Kennedy-Wilson Holdings Inc (KW) 2023 Q4 法說會逐字稿

Good day and welcome. (Operator Instructions) And please note this event is being recorded.

美好的一天，歡迎光臨。（操作員說明）請注意此事件正在被記錄。

And now, I would like to turn the conference over to Daven Bhavsar. Please go ahead.

現在，我想將會議交給 Daven Bhavsar。請繼續。

Thank you, and good morning. Thank you for joining us today. With me today are Bill McMorrow, CEO; Matt Windisch, President; Justin Enbody, CFO; and Mike Pegler, President of Europe.

謝謝你，早安。感謝您今天加入我們。今天與我在一起的有執行長比爾‧麥克莫羅 (Bill McMorrow)；馬特·溫迪施，總裁；賈斯汀‧恩博迪，財務長；和歐洲總裁麥克·佩格勒(Mike Pegler)。

On this call, we refer to certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. You can find a description of these items with the reconciliation of the most directly comparable GAAP financial measure and our fourth-quarter 2023 earnings release which is posted on the Investor Relations section of our website.

在本次電話會議中，我們參考了某些非公認會計準則財務指標，包括調整後的 EBITDA 和調整後的淨利潤。您可以在我們網站的投資者關係部分找到這些項目的描述以及最直接可比較的 GAAP 財務指標和我們 2023 年第四季收益發布的調整表。

Today's call is being webcast live and will be archived for replay. The replay will be available by phone for one week and by webcast for three months. Please see the Investor Relations website for more information.

今天的電話會議正在進行網路直播，並將存檔以供重播。重播將透過電話提供一周，透過網路直播提供三個月。請參閱投資者關係網站以了解更多資訊。

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 a 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許多風險、不確定性和其他因素，實際結果可能與本次電話會議中討論的前瞻性資訊有重大差異。

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

我現在想將電話轉給我們的董事長兼執行長比爾·麥克莫羅 (Bill McMorrow)。

Thanks, Daven. Good morning, everyone, and thank you for joining us today. Yesterday, we reported our results for the fourth quarter and the full year of 2023, which highlighted further expansion of our investment management business, NOI growth across our global multi-family portfolio, and solid progress on completing and stabilizing our newly developed assets, including almost 4,000 multi-family units in the Western US and Dublin.

謝謝，達文。大家早安，感謝您今天加入我們。昨天，我們報告了2023 年第四季度和全年的業績，其中強調了我們投資管理業務的進一步擴張、我們全球多戶投資組合的NOI 增長，以及在完成和穩定我們新開發的資產方面取得的堅實進展，包括美國西部和都柏林有近 4,000 個多戶單位。

Our investment management platform outperformed expectations in 2023. Fee-bearing capital grew by an impressive 42% to a record $8.4 billion. The significant growth was driven by a 148% increase in our credit platform, which benefited from the $4.1 billion construction loan portfolio acquisition, which was the largest single transaction in our company's history. The portfolio is heavily weighted to multi-family development projects.

我們的投資管理平台在 2023 年的表現超出了預期。收費資本增加了 42%，達到創紀錄的 84 億美元。這一顯著增長是由我們的信貸平台增長 148% 推動的，這得益於 41 億美元的建築貸款組合收購，這是我們公司歷史上最大的單筆交易。該投資組合主要側重於多戶住宅開發案。

The most important benefit of the transaction was the exceptional team of 38 people that originated the loans and joined KW. We currently have $1.3 billion of new construction loans in our closing pipeline, all of which are multi-family properties, and are expecting to originate approximately $3 billion of total new loans in 2024, depending on market conditions.

這項交易最重要的好處是由 38 名員工組成的卓越團隊發起貸款並加入 KW。目前，我們正在關閉的管道中有 13 億美元的新建築貸款，所有這些貸款都是多戶住宅，預計到 2024 年將發放約 30 億美元的新貸款總額，具體取決於市場狀況。

Our financial results were impacted by non-cash theoretical fair value adjustments related to assets that are performing well and held in partnerships with very large sovereign wealth funds and financial institutions. However, excluding the impact of fair value investments, adjusted EBITDA would have totaled $472 million in 2023.

我們的財務表現受到與表現良好並與大型主權財富基金和金融機構合作持有的資產相關的非現金理論公允價值調整的影響。然而，排除公允價值投資的影響，2023 年調整後的 EBITDA 總額將達到 4.72 億美元。

In December, we announced an 18-month cost reduction plan, aimed at reducing total overhead costs by $15 million to $20 million annually, as well as a non-core asset sale program that is expected to generate over $550 million of cash to KW. Thus far, two months into this year, we have either implemented or identified approximately 70% of the cost cuts and have either completed or are under contract in over half of the asset sales, which would generate cash to KW of $320 million and GAAP gains on sale in excess of $100 million.

12 月，我們宣布了一項為期18 個月的成本削減計劃，旨在每年將總管理費用減少1500 萬至2000 萬美元，以及一項非核心資產出售計劃，預計將為KW 帶來超過5.5 億美元的現金。到目前為止，今年兩個月以來，我們已經實施或確定了大約 70% 的成本削減，並且已經完成或簽訂了一半以上的資產出售合同，這將產生 3.2 億美元的現金和 GAAP 收益售價超過1 億美元。

I am proud of the progress we have made across a number of our initiatives and, importantly, how we are positioned -- how we have positioned the company to take advantage of future opportunities that may arise in 2024. Over the last three decades, we have been global investors in real estate equity and debt. And now, with our new construction lending team, we can provide capital to any part of the real estate capital structure.

