Kennedy-wilson Holdings Inc. · NYSE:KW

Kennedy-wilson — H1 2017 Earnings Presentation

44 slides from Kennedy-wilson's earnings presentation, Aug 4, 2017

  1. Slide 1: Half-year results for the period ended 30 June 2017

    Half-year results For the period ended 30 June 2017 Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=163 B=166 Purple R=151 G=154 B=1

  2. Slide 2: Agenda

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 1 Agenda Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=163 B=166 Pu

  3. Slide 3: Overview

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 2 Overview Mary Ricks, CEO Overview Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Ligh

  4. Slide 4: KWE investment proposition: H1 2017 achievements

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 3 KWE investment proposition: H1 2017 achievements Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55

  5. Slide 5: KWE investment proposition: Excellent leasing momentum

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 4 +5.2% KWE investment proposition: Excellent leasing momentum Incremental income from H1 leasing activity £4.1m Growing income through asset management Ahead of passing rent on previously occupied space +13.1% Ahead of valuers’ ERV Dark

  6. Slide 6: KWE investment proposition: Strong cash flows

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 5 24p 470 36% % of rent from top ten tenants KWE investment proposition: Strong cash flows Diversified cash flows underpin robust dividends Number of tenants H1 2017 DPS paid Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light

  7. Slide 7: KWE investment proposition: Deployment of accretive capex

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 6 €9.8m Portmarnock capex programme £10.2m Fairmont capex programme KWE investment proposition: Deployment of accretive capex Accretive capital expenditure to grow NOI Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=

  8. Slide 8: KWE investment proposition: Strong disposal track record

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 7 Disposals ROC Premium to BV on disposals [VALUE] [VALUE] 57.6 75.0 0 100 200 300 400 KWE investment proposition: Strong disposal track record Successful capital recycling continues in 2017 Disposal proceeds Dark Blue R=23 G=67 B=110 Me

  9. Slide 9: Financial highlights

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 8 Positive growth Financial highlights Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 L

  10. Slide 10: Financial review

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 9 Financial review Fraser Kennedy, Head of Finance Overview Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark

  11. Slide 11: Income statement highlights

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 10 Positive operational results: 14.9% EPS growth Income statement highlights Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0

  12. Slide 12: Earnings growth

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 11 Earnings growth Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=16

  13. Slide 13: Balance sheet highlights

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 12 Strong balance sheet Balance sheet highlights Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G

  14. Slide 14: Stable debt profile

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 13 34.6 369.3 70.7 212.1 500.0 [VALUE] 482.4 212.1 70.1 0 100 200 300 400 500 600 2017 2018 2019 2020 2021 2022 2023 2024 2025 2030+ Stable debt profile Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210

  15. Slide 15: Portfolio review

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 14 Portfolio review Peter Collins, COO Overview Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=

  16. Slide 16: Portfolio review

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 15 Portfolio review Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=1

  17. Slide 17: Euro office: Dublin office

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 16 Euro office: Dublin office 19% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=

  18. Slide 18: Euro office: Milan office

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 17 YoY change Prime rent (per sq ft) Take-up (sq ft) Euro office: Milan office 2% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G

  19. Slide 19: London / SE office: London office

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 18 1 CBRE as at Q2 2017 2 Trailing twelve month take-up 3 Includes letting to Metalogix London / SE office: London office 10% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Bl

  20. Slide 20: London / SE office: SE office

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 19 YoY change Prime rent (per sq ft) Take-up (sq ft) London / SE office: SE office 8% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=

  21. Slide 21: Euro retail: Ireland retail

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 20 YoY change Dublin retail rental growth Retail sales index Euro retail: Ireland retail 6% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark B

  22. Slide 22: Euro retail: Spain retail

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 21 Euro retail: Spain retail 7% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55

  23. Slide 23: UK retail: 11% of portfolio value

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 22 UK retail: 11% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Lig

  24. Slide 24: UK retail: delivering on asset management and disposals

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 23 UK retail: delivering on asset management and disposals Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark G

  25. Slide 25: PRS: Dublin

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 24 Change Apartment rents (YoY change) Est. population growth to 2026 PRS: Dublin PRS 6% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue

  26. Slide 26: PRS: London

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 25 Change Apartment rents (YoY change) Est. population growth to 2026 PRS: London PRS 3% of portfolio value Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue

  27. Slide 27: £132.6m of disposals year-to-date

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 26 £132.6m of disposals year-to-date Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Lig

  28. Slide 28: Summary

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 27 Summary Mary Ricks, CEO Overview Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Ligh

  29. Slide 29: KWE proven business model

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 28 KWE proven business model Unlocking value of under-resourced real estate Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G

  30. Slide 30: Capitalising on our proven business model

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 29 Capitalising on our proven business model Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55

  31. Slide 31: Appendix

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 30 Appendix Overview Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=

  32. Slide 32: Adjusted earnings

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 31 Adjusted earnings Strong growth in earnings Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=5

  33. Slide 33: Summary balance sheet and EPRA net assets

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 32 Summary balance sheet EPRA net assets Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55

  34. Slide 34: Balanced debt structure

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 33 Balanced debt structure Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=

  35. Slide 35: Good covenant headroom

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 34 Good covenant headroom Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=1

  36. Slide 36: H1 2017 portfolio

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 35 H1 2017 portfolio Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=

  37. Slide 37: H1 2017 sector break down

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 36 H1 2017 sector break down Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey

  38. Slide 38: H1 2017 sector break down

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 37 H1 2017 sector break down Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey

  39. Slide 39: Impressive H1 disposal metrics

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 38 Impressive H1 disposal metrics Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light

  40. Slide 40: Office

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 39 Office Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=163 B=166 P

  41. Slide 41: Retail

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 40 Retail Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=163 B=166 P

  42. Slide 42: PRS

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 41 PRS Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=163 B=166 Purp

  43. Slide 43: Industrial

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 42 Industrial Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=163 B=1

  44. Slide 44: Disclaimer

    Kennedy Wilson Europe Real Estate Plc / Half-year results 2017 43 Disclaimer Dark Blue R=23 G=67 B=110 Medium Blue R=125 G=151 B=174 Light Blue R=162 G=187 B=210 Pale Blue R=234 G=234 B=240 Medium Dark Blue R=76 G=87 B=123 Turquoise R=0 G=157 B=224 Dark Grey R=55 G=55 B=55 Light Grey R=164 G=163 B=1

Kennedy-Wilson Holdings — H1 2017 Earnings Presentation on 6ix