Financial Performance - Total revenue for Q3 2024 was $127.5 million, a decrease of 11.1% from $143.8 million in Q3 2023[21]. - Rental revenue decreased to $97.8 million in Q3 2024 from $102.4 million in Q3 2023, representing a decline of 5.7%[21]. - Total revenue for the nine months ended September 30, 2024, was $395.9 million, with rental income contributing $293.0 million[156]. - The company reported a net income attributable to common shareholders of $8.1 million for the nine months ended September 30, 2024, compared to a net loss of $109.6 million in the same period of the previous year[156]. - The company reported a net loss attributable to common shareholders of $17.9 million for the three months ended September 30, 2023[158]. - The company reported a net loss attributable to common shareholders for the three months ended September 30, 2024, was $(30.6) million, compared to $(43.2) million in 2023[154]. - The company reported a net loss of $66.8 million for the three months ended September 30, 2024, compared to a net loss of $64.1 million for the same period in 2023[27]. - The company reported a net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders for Q3 2024 was $77.6 million, compared to a net loss of $74.9 million in Q3 2023, reflecting an increase in loss of approximately 3.6%[173][177]. - The company reported a loss from unconsolidated investments of $(20.3) million for the three months ended September 30, 2024[154]. - The company reported a loss from unconsolidated investments of $45.1 million for the nine months ended September 30, 2024, compared to a loss of $69.7 million in the same period in 2023[81]. Assets and Liabilities - Total assets decreased from $7,712.1 million as of December 31, 2023, to $7,444.2 million as of September 30, 2024[19]. - Total liabilities decreased from $5,913.7 million to $5,791.4 million[19]. - Total equity decreased to $1,652.8 million as of September 30, 2024, down from $1,798.4 million as of December 31, 2023, a decline of 8.1%[20]. - Total liabilities and equity amounted to $7,444.2 million as of September 30, 2024, down from $7,712.1 million as of December 31, 2023[20]. - As of September 30, 2024, total equity amounted to $1,652.8 million, a decrease from $1,710.4 million at June 30, 2024, reflecting a net loss of $66.8 million during the quarter[25]. - The company had total unconsolidated investments of $2,069.1 million as of December 31, 2023[170]. - The company reported unconsolidated investments of $2,052.9 million as of September 30, 2024[168]. - The company reported accrued capital expenditures of $2.6 million for the nine months ended September 30, 2024, compared to $6.0 million in the same period of 2023[36]. Cash Flow and Financing - Cash and cash equivalents increased from $313.7 million to $367.1 million during the same period[19]. - The net cash provided by operating activities was $25.5 million, a significant improvement from a net cash used of $2.7 million in the prior year[32]. - The company generated net proceeds of $457.6 million from the sale of consolidated real estate, up from $282.6 million in the same period last year[32]. - Cash paid for interest increased to $201.6 million from $177.3 million year-over-year[34]. - The company reported a gross foreign currency translation gain of $18.0 million for the nine months ended September 30, 2024[108]. - The company reported a total of $82.6 million in contributions to new and existing unconsolidated investments during the nine months ended September 30, 2024[79]. - The company generated $375 million in cash from asset sales and loan repayments (excluding closing costs) during the nine months ended September 30, 2024[194]. Investment and Portfolio Management - The company is focused on growing its investment management and co-investment platform, targeting high growth markets in the U.S., UK, and Ireland[40]. - The company recognized gains on the sale of real estate totaling $112.8 million during the nine months ended September 30, 2024, primarily from the sale of the Shelbourne hotel, which generated a gain of $99.1 million[71]. - The company reported minimum lease payments due from customers totaling $626.1 million for leases with periods greater than one year as of September 30, 2024[75]. - The company has 62 operating properties and three properties under development or lease up, totaling 9,928 units and 5.7 million square feet as of September 30, 2024[68]. - The company originated $2.1 billion in construction loans, with a share of $52.3 million, during the nine months ended September 30, 2024[186]. - The company reported an impairment loss of $14.2 million related to non-core office and retail buildings in the United Kingdom and Spain during the same period[71]. - The company has not adopted any new accounting standards during the nine months ended September 30, 2024[65]. - The company recorded a tax expense of $4.2 million during the nine months ended September 30, 2024, which is above the U.S. statutory tax rate[163]. Dividends and Shareholder Returns - Common stock dividends for the quarter totaled $16.5 million, while preferred stock dividends were $10.8 million[25]. - Common dividends declared but not paid amounted to $18.5 million, down from $33.5 million in the prior year[36]. - Kennedy Wilson declared $32.6 million in preferred stock dividends for the nine months ended September 30, 2024, compared to $27.1 million for the same period in 2023, a 20.4% increase[139]. - Common stock dividends declared were $66.1 million for the nine months ended September 30, 2024, down from $100.4 million in the same period of 2023, a decrease of 34%[139]. - Total shares withheld for tax obligations during the nine months ended September 30, 2024, were 129,011 shares, compared to 1,046,430 shares in 2023[142]. - The company repurchased 1,565,775 shares for $13.3 million during the nine months ended September 30, 2024, compared to no repurchases in the same period of 2023[141]. Market Conditions and Risks - Ongoing macroeconomic conditions, including elevated inflation and interest rates, continue to create volatility in business results and operations[96]. - The credit spreads used to value floating rate indebtedness ranged from 2.00% to 4.60%[102]. - The estimated capitalization rates for multifamily affordable properties ranged from 6.30% to 7.20%[101]. - Fair value decreases were recorded for certain office properties in Ireland, the United States, and the United Kingdom due to lower market assumptions, while fair value increases were noted for the minority ownership interest in Zonda following a merger transaction[83]. Operational Metrics - Same-store occupancy in the stabilized multifamily portfolio grew by 0.8% to 94.9%, with same-property revenue growth of 3.3%[193]. - Same-store occupancy in the stabilized multifamily portfolio increased by 0.4% to 94.5%, with same-property revenue growth of 3.3% and same-property NOI growth of 2.6%[194]. - The weighted-average lease term for acquired in-place lease values was 7.2 years as of September 30, 2024[69]. - The company operates through two primary segments: the Consolidated Portfolio and the Co-Investment Portfolio, focusing on maximizing property cash flow and managing co-investments in real estate[147][149].

