Certain terms used in this release are defined below under the caption "Common Definitions". Certain information included in this release constitutes non-GAAP financial measures. For a definition of the non-GAAP financial measures used in this release, see "Common Definitions" below, and for a reconciliation of those measures to their most comparable GAAP measure, see the tables set forth in the Company's supplemental financial information included in this release and also available at www.kennedywilson.com.

Beverly Hills, California (February 26, 2025) - Kennedy-Wilson Holdings, Inc. (NYSE: KW), a leading global real estate investment company with $28 billion in AUM across its real estate equity and debt investment portfolio, today reported the following results for the fourth quarter and full year of 2024:

1 Includes non-cash charges totaling $33 million, $227 million, $213 million, and $473 million for Q4-24, Q4-23, FY-24, and FY-23, respectively, which primarily includes depreciation and amortization and fair value changes.

“The fourth quarter capped off an active year of completing over $4 billion in capital deployment and achieving significant progress across our key initiatives," said William McMorrow, Chairman and CEO of Kennedy Wilson. "In Q4, we successfully generated $122 million in cash through our asset sale plan, repaid $262 million in unsecured debt, and achieved an 83% growth in investment management fees compared to Q4-23. We also saw improved earnings for both the fourth quarter and the full year, with growth across all key components of Adjusted EBITDA. As we enter 2025, our global platform continues to gain momentum, focused on growing our rental housing and investment management business while reducing unsecured debt."

•Investment Management Fees Increase by 83%: Investment Management Fees grew by 83% in Q4-24 (vs Q4-23) to $30 million primarily as a result of increasing levels of recurring base management fees and originations from KW's debt investment platform. Investment Management Fees grew by 60% to $99 million in FY-24 (vs. FY-23).

•Q4 Assets Sales Generate $122 million of Cash: Completed $615 million in gross asset sales, in which the Company's share was 43%. The sales generated $122 million of cash to KW and

$81 million of net gains on sale. Since Q3-23, the Company has generated $554 million of cash from non-core asset sales, including $475 million in 2024.

◦Estimated Annual NOI: Estimated Annual NOI of $467 million, with the change in Q4-24 primarily driven by non-core asset dispositions and FX:

						Est. Annual NOI To KW ($ in millions)						Fee-Bearing Capital ($ in billions)
As of Q4-23						$	492					$	8.4
As of Q3-24						492						8.8
Transaction activity, net1						(14)						0.1
Assets stabilized/(unstabilized)						(3)						—
Operations						4						—
FX and other						(12)						(0.1)
Total as of Q4-24						$	467					$	8.8

    

1 Includes real estate acquisitions, dispositions, loan fundings and loan repayments completed during Q4-24. The Company also completed $1.4 billion in loan originations during Q4-24, which will primarily be funded in future quarters.

•Strong Multifamily Same Property Performance1: Improving Occupancy Leads to NOI Growth

(1) Excludes minority-held investments and assets undergoing development or lease-up.

•Development and Lease-up Portfolio Expected To Add ~$65 million in Estimated Annual NOI:

•Development Spend Completes: In 2024, the Company spent $40 million of cash on development vs. $151 million spent in 2023. The Company has minimal equity commitments related to its current development projects in FY-25.

•Launched UK Single-Family Rental Housing Joint Venture with Canadian Pension Plan Investment Board ("CPP Investments") Targeting £1 Billion in Assets:

◦CPP Investments initial commitment of £500 million to the joint-venture, in which KW has a 10% ownership interest.

◦In Q4-24, acquired seven development sites which grew platform to over 900 planned units (including seed assets) and $361 million of investment.

◦Active pipeline of opportunities totaling over 1,000 units, with the current platform capacity to potentially reach approximately 4,000 units at full capital deployment.

•Fee-Bearing Capital Has $7.1 billion in Incremental Commitments: In addition to the $8.8 billion in Fee-Bearing Capital, the Company has future incremental Fee-Bearing Capital consisting of the following:

◦$4.1 billion in future fundings on previously originated loans within the Debt Investment Platform.

◦$3.0 billion in incremental non-discretionary capital available from certain strategic partners for equity and debt investment.

•Debt Investment Platform Completes $1.4 billion in Q4-24 Originations:

◦Q4-24 Investment Activity Increases Platform By 9%: In Q4-24, originated $1.4 billion of new construction loans, completed $339 million in additional fundings on existing loans, and realized $486 million in repayments. For 2024, total originations totaled $3.5 billion.