我對我們在多項舉措中取得的進展感到自豪，更重要的是，我們的定位——我們如何定位公司以利用 2024 年可能出現的未來機會。在過去的三十年裡，我們一直是房地產股權和債務的全球投資者。現在，憑藉我們的新貸款團隊，我們可以為房地產資本結構的任何部分提供資金。

Our people unable us to continue deploying capital from KW and our partners into new investments, which will generate significant risk-adjusted returns. While global real estate investment activity declined between 60% to 70% in 2023, we anticipate more opportunities in 2024, as inflation has clearly eased and there is a high likelihood of the Fed pivoting to lower interest rates.

我們的員工無法繼續將 KW 及其合作夥伴的資金部署到新的投資中，而這將產生可觀的風險調整後回報。雖然 2023 年全球房地產投資活動下降 60% 至 70%，但我們預計 2024 年會有更多機會，因為通膨明顯緩解，而且聯準會很有可能轉向降低利率。

We have very minimal debt maturities in 2024. And as has repeatedly happened at KW, periods of dislocation have presented us our greatest growth opportunities. As such, I'd like to highlight a few priorities for KW this year.

2024 年我們的債務期限非常短。正如 KW 屢次發生的那樣，混亂時期給我們帶來了最大的成長機會。因此，我想強調 KW 今年的一些優先事項。

First, we are focused on growing our global credit business. In December, we raised an additional $2 billion of new external capital commitments for our debt platform, which totaled $6.6 billion in outstanding loans and future funding commitments, with approximately $4 billion of dry powder for future origination. We are well positioned as one of the very few active multi-family construction lenders in the market today.

首先，我們專注於發展全球信貸業務。12 月，我們為債務平台額外籌集了 20 億美元的新外部資本承諾，其中未償還貸款和未來融資承諾總計 66 億美元，其中約 40 億美元的乾粉用於未來啟動。我們是當今市場上極少數活躍的多戶建築貸款機構之一。

Second, we look to find new opportunities to grow our stabilized multi-family portfolio. A large part of this growth will be driven by the near-term stabilization of the approximately 4,000 units that is expected to add $43 million of estimated annual NOI to KW. We are also entering a period of time that could present and increase investment opportunities from financially distressed owners, as upcoming debt maturities will significantly impact borrowers with floating rate debt.

其次，我們尋求尋找新的機會來發展我們穩定的多戶住宅投資組合。這一增長的很大一部分將由約 4,000 個裝置的近期穩定推動，預計將為 KW 增加 4,300 萬美元的年度 NOI。我們也進入了一個可能為陷入財務困境的業主提供和增加投資機會的時期，因為即將到來的債務到期將嚴重影響浮動利率債務的借款人。

And third, we are planning on growing our industrial assets under management, which today totals over 11 million square feet, where leasing trends remain favorable. We added to our logistics portfolio in the fourth quarter in both the United States and in Europe.

第三，我們計劃擴大我們管理的工業資產，目前總面積超過 1,100 萬平方英尺，租賃趨勢仍然有利。我們在第四季增加了美國和歐洲的物流投資組合。

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

說到這裡，我想將電話轉給我們的財務長賈斯汀恩博迪 (Justin Enbody)，討論我們的財務表現。

Thanks, Bill. I'd like to start by covering some of the key drivers of our Q4 financial results. Consolidated revenues improved to $140 million in the quarter and $563 million for the year, an increase of 4% compared to 2022 and 24% compared to 2021. Investment management fees totaled $62 million for the year, an increase of 38% from '22 and up 75% from 2021. Including our co-investment portfolio, our share of recurring property NOI and fees totaled $131 million in the quarter or $524 million on an annualized basis.

謝謝，比爾。首先，我想介紹一下我們第四季財務表現的一些關鍵驅動因素。本季合併營收增至 1.4 億美元，全年合併收入增至 5.63 億美元，較 2022 年成長 4%，較 2021 年成長 24%。今年投資管理費總計 6,200 萬美元，比 22 年成長 38%，比 2021 年成長 75%。包括我們的共同投資組合在內，本季我們在經常性財產 NOI 和費用中所佔份額總計 1.31 億美元，按年化計算為 5.24 億美元。

Similar to trends we saw in Q3, our unconsolidated investments, which are largely held at fair value, were impacted by non-cash adjustments. In Q4, we saw valuations depreciate by 4%, resulting in $176 million of fair value reductions, with estimated values being impacted by higher implied cap rates as a result of the overall interest rate environment.

與我們在第三季看到的趨勢類似，我們的未合併投資主要以公允價值持有，受到非現金調整的影響。第四季度，我們看到估值貶值了 4%，導致公允價值減少 1.76 億美元，估計價值受到整體利率環境導致的隱含資本化率較高的影響。

However, since year-end, the outlook remains favorable, as we believe we are entering a period of time with a more supportive backdrop with expected improvements in both inflation and the cost of capital. Our dispositions remained muted in the quarter with a focus on non-core assets. We sold a number of retail assets and one smaller office asset in the UK. These sales generated $83 million of cash for Kennedy-Wilson.

