Kennedy-Wilson Holdings, Inc.

Equities

KW

US4893981070

Real Estate Development & Operations

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Kennedy Wilson : Supplemental Financial Information Fourth Quarter and Full Year December 31, 2022 - Form 8-K

February 21, 2023 at 05:38 pm EST

Kennedy-Wilson Holdings, Inc.

Supplemental Financial Information

Fourth Quarter and Full Year December 31, 2022

TABLE OF CONTENTS


Earnings Release
News Release	3
Consolidated Balance Sheets (unaudited)	8
Consolidated Statements of Income (unaudited)	9
Non-GAAP Metrics (unaudited)	10

Supplemental Financial Information (unaudited)
Capitalization Summary	16
Components of Value
Components of Value Summary	17
Stabilized Portfolio	19
Segment Investment Summary	20
Multifamily Portfolio	21
OfficePortfolio	22
Retail and Industrial Portfolio	23
Hotel, Loans, Residentialand Other Investment Portfolio	25
Lease-up Portfolio	26
Development Projects	27
Debt Schedule	29
Investment Management	31
Other Portfolio and Financial Information
Same Property - Multifamily	32
Same Property - Commercial	34
Investment Transactions	38
EBITDA by Segment (Non-GAAP)	39
Pro-rata Financial Information	43
Appendix	47

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.




Contact: Daven Bhavsar, CFA
Vice President of Investor Relations
(310) 887-6400
dbhavsar@kennedywilson.com	151 S. El Camino Drive
www.kennedywilson.com	Beverly Hills, CA 90212

NEWS RELEASE

KENNEDY WILSON REPORTS Q4 AND FULL YEAR 2022 RESULTS

BEVERLY HILLS, Calif. (February 21, 2023) - Kennedy-Wilson Holdings, Inc. (NYSE: KW), a leading global real estate investment company with $23 billion in AUM that owns, operates, and invests in real estate both on its own and through its investment management platform, today reported the following results for the fourth quarter and full year of 2022:

"In 2022 we successfully executed on our key initiatives including delivering double-digit growth of both Estimated Annual NOI and Fee-Bearing Capital," said William McMorrow, Chairman and CEO of Kennedy Wilson. "Our 2022 operating results were highlighted with solid growth of 11% in our multifamily same property NOI. Looking ahead, we remain focused on growing our recurring cash flow in 2023 through the delivery of several key development projects, organic NOI growth, and the continued expansion of our investment management platform."

Financial Results


Q4	Full Year
(Amounts in millions, except per share data)	2022	2021	2022	2021
GAAP Results
GAAP Net Income to Common Shareholders	$	22.6	$	37.5	$	64.8	$	313.2
Per Diluted Share	0.16	0.27	0.47	2.24

Non-GAAP Results
Adjusted EBITDA	$	147.1	$	187.4	$	591.5	$	927.9
Adjusted Net Income	69.4	85.5	264.9	509.0

•Q4-22 Adjusted EBITDA of $147 million (vs. $187 million in Q4-21) Driven By Higher Recurring Investment Income Offset By Lower Gains:

◦KW's share of property NOI, loan income and fees totaled $128 million, an increase of $2 million from Q4-21.

◦KW's share of gains from the sale of real estate, changes in fair values and performance allocation totaled $74 million, a decrease of $37 million from Q4-21:

▪Realized gains from asset sales totaled $53 million in Q4-22, a $60 million increase from Q4-21

▪Increases in fair value and net performance allocation totaled $21 million (vs.$118 million in Q4-21)

◦Other loss totaled $10 million in Q4-22 (vs. a loss of $1 million in Q4-21) and primarily related to the decrease in value of the Company's interest rate hedging derivative contracts during Q4-22.

◦Compensation and related expenses decreased by $6 million or 17% from Q4-21

•FY-22 Adjusted EBITDA of $592 million (vs. $928 million in FY-21) Driven By Higher Recurring Investment Income Offset By Lower Gains:

◦KW's share of property NOI, loan income and fees totaled $510 million in FY-22, an increase of $76 million or 18% from FY-21.

◦KW's share of gains and net performance allocations totaled $212 million, a decrease of $473 million in FY-22:

▪Realized gains from asset sales totaled $125 million in FY-22, a $279 million decrease from FY-21

▪Increases in fair value and accrued performance allocation totaled $88 million (vs. $282 million in FY-21)

◦Other income totaled $36 million in 2022 (vs. a loss of $5 million in 2021). The other income in 2022 primarily related to the increase in value of the Company's interest rate hedging derivative contracts.

◦Compensation and related expenses decreased by $23 million or 17% from FY-21

Operating Performance

•13% Growth in Estimated Annual NOI to $491 million from Q4-21, 4% Growth from Q3-22:


Est. Annual NOI To KW ($ in millions)	Fee-Bearing Capital ($ in billions)
As of Q4-21	$	434	$	5.0
As of Q3-22	473	5.6
Gross acquisitions and loan investments	3	0.2
Gross dispositions and loan repayments	(6)	-
Operations	7	-
FX and other	14	0.1
Total as of Q4-22	$	491	$	5.9

•10% Growth of Multifamily NOI in Q4 Drives Strong Same Property Performance1 :


Q4 - 2022 vs. Q4 - 2021	FY - 2022 vs. FY- 2021
Occupancy	Revenue	NOI	Occupancy	Revenue	NOI
Multifamily - Market Rate	(1.0)%	8.4%	9.6%	(0.7)%	9.9%	11.4%
Multifamily - Affordable	0.5%	10.3%	8.9%	(0.2)%	6.8%	5.5%
Office	2.1%	5.8%	8.1%	(0.3)%	1.2%	0.5%
Total	7.9%	9.0%	6.9%	6.6%

(1) Excludes minority-held investments

•Development and Lease-up Portfolio To Add $96 Million of Estimated Annual NOI:

◦The development and lease-up portfolio is expected to add $96 million of Estimated Annual NOI. The Company expects to fund its share of remaining development costs primarily with cash from non-core asset sales and proceeds from property-level refinancing.

◦The Company's development and lease-up portfolio totals approximately $3 billion, in which KW's average ownership is 58% and includes 4,994 multifamily units, 2.2 million commercial square feet, and one hotel.

Investment Management

•18% Growth in Fee-Bearing Capital in 2022; 5% Growth in Q4-22:

◦Fee-Bearing Capital grew to $5.9 billion as of YE-22, an 18% increase from YE-21 and a 5% increase from Q3-22. The Company has approximately $3.5 billion in additional non-discretionary Fee-Bearing Capital with certain strategic partners that is available for investment. The growth in 2022 was primarily driven by KW's real estate debt and EU logistics platforms.

◦36% Growth in Debt Platform in 2022; 10% Growth in Q4-22: In Q4, completed loan investments totaling $240 million while loan repayments totaled $62 million, resulting in 10% growth from Q3-22. The Company has a 6% ownership in its debt platform, which totals $2.7 billion of outstanding loans (including $322 million of future funding commitments) and $2.2 billion of Fee-Bearing Capital as of Q4-22.

◦40% Growth of EU Logistics Platform in 2022; AUM totals $1.2 billion:

▪Acquired 35 assets totaling 2.4 million square feet for $501 million in 2022

▪The Company has a 20% ownership in its European logistics platform, which totals $1.2 billion of assets and $402 million of Fee-Bearing Capital as of Q4-22

▪Including investments made through its commingled fund, Kennedy Wilson's European logistics portfolio totals $1.5 billion across 9.6 million commercial square feet

Investment Activity

•$243 million in Gross New Investments in Q4 ($13 million at share):

◦Co-Investment Portfolio: Completed $240 million in loan originations, in which the Company had a 5% ownership interest. The originations added $228 million in Fee-Bearing Capital

•$326 million of Gross Dispositions and Loan Repayments in Q4 ($109 million at share):

◦Consolidated Portfolio: $127 million of Wholly-Owned Dispositions in Q4:

•U.S. Multifamily: Sold a 49% interest in one previously wholly-owned multifamily community totaling 208 units in Santa Maria, CA for a gross valuation of $98 million ($48 million at KW's share). KW retained a 51% ownership interest in this community. The sale generated a gain on sale of $57 million and Fee-Bearing Capital of $31 million.

▪European Retail: Sold 12 European retail assets totaling 120,000 square feet for $29 million.

◦Co-Investment Portfolio: Sold $187 million of real estate investments primarily from its various commingled funds, totaling 333,000 commercial square feet, and received debt repayments of $62 million. KW's average ownership interest in these assets was 13%.

Balance Sheet and Liquidity

•Cash and Line of Credit Availability: As of December 31, 2022, Kennedy Wilson had cash and cash equivalents of $439 million(1) and $218 million of capacity on its $500 million revolving credit facility.

•Discounted Debt Extinguishments: During the fourth quarter of 2022, The Company repurchased €75 million of its KWE unsecured notes due 2025 via a tender offer at a price of 82% of the nominal amount. The Company also repaid a £53 million mortgage secured by a retail asset in the U.K. (in which KW had a 50% ownership interest) for £40 million. These discounted debt extinguishments resulted in a $30 million gain on early extinguishment of debt, of which KW's share (net of non-controlling interest) was $22 million.

•Debt Profile: Kennedy Wilson's share of debt had a weighted average effective interest rate of 4.2% per annum and a weighted-average maturity of 5.6 years as of December 31, 2022. As of February 21, 2023, approximately 97% of the Company's debt is either fixed or hedged with interest rate hedges. As of December 31, 2022, approximately 93% of the Company's debt was either fixed or hedged with interest rate hedges.

•Interest Rate Hedging Strategy: The Company hedges its floating rate exposure through the usage of interest rate caps and swaps. The Company's interest rate hedges have a weighted-average maturity of 2.1 years as of December 31, 2022.

•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, 2022, the Company has hedged approximately 91% of the carrying value of its foreign currency investments, using local currency debt and hedging instruments with a weighted-average term of 2.7 years.

•Dividend Taxability: The Company's 2022 dividend distributions were characterized as 62.19% non-taxable return of capital and 37.81% ordinary dividends. Please refer to kennedywilson.com for further information.

Footnotes

(1) Represents consolidated cash and includes $21 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. 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, 2022, filed with the Securities and Exchange Commission on November 3, 2022)). 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 $520 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 Wednesday, February 22. 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 4194796.

The webcast will be available at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=op0kWdPD. 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 global real estate investment company. We own, operate, and invest in real estate both on our own and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., UK, and Ireland. For further information on Kennedy Wilson, please visit www.kennedywilson.com.

Kennedy-Wilson Holdings, Inc.

