KW - Earnings call transcript Q2 2022 | Kennedy-Wilson Holdings, Inc.

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Operator

Good day, and welcome to the Kennedy-Wilson Second Quarter 2022 Earnings Conference Call and Webcast. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Daven Bhavsar, Vice President of Investor Relations. Please go ahead, sir.

Daven Bhavsar

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

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

Bill McMorrow

record Daven, of our results in for million our everybody, us is for recent and $XXX industrial thanks, multi-family strong our a U.S. business generated very to a the half QX our year. from off EBITDA a multi-family quarter. same-property of from In saw revenue the growth as investments. and we we performance portfolio as Yesterday, first and start strong well thank the adjusted We today. you, reported joining QX,

XXXX. platform a sale as multi-family $XXX gain XXXX, XX% owned for in EBITDA $X.X in assets. global institutional adjusted the portfolio foundation multi-family in partnership This wholly investor. billion have a the we point of out of million that year, serves U.S. $XXX new done to-date, with had interest related I'd a we a compared of to in selling to the million For a like $XXX first million half of QX to generated

current estimated a Our increase an QX million, the from year and to XX% in grew NOI XX% XXXX. annual $XXX increase of of

management gross comprised multi-family Our represented new totaled which multi-family of million units including In of billion development under its will X,XXX end assets which construction projects, investment billion billion over of of in the construction and is to ownership commercial in of $X.X and projects, XX% loan completed billion KW majority billion. of development square and the $X.X by units. bringing acquisitions including XX% total has stabilize approximately XX,XXX transactions, $XX the feet, XX our interest is XXXX. year-to-date $X new XXXX in by QX, complete first investments, half investments and we of $X.X approximately a

in the added Mountain included X,XXX portfolio. West, in last adding the Our X the years our total and key our units new have Mountain another we quarter management to portfolio, $X.X completed European acquisitions assets. In X to which owned currently communities investment in our apartment in units, our of we own totaling logistics wholly which units doubled West billion over stabilized million $XXX count unit development. In we investments with X,XXX business, grew in XX,XXX

QX. I'd Both since also their platform, markets to seeing what significantly debt loan end we're in our like total today. since new in of outstandings We million approximately explain continue globally has $X.X changed of end extremely well at originations $XXX our to perform completed the which rates of billion. quarter these Interest in launch have of XXXX. platforms

The U.S. of an fixed strategy X just an continue momentum of interior interest across strong. are which The saw Fundamentals portfolios, we to under to or logistic have our inflation multi-family we hedged as average always outpace and minimize As unit debt of multi-family QX core our July. debt upgrades. and rate company, look in X.X% value-add into ended remain and risk interest we runs very amenity XX% continued our strong looked classes, execute of asset our our to has rate the average with years. with and a quarter maturity either

rapidly portfolio are as QX our a As quality highlights through a $XX impact in of reminder, in our Enbody, developed and for both more of each positive of institutional XX% million the significantly loans moment, our our And CFO, been positive have greatly In we origination to rates in I but opportunities returns up, portfolio. improved average closed to pass a on apartments. thus $XXX market. high-quality to U.K. detail. the growing strong which has return Fundamentals and platform. The financial with platform our We'll rents sponsors. best-in-class U.K., the these recycling our in a loan has QX, asset of our where in continue loans far highlight sector Dublin, debt overall in of like an would tenant call gone of our acquired platform, demand given pipeline demand for QX. record the and our capital see have attractive This many million for of to floating platform improved interest with newly in offices that high-quality Justin growth logistics we office in-place this over the of assets strategy reaching on are the have opportunities execution below of now size In more this new should have low a to have renter strong expand remain we rate. vacancies job has for the

Justin?