然而，自年底以來，前景仍然樂觀，因為我們相信我們正在進入一個更具支持性背景的時期，預期通膨和資本成本都會改善。本季我們的處置仍然溫和，重點關注非核心資產。我們在英國出售了多項零售資產和一項較小的辦公資產。這些銷售為肯尼迪-威爾遜公司帶來了 8300 萬美元的現金。

In total, we had a GAAP net loss of $1.78 per share, which includes non-cash items, such as depreciation and fair value adjustments totaling $1.54 per share. Adjusted EBITDA totaled a loss of $129 million in Q4. Excluding the non-cash fair value-related reductions, our adjusted EBITDA would have been $46 million in Q4 or $472 million year-to-date.

總的來說，我們的 GAAP 淨虧損為每股 1.78 美元，其中包括非現金項目，例如折舊和公允價值調整，總計每股 1.54 美元。第四季調整後 EBITDA 總計虧損 1.29 億美元。排除非現金公允價值相關的減少，我們在第四季度調整後的 EBITDA 將為 4,600 萬美元，年初至今為 4.72 億美元。

Turning to our balance sheet and debt profile. At quarter end, we had $314 million of consolidated cash and $150 million drawn on our $500 million line of credit. Our share of total debt is 99% fixed or hedged with a weighted average maturity of 5.3 years.

轉向我們的資產負債表和債務狀況。截至季末，我們擁有 3.14 億美元的綜合現金，並從 5 億美元的信貸額度中提取了 1.5 億美元。我們佔總債務的 99% 是固定或對沖的，加權平均期限為 5.3 年。

As of year-end, our interest rate hedges have a weighted average maturity of 1.6 years and a weighted average strike of 2.6%, which is well-below today's rates. We continue to collect cash as a result of our hedging activities, which is not reflected as an offset to our interest expense in our income statement.

截至年底，我們的利率對沖的加權平均期限為 1.6 年，加權平均執行率為 2.6%，遠低於當今的利率。我們繼續透過對沖活動收取現金，這並未在損益表中反映為利息支出的抵銷。

In Q4, we collected $13 million of cash, bringing our year-to-date total to $38 million of cash received from our interest rate hedges. Our effective interest rate of 4.4% remained essentially flat from the end of 2022 and reflects 60 basis points of savings over our contractual rate due to our hedging strategy.

第四季度，我們收到了 1300 萬美元的現金，使我們從利率對沖中收到的現金總額達到了 3800 萬美元。自 2022 年底以來，我們的實際利率為 4.4%，基本上保持不變，這反映出由於我們的對沖策略，我們的合約利率節省了 60 個基點。

Our debt maturities in 2024 are limited, representing 4% of our total debt. Over 80% of the maturities relate to fixed assets. In the US, we have two multi-family assets maturing with agency companies. One is on track to refinance in Q1; the second matures in November.

我們的債務在 2024 年到期是有限的，占我們總債務的 4%。超過80%的到期日與固定資產有關。在美國，我們有兩個多家族資產與代理公司一起到期。其中一家預計在第一季進行再融資；第二個在十一月成熟。

In Europe, there are four key maturities, and one of which, we anticipate paying off, totaling $48 million, using the proceeds from our asset -- retail asset sales which are largely complete already. We have a loan maturing in May, which we are in the process of refinancing. And the remaining two maturities are not until November and December.

在歐洲，有四個關鍵期限，我們預計使用我們的資產（已基本完成的零售資產銷售）的收益償還其中之一，總額為 4800 萬美元。我們有一筆貸款將於五月到期，目前正在進行再融資。剩下的兩個要到11月和12月才到期。

And with that, I'd like to turn the call over to our President, Matt Windisch, to discuss the investment portfolio.

因此，我想將電話轉給我們的總裁馬特溫迪施 (Matt Windisch)，討論投資組合。

Thanks, Justin. Starting with our multi-family business, which is largely sub-urban and totals 38,000 units. Our portfolio produces $270 million in estimated annual NOI to KW, which represents 55% of our stabilized portfolio.

謝謝，賈斯汀。首先是我們的多戶型企業，該企業主要位於郊區，共有 38,000 個單位。我們的投資組合預計每年為 KW 帶來 2.7 億美元的 NOI，占我們穩定投資組合的 55%。

Our multi-family development and lease-up portfolio totals an additional 38,000 units, which, once stabilized, we expect to add $43 million to estimated annual NOI by the end of 2025. Globally, same-property revenue grew by 4%, with NOI up approximately 3% in Q4, as we continue to see many of the same trends from the prior quarter.

我們的多戶型開發和租賃投資組合總計增加了 38,000 個單元，一旦穩定下來，我們預計到 2025 年底，預計年度 NOI 將增加 4,300 萬美元。在全球範圍內，同物業收入增長了 4%，第四季度 NOI 增長了約 3%，因為我們繼續看到許多與上一季相同的趨勢。

In the US, we saw seasonal leasing trends pick up in the fourth quarter, with renewal leasing spreads totaling 3.3% and loss to lease totaling approximately 2% at quarter end. We are encouraged with the improvements we saw in January, with renewal spreads increasing to 3.8% and asking rents of 2%.

在美國，我們看到季節性租賃趨勢在第四季度有所回升，季度末續租利差總計為 3.3%，租賃損失總計約為 2%。我們對 1 月看到的改善感到鼓舞，續約價差增加至 3.8%，租金要價為 2%。

In our largest apartment region, the Mountain West, we saw occupancies improved by 1.5%, leading to revenue growth of 3% and NOI growth of 2%. Our Mountain West assets are diversified across six states: Colorado, Nevada, New Mexico, Utah, Arizona, and Idaho. Our Mountain West portfolio's average rents are priced at an attractive $1,600, and we believe these markets will continue to draw residents seeking a more affordable higher quality of life.

