Kennedy-Wilson Holdings Inc (KW) 2024 Q3 法說會逐字稿

Hello and welcome to the Kennedy-Wilson third quarter 2024 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎來到甘迺迪-威爾遜 2024 年第三季電話會議和網路廣播。（操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to hand the call to Daven Bhavsar, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係主管 Daven Bhavsar。請繼續。

Good morning and thank you for joining us today. Today's call will be webcast live and will be archived for replay. The replay will be available for phone for one week and by webcast for three months. Please see the Investor Relations website for more information.

早安，感謝您今天加入我們。今天的電話會議將進行網路直播，並將存檔以供重播。電話重播將持續一周，網路直播將持續三個月。請參閱投資者關係網站以了解更多資訊。

With me today are Bill McMorrow, CEO; Matt Windisch, President; Justin Enbody, CFO; and Mike Pegler, President of Europe.

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 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 to the most directly comparable GAAP financial measure and our third quarter 2024 earnings release, which is posted on the Investor Relations section of our website.

在本次電話會議上，我們將參考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。您可以找到這些項目的描述，以及與最直接可比較的 GAAP 財務指標和我們 2024 年第三季收益發布的對賬，這些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)。

Daven, thank you, and thank you, everybody, for joining the call today. Yesterday, we reported our results for the third quarter, which highlighted improving operating fundamentals in our multifamily portfolio, continued growth of our investment management business and further progress on our non-core asset sale program.

達文，謝謝你，也謝謝大家今天加入電話會議。昨天，我們報告了第三季度的業績，其中強調了我們多戶投資組合運營基本面的改善、投資管理業務的持續增長以及非核心資產出售計劃的進一步進展。

Looking at our key portfolio metrics, AUM, assets under management has grown to $28 billion versus $25 billion at [12-31-23]. Estimated annual NOI has grown to $492 million and fee-bearing capital grew to a record $8.8 billion.

從我們的關鍵投資組合指標來看，管理資產規模已增至 280 億美元，而 2017 年為 250 億美元。[12-31-23]。預計年度 NOI 已成長至 4.92 億美元，付費資本成長至創紀錄的 88 億美元。

Rental housing continues to be our major focus, with our portfolio today comprised of 60,000 multifamily or student housing units that we either have an ownership interest in or are financing through our credit platform.

出租房屋仍然是我們的主要關注點，目前我們的投資組合包括 60,000 套多戶住宅或學生住房單元，我們要么擁有這些單元的所有權權益，要么通過我們的信貸平台進行融資。

Starting in 2014, we embarked on a $3 billion ground-up development program, largely focused on multifamily communities. Since then, we have completed 9,000 units, including approximately 3,000 market rate units and 6,000 affordable housing units through our Vintage Housing venture.

從 2014 年開始，我們啟動了一項耗資 30 億美元的基礎開發計劃，主要關注多戶社區。自那時起，我們已透過我們的 Vintage Housing 專案完成了 9,000 個單元，其中包括約 3,000 個市價單元和 6,000 個經濟適用房單元。

Since 2020, we have invested a total of approximately $500 million of equity capital across our developments. Generally, in these developments, we are [50%, 50%] partners with an institutional partner.

自 2020 年以來，我們已在各個開發案中投入了總計約 5 億美元的股本。一般來說，在這些開發中，我們與機構合作夥伴是[50%, 50%]合作夥伴。

Today, we are in the final stages of completing that development program, with only $3 million of KW equity remaining to be spent. We've stabilized two additional multifamily properties in Q3, adding $12 million to estimated annual NOI.

如今，我們正處於完成該開發計畫的最後階段，只剩下 300 萬美元的 KW 股本有待支出。我們在第三季穩定了另外兩棟多戶住宅，預計年度 NOI 增加了 1,200 萬美元。

For the year, we have added $29 million to estimated annual NOI from stabilizing approximately 2,000 multifamily units and we currently expect an incremental $60 million from the stabilization of assets undergoing lease-up.

今年，我們透過穩定約 2,000 個多戶單元，預計年度 NOI 增加了 2,900 萬美元，目前預計透過穩定租賃資產可增加 6,000 萬美元。

The expansion of our investment management business remains a key focus for us. Year-to-date in 2024, investment management fees have grown by 51% to $69 million. Fee-bearing capital has grown by 132% over the last four years. And for the first time in our history, our fees are on track to hit approximately $100 million in 2024 compared to $25 million generated in 2019.

