KW - Earnings call transcript Q4 2024 | Kennedy-Wilson Holdings, Inc.

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Operator

Good day, and welcome to the Kennedy Wilson Fourth Quarter and 2024 Earnings Conference Call and Webcast. [Operator Instructions] Please note that 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. us joining for you today. Thank be Today's archived and be live replay. call will for will webcast The available will webcast replay be for and X X by week months. by phone for Investor for Relations Please see more the information. website

CFO; Bill are Europe. Matt Justin President today me and McMorrow, Pegler, With Mike Windisch, CEO; President; Enbody, of

financial income. On this non-GAAP call, EBITDA adjusted refer will including we and certain to measures adjusted net

quarter the measure of our find items, along Relations fourth of a and reconciliation financial GAAP description Investor these earnings is most can website. which comparable You the directly the release, posted XXXX our with on of section

Statements factors forward-looking made call information indicated filings with in forward-looking risks, and to include from this results on of statements. due reports Commission. call and Actual during this Securities discussed a the differ other may Exchange and materially number may uncertainties

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

William J. McMorrow

for call you, you, the today. Daven, joining everybody, thank and Thank

represented for institutional initiatives, Yesterday, ending ways including we strategic of meaningful growing results baseline solid our increasing our new unsecured to deploy our with reported quarter, capital our the reducing business, and EBITDA debt a of on noncore disposing many management a to finding and strong year executing investment our which assets, fourth partners.

great call, On all $XXX a financial Enbody I'll on XXXX million XXXX. our XXXX in our key saw in priorities turning for to it discuss we in results. momentum before XXXX, start quarter key nearly of to by discussion across the this today's from a followed reviewing tripled progress made We Justin by in our $XXX and initiatives components our EBITDA, with over improvements earnings which of adjusted to million

volume with improvement. activity clearly is industrial acquisitions, Debt in is accelerated investment spreads, environment billion lower rebounding. XXXX transaction while our showing $XXX XX% over in an in and strengthening market from $X overall rates debt deployed increase including this Against levels. our and of million The backdrop, over tighter rental base with are and originations housing markets of XXXX capital $X.X billion steady

XXXX Strengthening Management reaching continued XX% the fees grown $XX the supports major XXXX. this mentioned liquidity $XXX the XXXX, in previously company. in milestone of from have business. credit has by Investment Management Fees million platform, year-over-year for and A in improving year. our million huge the which to to seen million market a Investment approximately been sentiment grew driver in has expansion $XXX our growth of last significant momentum

originations QX for originations into We over completed in year-to-date. $X.X rate of a loan in momentum This focused new billion closing in completed billion with the XXXX and year, student $X.X on record construction multifamily carried all $X.X is already of billion market and housing. or new high-quality

deploy our interest in real from equity partners. Additionally, to capital estate meaningful the we institutional seen growth have into

billion A largest the Plan, rental U.K. approximately single-family management. with strategy prime $XXX with investors world's example the global under Pension this is of Canadian one new of the CPP, in launch the assets of

of capital start We new of of strategy's target platform approximately the are in current a committed billion. total million $XXX off this strong to or with XX% $X.X

the believe per East, investments. institutional management highlighting investors seventh we XX% fees attracting annum. our secured discretionary In Middle expect Management, on we fund equity closed $XXX active growth Investment total, on commingled we for million capital be from leading successfully Further capital our our we discretionary Asia, XX% America, fundraising U.S. North of Europe remain in in by to continue across We investment to grow markets. to approximately increasingly and the focused

gains last of we generated target asset in noncore total our our asset successfully asset set million cash In recycling sales, QX, sales. through million have capital $XXX activity, cash our we proceeds of achieved noncore sale sales. million to QX bringing $XXX been year. The second With from important initiative million generated XXXX and from $XXX $XXX has our

