Kennedy-wilson Holdings Inc. · NYSE:KW
Kennedy-wilson — Q4 2024 Earnings Presentation
33 slides from Kennedy-wilson's earnings presentation, Feb 27, 2025
Slide 1: Kennedy Wilson Q4-2024 Investor Presentation
Kennedy Wilson Q4-2024 Investor Presentation
Slide 2: Table of Contents
TABLE OF CONTENTS SECTION 1 Strategic Review Page 2 SECTION 2 Real Estate Portfolio Page 7 SECTION 3 Investment Management Platform Page 12 SECTION 4 Financial Review Page 21 SECTION 5 Appendix Page 24 © KENNEDY WILSON Geo, Shoreline, Washington Q4-2024 Investor Presentation 1
Slide 3: Strategic Review
© KENNEDY WILSON S T R AT EG I C R E V I E W The Clara, Boise, Idaho
Slide 4: Strategic Initiatives
STRATEGIC INITIATIVES 1 Investment Management ✓ Strategic focus on rental housing and logistics investments Platform Growth ✓ Targeting 20%+ growth in investment management fees ✓ Invest across both real estate equity and debt opportunities 2 Increasing Property ✓ Organic NOI growth from stabilized
Slide 5: Kennedy Wilson at a glance
$28B ~62,000 $8.8B Assets Under Multifamily Units Fee-Bearing Management1 Owned or Financed2 Capital1 36 years KW 246 / 15 Investment NYSE, Employees / Offices History S&P 600 Member © KENNEDY WILSON Dovetail, Meridian, Idaho As of December 31, 2024 Q4-2024 1) As defined Investor in definitions Pres
Slide 6: A Simplified Kennedy Wilson
A SIMPLIFIED KENNEDY WILSON $467M ~$65M $100M Estimated Annual NOI Est. Annual NOI at stabilization 2024 Investment (from stabilized from lease-up and development Management Fees portfolio) portfolio © KENNEDY WILSON Oxbow, Bozeman, Montana Q4-2024 Investor Presentation 5
Slide 7: The Kennedy Wilson Advantage
THE KENNEDY WILSON ADVANTAGE Globally diversified real estate portfolio in growing markets with complementary investment management platform Long-term relationships with major financial institutions Local expertise to accretively allocate capital First-mover advantage from early entry in key target
Slide 8: Real Estate Portfolio
© KENNEDY WILSON R EA L E S TAT E P O R T F O L I O Bristol at Southport, Renton, Washington
Slide 9: Stabilized Portfolio Breakdown
STABILIZED PORTFOLIO BREAKDOWN Multifamily, Loans, and Industrial represents 72% of portfolio Sectors Geography Industrial 4% Other Loans Retail 2% 2% U.K. 4% 15% U.S. Office 6% $467M Ireland $467M EU Office 20% Estimated 17% Estimated Annual NOI1 Annual NOI1 Multifamily 64% U.S. 66% 38,285 24.7 93.
