KW - Earnings call 1 2023 | Kennedy-Wilson Holdings, Inc.

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Operator

Good day, and welcome to the Kennedy-Wilson First Quarter 2023 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. Please go ahead.

Daven Bhavsar

Thank you, and good morning. CFO. and CEO; today Windisch, Mary President; Justin Bhavsar McMorrow, Kennedy-Wilson, Executive Daven and and Chairman Ricks, Enbody, is joining from us Bill Vice This President; Matt will Today's be call webcast will live archived replay. be 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

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

to over turn I would the Chairman now to and Bill call like McMorrow. CEO, our

William J. McMorrow

joining and achieved pleased we $X record thank reported and made results, Thanks, Daven, of nearing QX our that capital of annual everybody, billion I'm progress developments, we Yesterday, completion. the the estimated NOI of global which you, new portfolio. are call. levels our and performance The our the of fee-bearing we with and have for on many

XXX-room end $XX of management Oceanfront iconic units under delivering through totaled and the multifamily which Dublin. since begin billion, in XXXX. we resort. Village Starting -- in has $X July the X,XXX assets almost Our will by Kona year-end, increased billion the U.S. and

and totaling office In both strong. Dublin, square multifamily Dublin, remain a in mixed-use And fundamentals leasing feet. XXX comprised of XXX,XXX apartment very units X and buildings property office

industrial for including Our portfolio account classes interest floating book. to portfolio. rate flow asset portfolio. for Global loan in and quiet we're multifamily quarter, logistics, These growth, reaction real estate where and remained the sectors transaction for XX% in X/X Occupancy is higher remains approximately totaling of and cash for rates. office a solid, market hospitality apartments, our our our XX% seeing concentrated our as primarily

asset the an to where investments debt estimated construction made developments. our years, on from we have patient quarter. front, disposition deployment In of we by in last wholly our owned new X The limited million to remain towards our $XXX $XXX total, on with and million over capital further spent KW. In million and of the cash value-add long-term on we QX additional million our we and progress capital where origination finishing volumes generating $XX transaction XX%. in new our completed sales the U.S., dropped We million construction deployed of capital $XX asset projects fundings completed in these noncore $XXX platform, originations portfolio, of program consolidated sale

Looking very ahead, important cash strategic initiatives flow focused KW. executing recurring on growing at to we the several remain aimed

our completion to of stabilize which The will development The of of XXXX. generate $XX of is and large additional pipeline end million and leasing by projects. XXXX. to be total, the several portfolio the KW, XX% of to first our majority In development expected is by expected lease-up NOI is completed middle the of development

the capital-light on our our recurring manner. revenue capitalize platform, to allows to is which a grow management us initiative important Another momentum fee in investment in

KW. capital backed XXXX institutional rapid to were have and very debt very are that growth by deploying partners. strategic with seen logistics and continue still launched in Our strategies keen strong --

in to global $X.X It's KW have over going over has completed now billion assets. we public XXXX, our logistics since in $X billion debt And XXXX, in investments. portfolio grown

are revenue our largest and powder present and cash located lower an costs. price at And both portfolio, as long in And our to apartment high-quality see point XX% themselves. affordable opportunities of quality states third, with we assets units and rental over remain as and U.S. cash with the which the as to class, face Dublin. U.S. are We in of complete term. under our in multifamily and development growth and homeownership lifestyle cities We both will the our X,XXX flow have both flow platforms U.S. continue the of a demand meaningful undersupply is cost new in ample places remains suburban continues dry housing expected high. offer strong believe these Ireland, asset of an

to over Enbody, discuss With call to our our like that, CFO, the results. to financial Justin I'd turn

Justin Enbody

by On a improved our revenue and rental of consolidated Thanks, higher year-over-year hotel Bill. driven basis, levels by X% income.

loan Looking our to income NOI, by annualized QX base share and or X% million portfolio, on entire increased fees across million an property $XXX $XXX of basis. in management our

for our Bill improving of value our an noncash sale As focus mentioned, on results has gains just investment basis. our of allocations us. been realized levels higher along improvement, in year-over-year QX and by be This performance recurring achievement with important fair and of unrealized were adjustments on decreases offset which level continues to highlight the income, a

a As and $X.XX million. per share such, totaled $XX totaled loss adjusted the quarter of GAAP EBITDA EPS for

drawn we had million Turning of line and of million our cash profile. our sheet million quarter balance and $XXX to At debt on $XXX consolidated credit. $XXX end,

line that by During million. of $XX down paid the we quarter, credit

our our ended strategy We fixed or we to quarter of of XX% on hedged. the minimizing execute our interest rate debt and either with continue exposure,

and we a average interest caps generally of hedges maturity have using reminder, As X years. weighted rate a hedge these

maturing of weighted with taking into X.X years debt maturity has less of a of rate also when a X.X% caps X% the swaps. our debt and effective our interest and have has an We handle average near-term on Overall, our account debt this year. maturities than

like With Windisch that, debt to and the I'd turn Matt our call portfolio. now to over discuss multifamily to