投資管理業務的擴張仍然是我們的重點。2024 年迄今，投資管理費增加了 51%，達到 6,900 萬美元。收費過去四年資本增加了 132%。到 2024 年，我們的費用預計將達到約 1 億美元，而 2019 年為 2,500 萬美元，這在我們歷史上將首次實現。

Matt will discuss this topic in more detail, but our Q3 growth was driven by the solid momentum we continue to see from our credit business. We have completed $2.1 billion in new loan originations in 2024, with a strong pipeline of over $1.2 billion of new loan origination opportunities we are in the process of closing.

馬特將更詳細地討論這個話題，但我們第三季的成長是由我們繼續從信貸業務中看到的強勁勢頭推動的。到 2024 年，我們已完成 21 億美元的新貸款發放，還有超過 12 億美元的新貸款發放機會，我們正在處理中。

Another important focus for us has been the generation of cash through the completion of selling non-core assets. In Q3, we disposed of another $234 million of assets, including our final wholly-owned asset in Spain. We generated $63 million of cash from our Q3 sales, bringing our year-to-date total cash to KW to $375 million.

我們的另一個重要關注點是透過完成出售非核心資產來產生現金。第三季度，我們又處置了 2.34 億美元的資產，其中包括我們在西班牙的最後一家全資資產。我們從第三季的銷售中獲得了 6,300 萬美元的現金，使 KW 年初至今的現金總額達到 3.75 億美元。

In Q4, we have an additional planned asset sales that are expected to generate in excess of $150 million of cash to KW, and which puts us on track to achieve the $550 million to $750 million target we laid out last year.

第四季度，我們計劃進行額外的資產出售，預計將為 KW 帶來超過 1.5 億美元的現金，這使我們有望實現去年制定的 5.5 億至 7.5 億美元的目標。

Now, I'd like to spend a moment and highlight two important recent strategic announcements we made this past quarter end. In October, we announced the launch of a new platform in the United Kingdom focused on the single-family rental housing market.

現在，我想花點時間強調我們在上個季度末發布的兩項重要的策略公告。十月，我們宣佈在英國推出一個專注於單戶租賃房屋市場的新平台。

We are partnering with the Canadian Pension Plan Investment Board, or CPPIB, one of the world's largest global investors with approximately $500 million of assets under management. In the last decade, the UK population growth was more than double the number of homes built. At the same time, there is a growing demand for high-quality rental homes in the United Kingdom, similar to what we have seen in the US.

我們正在與加拿大退休金計畫投資委員會 (CPPIB) 合作，該委員會是世界上最大的全球投資者之一，管理約 5 億美元的資產。在過去的十年中，英國的人口成長是新建房屋數量的兩倍多。與此同時，英國對高品質租賃房屋的需求不斷增長，與我們在美國看到的情況類似。

By leveraging our residential experience in the UK, Ireland and the US, combined with partnering with CPPIB, we saw an opportunity to create a new platform at scale to address the structural undersupply of housing. The platform is initially targeting GBP1 billion in asset purchases, and we're pleased to report that we closed on our first two projects and have a meaningful pipeline of new opportunities.

透過利用我們在英國、愛爾蘭和美國的住宅經驗，再加上與 CPPIB 的合作，我們看到了一個大規模創建新平台來解決住房結構性供應不足問題的機會。該平台最初的目標是購買 10 億英鎊的資產，我們很高興地報告說，我們已經完成了前兩個項目，並擁有一系列有意義的新機會。

Yesterday, we also announced a EUR175 million redemption of our KWE bonds, which mature in November of next year. The redemption represents almost 40% of the remaining outstanding balance and will be funded using proceeds from completed and planned asset sales.

昨天，我們也宣布贖回 1.75 億歐元的 KWE 債券，該債券將於明年 11 月到期。此次贖回佔剩餘未償餘額的近 40%，並將使用已完成和計劃的資產出售所得資金提供資金。

As a reminder, this issuance was originally EUR550 million, EUR75 million of which was retired in 2022. This redemption will help us lower our overall unsecured leverage as the KWE bonds represent our only unsecured maturity until 2028.

需要提醒的是，本次發行最初規模為 5.5 億歐元，其中 7,500 萬歐元已於 2022 年退役。這次贖回將幫助我們降低整體無擔保槓桿率，因為 KWE 債券是我們在 2028 年之前唯一的無擔保到期日。

Now turning to market conditions, we've seen an improvement in the overall real estate investment sentiment. As in Q3, we saw long-awaited beginning of the rate cutting cycle by central banks. Additionally, as Justin will describe in just a moment, debt capital markets have improved and liquidity remains robust today for high-quality real estate assets.

現在轉向市場狀況，我們看到整體房地產投資情緒有所改善。與第三季一樣，我們看到各國央行期待已久的降息週期開始。此外，正如賈斯汀稍後將描述的那樣，債務資本市場已經改善，高品質房地產資產的流動性仍然強勁。

The combination of improving liquidity, lower short-term rates and borrowing spreads are supportive for our global business and a trend we expect to strengthen over the next year.

