KW - Earnings call 3 2023 | Kennedy-Wilson Holdings, Inc.

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Operator

Good day, and welcome to the Kennedy-Wilson third Quarter 2023 Earnings Call and Webcast. [Operator Instructions] Please note this event is being recorded.I would now like to turn the conference over to Daven Bhavsar, Head of Investor Relations. Please go ahead.

Daven Bhavsar

Thank you, and good morning. Thank you for joining us today. webcast will be replay. archived will call live be and for Today's replay phone X webcast by be months. X The available by for will week and for Please including adjusted information.On and adjusted for refer see certain EBITDA Relations income. we to measures call, will more financial non-GAAP net the Investor this website

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

William J. McMorrow

you've company, recently at was very aspect with today the promoted Daven, here appointed with people at Europe. new Mike has the here this has and on And time. many be XX to Justin to company I'm as the Pegler, much, joining our the of President of time. most XX the group with as you Executive for now Matt who together during honored President then me been actually know is and has very of past worked long on us that newly Kennedy-Wilson. on of our know, over the you calls, in who everybody together virtually We've been morning. Senior same also of of is Mike think CFO I'm of of for We President Windisch, been pleased heard has of thanks together company here for keep company Kennedy-Wilson years. every constant me with who is management And period the long, going I Matt company by years. the of X thank you the Kennedy-Wilson, the years. And periods also, also Enbody, Vice been and company. joined the

results, in very, to to And honored results.Yesterday environment so these position for me outlining we focus I'm global Kennedy-Wilson's billion to SX.X grew quarter assets. the positive people investment I'd growth Justin third by very start developed portfolio, our X and discuss like from and alongside and NOI were have to stabilizing completing of newly $XXX annual Fee-bearing estimated platform, financial million strategic continued management growth quarter property as our passing reported totaled our which to highlight a and how capital our it market before today's progress highlighted our today.So by our multifamily end. solid same on record

well come will interest impacted were results positioned Our geopolitical inflation, type issues, opportunities very to KW believe rates modest of Justin backdrop also from I the and high advantage fair of value the in which discuss a adjustments, these market high remains take of dislocations. noncash that moment.Against by

years history XX this We our doing experience. a of investing of have over proven

today's positions us of people speed diligence deploy transaction market in and possible of what bench transaction discount, a a for construction from sourced very across estate of This period are history. to we the remains to on a where structure, XX move was of may we and our loans on continue where, at growing with arise, discount, of we and balances.And capital all loans. entering For inside present a acquired get reputation size is representing these do very our banking of in centered at XXX% and our in we cash the a assets I time what June, our and X we capital deep $X.X we and sourcing in purchased, by did example, because high-quality opportunities portfolio ended deployment. ability transaction days. key patient sectors. opportunities in opportunities this a that think collecting were forward around These a to well are bank a each the in being secured certainty are the We XX real of off disciplined KW this believe to the given we to I single environment.This due also will hallmarks billion regional similar London, $X.X up as in of focus could our XXXX, loan of closed flow able to we company's differentiates and industry very end, billion ample largest when transaction KW principal underwriting look

credit our global growing we're on First, business. focused

bank welcomed regional During mentioned, perfectly strengthened into we and existing I capabilities. integrated the employees from have new XX lending our QX, considerably operations who our

a stabilized and partner in opportunities returns.Secondly, will In suburban is QX, United our Ireland, in XXX-unit where credit there generate completed to active community with of we multifamily first our and one significant brand amount be we're quarter.While in a fourth are acquired acquisition new grow here construction digit, we the look grow which Seattle. our XX We of similar the minority Kingdom our looking we the pipeline team U.S., in new to attractive the business double multifamily nearly loans, market, we months, in currently the a think of portfolio. our has U.S. also selectively credit to platform lenders concentrated apartment few a a in primarily will in unlevered strong today where close position

