BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Global real estate investment firm Kennedy Wilson (NYSE: KW) today announced a 17% increase in the common dividend per share to $0.14 per quarter or $0.56 on an annualized basis. The Company will pay a quarterly dividend to common shareholders of record as of March 31, 2016 with a payment date of April 7, 2016. This is the fifth consecutive year the Company has increased its dividend, over which time the quarterly dividend has increased by 250%.
The Company also announced that its Board of Directors has approved a new two-year stock repurchase program for up to $100 million of its common stock. Repurchases under the Company’s new program will be made in the open market, privately negotiated transactions or otherwise with the amount and timing of repurchases depending on market conditions and subject to the Company’s discretion.
Open market repurchases will be structured to comply with the applicable requirements under Rule 10b-18. This share repurchase plan does not obligate the Company to acquire any particular amount of common stock, and it may be extended, modified, suspended or discontinued at any time at the Company’s discretion.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and commercial properties located in the Western U.S., UK, Ireland, Spain, Italy and Japan. To complement our investment business, the Company also provides real estate services primarily to financial services clients. For further information on Kennedy Wilson, please visit www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are “forward-looking statements” within the meaning of U.S. federal securities laws. These forward-looking statements are estimates that reflect our management’s current expectations, are based on assumptions that may prove to be inaccurate and involve known and unknown risks. Accordingly, our actual results or performance may differ materially and adversely from the results or performance expressed or implied by these forward-looking statements, including for reasons that are beyond our control. For example, we may not be able to maintain our current acquisition or disposition pace or identify future properties to acquire on terms we consider attractive, and our current property portfolio may not perform as expected. Furthermore, the capitalization rate of our investments represents the net operating income of an investment for the year preceding its acquisition or disposition divided by the purchase or sale price. Capitalization rates represent historical performance and are not a guarantee of future net operating income. Accordingly, you should not unduly rely on these statements, which speak only as of the date of this press release. We assume no duty to update the forward-looking statements, except as may be required by law.