Matthew Windisch

Thanks, Justin.

multifamily mentioned, KW. portfolio to representing and sector, of of Bill our annual global largest portfolio As our is NOI XX% million $XXX our

in X,XXX KW. to in another units add expected with units lease-up multifamily or stabilized $XX NOI are that XX,XXX over totals portfolio development Our million to

and assets development our approximately ownership is lease-up XX%. and Our

Our suburban spreads the largely apartment QX. rate growth growth and of of increased X.X% U.S., NOI X% by in of in global leasing NOI portfolio X% growth same-property resulting X%, same-property In X.X%. communities market our of produced revenue and growth revenue in Western

Operating expenses filled labor costs that as were primarily increased of to X.X%, due opened we by increased QX positions year. last in

below At QX operating However, by have sequentially. expenses XXXX, compared to of in-place X% rents end, our were market. actually our declined quarter X%

and at assets Utah, grew top in Looking property strongest XX% an charge Mountain apartment which year. were West performance the regions, came in same-property X% the by the respectively. our QX same Leading generated of last our Pacific out NOI this of the of where and states X NOI XX%, Mountain growth impressive the Northwest, regionally, from

for are rental Boise housing, cost as low smaller development Utah Our growing -- combination that of job growth NOI Mountain but portfolio assets unemployment. in West Mexico, 'XX. we steady the in supported same to and property strong portfolio Texas our in lower demand Technology from growing continue billions chip Micron living, XX% -- growth systems, facilities. by by solid and and of Colorado large of our Instruments in New is generating believe of a positioned university investing large-cap robust grew of saw into NOI and a large companies QX XX% such

keep to the in fastest up population with facilities continue local of expansion universities growth also some We and by see the country. health to care

stable has region, by our In resulting growth the of property revenue Pacific largest Northwest, same occupancy second remained in X%, grew NOI and XX%.

person region in who to who on starting expect started workers from return this X. demand such as We increased to benefit have Amazon, from employees to work, May

Seattle. are traffic already signs around at increased and We seeing properties in of our

our and property Southern the level debt to in has and occupancy. expenses, we in year, QX saw in moratoriums higher resulted what ending along of with and last assets, Northern Finally, QX similar California bad the lower eviction

resetting next quarters, we these the and units both nearing Over market look nonpaying through a California XX%. as to of rents forward will of go have units these the in to from tenants lease few regions process loss recapturing to

our X.X% including X.X% Excluding produced of quarter-over-quarter growth portfolio U.S. NOI multifamily assets, our versus same-property when California. California

an also $XX,XXX, renovation increase units average progress resulted a on in our cost another program, in completing We of which at made XXX rents. XX%

another West have in in located us growth. of regions, units positions portfolio which We to units the U.S., X,XXX Mountain Northwest future renovated remaining are Pacific be for those that and well the XX% with

U.S. April blended leasing solid of with leasing spreads in the X% rate portfolio. looks market across our

Similar XX% XX%. have Dublin, to in to continue same X,XXX another forward managed the And stabilized to in growth third units remain finally, X,XXX there apartments rental NOI housing. development of X,XXX we to a of continue where strong look XX% deliver see for under approximately Demand the our ownership to see Ireland. at we and which We U.S., to occupancy undersupply affordable remains in of the over strong the beginning institutionally portfolio, occupancy in Turning and units units, levels totals of high-quality our in development, quarter. an under demand X% with our we vintage housing property quarter. X,XXX highest

we a Vintage cash KW million expect from $XX sale primarily platform. portfolio. $XX generated in Separately, to to million tax the quarter of KW. in in of term, this sale Post robust driven by another The short quarterly sold into our owned apartment the wholly end, community Reno of resulting we vintage to credits, produce distributions cash

Investment our to Management Turning business.