Consolidated Balance Sheets

(Unaudited)

(Dollars in millions)


	December 31,
2022	2021
Assets
Cash and cash equivalents	$	439.3	$	524.8
Accounts receivable	40.8	36.1
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $882.2 and $838.1)	5,188.1	5,059.8
Unconsolidated investments (including $2,093.7 and $1,794.8 at fair value)	2,238.1	1,947.6
Other assets	216.1	177.9
Loan purchases and originations	149.4	130.3
Total assets	$	8,271.8	$	7,876.5

Liabilities
Accounts payable	$	16.2	$	18.6
Accrued expenses and other liabilities (including $303.7 and $269.9 of deferred-tax liabilities)	658.2	619.1
Mortgage debt	3,018.0	2,959.8
KW unsecured debt	2,062.6	1,852.3
KWE unsecured bonds	506.4	622.8
Total liabilities	6,261.4	6,072.6
Equity
Cumulative perpetual preferred stock	592.5	295.2
Common stock	-	-
Additional paid-in capital	1,679.5	1,679.6
Retained earnings	122.1	192.4
Accumulated other comprehensive loss	(430.1)	(389.6)
Total Kennedy-Wilson Holdings, Inc. shareholders' equity	1,964.0	1,777.6
Noncontrolling interests	46.4	26.3
Total equity	2,010.4	1,803.9
Total liabilities and equity	$	8,271.8	$	7,876.5

Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Income

(Unaudited)

(Dollars in millions, except per share data)


For the Three Months Ended	For the Year Ended
December 31,	December 31,
2022	2021	2022	2021
Revenue
Rental	$	110.5	$	110.8	$	434.9	$	390.5
Hotel	13.7	7.9	46.9	17.1
Investment management fees	11.3	9.9	44.8	35.3
Property services fees	0.4	0.4	1.7	2.1
Loans and other	3.7	2.4	11.7	8.6
Total revenue	139.6	131.4	540.0	453.6

Income from unconsolidated investments
Principal co-investments	51.6	119.2	199.5	271.1
Performance allocations	(21.6)	55.9	(21.1)	117.9
Total income from unconsolidated investments	30.0	175.1	178.4	389.0

Gain (loss) on sale of real estate, net	52.9	(4.3)	103.7	412.7

Expenses
Rental	40.5	34.9	151.2	132.7
Hotel	9.0	4.9	29.5	12.7
Compensation and related	29.3	35.5	111.3	133.9
Share based compensation	7.3	6.8	29.0	28.7
Performance allocation compensation	(7.5)	38.8	(4.3)	42.0
General and administrative	10.7	8.6	37.2	33.3
Depreciation and amortization	40.2	41.0	172.9	166.3
Total expenses	129.5	170.5	526.8	549.6
Interest expense	(60.0)	(51.0)	(220.8)	(192.4)
Gain (loss) on early extinguishment of debt, net	29.9	(7.1)	27.5	(45.7)
Other (loss) income, net	(10.0)	(1.3)	36.1	(5.0)
Income before provision for income taxes	52.9	72.3	138.1	462.6
Provision for income taxes	(13.7)	(28.0)	(36.2)	(126.2)
Net income	39.2	44.3	101.9	336.4
Net income attributable to the noncontrolling interests	(8.7)	(2.5)	(8.2)	(6.0)
Preferred dividends	(7.9)	(4.3)	(28.9)	(17.2)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	22.6	$	37.5	$	64.8	$	313.2
Basic earnings per share
Income per basic	$	0.17	$	0.27	$	0.47	$	2.26
Weighted average shares outstanding for basic	137,110,908	137,258,502	136,900,875	138,552,058
Diluted earnings per share
Income per diluted	$	0.16	$	0.27	$	0.47	$	2.24
Weighted average shares outstanding for diluted	137,436,886	137,782,173	138,567,534	140,132,435
Dividends declared per common share	$	0.24	$	0.24	$	0.96	$	0.90

Kennedy-Wilson Holdings, Inc.

Adjusted EBITDA

(Unaudited)

(Dollars in millions)

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.


Three Months Ended	Year Ended
December 31,	December 31,
2022	2021	2022	2021
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	22.6	$	37.5	$	64.8	$	313.2
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Interest expense	76.2	62.5	278.0	229.8
(Gain) loss on early extinguishment of debt	(21.8)	7.1	(19.4)	45.7
Depreciation and amortization	39.5	41.2	171.1	167.1
Provision for income taxes	15.4	28.0	39.1	126.2
Preferred dividends	7.9	4.3	28.9	17.2
Share-based compensation	7.3	6.8	29.0	28.7
Adjusted EBITDA	$	147.1	$	187.4	$	591.5	$	927.9

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

Adjusted Net Income

(Unaudited)

(Dollars in millions, except share data)

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.


Three Months Ended	Year Ended
December 31,	December 31,
2022	2021	2022	2021
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	22.6	$	37.5	$	64.8	$	313.2
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Depreciation and amortization	39.5	41.2	171.1	167.1
Share-based compensation	7.3	6.8	29.0	28.7
Adjusted Net Income	$	69.4	$	85.5	$	264.9	$	509.0

Weighted average shares outstanding for diluted	137,436,886	137,782,173	138,567,534	140,132,435

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

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, 2021, and Item 1A. "Risk Factors" section of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 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 income before interest expense, loss 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, provision for 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 our management's discretionary use, as it does not remove all non-cash items (such as acquisition-related gains) 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 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, our share of depreciation and amortization included in unconsolidated investments, share-based compensation, preferred dividends and net income attributable to the noncontrolling interests, before depreciation and amortization and preferred dividends. 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.

· "Annual Return on Loans" is a metric that applies to our real estate debt business that represents the sum of annual interest income, transaction fees and the payback of principal for discounted loan purchases, amortized over the life of the loans and divided by the principal balances of the loans.

· "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. Cap rates set forth in this presentation only includes data from income-producing properties. We calculate cap rates based on information that is supplied to us 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 our financial statements prepared in accordance with GAAP. In addition, cap rates represent historical performance and are not a guarantee of future NOI. Properties for which a cap rate is provided may not continue to perform at that cap rate.

· "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" refers to our consolidated NOI (comprised of rental revenues, hotel revenues, rental (expenses), hotel (expenses) and loans and other), as adjusted to the property-level NOI, at our share, as further adjusted by assets acquired and disposed (net), lease-up and development portfolio, hotel operations, assets owned and occupied by us, amortization of above/below market leases (net), straight-line and free rent (net) and non-recurring income/expense, FX, and other on an estimated annualized basis. It 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 $4.1 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 2022, the NOI represents estimated Year 1 NOI from our original underwriting. Estimated year 1 NOI for properties purchased in 2022 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 and commingled funds 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.

· "Performance allocations" relates to allocations to the general partner, special limited partner or asset manager of Kennedy Wilson's co-investments it manages based on the cumulative performance of the fund and are subject to preferred return thresholds of the limited partners.

· "Performance allocation compensation" - the compensation committee of the Company's board of directors approved and reserved up to thirty-five percent (35%) of any performance allocation earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company.

· "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 and hotel 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 we provide (or participate in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, and investments in joint ventures. Our AUM is principally intended to reflect the extent of our presence in the real estate market, not the basis for determining our management fees. Our AUM consists of the total estimated fair value of the real estate properties and other real estate related assets either owned by third parties, wholly-owned by us or held by joint ventures and other entities in which our sponsored funds or investment vehicles and client accounts have invested. Committed (but unfunded) capital from investors in our sponsored funds is not included in our AUM. The estimated value of development properties is included at estimated completion cost.

· "Same property" refers to properties in which Kennedy Wilson has an ownership interest during the entire span of both periods being compared. The same property information presented throughout this report is shown on a cash basis and excludes non-recurring expenses. This analysis excludes properties that are either under development or undergoing lease up as part of our asset management strategy.

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

Supplemental Financial Information

Kennedy-Wilson Holdings, Inc.

Capitalization Summary

(Unaudited)

(Dollars in millions, except per share data)


December 31, 2022	December 31, 2021

Market Data
Common stock price per share	$	15.73	$	23.88
Common stock and convertible preferred stock
Common stock shares outstanding	137,790,768	137,954,479
Shares of common stock underlying convertible perpetual preferred stock(1)(2)	25,091,671	12,009,608
Total Common stock outstanding and underlying convertible preferred stock	162,882,439	149,964,087

Equity Market Capitalization	$	2,562.1	$	3,581.1

Kennedy Wilson's Share of Debt
Kennedy Wilson's share of property debt	5,351.5	4,945.0
Senior notes payable	1,800.0	1,800.0
Kennedy Wilson Europe bonds	508.4	626.2
Credit Facility	282.0	75.0
Total Kennedy Wilson's share of debt	7,941.9	7,446.2
Total Capitalization	$	10,504.0	$	11,027.3
Less: Kennedy Wilson's share of cash	(519.5)	(617.9)
Total Enterprise Value	$	9,984.5	$	10,409.4

(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. The Series B preferred stock is callable by Kennedy Wilson at any time.

Kennedy-Wilson Holdings, Inc.

Components of ValueSummary

As of December 31, 2022

(Unaudited, Dollars in millions)

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, 2022.


Kennedy Wilson's Share
Investments	Description	Occupancy	Est. Annual NOI(1)	Page #
Income Producing Assets
1	Multifamily(2)	32,787 units	94.2%	$	266.3	21
2	Office	10.0 million square feet	94.5%	145.5	22
3	Industrial	10.2 million square feet	98.1%	12.6	23
4	Retail	3.8 million square feet	93.4%	33.8	24
5	Hotels	1 hotel / 265 hotel rooms	N/A	16.9	25
6	Loan Investments	39 loan investments KW Loan Balance of $155.1 million	N/A	15.6	25
Total Estimated Annual NOI	$	490.7

Lease-up, Development, and Non-income Producing Assets	KW Gross Asset Value
7	Lease-up Portfolio(3)(4)	405 multifamily units 1.2 million office sq. ft. 0.4 million industrial sq. ft. 0.1 million retail sq. ft.	39.0%	$	451.2	26
8	Development Projects(3)(4)	4,589 multifamily units 0.5 million office sq. ft. One five-star resort	N/A	1,029.6	27
9	Residential, and other(3)	15 investments	N/A	224.3	25
Total KW Gross Asset Value	$	1,705.1

Investment Management	Fee-Bearing Capital	Adj. Fees(5)
10	Investment Management	Asset management fees (T-12)	$5,900	$	45.2	31
11	Investment Management	Performance fees (T-12)	(21.1)
Total	$	24.1

Net Debt, Hedges, and Share Count	Total
12	KW Share of Debt	Secured and Unsecured Debt	$	7,941.9
13	KW Share of Cash	Cash	(519.5)
Total Net Debt	$	7,422.4	29

14	KW Share of Interest Rate and Currency Hedging Contracts(6)	Corporate and Property Level	78.0

Total Common stock outstanding and underlying convertible preferred stock	162,882,439

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

(2) Includes 9,157 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 $272.3 million as of December 31, 2022.