Justin Enbody

per back totaled million. and $XX expenses, that. QX, adds or share, million approximately net EBITDA income, our adjusted such which Thanks, totaled $X.XX noncash as Bill. $XXX adjusted In depreciation, Appreciate

year, have EBITDA $X.XX For $X.XX per share income the per million EPS $XXX first of or of half of adjusted and of the generated share, we million. net GAAP approximately $XXX adjusted

our part of year recognized million $X.X U.S. a by were billion impacted $XXX multi-family last platform. of As our gains as mentioned, Bill launch the comparative results of

continue in improvement see recurring our further revenue. We to

Our investments, and the of our same-property scale billion of stabilized To and recurring of unconsolidated approximately results these our share acquisitions context performance level, out our portfolio year-over-year our grew of of from logistics net you from XX% and XX%. QX fees the is portfolio, is quarter loan QX portfolio, driven of increased and to growth in producing platform. last of the consolidated income some year by on which and $XXX XX% by of annual impressive The revenue, by growth basis. our been new year. has share multi-family revenues Including the an X% debt this in size our gross at million a NOI, strong $X.X XXX% of give

interest debt to Turning by the end rates of sheet monitor balance and position X% and our we remain strong less the a in year. of our debt than movements next continue in with to share maturing profile, of

always been on strategy has rate acquisitions new interest minimize to exposure. Our our

is of rate or quarter against to As increases. reiterate what interest our the either end, of fixed Will XX% hedged debt mentioned,

multi-family have like $XXX with $XXX million the portfolio. million now to consolidated $XXX Matt discuss Windisch our million we And line includes to I'd on that, liquidity, which in of to our turn Additionally, credit. call of over availability of cash and

Matt Windisch

Thanks, Justin.

consecutive the be annual with of global bad This where quarter. NOI increasing and KW. the organic in our inflation to XX%. rent U.S. growth. fourth XX% Our reserves strong. and important comprises area by same-property an our well strong growth leases on resulted the growth, which grew QX, ahead conditions XX% The XX%. spreads by multi-family revenue Occupancy by assets U.S., XX% of new by in of remain Same-property NOI XX% record leases renewals. results at for increased in Multi-family California were of NOI with in estimated came increasing rents strongest NOI portfolio, continues of of renewals strong performance growth at quarter driven pace double-digit new came XX% which Southern increasing and by a These on debt remains out is in U.S. in XX.X%. lower Leasing increasing now XX% leasing our

XX% to capture to the our embedded as further expect Southern assets California strength out lease. we We of loss continue

saw XX%. in a which Madden department West where region our and our also We region, same-property largest at grew strong performance is NOI

owned were units $XXX Albuquerque in These we West for Las million. new located acquired As wholly acquired Scottsdale, off-market X,XXX Mountain Vegas significant potential. with mentioned, Bill communities and totaling investments X value-add

units average rate that increasing of XX%. Overall, lease affordable rates debt rents million for below rental Our over be strong an years is has the for of XX% assumed led states. other XX%, that with our of per to XX% well U.S. the unique loss multi-family equates if leasing at over plan Pacific to yet an loss to as debt rate of KW to property on average XX% homeownership growth Mountain as multi-family West market feature on additional maturity. be X,XXX by driven into Property our NOI of have in to significantly renovated, which, trends to well embedded compared as U.S. assets has is we context, region which This $XX see over of fully of as half put totaled month, increasing an Northwest positive X.XX% assumable Average time. a remains is In to and NOI to continues by market continued buyer consolidated a remain are rent our to portfolio, demand cost level units of over housing. captured, can new significant leases and our very portfolio. capture renovate lease. all With spreads X the migration renewals portfolio to to to our high-cost growth. positioned Almost the

and median tied affordable a occupancy to directly was also at XX%. change quarter. strong the are in by increased solid Rents, vintage had area Our senior and which income, X% portfolio

doubled same-property than stands including the located we X,XXX acquiring which over over occupancy the to Dublin, of the area to In markets, in growing X% NOI and majority of benefit Mountain development. to unit XX%, Since in have the the by growth West. income more portfolio improved our in units XX,XXX units Northwest vintage XXXX, Our same-property Pacific with resulted count this units, portfolio XX.X%. in median from in

see our We for high-quality continue Dublin. strong demand in to communities

start For largest delivering Ireland, XX% which in bodes we occupied. is example, in Clancy the units, apartment and Capital X,XXX will approximately Dublin. strong Quay, This now well year the next for community Dock is occupied demand XX%

investment for have where our to sponsors. been important with source debt global an loans KW high-quality management originating Turning our growth has of been platform, we business,

million million investments, rise, X% in of to rates business. interest. quarter, strong in currently that $XXX of which XX% platform as that, KW our to the to of quarter continue pipeline completed credit opportunities, million $XXX fees $X Post loans given of benefit billion platform, end, loan President, of which Backed over turn from $X.X our including Mary With rate. floating net capacity have returns, offset I'd another completed is bringing this by a unlevered like double-digit $XXX additional growing earning a call our new with has to During stands loans, new we fundings over our the to repayments. are billion KW we in attractive we Ricks. have

Mary Ricks

Thanks, Matt.