constructed with the XX,XXX-unit we X stabilized markets, Dublin units also West Vintage delivered to newly the portfolio XXXX-units in We by projects of the middle next X,XXX year. and deliver within Mountain another our expect and

that an coupled point, best-in-class price occupancies where with XX%. lifestyle Dublin of comprised is suburban the in communities, offer high-quality are which garden-style a located U.S. XX% in amenity-rich affordable at at of portfolio a sit portfolio Our

another which in occupied, logistics in property reduction to assets on million located lease will of and anticipate in remain million once units with leasing development our growing including KW over also to completed XXX,XXX focused that completed management, are yesterday.Importantly, million trends industrial XX we in our in number very in portfolio which totals stabilized.Thirdly, feet a Europe in continue favorable. States, have $XX pipeline, million and feet, We that a to Western the expect have X,XXX-units We quarter and $XX are we square U.S. in industrial of we square added add under opportunities NOI and almost XX,XXX XX% the development stabilized today $XXX up to major investment our acquisition spending the the was United XXXX. where

pipeline. We billion in and than $XXX to we new are in completing capital have projects, year value-add construction of a million the construction spent down $XXX XXXX. which This million going final alone, anticipate $X less stages of on we

CFO, continue to results. focused call and the on our costs at the the Enbody, our to like remain to over that, We reducing financial property I'd both very turn level.With Justin to discuss corporate level

Justin Enbody

revenues the in million co-investment recurring largely key of sheet Bill. to held year, totaled and decline which portfolio with in we million, with covering our the are our some share income, from slightly includes environment. implied estimated in unconsolidated higher quarter, $XX million Consolidated at increases valuations improved investment interest and management partners, property a of of rate fair assets net on drivers to NOI, In financial by value. balance to cap like impacted of results. on I'd compared own our hotel QX or saw Thanks, our loan by $XXX that of fees, expansion QX our X%, $X-plus-billion co-investment portfolio primarily partnerships, and being rates, fees $XXX including basis, of result improving 'XX.Our the QX, last income as by start a we of fair with values the QX

hold value partners. with fair ventures includes well-capitalized joint assets intend of and Our consist to long-term institutional portfolio we

included quarter QX million. realized disposition asset gain sales sell multifamily a of of We generated also which the saw lower dispositions.Our lower in in a to XXX-unit Montana, of gains due community on consolidated the volumes $XX

includes value adjustments in million cash of quarter $XXX million million had profile, periods.Looking end $XXX million $XXX million at sheet of and on now further credit. had in of QX depreciation overall $X.XX line a the our and fair items investment debt non-core and negative mentioned, and such those consolidated of per we of In which value loss net the We total which EBITDA share, as X% gap and dispositions I total, only QX of adjustments $XX drawn our in year, for portfolio. our our million balance also at retail $XXX $XXX non-cash million portfolio, which completed we fair totals includes adjusted $XX

XXXX. declined Our by in consolidated debt has million $XXX

share years. with total fixed X.X or a average is of debt of Our XXX% hedged maturity weighted

hedges XXth, rate today's September of XXX% notional cash rates.In our from of we $X.X average at the well X.X of of a strike level below a QX, $XX interest X.X%, years of average weighted As and maturity with collected rate million our interest hedges. billion weighted cover

reflects Additionally, our basis maturing the saving effective near-term interest strategy, of of year. to by I our points with been a X% flat over next mentioned.Our contractual has our maturities of the year limited the hedging are XX for due essentially as rate rate and of X.X% debt end

have we QX multifamily the our $XX maturity, looking of that X in that in maturities maturities QX, have in Housing U.S., million properties the $XX portfolio. and maturity at Looking totaling debt million, and at detail, Vintage

ultimately currently in off turn trades seen investment our next which our relates government portfolio. are remaining We to we we also the President, to call million like to portfolio, Ireland, over U.K. the to discuss $XX have XX-year selling properties to Irish as that, our remainder paying in and X.X%.With rates our a bond, year. anticipate lower, own where retail at Matt been I'd maturities now Windisch, have primarily The down that related of which