(3) See additional detail related to Lease-up, Development, and Non-income Producing Assets, as of December 31, 2022. KW Share of Debt below is included in the Net Debt amounts within the Components of Value Summary above.


KW Gross Asset Value	KW Share of Debt	Investment Account (GAV-share of debt)
Lease-up - Multifamily and Commercial	$	451.2	$	52.3	$	398.9
Development - Multifamily, Commercial, and Hotel	1,029.6	424.8	604.8
Residential and other	224.3	-	224.3
Lease-up, Development, and Non-income Producing Assets	$	1,705.1	$	477.1	$	1,228.0

(4) Includes $107.3 million of gross asset value related to development that the Company owns through its investment in Vintage Housing Holdings as of December 31, 2022.

(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 $48 million included within net Other Assets and $30 million within Unconsolidated investments on the Company's Consolidated Balance Sheet.

Kennedy-Wilson Holdings, Inc.

Stabilized Portfolio

As of December 31, 2022

(Unaudited, Dollars in millions)

The following information reflects Kennedy Wilson's Pro-Rata share of Estimated Annual NOI (from stabilized income-producing properties) by geography and property type, as of December 31, 2022, of which 63% is derived from consolidated assets.


Pacific Northwest	Southern California	Northern California	Mountain West	Hawaii	U.K.	Ireland	Italy	Spain	Total
Multifamily - Market Rate	$	53.5	$	27.1	$	20.0	$	97.4	$	-	$	-	$	30.2	$	-	$	-	$	228.2
Multifamily - Affordable	25.4	3.8	2.7	6.2	-	-	-	-	-	38.1
Office	18.8	11.9	11.8	2.4	-	57.8	34.2	8.6	-	145.5
Industrial	-	-	0.7	0.3	-	10.5	0.9	-	0.2	12.6
Retail	-	3.9	-	2.3	-	13.2	9.2	-	5.2	33.8
Hotels	-	-	-	-	-	-	16.9	-	-	16.9
Loans	2.1	6.7	3.0	2.8	0.1	0.9	-	-	-	15.6
Total Estimated Annual NOI	$	99.8	$	53.4	$	38.2	$	111.4	$	0.1	$	82.4	$	91.4	$	8.6	$	5.4	$	490.7

Kennedy-Wilson Holdings, Inc.

Segment Investment Summary

As of December 31, 2022

(Unaudited)

(Dollars in millions, except Fee-Bearing Capital)

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


Stabilized Portfolio
KW Segment	Description	Balance Sheet Classification	Multifamily Units	Commercial Rentable Sq. Ft.	Hotels	Loan Investments	KW Share of Est. Annual NOI	Fee-Bearing Capital(1)($bn)	KW Gross Asset Value	Ownership(2)
1) Consolidated	Consists primarily of wholly-owned real estate investments	Consolidated	10,513	6.3	1	-	$308.2	$-	$5,319.9	98%

2) Co-investment Portfolio:
~50% owned	Consists primarily of 50/50 investments with partners and our Vintage Housing joint-venture	Unconsolidated	17,824	0.9	-	-	133.2	1.2	2,714.2	47%
Minority-held	Includes fund investments, loans, and other minority-held investments	Unconsolidated	4,450	16.8	-	39	49.3	4.7	832.7	11%
Co-investment Portfolio	22,274	17.7	-	39	$182.5	$5.9	$3,546.9	25%

Total Stabilized Portfolio	32,787	24.0	1	39	$490.7	$5.9	$8,866.8	47%

(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.

Kennedy-Wilson Holdings, Inc.

Multifamily Portfolio

As of December 31, 2022

(Unaudited)

(Dollars in millions, except average rents per unit)


Consolidated	Co-Investment (Unconsolidated)
Multifamily	# of Assets	Market-Rate Units	Market-Rate Units	Vintage Housing Affordable Units(5)	Total # of Units	Occupancy (Asset Level)	Occupancy (KW Share)	Average Monthly Rents Per Market Rate Unit(1)(2)(3)	KW Share of Estimated Annual NOI(4)
Mountain West	45	6,565	4,250	1,800	12,615	93.1	%	93.4	%	$	1,561	$	103.6
Pacific Northwest	49	1,974	3,254	5,977	11,205	95.2	94.7	1,977	78.9
Southern California	13	846	2,131	704	3,681	95.2	95.2	2,209	30.9
Northern California	8	1,128	952	676	2,756	93.0	91.9	2,122	22.7
Total Western U.S.	115	10,513	10,587	9,157	30,257	94.1	%	93.9	%	$	1,786	$	236.1
Ireland(4)	11	-	2,530	-	2,530	99.2	99.2	2,537	30.2
Total Stabilized	126	10,513	13,117	9,157	32,787	94.5	%	94.2	%	$	1,849	$	266.3

Lease-up Assets	1	-	405	-	405	See page 26 for more information
Development Projects	22	962	1,258	2,369	4,589	See page 27 for more information
Total	23	962	1,663	2,369	4,994

Total Multifamily	149	11,475	14,780	11,526	37,781

(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 $913, $1,051, $1,099, and $1,004 for Mountain West, Pacific Northwest, Southern California and Northern California, respectively.

(3) Excludes 642 units related to investment in Langdon Park Capital

(4) Estimated foreign exchange rates are €0.93 = $1 USD and £0.83 = $1 USD, related to NOI.

(5) The Company has a 40% economic ownership interest in its Vintage Housing affordable portfolio.

Kennedy-Wilson Holdings, Inc.

Office Portfolio

As of December 31, 2022

(Unaudited)

(Dollars and Square Feet in millions, except average rent per sq ft)


Consolidated	Co-Investment (Unconsolidated)
Office	# of Assets	Rentable Sq. Ft.	Rentable Sq. Ft.	Total Rentable Sq. Ft.	Occupancy (Asset Level)	Average Annual Rent per sq ft(1)	Kennedy Wilson's Share of Estimated Annual NOI(2)
Pacific Northwest	3	0.6	0.6	1.2	98.5	%	99.7	%	$	27.1	$	18.8
Southern California(2)	6	0.2	1.3	1.5	84.1	90.1	64.4	11.9
Northern California	6	0.3	1.5	1.8	91.9	88.9	37.4	11.8
Mountain West	5	-	1.7	1.7	86.9	87.2	19.9	2.4
Total Western U.S.	20	1.1	5.1	6.2	89.9	%	93.4	%	36.1	44.9
United Kingdom(3)	10	1.5	0.5	2.0	92.6	93.5	36.9	57.8
Ireland(3)(4)	10	0.6	0.5	1.1	95.1	94.4	45.6	34.2
Italy(3)	7	0.7	-	0.7	100.0	100.0	14.5	8.6
Total Europe(3)	27	2.8	1.0	3.8	94.6	%	95.1	%	34.2	100.6

Total Stabilized	47	3.9	6.1	10.0	91.7	%	94.5	%	$	34.8	$	145.5

Lease-up Assets	7	0.8	0.4	1.2	See page 26 for more information
Development Projects	4	0.1	0.4	0.5	See page 27 for more information
Total	11	0.9	0.8	1.7

Total Office	58	4.8	6.9	11.7

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of December 31, 2022 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 €0.93 = $1 USD and £0.83 = $1 USD, related to NOI.

(4) Includes our Irish headquarters wholly-owned by KW comprising 16,000 sq. ft., 100% occupancy, and $1.1 million in Estimated Annual NOI.

Kennedy-Wilson Holdings, Inc.

Industrial Portfolio

As of December 31, 2022

(Unaudited)

(Dollars and Square Feet in millions, except average rent per sq ft)


Co-Investment (Unconsolidated)
Industrial	# of Assets	Rentable Sq. Ft.	Occupancy (Asset Level)	Average Annual Rent per sq ft(1)	Kennedy Wilson's Share of Estimated Annual NOI
Mountain West	4	0.4	100.0	%	100.0	%	$	8.0	$	0.3
Northern California	2	1.0	100.0	100.0	4.2	0.7
Total Western U.S.	6	1.4	100.0	%	100.0	%	4.8	1.0
United Kingdom(2)	75	8.0	98.4	98.5	7.6	10.5
Ireland(2)	17	0.6	100.0	100.0	7.8	0.9
Spain(2)	3	0.2	73.7	73.7	5.6	0.2
Total Europe(2)	95	8.8	97.8	%	97.8	%	7.6	11.6

Total Stabilized	101	10.2	98.1	%	98.1	%	$	7.2	$	12.6

Lease-up Assets	4	0.4	See page 26 for more information
Development Projects	4	TBD	See page 27 for more information
Total	8	0.4

Total Industrial	109	10.6

(2) Estimated foreign exchange rates are €0.93 = $1 USD and £0.83 = $1 USD, related to NOI.

Kennedy-Wilson Holdings, Inc.

Retail Portfolio

As of December 31, 2022

(Unaudited)

(Dollars and Square Feet in millions, except average rent per sq ft)


Consolidated	Co-Investment (Unconsolidated)
Retail	# of Assets	Rentable Sq. Ft.	Rentable Sq. Ft.	Total Rentable Sq. Ft.	Occupancy (Asset Level)	Average Annual Rent per sq ft(1)	Kennedy Wilson's Share of Estimated Annual NOI
Southern California	5	0.2	0.8	1.0	96.8	%	96.4	%	$	23.6	$	3.9
Mountain West	4	0.2	0.5	0.7	87.6	85.2	11.6	2.3
Total Western U.S.	9	0.4	1.3	1.7	89.6	%	89.4	%	16.5	6.2
United Kingdom(2)	26	1.3	0.1	1.4	95.4	94.9	15.1	13.2
Ireland(2)	2	0.4	-	0.4	94.4	94.4	28.8	9.2
Spain(2)	1	0.3	-	0.3	93.0	93.0	20.5	5.2
Total Europe(2)	29	2.0	0.1	2.1	94.8	%	94.4	%	19.0	27.6

Total Stabilized	38	2.4	1.4	3.8	93.3	%	93.4	%	$	18.5	$	33.8

Lease-up Assets	1	0.1	-	0.1	See page 26 for more information
Total	1	0.1	-	0.1

Total Retail	39	2.5	1.4	3.9

(2) Estimated foreign exchange rates are €0.93 = $1 USD and £0.83 = $1 USD, related to NOI.

Kennedy-Wilson Holdings, Inc.

Hotel, Loans, Residential and Other Investment Portfolio

As of December 31, 2022

(Unaudited)

(Dollars in millions, except ADR)


Hotel	# of Assets	Hotel Rooms	Average Daily Rate(1)	Kennedy Wilson's Share of Estimated Annual NOI
Ireland(2)	1	265	$	421.3	$	16.9
Total Hotel	1	265	$	421.3	$	16.9

Development	1	150	See page 25 for more information
Total Hotel	2	415

(1) Average Daily Rate data is based on the most recent 12 months.

