Kennedy-wilson Holdings Inc. · NYSE:KW
Kennedy-wilson — Q2 2025 Earnings Presentation
35 slides from Kennedy-wilson's earnings presentation, August 2025
Slide 1: Kennedy Wilson Q2-2025 Investor Presentation
Kennedy Wilson Q2-2025 Investor Presentation
Slide 2: Kennedy Wilson at a Glance
KENNEDY WILSON AT A GLANCE Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic investments alongside our partners. Drawing on decades of experience, our relationship-or
Slide 3: Table of Contents
TABLE OF CONTENTS SECTION 1 Strategic Review Page 3 SECTION 2 Real Estate Portfolio Page 7 SECTION 3 Investment Management Platform Page 14 SECTION 4 Financial Review Page 23 SECTION 5 Appendix Page 26 © KENNEDY WILSON Geo, Shoreline, Washington Q2-2025 Investor Presentation 2
Slide 4: Strategic Review
© KENNEDY WILSON S T R AT EG I C R E V I E W The Clara, Boise, Idaho
Slide 5: Strategic Initiatives
STRATEGIC INITIATIVES 1 Investment Management ✓ Strategic focus on rental housing and logistics investments Platform Growth ✓ Targeting 20%+ growth in investment management fees ✓ 30% growth YTD vs 1H-24 ✓ Invest across both real estate equity and debt opportunities ✓ Q2: Record $36M of IM Fees and
Slide 6: A Simplified Kennedy Wilson
A SIMPLIFIED KENNEDY WILSON $468M ~$60M $114M Estimated Annual NOI Est. Annual NOI at stabilization TTM Investment (from stabilized from lease-up and development Management Fees portfolio) portfolio © KENNEDY WILSON Oxbow, Bozeman, Montana Q2-2025 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 Loans 4% Other Industrial Retail U.K. 1% 4% 3% 16% U.S. Office 6% $468M $468M Eur Office 19% Estimated Ireland Estimated 19% Annual NOI1 Annual NOI1 Multifamily U.S. 64% 64% 40K 25M 93.6%
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%) $5.0B $235M $15M $347M $9.2B $46M Consolidated
Slide 11: Global Multifamily Portfolio Totals 40,000 Units
GLOBAL MULTIFAMILY PORTFOLIO TOTALS 40,000 UNITS 1 Boise Seattle Montana Washington Portland Ireland Oregon 17% Idaho 3 Mountain West 37% Reno California $298M East Bay Area Nevada Utah 18% Estimated California Colorado Annual NOI2 Denver Greater LA Arizona New Pacific Mexico Northwest Las Vegas 28%
Slide 12: Tailwinds in U.S. Multifamily
TAILWINDS IN U.S. MULTIFAMILY Attractive Relative Homeownership costs are significantly higher than renting Affordability High home prices and mortgage rates limit home buying National housing shortage of 3+ million housing units Slowing Future Supply Supply growth dropping by half from peak Favorab
Slide 13: Construction Slowdown Fuels U.S. Housing Shortage
CONSTRUCTION SLOWDOWN FUELS U.S. HOUSING SHORTAGE While 2024 marks a 40-year high in deliveries, declining construction starts signal future undersupply and continued pressure on the U.S. housing market 200 160 Construction Starts/Delivered Units 120 (000’s) 80 40 © KENNEDY WILSON 0 2001 Q2 2003 Q2
Slide 14: 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 Q2-2025 Investor Presentation 13
Slide 15: 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 16: Investment Management Growth Strategy Today
INVESTMENT MANAGEMENT GROWTH STRATEGY TODAY KW has built 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 Significa
Slide 17: Growing Platforms Focused on Multifamily, Credit, and Industrial
GROWING PLATFORMS FOCUSED ON MULTIFAMILY, CREDIT, AND INDUSTRIAL Rental Housing Credit Platform Logistics Opportunity Today Opportunity Today Opportunity Today ✓ Continued structural shortage of rental housing ✓ Originate lower leverage construction ✓ Supply and demand imbalances in strong in the U.