在我們最大的公寓區——西部山區，入住率提高了 1.5%，收入成長了 3%，NOI 成長了 2%。我們的西部山區資產分佈在六個州：科羅拉多州、內華達州、新墨西哥州、猶他州、亞利桑那州和愛達荷州。我們的 Mountain West 投資組合的平均租金價格為極具吸引力的 1,600 美元，我們相信這些市場將繼續吸引尋求更實惠、更高品質生活的居民。

In our California portfolio, we made great progress working through delinquencies and re-leasing units while also seeing lower levels of bad debt. This led to strong revenue growth of over 5% and NOI growth of 4%. Overall, we have recaptured approximately two-thirds of our units from non-paying tenants in 2023, with our California assets still seeing elevated levels of legal and turnover costs and currently having a loss-to-lease of 4%. The region is set up for further NOI growth as we work through the remaining delinquencies.

在我們加州的投資組合中，我們在解決拖欠和重新租賃單位方面取得了巨大進展，同時壞帳水準也有所下降。這導致收入強勁增長超過 5%，NOI 增長 4%。總體而言，我們已在 2023 年從非付費租戶手中奪回了約三分之二的單位，而我們在加州的資產的法律和周轉成本仍然較高，目前租賃損失為 4%。在我們解決剩餘的拖欠問題的同時，該地區已準備好進一步實現 NOI 成長。

Overall, we believe renter fundamentals in the US remain healthy. The high cost of home ownership and continued household formation will drive further demand for rental housing, while a noticeable decline in construction starts should moderate the supply side.

整體而言，我們認為美國的租戶基本面仍然健康。居高不下的住房成本和持續的家庭組成將進一步推動對租賃住房的需求，而開工率的顯著下降應會緩解供應面。

The stats I just walked through, however, run contrary to the change in fair values that were reported on some of our multi-family co-investment properties in 2023. To give an example, we have a nine-property apartment portfolio in which we sold a 49% stake to a large institutional investor in 2021.

然而，我剛剛瀏覽的統計數據與 2023 年我們的一些多戶共同投資房產報告的公允價值變化相反。舉個例子，我們有一個包含九處房產的公寓投資組合，我們在 2021 年將其中 49% 的股份出售給了一家大型機構投資者。

Since that time, the NOI on those assets has grown by 17%, and the operating cash flow after debt service on our 3.62% fixed rate debt with an average maturity of 5.5 years has grown by more than 20%, including growth of 10% in 2023 alone. However, due to increases in implied cap rates off of a limited transaction data and based on third-party appraisals, we took a $40 million non-cash mark-to-market loss on these assets during 2023. We have no intention to sell any of these assets in the short term, as we continue to grow the cash flows and complete the business plan.

自那時起，這些資產的 NOI 增加了 17%，平均期限為 5.5 年、利率為 3.62% 的固定利率債務的償債後營運現金流增加了 20% 以上，其中增加了 10%僅 2023 年。然而，由於有限交易數據的隱含資本化率上升，根據第三方評估，我們在 2023 年對這些資產造成了 4,000 萬美元的非現金按市值計價損失。我們無意在短期內出售任何這些資產，因為我們將繼續增加現金流並完成業務計劃。

At our Vintage Housing affordable portfolio, we saw strong revenue growth of almost 10% driven by increasing levels of area median income, resulting in a real robust NOI growth of 7%. In Q4, we stabilized a 161-unit property, which was the fourth vintage property stabilized in 2023. We have another 1,600 units in our development pipeline which will grow the portfolio to 12,000 stabilized units, which is more than double than the 5,500 units we initially acquired back in 2015.

在我們的老式住房經濟適用房投資組合中，由於地區中位數收入水準的提高，我們看到了近 10% 的強勁收入成長，導致 NOI 真正強勁成長了 7%。第四季度，我們穩定了 161 套房產，這是 2023 年穩定的第四個老式房產。我們的開發管道中還有另外 1,600 個單位，這將使投資組合增加到 12,000 個穩定單位，這比我們最初在 2015 年收購的 5,500 個單位增加了一倍多。

There continues to be a strong need for affordable housing in the country, while our developments routinely have long wait lists of potential renters. As such, we continue to explore new opportunities to grow our vintage portfolio.

該國對經濟適用房的需求仍然強勁，而我們的開發項目通常都有很長的潛在租戶等待名單。因此，我們繼續探索新的機會來擴大我們的復古產品組合。

Moving over to Dublin, our portfolio there remains close to full at 97% occupancy at year end. Last year, we delivered almost 800 new units, which are over 50% leased today, and we remain on track to deliver another 230 units next month. Our leasing on these new developments continues to perform ahead of our business plan as a result of the significant structural undersupply of rental housing in Dublin and the continued growth of the Irish economy.

轉到都柏林，我們的投資組合到年底仍然接近滿員，入住率達到 97%。去年，我們交付了近 800 個新單位，目前已出租超過 50%，我們仍有望在下個月交付另外 230 個單位。由於都柏林租賃住房的結構性供應嚴重不足以及愛爾蘭經濟的持續增長，我們對這些新開發項目的租賃繼續領先於我們的業務計劃。

Turning to our office portfolio, our office NOI is largely derived from our high-quality assets located in Dublin as well as in the UK. We saw strong performance in our Dublin stabilized portfolio, with occupancy of 95% and same property NOI increasing by 6% due to successful rent reviews, which, as a reminder, is a unique feature, allowing a mark-to-market on rents during the lease term. Excluding our development asset, our stabilized portfolio in Dublin totaled nine properties with very limited space available, with the majority of the assets 100% occupied.