Matthew Windisch

this which million NOI Thanks, sector our share QX. approximately in of X% U.S., Justin. grew portfolio, our revenue multifamily by blended and multifamily saw represents the of spreads $XXX Globally, healthy of renewal X%. leasing is is total and X% produces growth same-property NOI, In X%, rates It we by of Starting XX% portfolio. $XXX with our largest stabilized our and million. of grew

the NOI performance largest assets West Our are Mountain region, U.S. with market across a our New Arizona, in the Leading loss-to-lease of Idaho. was West, growth Strongest states was generated ended of and and our apartment respectively. robust Mountain which growth Colorado Mountain X%.Our portfolio West in NOI XX% the of diversified portfolio, same-property rate quarter X%, such as charge Nevada, X%. Colorado, same-property Utah, New saw Mexico and Mexico, the which

our increasing growth Northwest, of portfolio's elevated housing.In a draw affordable, higher region NOI and will as Pacific and cities a around high comprised West these approximately demand rents is are our recover X.X% second-largest result still region in expenses, from the for we believe This lower This of the grew non-paying same-property portfolio, to California to occupancies of impacts portfolio Mountain revenue. and attractive region, tenants. Seattle more in continues continue X%. assets driving a $X,XXX, occupancy by benefited seeking average life.In as seeing Our largely quality are total rental an return-to-office residents and results the incremental in mandates delinquencies, operating of our our

the is governmental the compared also making this months a at X.X%, units positive far market first rental by trend. progress these the NOI improve headwind million recapturing this versus and coming saw from including U.S. which assistance thus assistance, occupancy.Including of which are continuing $X.X for overall a in year, $XXX,XXX of becoming end California, We in totaled year.We non-paying the and to tenants, X grew X.X% we quarters same-property We rents units release California. as anticipate tailwind market-rate a

XXX-units increasing completion thus average Pacific units and totaling made completed and XXX portfolio, remaining stabilized units.Looking a over our progress another and to properties, We higher X levels our income, also the affordable in due NOI maintenance units of far XX% X,XXX we X,XXX development revenue In the renovated the We've quarter, very another area primarily the and driven $XX,XXX, to units stabilized XX,XXX lease-up X%, pipeline to completing growth median we bringing Vintage our Vintage Housing renovation at resulting XX% are X%. development those with in XX,XXX growth to saw for program, year resulting increase of in Increases quarter, on in of have portfolio cost Mountain costs another in insurance total operating rents. our in costs. will an Vintage, the of in the of Northwest.At be of that or by portfolio with grow units portfolio and strong labor elevated U.S., West located along expenses our completed were the ahead, in in units. stabilization almost X,XXX units

we additional strong. As housing for to are to this we demand continue Ireland, within seeking new dedicated Dublin, prospects, explore growth remains venture.In rental opportunities quite

by Our housing, of our structural developments. Stamford one well In portfolio X.X%, at We Grange a same-property we Cross driven nearly undersupply occupied. developments, units the our of adding populations of the to delivered continues which QX, increasing as well XX% fastest-growing as has is and levels growth of bodes our occupancy. for at existing saw Dublin units and see XXX Lodge community. Coopers in NOI EU

leasing these has which We outperformed extremely velocity our best-in-class proud of are locations.To prime in date, expectations. projects, are

roughly XX of within example, are completion, at Grange, XX% we rents weeks with of ahead For the average plan. already that business almost half-leased are

we XXX X,XXX in credit incremental grow apartment portfolio to to the another are in business. $XX Dublin will next these midst developments.Now and stabilization the million year, expected of units, with from we will finishing shift to over the have focus of units our which NOI early our We an delivering stabilized KW

growing for mentioned, Western remains Bill acquired loans closed the tranche final our QX, us. we a In million. of key Pacific $XXX As debt from priority for Bank portfolio