Core Viewpoint - Kennedy-Wilson (KW) and Zillow (Z) are both considered by investors in the Real Estate - Operations sector, with a focus on determining which stock is more attractive for value investors [1] Group 1: Company Rankings and Metrics - Both KW and Z currently hold a Zacks Rank of 2 (Buy), indicating positive earnings estimate revisions and an improving earnings outlook for both companies [3] - The Style Score Value grade incorporates key fundamental metrics such as P/E ratio, P/S ratio, earnings yield, and cash flow per share, which are essential for value investors [4] Group 2: Valuation Comparisons - KW has a forward P/E ratio of 3.63, significantly lower than Z's forward P/E of 44, suggesting that KW may be undervalued [5] - KW's PEG ratio is 0.64, while Z's PEG ratio is 2.77, indicating that KW has a more favorable valuation relative to its expected earnings growth [5] - KW's P/B ratio stands at 1.60 compared to Z's P/B of 3.20, further supporting the argument that KW is the superior value option based on these metrics [6] Group 3: Overall Assessment - KW holds a Value grade of B, while Z has a Value grade of F, reinforcing the conclusion that KW is currently the more attractive investment for value investors [6]

Financial Data and Key Metrics - Adjusted EBITDA for Q2 2024 totaled $79 million, with a year-to-date total of $283 million [12] - GAAP net loss for Q2 2024 was $0.43 per share, including $0.46 per share of non-cash items [12] - Investment Management revenue grew by 37% to $26 million in Q2, driven by $1 billion in new originations and higher fee-bearing capital [12] - Estimated annual NOI grew by 5% to $485 million, with AUM reaching $27 billion, a 16% annual growth rate [6] - Fee-bearing capital grew to a record $8.7 billion, with potential to grow to $15 billion [6] Business Line Performance - The credit platform deployed $1.7 billion in the first half of 2024, primarily for multifamily and student housing construction [4] - The multifamily portfolio stabilized five communities in Q2, adding $16 million to estimated annual NOI [5] - The industrial portfolio acquired two platforms totaling $180 million in Q2, with a strong pipeline of opportunities in the U.S. and U.K. [10] - The investment management business grew fee-bearing capital by 93% over the past three years to $8.7 billion [22] Market Performance - U.S. multifamily portfolio saw same-property occupancy growth of 1.9%, revenue growth of 3.6%, and NOI growth of 3% [16] - California portfolio delivered 5% NOI growth, with Northern California bad debt dropping to the lowest level in two years [17] - Dublin portfolio stabilized two multifamily projects, adding $10 million to estimated annual NOI [19] - European industrial portfolio achieved 98% occupancy, with a 44% increase in rents for leases completed in Q2 [21] Strategic Direction and Industry Competition - The company is focusing on growing its investment management platform, with a strong emphasis on rental housing, credit, and industrial assets [8][9][10] - The company is simplifying its balance sheet by disposing of non-core assets, with $330 million generated from asset sales year-to-date [11] - The company is expanding its credit platform, with a pipeline of $600 million to $700 million in signed deals [10] - The company is leveraging its global relationships, particularly in Japan, to raise capital and expand its investment management business [8][33] Management Commentary on Operating Environment and Future Outlook - Management highlighted improving liquidity in the U.S. apartment sector and beneficial shifts in interest rates, with the 10-year bond declining by 100 basis points [6][7] - The company expects lower interest rates to increase transaction volumes and provide opportunities for capital deployment [7] - Management expressed confidence in the multifamily market, citing a structural shortage of housing in the U.S., U.K., and Ireland [9] - The company anticipates flat to lower insurance premiums in the second half of 2024, following July renewals [16] Other Key Information - The company repurchased 600,000 shares in Q2, bringing the year-to-date total to 1.7 million shares [14] - The company closed its Spanish office after divesting its last wholly owned asset in Spain, generating $35 million in cash [11][12] - The company has $110 million remaining on its $500 million