談到我們的辦公大樓投資組合，我們的辦公大樓NOI很大程度上來自我們位於都柏林和英國的優質資產。我們在都柏林穩定的投資組合中看到了強勁的表現，由於成功的租金審查，入住率達到 95%，同一房產的 NOI 增加了 6%，提醒一下，這是一個獨特的功能，允許在租賃期限。不包括我們的開發資產，我們在都柏林的穩定投資組合共有九處房產，可用空間非常有限，大部分資產已 100% 被佔用。

Overall, same-property revenue and NOI in our European office portfolio was up slightly in the quarter, which contributed to 2% NOI growth for the year. Our stabilized portfolio in Europe is well leased to a solid roster of tenants with a weighted average lease term of 7.7 years to expiration and healthy occupancy of 94%.

總體而言，本季度我們歐洲辦公室投資組合的同物業收入和 NOI 略有上升，為全年 2% 的 NOI 成長做出了貢獻。我們在歐洲穩定的投資組合已出租給了一群穩定的租戶，加權平均租賃期限為 7.7 年，入住率高達 94%。

In the US, in Q4, we stabilized an office asset in sub-urban Los Angeles, adding approximately $5 million to estimated annual NOI. In total, our consolidated U.S. office portfolio accounts for only 6% of our total estimated annual NOI.

在美國，第四季度，我們穩定了洛杉磯郊區的辦公資產，為預計的年度 NOI 增加了約 500 萬美元。總的來說，我們綜合的美國辦公大樓投資組合僅占我們預計年度 NOI 總額的 6%。

Now, transitioning over to the key platforms within our investment management business, starting with credit. As Bill mentioned, our credit platform grew by an impressive 148% in 2023 and, today, represents 56% of our total fee-bearing capital.

現在，我們正在向投資管理業務的關鍵平台過渡，從信貸開始。正如 Bill 所提到的，我們的信貸平台在 2023 年成長了 148%，令人印象深刻，目前占我們收費資本總額的 56%。

We have successfully onboarded the 38-person team from Pac-West who are now fully vertically integrated and working through a pipeline of over $1 billion in new potential construction loan opportunities with a focus on the multi-family sector. The platform's economics continue to be very attractive. KW's ownership interest in these new loans is 2.5%, and the returns have benefited from the high interest rate environment.

我們已成功吸收了來自 Pac-West 的 38 人團隊，他們現已完全垂直整合，並透過一系列超過 10 億美元的新潛在建築貸款機會開展工作，重點關注多戶住宅領域。該平台的經濟效益仍然非常有吸引力。KW在這些新貸款中的所有者權益為2.5%，回報受益於高利率環境。

Today, we are able to generate unlevered returns, including fees on our invested capital of over 20% while lending to very high-quality borrowers at low leverage points. The team's long-term successful track record, strong relationships, and the lack of traditional lenders in the market positions us extremely well to deploy the $4 billion of dry powder and continue expanding this platform in 2024 and beyond.

如今，我們能夠產生無槓桿回報，包括超過 20% 的投資資本費用，同時以低槓桿點向非常高品質的借款人提供貸款。該團隊的長期成功記錄、牢固的關係以及市場上缺乏傳統貸方的情況使我們非常有能力部署 40 億美元的乾粉，並在 2024 年及以後繼續擴展該平台。

Along with our credit business, our industrial portfolio is another important platform within our investment management business. Fundamentals for our European industrial portfolio remain healthy, with supply chain pressures, undersupply in certain markets, and continued strength in the occupational markets all leading to strong demands.

除了我們的信貸業務之外，我們的工業投資組合是我們投資管理業務的另一個重要平台。我們歐洲工業組合的基本面仍然健康，供應鏈壓力、某些市場供應不足以及職業市場的持續走強都導致了強勁的需求。

Our portfolio is over 98% occupied, with the majority of our vacant space under offer. We've also seen strong demand from our existing tenants to remain on our properties, with tenants engaging in early discussions to extend their leases ahead of expiration.

我們的投資組合已被佔用超過 98%，大部分空置空間都已出售。我們也看到現有租戶強烈要求留在我們的房產上，租戶們參與了早期討論，以在租約到期前延長租約。

During the quarter, we added another asset to our EU industrial portfolio, which now totals $1.6 billion in assets under management. For the full year, we completed 78 leasing transactions, delivering a 53% increase in rents, which was well ahead of our business plan. In-place rents are approximately 25% below market, providing an opportunity for us to mark-to-market rents over the years ahead.

本季度，我們在歐盟工業投資組合中增加了另一項資產，目前管理的資產總額為 16 億美元。全年我們完成了 78 筆租賃交易，租金增加了 53%，遠遠超出了我們的業務計劃。現有租金比市場租金低約 25%，這為我們在未來幾年按市場租金定價提供了機會。

Growing our industrial platform with our strategic partners continues to be a focus for us globally. Our European joint venture has over $1 billion in AUM capacity, and we are monitoring a number of opportunities we hope to add to this platform. We also have over 2 million square feet of industrial in the US, where our focus has been on small and [mid-Bay] properties with a significant embedded loss-to-lease.

