Kennedy-Wilson Holdings Inc (KW) 2022 Q4 法說會逐字稿

Good day, and welcome to the Kennedy-Wilson Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded today. I would now like to turn the conference over to Daven Bhavsar, Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎來到 Kennedy-Wilson 2022 年第四季度收益電話會議。 （操作員說明）請注意，今天正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Daven Bhavsar。請繼續。

Good morning. This is Daven Bhavsar and joining us today from Kennedy-Wilson are Bill McMorrow, Chairman and CEO; Mary Ricks, President; Matt Windisch, Executive Vice President; and Justin Enbody, CFO. Today's call we webcast live and will be archived for replay. The replay will be available by phone for 1 week and by webcast for 3 months. Please see the Investor Relations website for more information.

早上好。我是 Daven Bhavsar，今天從 Kennedy-Wilson 加入我們的是董事長兼首席執行官 Bill McMorrow；總裁 Mary Ricks；執行副總裁 Matt Windisch；和首席財務官 Justin Enbody。今天的電話會議我們進行網絡直播，並將存檔以供重播。重播將通過電話提供 1 週，通過網絡廣播提供 3 個月。請參閱投資者關係網站了解更多信息。

On this call, we will refer to certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. You can find a description of these items along with the reconciliation of the most directly comparable GAAP financial measure in our fourth quarter 2022 earnings release, which is posted on the Investor Relations section of our website.

在這次電話會議上，我們將參考某些非 GAAP 財務指標，包括調整後的 EBITDA 和調整後的淨收入。您可以在我們 2022 年第四季度收益發布中找到這些項目的描述以及最直接可比的 GAAP 財務指標的對賬，該發布發佈在我們網站的投資者關係部分。

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

本次電話會議期間發表的聲明可能包括前瞻性聲明。由於向美國證券交易委員會提交的報告和文件中指出的風險、不確定性和其他因素的數量，實際結果可能與本次電話會議上討論的前瞻性信息存在重大差異。

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

我現在想把電話轉給我們的董事長兼首席執行官 Bill McMorrow。

Welcome, everybody. Good morning. Yesterday, we reported our fourth quarter and full year results for 2022, and I'm pleased with the performance of our company and how we delivered on our strategic initiatives.

歡迎大家。早上好。昨天，我們報告了 2022 年第四季度和全年業績，我對我們公司的業績以及我們實施戰略舉措的方式感到滿意。

On the earnings front, we generated $592 million of adjusted EBITDA in 2022, which includes an increase in our recurring NOI and fees by $76 million, offset by lower gains from asset sales and changes to our fair value portfolio.

在收益方面，我們在 2022 年產生了 5.92 億美元的調整後 EBITDA，其中包括我們經常性 NOI 和費用增加 7600 萬美元，這被資產出售收益減少和公允價值組合變化所抵消。

Estimated annual NOI grew by 13% to a record $491 million during the year. Our fee-bearing capital grew by 18% to a record $5.9 billion. These results were in line with the goals that we set out at the beginning of the year.

年內估計的年度 NOI 增長了 13%，達到創紀錄的 4.91 億美元。我們的收費資本增長了 18%，達到創紀錄的 59 億美元。這些結果符合我們在年初制定的目標。

Our assets under management closed the year at $23 billion, up from $18 billion just 2 years ago. We have concentrated almost 2/3 of our stabilized portfolio in sectors where we saw strong cash flow growth, including apartments, logistics, hotel and our floating rate loan portfolio.

我們管理的資產從 2 年前的 180 億美元增加到 230 億美元。我們將近 2/3 的穩定投資組合集中在現金流增長強勁的行業，包括公寓、物流、酒店和我們的浮動利率貸款組合。

Fundamentals remain strong across these sectors with multifamily same-store NOI growing by 11% in 2022. We ended the year with strong occupancy across our stabilized apartment and commercial portfolio of over 95%.

這些行業的基本面依然強勁，多戶型同店 NOI 到 2022 年增長了 11%。我們在年底以超過 95% 的穩定公寓和商業投資組合的強勁入住率結束了這一年。

Turning to our investment activity. As we continue to see lower transaction volumes, we remain very patient on our new investments. In Q4, our capital deployment was primarily through our debt platform, which is generating attractive unlevered double digit returns for our shareholders and towards completion of our $3 billion construction pipeline.

轉向我們的投資活動。由於我們繼續看到交易量下降，我們對新投資仍然非常耐心。在第四季度，我們的資本配置主要是通過我們的債務平台進行的，該平台為我們的股東帶來了有吸引力的無槓桿兩位數回報，並朝著完成我們 30 億美元的建設管道的方向邁進。

On the disposition front, we completed $127 million of sales from our consolidated portfolio in the quarter. The key disposition related to the partial sale of a 208-unit California apartment community in Santa Maria. We sold a 49% interest in this property into our U.S. multifamily joint venture platform at a price of $470,000 per door. We also further reduced our retail portfolio and in total, our consolidated sales generated $58 million of cash and $53 million of gains on sale.

在處置方面，本季度我們的合併投資組合完成了 1.27 億美元的銷售額。關鍵處置與部分出售位於聖瑪麗亞的 208 套加州公寓社區有關。我們以每戶 470,000 美元的價格將此物業 49% 的權益出售給我們的美國多戶合資企業平台。我們還進一步縮減了我們的零售組合，總的來說，我們的綜合銷售額產生了 5800 萬美元的現金和 5300 萬美元的銷售收益。

In our co-investment portfolio, our co-mingled funds completed $184 million of sales, totaling 333,000 commercial square feet in Q4. As we look ahead, we see a number of important areas for growth for KW.

在我們的共同投資組合中，我們的共同混合基金在第四季度完成了 1.84 億美元的銷售額，總計 333,000 平方英尺的商業面積。展望未來，我們看到了 KW 的許多重要增長領域。

First is the NOI we expect to deliver from completion of several large development projects.

