Kennedy-Wilson Holdings Inc.

and welcome to the Kennedy-Wilson first quarter 2023 earnings conference call and webcast. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Devin Bobstar. Please go ahead.

Thank you, and good morning. This is Devin Bobstar, and joining us today, Kennedy Wilson, our Bill McMorrow, Chairman and CEO, Mary Ricks, President, Matt Windisch, Executive Vice President, and Justin Enbody, CFO. Today's call will be 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. 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 of the most directly comparable GAAP financial measure and our first quarter 2023 earnings release, which is posted on the investor relations section of our website. 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. I would now like to turn the call over to our chairman and CEO, Bill McMorrow.

Thanks, Devin, and thank you, everybody, for joining the call. Yesterday, we reported our Q1 results, and I'm pleased with the performance of our global portfolio, the record levels of estimated annual NOI and fee-bearing capital that we achieved. and the progress we have made on our $3 billion of new developments, many of which are nearing completion. Our assets under management total $23 billion, which has increased by $5 billion since the end of 2020. Starting in July and through year end, we will begin delivering almost 1,500 multifamily units in the U.S. and Dublin, the iconic 150-room oceanfront Kona Village Resort, And in Dublin, a mixed-use property comprised of 471 multifamily units and two office buildings totaling 400,000 square feet. In Dublin, both office and apartment leasing fundamentals remain very strong. Our portfolio is concentrated in asset classes where we're seeing cash flow growth, including apartments, logistics, hospitality, and our floating rate loan book. These sectors account for approximately two-thirds of our portfolio. Occupancy remains solid, totaling 94% for our multifamily and office and 98% for our industrial portfolio. The global transaction market for real estate remained quiet in the quarter, primarily as a reaction to higher interest rates. In the U.S., transaction volumes dropped by an estimated 60%. We remain patient on new investments with our capital deployment limited in Q1 to our debt origination platform, where we completed $113 million in new originations and additional fundings, and towards finishing our construction projects, where we deployed $60 million of capital in the quarter. In total, over the last three years, we have spent $500 million of capital on these long-term value-add construction developments. The disposition front, we made further progress on our non-core asset sale program and completed $118 million of wholly owned asset sales from our consolidated portfolio, generating $82 million of cash to KW. Looking ahead, we remain very focused on executing several important strategic initiatives aimed at growing the recurring cash flow to KW. The first is the completion and leasing of several large development projects. The majority of our development pipeline will be completed by the middle of 2024. In total, our development and lease-up portfolio is expected to generate $97 million of additional NOI to KW, 70% of which is expected to stabilize by the end of 2024. Another important initiative is to capitalize on the momentum on our investment management platform, which allows us to grow our recurring fee revenue in a capital-wide manner. Our debt and logistics strategies were launched in 2020 and have seen rapid growth, backed by very strong institutional strategic partners that are still very keen to continue deploying capital with KW. Since going public in 2009, KW has now completed over $9 billion in debt investments. And since 2020, we have grown our global logistics portfolio to over $1.7 billion in assets. We have ample dry powder in both of these platforms as opportunities present themselves. And third, our multifamily portfolio, which is our largest asset class, continues to see revenue and cash flow grow, with meaningful new cash flow expected as we complete our 5,000 units under development in both the U.S. and Dublin. Ninety percent of our U.S. apartment assets are suburban and offer a high-quality lifestyle at an affordable price point and are located in cities and states with lower costs. We believe The rental demand will remain strong as the cost of homeownership remains high. And in the U.S. and Ireland, both places continue to face an undersupply of quality housing over the long term. With that, I'd like to turn the call over to our CFO, Justin M. Boddy, to discuss our financial results.