與戰略合作夥伴一起發展我們的工業平台仍然是我們在全球範圍內的重點。我們的歐洲合資企業擁有超過 10 億美元的資產管理規模，我們正在監控希望添加到該平台的大量機會。我們在美國還擁有超過 200 萬平方英尺的工業地產，我們的重點是小型和[中灣]物業，這些物業存在重大的嵌入式租賃損失。

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, Matt. Fundamentals remain very strong within our multi-family credit and industrial portfolio. We have our best team of people we've ever had at KW, and we have partners willing to invest meaningful capital alongside KW capital. There should be tremendous investment opportunities as we move into the second half of 2024, driven primarily by debt maturities.

謝謝你，馬特。我們的多戶信貸和工業投資組合的基本面仍然非常強勁。我們擁有 KW 有史以來最優秀的團隊，我們的合作夥伴願意與 KW 資本一起投資有意義的資本。進入 2024 年下半年，主要受債務到期推動，應該會出現巨大的投資機會。

We are also nearing completion on almost all of our development projects with minimal capital left to spend and converting these assets currently into cash-flowing properties. Our asset sale program is progressing very well. We are reducing overhead levels. And our income streams from our investment management business and our property-level NOI are growing at solid growth rates.

我們幾乎所有的開發案都已接近完成，剩下的資本已所剩無幾，並將目前的這些資產轉化為現金流量的房產。我們的資產出售計劃進展順利。我們正在降低管理費用水準。我們來自投資管理業務和房地產層面 NOI 的收入流正在以穩健的速度成長。

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

有了這個，我想把它交給 Daven 並開放給任何問題。

We will begin the question-and-answer session. (Operator Instructions) Anthony Paolone, JP Morgan.

我們將開始問答環節。（操作員說明）Anthony Paolone，摩根大通。

Thank you. I guess my first question is -- you all are making progress on the dispositions and raising capital that you outlined, I think, back in December. But should we think about that as just capital that you want to harvest and redeploy? Or do you think we should expect a lower level of leverage for KW overall as we look out?

謝謝。我想我的第一個問題是——你們在 12 月概述的處置和籌集資金方面都取得了進展。但我們是否應該將其視為您想要收穫和重新部署的資本？或者您認為我們應該預期 KW 的整體槓桿水平會較低？

Well, I think, Tony, it's a combination of both because some of these properties that we're disposing of have debt attached to them. So obviously, when you're selling the assets, you're going to pay off that debt.

嗯，我認為，托尼，這是兩者的結合，因為我們正在處置的一些財產帶有債務。顯然，當你出售資產時，你將償還債務。

We have a cash plan for this year that is going to allow us to not only lower our debt, but redeploy capital into new investment activities, including like that went through with the debt business. Because if we're doing $3 billion to $4 billion for the debt this year at 2.5%, that's almost $100 million of capital. I did the math correctly. Sorry. Yeah, it's about $85 million of the capital that we're going to deploy into the debt business. So --

我們今年有一個現金計劃，不僅可以降低債務，還可以將資本重新部署到新的投資活動中，包括債務業務。因為如果我們今年以 2.5% 的利率投入債務 30 億至 40 億美元，那麼資本就接近 1 億美元。我算對了。對不起。是的，我們將把大約 8500 萬美元的資本部署到債務業務中。所以--

Yeah. But I guess my question is thinking about your view on leverage as a company. If we look through to just -- whether it's your co-investment, funds, wholly-owned assets, like historically, I don't know, maybe have run 55%, 60% levered. Do you think that's still the right level over time? Or do you think you want to bring that down?

是的。但我想我的問題是考慮您對公司槓桿率的看法。如果我們看看——無論是你的共同投資、基金還是全資資產，就像歷史上一樣，我不知道，也許槓桿率達到了 55%、60%。隨著時間的推移，您認為這仍然是正確的水平嗎？或者你認為你想把它拉下來嗎？

Hey, Tony. It's Matt. So I think -- just to emphasize what Bill was saying. When we announced the plan in December, [our use] of these asset sale proceeds. I mean, one, obviously is to continue to fund and grow the business, in particular, the co-investment business. But another big part would be to potentially purchase our own securities as well as pay off debt, including our line of credit. So I think doing a combination of both will enable us to bring the leverage down over that 18-month period of time.

嘿，東尼。是馬特。所以我想——只是為了強調比爾所說的話。當我們在 12 月宣布該計劃時，[我們使用]這些資產出售收益。我的意思是，第一個顯然是繼續資助和發展業務，特別是共同投資業務。但另一個重要部分是可能購買我們自己的證券並償還債務，包括我們的信貸額度。因此，我認為將兩者結合起來將使我們能夠在 18 個月的時間內降低槓桿率。

Okay. That is going to my next question about just the stock at these levels. Like, how does buybacks fit into just overall, thinking about capital allocation?

好的。這就是我的下一個關於這些水準的股票的問題。例如，回購如何適應整體資本配置？

Yeah. I think, Matt, it was 2018. We authorized a $500 million share buyback program. And out of that program, we actually spent $375 million. And so we have $125 million worth of capacity left in that buyback program. And clearly, the stock, along with other things, like Matt talked about, reducing debt and reinvesting, that is clearly an investment opportunity that we are focused on.

是的。我想，馬特，那是 2018 年。我們批准了一項 5 億美元的股票回購計畫。在該計劃中，我們實際上花費了 3.75 億美元。因此，我們的回購計畫還剩下價值 1.25 億美元的產能。顯然，股票以及其他事情，就像馬特談到的那樣，減少債務和再投資，這顯然是我們關注的投資機會。

Okay. And then just last one on this item, just the dividend. You've maintained it at the current level. But also going into the idea of just preserving liquidity and having cash, how should we think about the dividend on a go-forward basis.