ticked $X up to billion in fee-bearing capital QX. Our

back driven returns The and years launch our primarily been over debt Our investment generate been strategy asset to very beneficial continues growth of platforms. credit current in XXXX the class private environment. in as the the lending has as debt last has -- very few from logistics our attractive

million providers management which north growth over resulted originations benefits of the unlevered banking $X.X sector risk-adjusted an to spread asset platform of XX%, we traditional billion. resulting Higher and floating In We've solid of basis in XX%, of inclusive of a of spreads SOFR lending fundings rate seen in fees. with the and XXX capital, average pullback returns X% our points of by $XXX in QX, our from in completed tightness an new platform. and have rates and LTV

and approximately We have business look capacity opportunities billion to this arise. of as forward growing loan additional $X

President, like to over discuss With that, industrial to I'd our to the call our Ricks, turn platform. Mary

Mary L. Ricks

rapid global industrial for Matt. of of been growth driver management The investment portfolio a our our has Thanks, expansion platform. key

Occupier see and very totals stock, strong remain last assets mile X.X%, the low efficiency. located long-term achieve to U.K. build over XX% quality remains to fundamentals. feet quality comprising we Industrial supply the continue our chain in Our greater as they of portfolio across institutional where U.K., now averages. significantly vacancy for million seek XX at square below solid demand rates operational assets resilience with

costs On leasing square which during higher slowing we resulted the delivered developments, further financing we transactions anticipate These under in XXX,XXX growth across attractive well and growth quarter successful ahead lease us rents growing These by will completed in new remain supply of with years. support fundamentals are our rents. portfolio's with a construction solid future side, which an a runway growth. our X.X feet of average of Even rental with our quarter, providing leasing XX%. term for in-place in-place XX% with expectations the in market, transactions rents

have logistics markets. our and new over in joint opportunities continue U.S. looking billion our growing in footprint actively our as for in as capacity venture well to our We Europe $X are logistics in portfolio

In all an $X investment we the our of capital, has $X.X incremental existing significantly to across our platform doubled deploy billion to of of add has start XXXX. which total, platforms. announced capital, are looking This since billion will fee-bearing nondiscretionary our management of which

credentials. partnerships stabilized of leading through office is Turning tenant square office our buildings portfolio. with funds portfolio. consolidated X.X high-quality assets well-located within or sits amenities are million our at to our our and portfolio centered owned office ESG and feet total, around co-investment majority strong In The

between tenants quality in well A the market As the continue Grade who stock rest are to we to space. the the polarization attracting accelerates, relocating office are and positioned highest

our in have speculative encouraging rents supporting of core to very the the U.K., and pickup has from country with previous that the and for the said, best energy period XXX,XXX the more backdrop activity we activity saw to a Dublin, location our and XXXX, good space last the available. behind Center of a completed in lack assets, NOI U.K. downturns, pivotal remain year. in deals of across leasing absence than double and QX credentials. still Grade the A secure same with In while weighted Dublin Approximately X.X themes report years. activity leasing office through we square term European occupiers sustainable and This office headline In XX% pleased supply feet the different we and City most face leasing of development of we're Ireland. With to global predominantly seen comes sustainability April of occupied average a is areas with

rent strong we office increase improvement we X%. completed Ireland, NOI QX, our and reviews in the in of U.K., saw leading same-store successful an in occupancy to in global In

resilient Fiserv net lease management. repairing to the State lease term reviews Our strong a structures we European roster reduces today's and triple of in grow income, occupancy to office office rental portfolio of tenants, XX%, an of and XX% a which name income, Street, lease through characteristics, exposure solid make few, in-place to our of weighted A of in has European average insuring active many leases, KPMG in market, high-quality up continue U.S. risk and credit including asset stable our and similar which to fully rent XX% which with X-year FRI Europe, maturity, our landlord-friendly or including leases

made in XX Ireland, expiration years with lease of term weighted properties of occupancy a best-in-class example, up is and to portfolio over X XX%. For of office average average our

for We which active the of leasing space, remaining the have look to limited an executing remainder we forward pipeline our year. over

lease-up Turning to development portfolio. our and

As portfolio. we've of our many making calls, last as nearing our lease-up developments progress completion on our discussing on on as we been well are few

lease-up annual years. and expected several is portfolio to $XX over next estimated million the our add development Our to NOI

Hales and interest excited the situated XX% Hawaii. is will certification. One on Coast Village reconstructed historic such the of generating of be luxury is location acres. XXX% renewable energy this and has redevelopment Resort across and iconic XX an property very about of as solid Big we're the KW incredible feature guest Island on totals of the also targeting suites storing and providing projects will XXX amenities ownership the stand-alone which a guest sustainability resort, LEED in The Kona unmatched Kona features on of site and