首先是我們期望完成幾個大型開發項目後交付的 NOI。

Our recent track record has shown our team's ability to deliver and stabilize assets on time and ahead of business plan, including 5 multifamily and office assets that we stabilized in 2022, generating $10 million of annual NOI. In 2023, we expect to complete construction on almost every single development project that is currently underway with stabilization expected between 12 to 18 months after construction.

我們最近的業績記錄表明，我們的團隊有能力按時並提前交付和穩定資產，包括我們在 2022 年穩定的 5 個多戶家庭和辦公室資產，每年產生 1000 萬美元的 NOI。到 2023 年，我們預計將完成目前正在進行的幾乎每一個開發項目的建設，預計在建設後 12 至 18 個月內穩定下來。

In total, we expect to generate $96 million of additional NOI to KW from our development and lease-up portfolio when these assets are stabilized. Second, our investment management platform, which has been the fastest-growing part of our business in recent years, is well positioned to continue growing. We anticipate this growth will be driven by our debt and logistics platform, both of which have strong pipelines of opportunities. These platforms are funded by very well-capitalized partners, who continue to have a desire to deploy capital with KW.

總的來說，當這些資產穩定下來時，我們預計將從我們的開發和租賃組合中為 KW 產生 9600 萬美元的額外 NOI。其次，我們的投資管理平台是近年來我們業務增長最快的部分，有望繼續增長。我們預計這一增長將由我們的債務和物流平台推動，這兩個平台都有強大的機會渠道。這些平台由資金雄厚的合作夥伴提供資金，他們繼續希望通過 KW 部署資金。

And third, our multifamily portfolio is poised to continue its growth as renters continue to look for amenity rich, high-quality communities located in markets that are experiencing job growth and also provide a very high quality of life.

第三，我們的多戶家庭投資組合將繼續增長，因為租戶將繼續尋找位於正在經歷就業增長並提供非常高品質生活的市場的設施豐富、高質量的社區。

With that, I'd like to turn the call over to our CFO, Justin Enbody, to discuss our financial results.

有了這個，我想把電話轉給我們的首席財務官 Justin Enbody 來討論我們的財務業績。

Thanks, Bill. GAAP EPS totaled $0.16 per share in Q4 and $0.47 for the year. Adjusted net income, which adds back non-cash expenses, such as depreciation, totaled $69 million or approximately $0.50 per share in Q4, resulting in total adjusted net income of $265 million or $1.91 per share for 2022.

謝謝，比爾。第四季度 GAAP 每股收益總計為 0.16 美元，全年為 0.47 美元。調整後的淨收入加上折舊等非現金支出，在第四季度總計 6900 萬美元或每股約 0.50 美元，導致 2022 年的調整後淨收入總額為 2.65 億美元或每股 1.91 美元。

Adjusted EBITDA totaled $147 million in the quarter, bringing our year-to-date adjusted EBITDA to $592 million. We continue to see further revenue growth, which grew by 6% in the quarter compared to Q4 '21. Looking at our annual results, consolidated revenues grew by an impressive 19% in '22 while compensation and related costs declined 17% in the year. This is leading to an improvement in our recurring investment income, which is an important focus for us.

本季度調整後的 EBITDA 總計 1.47 億美元，使我們年初至今的調整後 EBITDA 達到 5.92 億美元。我們繼續看到收入進一步增長，與 21 年第四季度相比，本季度增長了 6%。從我們的年度業績來看，22 年的綜合收入增長了 19%，令人印象深刻，而薪酬和相關成本在這一年下降了 17%。這導致我們的經常性投資收入有所改善，這是我們的一個重要重點。

Looking across our entire real estate portfolio and our entire loan portfolio, our share of property NOI, loan income and base management fees increased 18% to $510 million in 2022. These results were driven by strong same-property NOI growth of 11% out of our multifamily portfolio, a significantly higher levels of hotel NOI and a 27% increase to our base investment management fees.

縱觀我們的整個房地產投資組合和整個貸款組合，到 2022 年，我們在房地產 NOI、貸款收入和基本管理費中的份額增加了 18%，達到 5.1 億美元。這些結果是由 11% 的同業 NOI 強勁增長推動的我們的多戶型投資組合、酒店 NOI 水平顯著提高以及我們的基本投資管理費增加 27%。

Now turning to our balance sheet and debt profile. We completed a little over $100 million of discounted debt repurchases in the quarter, resulting in $22 million of gains on our lease extinguishment. We continue to utilize hedging to minimize our floating interest rate exposure. We ended the year at 93% fixed or hedged as we had a few hedged contracts that expired in December. Post quarter end, we have re-hedged, and today, we sit at 97%.

現在轉向我們的資產負債表和債務狀況。我們在本季度完成了略高於 1 億美元的貼現債務回購，從而使我們的租賃終止獲得了 2200 萬美元的收益。我們繼續利用對沖來盡量減少我們的浮動利率風險。由於我們有一些在 12 月到期的對沖合約，我們以 93% 的固定或對沖結束了這一年。季末後，我們進行了重新對沖，今天，我們的持倉率為 97%。

Additionally, our interest rate hedges have a weighted average maturity of 2.1 years. We have a solid handle on our near-term maturities. We have only 4% of our debt or approximately $323 million maturing this year, of which roughly 1/2 we expect to pay off from asset sales that are already in process. At quarter end, we had $439 million of consolidated cash and $218 million of availability on our $500 million line of credit. Our debt has a weighted average maturity of 5.6 years and that effective rate of 4.2%.

此外，我們的利率對沖的加權平均期限為 2.1 年。我們對近期到期的債券有穩固的把握。今年我們只有 4% 的債務或大約 3.23 億美元到期，其中大約 1/2 我們預計將通過已經在進行中的資產出售來償還。在季度末，我們有 4.39 億美元的綜合現金和 2.18 億美元的可用信用額度 5 億美元。我們債務的加權平均期限為 5.6 年，有效利率為 4.2%。

And now with that, I'd like to turn the call over to Matt Windisch to discuss our multifamily and debt portfolio.