好的。然後是這個專案的最後一個，就是股息。您已將其維持在當前水準。但同時考慮到僅保留流動性和擁有現金的想法，我們應該如何考慮未來的股利。

Like I always say, we review that every quarter. And our plan for this year, we're going to be generating significant amounts of cash flow from our disposition plan and from distributions that come out of our properties. But as I always say, we look at that every quarter. And given the progress that we've made particularly on these asset dispositions so early in the year, the Board felt comfortable continuing that dividend at its current level.

就像我常說的那樣，我們每個季度都會對此進行審查。我們今年的計劃是，我們將從我們的處置計劃和來自我們財產的分配中產生大量現金流。但正如我常說的，我們每季都會審視這一點。鑑於我們在今年年初特別是在這些資產處置方面取得的進展，董事會對繼續維持目前的股息水準感到放心。

Okay. Thank you.

好的。謝謝。

Josh Dennerlein, Bank of America Merrill Lynch.

喬許丹納林，美國銀行美林。

Yeah. Hey, everyone. Thanks for the time. Just wanted to ask about, maybe first, just like the trends that you're seeing in the Mountain West markets for your multi-family business. It looks like maybe the rent growth is slowing there from a market-wise perspective. But then, kind of thinking about your portfolio and how you do a lot of value add projects, you might get like an uplift there. Just kind of -- can you help us think about the potential NOI growth across that part of the portfolio?

是的。嘿大家。謝謝你的時間。只是想問一下，也許首先，就像您在西部山區市場上看到的多戶型企業的趨勢一樣。從市場角度來看，那裡的租金成長似乎正在放緩。但是，想想你的投資組合以及你如何做很多增值項目，你可能會在那裡得到提升。只是——您能幫助我們思考一下投資組合這一部分的潛在 NOI 成長嗎？

Yeah, absolutely. This is Matt. So as I mentioned in my remarks, we think -- if we kind of start off with the affordability -- so we're at $1,600 average rent in that market, which, if you compare that to other markets in the Western US, is a significant discount.

是的，絕對是。這是馬特。正如我在演講中提到的，我們認為——如果我們從負擔能力開始——那麼我們該市場的平均租金為 1,600 美元，如果你將其與美國西部的其他市場進行比較，大幅折扣。

That all being said, I mean, there clearly has been a higher level of supply that's come on recently in those markets, which has put some pressure on our ability to grow the rents at the pace we were growing them at over the past several years. I think the good news on that front is the level of supply going forward is dissipating in those markets. And so we're going to have some of the best-in-class products at affordable prices in markets that continue to attract people for job growth and other factors.

話雖如此，我的意思是，這些市場最近的供應量顯然有所增加，這對我們以過去幾年的速度增長租金的能力施加了一些壓力。我認為這方面的好消息是這些市場未來的供應水準正在消散。因此，我們將以實惠的價格在市場上提供一些一流的產品，繼續吸引人們的就業成長和其他因素。

So, during the pandemic, those markets were obviously roaring, doing extremely well, and outpacing the business plan. So we feel great about the portfolio, but the days of 10% rent growth there are probably behind us. But we think we can continue to compound and grow those rents over time.

因此，在大流行期間，這些市場顯然在蓬勃發展，表現非常好，並且超越了商業計劃。因此，我們對這個投資組合感覺很好，但租金成長 10% 的日子可能已經過去了。但我們認為隨著時間的推移，我們可以繼續複合並增加這些租金。

Okay. Appreciate that. And then maybe just turning to your office portfolio. I think you had a move out in one of your Bellevue assets during the quarter. Just kind of curious on, like, releasing opportunities there, how you're thinking about the asset. And then maybe there are any other kind of move outs we should be thinking about, prospects for re-leasing?

好的。感謝。然後也許只是轉向你的辦公室投資組合。我認為您在本季度搬出了貝爾維尤的一項資產。只是有點好奇，例如在那裡釋放機會，你如何看待這項資產。然後也許我們應該考慮其他類型的搬出，重新租賃的前景？

Yeah. So Josh, that was the main asset that -- in terms of vacancy within the US portfolio. So we did have a tenant move out at the beginning of the fourth quarter. What I'd say there is we have a very, very low basis in that asset. We've owned it for a long time. Obviously, the Seattle market is challenged right now.

是的。所以喬什，就美國投資組合中的空缺而言，這是主要資產。所以我們確實有一個租戶在第四季初搬走了。我想說的是，我們的資產基礎非常非常低。我們已經擁有它很長時間了。顯然，西雅圖市場目前面臨挑戰。

That all being said, the leasing activity, if you look at Q4 to even Q1, overall, has definitely picked up. And I think there, we have the ability, just given our basis, to do deals. And so we're confident that we're going to be able to get that property leased over the next 12 to 18 months. And we've got the right team working on it, and we'll get it done.

話雖如此，如果你看看第四季度甚至第一季度，總體而言，租賃活動肯定有所回升。我認為，只要有我們的基礎，我們就有能力進行交易。因此，我們有信心能夠在未來 12 到 18 個月內出租該房產。我們有合適的團隊致力於此，我們會完成它。

The other thing I'd mention is there's one other building there that is currently occupied as part of that complex. And we're in discussions to potentially sell that asset and get cash that would, in essence, pay down the entire debt on that entire three-building portfolio. So we feel pretty good about that asset.