July. are the for Travel our guests remained seeing half first second robust look we as the bookings very demand We forward in has welcoming strong year. of to forward

our are complete year. expected developments to all year total, the our developments, multifamily We affordable also and when this progress expect complete lease-up and U.S. foundation million developments and we making at strong of represents market NOI Dublin In this future KW rate in the X great stabilized, estimated later to laying $XX X for the to construction annual growth.

back like to Bill. With to that, it I'd pass

William J. McMorrow

uncovering debt, long a we're investing estate Mary. like equity in of our opportunities economic X Over periods of in Thanks, in decades today. uncertainty real and has KW history of

network to advantage that which are to transactions. alongside find well-capitalized We prepared our negotiated sourced react to partners are enable our strategic generally take opportunities, relationships established global of any us through of off-market new

have management, their and experience to in continue thank global sound manner. KW for will extensive team team our renovating, entire with acquiring, great hard a asset like allow I'd in We which dedication work. building and a to growing

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

Operator

question from with today first Johnston Instructions] The [Operator comes Deutsche Bank. Derek

Derek Johnston

by then year-end that a and that's the in bookings Hawaii. about I stabilize initial your situation, tends the for you how grand to How towards which preparation be been opening. on question, in underwriting difficult staff And bookings had But there hopefully hotel are portfolio in. 'XX. I coming deliver And how question. able hotel did touch going on in excited the to just hear is the And tracking the to Really are the development Mary secondarily Hawaii? initially? this labor have

Justin Enbody

that is question. Thanks, that I'll Derek. This call Justin. take for

underwriting people what bookings what significant we're demand. can't back. the was. a you of open to hotel, we're -- far, of historically seeing been get ADRs as This meaningful the lot we're amount in lot time, very So a excess seeing who a seeing, long a wait and far There's and of followers of know of opening ahead for how have we our has

great we've it seen So already. amount so in a we're as meaningful Rosewood staffed The on has the property done far, island, has job. great But as a difficult. very relates we've you pleased future so obviously, on team employees. know, to far supply a limited with what the site of bookings. of employment, a job. And the done it's There's

to X start on open excited guests. So we're welcoming our July be and

Derek Johnston

Great. in on in first like and pretty the can on banks back it are companies. I see guys private the And Have would you remained is their differences The high was environment. grow sauce strategic a have them favorable, that us of you insurance pullback any system. banking bring give to the equity, mostly they are to deals you giving use platform any be even it helpful. ability tough platform, nice debt then in assume partners underwrite the rate positioning would that your or here your quarter to pulling nonbanks repos, as is obviously insights which positioning you and in success part seen debt secret clearly

Matthew Windisch

Yes. to answer Happy that, Derek.

the hit not system to debt banking there. nail we're head on can the the you utilize So platform. I mean, our relying on

using We're platform. globally we're repo So money throughout using wealth and not sovereign any primarily insurance our company financing.

situation close. certainly And for in down, the to just and given platform is so the although so share, we've now, financings of able unique the right a our debt of smaller, volumes been pie capture overall bigger market certainty a kind we're the transaction are

But across We've the loan sponsors. keep able we've they been able our of to been to levels line originations. also pricing attract kind recent most in been able were to We've with bring to our high-quality where last very values quarter. down

deploy XX% certainly on being where And the capital. in in at, we structure market, we're kind are so we originations. And the like we are selective but there of being said, players quarter LTV and we fewer the feel very capital comfortable how very last

others from with existing participate platform from calls people and side being with the place partners from incoming extremely to said, we've remains robust as well. gotten wanting all our money certainly, That some demand institutional who the to the demand

feel we growth positive future very about So the prospects.

because terms The from is financing than other it payoffs, is a I'd of the say availability other lenders they've was very limited of thing in limited historically. been more bit

So relatively we the well. low going level are be year this of as to expect payoffs

Derek Johnston

me, different here Very it's lastly for we've other based primarily helpful What then to what and about And Could guess pass REITs office U.S. has mic. outperformance? public seen office your and I from completely understood. talk clearly are contributed the portfolio I'll you that in than the

the secured office of Even other all you REIT, quarter. kind through you it's and just that office it's portfolio your advantages a of trend basically your REITs. can bucking why portfolio of residential If the versus a small some us walk pie competitive though the me and piece this surprised in really you're

Mary L. Ricks

X would in Sure. I'm I And a over the muted -- mean, seen think than by different and in to I have Overall, general U.K. I and has saying happy office last U.K. the answer the of in probably market Ireland, office are markets the a it's years. that's new vacancy start that. U.K. completely the been X%. supply, U.S.