現在，我想把電話轉給 Matt Windisch 來討論我們的多戶家庭和債務組合。

Thanks, Justin. Our global multifamily portfolio, today, represents 54% of our global portfolio compared to just 39% in 2017. We ended the year with 33,000 stabilized units with another 5,000 currently under development and a few new projects that are still in planning. In the U.S., the strongest performance came out of our two top apartment regions: The Mountain West and the Pacific Northwest, which both saw same-property NOI growth of 12%.

謝謝，賈斯汀。今天，我們的全球多戶住宅投資組合占我們全球投資組合的 54%，而 2017 年僅為 39%。到年底，我們有 33,000 個穩定單元，另有 5,000 個正在開發中，還有一些新項目仍在規劃中。在美國，表現最強勁的是我們的兩個頂級公寓區域：西部山區和太平洋西北地區，它們的同物業 NOI 均增長了 12%。

Our Mountain West sales performance was driven by solid results out of our Utah and Idaho assets, where in-place rents grew by 15% and 10%, respectively. Leasing spreads in the Mountain West were 6% on a blended basis in Q4. Migration data has shown that in the U.S., Idaho, Arizona, Nevada and Utah have all been ranked top states for domestic net migration. This is consistent with trends seen before the pandemic as greater remote connectivity and flexible work arrangements have been a boon to the Mountain West.

我們的 Mountain West 銷售業績是由我們在猶他州和愛達荷州資產的穩健業績推動的，這兩個地方的租金分別增長了 15% 和 10%。第四季度，西部山區的混合租賃利差為 6%。移民數據顯示，在美國，愛達荷州、亞利桑那州、內華達州和猶他州均位居國內淨移民最多的州。這與大流行之前的趨勢一致，因為遠程連接和靈活的工作安排對西部山區有利。

Rent to incomes continue to be attractive in this region with our average rent of just over $1,500 per month. In the Pacific Northwest, our second largest region, in-place rents grew by 11%. Our assets in this region are largely suburban and continue to benefit from our value-add program. We also saw less bad debt in the quarter compared to Q4 of '21. Blended leasing spreads totaled 5% in Q4 for the Pacific Northwest.

租金收入比在該地區繼續具有吸引力，我們的平均租金每月略高於 1,500 美元。在我們的第二大地區太平洋西北地區，就地租金增長了 11%。我們在該地區的資產主要位於郊區，並繼續受益於我們的增值計劃。與 21 年第四季度相比，本季度的壞賬也有所減少。太平洋西北地區第四季度的混合租賃利差總計為 5%。

In our Northern and Southern California assets, we've seen the ending of the eviction moratorium result in higher bad debt and property level expenses and lower occupancy compared to Q4 of '21. As we noted last quarter, we view part of this increase as temporary as we begin to recapture units from non-paying tenants and focused on increasing occupancy throughout the year. We're already seeing an improvement in Q1 with leasing spreads on new leases in January totaling 11% in Northern California as we work for units, which were not paying rents.

在我們的北加州和南加州資產中，與 21 年第四季度相比，我們已經看到暫停驅逐令的結束導致更高的壞賬和財產水平支出以及更低的入住率。正如我們在上個季度指出的那樣，我們認為部分增長是暫時的，因為我們開始從非付費租戶手中奪回單元，並專注於全年增加入住率。我們已經看到第一季度有所改善，1 月份新租約的租賃利差在北加州總計 11%，因為我們為不支付租金的單位工作。

Blended leasing spreads across our entire U.S. portfolio totaled 5% in January, which is strong, given that January is usually a seasonally slow leasing month. Our renovation program targets roughly 1,600 interior renovations a year. In '22, we exceeded our goal with almost 1,700 interiors renovated, an average return -- an average cost of $12,000 and a 22% average return on cost.

1 月份，我們整個美國投資組合的混合租賃利差總計為 5%，這是強勁的，因為 1 月份通常是季節性租賃緩慢的月份。我們的翻新計劃目標是每年進行大約 1,600 次室內翻新。在 22 年，我們超過了我們的目標，翻新了近 1,700 處內飾，平均回報——平均成本為 12,000 美元，平均成本回報率為 22%。

We still have 54% of our units that are yet to be renovated. The majority of which are in the Mountain West and the Pacific Northwest, which provides a solid runway for continued growth.

我們仍有 54% 的單元尚未翻新。其中大部分位於西部山區和太平洋西北部，為持續增長提供了堅實的跑道。

In Dublin, where we have a 50% ownership and over 2,500 units, same-property occupancy improved by 2% to 99%, which is our highest occupancy on record. We also saw lower operating expenses in the quarter resulting in a very robust 11% growth in same-store NOI.

在都柏林，我們擁有 50% 的所有權和超過 2,500 個單元，同一物業的入住率提高了 2% 至 99%，這是我們有記錄以來的最高入住率。我們還看到本季度較低的運營費用導致同店 NOI 強勁增長 11%。

Demand for high-quality amenity-rich rental housing remains robust in Ireland, which was once again the fastest-growing economy in Europe last year. The undersupply of housing continues to persist in Dublin. We expect strong demand for our approximately 1,000 units currently under development, which we will start delivering this summer.

愛爾蘭對優質設施齊全的出租房屋的需求依然強勁，愛爾蘭去年再次成為歐洲增長最快的經濟體。都柏林的住房供應不足問題繼續存在。我們預計對我們目前正在開發的大約 1,000 個單元的需求強勁，我們將在今年夏天開始交付。

Turning to our Investment Management business. Our debt platform continues to take advantage of the current lending environment, which has seen a pullback from many traditional sources of capital. Less debt capital availability has positively impacted our debt origination business as we are now lending to higher-quality sponsors at lower leverage points with higher base rates, which results in attractive unlevered returns north of 20%, inclusive of our asset management fees on our newest originations.