我要提到的另一件事是那裡還有一棟建築目前被佔用作為該綜合體的一部分。我們正在討論出售該資產並獲得現金的可能性，這些現金實質上可以償還整個三棟建築投資組合的全部債務。所以我們對該資產感覺非常好。

Yeah. I mean, Matt, the only thing I'd add, that asset came to us through a sale of an apartment building that we exchanged into that asset. So to add to Matt's point, we have an attractive cost basis in the asset. And it was somewhat of a -- I don't know if I'd call it unique. But the tenant that left is an extremely large technology company based in the Seattle market that has built out their own campus. And so it had nothing, no reflection on the asset. It was just the business plan of that particular tenant.

是的。我的意思是，馬特，我唯一要補充的是，該資產是透過出售我們交換為該資產的公寓大樓而獲得的。因此，為了補充馬特的觀點，我們的資產成本基礎具有吸引力。這有點——我不知道我是否可以稱其為獨一無二的。但離開的租戶是一家位於西雅圖市場的超大型科技公司，該公司已經建立了自己的園區。所以它什麼都沒有，沒有資產的反映。這只是該特定租戶的商業計劃。

Thanks for the color, guys.

謝謝你們的顏色。

Thank you. (Operator Instructions) Tayo Okusanya, Deutsche Bank.

謝謝。（操作員指示）Tayo Okusanya，德意志銀行。

Yes. Good morning, everyone. A lot of positive commentary just around opportunities to grow the loan book. Again, you guys are one of the few names out there that actually have enough capital to do that, assuming again you're going to price accordingly for that.

是的。大家，早安。關於擴大貸款規模的機會有很多積極的評論。再說一遍，你們是少數幾個實際上有足夠資本來做到這一點的公司之一，再次假設你們將為此定價。

But on the flipside, I wonder. This capital stopped becoming too expensive for someone who wants to take a loan. And actually, there's going to be less construction activity going forward, so less opportunities to actually originate loans. So curious how you think through those two things to help us kind of get a better sense of just how much the loan book could grow over the next 12 months.

但另一方面，我想知道。對於想要貸款的人來說，這筆資金不再變得太昂貴。事實上，未來的建築活動將會減少，因此實際發放貸款的機會也會減少。很好奇您如何思考這兩件事，以幫助我們更好地了解未來 12 個月貸款帳簿可能會增長多少。

Yeah. Good question, Tayo. Yeah. I mean, I'd say certainly, construction activity overall has reduced from where it was a couple of years ago. Obviously, rates are higher. Construction costs have gone up. So there's no question that housing starts, as an example, are slowing.

是的。好問題，泰約。是的。我的意思是，我肯定會說，整體建築活動比幾年前減少。顯然，利率更高。建築成本上升了。因此，毫無疑問，房屋開工正在放緩。

I think if you think about that side of it, there's the flip side, too, that if you look at the traditional lenders in the space, the regional banks of the world, some of the private credit funds that use back leverage who are -- we're doing this all unlevered -- have been less active in the market. And so what we feel like is that the overall pie may be shrinking. But we think with our expertise and the team we brought on from Pacific Western Bank and our reputation in the market, we're going to continue to get a bigger and bigger piece of that pie.

我認為，如果你考慮它的這一面，也會有另一面，如果你看看這個領域的傳統貸方、世界各地的區域銀行、一些使用反向槓桿的私人信貸基金，他們是—— - 我們所做的一切都是無槓桿的- 在市場上不太活躍。所以我們的感覺是，整體蛋糕可能正在縮小。但我們認為，憑藉我們的專業知識、從太平洋西部銀行引進的團隊以及我們在市場上的聲譽，我們將繼續在這塊蛋糕上獲得越來越大的份額。

So we feel confident. The pipeline kind of speaks for itself. We have over a billion we've already signed up and we're in closing on, so we feel like we can continue to grow the book.

所以我們充滿信心。管道本身就說明了一切。我們已經註冊了超過十億個用戶，並且即將完成，所以我們覺得我們可以繼續增加這本書的數量。

I mean the other side of it too is, in terms of payoffs, some people who are looking for permanent financing are not paying off as quickly as we expected. And I think that's a good thing because now we have fully leased properties that are still being -- we're still getting paid construction loan spreads on those. And so I think in terms of the runoff of the book, it may be a bit slower certainly for the first half of this year.

我的意思是，另一方面，就回報而言，一些尋求永久融資的人並沒有像我們預期的那麼快得到回報。我認為這是一件好事，因為現在我們已經完全出租了仍在出租的房產，我們仍然可以獲得這些房產的建築貸款利差。因此，我認為就這本書的出版而言，今年上半年肯定會慢一點。

Got you. That's helpful. Thank you.

明白你了。這很有幫助。謝謝。

Okay. And this concludes our question-and-answer session. And I would like to turn the conference back over to Bill McMorrow for some closing remarks.

好的。我們的問答環節到此結束。我想將會議轉回比爾·麥克莫羅（Bill McMorrow）做一些總結發言。

Thank you, everybody. And as I will say, too, we're always available, any of us, out for any further follow up with you. So thank you very much and have a great day.

謝謝大家。正如我要說的，我們任何人都隨時可以與您進行進一步的跟進。非常感謝您，祝您有美好的一天。

This does conclude the conference. Thank you for attending today's presentation. You may now disconnect and have a great day.

會議就此結束。感謝您參加今天的演講。您現在可以斷開連接並度過愉快的一天。