Kennedy Wilson Reports Q4 and Full Year 2025 Results

Key Terms

assets under management financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

fee-bearing capital financial

Fee-bearing capital is the amount of money a firm manages or oversees that generates direct fees — such as management, advisory, or performance fees — for the firm. For investors, it matters because this capital is the primary source of predictable revenue and profit; like rented property producing regular rent, more fee-bearing capital typically means steadier cash flow and higher potential valuation for a financial firm.

net operating income financial

Net operating income is the profit a business makes from its core operations after subtracting the costs directly related to running those operations, but before accounting for taxes, interest, or other expenses. It shows how efficiently a company is generating income from its main activities. Investors use this figure to assess the company's operational performance and profitability.

carried interests financial

A carried interest is the share of a fund’s profits that a fund manager keeps as a performance reward, paid after investors receive their initial capital back. Think of it like a chef receiving a bonus from a restaurant’s profits once customers are paid for: it aligns the manager’s incentive with investors’ success, but it also reduces the investors’ net returns and influences how managers approach risk and deal selection.

loan originations financial

Loan originations are the new loans a lender agrees to provide during a given period, including the application, approval and funding steps that turn a borrower's request into an active loan. Investors watch origination volume and quality like sales figures for a store: higher volumes can drive revenue and growth for lenders, while the mix of safe versus risky borrowers signals future profits and potential losses if repayments falter.

revolving credit facility financial

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

interest rate derivatives financial

Contracts that let parties lock in, trade, or hedge future interest payments without buying the underlying loan or bond. Think of them like insurance or a bet on the direction of interest rates: investors and companies use them to protect against rising borrowing costs, to fix cash flows, or to speculate, and their widespread use affects funding costs, bond and stock valuations, and financial market risk.

BEVERLY HILLS, Calif.--(BUSINESS WIRE)-- Kennedy-Wilson Holdings, Inc. (NYSE: KW), a leading global real estate investment company with $36 billion in AUM across its real estate equity and debt investment portfolio, today reported the following results for the fourth quarter and full year of 2025:

Financial Results

(Amounts in millions, except per share data)	Q4					Full Year
GAAP Results		2025			2024		2025				2024
GAAP Net Income (Loss) to Common Shareholders1	$	29.6		$	33.1	$	(38.8	)		$	(76.5	)
Per Diluted Share		0.21			0.24		(0.28	)			(0.56	)

(Amounts in millions)	Q4						Full Year
Non-GAAP Results		2025				2024		2025				2024
Adjusted EBITDA	$	179.0			$	190.8	$	549.5			$	539.7
Adjusted Net Income		68.0				75.3		119.8				94.3
Adjusted EBITDA - Key Components (at KW share)
Baseline EBITDA: Property NOI, loan income, and inv. mgt fees (net of compensation and general and administrative expenses)	$	86.7			$	97.8	$	413.1			$	407.1
Realized gain on the sale of real estate		15.5				81.2		97.9				196.4
Changes in the fair value of the Co-investment portfolio and Carried interests		83.5				9.1		81.0				(42.9	)
Other (loss)/income		(6.7	)			2.7		(42.5	)			(20.9	)
Adjusted EBITDA	$	179.0			$	190.8	$	549.5			$	539.7
1 Includes non-cash items totaling $45 million of income for Q4-25 and charges of $33 million, $78 million, and $214 million for Q4-24, FY-25, and FY-24, respectively, which primarily include depreciation and amortization and fair value changes.

Portfolio & Operations Update

• Kennedy Wilson Acquires Toll Brothers Apartment Living Platform, Adds $5 Billion in AUM:
  • In Q4-25, the Company completed the first two phases of its acquisition of the Toll Brothers Apartment Living platform, which included the in-house development team and equity interests in a portfolio of completed properties and assets under development. The third and final phase was completed in Q1-26. The total purchase price across all three phases was $334 million, of which Kennedy Wilson invested $131 million, with the remainder funded by third-party fee-bearing equity.
  • The transaction added over $5 billion of assets under management ("AUM") to Kennedy Wilson, including $1.9 billion of AUM from an 11% weighted average ownership interest in 18 apartment and student housing properties and $3.4 billion of AUM in 21 apartment and student housing properties that Kennedy Wilson will manage on behalf of Toll Brothers. The transaction also added $1.0 billion to Fee-Bearing Capital.
  • Additionally, Kennedy Wilson acquired a pipeline of 24 development sites which, if completed, would total approximately $2.9 billion in capitalization.
• 16% Growth in Investment Management Fees: Investment Management Fees totaled $30.4 million, an increase of 2% from Q4-24, driven by Fee-Bearing Capital reaching $11.0 billion and $1.0 billion in loan originations completed in Q4-25. For FY-25, investment management fees grew by 16% to $115 million in FY-25 (vs. FY-24). Assets under management grew to $36 billion.
• Q4-25 Asset Sales Generate $65 million of Cash: For FY-25, the Company completed $1.4 billion of asset sales and recapitalizations, generating $534 million of cash to KW.
• Baseline EBITDA Totals $87 million: Baseline EBITDA totaled $87 million in Q4-25 (vs. $98 million in Q4-24), driven by higher levels of investment management fees and offset by lower property NOI due to non-core asset sales completed since Q4-24.
• Estimated Annual NOI of $431 million and Fee-Bearing Capital of $11.0 billion:

		Est. Annual NOI To KW ($ in millions)				Fee-Bearing Capital ($ in billions)
As of Q4-24		$	467			$	8.8
As of Q3-25			434				9.7
Transaction activity, net1			(2	)			1.3
Assets stabilized/(unstabilized)			(5	)			—
Operations			4				—
FX and others			—				—
Total as of Q4-25		$	431			$	11.0
1 Includes real estate acquisitions, dispositions, loan fundings and loan repayments completed during Q4-25. The Company also completed $1.0 billion in loan originations during Q4-25, which will primarily be funded in future quarters.

• Multifamily Same Property Performance¹:

	Q4 - 2025 vs. Q4 - 2024							FY - 2025 vs. FY- 2024
Multifamily	Occupancy		Revenue		Expenses		NOI (Net Effective)	Occupancy		Revenue		Expenses		NOI (Net Effective)
Market Rate	0.1%		1.8%		(0.5)%		2.9%	0.2%		1.7%		(0.2)%		2.6%
Affordable	(0.3)%		6.0%		12.6%		2.4%	(0.6)%		5.0%		8.6%		3.1%
Total	—%		2.8%		2.8%		2.8%	(0.1)%		2.5%		2.1%		2.7%
(1) Excludes minority-held investments and assets undergoing development or lease-up.

Investment Management and Co-Investment Portfolio Update

• Co-Investment Platform Deploys or Commits $1.9 billion in Q4-25 (KW share 9%):
  • Debt Investment Platform Grows to $10.9 billion in Q4-25: Comprised of $5.1 billion in outstanding loans and $5.8 billion in future funding commitments. KW's share in this platform is 3%.
    • Originations Total $1.0 billion in Q4-25; $3.6 billion in 2025: Completed $1.0 billion in new construction loan originations in Q4-25 across 8 market-rate multifamily and student housing developments. For the year, the Company originated $3.6 billion across 36 market-rate multifamily and student housing construction loans.
    • Fundings and Repayments:
      • Fundings: Completed $573 million in additional fundings on existing loans in Q4-25, resulting in $1.9 billion of fundings completed in FY-25. KW has an average ownership of 3% in these loans.
      • Repayments: Collected $624 million in repayments in Q4-25, resulting in $1.6 billion of repayments in FY-25. KW's share of its repayments was 5% .
  • Real Estate Platforms Complete $501 million in Acquisitions:
    • UK Single Family Rental Housing Platform Adds $345 million in New Sites:
      • In Q4-25, acquired 8 development sites with 666 planned homes for $345 million. In FY-25, acquired 13 development sites with 1,064 planned homes for $542 million.
      • Platform expands to $932 million of committed investment across 22 sites with 1,965 planned homes. KW has a 10% interest in this platform, which currently has a target of $1.3 billion in assets.
    • U.S. Multifamily Acquisitions Total $116 million:
      • In addition to the Toll Brothers Apartment Living transaction described above, the Company acquired a 320-unit multifamily community in the Mountain West and a development site in Southern California for a total of $116 million. KW has a 19% weighted-average ownership interest in these acquisitions.
    • Balance Sheet Acquisitions for Planned Recapitalization: Acquired a wholly-owned industrial development site in the United Kingdom and a multifamily development site in the Southeast U.S. for a total of $40 million. The Company plans to pursue partner-led recapitalizations for both investments.
• $65 million of Cash Generated from Dispositions in Q4-25:
  • Consolidated Portfolio:
    • Sold a 300-unit multifamily property in the Mountain West and a UK office property for a combined total of $100 million. These asset sales generated $36 million of cash and a GAAP gain on sale of $13 million to KW.
  • Co-Investment Portfolio:
    • Non-Core Sales: The Company sold two multifamily properties in Southern California, an office asset in Ireland, an industrial property in Spain, and real estate from its non-core residential holdings for a combined total of $140 million, of which KW's share was $54 million.