流動性的改善、短期利率和借貸利差的降低共同支持了我們的全球業務，我們預計這一趨勢將在明年加強。

Across our business, we have seen continued momentum in capital deployment. Through Q3, we have deployed a total of $2.4 billion in 2024, primarily into our investment management platform, including $2.1 billion of new loan originations through our credit platform and [$315 million] of equity purchases of rental housing and industrial acquisitions.

在我們的整個業務中，我們看到資本部署的持續勢頭。截至第三季度，我們在2024 年總共部署了24 億美元，主要用於我們的投資管理平台，包括透過我們的信貸平台發放的21 億美元新貸款以及[3.15 億美元] 的租賃房屋股權購買和工業收購。

Looking ahead, with the lack of high-quality and affordable housing affecting all our markets, we continue to seek both equity and credit opportunities in the rental housing space. Our direct real estate investments include our ownership, as I mentioned, in 39,000 market rate and affordable rental housing communities, which ended the quarter with a strong occupancy of 94% and generate property level NOI of over $500 million.

展望未來，由於缺乏高品質和經濟適用房影響我們所有的市場，我們將繼續在租賃住房領域尋求股權和信貸機會。正如我所提到的，我們的直接房地產投資包括我們在39,000 個市場價格和經濟適用租賃住房社區的所有權，該社區截至本季度的入住率高達94%，並產生了超過5 億美元的房地產層面NOI。

We also have capacity for an additional 4,000 units through our newly formed UK single-family platform. Our credit platform allows us to generate solid returns on invested capital. In a short period of time, we've become one of the US's largest lenders for the development of rental housing communities across the country.

我們還可以透過新成立的英國單戶住宅平台額外容納 4,000 套單位。我們的信貸平台使我們能夠獲得豐厚的投資回報。在很短的時間內，我們已成為美國最大的全國租賃住房社區開發貸款機構之一。

Since joining us in July of last year, our construction lending team has completed $2.3 billion in new loan originations, all related to either multifamily or student housing development. Our credit platform today totals $8 billion in total commitments, including $850 million in student housing loans with developments near universities such as the University of California at Berkeley, University of Michigan and Texas A&M to name a few.

自去年 7 月加入我們以來，我們的建築貸款團隊已完成 23 億美元的新貸款發放，所有貸款均與多戶住宅或學生住房開發相關。目前，我們的信貸平台承諾總額為 80 億美元，其中包括 8.5 億美元的學生房屋貸款，這些貸款的開發項目靠近加州大學柏克萊分校、密西根大學和德州農工大學等大學。

We have a strong origination pipeline, as I mentioned, of over $1 billion in new loans, which we expect to close prior to year-end. Our business today remains in a great position with different engines of growth and a stable -- with a base of stable, well-capitalized institutional partners as we see positive growing tailwinds for the real estate sector, including rates normalizing and liquidity continuing to improve.

正如我所提到的，我們擁有超過 10 億美元的新貸款，我們預計將在年底前完成。今天，我們的業務仍然處於有利地位，擁有不同的成長引擎和穩定的基礎——擁有穩定、資本充足的機構合作夥伴基礎，因為我們看到房地產行業積極增長的推動力，包括利率正常化和流動性持續改善。

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'll start by reviewing our financial results and then discuss our balance sheet. As Bill mentioned, our progress on our key initiatives continue to drive our results. Investment management revenue grew by 39% to $22 million in Q3, driven by completing another $422 million in new debt originations and overall higher levels of fee-bearing capital.

謝謝，比爾。我將首先回顧我們的財務業績，然後討論我們的資產負債表。正如比爾所提到的，我們在關鍵舉措上的進展繼續推動我們的業績。第三季投資管理收入成長 39%，達到 2,200 萬美元，這得益於另外 4.22 億美元的新債務發行以及整體較高的收費資本水準。

Baseline EBITDA totaled $102 million in Q3 and has increased by 4% year-to-date to $309 million despite being a net seller of assets. Our unconsolidated portfolio, which includes approximately $5 billion in gross assets at share saw minor changes in valuation. In total, adjusted EBITDA doubled in the quarter to $66 million and has increased by 9% to $349 million for the year.