XXXX recycling using million platforms. we seed capital sales, remains in $XXX ahead, recapitalizations, asset generation focus a Looking to through assets core of currently with own an or new cash of expected investment over

intend We year. continue our for in key remaining capital only KWE XXXX. return reduce leaving is December, within unsecured million $XXX opportunities, of repaid unsecured this In November, million maturing deploy company's the the to platform our management our while maturity into third investment particularly which we higher $XXX we initiative until to bonds debt, the

progress We QX. revolving significant made $XX in million also on our repaying credit facility,

Turning portfolio. our to

totaled $XXX million investments and management, annual credit the company. under producing assets Our an estate estimated real for $XX billion in of equity NOI

capital fee-bearing stands billion. at Our a $X.X record

last portfolio our our the have of are either housing, now several comprising approximately XX,XXX or stabilized meaningfully units concentrated currently repositioned with in we X/X years, the Over financing. own rental assets we

apartment solid NOI. X.X% our portfolio, NOI most dynamic to headwinds to our in provide a and for ended going us XX% This by markets grow housing to easing, which grew a fundamentals are outlook favorable of QX in forward. very rental which The with allow for improve. should Same-property our occupancy continue the will supply quarter continues backdrop

have on market estate housing capital capitalize capital assets. With across we interest various decades As X to remain the of continue entire conditions to well continued navigating to flexibility deploy we on and new with recover, focus over opportunities rental now environments, structure. the a rate positioned experience industrial real

active flow. XXXX. our year in We previously growing to recurring key to committed balance mentioned remain very strengthen execute initiatives and and while on continuing our sheet We cash a anticipate our

call the CFO, I'd now like our turn Justin over to Enbody. to

Justin Enbody

reviewing then $X.XX EPS QX GAAP a to a $X.XX financial compared discuss start totaled results in Thanks, loss Bill. share sheet. and 'XX. of balance for our our I'll QX by

XX% in $X.X billion Our Investment originations. to by in driven revenue Management grew completing by another new QX, million debt $XX

QX EBITDA and components. million. year-to-date in across million has board the This QX, and improvements includes $XXX all totaled by million $XXX in which EBITDA, X% increased totaled Adjusted $XX at baseline with to key

improvement an XX%. slight approximately portfolio. from real in results saw Valuations co-investment estate increase billion in the our in also that portfolio of a which in This saw QX. roughly portfolio a ownership totals We we $XX in assets meaningful have

NOI portfolio XX% Additionally, loan from comprised either estimated is industrial our of investments. of co-investment million, or which totaled multifamily, annual $XXX

debt important balance Turning and us priority sheet profile. has for reduce as to mentioned. An debt, Bill our been unsecured to our

availability $XX debt, EUR ended we bonds $XXX our credit. With of mentioned, QX, repaid $XXX cash of During on the as million credit line $XXX facility. of a undrawn our million Bill million $XXX million XXX that, total million consolidated million unsecured and of KWE of repaying we including and with revolving or quarter $XXX on million, of

monitor We interest to exposure potential our volatility. also to rate continue

QX XXXX, of from a XX% cash weighted share million million or our of as a Our interest in effective this which of and maturity rate years weighted P&L. effective $XX with interest total fixed The debt in benefits X.X%. $X an rate X.X our rate produced one offset the interest of to noting average hedging strategy, hedged benefit expense includes is average and on

basis Our interest as that average rate rate below XXX hedges on well. have points strike is rates today's a approximately

debt 'XX. our maturities at Looking in

at across what earlier, which represents was million mentioned have bonds, debt KWE separate remaining final of our X issuances. of KWE unsecured As tranche bond the originally legacy XXX we $X.X billion on EUR we

matures our On high-quality our XX% U.S. $XXX and particular, relating expected million portfolio largely of the have apartment are debt of that million assets we apartment relate rates secured to Ireland. in has at $XX approximately 'XX million the of In Irish with mid-Xs. our that side, we and refinancing commercial balance in in The of debt to process approximately maturities share $XXX the with remaining in properties. our