Another which platform completed of totaling platform, Europe, with assets. logistics is growing for We acquisitions was mile growth million business important growth an at and logistics our KW's that are platform global $X.X QX has on acquiring management investment XXXX XX of In been the end XX.X and last under engine attractive across in quarter and impressive QX, the feet. to now stands XX XX billion in growth million saw end significantly the at and exceptional industrial post launched of $XXX assets square focused assets rented. our seed

last square and to occupancy years position our term million growing our in billion X.X XX%, lease to have $X.X the X.X portfolio XXX,XXX below business team. the of premium achievements feet Logistics expiry, notable with years European square feet strong market, further up rise. feet, expanding million of industrial thus X.X in to few new months added companies chain X.X logistics Europe. exchanged, excess deals XX% XX% in-place acquisitions investments QX by of in completed certain Including year. across and a feet remained continue to all by experienced XX to strong their vacancy And on in resulting ahead through our NOI. track rental is this they've million disruptions is outstripping as supply of low generate far second to our million in fundamentals look a at U.K. made Europe, the in square square years. especially Our in and mitigate our we platform portfolio solid X.X we continued over Rents XX of under year, increasing XX% platform grow industrial in demand and we half vacancy in delivering rents low as to hit supply, of the the X% of growth rents are strong that and plan. forward are and With gross which fund logistics make assets $XX to to look transactions, approximately as significant

this partners with and to capital growing opportunities property platform market underpinned underlying continue to are committed by along Our we see fundamentals. strong us attractive and

today. existing Our investment to we $X look platforms. capital across billion of deploy management our This over which billion add significantly all announced platform of capital, has to will fee-bearing our non-discretionary of $X.X

primarily of has years an strong U.K. in office to XX% weighted attractive portfolio. comes unexpired in and profile lease where our term our portfolio our of average our expiration. from to NOI Europe, tenant X.X Dublin, and a the office Turning assets

reminder, nature basis, longer are U.S., are our to majority is leases the equivalent. a the completed which net repairing typically in a leases triple fully and term As Europe in of and on ensuring compared a much

leasing velocity improved with We our assets Europe pre-COVID recent levels. leasing office of for ahead continue to see in

a our And XX% was past happy For the we at weighted leased the acquired year and at of time. in I'm ago, office commercial a XX Across report of length. X.X-year rents tenant with the fully of portfolio, lease pharmaceutical that in global the is European rents our X we income ahead resulting acquisition which to the with Embassy million lease vacancy term Gardens that example, U.K., transactions to have incremental acquisition. remaining we year $X.X occupied completed years at quarter, in XX% certain in average largest average

We $X completed have in XX approximately lease income. a would result have legals, in of transactions which incremental rental solid pipeline million with

yield, and for substantial newly back office that, with Bill. a current X% demand market are X% to spread of constructed leasing We also to which developments like a seeing core to our And to it being development I'd to strong are assets our pass completed rates cap is assets.

Bill McMorrow

ability balance the that initiatives including economic Thanks, has experience today, creating investing business sheet Mary. team's on of strategic our and also like uncertainties Despite to our to and over remain many through recurring confident partners executing I'd extremely our outstanding for to current a our hallmark arise Kennedy-Wilson. of and the and of thank Between the global at our aimed been cash uncertainty. I take support environment. of future partners, that KW KW to strategic positioned exist the any X through their of shareholders, periods while value very liquidity we a cycles together, continue X track flow. remain in With continue the team, Kennedy-Wilson Board advantage dislocations growing of our decades pandemic, of our well our growing from being

a would Day our to on property that shareholders Boise. strategy firsthand assets see we'll Idaho. Boise, have September holding all We would much be in Finally, welcome everybody on there. to quality at like would XXXX, any assets tour about our I'd that We hear you West to more very mention like like to and XX, Mountain in our Investor

that, open with I'd to it any So questions. Daven, to up like

Operator

session. ISI. We question McGrath will Sheila Our now the first [Operator will from come with question-and-answer Evercore Instructions] begin

Sheila McGrath

could comment you that growing on more countries in U.K. leverage exclusively cap rates? and very comment of you venture you detail if I the other wondering that industrial kind or targeting? in platform on using the which what that's was just in And a Is are are little quickly?