第三季的基準 EBITDA 總計 1.02 億美元，儘管是資產淨賣家，但今年迄今仍成長了 4%，達到 3.09 億美元。我們的未合併投資組合（其中包括約 50 億美元的總資產）的估值發生了微小變化。總體而言，調整後的 EBITDA 在本季翻了一番，達到 6,600 萬美元，全年成長了 9%，達到 3.49 億美元。

Turning to our balance sheet and debt profile. During Q3, we were able to strengthen our liquidity position by successfully renewing our revolving line of credit, which now has a fully extended maturity in September of 2028.

轉向我們的資產負債表和債務狀況。在第三季度，我們成功更新了循環信貸額度，從而增強了我們的流動性頭寸，該信貸額度現已於 2028 年 9 月完全延長到期日。

Total capacity was increased by 10% to $550 million with $177 million drawn at quarter end. Our share of total debt is 96% fixed or hedged with a weighted average maturity of 4.8 years and a weighted average interest rate of 4.6%. Our interest rate hedging continues to generate cash to KW, which is also not reflected as an offset to our interest expense.

總產能增加了 10%，達到 5.5 億美元，季末提取了 1.77 億美元。我們佔總債務的 96% 是固定或對沖的，加權平均期限為 4.8 年，加權平均利率為 4.6%。我們的利率對沖繼續為 KW 產生現金，這也沒有反映為我們利息支出的抵銷。

In Q3, we collected $10 million of cash, bringing our year-to-date total to $33 million in cash received by the company. At quarter end, our effective interest rate of 4.6% reflected 37 basis points of savings over our contractual rate as a result of our hedging strategy.

第三季度，我們收到了 1,000 萬美元現金，使公司今年迄今收到的現金總額達到 3,300 萬美元。截至季末，由於我們的對沖策略，我們的實際利率為 4.6%，比合約利率節省了 37 個基點。

Looking at our debt maturities. So far in 2024, we have refinanced $700 million of property level debt with total paydowns of only $7 million and the cost of debt changing by only 16 basis points. Looking out to next year, roughly half of our maturities are represented by our KWE bonds maturing in November.

看看我們的債務期限。2024 年到目前為止，我們已經為 7 億美元的財產級債務進行了再融資，總還款額僅為 700 萬美元，債務成本僅變動了 16 個基點。展望明年，大約一半的債券是 11 月到期的 KWE 債券。

As Bill mentioned, the redemption announced yesterday will satisfy almost 40% of this maturity, which again was funded using cash proceeds from our previously announced asset sale program as well as existing liquidity.

正如比爾所提到的，昨天宣布的贖回將滿足該到期日的近 40%，這同樣是使用我們先前宣布的資產出售計畫的現金收益以及現有流動性來提供資金。

Outside of the KWE bonds, 25% of our maturities next year relate to our multifamily portfolio, primarily secured by our high-quality assets in Dublin, where debt capital availability remains strong. We are already underway at addressing this maturity and have received over 25 proposals, which speaks to the quality of this portfolio. All-in costs are expected to be in the [low-4s].

除了 KWE 債券之外，我們明年到期的 25% 與我們的多戶型投資組合相關，主要由我們在都柏林的優質資產擔保，那裡的債務資本可用性仍然強勁。我們已經著手解決這個成熟度問題，並收到了超過 25 份提案，這說明了該產品組合的品質。預計總成本將在[低4s]。

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

現在，我想將電話轉給我們的總裁 Matt Windisch，討論我們的投資組合。

Thanks, Justin. Estimated annual NOI for our stabilized portfolio grew in Q3 to $492 million. Our portfolio continues to simplify and strengthen as we recycle capital and replace older non-core assets with newly stabilized multifamily communities. Today, 70% of our stabilized portfolio is comprised of investments in our high conviction sectors of multifamily, industrial and credit.

謝謝，賈斯汀。我們穩定投資組合的預估年度 NOI 在第三季成長至 4.92 億美元。隨著我們回收資本並用新穩定的多戶社區取代舊的非核心資產，我們的投資組合不斷簡化和加強。如今，我們穩定的投資組合中有 70% 是對多戶住宅、工業和信貸等我們堅信的領域的投資。

As mentioned earlier, rental housing continues to be a thematic focus. And in the quarter, our 39,000 unit multifamily business has grown to 62% of our stabilized portfolio. Our share of multifamily NOI is $305 million, which has increased by over 60% over the last five years.

如前所述，租賃住房仍然是一個主題焦點。在本季度，我們的 39,000 套多戶住宅業務已成長至我們穩定投資組合的 62%。我們在多戶型 NOI 中的份額為 3.05 億美元，在過去五年中增長了 60% 以上。

We have 2,400 units in our lease-up and development pipeline, primarily through our Vintage Housing venture, which we expect to add $19 million to estimated annual NOI at stabilization.

