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 ...

(Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K For the fiscal year ended December 31, 2020 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 ...

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q3 2020 Earnings Conference Call November 5, 2020 10:00 AM ET Company Participants Daven Bhavsar - VP, IR Bill McMorrow - Chairman & CEO Mary Ricks - President & Director Matt Windisch - EVP Conference Call Participants Anthony Paolone - JPMorgan Chase & Co Sheila McGrath - Evercore ISI Derrick Johnston - Deutsche Bank James Feldman - Bank of America Merrill Lynch Alan Parsow - Elkhorn Partners Operator Good morning, and welcome to the Kennedy-Wilson Third Quarter 20 ...

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, 2020 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 26-050 ...

Financial Data and Key Metrics Changes - In Q2 2020, the company reported adjusted EBITDA of $73 million and adjusted net income of $12 million, with year-to-date adjusted EBITDA of $185 million and adjusted net income of $57 million, primarily impacted by a slowdown in transactional volume [9][10][14] - The company maintained a strong liquidity position with $788 million in cash and $300 million available on its line of credit, totaling $4 billion in discretionary purchasing power [14] Business Line Data and Key Metrics Changes - The multi-family and office portfolio accounted for 81% of estimated annual NOI, with strong rent collection and high occupancy rates [8][15] - The multi-family portfolio consists of 30,000 units globally, with 88% of NOI coming from suburban assets, achieving 98% rent collection in Q2 [16][17] - The global office portfolio had a weighted average occupancy of 95% and high rent collections of 96% in Q2, benefiting from single-tenant properties and suburban locations [18][19] Market Data and Key Metrics Changes - The company observed a 68% decline in transaction volumes across all property types in Q2 due to the pandemic, but anticipates increased transactional activity in the latter half of the year [7][8] - In Ireland, the company noted significant demand for multi-family deals, with €500 million in transactions occurring in the quarter [35] Company Strategy and Development Direction - The company is focused on growing its investment management platform, having added $200 million to fee-bearing capital in Q2, representing a 6% growth from Q1 and 17% year-to-date [10] - A new $2 billion debt platform was launched to target first mortgage loans secured by high-quality real estate, with a robust pipeline of $200 million in origination opportunities [11][12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the third and fourth quarters, citing strong rent collections and a robust leasing environment despite the pandemic [8][15] - The company anticipates an increase in debt acquisition opportunities over the next 6 to 12 months as financial institutions increase loan loss provisions [12][41] Other Important Information - The Shelbourne hotel reopened on June 29, 2020, and has been outperforming its competitive set since reopening, with a strong booking outlook for 2021 [21][22] - Leasing activity across the commercial and multi-family portfolio remains robust, with 900,000 square feet leased in Q2 and an additional 650,000 square feet in the pipeline [23][24] Q&A Session Summary Question: Can you talk about where you're finding transactions given your volumes are lower? - Management noted that they had no transactions in escrow at the onset of the pandemic and are seeing active interest in their European assets, particularly in lower-rise suburban office buildings and multi-family assets [32][33] Question: What are your thoughts on the multi-family business and potential impacts from stimulus expiration? - Management indicated that their multi-family properties are in strong markets with high-quality tenants, and they do not foresee significant changes in rent collections despite potential stimulus impacts [42][43] Question: Can you provide insights on the debt investments for the new fund? - The company is focusing on transitional opportunities, providing financing for completed properties in lease-up phases, filling a gap left by banks retreating from construction financing [60][62] Question: How do you view the capital allocation priorities going forward? - Management emphasized maintaining liquidity and continuing construction activities, with a focus on finding good risk-adjusted investments rather than rushing to deploy capital [50][51] Question: What is the outlook for the lease-up at Clancy Quay? - The lease-up at Clancy Quay is exceeding expectations, with demand significantly higher than budgeted, indicating strong market interest [71][72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) Table of Contents (State or other jurisdiction of incorporation or organization) 151 S El Camino Drive Beverly Hills, CA 90212 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 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 001-33 ...