Slide 10: Two Key Investment Segments
TWO KEY INVESTMENT SEGMENTS Consolidated Portfolio Co-Investment Portfolio Wholly-owned investments with accretive Real estate and loan investments with asset management opportunities strategic partners and commingled fund business (KW ownership 5-50%) $5.2B $249M $13M $317M $8.8B $53M Consolidated
Slide 11: Global Multifamily Portfolio Totals
GLOBAL MULTIFAMILY PORTFOLIO TOTALS ~38,000 UNITS1 Boise Seattle Montana Washington Portland Ireland 13% Oregon Idaho Northern Mountain West 3 California Reno 38% $297M 11% Nevada East Bay Area Utah Southern Estimated California Colorado California Annual NOI2 Denver 11% Greater LA Arizona New Pacif
Slide 12: High Quality Multifamily Communities
HIGH QUALITY MULTIFAMILY COMMUNITIES The Clara, Eagle, ID Bristol at Southport, Renton, WA Mission Hills, Camarillo, CA Cantata at the Trails, Albuquerque, NM © KENNEDY WILSON Atlas, Issaquah, WA Coopers Cross, Dublin, Ireland Q4-2024 Investor Presentation 11
Slide 13: Investment Management Platform
© KENNEDY WILSON I N V E ST M E N T M A N A G E M E N T P L AT F O R M Clancy Quay, Dublin, Ireland
Slide 14: Investment Management Growth Strategy Today
INVESTMENT MANAGEMENT GROWTH STRATEGY TODAY KW has developed deep relationships with well-capitalized institutional 1 Relationships investors across Asia, Canada, Europe, the Middle East, and the U.S. Focus on launching new strategies as capital deployment 2 Strategies opportunities strengthen Signi
Slide 15: Growing Platforms Focused on Multifamily, Credit, and Industrial
GROWING PLATFORMS FOCUSED ON MULTIFAMILY, CREDIT, AND INDUSTRIAL Rental Housing Debt Platform Logistics Opportunity Today Opportunity Today Opportunity Today ✓ Continued structural shortage of rental housing ✓ Certain banks/non-bank lenders are largely out ✓ Supply and demand imbalances in strong in
Slide 16: Strong Track Record of Growth
STRONG TRACK RECORD OF GROWTH Fee-Bearing Capital 10.0 ($ in billions) 9.0 8.0 7.0 26% 6.0 CAGR 5.0 $8.4 $8.8 4.0 3.0 $5.9 $5.0 2.0 $3.9 $3.0 1.0 $2.2 0.0 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 Investment Management Fees1 100.0 ($ in millions) 90.0 80.0 70.0 60.0 36% 50.0 CAG
Slide 17: Best-in-Class Stable of Institutional Investors
BEST-IN-CLASS STABLE OF INSTITUTIONAL INVESTORS Investor Type Investor Geography Other 2% Middle East Private Equity 4% 4% RIA Europe 2% 4% Family Office 7% Asia 17% Pension Fund 11% $8.8B $8.8B Fee-Bearing Fee-Bearing Canada Sovereign Capital1 Insurance Capital1 58% Wealth Fund Company U.S. 12% 62%
Slide 18: Case Study: PacWest Bank Transaction
CASE STUDY: PACWEST BANK TRANSACTION Strategic off-market acquisition from regional bank Process Portfolio • Sourced off-market as a result of long-standing relationship • Acquired high-quality discounted $4.1 billion $4.1B Loan Commitments network portfolio totaling 65 loans • Capitalized transacti
Slide 19: Debt Platform Overview
DEBT PLATFORM OVERVIEW Sectors Retail 3% Other Industrial 4% 4% Hotel 9% Office $9.0B 11% Loan Multifamily Construction Loan: Alexan West End Long Beach, CA Commitments Residential 69% Student Housing Construction Loan: Aspire A&M College Station, TX $4.9B $4.1B 4.3% $4.6B © KENNEDY WILSON Outstandi
Slide 20: Construction Loans Provide KW a National Footprint
CONSTRUCTION LOANS PROVIDE KW A NATIONAL FOOTPRINT West Lafayette, IN Bozeman, MT Colorado Springs, CO Chicago, IL Seattle, WA Denver, CO Salt Lake City, UT Jersey City, NJ Madison, WI Bloomington, IN Old Tappan, NJ Ann Arbor, MI Tigard, OR Syracuse, NY Sacramento, CA Stockton, CA New York, NY Phila
Slide 21: EU Logistics Platform Overview