included fundings repayments, $XXX completed realized discounts. million which million also of capturing and in We additional million $XX of $XXX

from loan We've sits which including KW, KW's are floating Our new been joining to loan size loans XX benefited with loans pullback well-positioned continue first lenders $XX next debt business in have pursuing rates. $X.X traditional pipeline portfolio in close base deals. of October in in the totals now healthy portfolio we a a people and at rising from million future expecting XXXX. our are opportunities $XXX Since that of has few loan outstanding. of in rate loan closed growing in have seen we from Returns doubled business. our the believe billion debt size commitments, million We have total fundings, the a team months. this X currently investment and to today and during has we another we actively

Our in additional portfolio average on the capacity continued to for to rents have rents $X the grow, we grow portfolio, based billion our by approximately have approximately year. European to has remain industrial fundamentals our with having industrial by commitments past Market place.Turning platform in industrial already strong. increased X%

to leased. assets During resulted rents, our XX% XX quarter underwriting. transactions, were We which Year-to-date, the a high to occupational our rent, above industrial are European totals in have the we is which coming ends. transactions to EU strong look embedded the in logistics, in continue which completed AUM quarter, mark-to-market our well over XX% X now quarter more strength capturing our XX% and have plans. delivering continued seen above in ahead.We in the market. billion leasing of performance rents platform, added This we in-place result our continue increase a significant $X.X Leasing the in and completed in portfolio, is business has years XX% a under-market in those increase this in at XX% totals which conviction

We are recent stabilized years. acquire we at high-quality to assets higher able have now in seen yields projected than

significantly and X the revenue the declines reviews, This We capital, will primarily existing portfolio, offset $X.X successful portfolio than growth in office commitments past grew to platforms. the billion billion rent in Same-property our investment this more in in billion quarter. U.K.. quarters. years.Turning deploy should $X and flat to joint by in across non-core European in we our platform primarily has good and office non-discretionary portfolio. Our positive see was our in management NOI fee-bearing and by total, finally doubled capacity, future in portfolio Italian our deploy $X incremental which is X% Dublin over which saw and In our largely in an fundings, of sector driven believe and debt located Ireland, capital will we we opportunities coming the office assets venture quarter comprised to to add our AUM in logistics NOI high-quality has the has in our by of look

is to minority a average lease position. term occupancy through weighted stabilized of portfolio in portfolio solid tenants and expiration XX%. have years well-leased X Europe with roster in In our owned office a the a we Our of and primarily to of our funds U.S., which is partnerships

greater our the square in approximately XXX,XXX Bill. office square than and which We our like Globally, bringing this to stabilized in totaled it quarter, office than completed of as of I'd we feet. Overall stabilized September to less is have XX% year-to-date leasing ownership pass to only feet X% that, assets back our XXX,XXX XX%, of XXth.With occupancy portfolio. represents total X

William J. McMorrow

like here. takeaways Number have you. an decades, that's at team to call. thank In worked team Matt, had ever KW highlight incredibly closing, best the talented we've important several together for I'd from today's dedicated one, global and we

have property XXXX, level. limited in debt at We maturities all the

pointed Justin a of sheet balance duration out predominantly have effective and fixed-rate borrowing with rate we long low X.X%. a

We to have many lastly, which it completion we next do up minimal to that appropriate long-term that, institutional to combined have at ago. I'd with partners near-term capital like property-level our investments capital and majority requirements developments, the a started the of to the And business we open are credit growing prepared time.With of years due year deploy questions.