◦Debt Investment Platform to $9 Billion: Includes $4.9 billion in outstanding loans ($4.6 billion of Fee-Bearing Capital) and $4.1 billion of future funding commitments. KW has an average ownership of 4%.

◦Strong Pipeline: Over $1 billion in new originations in process for Q1-25 (including $394 million that have closed to date), all of which relate to multifamily or student-housing construction projects.

•$379 million in Gross Acquisitions ($42 million at share):

◦Co-Investment Portfolio: Completed $379 million in gross real estate acquisitions, including two multifamily properties in the Pacific Northwest acquired by a fund managed by KW for $109 million and seven single-family housing sites acquired by the Company's UK single-family rental platform for $270 million. The Company had a weighted-average 11% ownership interest in these acquisitions.

•$615 million in Gross Dispositions ($264 million at share) Generate $122 million in Cash to KW:

•Consolidated Portfolio:

◦Sold a 47-year old 460-unit multifamily property in Santa Maria, CA for $116 million, which generated $36 million of cash and a gain on sale of $56 million to KW. The Company acquired the property in 2011 for $42 million.

•Co-Investment Portfolio:

◦Recapitalization: Completed a recapitalization of a multifamily property located in Seattle, WA, in which the Company previously owned a 51% ownership interest. The recapitalization resulted in the Company entering into a joint venture with new capital partners and selling its ownership interest down to 10% of the new joint venture. The recapitalization resulted in $25 million of cash and a $33 million gain on sale to the Company.

◦Sales: The Company sold $306 million of real estate investments (KW share 11%) comprised of one retail asset and two multifamily properties as well as sales from its non-core residential holdings.

•Cash and Line of Credit Availability: The Company repaid $78 million on its revolving credit facility during Q4-24. As of December 31, 2024, Kennedy Wilson had cash and cash equivalents of $218 million(1) and $98 million drawn on its $550 million revolving credit facility.

•KWE Bond Redemption: Completed €175 million redemption of its €475 million outstanding euro-denominated 3.25% notes due November 2025 (the "Notes") issued by Kennedy Wilson Europe Real Estate Limited, a wholly-owned subsidiary of Kennedy Wilson. The redemption was funded using cash proceeds from asset sales and existing liquidity. A total of €300 million in aggregate nominal amount of the Notes remain outstanding.

•Debt Profile: Kennedy Wilson's share of debt had a weighted average effective annual interest rate of 4.6% and a weighted-average maturity of 4.9 years as of December 31, 2024. Approximately 97% of the Company's share of debt is either fixed (77%) or hedged with interest rate derivatives (20%).

•Interest Rate Hedging Strategy: The Company hedges its floating rate exposure through the use of interest rate caps and swaps:

◦Interest rate hedges have a weighted-average maturity of 1.2 years.

◦Received $8 million of cash from interest rate derivatives in Q4-24 and $41 million in FY-24, which are not reflected as an offset to interest expense.

•Foreign Currency Hedging Strategy: Kennedy Wilson hedges its exposure to foreign currency fluctuations by borrowing in the currency in which it invests and using foreign currency hedging instruments. As of December 31, 2024, the Company has hedged approximately 90% of the carrying value of its foreign currency investments, using local currency debt as well as hedging instruments with a weighted-average term of 1.0 year.

•2024 Dividend Taxability: The Company's 2024 dividend distributions were characterized as 100.00% taxable. Please refer to kennedywilson.com for further information.

Footnotes

(1) Represents consolidated cash and includes $94 million of restricted cash, which is included in cash and cash equivalents and primarily relates to lender reserves associated with consolidated mortgages that we hold on properties and reserves held on behalf of the borrowers under our construction loans. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties. Additionally, we are subject to withholding taxes to the extent we repatriate cash from certain of our foreign subsidiaries. Under the KWE Notes covenants we have to maintain certain interest coverage and leverage ratios to remain in compliance (see "Indebtedness and Related Covenants" for more detail on KWE Notes in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission on November 5, 2024). Due to these covenants, we evaluate the tax and covenant implications before we distribute cash, which could impact the availability of funds at the corporate level. The Company's share of cash, including unconsolidated joint-ventures, totals $352 million.

Conference Call and Webcast Details

Kennedy Wilson will hold a live conference call and webcast to discuss results at 9:00 a.m. PT/ 12:00 p.m. ET on Thursday, February 27. The direct dial-in number for the conference call is (844) 340-4761 for U.S. callers and (412) 717-9616 for international callers.