我們的租賃和開發管道中有 2,400 套單元，主要透過我們的 Vintage Housing 合資企業實現，預計穩定後，我們預計該項目將為預計年度 NOI 增加 1,900 萬美元。

We continue to see strong demand for apartments across our portfolio in Q3 as healthy levels of traffic and leasing volume, combined with the high cost of homeownership drove occupancy. These drivers resulted in same-property occupancy growth of approximately 1%, revenue growth of 3.3% and NOI growth of 3%. Overall portfolio occupancy was healthy at 94%.

我們繼續看到第三季對我們投資組合中公寓的強勁需求，因為交通和租賃量處於健康水平，再加上高昂的住房擁有成本推動了入住率。這些推動因素導致同物業入住率成長約 1%、營收成長 3.3% 和 NOI 成長 3%。整體投資組合入住率維持在 94% 的健康水準。

Turning to our regional highlights. In the US, although 2024 represented a 40 year high of apartment delivery, new starts have fallen sharply and the near-term outlook shows significantly less new supply, a major positive for our market rate portfolio, which is over 90% suburban. In Q3, we saw blended leasing spreads of 2% and ended the quarter with a loss to lease totaling 3%.

轉向我們的區域亮點。在美國，儘管2024 年公寓交付量達到40 年來的最高水平，但新開工量大幅下降，近期前景顯示新供應量大幅減少，這對我們90% 以上位於郊區的市場利率組合來說是一個重大利好。第三季度，我們看到混合租賃利差為 2%，季度末租賃損失總計 3%。

In our California portfolio, we saw a strong recovery from the eviction and delinquency challenges that we faced a year ago. Same-property occupancy in Northern California grew by 3%, driving NOI growth of 6%. Southern California NOI grew at 3%, supported by lower levels of bad debt and growing occupancy.

在我們的加州投資組合中，我們看到從一年前面臨的驅逐和違法挑戰中強勁復甦。北加州同一房產入住率成長 3%，帶動 NOI 成長 6%。受壞帳水準降低和入住率上升的支撐，南加州 NOI 成長了 3%。

In the Pacific Northwest, we've seen recent return to office mandates that we believe will positively impact our portfolio in and around Seattle. Occupancy grew in Q3 by 1.4%, resulting in revenue growth of 3% and NOI growth of approximately 2%.

在太平洋西北地區，我們最近看到了重返辦公室的規定，我們相信這將對我們在西雅圖及其周邊地區的投資組合產生積極影響。第三季入住率成長 1.4%，營收成長 3%，NOI 成長約 2%。

In the Mountain West region, we saw occupancy improve by 2%, leading to revenue growth of 2% and NOI growth of 2.4%. The strongest growth came from our portfolio in New Mexico, Nevada and Arizona, all of which contain assets which are finishing our value-add business plan. Nevada and Arizona saw NOI growth of 10% and 14%, respectively.

在西部山區，入住率提高了 2%，收入成長了 2%，NOI 成長了 2.4%。最強勁的成長來自我們在新墨西哥州、內華達州和亞利桑那州的投資組合，所有這些地區都包含正在完成我們的增值業務計劃的資產。內華達州和亞利桑那州的 NOI 分別成長 10% 和 14%。

Our portfolio in Utah, Idaho and Colorado have been impacted by elevated levels of supply. However, the outlook remains favorable as the worst of the supply pressures are now behind us. In our Vintage Housing affordable portfolio, rental growth rates were in line with the changes in area median income, resulting in NOI growth of 6.5%.

我們在猶他州、愛達荷州和科羅拉多州的投資組合受到供應量上升的影響。然而，前景仍然樂觀，因為最糟糕的供應壓力現在已經過去。在我們的老式房屋經濟適用房組合中，租金成長率與地區中位數收入的變化一致，導致 NOI 成長 6.5%。

Moving over to Dublin, demand for apartments remains healthy. The overwhelming majority of apartments in Dublin are non-institutionally owned, and there remains a large structural shortage of new housing. We have stabilized a total of 758 units thus far, with one additional property currently on track to complete lease-up in early 2025.

移至都柏林，對公寓的需求仍然健康。都柏林絕大多數公寓都是非機構擁有的，新房屋仍然存在嚴重的結構性短缺。到目前為止，我們已穩定了總共 758 個單位，目前還有一處房產預計在 2025 年初完成租賃。

Our portfolio is 95% occupied, and we anticipate our amenity-rich professionally managed communities to continue drawing tenant demand due to the lack of new supply. With regards to our office portfolio, approximately 80% of our stabilized office NOI is derived from our portfolio in Europe, which saw same-property revenue and NOI growth of 2%.

