KKR & Co. L.P. Announces Fourth Quarter and Full Year 2013 Results
Strong Investment Returns Drive Record Economic Net Income
GAAP net income (loss) attributable to KKR & Co. L.P. was $277.9 million and $691.2 million for the quarter and year ended December 31, 2013, respectively, up from $96.7 million and $560.8 million in the comparable periods of 2012.
Assets under management (“AUM”) totaled $94.3 billion as of December 31, 2013, up from $75.5 billion as of December 31, 2012. Fee paying assets under management (“FPAUM”) totaled $77.4 billion as of December 31, 2013, up from $60.8 billion as of December 31, 2012.
Total distributable earnings were $510.4 million for the quarter ended December 31, 2013, down from $546.3 million for the quarter ended December 31, 2012. Total distributable earnings were $1,455.9 million for the year December 31, 2013, up from $1,449.4 million in the comparable period of 2012.
Economic net income (“ENI”) was $789.6 million and $2,195.6 million for the quarter and year ended December 31, 2013, respectively, up from $347.7 million and $2,130.9 million in the comparable periods of 2012. Return on equity was 27.4% for the year ended December 31, 2013.
After-tax ENI was $1.08 and $2.99 per adjusted unit for the quarter and year ended December 31, 2013, respectively, up from $0.48 and $2.90 per adjusted unit in the comparable periods on 2012.
Fee related earnings (“FRE”) were $120.1 million and $412.3 million for the quarter and year ended December 31, 2013, respectively, up from $86.0 million and $319.8 million in the comparable periods of 2012.
Book value was $7.8 billion on a total reportable segment basis as of December 31, 2013 or $10.83 per adjusted unit.
KKR & Co. L.P. declares a fourth quarter distribution of $0.48 per common unit, bringing year-to-date distributions for 2013 to $1.40 per common unit, up from $1.22 per common unit for 2012.
KKR & Co. L.P. announced a transaction to acquire KKR Financial Holdings LLC (“KFN”).
Fiscal Third Quarter Highlights:
Net investment income per share for the quarter was $0.22, compared to $0.22 for the quarter ended September 30, 2013
Net asset value per share at the end of the quarter was $8.57, compared to $8.30 at September 30, 2013, a 3.3% increase
Declared a dividend of $0.20 per share for the quarter
Invested $630 million during the quarter, substantially driven by primary originations
Net investment activity was $86 million for the quarter
Standard & Poor's Rating Services raised its rating on YRC's credit Wednesday, saying the proposed refinancing will give the company better liquidity and little maturing debt, and savings from new labor deal will result in improved operations. The firm raised its rating on YRC to 'CCC+' from 'CCC'. The new rating is still "junk" status and seven notches below investment grade.
January 28, 2014
07:16 EDT AIG AIG added to US 1 List at BofA/Merrill
As previously reported, BofA/Merrill added AIG to the US 1 List. The analyst believes weakness following Q3 re
sults is overdone and that Property Casualty earnings miss is not indicative of any underlying issues with the company but rather normal volatility in the segment. The firm said the the continued loss ration continues to improve and that the expense ration should begin to decline. Shares are Buy rated.