PART I [Business](index=5&type=section&id=Item%201.%20Business) A global real estate investment company managing $23.0 billion in assets, primarily focused on multifamily and commercial properties in the Western U.S., UK, and Ireland Company Overview as of December 31, 2022 | Metric | Value | | :--- | :--- | | Real Estate Assets Under Management (AUM) | $23.0 billion | | Total Multifamily Units Managed | 37,781 | | Total Office Square Feet Managed | 11.7 million | | Total Industrial Square Feet Managed | 10.6 million | | Total Retail Square Feet Managed | 3.9 million | | Fee-Bearing Capital | $5.9 billion | - The company's portfolio is geographically concentrated, with **61% in the Western United States** (primarily the Mountain West), 21% in Ireland, and 16% in the United Kingdom[16](index=16&type=chunk) - Kennedy Wilson operates through two primary business segments: the **Consolidated Portfolio** (assets owned and consolidated on the balance sheet) and the **Co-Investment Portfolio** (co-investments with partners, generating fees and performance allocations)[25](index=25&type=chunk)[31](index=31&type=chunk) - The company has a global real estate debt platform with over **$6 billion in capacity**, targeting loans across the capital structure in the U.S., UK, and Europe[49](index=49&type=chunk)[50](index=50&type=chunk) - As of December 31, 2022, **88% of the company's unconsolidated investments** ($2.1 billion) were held at estimated fair value, utilizing discounted cash flow and direct capitalization approaches for valuation[57](index=57&type=chunk)[58](index=58&type=chunk) Key Financial Metrics (2021 vs 2022) | Metric (in millions) | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $540.0 | $453.6 | 19.0% | | Net income to common shareholders | $64.8 | $313.2 | (79.3)% | | Adjusted EBITDA | $591.5 | $927.9 | (36.3)% | | Consolidated NOI | $294.2 | $255.8 | 15.0% | | JV NOI | $157.6 | $124.4 | 26.7% | [Risk Factors](index=18&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from macroeconomic conditions, real estate industry trends, international operations, and its financial structure - The business is highly sensitive to general economic conditions, with **rising interest rates and inflation negatively impacting real estate values**, sales, and leasing[110](index=110&type=chunk)[111](index=111&type=chunk) - Adverse credit market conditions and rising interest rates increase borrowing costs, with **24% of consolidated debt and 45% of unconsolidated mortgage debt being floating rate**, exposing the company to interest rate fluctuations[115](index=115&type=chunk)[116](index=116&type=chunk) - Significant operations in the UK and Ireland (**41% of 2022 revenues**) expose the company to foreign market risks, including currency fluctuations[127](index=127&type=chunk)[128](index=128&type=chunk) - A substantial portion of the portfolio (**25% of total assets**) is recorded at fair value, which introduces volatility to earnings based on subjective assumptions[134](index=134&type=chunk)[140](index=140&type=chunk) - The company has significant debt and related covenants, and in February 2023, S&P downgraded its credit rating to **'BB' from 'BB+'** due to elevated leverage[114](index=114&type=chunk)[177](index=177&type=chunk)[180](index=180&type=chunk) [Unresolved Staff Comments](index=35&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[211](index=211&type=chunk) [Properties](index=35&type=section&id=Item%202.%20Properties) The company's consolidated portfolio includes 59 commercial properties and 35 multifamily properties, with 21% of commercial annualized base rent expiring in 2023 Consolidated Properties Summary (December 31, 2022) | Property Type | Region | of Assets | Sq. Ft. / Units | Occupancy/Leased % | | :--- | :--- | :--- | :--- | :--- | | **Commercial** | Western U.S. | 10 | 1.5M sq. ft. | 93% | | | Europe | 49 | 4.8M sq. ft. | 95% | | **Total Commercial** | | **59** | **6.3M sq. ft.** | **95%** | | **Multifamily** | Western U.S. | 35 | 10,513 units | 93% | Consolidated Commercial Lease Expiration Schedule | Year of Expiration | % of Total Annualized Base Rent | | :--- | :--- | | 2023 | 21% | | 2024 | 11% | | 2025 | 11% | | 2026 | 8% | | Thereafter | 49% | [Legal Proceedings](index=36&type=section&id=Item%203.%20Legal%20Proceedings) The company is not involved in any material legal proceedings arising from its ordinary course of business - The company states that it is not currently involved in any legal proceedings that it believes would be material to its business[218](index=218&type=chunk) [Mine Safety Disclosures](index=36&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not Applicable[219](index=219&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=37&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's stock trades on the NYSE, it paid quarterly dividends of $0.24 per share in 2022, and actively repurchased shares while growing AUM by 7% - The company's common stock is traded on the New York Stock Exchange (NYSE) under the ticker symbol **'KW'**[221](index=221&type=chunk) - Quarterly dividends of **$0.24 per share** were declared and paid throughout 2022, an increase from the $0.22 per share paid in the first three quarters of 2021[222](index=222&type=chunk) - During the year ended December 31, 2022, the company repurchased and retired **0.6 million shares** of its common stock, with $144.8 million remaining available under the plan[227](index=227&type=chunk)[299](index=299&type=chunk) Change in Assets Under Management (AUM) | Period | AUM (in billions) | Change | | :--- | :--- | :--- | | Dec 31, 2021 | $21.6 | - | | Dec 31, 2022 | $23.0 | +7% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net income and Adjusted EBITDA declined in 2022 due to lower gains on sales, while same-property NOI grew and the company maintained solid liquidity Financial Highlights (2022 vs. 2021) | Metric (in millions) | 2022 | 2021 | | :--- | :--- | :--- | | Net Income to Common Shareholders | $64.8 | $313.2 | | Adjusted EBITDA | $591.5 | $927.9 | - The decrease in net income and Adjusted EBITDA was primarily due to **higher gains on sale of real estate** and larger fair value gains on unconsolidated investments recognized in 2021[239](index=239&type=chunk)[244](index=244&type=chunk) Same Property Performance (2022 vs. 2021) | Property Type | Metric | Change | | :--- | :--- | :--- | | Market Rate Multifamily | NOI | +11% | | | Revenue | +10% | | Affordable Multifamily | NOI | +6% | | | Revenue | +7% | | Office | NOI | +1% | | | Revenue | +1% | - The company has a significant development pipeline with an estimated **$1.1 billion total capitalization** for its share of projects, with an additional $379.0 million expected to be spent[290](index=290&type=chunk) - As of December 31, 2022, the company had **$439.3 million of consolidated cash** and $218.0 million of availability under its revolving credit facility[287](index=287&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=65&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate and foreign currency fluctuations, which are managed through fixed-rate debt, caps, and hedging - The company's main market risks are from changes in **interest rates and foreign currency exchange rates**[337](index=337&type=chunk) - As of December 31, 2022, **76% of consolidated debt is fixed rate**, and a 100-basis point increase in interest rates would result in a $6.3 million increase in annual interest expense[338](index=338&type=chunk)[341](index=341&type=chunk) - Approximately **37% of the company's investment account is in foreign currencies**, with over 90% of its euro and GBP gross asset carrying value hedged as of year-end 2022[346](index=346&type=chunk) - A hypothetical **5% change in foreign exchange rates** against the U.S. Dollar would impact the company's net asset value by approximately $22.6 million (increase) to $23.1 million (decrease)[349](index=349&type=chunk) [Financial Statements and Supplementary Data](index=66&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the audited consolidated financial statements, with the critical audit matter being the fair value of certain unconsolidated investments Consolidated Balance Sheet Data (in millions) | Account | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total Assets | $8,271.8 | $7,876.5 | | Total Liabilities | $6,261.4 | $6,072.6 | | Total Equity | $2,010.4 | $1,803.9 | Consolidated Statement of Income Data (in millions) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Total Revenue | $540.0 | $453.6 | | Net Income | $101.9 | $336.4 | | Net Income Attributable to Common Shareholders | $64.8 | $313.2 | - The independent auditor, KPMG LLP, issued an **unqualified opinion** on the consolidated financial statements and on the effectiveness of the company's internal control over financial reporting[402](index=402&type=chunk)[403](index=403&type=chunk) - The critical audit matter identified by the auditor was the **evaluation of the fair value of certain unconsolidated investments** and commingled funds, noting the high degree of subjectivity in valuation models[407](index=407&type=chunk)[408](index=408&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=119&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[676](index=676&type=chunk) [Controls and Procedures](index=119&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls, procedures, and internal controls over financial reporting were effective as of year-end 2022 - Management concluded that the company's **disclosure controls and procedures were effective** as of December 31, 2022[678](index=678&type=chunk) - Based on an evaluation against the COSO framework, management concluded that the company's **internal control over financial reporting was effective** as of December 31, 2022[680](index=680&type=chunk) [Other Information](index=119&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[683](index=683&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=120&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information concerning directors, executive officers, and corporate governance is incorporated by reference from the company's 2023 proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2023 annual meeting[686](index=686&type=chunk) [Executive Compensation](index=120&type=section&id=Item%2011.%20Executive%20Compensation) Information concerning executive compensation is incorporated by reference from the company's 2023 proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2023 annual meeting[687](index=687&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=120&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information concerning security ownership is incorporated by reference from the company's 2023 proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2023 annual meeting[688](index=688&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=120&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information concerning related party transactions and director independence is incorporated by reference from the company's 2023 proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2023 annual meeting[689](index=689&type=chunk) [Principal Accounting Fees and Services](index=120&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information concerning accounting fees and services is incorporated by reference from the company's 2023 proxy statement - Information is incorporated by reference from the definitive proxy statement for the 2023 annual meeting[690](index=690&type=chunk) - The company's independent registered public accounting firm is KPMG LLP[690](index=690&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=121&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the documents filed as part of the annual report, including financial statements, schedules, and all exhibits - This section contains the index of all financial statements, schedules, and exhibits filed with the Form 10-K[693](index=693&type=chunk)