(2) Estimated foreign exchange rates are €0.93 = $1 USD and £0.83 = $1 USD, related to NOI.


Loan Investments	# of Loans	Average Interest Rate (KW Share)	Loan Balance (KW Share)	Kennedy Wilson's Share of Annual Interest Income
Mountain West	7	10.4	%	$	26.6	$	2.8
Pacific Northwest	5	10.0	%	20.8	2.1
Southern California	13	10.5	%	63.8	6.7
Northern California	9	9.0	%	33.5	3.0
Hawaii	1	11.3	%	1.1	0.1
Total Western U.S.	35	10.1	%	145.8	$	14.7
United Kingdom(1)	4	9.2	%	9.3	0.9
Total Loans	39	10.0	%	155.1	$	15.6

(1) Estimated foreign exchange rates are €0.93 = $1 USD and £0.83 = $1 USD, related to Loan Balance and Annual Interest Income.


Residential and Other	# of Investments	Residential Units/Lots	Total Acres	KW Gross Asset Value
Southern California	1	-	527	$	13.7
Hawaii	4	97	3,242	161.4
Total Western U.S.	5	97	3,769	175.1
United Kingdom(1)	1	-	1	4.0
Total Residential	6	97	3,770	$	179.1

Other Investments	9	-	-	45.2
Total Residential and Other	15	97	3,770	$	224.3

(1) Estimated foreign exchange rates are €0.93 = $1 USD and £0.83 = $1 USD, related to Gross Asset Value.

Kennedy-Wilson Holdings, Inc.

Lease-up Portfolio

As of December 31, 2022

(Unaudited)

(Dollars in millions)

Lease-up Portfolio

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.


Property	Location	Type	KW Ownership	# of Assets	Commercial Sq. Ft.	Leased %	KW Share Est Stabilized NOI	KW Est. Costs to Complete(1)	KW Gross Asset Value
2023
The Oaks	Southern California	Office	100%	1	357,000	82	%	$	5.9	$	5.6	$	131.4
Stockley Park	United Kingdom(2)	Office	100%	1	54,000	-	2.2	-	35.0
The Heights Building 4	United Kingdom(2)	Office	51%	1	74,000	-	1.7	-	23.5
Hamilton Landing H7	Northern California	Office	100%	1	61,000	-	1.5	4.3	16.6
2023 Subtotal	4	546,000	54	%	$	11.3	$	9.9	$	206.5
2024
Various	United Kingdom(2)	Office	100%	2	281,000	34	%	$	7.5	$	17.0	$	127.3
2024 Subtotal	2	281,000	34	%	$	7.5	$	17.0	$	127.3

Total Lease-Up	6	827,000	47	%	$	18.8	$	26.9	$	333.8

Note: The table above excludes minority-held investments and two wholly-owned assets expected to sell, totaling 405 units, 0.8 million commercial sq. ft., and KW Gross Asset Value of $117.3 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, 2022. 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 €0.93 = $1 USD and £0.83 = $1 USD, related to NOI.

Kennedy-Wilson Holdings, Inc.

Development Projects - Income Producing

As of December 31, 2022

(Unaudited)

(Dollars in millions)

Development Projects - Income Producing

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.


If Completed	Current
Property	Location	Type	Status	KW Ownership	Est. Completion Date(1)	Est. Stabilization Date	Commercial Sq. Ft.	MF Units / Hotel Rooms	KW Share Est. Stabilized NOI	KW Est. Total Cost(1)	Est. Yield on Cost	KW Costs Incurred(2)	KW Est. Costs to Complete(2)
38° North Phase II	Nor. California	Multifamily	Under Construction	100%	2023	2024	-	172	4	73	6%	31	42
38° North Phase III	Nor. California	Multifamily	Under Construction	100%	2023	2024	-	30	1	13	6%	1	12
Dovetail	Mountain West	Multifamily	Under Construction	90%	2023	2024	-	240	3	56	5%	32	24
Oxbow	Mountain West	Multifamily	Under Construction	51%	2023	2024	-	268	3	41	6%	28	13
Two10	Pacific Northwest	Multifamily	Under Construction	90%	2023	2024	-	210	3	60	5%	20	40
Coopers Cross	Ireland(3)	Multifamily	Under Construction	50%	2023	2024	-	471	6	131	5%	115	16
Grange	Ireland(3)	Multifamily	Under Construction	50%	2023	2024	7,000	287	4	74	5%	62	12
Coopers Cross	Ireland(3)	Office	Under Construction	50%	2023	2025	395,000	-	11	160	7%	112	48
Kona Village Resort	Hawaii	Hotel	Under Construction	50%	2023	2025	-	150	22	352	6%	305	47
The Cornerstone	Ireland(3)	Mixed-Use	Under Construction	50%	2024	2025	20,000	232	3	68	5%	38	30
University Glen Phase II	So. California	Multifamily	Under Construction	100%	2024	2025	-	310	7	120	6%	25	95
Gateway @ The Oaks	So. California	Multifamily	In Planning	100%	TBD	TBD	-	TBD	TBD	TBD	TBD	10	TBD
Bend	Pacific Northwest	Multifamily	In Planning	43%	TBD	TBD	-	TBD	TBD	TBD	TBD	18	TBD
422,000	2,370	$	67	$	1,148	6%	$	797	$	379

Note: The table above excludes minority-held development projects and two development projects where the scope is still being explored, totaling KW Gross Asset Value of $102 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, 2022. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. Kennedy Wilson expects to fund $133 million of its share of remaining costs to complete with cash. 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 €0.93 = $1 USD and £0.83 = $1 USD, related to NOI.

Kennedy-Wilson Holdings, Inc.

Vintage Housing Holdings - Lease-up Assets and Development Projects

As of December 31, 2022

(Unaudited)

(Dollars in millions)

Vintage Housing Holdings - Lease-up Assets and Development Projects

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 40% 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.


If Completed	Current
Property	Location	Status	Est. Completion Date(1)	Est. Stabilization Date	MF Units	Est. Cash to KW(2)	KW Share Est. Stabilized NOI	KW Cash Basis	Leased %
Quinn	Pacific Northwest	Under Construction	2023	2023	227	$	2.8	$	1.2	-	13
Station	Pacific Northwest	Under Construction	2023	2023	197	2.7	1.0	-	NA
The Point	Pacific Northwest	Under Construction	2023	2023	161	1.5	0.8	-	80
Springview	Mountain West	Under Construction	2023	2023	180	0.4	0.6	-	NA
Spanish Springs	Mountain West	Under Construction	2024	2025	257	0.3	0.8	-	NA
University Glen	Southern California	Under Construction	2024	2025	170	1.2	0.8	-	NA
Washington Station	Mountain West	Under Construction	2025	2025	205	0.6	0.6	-	NA
Beacon Hill	Pacific Northwest	In Planning	2025	2025	272	3.0	1.5	2.3	NA
Folsom	Northern California	In Planning	2025	2025	136	3.2	0.4	3.2	NA
Lockwood	Southern California	In Planning	2025	2025	341	14.0	1.9	14.0	NA
Redfield	Mountain West	In Planning	2025	2025	223	4.6	0.8	3.0	NA
2,369	$	34.3	$	10.4	$	22.5

(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.

Kennedy-Wilson Holdings, Inc.

Debt and Liquidity Schedule

As of December 31, 2022

(Unaudited)

(Dollars in millions)


Consolidated @ KW Share	Unconsolidated
Maturity	Secured(1)	Europe Unsecured Bonds(2)	KW Unsecured Debt(3)	Unconsolidated Secured	Vintage Housing	KW Share
2023	$	247.6	$	-	-	$	36.9	$	38.1	(6)	$	322.6
2024	186.1	-	-	271.1	18.5	(7)	475.7
2025	357.9	508.4	282.0	354.8	14.2	1,517.3
2026	573.1	-	-	475.3	32.5	1,080.9
2027	374.3	-	-	294.3	4.3	672.9
2028	300.0	-	-	92.9	15.0	407.9
2029	275.6	-	600.0	188.1	15.9	1,079.6
2030	75.7	-	600.0	18.7	12.2	706.6
2031	523.6	-	600.0	94.0	4.7	1,222.3
2032	40.1	-	-	66.5	5.0	111.6
Thereafter	10.2	-	-	-	334.3	344.5
Total	$	2,964.2	$	508.4	$	2,082.0	$	1,892.6	$	494.7	$	7,941.9

Cash	(215.1)	(94.9)	(122.6)	(73.2)	(13.7)	(519.5)
Net Debt	$	2,749.1	$	413.5	$	1,959.4	$	1,819.4	$	481.0	$	7,422.4

Effective Interest Rate(4)	3.9%	3.3%	4.8%	4.1%	5.0%	4.2%
Years to Maturity(5)	4.8	2.9	6.5	4.1	14.2	5.6

(1) Excludes $16.5 million of unamortized loan fees and unamortized net discount of $0.6 million, as of December 31, 2022.

(2) Excludes $0.7 million of unamortized loan fees and unamortized net discount of $1.5 million, as of December 31, 2022.

(3) Excludes $22.9 million of unamortized loan fees and unamortized net premium of $3.5 million, as of December 31, 2022.

(4) Includes the effect of interest rate hedges.

(5) Years to maturity reflects contractual maturity dates, including the effects of extension options.

(6) $9.5 million of Vintage Housing maturities in 2023 are expected to be paid off using tax credit equity.

(7) $10.0 million of Vintage Housing maturities in 2024 are expected to be paid off using tax credit equity.

Kennedy-Wilson Holdings, Inc.

Debt and Liquidity Schedule (continued)

As of December 31, 2022

(Unaudited)

(Dollars in millions)

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 Caps	Floating without Interest Rate Caps	Total KW Share of Debt
Secured Investment Level Debt	$	3,181.2	$	1,638.5	$	531.8	$	5,351.5
Kennedy Wilson Europe Unsecured Bonds	508.4	-	-	508.4
KW Unsecured Debt	1,800.0	282.0	-	2,082.0
Total	$	5,489.6	$	1,920.5	$	531.8	$	7,941.9
% of Total Debt	69	%	24	%	7	%	100	%


KW Share of Secured Investment Debt
Multifamily	Office	Retail	Industrial	Hotels	Residential and Other	Total	% of KW Share
Pacific Northwest	$	987.1	$	107.0	$	3.3	$	-	$	-	$	-	$	1,097.4	20	%
Southern California	283.7	145.0	30.6	-	-	-	459.3	9	%
Northern California	317.1	85.7	-	9.6	-	-	412.4	8	%
Mountain West	1,204.6	26.0	10.3	4.0	-	-	1,244.9	23	%
Hawaii	-	-	-	-	125.0	-	125.0	2	%
Total Western U.S.	$	2,792.5	$	363.7	$	44.2	$	13.6	$	125.0	$	-	$	3,339.0	62	%

United Kingdom	$	-	$	577.5	$	131.5	$	161.8	$	-	$	-	$	870.8	16	%
Ireland	548.7	456.4	80.8	14.8	-	-	1,100.7	21	%
Spain	-	-	36.9	4.1	-	-	41.0	1	%
Italy	-	-	-	-	-	-	-	-	%
Total Europe	$	548.7	$	1,033.9	$	249.2	$	180.7	$	-	$	-	$	2,012.5	38	%

Total	$	3,341.2	$	1,397.6	$	293.4	$	194.3	$	125.0	$	-	$	5,351.5	100	%
% of Total Debt	63	%	26	%	5	%	4	%	2	%	-	%	100	%

Kennedy-Wilson Holdings, Inc.

