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 ...

Financial Performance - Total revenue for the three months ended March 31, 2022, was $124.7 million, compared to $110.7 million for the same period in 2021, representing a year-over-year increase of approximately 12.1%[244] - Adjusted EBITDA for the period was $160.1 million, with contributions of $63.5 million from the consolidated segment and $101.6 million from co-investments[244] - Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders was $34.8 million for the three months ended March 31, 2022[244] - GAAP net income to common shareholders increased to $34.8 million for the three months ended March 31, 2022, compared to a net loss of $5.6 million for the same period in 2021[246] - Adjusted EBITDA rose to $160.1 million for the three months ended March 31, 2022, up from $127.6 million in the same period of 2021, driven by higher fair values on European industrial assets and Western U.S. multifamily properties[246][247] - Net income for the three months ended March 31, 2022, was $40.0 million, a significant improvement from a net loss of $1.6 million in the same period of 2021[320] - The company recorded an adjusted net income of $85.4 million for Q1 2022, compared to $47.0 million in Q1 2021, representing an increase of 81.7%[320] Revenue Breakdown - The rental revenue segment generated $104.2 million, while hotel revenue contributed $6.5 million[244] - Rental income increased to $104.2 million for the three months ended March 31, 2022, compared to $88.9 million in the same period of 2021, primarily due to acquisitions of office properties in the UK[251] - Hotel income surged to $6.5 million for the three months ended March 31, 2022, from $0.8 million in the same period of 2021, attributed to the lifting of COVID-19 restrictions in Ireland[252] - Total revenues for same property multifamily units increased by 10.9% for the three months ended March 31, 2022, while net operating income rose by 13.5%[249] - For the three months ended March 31, 2022, the same property revenue was $94.8 million, an increase from $89.5 million in the same period of 2021, representing a growth of 3.6%[327] - The multifamily market rate portfolio generated revenue of $54.8 million in Q1 2022, compared to $49.5 million in Q1 2021, marking an increase of 10.7%[328] - The multifamily affordable portfolio revenue rose to $11.0 million in Q1 2022, up from $10.5 million in Q1 2021, which is a growth of 4.8%[328] Expenses and Costs - Total expenses for the period were $139.1 million, with significant costs in compensation and related expenses amounting to $29.0 million[244] - The company incurred interest expenses of $50.5 million during the quarter, impacting net income[244] - The company’s share-based compensation expenses were reported at $7.1 million, reflecting ongoing investment in employee incentives[244] - The performance allocation compensation amounted to $11.8 million, indicating a focus on aligning management incentives with investment performance[244] - Interest expense decreased to $29.0 million for the three months ended March 31, 2022, down from $32.1 million in the same period of 2021, due to the payoff of KWE Bonds[258] - Total expenses for the Co-Investment Portfolio segment increased to $29.9 million for the three months ended March 31, 2022, compared to $7.0 million in the same period of 2021, primarily due to performance allocation compensation accruals[262] - The total rental expenses for the same property were $35.7 million in Q1 2022, compared to $33.0 million in Q1 2021, reflecting an increase of 8.2%[327] Investments and Acquisitions - The company acquired $523.9 million of real estate assets and $245.6 million of loans during the three months ended March 31, 2022[249] - The company is actively developing 2,279 multifamily units, 0.5 million commercial rentable square feet, and 150 hotel rooms, with an estimated total cost of $1.2 billion[279] - The company expects to incur an additional $599.0 million to complete its development projects, with $255.0 million expected to be funded through cash[279] - The company had unfulfilled capital commitments totaling $245.9 million to joint venture investments as of March 31, 2022[317] Cash Flow and Financing - Net cash used in operating activities for Q1 2022 was $58.9 million, an improvement from $76.6 million in Q1 2021[294][295] - Net cash used in investing activities totaled $246.3 million in Q1 2022, with $103.7 million spent on acquiring consolidated real estate assets[296] - Net cash provided by financing activities was $251.4 million for Q1 2022, including $102.7 million from mortgage loans[299] - The company received $297.9 million from the issuance of perpetual preferred stock and warrants during Q1 2022[298] - The company repurchased $31.3 million of its common stock under its share repurchase plan as of March 31, 2022[299] - The company received proceeds of $1.2 billion from the issuance of 2029 and 2031 notes, while repaying $576.9 million of the 2024 notes[300] - Total contractual cash obligations as of March 31, 2022, amounted to $5,488.9 million, including $5,454.7 million in borrowings[301] - The company had $462.1 million in consolidated cash as of March 31, 2022, with $120.3 million held in unconsolidated Co-Investment Portfolio assets[276] Tax and Compliance - The effective tax rate for the three months ended March 31, 2022, was 17.0%, significantly lower than 245.5% in 2021, primarily due to a $47.1 million increase in worldwide pre-tax book income[270] - The company reported a provision for income taxes of $8.2 million for Q1 2022, compared to $2.7 million in Q1 2021[320] - The company was in compliance with all debt covenants as of March 31, 2022[315]