我們的投資組合已被佔用 95%，由於缺乏新的供應，我們預計設施豐富的專業管理社群將繼續吸引租戶需求。就我們的辦公室投資組合而言，我們穩定的辦公室 NOI 大約 80% 來自我們在歐洲的投資組合，該投資組合的同物業收入和 NOI 增長了 2%。

Occupancy for our stabilized portfolio in Europe remained healthy at 93%, with a weighted average lease term of 7.3 years to expiration and 4.8 years to break. Fundamentals for our office portfolio in Europe are much different than some trends seen throughout the US. For example, in Dublin, our nine stabilized properties are almost full, with less than 5% availability at quarter end.

我們在歐洲的穩定投資組合的入住率維持在 93% 的健康水平，加權平均租賃期限為 7.3 年到期，4.8 年到期。我們在歐洲的辦公大樓投資組合的基本面與美國各地的一些趨勢有很大不同。例如，在都柏林，我們的 9 個穩定資產幾乎已滿，季末的可用率不到 5%。

We have seen additional tenant demand in Q4 as our high-quality sustainable properties continue to benefit from a flight to quality. Similarly, in the UK, we've seen an uptick in leasing activity with several transactions currently under offer totaling 160,000 square feet.

我們在第四季度看到了額外的租戶需求，因為我們的高品質永續發展物業繼續受益於品質的追求。同樣，在英國，我們看到租賃活動增加，目前提供的幾筆交易總面積達 160,000 平方英尺。

Our industrial portfolio, which totals 12 million square feet, continues to see strong demand. In the US, our portfolio is 99% occupied. And in Europe, we've completed 300,000 square feet of leasing, which delivered a 44% increase in rent.

我們的工業產品組合總計 1,200 萬平方英尺，需求持續強勁。在美國，我們的投資組合已被佔用 99%。在歐洲，我們完成了 30 萬平方英尺的租賃，租金增加了 44%。

In-place rents in Europe remain 34% below market, which allows us to continue enhancing value as leases mature. We look to continue adding to our global portfolio, where we believe the continued long-term rise of e-commerce and supply chain resilience will drive demand.

歐洲的現地租金仍比市場水準低 34%，這使我們能夠在租賃成熟時繼續提高價值。我們希望繼續增加我們的全球投資組合，我們相信電子商務和供應鏈彈性的持續長期成長將推動需求。

Switching gears now to our investment management business. As we've talked about on previous calls, we look to continue simplifying our balance sheet through non-core asset sales and a focus on growing new platforms through our investment management business. That business grew to a record $8.8 billion in fee-bearing capital at the end of the quarter, with an incremental $6 billion from future fundings and the deployment of our non-discretionary capital.

現在轉向我們的投資管理業務。正如我們在先前的電話會議中談到的那樣，我們希望透過非核心資產銷售繼續簡化我們的資產負債表，並專注於透過我們的投資管理業務發展新平台。截至本季末，該業務的收費資本已成長至創紀錄的 88 億美元，未來資金和非全權資本的部署將增加 60 億美元。

Our new UK single-family rental housing platform is a great example of our focus, as it allows us to generate attractive returns on equity in a capital-light manner, while adding another high-quality institutional investor to our roster, while also growing one of our high conviction areas in the rental housing space.

我們新的英國單戶租賃住房平台是我們重點關注的一個很好的例子，因為它使我們能夠以輕資本的方式產生有吸引力的股本回報，同時為我們的名冊增添另一位高質量的機構投資者，同時也增加了一個我們在租賃房屋領域的堅定信念領域。

Investment management fees totaled $85 million over the past 12 months. Our $8 billion credit platform has been a large driver of our investment management business growth over the last few years, today accounting for 55% of our fee-bearing capital.

過去 12 個月投資管理費總計 8,500 萬美元。過去幾年，我們 80 億美元的信貸平台一直是我們投資管理業務成長的重要推動力，目前占我們收費資本的 55%。

As private credit markets continue to expand rapidly and with the potential for higher transaction volume, we continue to look for ways to grow our credit solutions.

隨著私人信貸市場持續快速擴張以及交易量增加的潛力，我們將繼續尋找發展信貸解決方案的方法。

In short, the combination of several well-capitalized institutional partners, coupled with more real estate liquidity and improved short-term borrowing costs provides for an ideal setup for our investment management business.

簡而言之，多個資本充足的機構合作夥伴的結合，加上更多的房地產流動性和改善的短期借貸成本，為我們的投資管理業務提供了理想的設置。

In closing, we have made great progress navigating a challenging period of time over the past few years. However, we always approach these periods as opportunities, and I believe the improvements we have made as a company in the last few years sets us up for solid growth in 2025 and beyond.