Investment Management Platform

(Unaudited, Dollars in millions)

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 $23 billion in Real Estate AUM(1) as of December 31, 2022.


Adjusted Fees - Detail
Q4	Full Year
Fee Description	2022	2021	2022	2021
Investment Management - Base	$	11.4	$	9.4	$	44.3	$	34.9
Investment Management - Acquisition/Disposition	-	0.6	0.9	1.2
Investment Management - Performance Allocations:
Unrealized	(21.6)	55.7	(27.0)	113.1
Realized	-	0.2	6.8	9.9
Amounts reclassified from Unrealized to Realized	-	-	(0.9)	(5.1)
Total - Investment Management - Performance Allocations	(21.6)	55.9	(21.1)	117.9
Property Services	0.4	0.4	1.7	2.1
Total Adjusted Fees(2)	$	(9.8)	$	66.3	$	25.8	$	156.1

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

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

Kennedy-Wilson Holdings, Inc.

Multifamily Same Property Analysis

(Unaudited)

(Dollars in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes minority-held investments.


Three Months Ended December 31,	Same Property Units	Average Occupancy %	Total Revenues	Net Operating Income
2022 vs. 2021	2022	2022	2021	% Change	2022	2021	% Change	2022	2021	% Change

Market Rate Portfolio
Region:
Mountain West	5,574	93.7	%	94.5	%	(0.9)	%	$	23.7	$	21.5	10.4	%	$	16.1	$	14.3	12.3	%
Pacific Northwest	3,974	93.0	93.8	(0.9)	18.9	16.9	11.6	12.2	10.9	12.1
Southern California	1,898	94.3	95.3	(1.1)	10.1	9.7	3.8	6.4	6.2	2.3
Northern California	1,670	91.8	95.8	(4.1)	8.4	8.1	4.8	4.9	4.7	3.6
Western U.S.	13,116	93.3	%	94.6	%	(1.3)	%	$	61.1	$	56.2	8.8	%	$	39.6	$	36.1	9.4	%
Ireland	2,340	99.0	97.2	1.9	7.8	7.4	5.5	6.1	5.5	10.8
Total	15,456	93.9	%	94.9	%	(1.0)	%	$	68.9	$	63.6	8.4	%	$	45.7	$	41.6	9.6	%

Affordable Portfolio
Region:
Pacific Northwest	5,623	97.2	%	96.6	%	0.7	%	$	8.4	$	7.5	11.7	%	$	5.7	$	5.1	12.1	%
Mountain West	1,592	97.3	97.9	(0.5)	2.0	1.9	9.5	1.4	1.3	4.0
Southern California	704	98.2	97.5	0.7	1.3	1.2	5.2	1.0	0.9	3.7
Northern California	676	98.4	97.5	0.9	1.0	1.0	7.2	0.7	0.7	1.3
Western U.S.	8,595	97.4	%	97.0	%	0.5	%	$	12.7	$	11.6	10.3	%	$	8.8	$	8.0	8.9	%

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

Kennedy-Wilson Holdings, Inc.

Multifamily Same Property Analysis (continued)

(Unaudited)

(Dollars in millions)


Year Ended December 31,	Same Property Units	Average Occupancy %	Total Revenues	Net Operating Income
2022 vs. 2021	2022	2022	2021	% Change	2022	2021	% Change	2022	2021	% Change

Market Rate Portfolio
Region:
Mountain West	3,981	93.9	%	95.3	%	(1.4)	%	$	65.9	$	58.7	12.2	%	$	44.6	$	39.3	13.5	%
Pacific Northwest	3,427	93.8	95.7	(2.0)	58.2	53.0	9.8	38.0	34.0	11.8
Southern California	1,898	94.7	95.9	(1.2)	40.3	36.3	11.0	26.2	23.1	13.3
Northern California	1,550	92.7	95.3	(2.7)	30.9	29.1	6.4	19.2	18.0	6.1
Western U.S.	10,856	93.8	%	95.5	%	(1.7)	%	$	195.3	$	177.1	10.3	%	$	128.0	$	114.4	11.8	%
Ireland	2,061	98.2	91.0	8.0	26.8	25.1	6.8	20.8	19.1	9.0
Total	12,917	94.3	%	95.0	%	(0.7)	%	$	222.1	$	202.2	9.9	%	$	148.8	$	133.5	11.4	%

Affordable Portfolio
Region:
Pacific Northwest	5,045	97.1	%	97.5	%	(0.4)	%	$	28.6	$	26.7	7.2	%	$	19.4	$	18.3	6.0	%
Mountain West	1,592	97.3	97.9	(0.5)	7.8	7.4	5.6	5.5	5.3	2.6
Southern California	704	98.2	97.5	0.7	5.0	4.7	5.9	3.8	3.5	6.3
Northern California	676	98.4	97.5	0.9	4.0	3.7	7.2	2.7	2.6	6.3
Western U.S.	8,017	97.4	%	97.6	%	(0.2)	%	$	45.4	$	42.5	6.8	%	$	31.4	$	29.7	5.5	%

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (including straight-line rent)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same

Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.


Three Months Ended December 31,	Same Property Square Feet	Average % Occupancy	Total Revenues	Net Operating Income
2022 vs. 2021	2022	2022	2021	% Change	2022	2021	% Change	2022	2021	% Change

Region:
Pacific Northwest	0.6	100.0	%	100.0	%	-	%	$	4.3	$	4.2	1.3	%	$	3.5	$	3.2	9.0	%
Southern California	0.2	91.3	88.8	2.9	2.9	3.2	(11.5)	1.8	2.2	(20.5)
Northern California	0.3	87.4	77.1	13.3	3.1	2.7	15.7	1.9	1.4	32.2
Western U.S.	1.1	94.8	%	91.1	%	4.0	%	10.3	10.1	0.9	%	7.2	6.8	4.3	%
United Kingdom	1.5	94.4	89.8	5.2	12.1	10.4	16.3	11.5	9.7	19.0
Ireland	0.9	95.4	99.1	(3.7)	6.4	6.5	(1.7)	6.2	6.3	(2.2)
Italy	0.7	100.0	100.0	-	2.4	2.4	0.7	2.1	2.0	1.8
Europe	3.1	96.1	%	94.8	%	1.4	%	20.9	19.3	8.3	%	19.8	18.0	9.6	%

Total	4.2	95.7	%	93.7	%	2.1	%	$	31.2	$	29.4	5.8	%	$	27.0	$	24.8	8.1	%

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis (continued)

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (including straight-line rents)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same

Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.


Year Ended December 31,	Same Property Square Feet	Average % Occupancy	Total Revenues	Net Operating Income
2022 vs. 2021	2022	2022	2021	% Change	2022	2021	% Change	2022	2021	% Change

Region:
Pacific Northwest	0.6	100.0	%	100.0	%	-	%	$	17.2	$	17.0	1.1	%	$	14.0	$	14.0	-	%
Southern California	0.2	91.9	92.7	(0.8)	11.1	10.8	2.7	7.0	6.9	0.5
Northern California	0.3	82.8	80.6	2.7	11.8	11.3	4.7	7.0	6.6	6.3
Western U.S.	1.1	93.4	%	92.8	%	0.6	%	40.1	39.1	2.6	%	28.0	27.5	1.6	%
United Kingdom	1.1	91.3	90.8	0.6	31.2	30.6	2.2	29.0	28.3	2.3
Ireland	0.9	96.2	99.2	(3.0)	25.6	26.2	(2.3)	24.8	25.6	(3.1)
Italy	0.7	100.0	100.0	-	9.6	9.5	1.6	8.5	8.3	1.4
Europe	2.7	95.2	%	95.8	%	(0.7)	%	$	66.4	$	66.3	0.3	%	$	62.3	$	62.2	-	%

Total	3.8	94.6	%	94.9	%	(0.3)	%	$	106.5	$	105.4	1.2	%	$	90.3	$	89.7	0.5	%

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis (continued)

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (excluding straight-line rents)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same

Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.


Three Months Ended December 31,	Same Property Square Feet	Average % Occupancy	Total Revenues	Net Operating Income
2022 vs. 2021	2022	2022	2021	% Change	2022	2021	% Change	2022	2021	% Change

Region:
Pacific Northwest	0.6	100.0	%	100.0	%	-	%	$	4.7	$	4.5	4.8	%	$	3.9	$	3.5	13.1	%
Southern California	0.2	91.3	88.8	2.9	2.8	3.2	(12.4)	1.7	2.2	(21.8)
Northern California	0.3	87.4	77.1	13.3	2.8	2.5	12.5	1.7	1.3	27.9
Western U.S.	1.1	94.8	%	91.1	%	4.0	%	10.3	10.2	1.3	%	7.3	7.0	4.8	%
United Kingdom	1.5	94.4	89.8	5.2	11.7	10.2	14.3	11.0	9.4	16.9
Ireland	0.9	95.4	99.1	(3.7)	6.6	6.8	(3.4)	6.4	6.6	(4.0)
Italy	0.7	100.0	100.0	-	2.4	2.4	0.7	2.1	2.0	1.8
Europe	3.1	96.1	%	94.8	%	1.4	%	20.7	19.4	6.4	%	19.5	18.0	7.6	%

Total	4.2	95.7	%	93.7	%	2.1	%	$	31.0	$	29.6	4.6	%	$	26.8	$	25.0	6.8	%

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis (continued)

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (excluding straight-line rents)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same

Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.