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

Matthew Windisch

an to Justin. a investment Thanks, before stabilized of management diving estate annual into lease-up Today, NOI to portfolio key and of portfolio from generates million, I'd our real portfolio components $XXX the $XX upon additional our like expected business. development moment million stabilization. estimated our take review with our

well in This shift high-conviction progress. retail from and industrial. of our away years office portfolio, X up portfolio and XX% credit as current With both stabilized as The in our housing, concentrated continued is has rental ago. our equity sectors from XX% to

$XXX assets expect strengthen. million cost another portfolio seeing apartment lease-up. high of driven XXXX. fundamentals this options. in rental in development to rental homeownership, and the the which million the NOI reduction of a further in half we KW of year remained ease Our the apartment our part push from currently U.S., many Demand strategy, $XX by for into in we're pressures continue to to many towards contributing are with the markets, of is time, trend and continues the a supply same that strong, of expected In cornerstone our to second in At portfolio

by increased quarter, fourth Leasing remaining with on XX sharp spreads renewal on the X.X% same-property XX% points, a which we basis. a totaled at strong maintained to occupancy, approximately X%. basis focus spreads During

grew with X.X% revenue NOI team. same-property results X.X%. our result, by a up execution the operational management underscore strong asset by As These

to highlights. Turning regional our

in came a grew on X%, region. by solid same-property while strongest revenue a which grew Our Occupancy QX our largest the Mountain from performance West, remains X% apartment by basis.

in adjustments to in real growth, taxes In of top Idaho benefited deliver line and delinquencies. the impressive driven combined property to decline by estate same expenses lower growth factors addition in These X.X%. operating favorable NOI we a from

Northwest to for growth. expenses remained Pacific We optimistic while this year grew NOI the Northwest, occupancy our many in operating Pacific employers as started X.X% remain revenues office portfolio to large in XXXX return mandates by In with about the up leading X.X%, flat, X.X% have region.

delinquency expenses We NOI X% which has challenges portfolio X% in saw ago. delinquency of a apartment year California. resulted the from Northern California lower and legal California growth Southern we related recovered in solid in occupancy Our growth and saw

in affordable bad increases NOI. performance improved impressive and levels reflecting Vintage income quarter, strength in housing closely by affordable revenue portfolio resilience aligned that and of generating to an strong was with this strategy. of growth Our changes XX.X% delivered Housing our This area driven primarily the median debt, growth

affordable the we stabilized As growing demand to our we scale XX,XXX identifying continue ensuring housing. meet for approaches footprint, to housing Vintage opportunities affordable high-quality focused remain units, our portfolio on accessible

assets robust portfolio. strong our Turning to at occupancy. XX% Demand our with Irish quarter apartment a the ending remains

We reinforces for demand is the with structural apartment have and Dublin track to market, in growth, our on undersupply X combined housing expect which The by communities. rental in significant we remaining of ongoing employment lease-up, currently stabilization sustained the high-quality continued asset this summer. reach

Now break. turning investments from healthy XX% average of XX%, portfolio, exploration NOI same-property in saw approximately with X is NOI our Stabilized XXXX. We lease in of X.X X% to weighted years to growth and Europe. term which annual the remains to office estimated occupancy years a derived our of at

XXX,XXX portfolio and In existing square feet X.X years to of stabilized vault with office In expiration a QX, well the increase across U.K., break. leasing remains we representing to completed XX% tenants, a years at both above XX% new with our rents. previous transactions and leased X.X in-place

positive from properties where of an stabilized for In for activity our of as recently with benefit quality. first high-quality asset, a a exceeds leasing all XXXX, our Dublin, activity saw X occupancy XXXX. continue total sustainable the leasing its sign a healthy This leasing strong continued recovery Dublin last to Cross surpassing Wells Fargo in Coopers tenant flight leasing our gross momentum see and the XX%, pipeline quarters which in of interest. is welcomed encouraging demand we where to

deploying believe over million continue to equity laid goal capital behalf partners year. We to fees a grow nearly per and for and XX% across milestones $X.X the we were at $XXX major have a on business, fees reaching our continuing record our foundation opportunities both to with in of fee-bearing debt over capital billion gears KW institutional of in Investment XXXX. Switching Management our in

and platform credit in completed scale and allowed investment of of The continues gain originations private to billion our our fee-bearing In our expansion of $X.X QX, momentum. to team rise us credit capital. the XXXX has we as

completed million quarter. new fundings in over approximately repayments also million We and $XXX $XXX the in of received