最後，我們在過去幾年的充滿挑戰的時期取得了巨大進展。然而，我們始終將這些時期視為機會，我相信我們公司在過去幾年中取得的進步將為我們在 2025 年及以後實現穩健成長奠定基礎。

So with that, we can open it up to Q&A, please.

這樣，我們就可以進行問答了。

(Operator Instructions) Anthony Paolone, JP Morgan.

（操作員說明）Anthony Paolone，摩根大通。

Great. Thank you. My first question relates to the brackets you put around fee revenue for next year, about $120 million. Can you talk about maybe what we need to see in terms of originations or just other capital being raised to hit that number?

偉大的。謝謝。我的第一個問題涉及明年的費用收入，大約 1.2 億美元。您能否談談我們在發起或籌集其他資金方面需要看到什麼才能達到這個數字？

Because it looks like you're going to finish this year with probably over $3 billion worth of debt originations. And just curious, like what that picture has to look like next year to get to that level of fee revenue?

因為看起來今年結束時您可能會產生價值超過 30 億美元的債務。只是好奇，明年的情況必須是什麼樣子才能達到這樣的費用收入水準？

Yeah. Good question, Tony. So as I mentioned, we've got $6 billion of capital that's not included in our fee-bearing capital, that relates to future funding commitments as well as commitments from partners such as CPPIB in our various platforms.

是的。好問題，托尼。正如我所提到的，我們有 60 億美元的資本不包括在我們的收費資本中，這與未來的融資承諾以及 CPPIB 等合作夥伴在我們各個平台上的承諾有關。

And so, based on the pipeline, we're seeing both in the credit business, and the equity business. We feel like just deploying the capital we've raised alone is going to allow us to continue to grow the investment management business at a very good clip.

因此，根據管道，我們在信貸業務和股權業務中都看到了。我們認為，僅部署我們籌集的資金就足以讓我們繼續以非常好的速度發展投資管理業務。

And so, as we mentioned in the remarks, we think we're going to end up at close to $100 million in fees for this year. So based on the growth rates, we've seen over the past couple of years and our plans, we feel comfortable continuing to grow that business at a good pace.

因此，正如我們在評論中提到的，我們認為今年的費用將接近 1 億美元。因此，根據過去幾年我們看到的成長率和我們的計劃，我們對繼續以良好的速度發展該業務感到放心。

So is there any sort of like large cliff of maturities that you'll be getting back where you have to -- you may have a higher bar of originations next year? Or is that still pushed out a bit such that just keeping the clip you're at will get you there?

那麼，是否存在某種像大懸崖一樣的成熟度，你將回到你必須回到的地方——明年你可能會有更高的起始門檻？或者是否仍然被推遲了一點，只要保持當前的剪輯就可以到達那裡？

I think keeping the clip we're at will get us there. I think there's -- certainly, if we can increase either the debt originations or continue to grow the investment management business through these equity platforms, we can certainly outperform the numbers you laid out there. But just doing it at the same pace, we did this year would get us there for sure.

我認為保持我們現在的剪輯會讓我們到達那裡。我認為，當然，如果我們能夠透過這些股權平台增加債務起源或繼續發展投資管理業務，我們肯定可以超越您在那裡列出的數字。但只要以同樣的速度去做，我們今年所做的就一定能實現這一目標。

Okay. That's helpful. And then second one just on the new SFR strategy. Can you maybe give us a little more detail around what cash yields look like for UK single-family? Maybe like are there experienced operators over there to help you with the platform and running these assets? And just any more color around the economics there?

好的。這很有幫助。第二個是關於新的 SFR 策略。您能否更詳細地介紹一下英國單戶家庭的現金收益率？也許那裡有經驗豐富的操作員可以幫助您使用平台並運行這些資產？還有更多關於經濟學的色彩嗎？

Okay. Thanks, Tony. I'll take that. Mike Pegler, President of the European business. I mean, firstly, I just want to say, how excited I am about finding a great partner such as CPPIB, with which to scale this business.

好的。謝謝，托尼。我會接受的。佩格勒 (Mike Pegler)，歐洲業務總裁。我的意思是，首先，我只想說，我對找到像 CPPIB 這樣的優秀合作夥伴來擴展這項業務感到多麼興奮。

As Bill and Matt said, rental housing has always been a key part of Kennedy-Wilson's story, a key part of our portfolio and a key part of our expertise. And really to find an opportunity to scale this business in the UK is something we've been looking at for a while. And we think we've got a great partner to scale here.