share repurchase authorization [14] Q&A Session Summary Question: Prospects for expanding the debt platform beyond construction lending - The company sees opportunities in construction lending but is also exploring longer-term debt solutions, including permanent and bridge lending [24] Question: Future of the development program - The company is shifting its development strategy to focus on construction management, with 5% to 10% equity stakes in new projects [25] Question: Progress on disposition goals - The company has a substantial pipeline of dispositions and expects to continue shifting its portfolio towards U.S. multifamily assets [26][27] Question: Rationale for including fair value adjustments in adjusted EBITDA - The company introduced baseline EBITDA as a more recurring operating metric, alongside adjusted EBITDA [29][30] Question: Rationale for reopening the Japan office - The company reopened its Japan office to strengthen capital-raising efforts, leveraging long-standing relationships with Japanese institutions [31][33] Question: Impact of declining interest rates on the credit platform - Lower interest rates are expected to increase construction starts and attract new entrants to the market, benefiting the company's credit platform [36][37] Question: Quantification of the Spanish property sale and cost savings - The sale of the Spanish property generated $35 million in cash, with negligible impact on Q3 earnings, and the closure of the Spanish office is expected to save $1 million to $1.5 million annually [41][42] Question: Capital raised from Japan - The company has raised $100 million from Japan for its discretionary fund business, with ongoing discussions with major Japanese companies [40]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarterly period ended March 31, 2024 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-33824 Kennedy-Wilson Holdings, Inc. (Exact name of Registrant as specified in its charter) FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Delaware 26-0508760 ( ...

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q1 2024 Results Conference Call May 9, 2024 12:00 PM ET Company Participants Daven Bhavsar - Vice President, Investor Relations William McMorrow - Chairman & Chief Executive Officer Justin Enbody - Chief Financial Officer Matthew Windisch - President Conference Call Participants Anthony Paolone - JPMorgan Joshua Dennerlein - Bank of America Conor Peaks - Deutsche Bank Operator Good day, and welcome to the Kennedy-Wilson First Quarter of 2024 Earnings Call. Please note ...

| Earnings Release | | | --- | --- | | News Release | 3 | | Consolidated Balance Sheets (unaudited) | 7 | | Consolidated Statements of Operations (unaudited) | 8 | | Non-GAAP Metrics (unaudited) | 9 | | Supplemental Financial Information (unaudited) | | | Capitalization Summary | 15 | | Components of Value | | | Components of Value Summary | 16 | | Stabilized Portfolio | 18 | | Segment Investment Summary | 19 | | Multifamily Portfolio | 20 | | Office Portfolio | 21 | | Industrial Portfolio | 22 | | Loan Inv ...

3 High-Yield Dividend-Paying Stocks Bucking Today's Downward Trend Bet_Noire / iStock via Getty Images Now that the Federal Reserve has thrown a potential wrench into the interest rate game plan, investors desire greater stability more than ever. Economists and prognosticators are all over the map on economic growth, inflation, and interest rates, making passive income even more appealing for patient investors who are fine with holding for a while. There’s good news and bad news.According to The Wall Stre ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-33824 Kennedy-Wilson Holdings, Inc. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdi ...

BEVERLY HILLS, Calif. (February 21, 2024) - Kennedy-Wilson Holdings, Inc. (NYSE: KW), a leading global real estate investment company with $25 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 2023: Kennedy-Wilson Holdings, Inc. Supplemental Financial Information Fourth Quarter and Full Year December 31, 2023 TABLE OF CONTENTS | Earnings Release | | | --- | --- | | News Release | 3 | | Consolidated Balance ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 Or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-33824 Kennedy-Wilson Holdings, Inc. (Exact name of Registrant as specified in its charter) Delaware 26-05087 ...