轉向我們的投資管理業務。我們的債務平台繼續利用當前的借貸環境，許多傳統的資本來源已經回落。較少的債務資本可用性對我們的債務發起業務產生了積極影響，因為我們現在以較低的槓桿點和較高的基準利率向質量更高的發起人提供貸款，這導致了 20% 以上的有吸引力的無槓桿回報，包括我們最新的資產管理費起源。

In Q4, we completed $240 million of new floating rate originations with an average spread of 420 basis points and an average LTV of 55%. We also had repayments of $62 million in the quarter, resulting in net growth of the platform up to $2.7 billion. This is very rapid growth for a business that started from scratch back in May of 2020. As a reminder, KW currently has a 6% ownership interest in our debt platform. We have additional loan capacity of approximately $3 billion and look forward to continuing to grow this business, as opportunities arise.

在第四季度，我們完成了 2.4 億美元的新浮動利率發起，平均利差為 420 個基點，平均 LTV 為 55%。本季度我們還償還了 6200 萬美元，使該平台的淨增長高達 27 億美元。對於 2020 年 5 月從零開始的企業來說，這是非常快速的增長。提醒一下，KW 目前在我們的債務平台中擁有 6% 的所有權權益。我們擁有大約 30 億美元的額外貸款能力，並期待在機會出現時繼續發展這項業務。

With that, I'd like to turn the call over to our President, Mary Ricks.

有了這個，我想把電話轉給我們的總裁瑪麗里克斯。

Thanks, Matt. The rapid expansion of our Global Logistics portfolio has been an important source of growth for our investment management platform. At year-end, our industrial portfolio totaled 109 assets across almost 11 million square feet, with total AUM of $1.7 billion. The majority of our growth in this sector has been through our European logistics platform launched in 2020, which is focused on acquiring institutional quality, last mile assets with significant potential to grow NOI.

謝謝，馬特。我們全球物流投資組合的快速擴張一直是我們投資管理平台增長的重要來源。截至年底，我們的工業投資組合共有 109 項資產，佔地近 1100 萬平方英尺，資產管理規模總計 17 億美元。我們在該領域的大部分增長是通過我們於 2020 年推出的歐洲物流平台實現的，該平台專注於收購機構質量、最後一英里資產，這些資產具有巨大的 NOI 增長潛力。

In 2022, we acquired 35 assets, totaling $500 million in this platform, representing 40% growth to $1.2 billion in assets and $400 million in fee-bearing capital. Over 80% of our industrial portfolios in the U.K. where fundamentals remain strong in Q4. Most regions in the U.K. saw double-digit growth in rents in 2022 and U.K. vacancy remains very tight at 2%. Occupancy in our portfolio remained strong at 98% as we completed 40 lease transactions, totaling 700,000 square feet last year, resulting in a 32% increase in rents.

2022 年，我們在這個平台上收購了 35 項資產，總計 5 億美元，增長了 40%，達到 12 億美元的資產和 4 億美元的收費資本。我們 80% 以上的工業投資組合位於英國，第四季度基本面依然強勁。 2022 年，英國大部分地區的租金都出現了兩位數的增長，英國的空置率仍然非常低，為 2%。我們的投資組合的入住率保持在 98% 的強勁水平，因為我們完成了 40 筆租賃交易，去年總計 700,000 平方英尺，導致租金上漲 32%。

In-place rents are currently 33% under market with further rent growth projected. Vacancy remains at historically low levels, and we are now seeing signs that new development is stalling as a result of higher financing costs, which will underpin continued strong rental growth in existing stock. Occupier demand remained elevated due to the continued desire to build flexibility into supply chains.

就地租金目前比市場低 33%，預計租金將進一步增長。空置率仍處於歷史低位，我們現在看到有跡象表明，由於融資成本上升，新開發項目停滯不前，這將支撐現有庫存的租金持續強勁增長。由於持續希望在供應鏈中建立靈活性，佔用者的需求仍然很高。

2023 is off to a fantastic start, with the strong pipeline of leases -- lease deals under offer that exceed business plan as we expect our leasing volumes to be ahead of 2022 levels. Rents continue to increase across our logistics portfolio. Demand for space in Greater London remains particularly strong with rents pushing over GBP 20 per square foot in a number of assets, which implies a greater than 50% increase over the last 5 years. We are also seeing the ripple effect of smaller tenants being pushed away from Central London, driving demand and rental growth in the broader Southeast market, which is positive for our portfolio.

2023 年開局良好，租賃渠道強勁——所提供的租賃交易超過了商業計劃，因為我們預計我們的租賃量將超過 2022 年的水平。我們物流組合的租金繼續上漲。大倫敦地區對空間的需求仍然特別強勁，許多資產的租金超過每平方英尺 20 英鎊，這意味著在過去 5 年中增長了 50% 以上。我們還看到小型租戶被趕出倫敦市中心的連鎖反應，推動了更廣泛的東南市場的需求和租金增長，這對我們的投資組合有利。

As a reminder, the target for EU logistics portfolio is $2.5 billion and so we have another $1.3 billion of capacity in that platform. In total, our investment management platform has an incremental $3.5 billion of nondiscretionary capital, which we look to deploy across all our announced platforms. This will add significantly to our existing $5.9 billion of fee-bearing capital, which grew by 18% in 2022 and has doubled in the last 3 years.