正如比爾和馬特所說，租賃住房一直是甘迺迪-威爾森故事的關鍵部分，也是我們投資組合的關鍵部分，也是我們專業知識的關鍵部分。事實上，尋找機會在英國擴大這項業務是我們一段時間以來一直在尋找的事情。我們認為我們有一個很好的合作夥伴可以在這裡擴大規模。

They've committed $500 million of equity to this venture as an initial commitment. We're going to be investing that on a [90%, 10%] split. So we'll be co-investing alongside them. So with leverage, we expect to deploy in excess of $1 billion as part of this initial commitment. We've got a great pipeline for deploying that, and we're confident we're going to have a really productive year in putting this to work next year.

作為初步承諾，他們已向該合資企業投入 5 億美元的股權。我們將按照 [90%, 10%] 的比例進行投資。因此，我們將與他們一起共同投資。因此，透過槓桿作用，我們預計將部署超過 10 億美元，作為這項初始承諾的一部分。我們有一個很好的部署管道，我們相信明年將會是非常有成效的一年。

I mean, fundamentally, not enough houses have been being built in the UK for a period extending over years, if not decades, plus various other changes in the private landlord market as such that, there is a real under -- mismatch between demand and supply for rental housing in the UK. So we think the conditions are really well set for rental growth.

我的意思是，從根本上說，在長達數年甚至數十年的時間內，英國建造的房屋數量不足，再加上私人房東市場的各種其他變化，因此，需求和需求之間確實存在不匹配。因此，我們認為租金成長的條件確實很好。

In terms of those initial cash yields, we're projecting that we're going to be leasing up these houses, which we are buying brand new from large UK house builders primarily in cohesive blocks on the edge of key cities, mainly in the South of England.

就這些初始現金收益率而言，我們預計我們將租賃這些房屋，這些房屋是我們從英國大型房屋建築商那裡購買的全新房屋，這些房屋主要位於主要城市邊緣的凝聚力街區，主要在南部英格蘭的。

We're projecting we're going to yield initially something between [high-5s], pushing towards 6%. And with rental growth, we expect it to stabilize north of 6% yields.

我們預計最初的產量將在 [high-5s] 之間，向 6% 邁進。隨著租金成長，我們預期收益率將穩定在 6% 以上。

Okay. And who will operate them? And do you think the $1 billion is enough to have scale and be efficient in that business?

好的。誰來操作它們？您認為 10 億美元是否足以在該業務中形成規模並提高效率？

Yeah. We've got a great team that we put together with a lot of residential expertise across the Kennedy-Wilson business. We're clearly leveraging off the expertise that we've got in other markets. We've got a very significant portfolio in the US and in Ireland, and we're going to be taking the lessons we've learned to the UK market. Really proud of the team, we've put this venture together and who are going to be managing it.

是的。我們擁有一支優秀的團隊，匯集了肯尼迪-威爾遜業務領域的大量住宅專業知識。顯然，我們正在利用我們在其他市場所擁有的專業知識。我們在美國和愛爾蘭擁有非常重要的投資組合，我們將把我們學到的經驗教訓帶到英國市場。我們為這個團隊感到非常自豪，我們已經組建了這個企業，並且由誰來管理它。

In terms of, let's say, property management, rent collection, that type of thing, we're going to outsource that. We've got a best-in-class team there, and we'll evaluate how that works as the platform grows. We think this first $1 billion does give us a first-mover advantage. There are not a lot of people doing this in the UK market. We think that is a credible platform of scale.

就物業管理、租金收取之類的事情而言，我們將把它們外包。我們在那裡擁有一流的團隊，隨著平台的發展，我們將評估其運作方式。我們認為這首 10 億美元確實為我們帶來了先發優勢。英國市場上這樣做的人並不多。我們認為這是一個可靠的規模平台。

But we think there could be opportunities to go beyond that. And our existing partner has expressed an interest to do that, if the opportunity unlocks in the way that we expect it to. And we think this could be an opportunity to build an even bigger platform over time.

但我們認為可能有機會超越這一點。如果機會按照我們期望的方式釋放，我們現有的合作夥伴也表示有興趣這樣做。我們認為，隨著時間的推移，這可能是建立更大平台的機會。

Thank you as a reminder to ask a question, you may press star, then one seeing no further questions. I would like to turn the call back to Bill McMorrow for any closing remarks.

感謝您提醒提問，您可以按星號，然後就看不到其他問題了。我想將電話轉回給比爾·麥克莫羅，請其發表結束語。

Well, thank you everybody for joining us. And as I always say, we're always available any time to answer any questions that might come to mind. So thank you very much.

好的，謝謝大家加入我們。正如我常說的，我們隨時可以回答您可能想到的任何問題。非常感謝。

Thank you. The conference is now concluded. Thank you for your participation.

謝謝。會議現已結束。感謝您的參與。