A replay of the call will be available for one week beginning one hour after the live call and can be accessed by (877) 344-7529 for U.S. callers and (412) 317-0088 for international callers. The passcode for the replay is 5703186.

The webcast will be available at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=KDrNtGqb. A replay of the webcast will be available one hour after the original webcast on the Company’s investor relations web site for three months.

About Kennedy Wilson

Kennedy Wilson (NYSE: KW) is a leading real estate investment company with $28 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $60 billion in total transactions across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic equity and debt investments alongside our partners. For further information, please visit www.kennedywilson.com.

The table below reconciles Adjusted EBITDA to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders, using Kennedy Wilson’s Pro-Rata share amounts for each adjustment item.   

(1) See Appendix for reconciliation of Kennedy Wilson's Share amounts.

(2) Q4-23 includes $5.5 million related to one-time termination related costs.

The table below reconciles Adjusted Net Income to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders, using Kennedy Wilson’s Pro-Rata share amounts for each adjustment item. 

(1) See Appendix for reconciliation of Kennedy Wilson's Share amounts.

(2) Q4-23 includes $5.5 million related to one-time termination related costs.

Forward-Looking Statements

Statements made by us in this report and in other reports and statements released by us that are not historical facts constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future operating results. Disclosures that use words such as "believe," "anticipate," "estimate," "intend," "may," "could," "plan," "expect," "project" or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties may include the factors and the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the "SEC"), including the Item 1A. "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023, as amended by our subsequent filings with the SEC. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.

Common Definitions

·     “KWH,” "KW," “Kennedy Wilson,” the "Company," "we," "our," or "us" refers to Kennedy-Wilson Holdings, Inc. and its wholly-owned subsidiaries.

·    “Adjusted EBITDA” represents net (loss) income before interest expense, loss (gain) on early extinguishment of debt, our share of interest expense included in unconsolidated investments, depreciation and amortization, our share of depreciation and amortization included in unconsolidated investments, preferred dividends, provision for (benefit from) income taxes, our share of taxes included in unconsolidated investments, share-based compensation expense for the Company, and EBITDA attributable to noncontrolling interests. 

Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.  Our management uses Adjusted EBITDA to analyze our business because it adjusts net income for items we believe do not accurately reflect the nature of our business going forward or that relate to non-cash compensation expense or noncontrolling interests. Such items may vary for different companies for reasons unrelated to overall operating performance. Additionally, we believe Adjusted EBITDA is useful to investors to assist them in getting a more accurate picture of our results from operations. However, Adjusted EBITDA is not a recognized measurement under GAAP and when analyzing our operating performance, readers should use Adjusted EBITDA in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow for management’s discretionary use, as it does not remove all non-cash items or consider certain cash requirements such as tax and debt service payments. The amount shown for Adjusted EBITDA also differs from the amount calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. 

·    "Adjusted Fees" refers to Kennedy Wilson’s gross investment management and property services fees adjusted to include Kennedy Wilson's share of fees eliminated in consolidation, and performance fees included in unconsolidated investments. Our management uses Adjusted Fees to analyze our investment management and business because the measure removes required eliminations under GAAP for properties in which the Company provides services but also has an ownership interest. These eliminations understate the economic value of the investment management and property services fees and makes the Company comparable to other real estate companies that provide investment management but do not have an ownership interest in the properties they manage. Our management believes that adjusting GAAP fees to reflect these amounts eliminated in consolidation presents a more holistic measure of the scope of our investment management and real estate services business.

·   "Adjusted Net Income" represents net income (loss) before depreciation and amortization, Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments, share-based compensation, and excluding net income attributable to noncontrolling interests, before depreciation and amortization. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.

·   "Baseline EBITDA" is a non-GAAP measure representing net (loss) income less total income from unconsolidated investments, gain (loss) on sale of real estate, net, other income (loss) and non-controlling interest, plus share-based compensation, carried interest compensation, depreciation and amortization, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes, NOI from unconsolidated investments (at KW’s share) and fees eliminated in consolidation.