提醒一下，歐盟物流組合的目標是 25 億美元，因此我們在該平台上還有 13 億美元的容量。總的來說，我們的投資管理平台擁有 35 億美元的非全權委託資本增量，我們希望將其部署到所有已宣布的平台上。這將大大增加我們現有的 59 億美元的收費資本，該資本在 2022 年增長了 18%，並且在過去 3 年中翻了一番。

Turning to our office portfolio. We saw a strong improvement in our U.K. and Northern California office occupancy, which grew our same-store property office NOI by 8% in Q4. We completed 270,000 square feet of office leasing in Q4, closing out a strong year with over 1.2 million square feet of office lease transactions completed. 2/3 of our office NOI comes from Europe, primarily the U.K. and Dublin, where our portfolio has an attractive unexpired lease term to expiration of 7.5 years.

轉向我們的辦公室組合。我們看到我們的英國和北加州辦公室入住率有了顯著改善，這使我們在第四季度的同店物業辦公室 NOI 增長了 8%。我們在第四季度完成了 270,000 平方英尺的辦公室租賃，結束了強勁的一年，完成了超過 120 萬平方英尺的辦公室租賃交易。我們辦公室 NOI 的 2/3 來自歐洲，主要是英國和都柏林，我們的投資組合在這些地方的未到期租約期限為 7.5 年，極具吸引力。

We continue to see a flight to quality as occupiers look for higher quality buildings with best-in-class space. Our European office same-property NOI grew by a robust 10%, driven, again, by an improvement in occupancy. For example, at 111 Buckingham Palace Road in Central London, our largest office asset, occupancy improved from 80% in Q4 '21 to 100% in Q4 '22. Similarly, occupancy grew from 84% to 100% at One Embassy Gardens, a 156,000 square foot property located in the growing Nine Elms London submarket, which was acquired in June 2021.

隨著居住者尋找具有一流空間的更高質量的建築，我們繼續看到追求質量的趨勢。我們歐洲辦事處的同一物業 NOI 強勁增長了 10%，再次受到入住率提高的推動。例如，在我們最大的辦公資產倫敦市中心的白金漢宮路 111 號，入住率從 21 年第四季度的 80% 提高到 22 年第四季度的 100%。同樣，One Embassy Gardens 的入住率從 84% 增長到 100%，這是一處 156,000 平方英尺的物業，位於不斷發展的倫敦九榆樹子市場，於 2021 年 6 月被收購。

We also stabilized two new office developments in Dublin, Tilzer and Hanover key last year at rents ahead of business plan, again, showing the desire for tenants to be in high-quality space with leading ESG credentials. We continue to see solid leasing demand in Q1 and are off to a strong start to the year.

去年，我們還穩定了都柏林、蒂爾澤和漢諾威的兩個新寫字樓開發項目，租金高於商業計劃，再次表明租戶希望擁有領先的 ESG 證書的高質量空間。我們繼續看到第一季度的強勁租賃需求，並在今年開局強勁。

Turning to our development and lease-up portfolio. As Bill mentioned at the top of the call, our developments remain on track to complete on time later this year. In many cases, the rents we are achieving out stabilization have surpassed our initial underwriting. Our development and lease-up portfolio is expected to add $96 million to our estimated annual NOI. In Q4, we made great progress in our lease-up portfolio through completing lease transactions at the Oaks in Southern California, which is now 82% leased. This asset will move into our stabilized portfolio once the new tenants take occupancy later this year.

轉向我們的開發和租賃組合。正如比爾在電話會議開頭提到的那樣，我們的開發工作仍有望在今年晚些時候按時完成。在許多情況下，我們通過穩定實現的租金已經超過了我們最初的承保。我們的開發和租賃組合預計將為我們估計的年度 NOI 增加 9600 萬美元。在第四季度，我們通過完成南加州 Oaks 的租賃交易，在我們的租賃組合方面取得了巨大進展，該項目目前已出租 82%。一旦新租戶在今年晚些時候入住，該資產將進入我們穩定的投資組合。

I'd like to thank our global development teams for completing these projects on time and on budget and look forward to updating you on the progress of a number of our important developments on future calls.

我要感謝我們的全球開發團隊按時按預算完成這些項目，並期待在未來的電話會議上向您通報我們一些重要開發的最新進展。

With that, I'd like to pass it back to Bill.

有了這個，我想把它傳回給比爾。

Thank you, Mary. The KW portfolio and our investment strategy has been built to grow in all parts of the cycle. We remain very optimistic about our company over the long term based on our track record, our people, our assets and the global relationship network of partners that we have developed and cultivated over the last 3 decades.

謝謝你，瑪麗。 KW 投資組合和我們的投資策略旨在在周期的各個階段實現增長。根據我們在過去 3 年中開發和培養的業績記錄、我們的人員、我們的資產以及全球合作夥伴關係網絡，我們對我們公司的長期前景仍然非常樂觀。

I'd like to thank -- particularly thank our entire global team for their dedication and hard work over the past 3 years as we continue to move forward, creating strong long-term risk-adjusted returns for our shareholders.

我要感謝 - 特別感謝我們整個全球團隊在過去 3 年中的奉獻和辛勤工作，因為我們繼續前進，為我們的股東創造了強勁的長期風險調整後回報。

With that, Daven, I'd like to open it up to any questions.

有了這個，Daven，我想打開它來回答任何問題。

(Operator Instructions) And our first question here will come from Anthony Paolone with JPMorgan.

（操作員說明）我們在這裡的第一個問題將來自摩根大通的 Anthony Paolone。

My first question, I think, is probably for Mary. I understand the comments about the office lease duration in your Dublin portfolio and the flight to quality, but I was just wondering if you could step back and give us a sense as to what's happening with the tech pullback in Dublin and just the broader effect that you've seen on the market there thus far, if any?

我想，我的第一個問題可能是給瑪麗的。我理解關於都柏林投資組合中辦公室租賃期限和追求質量的評論，但我只是想知道你是否可以退後一步，讓我們了解一下都柏林的技術回調正在發生什麼，以及更廣泛的影響到目前為止，你在市場上見過嗎？

Sure. I mean it's interesting because you read all those headlines, but really from the start of the pandemic to 2022, the tech sector had added 35,000 new jobs. And the rightsizing that I would say, the tech staffing that's been happening has only totaled about 1,000 jobs in Ireland. So we're not concerned. And we're excited about completing Coopers Cross commercial and have a lot of interesting prospects.