Edinburgh example, has a rate For of vacancy X%.

So going some CBD, unlike those say many, been markets huge vacancy, seeing the would years. which U.S. has you're and for on of a factors. I the have really European this many don't not And struggling really now at are

I would are credentials. ESG that best-in-class up with for tenants paying assets also say

just have don't You I described. an which space, really overhang of

are employees, characterizes the And prioritizing think our is assets. so really, what highly workplace and I assets, amenitized which their really corporates

in largest same office asset is about End and our has which Buckingham store, vacancy. the which West our is you Road Palace Victoria, The our single-digit portfolio the think example, think when So about you End. for if low West asset,

pharmaceutical, that London, remainder security at took the not speak just and space which a then in the gaming So corporate a are took and the a no space led of of and to there's company that's remainder there space. company, Embassy pharmaceutical really Gardens, is fully actually of company,

that's long And wallet.

given And you assets, If And to X amenities, I are we years. the there. I we all would ESG which back are they are amenities have a very portfolio, our been to providing. wallet it's Irish and and solid corporates is there, the people a have I've about new, And what our our turn work, really office say, assets office long have the over just market that credentials. office assets think XX bringing as talking

So is a and portfolio, I market than think U.S. different itself the we quite different in the just have

Operator

JPMorgan. Next from Paolone question comes Anthony with

Anthony Paolone

in guess the question just I issuance quarter. is first around share

You or it to and ATM. desire thoughts it. you guys raise either the just -- were liquidity that do tapped thinking like you And seems more, however curious about around

Matthew Windisch

Tony, it's Matt. Yes.

opportunities liquidity our current inclusion of add given So thought medium pretty that on view a just that some over We as significantly to expect to themselves higher term. that the we environment it the made sense the were result present stock is to place. in what of to we able utilize will volumes took index interesting QX bit little and be short a the in

So of create we program. the number to disposal that our forward, additional going when of have issuance that's did I'd a options we say under the majority vast at liquidity.

those I peak, think QX coming it's now the worth of have flow really peak past noting, of was to off we're spend. development soon. our expect and the cash investments kind we

guess be I to any thoughtful we'll this program. under I'd say future ATM what continue towards So use very is

Anthony Paolone

just, of say, own you're Okay. other that where you've desire mentioned, Ireland, opportunities, And increase do the done parts platform just of about have as there, What's operating? developments the scale versus, more then in just there. some world to you the well you thinking

Mary L. Ricks

side, say Yes. have the on definitely multifamily I a there. appetite would big we

Our XX% portfolio at is operating occupancy.

low. space. unemployment no XX-year we to virtually at really mean, So is continue Irish a I And see demand.

we into with of built just relationship partner, have we've sub like. as lot as our we'd a It's a it's during well-capitalized land a like low we're on, X%. So lot it's that downturn acquired you've basically of building adding market And you and very great last that basis. I'm we with incredible put insurance our capital seen that that French we a A as portfolio us -- an to. the assets portfolio very grow. quite sure, that that And to know, company

and about portfolio, growing and like our continue So basis to our we that. feel good really we'd

Anthony Paolone

I in tell a put I you hard guess, right there. in Dublin have it's the for or U.S., rates now, would particularly to sense Where multifamily, but better cap Okay.

Mary L. Ricks

low some mean I Yes. of bag X% in really a there's because rate It the Dublin, range. cap trades stock. recent just in depends we've seen mixed

can't older. portfolio You older that's you And the our have compare that's some stock trading. to

You also amenities. have some X have that assets

that for parks and assets and and and have gyms parks nurseries kids dog have We restaurants.

so roughly -- Ireland, that I'm we're portfolio I would And just would that really X,XXX obviously, I the our the is multifamily that in portfolio. say units continue biased, best-in-class portfolio with and but will adding to that

there's So range. would if I our about but you rate answer, say think portfolio, comp X% long-winded low really cap no

Anthony Paolone

Okay. guess last then That's debt platform. one helpful. And I just on the

I just originations. with you're -- of And And in they with the just is think, debt? issues either you time, I or an appetite far so through the this also was in had partly just to you've think working that the we been and and so, ask done if a some most originated also context Bill, relationships participated there has buy how here for thinking that? in environment. what had, thus of, banks just historical I about long But and of are you've strong existing your