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q4 2022 Earnings Conference Call February 22, 2023 12:00 PM ET Company Participants Daven Bhavsar - Vice President, Investor Relations Bill McMorrow - Chairman and Chief Executive Officer Mary Ricks - President Matt Windisch - Executive Vice President Justin Enbody - Chief Financial Officer Conference Call Participants Anthony Paolone - JPMorgan Derek Johnston - Deutsche Bank Operator Good day and welcome to the Kennedy-Wilson Fourth Quarter 2022 Earnings Conference C ...

Financial Data and Key Metrics Changes - The company reported GAAP EPS of $0.12 for Q3 2022, with adjusted net income totaling $69 million or approximately $0.50 per share, and adjusted EBITDA of $166 million [19] - Year-to-date, GAAP EPS reached $0.31, adjusted net income was $196 million (approximately $1.43 per share), and adjusted EBITDA totaled $444 million [20] - Consolidated quarterly revenue increased by 22% year-over-year and almost 3% sequentially, with share of recurring NOI, loan income, and fees rising by 17% to $130 million [21] Business Line Data and Key Metrics Changes - The multifamily portfolio now comprises 56% of estimated annual NOI, up from 42% in 2018, with same-property NOI growth of 9% in Q3 [26] - The logistics portfolio maintained a 99% occupancy rate, with rental growth driven by low vacancy rates in the U.K. [10][38] - The investment management business saw $320 million in new fundings at an average spread of 430 basis points, with minimal repayments of $30 million in Q3 [35] Market Data and Key Metrics Changes - The Mountain West portfolio experienced a revenue increase of 13%, driven by strong demand for rental housing [27] - In Dublin, same-property occupancy improved by 5% to over 98%, resulting in same-property NOI growth of 7% [33] - The U.K. logistics market saw prime rental growth of 13% in 2022, with vacancy rates at 3.7% [38] Company Strategy and Development Direction - The company is focused on growing its multifamily debt and logistics sectors, which accounted for 100% of $700 million in investments during the quarter [11] - A $3 billion development pipeline is expected to produce $92 million of incremental NOI, with 83% anticipated to be stabilized by the end of 2024 [8] - The company aims to leverage relationships with strategic institutional partners to capitalize on new opportunities in the next 12 to 18 months [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning and growth opportunities across various sectors, including multifamily, debt, and logistics [48] - The company remains patient with capital deployment, particularly in the equity investing side, anticipating opportunities to arise in the following year [53] - Management noted that normalized property operations currently provide sufficient cash flow to sustain the dividend [57] Other Important Information - The company has $720 million in liquidity, including $420 million in consolidated cash and $300 million available on its line of credit [24] - The effective interest rate stood at 4%, with a weighted average maturity of 5.9 years [23] Q&A Session Summary Question: Can you comment on cap rates or values year-to-date and your appetite for deploying capital? - Management indicated a patient approach to capital use, seeing growth opportunities in the debt business, while equity opportunities may not materialize until next year [53][54] - There is a perception that investors are willing to accept lower cap rates for higher quality properties, with costs for new projects significantly higher than previous levels [55][56] Question: Will normalized property operations provide enough cash flow to maintain the dividend? - Management confirmed comfort with the current dividend level, supported by cash flow and sales in the pipeline [57] Question: How do trends like return-to-office impact multifamily demand, particularly in the Mountain West? - Demand in the Mountain West remains strong, with significant job creation and affordability continuing to attract renters [60] - In California, occupancy is expected to recover, leading to improved performance in the region [61]

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, 2022 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 ...