Balance Sheet and Liquidity

• Cash and Line of Credit Availability: As of December 31, 2025, Kennedy Wilson had cash and cash equivalents of $185 million⁽¹⁾ and $285 million drawn on its $550 million revolving credit facility.
• KWE Bond Redemption: Kennedy Wilson completed full redemption of €300 million outstanding euro-denominated 3.25% notes due November 2025 (the "Notes") issued by Kennedy Wilson Europe Real Estate Limited, a wholly-owned subsidiary of Kennedy Wilson.
• Debt Profile: Kennedy Wilson's share of debt had a weighted average effective annual interest rate of 4.8% and a weighted-average maturity of 4.4 years as of December 31, 2025. Approximately 92% of the Company's share of debt is either fixed (71%) or hedged with interest rate derivatives (21%).
• Interest Rate Hedging Strategy: The Company hedges its floating rate exposure through the use of interest rate caps and swaps:
  • Interest rate hedges have a weighted-average maturity of 1.0 years and result in a 40 basis point improvement in the effective interest rate of its floating-rate hedged debt.
  • Received $3 million of cash from interest rate derivatives in Q4-25 and $19 million in FY-25, which are not reflected as an offset to interest expense.
• 2025 Dividend Taxability: The Company's 2025 dividend distributions were characterized as 100.00% return of capital. Please refer to kennedywilson.com for further information.

Subsequent Events

On February 16, 2026, the Company entered into an agreement and plan of merger to be acquired by an entity affiliated with a consortium led by William McMorrow, Chairman and Chief Executive Officer of the Company, and certain other senior executives of the Company , together with Fairfax (collectively, the “Consortium”). If the transaction is consummated, the Consortium will acquire all outstanding common shares of Kennedy Wilson other than certain shares owned by the members of the Consortium and their respective affiliates for $10.90 per share in cash (the “Transaction”). The Transaction is currently expected to close in the second quarter of 2026 and is subject to customary closing conditions, including the receipt of (i) the approval by holders of a majority in voting power of the Company’s outstanding capital stock entitled to vote on the Transaction, (ii) the approval by a majority of the votes cast by holders of Kennedy Wilson equity securities (other than holders affiliated with the Consortium) and entitled to vote on the Transaction, and (iii) any required regulatory approvals and the expiration or termination of any applicable waiting periods.

In Q1-2026, the Company completed the third and final phase of its acquisition of the Toll Brothers Apartment Living platform, which included equity interests in four multifamily communities totaling 1,405 units and a wholly-owned leasehold interest in a multifamily development site for a total purchase price of $71 million, of which Kennedy Wilson invested $16 million with the remainder funded by third-party fee-bearing equity. Additionally, the Company acquired a wholly-owned multifamily development site for $13 million. The Company plans to pursue partner-led recapitalizations for both development projects.

In Q1-2026, the Company drew $95 million on its revolving credit facility and currently has an outstanding balance of $380 million.

Footnotes

⁽¹⁾ Represents consolidated cash and includes $89 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. The Company's share of cash, including unconsolidated joint-ventures, totals $298 million.

Conference Call

Due to the pending merger transaction, the Company will not be hosting a fourth quarter 2025 earnings conference call and webcast. For further detail and discussion of our financial performance please refer to our annual report on Form 10-K for the year ended December 31, 2025.

About Kennedy Wilson

Kennedy Wilson (NYSE: KW) is a leading real estate investment company with $36 billion of assets under management in high growth markets across the United States, the UK and Ireland. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, closing more than $65 billion in total transactions across the property spectrum since going public in 2009. 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 equity and debt investments alongside our partners. For further information, please visit www.kennedywilson.com.