Operator

question Paolone from comes with Anthony [Operator Our first JPMorgan. Instructions]

Anthony Paolone

paid like say, the can think wondering originate maybe the to with to the new what us you or just business to team because construction to was growing team credit new My got some to you're a you've up has help quarterly loans, on, get the grow question to commitments about brackets and finish priority relates you've originate. and if AUM funding it first there. kind starting I the got to basis back, of flat to keep

order to So trying to all get of together magnitude. I'm just sort of piece that

Matthew Windisch

that. answer to Happy

thing $XXX within I million $XXX million, we fees a on acquired that that. from note fundings, platform, right PacWest this almost earlier as quarter is portfolio funding then now, and that so into development are I'd we think that the future year, on and comes one there the existing those projects, we're earn

the part quickly so did that's few the a today, expected, paid of add. acquisition. fee-bearing have We capital as after So that's loans that not off, an pretty

here terms for as of months. expect with down where But can just are short the to what of to has We very slow of team there'll development. relationships don't of they in it's a repayments, the I given providers, certainly many next sub-debt produce things that unbelievable and think be our their both origination period and of course, the We community. brokerage X a been the out X tell could capability, in you of of time, borrowers, beyond in existing expectation lot come process

With to pipeline And of capital billion off we work of I'd profile don't for to make to being targets sense to according so that us $X.X and the say, in any the terms if the what originate close, partners. plan. going terms said, track everything strong. and And We're we're for that extremely to us, the goes that things our races, this want risk I year, in on and return remains mean, like we they're only set originate. to over

range with Kennedy-Wilson. capital comfortable XX% playing so in for and risk. to well residential XX% works primarily doing that that the very it's certainly and For a our works And return for we feel really partners loan-to-cost us, we're projects,

there's what based specific team's they're at business this So the great we're on in we no a point but time. set growing doing, track, But the target. certainly on feel

Anthony Paolone

do this originating with you is or going just have do regards team construction the PacWest then mandate to primarily brought be new over, to And stuff? to broader they Okay. a loans, other

Matthew Windisch

team role. has XX being to I construction half lending, focus. been is the think these In and focused of debt which that on right the deploy to we said, so focused are But with who the there's to their team of and making area we're really that's originate asset working Yes, be so always borrowers. being is your on lending that's doing construction have brought subordinate we're gamut XX to component management, experience seeing able look, bridge go got you now to they've things construction, sure loans lending, people experience. About lending, the With the very shift with about our once and work plan, exactly we a team, don't a attractive primary solely monitoring them that on around. originations, things capital, according borrowers key

we've that's in area. got team a that experienced so very And

So half team and is on half the on is management. originations focused asset

Anthony Paolone

where can other think, capital versus Okay. I thinking second in sense you the it's to, perhaps And then dividend, environment. especially about just your out give us view maybe a finding a invest, to the the question and places relates capital-constrained of the on door dividend

to You're not a it. REIT, have you pay don't

thoughts there? any just So

William J. McMorrow

Well, think, I something Tony, we review every this is quarter. obviously

years. I to capital point XX construction institutional Generally the with make spending we projects really very trying XX-XX players. at these cap with rates, had expenditure been I partners attractive to in, we've last do think speaking, that the involved which stabilizing we're big are that the we've over was

year. wanted very a so this to The declining make that you're number And way you've that of pipeline. really got next point every up with is in completing of starting we're come doing capital very, because is a I pipeline level, year lot meaningful to when a that

the a doing some point a as debt these bigger grow that we're X% as where business, that of that make that investor continue platform, we've other we're been The XX% we I to to want in to to owner. X.X% is developments typically opposed

is third that corporate is, the is, would I the expenses. think level investing on capital doing doing. entire management both we're a lower of And any see the been and the from as percentage really up at of we're the of expenditures structure and going we've I focused so thing that free property and you're from to cash flow capital us the level, the say level capital company at

property continue where at the expense reductions and have implement and to meaningful level the corporate at we so we level. And

all of so the asset give the those And smaller of continue the things flows, growing level the cash capital isolated dividend. combined with some paying doing, we're of us the of comfort to sales utilization,

Operator

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

Joshua Dennerlein

Maybe on just follow-up tangential a one. that

on development front. a of sounds pipeline the with a think how in opportunity that slowing, just Just set Is you'll function or that active that? like we it less strategy be through should or change like