·  "Cap rate" represents the net operating income of an investment for the year preceding its acquisition or disposition, as applicable, divided by the purchase or sale price, as applicable. Capitalization ("Cap") rates discussed in this report only include data from income-producing properties. The Company calculates cap rates based on information that is supplied to it during the acquisition diligence process. This information is not audited or reviewed by independent accountants and may be presented in a manner that is different from similar information included in the Company's financial statements prepared in accordance with GAAP. In addition, cap rates represent historical performance and are not a guarantee of future net operating income ("NOI"). Properties for which a cap rate is discussed may not continue to perform at that cap rate.

·  "Carried interests” refers to amounts that are allocated to the Company under Funds and the Co-Investment investments based on the cumulative performance of such venture and are subject to preferred return thresholds of the partners of such venture. In the case of Funds, carried interests represent an allocation relating to the performance of investment management services, whereas in the case of a Co-Investment, carried interests represent returns for the performance of the underlying investments in the Co-Investment investments structures subject to collaborative decision-making.

·  "Carried interests compensation” refers to any carried interests earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company, as approved by the compensation committee of the Company’s board of directors.

·    "Equity partners" refers to non-wholly-owned subsidiaries that we consolidate in our financial statements under U.S. GAAP and third-party equity providers.

· "Estimated Annual NOI" is a property-level non-GAAP measure representing the estimated annual net operating income from each property as of the date shown, inclusive of rent abatements (if applicable). The calculation excludes depreciation and amortization expense, and does not capture the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures, tenant improvements, and leasing commissions necessary to maintain the operating performance of our properties. For assets wholly-owned and fully occupied by KW, the Company provides an estimated NOI for valuation purposes of $4.2 million, which includes an assumption for applicable market rents. Any of the enumerated items above could have a material effect on the performance of our properties. Also, where specifically noted, for properties purchased in 2024, the NOI represents estimated Year 1 NOI from our original underwriting. Estimated year 1 NOI for properties purchased in 2024 may not be indicative of the actual results for those properties. Estimated annual NOI is not an indicator of the actual annual net operating income that the Company will or expects to realize in any period.

Please also see the definition of "Net operating income" below. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.

·     "Fee-Bearing Capital" represents total third-party committed or invested capital that we manage in our joint-ventures, commingled funds, and debt platform that entitle us to earn fees, including without limitation, asset management fees, construction management fees, acquisition and disposition fees and/or promoted interest, if applicable.

·     "Gross Asset Value” refers to the gross carrying value of assets, before debt, depreciation and amortization, and net of noncontrolling interests.

·   "Net operating income" or "NOI” is a non-GAAP measure representing the income produced by a property calculated by deducting certain property expenses from property revenues. Our management uses net operating income to assess and compare the performance of our properties and to estimate their fair value. Net operating income does not include the effects of depreciation or amortization or gains or losses from the sale of properties because the effects of those items do not necessarily represent the actual change in the value of our properties resulting from our value-add initiatives or changing market conditions. Our management believes that net operating income reflects the core revenues and costs of operating our properties and is better suited to evaluate trends in occupancy and lease rates. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.

·   "Noncontrolling interests" represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

·    "Principal co-investments” consists of the Company’s share of income or loss earned on investments in which the Company can exercise significant influence but does not have control. Income from unconsolidated investments includes income from ordinary course operations of the underlying investment, gains on sale, fair value gains and losses.

·    "Pro-Rata" represents Kennedy Wilson's share calculated by using our proportionate economic ownership of each asset in our portfolio. Please also refer to the pro-rata financial data in our supplemental financial information.

·    "Property NOI" or "Property-level NOI" is a non-GAAP measure calculated by deducting the Company's Pro-Rata share of rental and hotel property expenses from the Company's Pro-Rata rental, hotel and loans and other revenues. Please also see the reconciliation to GAAP in the Company’s supplemental financial information included in this release and also available at www.kennedywilson.com.

· "Real Estate Assets under Management" ("AUM") generally refers to the properties and other assets with respect to which the Company provides (or participates in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, and investments in joint ventures. AUM is principally intended to reflect the extent of the Company's presence in the real estate market, not the basis for determining management fees. AUM consists of the total estimated fair value of the real estate properties, total loan commitments made through out debt investment platform, inclusive of both currently outstanding loan amounts and contractual future fundings, and other real estate-related assets either owned by third parties, wholly-owned by the Company or held by joint ventures and other entities in which its sponsored funds or investment vehicles and client accounts have invested. The estimated value of development properties is included at estimated completion cost. The accuracy of estimating fair value for investments cannot be determined with precision and cannot be substantiated by comparison to quoted prices in active markets and may not be realized in a current sale or immediate settlement of the asset or liability (particularly given the ongoing macroeconomic conditions such as, but not limited to recent adverse developments affecting regional banks and other financial institutions, and ongoing military conflicts around the world and uncertainty with respect to fluctuating interest rates continue to fuel recessionary fears and create volatility in Kennedy Wilson's business results and operations). Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had an impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including capitalization rates, discount rates, liquidity risks, and estimates of future cash flows could significantly affect the fair value measurement amounts.