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 ...

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q3 2021 Earnings Conference Call November 4, 2021 10:00 AM ET Company Participants Daven Bhavsar - 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 Sheila McGrath - Evercore ISI Jamie Feldman - Bank of America/Merrill Lynch Operator Good morning and welcome ...

Financial Performance - Total revenue for the three months ended September 30, 2021, was $114.4 million, a decrease of 0.9% compared to $115.5 million for the same period in 2020[283] - Adjusted EBITDA for the three months ended September 30, 2021, was $202.7 million, compared to $76.3 million for the same period in 2020, representing a significant increase[284] - Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for Q3 2021 was $65.9 million, compared to a net loss of $25.1 million in Q3 2020[284] - The company reported a net loss of $15.5 million for Q3 2021, compared to a net loss of $19.7 million in Q3 2020, indicating an improvement in financial performance[284] - Total expenses for Q3 2021 were $124.5 million, compared to $116.3 million in Q3 2020, an increase of 7.5%[284] - GAAP net income to common shareholders was $65.9 million for the three months ended September 30, 2021, compared to a net loss of $25.1 million for the same period in 2020[285] - Adjusted EBITDA increased to $202.7 million for the three months ended September 30, 2021, up from $76.3 million in the prior year[285] - The company recorded a gain on sale of real estate of $15.0 million for the three months ended September 30, 2021, compared to a loss of $4.0 million in the same period in 2020[296] - Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the three months ended September 30, 2021 was $55.2 million, compared to a loss of $15.3 million in 2020[308] - For the nine months ended September 30, 2021, net income was $292.1 million, recovering from a net loss of $64.7 million in the same period of 2020[384] - Adjusted Net Income for the nine months ended September 30, 2021, was $423.5 million, up from $84.1 million in 2020, indicating a growth of 404%[384] Revenue and Income Sources - Rental revenue for Q3 2021 was $96.1 million, down from $102.2 million in Q3 2020, reflecting a decrease of 3.0%[283] - The company generated $143.1 million from unconsolidated investments in Q3 2021, compared to $14.9 million in Q3 2020, showing a substantial increase[284] - Hotel income increased to $6.2 million for the three months ended September 30, 2021, compared to $3.1 million for the same period in 2020, due to the reopening of operations at the Shelbourne Hotel[291] - Rental income decreased to $96.1 million for the three months ended September 30, 2021, down from $102.2 million in the same period in 2020, primarily due to the deconsolidation of the MF seed portfolio[290] - Rental revenue for the nine months ended September 30, 2021 was $279.7 million, down from $308.8 million in the same period of 2020, indicating a decrease of approximately 9.5%[310][311] - The company reported a gain on the sale of real estate of $417.0 million for the nine months ended September 30, 2021[310] Expenses and Costs - Interest expense for Q3 2021 was $45.3 million, compared to $50.8 million in Q3 2020, indicating a reduction in financing costs[284] - Interest expense decreased to $27.8 million for the three months ended September 30, 2021, down from $32.8 million in the prior year, attributed to reduced consolidated property level debt[297] - Interest expense for the nine months ended September 30, 2021 was $141.4 million, compared to $150.0 million in the same period of 2020, showing a reduction of approximately 5.7%[310][311] - The company incurred $31.0 million in debt issuance costs associated with the issuance of new senior notes during the nine months ended September 30, 2021[359] - The company incurred transaction-related expenses of $4.0 million in Q3 2019, compared to $0.4 million in Q3 2018, indicating a significant rise[389] Operational Performance - The