Kennedy-Wilson Q3 2024 10-Q Filed

Ticker: KW · Form: 10-Q · Filed: 2024-11-07T00:00:00.000Z

Sentiment: neutral

Topics: real-estate, financials, debt, preferred-stock

TL;DR

KW's Q3 2024 10-Q is in - check the balance sheet for debt and preferred stock details.

AI Summary

Kennedy-Wilson Holdings, Inc. filed its Q3 2024 10-Q report on November 7, 2024, detailing its financial performance for the period ending September 30, 2024. The company, primarily involved in real estate, reported on its various segments, including investments, funds, and joint ventures. Key financial data such as unsecured debt and preferred stock were presented for the reporting period and compared to the previous fiscal year-end.

Why It Matters

This filing provides investors with an update on Kennedy-Wilson's financial health and operational performance, crucial for assessing the company's real estate investment strategy and its impact on shareholder value.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt and preferred stock, which are key indicators of financial risk for a real estate company.

Key Numbers

Key Players & Entities

FAQ

What were the total unsecured debt amounts as of September 30, 2024, and December 31, 2023?

The filing indicates unsecured debt was reported for both 2024-09-30 and 2023-12-31, with specific values to be found within the detailed financial statements.

How did the company's Series A Preferred Stock compare between the two reporting dates?

The filing lists Series A Preferred Stock for both 2023-12-31 and 2024-09-30, suggesting a comparison is available in the financial tables.

What is the primary industry classification for Kennedy-Wilson Holdings, Inc.?

The company's Standard Industrial Classification is 'REAL ESTATE [6500]'.

When did Kennedy-Wilson Holdings, Inc. change its name from Prospect Acquisition Corp?

The date of the name change from Prospect Acquisition Corp was 20070727.

What is the business address and phone number for Kennedy-Wilson Holdings, Inc.?

The business address is 151 S El Camino Dr, Beverly Hills, CA 90212, and the phone number is 310-887-6400.

Filing Stats: 4,635 words · 19 min read · ~15 pages · Grade level 9.8 · Accepted 2024-11-07 16:16:25

Filing Documents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 1 Consolidated Balance Sheets 1 Consolidated Statements of Operations 2 Consolidated Statements of Comprehensive Loss 3 Consolidated Statements of Equity 4 Consolidated Statements of Cash Flows 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 85

Controls and Procedures

Item 4. Controls and Procedures 87

OTHER INFORMATION

PART II OTHER INFORMATION 88

Legal Proceedings

Item 1. Legal Proceedings 88

Risk Factors

Item 1A. Risk Factors 88

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 88

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 88

Mine Safety Disclosure

Item 4. Mine Safety Disclosure 88

Other Information

Item 5. Other Information 88

Exhibits

Item 6. Exhibits 88 SIGNATURE 90 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as "believe," "may," "anticipate," "estimate," "intend," "could," "plan," "expect," "project" or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results to differ materially from any future results, performance or achievements, expressed or implied by such forward-looking statements. These risks and uncertainties may include the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the "SEC"), including the Item 1A. "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of t

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Kennedy-Wilson Holdings, Inc. Consolidated Balance Sheets (Unaudited) (Dollars in millions, except share and per share amounts) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 367.1 $ 313.7 Accounts receivable, net (including $ 8.0 and $ 13.8 of related party) 43.0 57.3 Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $ 969.3 and $ 957.8 ) 4,570.7 4,837.3 Unconsolidated investments (including $ 1,905.5 and $ 1,927.0 at fair value) 2,052.9 2,069.1 Loan purchases and originations, net of allowance for credit losses 248.1 247.2 Other assets, net 162.4 187.5 Total assets (1) $ 7,444.2 $ 7,712.1 Liabilities Accounts payable $ 9.8 $ 17.9 Accrued expenses and other liabilities 548.4 597.8 Mortgage debt 2,749.1 2,840.9 KW unsecured debt 1,955.2 1,934.3 KWE unsecured bonds 528.9 522.8 Total liabilities (1) 5,791.4 5,913.7 Equity Preferred stock 1,000,000 shares authorized, Series A cumulative preferred Stock, $ 0.0001 par value, $ 1,000 per share liquidation preference, 300,000 shares outstanding as of September 30, 2024 and December 31, 2023, Series B cumulative preferred Stock, $ 0.0001 par value, $ 1,000 per share liquidation preference, 300,000 shares outstanding as of September 30, 2024 and December 31, 2023 and Series C cumulative preferred Stock, $ 0.0001 par value, $ 1,000 per share liquidation preference, 200,000 shares outstanding as of September 30, 2024 and December 31, 2023 789.9 789.9 Common stock, $ 0.0001 par value per share, 200,000,000 authorized, 137,411,923 and 138,727,521 shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Additional paid-in capital 1,706.4 1,718.6 Accumulated deficit ( 510.3 ) ( 349.0 ) Accumulated other comprehensive loss ( 372.3 ) ( 404.4 ) Total Kennedy-Wilson Holdings, Inc. shareholders' equity 1,613.7 1,755.1 Noncontrolling interests 39.1 43.3 Total

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