Kennedy-Wilson Holdings, Inc. (NYSE:KW) Q1 2020 Earnings Conference Call May 7, 2020 10:00 AM ET Company Participants Daven Bhavsar - VP, IR William McMorrow - Chairman & CEO Mary Ricks - President & Director Matt Windisch - EVP Conference Call Participants Anthony Paolone - JPMorgan Chase & Co. Sheila McGrath - Evercore ISI Thomas Hennessy - Deutsche Bank James Feldman - Bank of America Merrill Lynch Operator Good morning, and welcome to the Kennedy-Wilson First Quarter 2020 Earnings Conference Call and We ...

Table of Contents TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . 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 March 31, 2020 Or Commission file number 001-33824 Kennedy-Wilson Holdings, Inc. (Exact name of Registrant as specified in its charter) (State or other jur ...

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, 2019 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 ...

Financial Data and Key Metrics Changes - The company reported record results for both Q4 and the full year of 2019, achieving the highest annual levels of GAAP EPS, adjusted EBITDA, and adjusted net income since going public in 2009 [8] - Estimated annual NOI grew by $14 million to $421 million in 2019, despite being a net seller of assets [10][12] - The investment management business generated $79 million in fees, with fee-bearing capital increasing by 39% to $3 billion [13][14] Business Line Data and Key Metrics Changes - The company completed $1.9 billion in gross acquisitions in 2019, with a 33% share, bringing total acquisitions to $23 billion since going public [12] - Same property revenues increased by 4.3% and NOI by 4.9% for Q4, while for the year, revenues were up 3.5% and NOI up 4.1% [26] - The U.S. multifamily portfolio saw strong performance, particularly in the Pacific Northwest and Mountain States, with NOI growth of 6.2% and 8.6% respectively [28][30] Market Data and Key Metrics Changes - The global real estate investment environment remains strong, with historically low interest rates and over $13 trillion in negative yielding global debt [20] - The U.K. and Irish commercial same-store revenues increased by 2.6% and NOI by 2.1% in Q4 [34] - Dublin's office vacancy hit a 20-year low of 4.7%, indicating robust demand in the market [41] Company Strategy and Development Direction - The company focuses on three strategic initiatives: growing property NOI, increasing recurring fee revenue from investment management, and selling non-core assets [9] - The goal for 2020 includes raising an additional $1 billion in gross fee-bearing capital [16] - The company aims to add $105 million of NOI by year-end 2023, with $34 million expected from construction projects and leasing initiatives by the end of 2021 [12][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underlying fundamentals and long-term growth prospects in key markets, driven by job and population growth [23] - The company is well-positioned with over $4 billion in purchasing power to continue growing both NOI and investment management fees [23] - Management acknowledged the uncertainty surrounding the impact of the coronavirus but emphasized a long-term perspective [120] Other Important Information - The company sold $511 million of assets in Q4, with 94% from its European portfolio, generating a return on cost of 38% [17] - The company has a strong pipeline of acquisitions and expects to generate over $400 million in cash from non-core asset sales in 2020 [19] Q&A Session Summary Question: How should we think about offsets in terms of dispositions or harvesting prior funds to get to a net number for the $1 billion goal for raising capital? - Management indicated that they expect around $300 to $400 million of equity from selling assets in the year, while planning to raise over $1 billion in new fee-bearing capital [59] Question: Can you discuss the dynamics and market fundamentals in Ireland for both office and residential endeavors? - Management highlighted that Ireland's PRS market is growing, with significant demand and a housing shortage, making it an attractive investment opportunity [76][80] Question: What are your thoughts about taking in and refinancing your current bond with either European low-interest debt? - Management noted that the overall cost of Kennedy-Wilson's debt is approximately 3.5%, and they are always looking for opportunities to lower their cost of debt [113][114]