Year Ended December 31,	Same Property Square Feet	Average % Occupancy	Total Revenues	Net Operating Income
2022 vs. 2021	2022	2022	2021	% Change	2022	2021	% Change	2022	2021	% Change

Region:
Pacific Northwest	0.6	100.0	%	100.0	%	-	%	$	18.4	$	17.7	3.6	%	$	15.2	$	14.7	3.0	%
Southern California	0.2	91.9	92.7	(0.8)	11.0	10.8	2.2	6.9	6.9	(0.3)
Northern California	0.3	82.8	80.6	2.7	11.2	10.8	3.3	6.3	6.1	4.0
Western U.S.	1.1	93.4	%	92.8	%	0.6	%	40.6	39.3	3.1	%	28.4	27.7	2.4	%
United Kingdom	1.1	91.3	90.8	0.6	29.2	30.1	(2.8)	26.9	27.8	(3.1)
Ireland	0.9	96.2	99.2	(3.0)	26.3	27.4	(4.1)	25.6	26.9	(4.9)
Italy	0.7	100.0	100.0	-	9.6	9.5	1.6	8.5	8.3	1.4
Europe	2.7	95.2	%	95.8	%	(0.7)	%	$	65.1	$	67.0	(2.7)	%	$	61.0	$	63.0	(3.3)	%

Total	3.8	94.6	%	94.9	%	(0.3)	%	$	105.7	$	106.3	(0.6)	%	$	89.4	$	90.7	(1.5)	%

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

Kennedy-Wilson Holdings, Inc.

Investment Transactions

(Unaudited, dollars in millions)

Listed below is additional detailed information about the real estate acquisitions and dispositions completed during the three months and year ended December 31, 2022:


100%	Kennedy Wilson's Share
Acquisitions	Real Estate Aggregate Purchase Price	Cap Rate(1)(4)	Loan Purchases/ Originations	Annual Return on Loans(4)	Real Estate Pro-Rata Purchase Price	Cap Rate(2)(4)	Loan Purchases/ Originations	Annual Return on Loans(4)	KW Ownership(3)
Q4-22
Western U.S.	$	2.7	-%	$	207.5	8.7%	$	1.1	N/A	$	10.4	10.7%	5.5%
Europe	-	-%	32.7	10.0%	-	N/A	1.6	10.0%	5.0%
Total	$	2.7	-%	$	240.2	8.9%	$	1.1	N/A	$	12.0	10.6%	5.4%

FY-22
Western U.S.	$	1,118.0	3.8%	$	837.8	6.9%	$	758.7	3.9%	$	42.9	8.5%	41.0%
Europe	794.6	3.7%	132.2	8.9%	226.2	4.3%	6.6	8.9%	25.1%
Total	$	1,912.6	3.8%	$	970.0	7.1%	$	984.9	3.9%	$	49.5	8.5%	35.9%


100%	Kennedy Wilson's Share
Dispositions	Real Estate Aggregate Sale Price	Cap Rate(1)	Loan Repayments	Annual Return on Loans(4)	Real Estate Pro-Rata Sale Price	Cap Rate(2)	Loan Repayments	Annual Return on Loans(4)	KW Ownership(3)
Q4-22
Western U.S.	$	143.8	5.8%	$	61.9	5.9%	$	59.8	5.4%	$	6.1	6.5%	32.0%
Europe	120.8	6.4%	-	-%	43.6	7.8%	-	-%	36.1%
Total	$	264.6	6.1%	$	61.9	5.9%	$	103.4	6.4%	$	6.1	6.5%	33.5%

FY-22
Western U.S.	$	1,081.0	4.1%	$	195.6	6.4%	$	372.6	4.8%	$	24.7	8.3%	31.1%
Europe	229.4	6.9%	217.2	8.8%	145.4	7.6%	10.9	8.8%	35.0%
Total	$	1,310.4	4.6%	$	412.8	7.6%	$	518.0	5.8%	$	35.5	8.5%	32.1%

(1) For acquisitions and dispositions, the Cap Rate includes only income-producing properties. For Q4-22, there were $2.7 million of acquisitions and $108.4 million of dispositions of non-income producing real estate assets. For FY-22, there were $47.6 million of acquisitions and $378.6 million of dispositions of non-income producing real estate assets. Please see "common definitions" for a definition of Cap Rate and a description of its limitations.

(2) For acquisitions and dispositions, the Cap Rate includes only income-producing properties at Kennedy Wilson's share. For Q4-22, there were $1.1 million of acquisitions and $15.7 million of dispositions of non-income producing real estate assets. For FY-22, there were $20.3 million of acquisitions and $179.0 million of dispositions of non-income producing real estate assets. Please see "common definitions" for a definition of Cap Rate and a description of its limitations.

(3) Kennedy Wilson's ownership is shown on a weighted-average basis based upon the aggregate purchase/sale price of each investment and Kennedy Wilson's ownership in each investment at the time of acquisition/disposition.

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

Kennedy-Wilson Holdings, Inc.

Segment Detail

(Unaudited)

(Dollars in millions)


Three Months Ended December 31, 2022
Consolidated	Co-Investment	Corporate	Total
Revenue
Rental	$	110.5	$	-	$	-	$	110.5
Hotel	13.7	-	-	13.7
Investment management fees	-	11.3	-	11.3
Property services fees	-	-	0.4	0.4
Loans and other	-	3.7	-	3.7
Total revenue	124.2	15.0	0.4	139.6
Income from unconsolidated investments
Principal co- investments	-	51.6	-	51.6
Performance allocations	-	(21.6)	-	(21.6)
Income from unconsolidated investments	-	30.0	-	30.0
Gain on sale of real estate, net	52.9	-	-	52.9
Expenses
Rental	40.5	-	-	40.5
Hotel	9.0	-	-	9.0
Compensation and related	11.7	10.5	7.1	29.3
Share based compensation	-	-	7.3	7.3
Performance fee compensation	-	(7.5)	-	(7.5)
General and administrative	4.4	4.1	2.2	10.7
Depreciation and amortization	40.2	-	-	40.2
Total expenses	105.8	7.1	16.6	129.5
Interest expense	(35.4)	-	(24.6)	(60.0)
Gain on early extinguishment of debt	29.9	-	-	29.9
Other loss	(8.9)	-	(1.1)	(10.0)
Income (loss) before provision for income taxes	56.9	37.9	(41.9)	52.9
Provision for income taxes	1.6	-	(15.3)	(13.7)
Net income (loss)	58.5	37.9	(57.2)	39.2
Net income attributable to noncontrolling interests	(8.7)	-	-	(8.7)
Preferred dividends	-	-	(7.9)	(7.9)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	49.8	$	37.9	$	(65.1)	$	22.6

Add back (less) (Kennedy Wilson's Share):
Interest expense	$	34.4	$	17.2	$	24.6	$	76.2
Gain on early extinguishment of debt	(21.8)	-	-	(21.8)
Depreciation and amortization	38.8	0.7	-	39.5
Provision for income taxes	(0.7)	0.8	15.3	15.4
Share-based compensation	-	-	7.3	7.3
Preferred dividends	-	-	7.9	7.9
Fees eliminated in consolidation	-	-	-	-
Adjusted EBITDA	$	100.5	$	56.6	$	(10.0)	$	147.1

Kennedy-Wilson Holdings, Inc.

Segment Detail (continued)

(Unaudited)

(Dollars in millions)


Year Ended December 31, 2022
Consolidated	Co-Investment	Corporate	Total
Revenue
Rental	$	434.9	$	-	$	-	$	434.9
Hotel	46.9	-	-	46.9
Investment management fees	-	44.8	-	44.8
Property services fees	-	-	1.7	1.7
Loans and other	-	11.7	-	11.7
Total revenue	481.8	56.5	1.7	540.0
Income from unconsolidated investments
Principal co-investments	-	199.5	-	199.5
Performance allocations	-	(21.1)	-	(21.1)
Income from Unconsolidated investments	-	178.4	-	178.4
Gain on sale of real estate, net	103.7	-	-	103.7
Expenses
Rental	151.2	-	-	151.2
Hotel	29.5	-	-	29.5
Compensation and related	41.5	44.6	25.2	111.3
Share based compensation	-	-	29.0	29.0
Performance fee compensation	-	(4.3)	-	(4.3)
General and administrative	14.7	14.8	7.7	37.2
Depreciation and amortization	172.9	-	-	172.9
Total expenses	409.8	55.1	61.9	526.8
Interest expense	(128.2)	-	(92.6)	(220.8)
Gain on extinguishment of debt	27.5	-	-	27.5
Other income	20.8	-	15.3	36.1
Income (loss) before provision for income taxes	95.8	179.8	(137.5)	138.1
Provision for income taxes	(21.0)	-	(15.2)	(36.2)
Net income (loss)	74.8	179.8	(152.7)	101.9
Net income attributable to noncontrolling interests	(8.2)	-	-	(8.2)
Preferred dividends	-	-	(28.9)	(28.9)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	66.6	$	179.8	$	(181.6)	$	64.8

Add back (less) (Kennedy Wilson's Share):
Interest expense	$	125.2	$	60.2	$	92.6	$	278.0
Gain on extinguishment of debt	(19.4)	-	-	(19.4)
Depreciation and amortization	167.6	3.5	-	171.1
Provision for income taxes	21.2	2.7	15.2	39.1
Share-based compensation	-	-	29.0	29.0
Preferred dividends	-	-	28.9	28.9
Fees eliminated in consolidation	(0.4)	0.4	-	-
Adjusted EBITDA	$	360.8	$	246.6	$	(15.9)	$	591.5

Kennedy-Wilson Holdings, Inc.

Segment Detail (continued)

(Unaudited)

(Dollars in millions)


Three Months Ended December 31, 2021
Consolidated	Co-Investment	Corporate	Total
Revenue
Rental	$	110.8	$	-	$	-	$	110.8
Hotel	7.9	-	-	7.9
Investment management fees	-	9.9	-	9.9
Property services fees	-	-	0.4	0.4
Loans and other	-	2.4	-	2.4
Total revenue	118.7	12.3	0.4	131.4
Income from unconsolidated investments
Principal co-investments	-	119.2	-	119.2
Performance allocations	-	55.9	-	55.9
Income from unconsolidated investments	-	175.1	-	175.1
Gain on sale of real estate, net	(4.3)	-	-	(4.3)
Expenses
Rental	34.9	-	-	34.9
Hotel	4.9	-	-	4.9
Compensation and related	8.7	17.9	8.9	35.5
Share based compensation	-	-	6.8	6.8
Performance fee compensation	-	38.8	-	38.8
General and administrative	4.2	3.0	1.4	8.6
Depreciation and amortization	41.0	-	-	41.0
Total expenses	93.7	59.7	17.1	170.5
Interest expense	(29.1)	-	(21.9)	(51.0)
Loss on early extinguishment of debt	(7.1)	-	-	(7.1)
Other (loss) income	(1.4)	-	0.1	(1.3)
(Loss) income before (provision for) benefit from income taxes	(16.9)	127.7	(38.5)	72.3
Provision for income taxes	(8.4)	-	(19.6)	(28.0)
Net income (loss)	(25.3)	127.7	(58.1)	44.3
Net income attributable to noncontrolling interests	(2.5)	-	-	(2.5)
Preferred dividends	-	-	(4.3)	(4.3)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(27.8)	$	127.7	$	(62.4)	$	37.5

Add back (less) (Kennedy Wilson's Share):
Interest expense	$	28.4	$	12.2	$	21.9	$	62.5
Loss on early extinguishment of debt	7.1	-	-	7.1
Depreciation and amortization	40.1	1.1	-	41.2
Benefit from income taxes	8.4	-	19.6	28.0
Share-based compensation	-	-	6.8	6.8
Preferred dividends	-	-	4.3	4.3
Fees eliminated in consolidation	(0.1)	0.1	-	-
Adjusted EBITDA	$	56.1	$	141.1	$	(9.8)	$	187.4

Kennedy-Wilson Holdings, Inc.