company’s same property NOI analysis excludes properties under development, providing a clearer view of operational performance[24] - Same property multifamily units saw occupancy increase to 95.5% from 94.9%, with net operating income rising by 10.4% and total revenues increasing by 7.1%[288] - Same property multifamily units occupancy increased to 95.5% from 94.8%, with net operating income up by 1.6% and total revenues increasing by 2.0% for the nine months ended September 30, 2021[314] - Same property office real estate occupancy decreased to 95.8% from 97.1%, while net operating income increased by 6.3% and total revenues rose by 5.1% for the same period[314] - The total interest expense for the nine months ended September 30, 2021, was $141.4 million, down from $150.0 million in the same period of 2020[384] Strategic Initiatives and Growth - The company continues to focus on expanding its real estate assets under management, which reflects its strategic growth initiatives in the market[20] - The company plans to continue focusing on market expansion and new product development to drive future growth[387] - The company acquired $789.3 million in real estate assets and $439.9 million in loans during the reporting period[288] - The company acquired $1.9 billion in real estate assets and $843.2 million in loans, while selling $1.4 billion in assets during the nine months ended September 30, 2021[314] Cash and Financing - As of September 30, 2021, the company had $840.8 million in consolidated cash, with $500.0 million available under its revolving credit facility[341] - The company has $500 million revolving line of credit available as of September 30, 2021, with no outstanding balance[370] - Net cash provided by financing activities was $644.8 million for the nine months ended September 30, 2021, including proceeds of $1.8 billion from the issuance of new notes[359] - The company received $838.7 million from mortgage loans to finance and refinance consolidated property acquisitions during the nine months ended September 30, 2021[359] Tax and Compliance - Income tax expense was $30.6 million for the three months ended September 30, 2021, compared to an income tax benefit of $12.8 million in 2020, driven by a $135.6 million increase in pre-tax book income[306] - The effective tax rate for the nine months ended September 30, 2021, was 25.2%, up from 13.8% in 2020, primarily due to a $465.3 million increase in worldwide pre-tax book income[336] - The company was in compliance with all debt covenants, including a maximum consolidated leverage ratio of 65%[372] - The company expects to remain compliant with its debt covenants and is confident in securing additional waivers if needed[376] Development Projects - The company incurred $488.0 million in costs to date for its development projects and expects to spend an additional $694.0 million to complete them[344] - The company is actively developing 2,069 multifamily units, 0.6 million commercial rentable square feet, and 150 hotel rooms, with an estimated total cost of $1.2 billion[344] - The company has 10 unstabilized assets comprising 1.0 million commercial square feet and 190 multifamily units, with projected costs to complete of $35.3 million[351]

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q2 2021 Earnings Conference Call August 5, 2021 10:00 AM 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 Sheila McGrath - Evercore ISI Jamie Feldman - Bank of America/Merrill Lynch Operator Good day, everyone and welcome to the Kenn ...

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, 2021 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 (S ...

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 Table of Contents For the quarterly period ended March 31, 2021 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) Q4 2020 Earnings Conference Call February 25, 2021 10:00 AM 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 Sheila McGrath - Evercore ISI Operator Good day and welcome to the Kennedy-Wilson Fourth Quar ...