當然。我的意思是這很有趣，因為你閱讀了所有這些頭條新聞，但實際上從大流行開始到 2022 年，科技行業增加了 35,000 個新工作崗位。我要說的精簡，正在發生的技術人員配置在愛爾蘭總共只提供了大約 1,000 個工作崗位。所以我們不擔心。我們對完成 Coopers Cross 商業廣告感到興奮，並且有很多有趣的前景。

Okay. And then second question is maybe for Matt, as it relates to the debt platform. Just -- how are you thinking about just the pipeline and opportunity to continue to grow that? Because it seems like with some other vendors pulling back, that's a good opportunity for you, but at the same time, capital markets activity broadly is down. So I'm just wondering how that nets out and just the ability to continue to grow it net of maturities this year?

好的。然後第二個問題可能是馬特，因為它與債務平台有關。只是 - 你如何考慮繼續發展它的管道和機會？因為其他一些供應商似乎在撤退，這對你來說是個好機會，但與此同時，資本市場活動普遍下降。所以我只是想知道這是如何計算出來的，以及今年能否繼續增長它的到期淨值？

So we have a very strong pipeline that remains within our debt platform. And I think you're correct. We have seen a number of the traditional sources of capital pull back, especially those that are using back leverage repo financing or are dependent on the securitization market. For us, we're doing everything on balance sheet with our partners, with no leverage, and we're not securitizing anything. So I think we've become one of the lenders of choice. We're easy to work with. We execute well. We know the assets and we leverage our entire global network and industry specialists within KW to underwrite these things.

因此，我們的債務平台內仍有一條非常強大的管道。我認為你是對的。我們已經看到許多傳統的資金來源撤回，尤其是那些使用反向槓桿回購融資或依賴證券化市場的資金來源。對我們來說，我們正在與合作夥伴一起在資產負債表上做所有事情，沒有槓桿作用，我們也沒有將任何東西證券化。所以我認為我們已經成為首選的貸方之一。我們很容易合作。我們執行得很好。我們了解資產，我們利用 KW 的整個全球網絡和行業專家來承保這些資產。

And we're primarily an owner of real estate, so we can look at things really with an owner's mindset. And so what we've been able to do now is really do a lot of repeat business with borrowers that we've done 2, 3, 4, in some cases, 5 or 6 transactions with. And for us, what we've been able to do also, just given the market conditions, we've been able to lend at actually lower LTVs. We've been getting a bit more on our spreads. And obviously, we've had the benefit in the -- and we're doing everything floating rate for the most part of rising Fed funds rate. And so we've been able to be very selective and we can do larger transactions. So we've moved our average balance up from -- it was about $50 million a year ago, which is closer to $75 million today. And we've got a couple of large deals signed up that we look forward to closing this quarter. So we feel very good about the pipeline, and we've got the right team in place to execute.

我們主要是房地產的所有者，所以我們可以真正以所有者的心態看待事物。因此，我們現在能夠做的是與我們已經完成 2、3、4 次，在某些情況下，5 或 6 次交易的借款人進行大量重複業務。對我們來說，我們也能做到，只要考慮到市場條件，我們就能夠以實際較低的 LTV 放貸。我們的價差有所增加。顯然，我們從中受益——我們正在為聯邦基金利率上升的大部分時間做一切浮動利率。因此，我們能夠非常有選擇性地進行更大的交易。所以我們已經將我們的平均餘額從一年前的大約 5000 萬美元提高到今天接近 7500 萬美元。我們已經簽署了幾筆大型交易，我們期待在本季度完成。所以我們對管道感覺非常好，我們有合適的團隊來執行。

Okay. And then just maybe the last one for maybe Bill. Just as it relates to office in the U.S., just what would it take for you to get contrarian and potentially invest in that property type from here?

好的。然後可能是 Bill 的最後一個。正如它與在美國的辦公室有關，你需要什麼才能逆勢投資並可能從這裡投資那種房產類型？

Well, I would start by saying, as you know, Tony, we're down to -- in terms of the wholly-owned office assets as part of our plan that we really started 3 or 4 years ago when we're down to 3 buildings that really we own here in the United States. .

好吧，我首先要說的是，正如你所知，托尼，就全資辦公室資產而言，作為我們計劃的一部分，我們真正開始於 3 或 4 年前，當時我們正在努力我們在美國真正擁有的 3 座建築物。 .

The answer to your question really would cut across. But I think what you are going to see is we're going to be more capital light as far as the company is concerned. You're not going to see us putting office assets on our balance sheet. We're really looking at those here in the United States. There's really trading assets. And so they'll go into our partnership platforms.

你的問題的答案真的會切入。但我認為你將看到的是，就公司而言，我們將更加輕量化資本。您不會看到我們將辦公室資產放在資產負債表上。我們真的在看美國這裡的那些。確實有交易資產。因此，他們將進入我們的合作夥伴平台。

I would say that, in general, in the Western United States, particularly in California, the urban high-rise assets or something that we have little interest in. But the suburban assets in the 3 to 4 storey kind of size range are still very attractive properties. And so like anything, for us, it depends on the price.

我想說的是，一般來說，在美國西部，特別是加州，我們對城市高層資產什麼的不太感興趣。但是3到4層這種規模範圍內的郊區資產還是很受歡迎的。有吸引力的屬性。就像任何東西一樣，對我們來說，這取決於價格。

And I think what I tried to say at the beginning, though, is that we're being extremely patient. We don't have a single asset in escrow right now to buy across the company. And other than some logistic assets in Europe. And so we're early in the cycle in our opinion. And so you're going to really -- in terms of Kennedy-Wilson, I think you're looking at the latter part of next -- this year and end of next year or before you can see really any meaningful repricing.

