opportunity, in much more upside the you was on just you can Yes, State understand on could detail some good help could the the also if portfolio, in renovation what give How Mountain the push rents? is that NOI I morning. us you us

Bill McMorrow

you shot take a do that? Matt, to at want

Matt Windisch

no Sheila. Yes, problem.

loss-to-lease with much to are got maybe loss-to-lease XX%, portfolio, portfolio, of that the pretty you've those in more XX% of the is roughly, it, So point. the on it's a Similar the rest line little call there about units the assets. this XX%, bit unrenovated overall at

of just the kind those three if between where three in say, be XX%, differential versus is XX%, where overall and we're in over kind years we looking So over loss-to-lease the raise rents years, you're today. of doing years can next math, would XX% at locked simple at three some rents let's

a $X,XXX path a that starting continue increasing there's to pretty base unit relative So said, markets, And years. pretty per from the over low next rents several there good month. about being to other you're per

to incomes you our affordability area. in average so And compare still the have the rents in apartments when you relative the

but day. you as rents and resetting we're coming basis, an know, generally we have leases on – so And annual every due

cost in, coming move particular, dates. lot a are in so them of new from tenants coming out when tenants higher and And

pretty basis to have a up We regular rents the it move makes where sense. on ability

Sheila McGrath

you capital, on capital? renovation annually And any idea is the the could on then much and how spend that what returns rough are you just there of think

Matt Windisch

when capital like on exact will about how depend trying don't XX% returns returns I underwrite generally, for we're spend. trying It on money get we on we're that we're deploying much we'd turnover that. invest. to I into an things have Yes. figure to as But generally, capital. and to XX% units, mean,

Sheila McGrath

some of process, Okay, And assets? just more sell? process sold simplification are retail non-core, you've how have to on I assets. more Where you selling then you the in do non-core the think, much And great.

Bill McMorrow

you that? do Matt, want to answer

Matt Windisch

Yes, sure. Yes.

multifamily management wholly-owned So seller a seen of our that we've you've years been investment really our retail And redeploy as us into portfolio. for now. business net several as well into capital

continuing. so And that we trend do see

have of we We this year. assets expect sell non-core that number market on the to a

that other XX%, business been it. multifamily being you plus really say, I'd so opportunistic of look core the in And if at we've XX% invested we've office, the – how more and the

years, see redeploy so into over higher our growth of of us next those business. on parts our lock in the could and the assets to returns couple And continuing you it

Sheila McGrath

Okay. I what could were Is – And there episodic? And project of on forward? help question, it's was that is Or just any us expecting, quarter? you rule if performance any could realize that well ahead fees, going and detail lumpy. thumb on that in is it result the last of just there we that any Great. the give

Justin Enbody

are of valuations. a take This is our that. happy Justin. I'm Generally, function fees performance to

valuations as And so values to increase. continue our increasing. And see we are

performance You with – result correlated fees. should correlated see our performance

Sheila McGrath

Okay, thank you.

Operator

remarks. This question-and-answer back the concludes turn our management conference over closing session. for any to I'll

Bill McMorrow

and thank available are as further follow it are you, Tom, you us everybody, on And up there again. if later thank always questions time. that of you, I at any say, to a want

taking time the for be to call. to again thanks later. on So the Talk you

Operator

presentation. today's concluded. The for Thank conference has you now attending

now disconnect. You may

Kennedy-Wilson (KW) 7 May 222022 Q1 Earnings call transcript