Kennedy Wilson: Well-Positioned to Return to Consistent NOI Growth

Ari Lazar of RGA Investment Advisors presented his in-depth investment thesis on Kennedy Wilson (US: KW) at Best Ideas 2022.

Thesis summary:

Kennedy Wilson is a high-quality, founder-led, real estate investment firm that benefits from the continued population expansion of the Mountain States of the United States (Colorado, Utah, Nevada, Idaho, etc).

KW trades at a discount to NAV, despite a clear path to double-digit annual NOI growth, because NOI growth has stagnated for the last three years.

The strategic transition of the portfolio away from expensive hotel, retail, and California multifamily properties largely towards attractive Mountain State multifamily properties has obstructed core NOI growth during this time.
Going forward, KW is well positioned to return to consistent NOI growth.

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About the instructor:

Ari Lazar has been an Analyst with RGA Investment Advisors since March 2019 where he is a generalist across the equity universe. Ari has a deep rooted intellectual curiosity and a passion for investing. Prior to RGA, Ari worked at Lincoln International in Chicago as an Analyst in the firm’s Valuation and Opinions Group. He graduated from the University of Illinois at Urbana-Champaign with a Bachelor of Science in Finance.

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