Matthew Windisch

no at so discounted. if where look historically space, heavy correct. majority we've has it have been But the the those under mean a purchases debt discounted purchases. originated Tony, handful the platform number the we've been assets participated actually, a of in you and Yes. of debt you're I of

well we're equipped to that. handle very So

the the have, assets that that obviously, understand debt. the and understand teams teams We the

be here of out think that the next will big that quarters in we coming a so may system. opportunity And banking the several be

ready those themselves. We're we're and present watching -- extent happening the what's So we've everything. the monitoring to we're opportunities capital got

William J. McMorrow

Yes.

add Bill. that is a to -- only made. too Tony think you good it was I is very point I would The that this thing

over XXX think We're around banks Mary great during XX with in remember banks I as I individual it, Europe. a transacted different Recession, with think transacted probably about counterparty. the As the very mean we've can I last world. years, I probably -- we trustworthy the viewed over

remarks, we've somebody important cultivated are always of us is in that this sure as transactions we really that thing something relationships types try find buying to these with I most to we're negotiated so my And made said to is because with directly from. the

And that's part said so the that this we'll other here together our are all team I the to a I that of of of see at been very XX over I've say. important the And months. same basically But would Wilson unfolds XX next here people for times, a think, how number strengths, Kennedy of a is much this have decades. pretty the part people of couple as

the And so any one of And all us to period relationships 'XX. maintained. 'XX have any worked of through work in We've and recession X the all we've we come through those through where are this that related course, of pandemic. years of challenges

difference between and we us say thing is available that And so biggest significant well of at have the all that a 'XX got flow group as you've would I for we a with base capitalized. stable and 'XX already testing of a time of there 'XX, with the big the around maybe have us, is cash people who business these dearth capital very And doing and that just today, existing very relationships. recurring them 'XX And are beginning. -- themselves partners was important. In we're there capital for the wasn't unlike world in last

into opportunities play are And themselves, what going of factors to we all these do. so present as

Operator

next question Dennerlein America. The Josh of comes Bank with from

Joshua Dennerlein

just pretty have. to guys It's Vintage platform I touch platform. wanted a unique you on Housing the base

of expectations within it? growth your on thoughts of kind future Just

Matthew Windisch

Yes.

made we've platform, unique definitely when since now an it's in owned from owner and expectations investment. the a business XXXX certainly Vintage, the So been our and we has exceeded

and using got kind growth fund year, building we of opportunities and ground the online adding been And terms space platform, to those up units developments. we've look investments. for in to of those here and coming In to handful a that credits the next of new bond tax primarily in to assets tax-exempt financing continue we've find

industry. Historically, but more we've been very there may building other one for investment We're doing always fragmented entities out one-off, finding it. it's scale, that and have these looking more a

adds we've time opportunities. able pace, always be assets generally to been X per so looking But but all in at adding cash -- flow. very find itself, certainly out new the for growth, to grow which And and the great like year And can terms there growth rents. X platform, the good to would to the median within terms of trying we're a bigger grow being, how tied area you recurring income portfolio of then it's in NOI to just

able growth the the in And a platform we've at been years over seen of rate so higher couple we've than to initially. inflation we thought with wages, raise past in that rents

Joshua Dennerlein

color. Appreciate -- online One that another your call are Was housing coming of came through thing you been an affordable something And starts platform that's up at impact permits data. broader on level Is up that seeing? have does that. all? on that that might and housing come the guys on there elevated earnings it

Matthew Windisch

in, seen Yes. we're I oversupply affordable housing. of haven't markets we an mean in the

Most there's the instances fact, In running assets and a we we we're in. XX% of have of of occupancy. generally we're wait open I couple people actually we mean, list XX% at before get pre-leased XX% even where building, to a are -- to

haven't the we any seen in And that. of so markets we in, certainly, operate that

challenging to allocations. states, certain in it's fact, and bond credits more get In becoming tax

affordable so anything, oversupply of right housing we're seeing -- undersupply of an certainly And markets our an there's if more in if now. been

Operator

This concludes question-and-answer session. our

closing McMorrow like for the back I turn to over any to conference remarks. would Bill

William J. McMorrow

follow-up story our time any off-line everybody, I has listen Well, anybody say, you, available of. to think as today. taking we're that you And for as listen, questions always always the to thank

have and great much, very you a thank day. So

Operator

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

now may disconnect. You

Kennedy-Wilson (KW) 4 May 232023 Q1 Earnings call transcript