Kennedy-Wilson Holdings Inc.

All participants will be in listen-only mode in this conference. 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. Again, star, one. To withdraw your question, if need be, please press star, then two. And please note, this event is being recorded. And now, I would like to turn the conference over to Devin Bovsar. Please, go ahead.

Thank you, and good morning. Thank you for joining us today. With me today are Bill McMorrow, CEO, Matt Windisch, President, Justin Embody, CFO, and Mike Pegler, President of Europe. On this call, we refer to certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. You can find a description of these items with the reconciliation of the most directly comparable GAAP financial measure and our fourth quarter 2023 earnings release, which is posted on the investor relations section of our website. Today's call will be webcast live. It 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. 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. Good morning, everyone, and thank you for joining us today. Yesterday, we reported our results for the fourth quarter and the full year of 2023, which highlighted further expansion of our investment management business, NOI growth across our global multifamily portfolio, and solid progress on completing and stabilizing our newly developed assets, including almost 4,000 multifamily units in the western U.S. and Dublin. Our investment management platform outperformed expectations in 2023. Fee-bearing capital grew by an impressive 42% to a record $8.4 billion. The significant growth was driven by a 148% increase in our credit platform, which benefited from the $4.1 billion construction loan portfolio acquisition, which was the largest single transaction in our company's history. The portfolio is heavily weighted to multifamily development projects. The most important benefit of the transaction was the exceptional team of 38 people that originated the loans and joined KW, We currently have $1.3 billion of new construction loans in our closing pipeline, all of which are multifamily properties, and are expecting to originate approximately $3 billion of total new loans in 2024, depending on market conditions. Our financial results were impacted by non-cash theoretical fair value adjustments related to assets that are performing well and held in partnerships with very large sovereign wealth funds and financial institutions. However, excluding the impact of fair value investments, adjusted EBITDA would have totaled $472 million in 2023. In December, we announced an 18-month cost reduction plan aimed at reducing total overhead costs by $15 to $20 million annually, as well as a non-core asset sale program that is expected to generate over $550 million of cash to KW. Thus far, two months into this year, we have either implemented or identified approximately 70 percent of the cost cuts and have either completed or are under contract in over half of the asset sales, which would generate cash to KW of $320 million and GAAP gains on sale in excess of $100 million. I am proud of the progress we have made across a number of our initiatives, and importantly, how we have positioned the company to take advantage of future opportunities that may arise in 2024. Over the last three decades, we have been global investors in real estate equity and debt, and now with our new construction lending team, we can provide capital to any part of the real estate capital structure. Our people enable us to continue deploying capital from KW and our partners into new investments, which will generate significant risk-adjusted returns. While global real estate investment activity declined between 60% to 70% in 2023, we anticipate more opportunities in 2024 as inflation is clearly eased and there is a high likelihood of the Fed pivoting to lower interest rates. We have very minimal debt maturities in 2024 and has repeatedly happened at KW. Periods of dislocation have presented us our greatest growth opportunities. As such, I'd like to highlight a few priorities for KW this year. First, we are focused on growing our global credit business. In December, we raised an additional $2 billion of new external capital commitments for our debt platform, which totaled $6.6 billion in outstanding loans and future funding commitments, with approximately $4 billion of drive power for future originations. We are well positioned as one of the very few active multifamily construction lenders in the market today. Second, we look to find new opportunities to grow our stabilized multifamily portfolio. A large part of this growth will be driven by the near-term stabilization of the approximately 4,000 units that is expected to add $43 million of estimated annual NOI to KW. We are also entering a period of time that could present an increase in investment opportunities from financially distressed owners as upcoming debt maturities will significantly impact borrowers with floating rate debt. And third, we are planning on growing our industrial assets under management, which today totals over 11 million square feet, where leasing trends remain favorable. We added to our logistics portfolio in the fourth quarter in both the United States and in Europe. With that, I'd like to turn the call over to our CFO, Justin Embody, to discuss our financial results.