• Kennedy Wilson ( KW, Financial) expanded its multifamily portfolio with the acquisition of 700 apartment units for $166 million. The properties, located in North Las Vegas and Tempe, Arizona, offer diverse amenities and contribute to Kennedy Wilson's growing real estate investments.

Kennedy Wilson (KW) is a global real estate investment company. Here's a breakdown of their debt load, FFO/AFFO, and recent management actions:

Debt Load:

• As of March 31, 2025, Kennedy Wilson's share of debt had a weighted average effective interest rate of 4.7% and a weighted average maturity of 4.8 years. Approximately 96% of their debt is either fixed (74%) or hedged with interest rate derivatives (22%).
  
  
• Their total liabilities as of March 31, 2025, were $5,564.9 million. This includes mortgage debt of $2,620.7 million and KW unsecured debt of $2,053.6 million.
  
  
• As of December 2024, Kennedy Wilson Holdings had $4.78 billion of debt, down from $5.30 billion a year prior. With cash of $230.4 million, their net debt was $4.55 billion.
  
  
• A recent significant move was finalizing a $510 million refinancing deal in April 2025, which replaced a previous $537 million mortgage on five multifamily properties in Dublin, Ireland.
  
  

FFO and/or AFFO:

• Kennedy Wilson reports Adjusted EBITDA and Adjusted Net Income (Loss) as key non-GAAP metrics, which are often used in similar contexts to FFO/AFFO for real estate companies.
  
  
• For Q1 2025, their Adjusted EBITDA was $98.2 million, compared to $203.2 million in Q1 2024.
  
  
• Their Adjusted Net Loss for Q1 2025 was $(0.7) million, compared to an Adjusted Net Income of $70.5 million in Q1 2024.
  
  
• Baseline EBITDA (from property NOI, loan income, and investment management fees) grew by 5% to $108 million in Q1 2025 compared to Q1 2024, driven by higher property NOI and investment management fees.
  
  
• While specific FFO/AFFO figures are not consistently highlighted as primary reporting metrics in the provided information, the focus on Adjusted EBITDA and net income gives an indication of their operational performance. Seeking Alpha reported a TTM AFFO payout ratio of 74.22% as of June 13, 2025.
  
  

Management Actions in the Last Year:

Kennedy Wilson's management has been actively pursuing several strategic initiatives in the last year, primarily focused on:

1. Growing the Investment Management Business:
   
   
   • Significant growth in investment management fees, up 83% in Q4 2024 vs. Q4 2023, and 60% for the full year 2024. They aim for 20%+ growth annually in these fees.
     
     
   • Expansion of their real estate debt platform, which reached $7 billion in originations as of early 2024, with total loan commitments now nearly $11 billion. This includes a major acquisition of a $4.1 billion loan portfolio in June 2023.
     
     
   • Focus on "capital-light" investment management platforms, targeting opportunistic investments alongside partners.
     
     
2. Asset Recycling and Debt Reduction:
   
   
   • Executing a plan to sell non-core assets to generate cash, with over $554 million generated since Q3 2023, including $475 million in 2024.
     
     
   • The proceeds from these sales are being used to reduce unsecured debt, with $262 million of unsecured debt repaid in Q4 2024. They expect to generate over $400 million in proceeds from non-core asset sales during the remainder of 2025 to further strengthen the balance sheet.
     
     
   • Strategic refinancings, such as the $510 million deal in Dublin, to manage debt maturities and interest rates.
     
     
3. Focus on Core Sectors:
   
   
   • Continued emphasis on rental housing (multifamily and single-family rentals) and logistics investments. These sectors comprise 73% of their real estate assets under management.
     
     
   • Expansion into the UK single-family rental market.
     
     
   • Active acquisition strategy within these core areas, as seen with recent multifamily acquisitions in the Western U.S. and Seattle.
     
     
4. Optimizing Operations:
   
   
   • Minimizing equity commitments related to development projects in FY-25 after significant development spend in prior years.
     
     
   • Improving occupancy rates in their multifamily portfolio, leading to NOI growth (e.g., 4.3% same-property multifamily NOI growth in Q1 2025).
     
     

In summary, Kennedy Wilson's management has been proactively managing its debt, significantly expanding its investment management business, and recycling capital from non-core assets to focus on its key investment strategies in rental housing and logistics.