Mary Ricks

And there's a partner, location. little because have Spain. large I Brexit, on also platform, growth our that U.K. EU Ireland, and with want the Ireland in with It not within product. what's serious very Madrid, have, given there a there but an new focus in capital just happened but so opportunity our goods there's their for is in think lot less bit is focused a a we mostly of companies to In

buying cost Madrid. as along just Ring below we've well recently and in in Ireland So been replacement the Road well Spain

say very rental we're the focused And sort I sector of there. in key focused very, is all with so logistics on tailwinds would the the growth.

roughly top things at in passing. rent up of and is, about XX% next of growing looking I above that anticipating, income. buying rental are So that cap our We're are one portfolio XX capturing our major our rates in major we it's X% as said we are we're we months, our existing really my And anticipating are coming growth. when think remarks, rent reviews, right but at about reviews the around growth, rental of XX the growth

seeing really buying And really that. growth. margin rental we're around right we're financing So we're just X.XX, X.X also opportunities just or to of right and we're swapping a the caps in probably either with growth around major that X%

So in then we're streams. cash growth, rental really, it's but not going seeing negative leverage flow positive with the

Sheila McGrath

just peak for peak probably then it tracking on us hotel where still you was. up there's upside And around where the think was historic Can NOI NOI? where since Shelbourne, the I the and performance is previous tell the

Mary Ricks

I tracking XX%. now. occupancy we're almost sure. Sheila, had mean of right we Yes, July, In

that right record also our monthly in July. the So high, around we in EUR the had ADR a of month of XXX was

about and at of bookings close June we're just EUR the NOI was hotel million already. to X which looking month So a the pre-booked We've for between XX% got got year. roughly the very end of of of wise, similar. the July, now lot We've

upon can of business, that's a of really good So we book that. now, which build

there were coming U.S. half the think, in our that that QX XX% guests. are in QX of stayed about actually, I is and interesting, from guests guests fact the have Another June, of And U.S.

U.S. dollar and think will the that back. are the really remains as strong travelers So I continue

balance And pre-COVID, year. growth the million NOI through significant NOI. sort a the our anticipate at roughly at we of EUR XX of we were NOI-wise, So of of

we we break XX So that through next anticipate over the months. can that

Sheila McGrath

question buyback for a then on buyback? on maybe thoughts doing you some me. non-core Just sales asset comment share could maybe Bill, just stock And point? last this and of at view your

Bill McMorrow

a it's size and think counts things lot level XX Sheila, We the simple we're I sell at understands of in Well, it, we been what 'XX. recurring reasonable new is have simplification and here unit of on, multi-family 'XX over that to non-core these pipeline I made obviously transactions. we've business, last X the of both focused getting We've sale Yes. months years the idea a everybody 'XX the would company headway as from call of but the continued very of over sales. or same in terms and we're and the in assets. X not and on next we're going And that still revenue so 'XX did that in continuing lease grow to our that the NOI

The just business through growing, the other that the that part went through has is of of Mary we're investment focused on for. and the management platform responsibility course, the debt industrial that very Matt primarily platform business,

or investment that you can probably the think we business, managing. or about of we we're if either on investment of $X.X I think to billion created, management have So unused a capacity we've particularly capital existing commitments that order we have the that that of management our billion quite something add $X billion platforms $X bit from

either noncore sheet business, as as assets recycle, on other balance into great see own our to growing So earlier, people. partnership we or with growing investment into said opportunities out in multi-family our management platform our of or growth capital either I I these continue

have program. the As buyback buyback active we, in is concerned, over stock far as years, the been

opportunities obviously I always we've our what $XXX other weighed spent gets since investment are. million almost against It think XXXX.

so just on we rules building now the any are right it on what our of really so that, depends in the And have general, I year. very we're out our between set about strict the than opportunities would we sits. liquidity say Sheila, end intent and though, now and even where don't more it, liquidity

pipeline, business have both we've We in of KW's right now, business in terms even of escrow and a use in transactions very the few the debt the capital. industrial active very, got very though

on say to building I in We or in closing only have general, call in with evolve just buying that months. one limited next a and here X would how see apartment that our We cash August. X tight over it. have things we're we're sitting the Albuquerque