Kennedy-Wilson Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions)
		December 31,
			2025				2024
Assets
Cash and cash equivalents		$	184.5			$	217.5
Accounts receivable, net			38.8				38.7
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $991.3 and $949.1)			3,997.4				4,290.4
Unconsolidated investments (including $1,789.9 and $1,884.4 held at fair value)			2,047.7				2,042.4
Loan purchases and originations, net			203.3				231.1
Other assets, net			150.8				141.0
Total assets		$	6,622.5			$	6,961.1
Liabilities
Accounts payable		$	10.0			$	10.8
Accrued expenses and other liabilities (including $222.5 and $225.2 of deferred-tax liabilities)			531.6				529.4
Mortgage debt			2,437.7				2,597.2
KW unsecured debt			2,069.8				1,877.9
KWE unsecured bonds			—				309.8
Total liabilities			5,049.1				5,325.1
Equity
Cumulative perpetual preferred stock			789.7				789.7
Common stock			—				—
Additional paid-in capital			1,724.8				1,712.8
Accumulated deficit			(594.3	)			(493.7	)
Accumulated other comprehensive loss			(385.1	)			(407.6	)
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity			1,535.1				1,601.2
Noncontrolling interests			38.3				34.8
Total equity			1,573.4				1,636.0
Total liabilities and equity		$	6,622.5			$	6,961.1

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except per share data)
		For the Three Months Ended								For the Year Ended
		December 31,								December 31,
			2025				2024				2025				2024
Revenue
Rental		$	84.9			$	97.6			$	362.7			$	390.6
Hotel			—				—				—				9.3
Investment management fees			30.4				29.9				115.2				98.9
Loan			5.1				7.5				22.3				31.2
Other			0.2				0.5				0.8				1.4
Total revenue			120.6				135.5				501.0				531.4
Income from unconsolidated investments
Principal co-investments			97.5				56.2				144.6				56.2
Carried interests			(0.4	)			(4.6	)			(1.8	)			(49.7	)
Total income from unconsolidated investments			97.1				51.6				142.8				6.5
Gain on sale of real estate, net			29.3				47.3				94.7				160.1
Expenses
Rental			32.7				36.8				140.9				150.0
Hotel			—				—				—				7.6
Compensation and related (including $6.4, $6.3, 25.7, 23.6 of share-based compensation			46.9				45.4				136.2				134.8
Carried interests compensation			—				(1.1	)			(0.3	)			(16.6	)
General and administrative			9.6				10.8				36.4				38.8
Depreciation and amortization			31.8				36.1				133.0				148.3
Total expenses			121.0				128.0				446.2				462.9
Interest expense			(57.3	)			(65.7	)			(239.6	)			(261.1	)
Loss on early extinguishment of debt			—				(1.2	)			(2.3	)			(1.7	)
Other income (loss)			0.4				10.2				(13.0	)			4.2
Income (loss) before provision for income taxes			69.1				49.7				37.4				(23.5	)
Provision for income taxes			(11.1	)			(6.0	)			(13.6	)			(10.2	)
Net income (loss)			58.0				43.7				23.8				(33.7	)
Net (income) loss attributable to noncontrolling interests			(17.5	)			0.3				(19.1	)			0.7
Preferred dividends			(10.9	)			(10.9	)			(43.5	)			(43.5	)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders		$	29.6			$	33.1			$	(38.8	)		$	(76.5	)
Basic earnings (loss) per share
Earnings (loss) per share		$	0.21			$	0.24			$	(0.28	)		$	(0.56	)
Weighted average shares outstanding			137,906,531				137,432,641				137,923,207				137,778,812
Diluted earnings (loss) per share
Earnings (loss) per share		$	0.21			$	0.24			$	(0.28	)		$	(0.56	)
Weighted average shares outstanding			139,568,109				137,932,019				137,923,207				137,778,812
Dividends declared per common share		$	0.12			$	0.12			$	0.48			$	0.60

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,
			2025			2024			2025				2024
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders		$	29.6		$	33.1		$	(38.8	)		$	(76.5	)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Interest expense			89.0			97.4			370.3				389.6
Loss on early extinguishment of debt			—			1.2			2.3				1.7
Depreciation and amortization			32.0			35.9			132.9				147.2
Provision for income taxes			11.1			6.0			13.6				10.6
Preferred dividends			10.9			10.9			43.5				43.5
Share-based compensation			6.4			6.3			25.7				23.6
Adjusted EBITDA		$	179.0		$	190.8		$	549.5			$	539.7
(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,
			2025			2024			2025				2024
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders		$	29.6		$	33.1		$	(38.8	)		$	(76.5	)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Depreciation and amortization			32.0			35.9			132.9				147.2
Share-based compensation			6.4			6.3			25.7				23.6
Adjusted Net Income		$	68.0		$	75.3		$	119.8			$	94.3
Weighted average shares outstanding for diluted			139,568,109			137,932,019			137,923,207				137,778,812
(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, 2025, 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 (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 unconsolidated investments, preferred dividends, provision for (benefit from) 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 management’s discretionary use, as it does not remove all non-cash items 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 and 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, Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments, share-based compensation, and excluding net income attributable to noncontrolling interests, before depreciation and amortization. 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.