William J. McMorrow

It's opportunities there change not these you timeframes -- X the feel time strategy. to, We better at a to necessarily you have when years. well, isn't are it you of stabilize from long look can when just the think that that actually about these you to be development as start assets as deals,

credit we opportunities, months. see investments our We're a into to really the starting where that that so business the amount some alluded capital there. any deploy tremendous also of X only last many like And made equity We're to, we've starting now double-digit to -- getting to certainly the investments. ability magnitude see Those we've in you're of current show developing got return business X in are XX in a Matt up see equity made we've the opportunities arena.

piece, cycle. the that the development its runs So case it always it's

was something happened land where right keep these very, positions quality show Recession. come starts we been for generally, now flow. us there development to is which in to the that the done higher in properties we as that Great plan partners we're really already have assets cash The in were term. properties where people Ireland very that most with in into own we to discounts play, business have high-quality platforms now -- big But on kind big, adjacent we've where of existing cycle up assets long development has that get very, of institutional that the we've during You that long completed

there same of So property really finished but built land Ireland. XXXX. came multifamily another in approximately, largest XXX Ireland a on Today it's the good we bought is example a project, was units roughly we in that bought We property. with out that. that it's along -- had have so XXX of but property We owned acres that another back the X really, a units, in that it's that Clancy, and XXX-unit we piece

Joshua Dennerlein

more could on just through one co-investment me, just how us we that maybe a think accounting, walk and from then it as you go-forward the about And basis? for, fair value go on to forward

William J. McMorrow

really answer institutional that Yes, Justin the quarter have $X by would that assets basically saying X you I could, got of if owners start over were answer under but the I I'm going where inside to question, trillion X just saw adjustments that to Justin, quality partnerships ask the in you've management.

that would this were be long-term, long-term these on amplify the were And that. assets for so never to assets to that Justin intended over but sold, I they're holding we're they're -- then to turn

Justin Enbody

Yes.

quarter, we of through what fair value partnerships So every as know, billion we go over that there's about in of process investments, go they the up $X in that bucket investment valuing and in down cash exists you that obviously, to also they've those times in we've our sort plans time, sits and flows we've goal and properties times are. investment where they've long-term disclosures, and up our what is the of to you those and gone had Ultimately, had gone communicate where call down. our

there's, so realized. And but would we have your I I valuations communicate going $X ever are that attached billion -- think ultimately, to to as mentioned, and of if to differently them, properties point, about they quarterly are there's

William J. McMorrow

too, best say, should ignore these as downs not basically and would don't you can. Justin, -- ups you I -- I'm I

non-cash rates to we that adjustments when that so implied in these said, earlier assets are part, in hold the his rising, these and said you've widen, Justin as are got you've I but long-term, to As rates plan cap got nature. make interest

Operator

comes Tayo [Operator Bank. Instructions] from Deutsche Our Okusanya next question with

Tayo Okusanya

to multifamily wanted with second. just stick a for I

on and just going the more The California California. some first the some around, again, of the -- challenges in question just of portfolio

portfolio? you Just up kind that thoughts ultimately of like how playing and of of becomes see things the of out, on curious a end quickly ultimately soon less how how some headwind playing that that, kind out, and your to issues these eviction

Matthew Windisch

This up. get Matt. the of There's Yes, is Tayo. little this end think getting go of still all to bit cleaned Thanks, a towards it. time we're to I

So I remarks, now loss think, I as actually it's high. is in prepared a we part said the the quite interesting think is headwind, but California the right in on lease those assets to

are And buildings, come see those to to you're re-tenant going a so we some nice those on of in spread as leasing assets. able

to become think a up of time a I It's where hard bit tailwind trade-outs. I another see probably put issue. point-in-time it, and go good a headwind. that pretty or but around see X lease think So you'll quickly But see really it's where occupancy an it's you'll you'll quarter see some exact you'll a

think those next well couple we very, through very to once perform properties are of I the get years. going this, over

Tayo Okusanya

on just again, of with side, assets about deliver. lot the multi-portfolio, And then a are to given the development just the

may the even loans, cash-out for lease to and Just service construction in assets. what getting loans outlooks on I'm just are getting this, again, those at are lenders NOI looking tighter, markets about ratios you what what curious, that conservative or you've -- on or if in curious like you seen of mean all the take-out how debt the of of coverage they're that your to some to financing equity out could get have if out? to kind need and kind ultimately permanent potentially put construction balance the take some more

Matthew Windisch

Yes.