Operator

Paolone question JPMorgan. next from Anthony of come Our will

Anthony Paolone

So on making, you're up of like comment, more how last in little Bill, or and pauses over of the grows year we the the about you're think just should whether that sounds being fee-bearing careful following bit it capital terms here? a investments just balance the like

Bill McMorrow

think, between good as few to to you. XX% basis, last that I fees and the market Yes. XX% calls like we've grow annual have that, we Well, the the we and on got XX% the an fee-bearing recurring like somewhere that Tony, What XX%. far related question. we said feel to grow really feel the I And we've to capital don't capacity And want as to is our over NOI to mislead a year. ability

As where have the transactions call I When discovery us just lot been like it's think a for Mary what decades been time, cycles into think been I looking at what you're do a our of evaluating you you And I for have new part through has a said, go happen. and X team together you in of everybody And the going to of period of that this, with but Kennedy-Wilson. we've in is lot better decades. I period X you're there out a unclear.

look by when very, you measure, any today, think historical I at attractive. rates very they're still interest

that we've out to enough I our have fixing And important of spreads. can't it's strategy had what we opportunities So always this call time. see this come of emphasize what I period how been of just

leverage XX% that interest chosen which rate of out a or high now whether ultra of this have asset and period would the floating low and X time have, for rates, have last these the plays period very of valuable us. we our acquisitions. is fixed. just people so And But evaluation discovery is very and of to I say how debt years, to opportunities that very, of interest that terms new lot presents see X use during we that in rates in we're much with a all so with right

Anthony Paolone

goes to the KW's regards you with owned August how wholly you in wholly You the like then balance couple multi-family on for what into strategic versus are about quarter. sheet things business, And another here. did thinking It one had the owned up teed a ventures? of sounds

wondering you So split I'm just how it?

Bill McMorrow

Yes. Good point. Yes, a it sale of the one in sheet August, doing we're now we're the doing but proceeds we're of that's on our doing balance out non-refundable.

effect, that into an question? in asset answer out do want so, new And Albuquerque exchanging Matt, we're we're to that that you selling. in asset of

Matt Windisch

mean or I we're a Sure. funds to our longer-term value-add and think platform shorter-term tend either a which the into extent extent in where it's would U.S., is now up equity have lot the there's Otherwise, balance would in which in the you a about a sheet to that a there's more like value-add invested. deal right a fund, opportunity, there. multi-family fund between fund Yes. if to go if but go into running, a our opportunity, we

Bill McMorrow

over for the a building like were that time, that of right that replace. to embark years. be less grown to to these XX,XXX say they're would a have above that very in these at would significantly X may little point we last stabilizing about. that's The unless back But on project Matt, then probably you when cap that decisions the last next we're you And ago points numbers, example, make, off units we've years And the unit hard cap XX,XXX add now, to inclined clearly made probably we're we're XXX-plus to these would basis we're buying construction I programs. units XX,XXX cap that talked finishing over what and from a on counts units are would Boise sold I that XX out that be add-on be a high-quality probably newer new. couple I platform other market the we multi-family the brand over we think an last to that. our these over then described, it's years. of that mean, I is And rates. way thing, grown close we're because these I really assets assets Tony, And Matt sellers X.X% to door. we've stabilizing we existing apartment rate, It's But some today. above own rates at in

they're of this we started you're mentioned working multi-family pipeline off seeing development this in that So assets years ago X X Mary and year. assembly now these next assets now that that both and on Ireland, year kind rolling the line

in NOI those completion So of you're because going of our growth to the projects. see significant recurring

Anthony Paolone

Just last one me Dublin. in occupancy for on multi-family the We've seen rebound here.

the so U.S. or way to year see from accelerate side, the in be the we've or the dynamics there are As you just an the seen revenue look ahead, to different? rate opportunity growth there is going last

Bill McMorrow

Mary?

