London-listed investor Kennedy Wilson Europe Real Estate reported higher net operating income and earnings per share in the first six months of 2015, reflecting a string of acquisitions and asset management initatives over the period.
London-listed investor Kennedy Wilson Europe Real Estate reported higher net operating income and earnings per share in the first six months of 2015, reflecting a string of acquisitions and asset management initatives over the period.
The company, which invests in direct real estate and loans, reported net operating income of £130.9 mln (€188 mln) in H1, up from £61.3 mln in the year-earlier period.
KWE carried out £638.6 mln worth of acquisitions across 173 properties and two loan portfolios at a yield on cost of 7.1%, bringing the overall portfolio value to £2.2 bn. The total valuation surplus stood at £120.6 mln, up 5.6% on the year-earlier period.
EPRA net asset value per share increased 9.1% to 1,114.5 pence and the company plans to pay a 25% higher dividend over the previous quarter of 10 pence per share.
Mary Ricks, CEO of Kennedy Wilson Europe, said: ‘Our active investment and asset management initiatives are bearing fruit with excellent first-half operational metrics driving robust financial results with more to come. I’m particularly pleased with our ability to generate value across our like-for-like portfolio both in terms of NOI growth and our valuation surplus.’
A key milestone in the period, she noted, was the issue of KWE’s first £300 mln senior unsecured bond in June and simultaneous rating by Standard and Poors of BBB for both the company and the bond.
Ricks said the rating would enable KWE to diversify its funding sources and extend its debt maturities.
‘The team continues to source the right investment opportunities with value enhancing potential. The combination of our financing capacity and future disposal pipeline will allow us to recycle capital and deliver on our investment pipeline,’ she added.