All valuations of real estate involve subjective judgments.

·    "Same property" refers to stabilized consolidated and unconsolidated properties in which Kennedy Wilson has an ownership interest during the entire span of both periods being compared. This analysis excludes properties that during the comparable periods (i) were acquired, (ii) were sold, (iii) are either under development or undergoing lease up or major repositioning as part of the Company’s asset management strategy, (iv) were investments in which the Company holds a minority ownership position, and (v) certain non-recurring income and expenses. The analysis only includes Office, Multifamily and Hotel properties, where applicable. To derive an appropriate measure of operating performance across the comparable periods, the Company removes the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar, for both periods. Amounts are calculated using Kennedy Wilson’s ownership share in the Company’s consolidated and unconsolidated properties. Management evaluates the performance of the operating properties the Company owns and manages using a “same property” analysis because the population of properties in this analysis is consistent from period to period, which allows management and investors to analyze (i) the Company’s ongoing business operations and (ii) the revenues and expenses directly associated with owning and operating the Company’s properties and the impact to operations from trends in occupancy rates, rental rates and operating costs. Same property metrics are widely recognized measures in the real estate industry, however, other publicly-traded real estate companies may not calculate and report same property results in the same manner as the Company. Please also see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Certain Non-GAAP Measures and Reconciliations” for a reconciliation of “same property” results to the most comparable measure reported under GAAP.     

Note about Non-GAAP and certain other financial information included in this presentation

In addition to the results reported in accordance with U.S. generally accepted accounting principles ("GAAP") included within this presentation, Kennedy Wilson has provided certain information, which includes non-GAAP financial measures (including Adjusted EBITDA, Adjusted Net Income, Net Operating Income, and Adjusted Fees, as defined above). Such information is reconciled to its closest GAAP measure in accordance with the rules of the SEC, and such reconciliations are included within this presentation. These measures may contain cash and non-cash acquisition-related gains and expenses and gains and losses from the sale of real-estate related investments.  Consolidated non-GAAP measures discussed throughout this report contain income or losses attributable to non-controlling interests. Management believes that these non-GAAP financial measures are useful to both management and Kennedy Wilson's shareholders in their analysis of the business and operating performance of the Company. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-GAAP financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies. Annualized figures used throughout this release and supplemental financial information, and our estimated annual net operating income metrics, are not an indicator of the actual net operating income that the Company will or expects to realize in any period.

KW-IR

(1) Assumes conversion of $300 million of our Series A convertible perpetual preferred stock based on current conversion price of $25.00 per share. The Series A preferred stock is callable by Kennedy Wilson on and after October 15, 2025.

(2) Assumes exercise of warrants based on current conversion price of $23.00 per share, which were issued along with $300 million Series B perpetual preferred stock. The Series B preferred stock is callable by Kennedy Wilson at any time.

(3) Assumes exercise of warrants based on current conversion price of $16.21 per share, which were issued along with $200 million Series C perpetual preferred stock. The Series C preferred stock is callable by Kennedy Wilson at any time.

Components of Value Summary

Below are key valuation metrics provided to assist in the calculation of a sum-of-the-parts valuation of the Company as of December 31, 2024.

(1) Based on weighted-average ownership figures held by KW.

(2) Includes 10,825 affordable units the Company owns through its Vintage Housing Holdings platform. Kennedy Wilson's equity investment in Vintage Housing Holdings has a fair value of $333.9 million as of December 31, 2024.

(3) See additional detail related to Lease-up, Development, and Non-income Producing Assets, as of December 31, 2024. KW Share of Debt below is included in the Net Debt amounts within the Components of Value Summary above.

(4) Includes $168.4 million of gross asset value related to development that the Company owns through its investment in Vintage Housing Holdings as of December 31, 2024.

(5) Annual figures are representative of the trailing 12 months and are not indicators of the actual results that the Company will or expects to realize in any period.