Our has months future picking offset which as credit XX we within to $X.X business up start an the billion next anticipate repayments. to fundings, of future

of and we credit active, are dynamic grow credit this ways the a to on our number markets private evaluating continue very to As platform. capitalize remain

In homebuilders the our through we U.K., platform a rental create to single-family communities. U.K. rental vibrant acquire see new housing bulk from opportunity and compelling in

that term. rental excited demand the significant We're in long in ongoing to particularly opportunity market, been single-family there the market highly about portfolio platform a has believe residential supply institutional quality of the We an value the With in build and the the potential U.K. deliver it is historically scale a can this of sector. growth over and imbalance fragmented.

platform, of industrial are XX% continue growth totals as occupied. Thus, QX, it Investment initiatives to and evaluating that a which expansion anticipate We these delivered our from in feet Management increase in and we in is platform. of X further this as which well also leasing, further support million growth European We number is rents to a XXX,XXX business. of feet XX% completed ways square grow will other the underway our square our

last value closing, made for believe we for positioned our I We these company in beyond. have during few in team's growth In stakeholders. KW the solid of our to ability as improvements all XXXX portfolio a strategy, our our deliver long-term and years remain confident and

questions. that, to with up we operator, can any So open it

Operator

question come [Operator And today your first Instructions] with Paolone Anthony JPMorgan. will from

Anthony Paolone

just clarify. maybe to is question first My

in XXXX. right? guess, maybe, Bill, $XXX think I you that proceeds million dispositions I of some hear I did incremental from mentioned

William J. McMorrow

Yes.

Anthony Paolone

shift to group particular is broad just continued Or a a sold? this there's or that where areas be assets Any recycling? are of pretty Okay.

Matthew Windisch

Matt. is this Tony,

So in similar a strategy to deployed 'XX. we it think will what be I

we want assets are housing-related our So competencies, investments don't to parameters. fit business, really those that in management focus in in our core particular, on so investment well really as which as

and great those how some retail owned where disposition of for be we're like get down we proceeds, So platforms we've us these on use about going of markets have co-investment equity now investments. on exited. going to our of to Then terms Italy which to continue office Those we will noncore we unsecured our talked Spain in and assets, debt to for Spain, whether it's continue wholly focus we're strategy. pay the fund exiting return really

Anthony Paolone

then I capital guess. And -- to committed lending lot if regards that a Okay. debt you have to Great. If with commitments. just And lot the platform, wondering construction of of that, for call just gets latitude space, to and the go mortgages, in et those cetera? have commitments types, environment you either other the like more competitive, existing property what's all residential particularly a in elsewhere,

Matthew Windisch

Tony. Yes,

about, some the future we've have commitments those we're those. we funding talking loans think of I just So and obligations under already made

we've leader Look, now obviously for robust. So lending be We're in aren't housing loans are extremely construction. we already those the are signed operate The pipeline we a within areas Those both as space construction this right apartment construction student continue market compelling. going anywhere. think to as the well up. remains space,

in going we're that a have successful to So very we space. year think

evaluating other there financing opportunities being said, can different of existing execute on. other for team and That that are we're that product types types our

do and in so the over here And we time expect expand ways. to different offerings platform grow the credit

Anthony Paolone

the maybe duration we And fee-bearing do Okay. capital to and of how longer mix it that just ahead, that about a if think we add to also has as more look bit into AUM is equity think important the it? growth you

William J. McMorrow

a Tony. It's question, really good

amount last want have primarily to be and we've I the think the States, completely the of that been industrial in in United significant business we over the is the which we they credit want business. to the not most that partners evident very, invest housing Kingdom the have institutional really in, capital and and yet cultivating rental might expertise very is of years. invest the in that the what United institutional asset the But partners couple aren't reflected. classes

the you saw but United you And necessarily to really in aren't of from our going biggest as that yet discretionary separate number use there's those with together deploy a comes as piece not partnership well put And Kingdom, capital finished. on know, big funds. might CPP, of the accounts, we the