XX% our is If at gross pipeline, roughly against overall development asset you leverage lease-up and the our look value. overall

multifamily interest we're assets higher started significantly Obviously, thought. comfortable, rates X finishing, the up. very we rents years on are, feel like than we we these the ago, So are

on counterbalance good pretty a that. there's So

of take think, given probably anything, lot a deals, put capital don't what's with we of again, net-neutral, projections be today. So And the we ability a has maybe to a conditions really lot today. a with that need going some cash-out but are where ago on of some to X do, market see to to if the on our I years where are in think happened we NOIs it's versus

financing the ] with with it's comfortable agencies. very all that, we're [ of So or original whether

Tayo Okusanya

like of you're should you kind to your of some from start streams one happening we assets NOI in in And cap a housing just up value you're NAV perspective, of in there, Okay. of How what's the and of ask just rates? and What guys? does of around if kind are markets, pretty are rates again, kind another to unique around cap NOI curious, Like these NAV just with key I some again, of your with applying one seeing kind again, things a cap doing on lot affordable may things kind buckets? thinking a that. disclosures decent be the interesting come rate you some unique, some of

Matthew Windisch

only can obviously say, look, like, I'd tell what's well, And I happening volumes what Yes, sold. down. you, transaction with are we've significantly

cap quarter, the we're apartment we asset higher we cap sold And X% the So at for in stuff buying then rates. sold other cases, in a just under rate.

we and put over we look say do believe would own. at things it's hard sure. to on We for comps have when that for So our the there an lot we I in values in us, business figure long assets fair plans. that. exact of faith like the There's run, it out a we the obviously

Irish example, in trades And we've stabilized XX%. things many in So XX for no cap more happy are It's look much at offline. XX your points, speak been the fact. rates our harder think these that to our detail or that's for a owned through put of cases, I lot a just space. in clearly, X, past X Dublin increase there's I well, been an up, as to basis finger in in go that X% are these there's on. And could how we've But year, basis to that they in rates points, think cap portfolio, over say you of -- overall, years. that's at if I

about very the So portfolio. good feel we

Tayo Okusanya

debt you to of about starts last of thinking caps start and this just going caps have, you just of mature? for And it could float? put around debt the year swaps coming the have me, one all kind higher off XX% indulge duration. the of me, is you cost this if Do then curious kind has in rate as being that's that new to debt stuff as that some XXXX. longer, start have debt caps X.X caps XXXX the in idea on rates a it, that you of of kind again, from Do increase given But floating to but the of how let

Matthew Windisch

-- in XXX% XX% hedged of now. Yes, mentioned, We've I been for to right our we're on we're as somewhere historically the we mean, portfolio. hedged us, range XXX%

keep definitely like it to we So within range. that

I value the to swaps, of think but as the the at of likely swaps caps kind do we've so cost this an that some to point, more a hedge rate, in fixing uncertainty one done we're thinking we're locking we're thing as is lot those swaps the that around of of of coming we're And historically. swap. off, having versus that opposed about

but So we we range still going the in to the to think hedged XX% somewhere over XXX% hedge, remain we're may year. that next way I change

Operator

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

William J. McMorrow

Well, thank the everybody, on you, call.

remain to follow-up anybody to any questions. that's got we available As always, talk

you. So have a great Thank day.

Operator

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

You may now disconnect.

Kennedy-Wilson (KW) 2 Nov 232023 Q3 Earnings call transcript