(6) Includes $12.3 million included within net Other Assets and $6.1 million within Unconsolidated investments on the Company's Consolidated Balance Sheet.

The following information reflects Kennedy Wilson's Pro-Rata share of Estimated Annual NOI (from income-producing assets) by geography and property type, as of December 31, 2024, of which 53% is derived from consolidated assets.

			Pacific Northwest			Southern California			Northern California			Mountain West			Other U.S.			U.K.			Ireland			Italy			Spain			Total
Multifamily - Market Rate			$	48.1		$	27.3		$	27.2		$	100.7		$	—		$	—		$	39.4		$	—		$	—		$	242.7
Multifamily - Affordable			32.7			6.2			3.8			11.2			—			—			—			—			—			53.9
Office			2.9			15.8			8.2			2.5			—			50.6			34.1			6.9			—			121.0
Industrial			—			—			1.9			1.3			—			12.3			1.3			—			0.3			17.1
Retail			—			0.7			—			—			—			5.6			5.0			—			—			11.3
Loans			0.8			6.3			2.8			2.6			6.9			1.2			—			—			—			20.6
Total Estimated Annual NOI			$	84.5		$	56.3		$	43.9		$	118.3		$	6.9		$	69.7		$	79.8		$	6.9		$	0.3		$	466.6

    

The following summarizes Kennedy Wilson's income-producing portfolio by segment. Excluded below are lease-up, development, and residential and other investments.

(1) Includes Fee-Bearing Capital related to lease-up, development, and non-income producing assets.

(2) Weighted average ownership figures based on the Company’s share of NOI and are presented on a pre-promote basis.

(1) Average Monthly Rents Per Unit is defined as the total potential monthly rental revenue (actual rent for occupied units plus market rent for vacant units) divided by the number of units, and are weighted-averages based on the Company's ownership percentage in the underlying properties.

(2) Average Monthly Rents Per Market Rate Unit for the market rate portfolio based on Kennedy Wilson's share of units. Average Monthly Rents Per Unit for the affordable portfolio are $1,510 per month, including $1,316, $1,549, $1,812, and $1,521 for Mountain West, Pacific Northwest, Southern California and Northern California, respectively.

(3) Excludes 619 units related to investment in Langdon Park Capital.

(4) Estimated foreign exchange rates are €1.00 = $1.03 USD and £1.00 = $1.25 USD, related to NOI.

(5) The Company has a 45% economic ownership interest in its Vintage Housing affordable portfolio.

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2024 and are weighted-averages based on the Company's ownership percentage in the underlying properties.

(2) Includes our corporate headquarters wholly-owned by KW comprising 58,000 sq. ft., 100% occupancy, and $3.0 million in Estimated Annual NOI.

(3) Estimated foreign exchange rates are €1.00 = $1.03 USD and £1.00 = $1.25 USD, related to NOI.

(4) Includes our Irish headquarters wholly-owned by KW comprising 19,000 sq. ft., 100% occupancy, and $1.2 million in Estimated Annual NOI.

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2024 and are weighted-averages based on the Company's ownership percentage in the underlying properties.

(2) Estimated foreign exchange rates are €1.00 = $1.03 USD and £1.00 = $1.25 USD, related to NOI.

(1) Estimated foreign exchange rate is £1.00 = $1.34 USD related to Loan Balance and Annual Interest Income.

Loan Originations			Q4-24			YTD-24
# of Loan Originations			11			36
Gross Origination Commitment			$	1,373.6		$	3,463.6
KW Share of Commitment1 (2.5%)			$34.3			$86.6
KW Origination Fee			$11.3			$31.7

    

(1) Pro-forma for a $236 million loan closed by the Company during Q4-24 and syndicated during Q1-25, in which KW's share is 2.5%. The origination fee associated with this loan will be reflected in Q1-25.

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2024 and are weighted-averages based on the Company's ownership percentage in the underlying properties.

(2) Estimated foreign exchange rates are €1.00 = $1.03 USD and £1.00 = $1.25 USD, related to NOI.

(1) Estimated foreign exchange rates are €1.00 = $1.03 USD and £1.00 = $1.25 USD, related to Gross Asset Value.

(2) Total committed purchase price of $361 million. KW has a 10% ownership in its UK Single Family Rental Housing platform.

This section includes the Company's assets that are undergoing lease-up. There is no certainty that these assets will reach stabilization in the time periods shown. In addition, the cost to complete lease-up assets is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are Kennedy Wilson's share.