And as you year more to did year, you space. of XX% think was this roughly capital the about part of capital at said credit the than to deploy we of part XX% we I when when my last that look last we the this, year, so in And year. expect formal in this deployed

the didn't space But that invest the last equity we a I it expect the like pricing we see, of to want reason the thought anything credit that But compelling. kind of opportunities more didn't in equity this to pricing is be going see. we're continue years see we're returns year, the of opportunities. really we the we just big kind to that although portion we we And see I'd generate couple to that will starting -- that of realistic see was to say, to more

equity into to going you're business. So see deployed that more

are in it in we're example, focused Ireland, And that But the build business, find construction but earning the Europe. with structure other the AXA. part expect on here and to to we're in of capital we of And remember, we're capabilities part management in very that expertise time partners is smaller XX-XX multifamily where and construction our more going construction you over the the part management past, growing United of we're assets, if In a smaller got States a great we both the management we've for where new structure. fees. capital opportunities

when like, the I investment of XX% Matt going the we and the that that to think every our that was credit business. exposure rental I assets, equity what the point intent to housing year. really increase over And really and important time, the So asset activity really you're business, to you're industrial to think to about selling our grow noncore made it's these talking that both XX% up classes see

Anthony Paolone

Okay. Great. real helpful. That's

the in place one, are markets last just before? place sense I in I'm to replacing? curious, be will to What's those as one I'm was if versus Ireland of it mid-Xs. Just debt what trying now you in kind the a that can. where refinancing mentioned get in some of the

William J. McMorrow

what X we've validates banks that, institutions to million X-year in rate do we're almost $XXX around financial mid-Xs let But the lenders be the that talking fixed April. million we're part debt. the the of and selected interest had day end the and We the is going to which XX and to thing, now USD Matt interesting propose I of as think talk rates. kind the think financing, question. Matt we going closing that, in the it in XXX of for mentioned, I'm I differential is us answer about let on to at I'll about,

Matthew Windisch

Yes.

So to like to but and in under mid-Xs, we that. the rate going said, X%, have just on be, ability the was we we're float down will the in-place

rates locked mid-Xs. will rate in do participate, come higher if rates an than but the So much we have in to will the not ability be so go down, we will

William J. McMorrow

Yes.

me But at the year, either you last differential actual to we minimal. when you've was $X.X I think, refinanced in very differential rates, dollar whole property Matt, interest or here. got assets, our of Tony, financed almost and correct billion the level debt look it, existing very, on

Operator

And your Okusanya Deutsche will from Tayo with next come today question Bank.

Omotayo Okusanya

Yes.

operating So good could SFR business in your also around expected platform, little platform of the you about are The bit margins it? afternoon, on you talk run a everyone. will yield that kind what in place to have and

Matthew Windisch

to you Mike, one? do want that take

Michael Pegler

terms recent high set we're about a houses housebuilders a the we Xs over X% take bit probably talking whole at good operations. growing yields to course got period I'll excited discounts we're really seen the We've the really U.K. create residential Yes, in of that this of than up we've little years. can higher acquire in in our in new that the of stabilizing we're towards that are We're probably to and pipeline from got one. the Look, We about communities. rental trying that we've think platform. these

We've set great and of that is great We communities U.S. experience place place. in Wilson's part in how in Ireland got optimize these been this create homes There's world for think and the and around skill to the this of doing absolutely can people core from a live. we've where capture to Kennedy lot team a of manage we

of the about excited a such this fantastic as partners really we're growing platform So with prospect CPPIB.

Omotayo Okusanya

it. Got

a property management it actually in-house? Or is it's So platform?