不過，我想我一開始想說的是，我們非常有耐心。我們現在沒有任何託管資產可以在整個公司購買。除了歐洲的一些物流資產。因此，我們認為我們處於週期的早期。所以你真的 - 就肯尼迪 - 威爾遜而言，我認為你正在考慮明年的下半年 - 今年和明年年底，或者在你真正看到任何有意義的重新定價之前。

Our next question will come from Derek Johnston with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Derek Johnston。

One question is what's KW share of remaining development expenses associated with the $3 billion lease-up portfolio. I think you guys have around 58%. I guess what's remaining? And how will it be funded, whether that's non-core asset sales or property level refinancing? Any insight here would be appreciated.

一個問題是與 30 億美元的租賃組合相關的剩餘開發費用的 KW 份額是多少。我想你們大約有58%。我猜還剩下什麼？它將如何籌集資金，是非核心資產出售還是財產層面的再融資？這裡的任何見解將不勝感激。

It's Matt. So we've got -- and our share roughly $400 million of total capital to complete the development and lease-up pipeline. Of that, roughly 50% is going to come from construction financing at those projects. So you're looking at roughly $200 million from KW out of our pocket, so to speak, to finish these projects. And of that $200 million, the majority of that we expect to be funded from non-core asset sales, in particular, with the focus on some of our assets that are non income-producing that could be sold to fund those remaining development costs.

是馬特。因此，我們已經 - 並且我們分享了大約 4 億美元的總資本來完成開發和租賃管道。其中，大約 50% 將來自這些項目的建設融資。所以你從我們口袋裡掏出大約 2 億美元，可以這麼說，來完成這些項目。在這 2 億美元中，我們預計其中的大部分資金將來自非核心資產銷售，特別是重點關注我們的一些非創收資產，這些資產可以出售以資助剩餘的開發成本。

Okay. Great. And kind of following up on Tony's question on the debt platform. Look, yes, banks are pulling back and really actually seems to ebb and flow almost monthly. So I mean trying to get a little secret sauce here. Like what's the Kennedy-Wilson's competitive advantage? How do borrowers find out the value or know about your debt capabilities? Because I think that's probably an important component in order to continue to drive growth.

好的。偉大的。並有點跟進托尼關於債務平台的問題。看，是的，銀行正在撤退，實際上似乎幾乎每個月都在潮起潮落。所以我的意思是想在這裡弄點秘方。 Kennedy-Wilson 的競爭優勢是什麼？借款人如何找出價值或了解您的債務能力？因為我認為這可能是繼續推動增長的重要組成部分。

Yes. I mean, look, a lot of the people we've been transacting within the debt space we've known throughout the years. They've been partners of ours. We transacted with them on the property side of things. I think a lot of it's repeat business, as I mentioned earlier, just once you do a transaction with someone you have to set a loan documents, it's a lot easier. And people talk in the industry, and I think we've established ourselves as someone very easy to work with, who is knowledgeable, who can understand more complex situations. And I think just over time, the reputation is built up and teams out, obviously, talking to borrowers and brokers and trying to extend the network all the time. So -- but I think at the end of the day, if we execute well and do right for our borrowers, it will help the business grow.

是的。我的意思是，看，我們多年來一直在我們所了解的債務領域進行交易的很多人。他們一直是我們的合作夥伴。我們在財產方面與他們進行交易。我認為很多都是回頭客，正如我之前提到的，只要你與某人進行交易，你就必須設置貸款文件，這就容易多了。人們在業內談論，我認為我們已經確立了自己是一個非常容易合作、知識淵博、能夠理解更複雜情況的人。而且我認為隨著時間的推移，聲譽已經建立起來，並且很明顯地與借款人和經紀人交談並試圖一直擴展網絡。所以——但我認為歸根結底，如果我們執行得好並為我們的借款人做正確的事，這將有助於業務增長。

Okay. Great. And then just a quick last one. I mean we're here nearing the end of February, just on multifamily renewals going out and how does -- how do your markets seem to be performing? I know it's an early and it's not really key lease-up season, but any early glimpse would be helpful.

好的。偉大的。然後只是一個快速的最後一個。我的意思是我們快到 2 月底了，就在多戶續約即將結束的時候——你們的市場表現如何？我知道現在還早，也不是真正關鍵的租賃季節，但任何早期的一瞥都會有所幫助。

Sure. Yes. We definitely saw rents kind of stabilize and flat line in the fourth quarter. So you really didn't see a whole lot of rent growth -- market rent growth in the fourth quarter, although we did capture a lot of the loss to lease. So we were able to obviously grow the rents at a good clip. .

當然。是的。我們確實看到第四季度的租金趨於穩定和持平。所以你真的沒有看到很多租金增長——第四季度的市場租金增長，儘管我們確實捕捉到了很多租賃損失。因此，我們能夠明顯地以良好的速度增加租金。 .

We have seen that change a bit in January and February, where we have seen market rents start to tick back up. So our lease trade-out numbers in January were 2% higher than they were in the fourth quarter and we're seeing occupancy remain strong. So we are seeing rent growth come back into our markets at a faster pace than we saw in Q4. So I'd say we're off to a good start so far this year.

我們看到這種情況在 1 月和 2 月有所變化，我們看到市場租金開始回升。因此，我們 1 月份的租賃交易數量比第四季度高 2%，而且我們看到入住率依然強勁。因此，我們看到租金增長以比第四季度更快的速度回到我們的市場。所以我想說今年到目前為止我們開局不錯。

(Operator Instructions) Our next question here will come from [Josh Donnelly] with Bank of America.

（操作員說明）我們的下一個問題將來自美國銀行的 [Josh Donnelly]。

Question on the development. I guess what would get you guys more excited to put more development projects on the ground. What are you guys looking for?