Segment Detail (continued)

(Unaudited)

(Dollars in millions)


Year Ended December 31, 2021
Consolidated	Co-Investment	Corporate	Total
Revenue
Rental	$	390.5	$	-	$	-	$	390.5
Hotel	17.1	-	-	17.1
Investment management fees	-	35.3	-	35.3
Property services fees	-	-	2.1	2.1
Loans and other	-	8.6	-	8.6
Total revenue	407.6	43.9	2.1	453.6
Income from unconsolidated investments
Principal co-investments	-	271.1	-	271.1
Performance allocations	-	117.9	-	117.9
Income from unconsolidated investments	-	389.0	-	389.0
Gain on sale of real estate, net	412.7	-	-	412.7
Expenses
Rental	132.7	-	-	132.7
Hotel	12.7	-	-	12.7
Compensation and related	60.4	40.4	33.1	133.9
Share based compensation	-	-	28.7	28.7
Performance fee compensation	-	42.0	-	42.0
General and administrative	18.5	8.5	6.3	33.3
Depreciation and amortization	166.3	-	-	166.3
Total expenses	390.6	90.9	68.1	549.6
Interest expense	(119.1)	-	(73.3)	(192.4)
Loss on extinguishment of debt	(19.2)	-	(26.5)	(45.7)
Other loss	(4.7)	-	(0.3)	(5.0)
Income (loss) before (provision for) benefit from income taxes	286.7	342.0	(166.1)	462.6
Provision for income taxes	(23.0)	-	(103.2)	(126.2)
Net income (loss)	263.7	342.0	(269.3)	336.4
Net income attributable to noncontrolling interests	(6.0)	-	-	(6.0)
Preferred dividends	-	-	(17.2)	(17.2)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	257.7	$	342.0	$	(286.5)	$	313.2
Add back (less) (Kennedy Wilson's Share):
Interest expense	$	116.3	$	40.2	$	73.3	$	229.8
Loss on extinguishment of debt	19.2	-	26.5	45.7
Depreciation and amortization	161.8	5.3	-	167.1
Provision for income taxes	23.0	-	103.2	126.2
Share-based compensation	-	-	28.7	28.7
Preferred dividends	-	-	17.2	17.2
Fees eliminated in consolidation	(0.5)	0.5	-	-
Adjusted EBITDA	$	577.5	$	388.0	$	(37.6)	$	927.9

NON-GAAP PRO RATA FINANCIAL INFORMATION

The following non-GAAP Pro-rata information is not intended to be a presentation in accordance with GAAP. The Pro-rata financial information reflects our proportionate economic ownership of each asset in our portfolio that we do not wholly own. The amounts in the column labeled "KW Share of Unconsolidated Investments" were derived on a property-by-property basis by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled "Noncontrolling Interests," which represents the share of consolidated assets attributable to noncontrolling interests.

We do not control the unconsolidated investments and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated investments generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the unconsolidated investments and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. We provide this information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated investments when read in conjunction with the Company's reported results under GAAP.

The presentation of Pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

• The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

• Other companies in our industry may calculate their pro rata interest differently than we do, which limits the usefulness of the amount in our pro rata financial statements as a comparative measure.

Because of these limitations, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using the Pro-rata financial information only supplementally.

Kennedy-Wilson Holdings, Inc.

Non-GAAP Pro-rata Financial Information(1)

(Unaudited, Dollars in millions)


	December 31, 2022	December 31, 2021
Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP
Noncontrolling Interests (2)	KW Share of Unconsolidated Investments (3)	Noncontrolling Interests (2)	KW Share of Unconsolidated Investments (3)
Assets
Cash and cash equivalents	$	(6.7)	$	86.9	$	(10.6)	$	103.7
Accounts receivable	(0.5)	147.2	(0.9)	6.0
Real estate and acquired in place lease values, net of accumulated depreciation and amortization(1)	(122.0)	4,319.1	(126.1)	3,667.9
Unconsolidated investments	-	(2,238.1)	-	(1,947.6)
Other assets	(4.6)	150.8	(3.5)	305.9
Loan purchases and originations	-	9.3	-	13.1
Total assets	$	(133.8)	$	2,475.2	$	(141.1)	$	2,149.0

Liabilities
Accounts payable	$	(0.3)	$	-	$	(0.9)	$	-
Accrued expenses and other liabilities	(16.2)	88.0	(22.2)	87.1
Mortgage debt	(70.9)	2,387.2	(91.7)	2,061.9
KW unsecured debt	-	-	-	-
KWE unsecured bonds	-	-	-	-
Total liabilities	(87.4)	2,475.2	(114.8)	2,149.0
Equity
Total Kennedy-Wilson Holdings, Inc. shareholders' equity	-	-	-	-
Noncontrolling interests	(46.4)	-	(26.3)	-
Total equity	(46.4)	-	(26.3)	-
Total liabilities and equity	$	(133.8)	$	2,475.2	$	(141.1)	$	2,149.0

(1) Includes Kennedy Wilson's total share of accumulated depreciation and amortization of $26.5 million and $41.6 million relating to noncontrolling interests and unconsolidated investments, respectively as of December 31, 2022, and $27.4 million and $41.6 million relating to noncontrolling interests and unconsolidated investments, respectively as of December 31, 2021.

(2) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

(3) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

Kennedy-Wilson Holdings, Inc.

Non-GAAP Pro-rata Financial Information

(Unaudited, Dollars in millions)


Q4-2022	Q4-2021
Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP
Noncontrolling Interests(1)	KW Share of Unconsolidated Investments(2)	Noncontrolling Interests(1)	KW Share of Unconsolidated Investments(2)
Revenue
Rental	$	(3.1)	$	56.2	$	(2.6)	$	51.6
Hotel	-	-	-	-
Sale of real estate	-	1.6	-	5.3
Investment management fees	-	(21.6)	-	55.9
Total revenue	(3.1)	36.2	(2.6)	112.8

Total income from unconsolidated investments	-	(30.0)	-	(175.1)

Fair value	-	35.3	-	101.5
Gain on sale of real estate, net	-	-	(2.5)	-

Expenses
Rental	(1.1)	16.8	(1.1)	15.1
Hotel	-	-	-	-
Cost of real estate sold	-	1.3	-	5.4
General and administrative	-	-	-	-
Depreciation and amortization	(1.3)	0.9	(1.1)	1.1
Total expenses	(2.4)	19.0	(2.2)	21.6
Interest expense	1.0	(17.2)	0.6	(12.1)
Gain on early extinguishment of debt, net	(8.0)	-	-	-
Other loss	(0.1)	(4.5)	(0.2)	(5.5)
Income before provision for income taxes	(7.8)	0.8	(2.5)	-
Provision for income taxes	(0.9)	(0.8)	-	-
Net income (loss)	(8.7)	-	(2.5)	-
Net income attributable to noncontrolling interests	8.7	-	2.5	-
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	-	$	-	$	-	$	-

(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

Kennedy-Wilson Holdings, Inc.

Non-GAAP Pro-rata Financial Information

(Unaudited, Dollars in millions)


Year ended December 31, 2022	Year ended December 31, 2021
Non-GAAP	Non-GAAP	Non-GAAP	Non-GAAP
Noncontrolling Interests(1)	KW Share of Unconsolidated Investments(2)	Noncontrolling Interests(1)	KW Share of Unconsolidated Investments(2)
Revenue
Rental	$	(11.4)	$	224.0	$	(10.8)	$	177.6
Hotel	-	-	-	-
Sale of real estate	-	52.0	-	39.5
Investment management fees	-	(21.1)	0.6	117.9
Total revenue	(11.4)	254.9	(10.2)	335.0

Total income from unconsolidated investments	-	(178.4)	-	(389.0)

Fair value	-	110.2	-	210.6
Gain on sale of real estate, net	(1.0)	4.9	(5.4)	(3.1)

Expenses
Rental	(4.5)	66.4	(4.4)	53.2
Hotel	-	-	-	-
Cost of real estate sold	-	40.7	-	36.8
General and administrative	-	-	-	-
Depreciation and amortization	(5.3)	3.8	(4.5)	5.6
Total expenses	(9.8)	110.9	(8.9)	95.6
Interest expense	2.9	(60.1)	3.0	(40.0)
Gain (loss) on early extinguishment of debt, net	(8.0)	-	-	-
Other income (loss)	(0.4)	(17.9)	(2.3)	(17.9)
Income before provision for income taxes	(8.1)	2.7	(6.0)	-
Provision for (benefit from) income taxes	(0.1)	(2.7)	-	-
Net income (loss)	(8.2)	-	(6.0)	-
Net income attributable to noncontrolling interests	8.2	-	6.0	-
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	-	$	-	$	-	$	-

(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

APPENDIX

Kennedy-Wilson Holdings, Inc.

Estimated Annual NOI Reconciliation

(Unaudited)

(Dollars in millions)


Rental Revenues	$	110.5
Hotel Revenues	13.7
Rental (Expenses)	(40.5)
Hotel (Expenses)	(9.0)
Loans and other	3.7
Consolidated NOI	$	78.4
Adjustments:
Non-controlling interest	(2.0)
NOI from Unconsolidated investments (KW Share)	39.4
Property-Level NOI - Q4-22 (KW Share)(1)	$	115.8

Adjustments
Assets acquired and disposed (net)	(0.7)
Lease-up and development portfolio	(0.2)
Hotel operations	(0.3)
Assets owned and occupied by Kennedy Wilson	1.4
Amortization of above/below market leases (net)	(0.5)
Straight-line and free rent (net)	3.4
Non-recurring income/expense, FX, and other	3.7
Q4-22 Estimated NOI	$	122.6
Estimated Annual NOI - December 31, 2022	$	490.7

(1) See Appendix for reconciliation of Property-Level NOI to Net Income.

Kennedy-Wilson Holdings, Inc.

