Stock Monitor: Leju Holdings Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 31, 2018 / If you want access to our free research report on Kennedy-Wilson Holdings, Inc. (NYSE: KW), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KW as the Company's latest news hit the wire. On May 29, 2018, the Company announced that it has sold a six-property multifamily portfolio totaling 2,199 units, for approximately $422 million. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Kennedy-Wilson Holdings most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Asset Sales Generated Cash Proceeds of $223 Million
The asset sales generated cash proceeds of $223 million for Kennedy-Wilson, and for its commingled funds and equity partners, including net proceeds to the Company of approximately $104 million. The Company had a 41.3% average ownership in the six properties. For the full fiscal year, Kennedy-Wilson completed $202 million in multifamily acquisitions, totaling 956 units in the Western US and Ireland. The Company also has 2,530 multifamily units under development or in design.
The six garden-style apartment communities were originally built between 1989 and 1999, and have undergone improvement plans including exterior renovations and unit upgrades under Kennedy-Wilson's ownership. Located across four states, the properties in the portfolio include Slate Creek in Roseville, CA with 612 units; Xander 3900 in the Las Vegas Valley with 480 units; Big Trout Lodge in the City of Liberty Lake, WA with 297 units; Heatherbrae Commons in Milwaukie, OR with 174 units; Montair at Somerset Hill in Tumwater, WA with 396 units; and StonePointe in University Place, WA with 240 units.
Portfolio Sale Enables Kennedy-Wilson to Recycle Capital into Other Strategic Investment Opportunities
Commenting on the announcement, William J. McMorrow, Chairman and Chief Executive Officer (CEO) of Kennedy-Wilson, stated that this portfolio sale enables the Company to recycle capital into other strategic investment opportunities. McMorrow added that these six properties represent the successful roll-out of Kennedy-Wilson's value-add asset management initiatives, and the Company is pleased to see those efforts create compelling value for its investors.
Kennedy-Wilson and AXA Investment Managers - Real Assets Irish PRS Joint Venture
On May 08, 2018, Kennedy-Wilson and AXA Investment Managers - Real Assets ("AXA"), which is a global leader in real asset investments and the leading real estate portfolio and asset manager in Europe, entered into a joint venture (JV) targeting the Irish Private Rented Sector (PRS). The JV with AXA, on behalf of its clients, was expected to commence with 1,173 units across three of Kennedy-Wilson's Dublin PRS schemes, namely Alliance, Clancy Quay, and Sandford Lodge. These were premier PRS assets in prime city-center and suburban Dublin locations. Kennedy-Wilson would continue to hold its current 50% interest in the three assets. The JV would seek PRS development and investment opportunities across Ireland, targeting Dublin and other large urban centers. Kennedy-Wilson would act as overall asset manager for the JV.
About Kennedy-Wilson Holdings, Inc.
Founded in 1977 and headquartered in Beverly Hills, California, Kennedy-Wilson is a global real estate investment Company, owning, operating, and investing in real estate on its own and through its investment management platform. Kennedy-Wilson focuses on multifamily and commercial properties located in the Western US, the UK, Ireland, Spain, Italy, and Japan.
Stock Performance Snapshot
May 30, 2018 - At Wednesday's closing bell, Kennedy-Wilson's stock rose 2.28%, ending the trading session at $20.20.
Volume traded for the day: 615.10 thousand shares.
Stock performance in the last month – up 6.60%; previous three-month period – up 23.55%; past twelve-month period – up 3.59%; and year-to-date - up 16.43%
After yesterday's close, Kennedy-Wilson's market cap was at $2.93 billion.
Price to Earnings (P/E) ratio was at 55.04.
The stock has a dividend yield of 3.76%.
The stock is part of the Financial sector, categorized under the Property Management industry. This sector was up 1.6% at the end of the session.
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