關於發展的問題。我想是什麼讓你們更興奮地實施更多的開發項目。你們在找什麼？

Well, when you think about the development side of what we've been doing, I mean these are decisions that we really made 7 years ago. And so you've got long lead times. What we have learned, though, particularly in the multifamily space, the completion of these highly amenitized newer properties. They not only attract -- not only lease up quickly, but you can attract very great rents.

好吧，當你想到我們一直在做的事情的發展方面時，我的意思是這些是我們 7 年前真正做出的決定。所以你有很長的交貨時間。不過，我們所學到的，尤其是在多戶型空間中，是這些高度舒適化的新物業的完工。它們不僅吸引——不僅快速出租，而且你可以吸引非常高的租金。

I would say that at this point in time -- we have, I would say, one project -- a meaningful project on the drawing boards. That's a development project that won't start until the middle of 2024. But other than that, I think it's kind of in the same category as what I've said a couple of times now. We're being very patient to see what opportunities come along and to see where pricing settles in. And so we don't -- we're not moving for -- we want to finish what we've got. And as I think Matt said, we were fishing almost 5,000 units here. And so that's a big undertaking, and we're at the tail end of it. So we want to get that done, get that lease, get it stabilized and get the income coming in.

我想說，在這個時間點——我想說，我們有一個項目——一個在繪圖板上的有意義的項目。這是一個要到 2024 年年中才會開始的開發項目。但除此之外，我認為它與我現在已經說過幾次的內容屬於同一類別。我們非常耐心地看看會出現什麼機會，看看定價在哪裡。所以我們不會 - 我們不會 - 我們想要完成我們已經擁有的東西。正如我想 Matt 所說的那樣，我們在這裡捕撈了將近 5,000 個單位。所以這是一項艱鉅的任務，我們正處於尾聲。所以我們想完成這項工作，獲得租約，穩定下來並獲得收入。

And maybe just to add one thing to that, Bill. The one area that we certainly are continuing to try to grow on the development side, it's our affordable housing business.

也許只是為了補充一件事，比爾。我們肯定會在開發方面繼續努力發展的一個領域是我們的經濟適用房業務。

Good point.

好點子。

Within that platform, we've added almost 5,000 units here in the past couple of years. And we can do it in a very capital-light manner. That business also is really tied to wage inflation. You raise rents based on changes of median income, each of the counties. And -- so that's an area where we continue to focus on trying to build. But like I said, it's not taking in really any capital from KW and there's, obviously, a huge need and demand for affordable housing in our markets.

在該平台內，我們在過去幾年中在這裡添加了近 5,000 個單元。我們可以用一種非常輕資本的方式來做到這一點。該業務也確實與工資上漲有關。你根據每個縣收入中位數的變化提高租金。而且 - 所以這是我們繼續專注於嘗試構建的領域。但正如我所說，它實際上並沒有從 KW 吸收任何資金，而且顯然，我們的市場對經濟適用房有著巨大的需求。

Yes, Josh, and that's a really great point that Matt just made. And for example, we're kind of 30% to 40% along on a project in Camarillo, California, which is a suburb Southern California, but it's super interesting because on that 32-acre site, we're doing 300 affordable senior units, and we're doing 300 market rate units on the same site. And so Matt is 100% correct. I mean that's a business that we plan to continue growing and there's just a tremendous pent-up demand for the affordable and senior housing.

是的，喬希，這是馬特剛剛提出的一個非常好的觀點。例如，我們在加利福尼亞州卡馬里奧的一個項目上進行了 30% 到 40%，這是南加州的郊區，但它非常有趣，因為在那個 32 英畝的土地上，我們正在建造 300 個負擔得起的高級單元，並且我們在同一站點上執行 300 個市場價格單元。所以 Matt 是 100% 正確的。我的意思是，這是一項我們計劃繼續發展的業務，而且對經濟適用房和高級住房的巨大需求被壓抑了。

I appreciate that color. And maybe just kind of stepping back big picture, you have the debt platform and the logistics platform. It seems like it's pretty attractive to your external partners right now. Are there any other investment management opportunities out there that you're either considering or maybe be any insightful if there's any kind of opportunity that's actually turned down as like a fund business?

我很欣賞那種顏色。也許只是退後一步，你有債務平台和物流平台。看起來它現在對您的外部合作夥伴很有吸引力。如果有任何類型的機會實際上像基金業務一樣被拒絕，您是否正在考慮或可能有任何洞察力的其他投資管理機會？

Yes, sure. So we have Fund 7 that we've launched. We've had our first closing in that vehicle that will get roughly $275 million our first closing. We're targeting roughly $750 million of equity. That's a value-add fund in the United States. And then Fund 3 in Europe, we'll be launching soon, which is basically a follow-on to Fund 2, which was mainly logistics value-add fund that is focused on the U.K. and Ireland.

是的，當然。因此，我們推出了 Fund 7。我們已經第一次關閉了該車輛，我們的第一次關閉將獲得大約 2.75 億美元。我們的目標是大約 7.5 億美元的股權。那是美國的增值基金。然後是歐洲的 Fund 3，我們很快就會推出，這基本上是 Fund 2 的後續，後者主要是專注於英國和愛爾蘭的物流增值基金。

And with that, we will conclude our question-and-answer session. I'd like to turn the conference back over to Bill McMorrow for any closing remarks.

至此，我們將結束我們的問答環節。我想將會議轉回 Bill McMorrow 的閉幕詞。

Thank you all for taking the time to hear our story today. I will say we're any of us are available for any follow-up questions that you might have as you further study everything. And thank you for your support. Thank you very much.

感謝大家今天抽出時間來聽我們的故事。我會說我們中的任何一個人都可以回答您在進一步研究所有內容時可能遇到的任何後續問題。並感謝您的支持。非常感謝。

The conference has now concluded. Thank you very much for attending today's presentation. You may now disconnect your lines.

會議現已結束。非常感謝您參加今天的演講。您現在可以斷開線路。