Note: The table above excludes minority-held investments and three wholly-owned assets where the scope is still being explored, totaling KW Gross Asset Value of $190.7 million.

(1)    Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process, as applicable, as of December 31, 2024. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above.  If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase. 

(2) Estimated foreign exchange rates are €1.00 = $1.03 USD and £1.00 = $1.25 USD, related to NOI.

(3)    Represents only hangar 4 and hangar 7 within the Hamilton Landing office campus. The remainder of Hamilton Landing, totaling 0.3 million square feet is stabilized.

This section includes the market rate development or redevelopment projects that the Company is undergoing or considering, and excludes Vintage Housing Holdings and residential investments. The scope of these projects may change. There is no certainty that the Company will develop or redevelop any or all of these potential projects. In addition, the cost to complete development projects is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are shown at Kennedy Wilson's share.

Note: The table above excludes minority-held development projects and three development projects where the scope is still being explored, totaling KW Gross Asset Value of $135 million.

(1)    Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process, as applicable, as of December 31, 2024. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. Kennedy Wilson has no remaining equity commitments related to its active market-rate development projects. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above.  If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase. KW cost to complete differs from KW share total capitalization as the latter includes costs that have already been incurred to date while the former relates to future estimated costs.

(2) Includes land costs. 

(3) Estimated foreign exchange rates are €1.00 = $1.03 USD and £1.00 = $1.25 USD, related to NOI.

This section includes the Company's lease-up assets and development projects or redevelopment projects that the Company is undergoing or considering through its Vintage platform, which the Company has a 45% ownership interest in. The Company expects to have no cash equity basis in these projects at completion due to the use of property level debt and proceeds from the sale of tax credits. The scope of these projects may change. There is no certainty the lease-up assets will reach stabilization or the Company will develop or redevelop any or all of these potential projects. All dollar amounts are Kennedy Wilson's share.

(1) The actual completion date for projects is subject to several factors, many of which are not within our control. Accordingly, the projects identified may not be completed when expected, or at all. Kennedy Wilson expects to have no cash equity basis in these projects at completion.

(2) Represents the total cash Kennedy Wilson currently expects to receive from paid developer fees and proceeds from the sale of tax credits. Payment of the developer fee is contingent on the Company’s ability to meet certain criteria as outlined in each project’s Limited Partnership Agreement and may vary based on a number of factors.

(1) Excludes$71.9 million of secured consolidated debt related to noncontrolling interests, Excludes $14.5 million of unamortized loan fees and unamortized net discount of $1.4 million, as of December 31, 2024.

(2) Excludes $0.2 million of unamortized loan fees and unamortized net discount of $0.5 million, as of December 31, 2024.

(3) Excludes $23.1 million of unamortized loan fees and unamortized net premium of $2.7 million, as of December 31, 2024.

(4) Includes the effect of interest rate hedges.

(5) Reflects contractual maturity dates, including the effects of extension options.

(6) $14.4 million of Vintage Housing maturities in 2025 are expected to be paid off using tax credit equity.

Kennedy Wilson has exposure to fixed and floating rate debt through its corporate debt along with debt encumbering its consolidated properties and its joint venture investments. The table below details Kennedy Wilson's share of consolidated and unconsolidated debt by interest rate type.

			KW Share of Debt
			Fixed Rate Debt						Floating with Interest Rate Hedges						Floating without Interest Rate Hedges						Total KW Share of Debt
Secured Investment Level Debt			$	3,672.3					$	1,407.7					$	218.7					$	5,298.7
Kennedy Wilson Europe Unsecured Bonds			310.5						—						—						310.5
KW Unsecured Debt			1,800.0						98.3						—						1,898.3
Total			$	5,782.8					$	1,506.0					$	218.7					$	7,507.5
% of Total Debt			77		%				20		%				3		%				100		%
Effective Interest Rate			4.4		%				5.1		%				6.1		%				4.6		%

Kennedy Wilson's investment management and real estate services platform offers a comprehensive line of real estate services for the full lifecycle of real estate ownership. Kennedy Wilson has approximately $28 billion in Real Estate AUM(1) as of December 31, 2024.

(1) As defined in "Common Definitions" section of the earnings release.

(2) KW had accrued net carried interests receivable of $20.5 million as of December 31, 2024.

(3) Please see the appendix for a reconciliation of Adjusted Fees to its closest GAAP measure.