Mary Ricks

Yes, will to continue I think mean, I grow. rents market

to just use rolling that rents will market product we're those new increasing. this line for off phrase so there, And continue the assembly

in see Dublin. just telling and as side, plan more especially the our Dublin, portfolio complete how developments given really going that the business in supply by is our continues need economy because above there's is to XX% the So happen FDI led, really high-end growth that we in could multi-family, apartments fact you you, development speak to that's those rents of the be I the go just will guess my no of. on new very And think you would

portfolio, and rent But I rents. you what there, occupancies grow Our going there's how definitely, mean, growth of with happens so the those existing you there's limit NOI. control could our to be a to see the

summarize, So I say, very to our large developments will NOI. our to increases would provide

Operator

come Derek Bank. Our Deutsche with next question will Johnston from

Derek Johnston

macro, interesting attract? And can Just X platform, the rates, yields consideration And today? taking from in given the seen what you the quarter on obviously, first that shift of the even there? we've debt deals look what type into enticing rise to what's quarters,

Bill McMorrow

Matt?

Matt Windisch

Thanks, Yes. Derek.

is platform ago. the right pipeline So a biggest debt we it I'd years of have investment the really now since couple we say our it's launched been within

think that. financing couple that there using are they reasons were of the previously. I some players repo were way to just for of aren't doing who capital access CLOs, One, able and that a before the

platform completely Our unlevered. is

not we're financing. on relying back So any

a certain aren't stepped competitive. You've had just as have bit. that away The banks players

so higher slightly rise to to sponsors And where LTVs ago, the our really is higher after even from been rates. we've were what do go down assets, just we bringing months now quality X given X and able quality in

where transactions to And so larger able ago. what our were of achieve spreads a bring some than interesting, at quite levels better are we've is we been the LTV time, down. same that been quarters couple to we we've found But getting able

could a it generally so weeks apartment around XX% from closed just well-leased of doing high-quality high-quality ago, with again, and from building, sponsors. that strong on a larger office couple buildings LTV of we portfolios we've lease-up And tenants one assets, and sponsorship anything been be

assets can So think, some of zone capital have we our great pricing, we're I come out terms strike really that sponsors. where for with seeing, into put into unique really great opportunities in us

Derek Johnston

housekeeping And then I just actually follow-ups. had like X quick

is So for Mary. I one think

talk what's in about stands for grow. probably sorry did your I'm the kind $X.X Do Just certainly feel do people it at a mark-to-market poised platform, level the But of and the missed you I Logistics about you and portfolio to vision billion talk mark-to-market rents. it, on other have if now EU and as the there? right then

Mary Ricks

feet like we the been X% think cap rate business to would market be it's above that but would leases XXX,XXX been actually interesting today's we on. said, square we've roughly XX% because going, on of that plan executed I like We mark

passing was still previous that business above XX% was above plan. it while XX% rent, our So

we're today at X%, think achieving mark you it So something X% we market again, XX% let's buying at we're to that. say a above a but

So it's easy strong underlying to up that see fundamentals with how you the the and Xs into get just are so beyond sector. the in

Derek Johnston

and at it some it's it the the I plans last or same-store in add I to And point, just are was back out like pool of pool. And performing? if Shelbourne now pool, hotels the one, back looks recovered there in if the that came wondering think we've the

Mary Ricks

Matt, pool and open was of it beginning closing it I'll it it is, take came it. and open. of out the close then and reason the would kept would The that it

you couldn't we record-breaking to Matt, now I track on open know for if and a there real but don't anything really have story depict results. add? we're else hotel So an

Matt Windisch

Yes. I hotel only consolidated the it's we have. mean

you back essence, face if income it's in offline think as I face pool. So of the putting financials said, it the on we can right But the in helpful, about the it's we but on statement. can see talk it certainly, can of the

Derek Johnston

is a asset but looking I the well. of years Right. couple to that certainly Hawaii away, as forward know

Bill McMorrow

Thanks, Derek.

Operator

session. This to I like CEO, over McMorrow, would conference concludes question-and-answer closing remarks. our Bill turn the for any back to

Bill McMorrow

Idaho say today. you support, joining on in appreciate see we're always of soon, I And look might any for many always Boise, that as Well, September also, but to your everybody, you, available And thank we for talking to us XX. I to of questions you we you, hope all forward think follow-up and about.

much. So very you thank

Operator

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

now disconnect. may You

Kennedy-Wilson (KW) 6 Aug 222022 Q2 Earnings call transcript