Kennedy-wilson Holdings Inc. · NYSE:KW
Kennedy-wilson — Q1 2025 Earnings Presentation
34 slides from Kennedy-wilson's earnings presentation, May 8, 2025
Slide 1: Kennedy Wilson Q1-2025 Investor Presentation
Kennedy Wilson Q1-2025 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 13 SECTION 4 Financial Review Page 22 SECTION 5 Appendix Page 25 © KENNEDY WILSON Geo, Shoreline, Washington Q1-2025 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 ✓ Invest across both real estate equity and debt opportunities 2 Increasing Property ✓ Organic NOI growth from stabilized
Slide 6: A Simplified Kennedy Wilson
A SIMPLIFIED KENNEDY WILSON $473M ~$65M $103M 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 Q1-2025 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 Industrial 4% Other Loans Retail 1% 2% U.K. 4% 15% U.S. Office 6% Eur Office $473M Ireland $473M 20% Estimated 18% Estimated Annual NOI1 Annual NOI1 Multifamily 64% U.S. 66% 39,000 25.2 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%) $5.3B $253M $13M $324M $8.7B $53M Consolidated
Slide 11: Global Multifamily Portfolio Totals
GLOBAL MULTIFAMILY PORTFOLIO TOTALS ~39,000 UNITS1 Boise Seattle Montana Washington Portland Ireland Oregon 14% Idaho Northern Mountain West3 37% Reno California 11% $302M East Bay Area Nevada Utah Estimated California Colorado Southern California Annual NOI2 Denver 11% Greater LA Arizona New Pacifi
Slide 12: Construction Slowdown Fuels U.S. Housing Shortage
CONSTRUCTION SLOWDOWN FUELS U.S. HOUSING SHORTAGE While 2024 marks a high point for deliveries, declining construction starts signal future undersupply and continued pressure on the U.S. housing market 200 160 Construction Starts/Delivered Units 120 (000’s) 80 40 © KENNEDY WILSON 0 2001 Q2 2003 Q2 2
Slide 13: High Quality Multifamily Communities
HIGH QUALITY MULTIFAMILY COMMUNITIES The Clara, Eagle, ID Bristol at Southport, Renton, WA Mission Hills, Camarillo, CA Cantata at the Trails, Albuquerque, NM © KENNEDY WILSON Atlas, Issaquah, WA Coopers Cross, Dublin, Ireland Q1-2025 Investor Presentation 12
Slide 14: Investment Management Platform
© KENNEDY WILSON I N V E ST M E N T M A N A G E M E N T P L AT F O R M Clancy Quay, Dublin, Ireland
Slide 15: Investment Management Growth Strategy Today
INVESTMENT MANAGEMENT GROWTH STRATEGY TODAY KW has developed deep relationships with well-capitalized institutional 1 Relationships investors across Asia, Canada, Europe, the Middle East, and the U.S. Focus on launching new strategies as capital deployment 2 Strategies opportunities strengthen Signi
Slide 16: Growing Platforms Focused on Multifamily, Credit, and Industrial
GROWING PLATFORMS FOCUSED ON MULTIFAMILY, CREDIT, AND INDUSTRIAL Rental Housing Credit Platform Logistics Opportunity Today Opportunity Today Opportunity Today ✓ Continued structural shortage of rental housing ✓ Originate lower leverage construction ✓ Supply and demand imbalances in strong in the U.
Slide 17: Strong Track Record of Growth
STRONG TRACK RECORD OF GROWTH Fee-Bearing Capital 10.0 ($ in billions) 9.0 8.0 7.0 25% 6.0 CAGR 5.0 $8.4 $8.8 $8.7 4.0 3.0 $5.9 $5.0 2.0 $3.9 $3.0 1.0 $2.2 0.0 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 3/31/25 Investment Management Fees1 100.0 ($ in millions) 90.0 80.0 70.0 60.0
Slide 18: Best-in-Class Stable of Institutional Investors
BEST-IN-CLASS STABLE OF INSTITUTIONAL INVESTORS Investor Type Investor Geography Other Middle East 2% Private Equity 4% 4% RIA Europe 4% Family Office 2% 7% U.S. 16% Pension Fund 11% $8.7B $8.7B Fee-Bearing Fee-Bearing Capital1 Insurance Sovereign Company Capital1 Canada 59% Asia Wealth Fund 61% 17%
Slide 19: Rental Housing Represents ~66% of AUM
RENTAL HOUSING REPRESENTS ~66% OF AUM 1 Investing across both equity and credit opportunities Rental Housing Investments Real Estate Equity Credit Investments $12B AUM 1 $317M NOI + Fees $7B AUM 1 $61M Interest + Fees 2 • Market-Rate Apartments – U.S. and Ireland • Senior Construction – Multifamily
Slide 20: Credit Platform Overview