EU LOGISTICS PLATFORM OVERVIEW Geography Other Ireland 2% 9% UK Industrial: Spire Green, Harlow $1.2B Portfolio Value UK 89% IRL Industrial: Courtstown, Little Island $1.4B $1.1B 20% $442M Portfolio Value Remaining Capacity KW Ownership Fee-Bearing Capital1 © KENNEDY WILSON 1 ) As defined in definit
Slide 22: Financial Review
© KENNEDY WILSON FINANCIAL REVIEW One Embassy Gardens , London, UK
Slide 23: Balance Sheet and Liquidity
BALANCE SHEET AND LIQUIDITY Reduced Floating Rate Exposure Cash and Credit Facility Floating 3% Hedged 20% Cash 32% 97% $669M Fixed or Cash and Lines hedged debt (KW Share) of Credit Revolving Credit Facility Fixed 68% 77% 4.9yrs 4.6% Weighted avg. Effective term to maturity interest rate © KENNEDY
Slide 24: Components of Value
COMPONENTS OF VALUE Key Valuation Metrics as of December 31, 2024: Investments Kennedy Wilson’s Share ($ in millions) Income Producing Assets Description Est. Annual NOI(1)(2) 1 Multifamily 35,895 units $296.6 2.4 million consolidated square feet 2a EU Office 91.6 0.7 million co-investment square fe
Slide 25: Appendix
© KENNEDY WILSON APPENDIX The Grange, Dublin, Ireland
Slide 26: Vintage Housing: Growing Our Affordable Housing Portfolio
VINTAGE HOUSING: GROWING OUR AFFORDABLE HOUSING PORTFOLIO 17% Growth Expected in Stabilized Units by YE-25 Vintage at Urban Center, Lynwood, WA Southside by Vintage, Seattle, WA Steamboat by Vintage, Reno, NV At acquisition (Q2-15) Q4-24 Q4-251 Communities (stabilized) 30 52 60 Stabilized units 5,50
Slide 27: Irish Multifamily: Market Imbalance Creates Opportunity
IRISH MULTIFAMILY: MARKET IMBALANCE CREATES OPPORTUNITY Low institutional Urgent need for new Fewer apartment dwellers ownership residential stock than other EU countries 246,453 60,000 47.5% Private rental units Annual residential % of apartment dwellers in Ireland1 requirement3 in EU countries5 <5
Slide 28: Strong Office Fundamentals and Favorable UK & Irish Lease Structures
STRONG OFFICE FUNDAMENTALS AND FAVORABLE UK & IRISH LEASE STRUCTURES UK & Irish leases KW UK & Ireland office portfolio1 Long-term with 5-year rent reviews 41.8% 99.5% Upward-only FRI leases rent reviews or fixed uplifts Upward-only rent reviews in UK (and pre-2010 in Ireland) 7.2yrs 4.5yrs WAULT WA
Slide 29: KW Top Assets by Est. Annual NOI
KW TOP 20 ASSETS BY EST. ANNUAL NOI Accounts Est. Annual Commercial Acquisition Asset name for 35% of Location Estimated Annual Region NOI Sector MF Units NOI1 (000 sq ft) date 1 111 BPR London UK Office 17.0 216 - Nov-14 2 Bella Vista Richmond, CA Nor. California Multifamily 14.5 - 1,008 May-11 3 U
Slide 30: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED EBITDA ($ in M) 2024 2023 2022 2021 2020 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $(76.5) $(341.8) $64.8 $313.2 $92.9 Non-GAAP adjustments: Add back (Kennedy Wilson’s Share): I
Slide 31: Reconciliation of Net Income to Adjusted Net Income
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ($ in M) 2024 2023 2022 2021 2020 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $(76.5) $(341.8) $64.8 $313.2 $92.9 Non-GAAP adjustments: Add back (less): Depreciation an
Slide 32: Estimated Annual NOI Reconciliation to GAAP NOI
ESTIMATED ANNUAL NOI RECONCILIATION TO GAAP NOI ($ in M) Q4-24 Rental Revenues $97.6 Rental (Expenses) (36.8) Loans 7.5 Consolidated NOI $68.3 Adjustments: Non-controlling interest (2.0) NOI from unconsolidated investments (KW Share) 50.7 Property-Level NOI – Q4-24 (KW Share) $117.0 Adjustments: Ass
Slide 33: Definitions
APPENDIX DEFINITIONS: Adjusted EBITDA represents net (loss) income before interest expense, loss (gain) 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 unconso
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