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q2 2022 Results Conference Call August 4, 2022 12:00 PM ET Company Participants Daven Bhavsar - Vice President of Investor Relations Bill McMorrow - Chairman and Chief Executive Officer Justin Enbody - Chief Financial Officer Matt Windisch - Executive Vice President Mary Ricks - President Conference Call Participants Sheila McGrath - Evercore ISI Anthony Paolone - JPMorgan Derek Johnston - Deutsche Bank Operator Good day, and welcome to the Kennedy-Wilson Second Quart ...

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 June 30, 2022 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 26-0508760 ...

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q1 2022 Earnings Conference Call May 5, 2022 12:00 PM ET Company Participants Daven Bhavsar – Vice President of Investor Relations Bill McMorrow – Chairman and Chief Executive Officer Justin Enbody – Chief Financial Officer Matt Windisch – Executive Vice President Mary Ricks – President Conference Call Participants Derek Johnston – Deutsche Bank Anthony Paolone – JPMorgan Sheila McGrath – Evercore Operator Good day, and welcome to Kennedy-Wilson's First Quarter 2022 E ...

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 (Exact name of Registrant as specified in its charter) Delaware 26-0508760 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 151 S El Camino Drive Beverly Hills, CA 90212 (Address of principal executive offices) Registrant's telephone number, including area code: ...

Financial Data and Key Metrics Changes - The company reported a 53% increase in adjusted EBITDA to a record $928 million for 2021 [6] - GAAP EPS for Q4 was $0.27 per diluted share, with adjusted net income of $86 million and adjusted EBITDA of $187 million [19] - For the year, GAAP EPS was $2.24 per share, adjusted net income was $509 million, and adjusted EBITDA was $928 million [19] Business Line Data and Key Metrics Changes - The global multifamily portfolio grew from 29,840 units at the beginning of 2020 to over 35,000 units at quarter end, with over 5,100 units under development [11] - Same property NOI growth for the global multifamily portfolio was 14% in Q4 [23] - The office portfolio saw same property NOI growth of 4% in Q4, driven by strong rent collections and lower bad debt [29] Market Data and Key Metrics Changes - In the U.S., apartment revenue growth exceeded inflation, with double-digit NOI growth across all regions [9] - The U.K. logistics platform experienced record-breaking take-up, with vacancies at an all-time low of 4% [40] - The company noted strong demand for rental housing in Dublin, with occupancy increasing to 96% [26] Company Strategy and Development Direction - The capital deployment strategy focuses on growing the Western U.S. multifamily footprint and the European office portfolio [15] - The company aims to grow estimated annual NOI at a rate of 10% to 15% per year and fee-bearing capital by 15% to 20% over the next three years [48] - The investment management platform saw fee-bearing capital grow to $5 billion, increasing by 28% in 2021 [37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the robust deal flow in 2022, driven by high institutional demand for certain real estate assets [8] - The company is confident in its ability to generate attractive returns for shareholders and partners, coming out of the pandemic in a stronger position [51] - Management highlighted the importance of maintaining a vigilant eye on interest rates and locking in spreads during acquisitions [56] Other Important Information - The company completed $1.5 billion of investment transactions in Q4, bringing the total for 2021 to a record $5.9 billion [7] - The co-investment portfolio generated $175 million in income in Q4, compared to $36 million in Q4 of 2020 [20] - A $300 million preferred equity investment from Fairfax Financial was announced, strengthening the company's financial position [50] Q&A Session Summary Question: What are the biggest opportunities in the investment environment? - The focus is on the multifamily business in the Western U.S. and Dublin, the debt platform, and European logistics [54] Question: What are the potential headwinds for fee-bearing capital growth? - The company is patient in deploying capital and estimates deploying $4.5 billion over the next 18 to 24 months [58][59] Question: Can you provide details on the preferred equity and warrants sale? - The relationship with Fairfax has been strong, and the preferred equity deal was evaluated as the best option for raising permanent capital [64][66] Question: How are the lease-up dynamics in the U.S. compared to Ireland? - Newer properties are stabilizing quickly, with significant leasing success in both regions [72][76] Question: What are the prevailing cap rates for stabilized assets in multifamily? - Stabilized cap rates in Dublin are sub 3.5%, while in the U.S., they vary by geography, with a project in Boise stabilized at close to a 7% cap rate [82][88]

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR Table of Contents ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) For the transition period from to Delaware 26-0508760 (I.R.S. Employer Identification No.) 151 S El Camino Drive Beverly Hills, CA 90212 (Address of principal executive offices ...