Slide 18: Strong Track Record of Growth
STRONG TRACK RECORD OF GROWTH Fee-Bearing Capital 10.0 ($ in billions) 9.0 8.0 7.0 25% 6.0 CAGR 5.0 $8.8 $9.2 4.0 $8.4 3.0 $5.9 $5.0 2.0 $3.9 $3.0 1.0 $2.2 0.0 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 6/30/25 Investment Management Fees1 140.0 ($ in millions) 120.0 100.0 80.0 30
Slide 19: Best-in-Class Stable of Institutional Investors
BEST-IN-CLASS STABLE OF INSTITUTIONAL INVESTORS Investor Type Investor Geography RIA Middle East 2% Private Equity 3% 4% Europe Other Family Office 2% 5% 6% U.S. 14% Sovereign $9.2B Wealth Fund 11% $9.2B Fee-Bearing Fee-Bearing Pension Fund Capital1,2 Insurance Asia Capital1,2 Canada 12% Company 16%
Slide 20: Rental Housing Represents 65% of AUM
RENTAL HOUSING REPRESENTS 65% OF AUM 1 Investing across both equity and credit opportunities Rental Housing Investments Real Estate Equity Credit Investments $12B AUM 1 $315M NOI + Fees 2 $8B AUM 1 $64M Interest + Fees 3 • Market-Rate Apartments – U.S. and Ireland • Senior Construction – Multifamily
Slide 21: Credit Platform Overview
CREDIT PLATFORM OVERVIEW $1.2B in multifamily and student housing construction originations in Q2-25, $2.0B closed YTD $5.7B in Originations Since Q4-23 Sectors ($ in millions) Retail 2% IndustrialOther Hotel 2% 4% 8% $1,374 $1,237 $949 Office $719 $724 $10.1B 8% $422 $240 Q4-23 Q1-24 Q2-24 Q3-24 Q4
Slide 22: Construction Loans Provide KW a National Footprint
CONSTRUCTION LOANS PROVIDE KW A NATIONAL FOOTPRINT West Lafayette, IN Bozeman, MT Chicago, IL Denver, CO Salt Lake City, UT Jersey City, NJ Olympia, WA Madison, WI Bloomington, IN Old Tappan, NJ Syracuse, NY Ann Arbor, MI Tigard, OR Ithaca, NY Sacramento, CA Jersey City, NJ Stockton, CA New York, NY
Slide 23: Global Reach of Logistics Portfolio
GLOBAL REACH OF LOGISTICS PORTFOLIO Geography Other 2% Ireland 7% U.S. 17% UK Industrial: Spire Green, Harlow $2.4B Portfolio Value UK 74% U.S. Industrial: Las Vegas, Nevada 12M 98% 22% Sq Ft Occupancy1 KW Ownership © KENNEDY WILSON 1 ) Excludes lease-up and development assets. IRL Industrial: Court
Slide 24: Financial Review
© KENNEDY WILSON FINANCIAL REVIEW One Embassy Gardens , London, UK
Slide 25: Balance Sheet and Liquidity
BALANCE SHEET AND LIQUIDITY Reduced Floating Rate Exposure Cash and Credit Facility Floating 2% Hedged 24% 98% $757M Cash 41% Fixed or Cash1 and Lines hedged debt Revolving (KW Share) Credit Facility of Credit 59% Fixed 74% 4.6yrs 4.7% Weighted avg. Effective term to maturity interest rate © KENNEDY
Slide 26: Components of Value
COMPONENTS OF VALUE Key Valuation Metrics as of June 30, 2025: Investments Kennedy Wilson’s Share ($ in millions) Income Producing Assets Description Est. Annual NOI(1)(2) 1 Multifamily 37,736 units $298.1 2.0 million consolidated square feet 2a EU Office 91.1 0.7 million co-investment square feet 0
Slide 27: Appendix
© KENNEDY WILSON APPENDIX The Grange, Dublin, Ireland
Slide 28: Vintage Housing: Growing Our Affordable Housing Portfolio
VINTAGE HOUSING: GROWING OUR AFFORDABLE HOUSING PORTFOLIO 17% Growth Expected in Stabilized Units by YE-25 Vintage at Urban Center, Lynwood, WA Southside by Vintage, Seattle, WA Steamboat by Vintage, Reno, NV At acquisition (Q2-15) Q2-25 Q4-261 Communities (stabilized) 30 52 60 Stabilized units 5,50
Slide 29: Irish Multifamily: Market Imbalance Creates Opportunity
IRISH MULTIFAMILY: MARKET IMBALANCE CREATES OPPORTUNITY Low institutional Urgent need for new Fewer apartment dwellers ownership residential stock than other EU countries 240,604 60,000 47.5% Private rental units Annual residential % of apartment dwellers in Ireland1 requirement3 in EU countries5 11
Slide 30: Strong Office Fundamentals and Favorable UK & Irish Lease Structures
STRONG OFFICE FUNDAMENTALS AND FAVORABLE UK & IRISH LEASE STRUCTURES UK & Irish leases KW UK & Ireland office portfolio1 Long-term with 5-year rent reviews 40.5% 99.6% Upward-only FRI leases rent reviews or fixed uplifts Upward-only rent reviews in UK (and pre-2010 in Ireland) 6.5yrs 4.1yrs WAULT WA
Slide 31: KW Top Assets by Est. Annual NOI
KW TOP 20 ASSETS BY EST. ANNUAL NOI Accounts Est. Annual Commercial Acquisition Asset name for 35% of Location Estimated Annual Region NOI Sector MF Units NOI1 (000 sq ft) date 1 111 BPR London UK Office 18.7 216 - Nov-14 2 University Glen Camarillo, CA So. California Multifamily 14.6 - 696 Aug-16 3
Slide 32: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED EBITDA ($ in M) Q2-25 2024 2023 2022 2021 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders ($6.4) ($76.5) ($341.8) $64.8 $313.2 Non-GAAP adjustments: Add back (Kennedy Wilson’s Share):
Slide 33: Reconciliation of Net Income to Adjusted Net Income
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ($ in M) Q2-25 2024 2023 2022 2021 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders ($6.4) ($76.5) ($341.8) $64.8 $313.2 Non-GAAP adjustments: Add back (less): Depreciation
Slide 34: Estimated Annual NOI Reconciliation to GAAP NOI
ESTIMATED ANNUAL NOI RECONCILIATION TO GAAP NOI ($ in M) Q2-25 Rental Revenues $93.3 Rental (Expenses) (35.4) Loans 5.7 Consolidated NOI $63.6 Adjustments: Non-controlling interest (2.0) NOI from unconsolidated investments (KW Share) 53.1 Property-Level NOI – Q2-25 (KW Share) $114.7 Adjustments: Ass
Slide 35: Appendix: 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