· "Baseline EBITDA" is a non-GAAP measure representing net (loss) income less total income from unconsolidated investments, gain (loss) on sale of real estate, net, other income (loss) and non-controlling interest, plus share-based compensation, carried interest compensation, depreciation and amortization, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes, NOI from unconsolidated investments (at KW’s share) and fees eliminated in consolidation.

· "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. Capitalization ("Cap") rates discussed in this report only include data from income-producing properties. The Company calculates cap rates based on information that is supplied to it 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 the Company's financial statements prepared in accordance with GAAP. In addition, cap rates represent historical performance and are not a guarantee of future net operating income ("NOI"). Properties for which a cap rate is discussed may not continue to perform at that cap rate.

· "Carried interests” refers to amounts that are allocated to the Company under Funds and the Co-Investment investments based on the cumulative performance of such venture and are subject to preferred return thresholds of the partners of such venture. In the case of Funds, carried interests represent an allocation relating to the performance of investment management services, whereas in the case of a Co-Investment, carried interests represent returns for the performance of the underlying investments in the Co-Investment investments structures subject to collaborative decision-making.

· "Carried interests compensation” refers to any carried interests earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company, as approved by the compensation committee of the Company’s board of directors.

· "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" 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 $4.3 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 2025, the NOI represents estimated Year 1 NOI from our original underwriting. Estimated year 1 NOI for properties purchased in 2025 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, commingled funds, and debt platform 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.

· "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, hotel and loans and other 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 the Company provides (or participates in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, and investments in joint ventures. AUM is principally intended to reflect the extent of the Company's presence in the real estate market, not the basis for determining management fees. AUM consists of the total estimated fair value of the real estate properties, total loan commitments made through out debt investment platform, inclusive of both currently outstanding loan amounts and contractual future fundings, and other real estate-related assets either owned by third parties, wholly-owned by the Company or held by joint ventures and other entities in which its sponsored funds or investment vehicles and client accounts have invested. The estimated value of development properties is included at estimated completion cost. The accuracy of estimating fair value for investments cannot be determined with precision and cannot be substantiated by comparison to quoted prices in active markets and may not be realized in a current sale or immediate settlement of the asset or liability (particularly given the ongoing macroeconomic conditions such as, but not limited to recent adverse developments affecting regional banks and other financial institutions, and ongoing military conflicts around the world and uncertainty with respect to fluctuating interest rates continue to fuel recessionary fears and create volatility in Kennedy Wilson's business results and operations). Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had an impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including capitalization rates, discount rates, liquidity risks, and estimates of future cash flows could significantly affect the fair value measurement amounts. All valuations of real estate involve subjective judgments.

· "Same property" refers to stabilized consolidated and unconsolidated properties in which Kennedy Wilson has an ownership interest during the entire span of both periods being compared. This analysis excludes properties that during the comparable periods (i) were acquired, (ii) were sold, (iii) are either under development or undergoing lease up or major repositioning as part of the Company’s asset management strategy, (iv) were investments in which the Company holds a minority ownership position, and (v) certain non-recurring income and expenses. The analysis only includes Office, Multifamily and Hotel properties, where applicable. To derive an appropriate measure of operating performance across the comparable periods, the Company removes the effects of foreign currency exchange rate movements by using the reported period-end exchange rate to translate from local currency into the U.S. dollar, for both periods. Amounts are calculated using Kennedy Wilson’s ownership share in the Company’s consolidated and unconsolidated properties. Management evaluates the performance of the operating properties the Company owns and manages using a “same property” analysis because the population of properties in this analysis is consistent from period to period, which allows management and investors to analyze (i) the Company’s ongoing business operations and (ii) the revenues and expenses directly associated with owning and operating the Company’s properties and the impact to operations from trends in occupancy rates, rental rates and operating costs. Same property metrics are widely recognized measures in the real estate industry, however, other publicly-traded real estate companies may not calculate and report same property results in the same manner as the Company. Please also see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Certain Non-GAAP Measures and Reconciliations” for a reconciliation of “same property” results to the most comparable measure reported under GAAP.

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

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Investor Relations

Daven Bhavsar, CFA

(310) 887-3431

dbhavsar@kennedywilson.com

Corporate Headquarters

151 S. El Camino Drive

Beverly Hills, CA 90212

www.kennedywilson.com

Source: Kennedy-Wilson Holdings, Inc.