CREDIT PLATFORM OVERVIEW Over $1B in multifamily and student housing construction originations projected for Q2-25 $5.3B in Originations Since Q4-23 Sectors ($ in millions) Retail 2% Industrial Other 4% 4% Hotel 8% $1,374 $949 $854 $719 $724 Office 9% $9.1B $240 $422 Loan Q4-23 Q1-24 Q2-24 Q3-24 Q4-
Slide 21: 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 Olympia, WA Madison, WI Bloomington, IN Old Tappan, NJ Ann Arbor, MI Tigard, OR Syracuse, NY Sacramento, CA Jersey City, NJ Sto
Slide 22: Global Reach of Logistics Portfolio
GLOBAL REACH OF LOGISTICS PORTFOLIO Geography Other 2% Ireland 7% U.S. 17% UK Industrial: Spire Green, Harlow $2.3B Portfolio Value UK 74% U.S. Industrial: Las Vegas, Nevada 12M 98% 21% Sq Ft Occupancy1 KW Ownership © KENNEDY WILSON 1 ) Excludes lease-up and development assets. IRL Industrial: Court
Slide 23: Financial Review
© KENNEDY WILSON FINANCIAL REVIEW One Embassy Gardens , London, UK
Slide 24: Balance Sheet and Liquidity
BALANCE SHEET AND LIQUIDITY 1 Reduced Floating Rate Exposure Cash and Credit Facility Floating 4% Hedged 22% 96% Revolving Credit Facility 44% $669M Fixed or Cash2 and Lines Cash hedged debt (KW Share) of Credit 56% Fixed 74% 4.8yrs 4.7% Weighted avg. Effective term to maturity interest rate © KENNE
Slide 25: Components of Value
COMPONENTS OF VALUE Key Valuation Metrics as of March 31, 2025: Investments Kennedy Wilson’s Share ($ in millions) Income Producing Assets Description Est. Annual NOI(1)(2) 1 Multifamily 36,324 units $301.7 2.4 million consolidated square feet 2a EU Office 92.6 0.7 million co-investment square feet
Slide 26: Appendix
© KENNEDY WILSON APPENDIX The Grange, Dublin, Ireland
Slide 27: Vintage Housing: Growing Our Affordable Housing Portfolio
VINTAGE HOUSING: GROWING OUR AFFORDABLE HOUSING PORTFOLIO 17% Growth Expected in Stabilized Units by YE-25 Vintage at Urban Center, Lynwood, WA Southside by Vintage, Seattle, WA Steamboat by Vintage, Reno, NV At acquisition (Q2-15) Q1-25 Q4-261 Communities (stabilized) 30 52 60 Stabilized units 5,50
Slide 28: Irish Multifamily: Market Imbalance Creates Opportunity
IRISH MULTIFAMILY: MARKET IMBALANCE CREATES OPPORTUNITY Low institutional Urgent need for new Fewer apartment dwellers ownership residential stock than other EU countries 240,964 60,000 47.5% Private rental units Annual residential % of apartment dwellers in Ireland1 requirement3 in EU countries5 11
Slide 29: Strong Office Fundamentals and Favorable UK & Irish Lease Structures
STRONG OFFICE FUNDAMENTALS AND FAVORABLE UK & IRISH LEASE STRUCTURES UK & Irish leases KW UK & Ireland office portfolio1 Long-term with 5-year rent reviews 36.7% 99.5% Upward-only FRI leases rent reviews or fixed uplifts Upward-only rent reviews in UK (and pre-2010 in Ireland) 7.2yrs 4.5yrs WAULT WA
Slide 30: KW Top Assets by Est. Annual NOI
KW TOP 20 ASSETS BY EST. ANNUAL NOI Accounts Est. Annual Commercial Acquisition Asset name for 35% of Location Estimated Annual Region NOI Sector MF Units NOI1 (000 sq ft) date 1 111 BPR London UK Office 17.6 216 - Nov-14 2 Bella Vista Richmond, CA Nor. California Multifamily 15.2 - 1,008 May-11 3 U
Slide 31: Reconciliation of Net Income to Adjusted EBITDA
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED EBITDA ($ in M) Q1-25 2024 2023 2022 2021 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $(40.8) $(76.5) $(341.8) $64.8 $313.2 Non-GAAP adjustments: Add back (Kennedy Wilson’s Share)
Slide 32: Reconciliation of Net Income to Adjusted Net Income
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO KWH COMMON SHAREHOLDERS TO ADJUSTED NET INCOME ($ in M) Q1-25 2024 2023 2022 2021 Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders $(40.8) $(76.5) $(341.8) $64.8 $313.2 Non-GAAP adjustments: Add back (less): Depreciation
Slide 33: Estimated Annual NOI Reconciliation to GAAP NOI
ESTIMATED ANNUAL NOI RECONCILIATION TO GAAP NOI ($ in M) Q1-25 Rental Revenues $97.3 Rental (Expenses) (38.1) Loans 5.8 Consolidated NOI $65.0 Adjustments: Non-controlling interest (2.2) NOI from unconsolidated investments (KW Share) 51.2 Property-Level NOI – Q1-25 (KW Share) $114.0 Adjustments: Ass
Slide 34: 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
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