Reconciliation of Kennedy Wilson's Share Amounts

(Unaudited, Dollars in millions)


Three Months Ended	Year Ended
December 31,	December 31,
2022	2021	2022	2021
Interest expense (Kennedy Wilson's Share)
Interest expense	60.0	51.0	220.8	192.4
Interest expense (attributable to noncontrolling interests)	(1.0)	(0.7)	(3.0)	(2.8)
Kennedy Wilson's share of interest expense included in unconsolidated investments	17.2	12.2	60.2	40.2
Interest expense (Kennedy Wilson's Share)	$	76.2	$	62.5	$	278.0	$	229.8

(Gain) loss on early extinguishment of debt
(Gain) loss on early extinguishment of debt	(29.9)	7.1	(27.5)	45.7
(Gain) loss on early extinguishment of debt (attributable to noncontrolling interests)	8.1	-	8.1	-
(Gain) loss on early extinguishment of debt (Kennedy Wilson's Share)	$	(21.8)	$	7.1	$	(19.4)	$	45.7

Depreciation and amortization (Kennedy Wilson's Share)
Depreciation and amortization	40.2	41.0	172.9	166.3
Depreciation and amortization (attributable to noncontrolling interests)	(1.4)	(0.9)	(5.3)	(4.5)
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments	0.7	1.1	3.5	5.3
Depreciation and amortization (Kennedy Wilson's Share)	$	39.5	$	41.2	$	171.1	$	167.1

Provision for (benefit from) income taxes (Kennedy Wilson's Share)
Provision for income taxes	13.7	28.0	36.2	126.2
Provision for (benefit from) income taxes (attributable to noncontrolling interests)	0.9	-	0.2	-
Provision for income taxes included in unconsolidated investments	0.8	-	2.7	-
Provision for (benefit from) income taxes (Kennedy Wilson's Share)	$	15.4	$	28.0	$	39.1	$	126.2

Kennedy-Wilson Holdings, Inc.

Same Property Reconciliation

(Unaudited)

(Dollars in million


Q4 - 2022	Q4 - 2021
Same Property	Same Property
Revenue	NOI	Revenue	NOI
Rental Revenues	$	110.5	$	110.5	$	110.8	$	110.8
Hotel Revenues	13.7	13.7	7.9	7.9
Rental (Expenses)	-	(40.5)	-	(34.9)
Hotel (Expenses)	-	(9.0)	-	(4.9)
Consolidated Total	124.2	74.7	118.7	78.9
Less: NCI adjustments (1)	(2.0)	(1.1)	(2.5)	(1.4)
Add: Unconsolidated investment adjustments (2)	38.5	27.7	36.6	26.3
Add: Straight-line and above/below market rents	(0.6)	(0.6)	(0.3)	(0.3)
Less: Reimbursement of recoverable operating expenses	(7.4)	-	(6.1)	-
Less: Properties bought and sold(3)	(11.1)	(7.1)	(4.0)	(3.2)
Less: Other properties excluded (4)	(27.8)	(13.6)	(32.6)	(22.1)
Other Reconciling Items (5)	(1.0)	1.5	(5.2)	(3.8)
Same Property	$	112.8	$	81.5	$	104.6	$	74.4


Q4 - 2022	Q4 - 2021
Same Property	Same Property
Same Property (Reported)	Revenue	NOI	Revenue	NOI
Office - Same Property	$	31.2	$	27.0	$	29.4	$	24.8
Multifamily Market Rate Portfolio - Same Property	68.9	45.7	63.6	41.6
Multifamily Affordable Portfolio - Same Property	12.7	8.8	11.6	8.0
Same Property	$	112.8	$	81.5	$	104.6	$	74.4
Straight-line rent adjustments (net)	(0.2)	(0.2)	0.2	0.2
Same Property (Excluding Straight-Line Rents)	$	112.6	$	81.3	$	104.8	$	74.6

(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.

(2) Represents the Company's share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.

(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.

(4) Represents properties excluded from the same property population that were not stabilized during the applicable periods.

(5) Represents other properties excluded from the same property population that were not classified as either a commercial or multifamily property within the Company's portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and

Kennedy-Wilson Holdings, Inc.

Same Property Reconciliation

(Unaudited)

(Dollars in million


Year Ended December 31, 2022	Year Ended December 31, 2021
Same Property	Same Property
Revenue	NOI	Revenue	NOI
Rental Revenues	$	434.9	$	434.9	$	390.5	$	390.5
Hotel Revenues	46.9	46.9	17.1	17.1
Rental (Expenses)	-	(151.2)	-	(132.7)
Hotel (Expenses)	-	(29.5)	-	(12.7)
Consolidated Total	481.8	301.1	407.6	262.2
Less: NCI adjustments (1)	(10.6)	(6.5)	(9.0)	(5.1)
Add: Unconsolidated investment adjustments (2)	140.3	101.2	131.9	94.7
Add: Straight-line and above/below market rents	(3.6)	(3.6)	0.5	0.5
Less: Reimbursement of recoverable operating expenses	(28.3)	-	(22.7)	-
Less: Properties bought and sold (3)	(90.1)	(64.5)	(63.0)	(41.0)
Less: Other properties excluded (4)	(111.9)	(58.5)	(84.8)	(51.1)
Other Reconciling Items (5)	(3.6)	1.3	(10.4)	(7.3)
Same Property	$	374.0	$	270.5	$	350.1	$	252.9


Year Ended December 31, 2022	Year Ended December 31, 2021
Same Property	Same Property
Same Property (Reported)	Revenue	NOI	Revenue	NOI
Office - Same Property	$	106.5	$	90.3	$	105.4	$	89.7
Multifamily Market Rate Portfolio - Same Property	222.1	148.8	202.2	133.5
Multifamily Affordable Portfolio - Same Property	45.4	31.4	42.5	29.7
Same Property	$	374.0	$	270.5	$	350.1	$	252.9
Straight-line rent adjustments (net)	(0.8)	(0.8)	0.9	0.9
Same Property (Excluding Straight-Line Rents)	$	373.2	$	269.7	$	351.0	$	253.8

(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.

(2) Represents the Company's share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.

(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.

(4) Represents properties excluded from the same property population that were not stabilized during the applicable periods.

Kennedy-Wilson Holdings, Inc.

Reconciliation of Adjusted Fees

(Unaudited)

(Dollars in millions)


Adjusted Fees
Q4	Full Year
2022	2021	2022	2021
Investment management fees	$	11.3	$	9.9	$	44.8	$	35.3
Property services fees	0.4	0.4	1.7	2.1
Non-GAAP adjustments:
Add back:
Fees eliminated in consolidation(1)	0.1	0.1	0.4	0.8
Performance fees included in unconsolidated investments	(21.6)	55.9	(21.1)	117.9
Adjusted Fees	$	(9.8)	$	66.3	$	25.8	$	156.1

(1) Represents fees recognized in net (income) loss attributable to noncontrolling interests relating to portion of fees paid by noncontrolling interest holders.

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Kennedy Wilson Holdings Inc. published this content on 21 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 February 2023 22:37:34 UTC.

Latest news about Kennedy-Wilson Holdings, Inc.

Analysis-US regional banks seen booking more commercial property losses, loan sales	Apr. 17	RE
Kennedy-Wilson Holdings, Inc. Announces Management Changes	Apr. 01	CI
Kennedy Wilson Says Real Estate Debt Platform Reaches $7 Billion in Originations	Mar. 04	MT
Tranche Update on Kennedy-Wilson Holdings, Inc. (NYSE:KW)'s Equity Buyback Plan announced on March 20, 2018.	Feb. 22	CI
Transcript : Kennedy-Wilson Holdings, Inc., Q4 2023 Earnings Call, Feb 22, 2024	Feb. 22
Kennedy-Wilson Holdings, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	Feb. 21	CI
Earnings Flash (KW) KENNEDY-WILSON HOLDINGS Reports Q4 Revenue $140.1M	Feb. 21	MT
Kennedy-Wilson Maintains Quarterly Dividend at $0.24 a Share, Payable April 4 to Shareholders of Record as of March 28	Feb. 21	MT
Kennedy Wilson Announces Dividend on Common Share for First Quarter 2024, Payable on April 4, 2024	Feb. 21	CI
An unknown buyer agreed to acquire Irish hotel asset from Kennedy-Wilson Holdings, Inc. (NYSE:KW).	Feb. 20	CI
An unknown buyer acquired One United Kingdom office asset and six USA and Europ retail assets of Kennedy-Wilson Holdings, Inc.	Feb. 20	CI
North American Morning Briefing : Stock Futures -2-	Nov. 08	DJ
BofA Securities Downgrades Kennedy-Wilson to Underperform From Neutral, Cuts Price Target to $6 From $18	Nov. 07	MT
Kennedy-Wilson Holdings Insider Bought Shares Worth $1,232,000, According to a Recent SEC Filing	Nov. 06	MT
Tranche Update on Kennedy-Wilson Holdings, Inc. (NYSE:KW)'s Equity Buyback Plan announced on March 20, 2018.	Nov. 02	CI
Transcript : Kennedy-Wilson Holdings, Inc., Q3 2023 Earnings Call, Nov 02, 2023	Nov. 02
Earnings Flash (KW) KENNEDY-WILSON HOLDINGS Reports Q3 Revenue $141.3M	Nov. 01	MT
Kennedy-Wilson Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023	Nov. 01	CI
Kennedy-Wilson Holdings Maintains Quarterly Dividend at $0.24 a Share, Payable Jan. 4 to Shareholders of Record Dec. 29	Nov. 01	MT
Kennedy Wilson Announces Dividend on Common Share for Fourth Quarter 2023, Payable on January 4, 2024	Nov. 01	CI
PGIM Real Estate (UK) Limited acquired Argyle House from Kennedy-Wilson Holdings, Inc. (NYSE:KW) for £38 million.	23-10-19	CI
Kennedy-Wilson President Mary Ricks to Retire After 33 Years; Matt Windisch Named Successor	23-09-14	MT
Kennedy-Wilson Holdings, Inc. Announces Retirement of Mary Ricks as President and as Director on the company?s Board	23-09-14	CI
Kennedy Wilson Completes Construction of Three Multifamily Developments in Ireland Totaling 800 Units	23-09-11	CI
Tranche Update on Kennedy-Wilson Holdings, Inc. (NYSE:KW)'s Equity Buyback Plan announced on March 20, 2018.	23-08-04	CI

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Company Profile

Kennedy-Wilson Holdings, Inc. is a global real estate investment company. The Company owns, operates, and invests in real estate both on its own and through its investment management platform. It also has a debt platform focused on construction lending secured by multifamily and student housing properties throughout the United States. The Company focuses on multifamily and office properties, as well as industrial and debt investments in its Investment Management business in the Western United States, United Kingdom and Ireland. Its operations are defined by two business segments: its Consolidated Portfolio and Co-Investment Portfolio. Investment activities in the Consolidated Portfolio involve ownership of multifamily units, office, and retail space and one hotel. The Co-Investment Portfolio consists of the co-investments in real estate and real estate-related assets, including loans secured by real estate; fees, and performance allocations that it earns on its fee bearing capital.

Sector

Real Estate Development & Operations

Calendar

2024-05-07 - Q1 2024 Earnings Release

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Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

8.46 USD

Average target price

10.1 USD

Spread / Average Target

+19.39%

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