Michael Pegler

in support looking be internal got outsourced our And management solution best We've and how to But resources. we'll in-house that but supplement reevaluate to where our property management an we'll scale that's property asset initially, we'd own team, at operate that. management appropriate. third-party with

Omotayo Okusanya

in again, billion. should thinking rate platform, debt the How quarter, like funding, of place origination? in on really look at current this the about then you And also future what origination $X to as some really more you. with given got growing strong growing for just that strong well run be probably pace capital we you're a pipeline Got could but at? need And keep we terms business

Matthew Windisch

Yes.

and this opportunity we last did funding want billion to which, is. who but demand So $X.X itself, this we to partners think originations, now, set I would have a there's us. from like of some then we've talking obviously we presents that in as it been of continue great terms of with business, exceed feels the year, like lot in other to grow to of certainly assuming And year, sources, investors

assuming strongly So over we've the set remains this we to we long that capital feel to opportunity continue need the very, grow platform the And very got run. attractive.

Omotayo Okusanya

the think some loan. kind I That's Dublin, of on with helpful. Irish also with questions the the the office portfolio. some you last curious for from autumn of employees late ultimately costs think of rent their then government? in U.K. that And current the any costs for the multifamily kind with how of to new according budget And international new about year, budget of implications Again, higher XXXX? X evolves of some on then demand caps of side, X%, there on

Matthew Windisch

Mike, do you that? to want take

Michael Pegler

of I'll both Yes. Okay. up those. pick

end due So of firstly, XXXX. in caps, regime rent on existing the expire is to Ireland, at the

are Irish imbalance know any too form a demand-supply a exactly in make. Now changes we little the to at the we'll that. market. there say But It's early government looking bit what remains

we more. our it for when is the regime, And development we'll obviously an comment looking know But so interesting portfolio. we rent the government know is at and overall more

back of take demand, national the later the I coming for weakness a good that -- were bit come up seen most major coming good to we've general little seen rising In insurance offices. U.K. particularly any in London, office terms place be offices, seen And quality submarkets that. changes year. the quality improving. of in off trend, the across this we mean, best-in-class if rents We've haven't offices. indeed, we've you seen offices

belief So over well to that the best-in-class term. officers advantage medium to positioned that long take capture our a remains And we market. really we strong strong there a and are of and the growth really occupational have offices, rental think

Omotayo Okusanya

if helpful. indulge if in nondental where kind this next more continued long-term could for we That's for value expect One the this happened -- carried mark positive decline a over If time you That's investment core about portfolio, them we stabilizing core year to but the me, kind so, on interest? again, value less of or trend long fair world and you investment the a portfolio time. that positive think positive should first quarter. fair has rates implications of are marks just the stabilizing, of

Matthew Windisch

is will seeing mean, to I it's hard in think go it can't assets. always reflected that these the improvements continue in kind on stabilize, But our we're our it's case. assuming certainly the the predict that given fair Yes. values operational But value And happens. I up they of again, predict think feels -- that the I you that future to and will promotes things. the will be be in and are mean I I hope future. if certainly stay where rates --

Justin Enbody

we capital. And think Tayo, business grow our I investment promotes carried and around I grow that that just as the deploy will the new to landscape management interest would add continue or

what think grow but you're structures. business, we and headwinds from get to that carrying And hopefully more exists, more bold importantly, meaningfully in have interest we going promote I so as

Omotayo Okusanya

Sounds good. execution Well done, solid Really quarter. this guys.

Operator

America. Bank will with question Jeff ] Instructions] [ from [Operator today next And come Specter of your

Unknown Analyst

Great.

on U.S. in conversations, First you specifically you real your estate have in question, estate. of any estate hearing want to interest other your from a concerns by an pulse whether of U.S. the initiatives world, just over seeing any but real or change from are real seeing given confirm the interest parts any and new change it's administration. and recent institutional great such global world? tariffs U.S. Are maybe parts I relationships, of the even proposed tone, other in you various other in

William J. McMorrow

good back I that I'm question. tell That's passing United the investing I can I'm States. Look, United week to really just X strong that are over Asia, belief the years. telling just any a judgment. very States you going that interested very, environment good to And in in the came the interesting business you in have X people very from a not is next people a in be

And deploy base, you markets, you've XX we've the with these that It's of here. put almost market all people, you've been And can't the in some East, where headquartered when of don't in capital the place that really at capital. Asia, attractive the really, great capital got of they got markets but Canada own where look big just Middle large that -- very, size years. to the the now for relationships got capitalizations here XX companies the we've capital they million And in. very institutional they're partners are their also growing in particularly

true and United Kingdom. would primarily very here want market States. feel So say pretty in it world. take United here all of the the -- that their particularly very, the around I is major of Asia, secondary they much And it's portion the comfortable the some with -- And everywhere capital to the invest Japanese that companies other the

team really so things the have of our whole management was about where behind our was focus energy noncore the that real assets one idea Italy said we selling the were really in And markets all and in and Spain and to we Matt expertise.

Kingdom United and Ireland. The the States, United

last look at to all other markets. it's an our thing us that's outside of the given great is because happened United Western other opportunities business these positioned really I base of business, well would the we're to And And in other a national equity of so over information is couple in years States say credit us the markets.

to We're talk the was past. in at currently equity advanced communities we in the the under about we're haven't Texas and States. in contract opportunity that also yet, it where right now market but really market, southern of Arizona another looking the ready I'm part to the buy well had X not investments apartment United

United noncore States, capital, was in and And primarily new the into. XXX%, issue of the deploy these we managing out Europe not in so year in we'll deploy then doing own. particularly but this some and to Getting capital which assets, new been biggest what on finding to that own we've ways the new asset cases, markets we office that ways, assets, focus

of of us amounts trust significant got lot people capital to We've A invest reputation that really strong. their is really, money.

deployment capital one particularly the that the to is the continue to business. business, going really really investment management grow of so key ways we're And

Unknown Analyst

helpful. Very exit office. to your continuing follow-up A to

You to office Northwest. some that benefits the return did there seem mention in from

would confirm, to retail view just the area shifting also is change your office? away think other from? you're I on So And nothing

Matthew Windisch

Yes.

sheet of look capital opportunistically balance sheet that deploy I our terms think wouldn't in balance into That's those to we're at say we investments, areas. in not not to looking space be capital rental it's But our deploying where There using and industrial. management we on our balance investment our better we're opportunities housing served for there. investments, sheet think platform. could focusing things

Justin Enbody

used threshold, you return gives that and thresholds around interests we at. idea right? add Investment business, allows look it have business a us to invest lot different own just expand types, what can different have really you Obviously, partners they that from but the that have so would our at, product the balance I And that sheet, we Management more return flexibility the

Unknown Analyst

you could supply, Arizona, picking There some were where about And 'XX, is up. supply, Sunbelt question. suddenly Texas, or the into markets. then of and on is southern that talking we some concern just walk just my last supply apartment

be One the going through as in are the views 'XX your that there's supply of markets? there peers you're increase looking on not really in an supply. Sunbelt to What believes there's your apartment visibility southern at

Matthew Windisch

significantly best-in-class Yes. it we the really only right credit developers the able where has of. Sunbelt we're And Best-in-class definitely it. to stocks several is together be finding volumes we're and put years capital ago. are continued now below invested they markets were We've the from seen to seeing our credit really through date business equity in to the our business, speak to because our what haven't But

doesn't that they're few back are ago. our it, it not and a substantially anywhere picking years So what credit like they pipeline, volumes where from certainly to seeing feel near up, getting we're were in

costs issue the these I significant few become rates think markets to years. down, supply interest down could construction over come see we a have in come next further

being finishing have there's down X up. coming supply said, that ramp XX still of to it X on months starts you projects some finishing, or But that deliveries. like and That years ago. were still of look a definitely there's kind ahead, financed significant if

Operator

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

William J. McMorrow

to thank very And be much, you everyone. Citigroup week next going Well, in we're at Conference Miami. the

And seeing call, so look on there's look there, that you. we this to there. anybody forward to forward if -- we'll you Thank

Operator

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

now may You disconnect.

Kennedy-Wilson (KW) 27 Feb 252024 Q4 Earnings call transcript