On this page of StockholderLetter.com we present the latest annual shareholder letter from Kennedy-Wilson Holdings, Inc. — ticker symbol KW. Reading current and past KW letters to shareholders can bring important insights into the investment thesis.

 •  4/25/2025 Letter Continued (Full PDF)
 •  4/27/2023 KW Stockholder Letter
 •  4/26/2024 KW Stockholder Letter
 •  More "Real Estate" Category Stockholder Letters
 •  KW Benford's Law Stock Score = 99

KW Shareholder/Stockholder Letter Transcript:

KENNEDY WILSON ANNUAL REPORT 2024
Annual Report 2024
A

Kennedy Wilson is a leading real estate investment
Axle
Seattle, Washington
company with $28 billion of assets under
management in high growth markets across the
United States, the UK and Ireland. We focus primarily
on rental housing, with over 60,000 multifamily and
student housing units owned by the company or
financed through our growing credit platform.
Drawing on decades of experience, our relationshiporiented team excels at identifying opportunities
and building value through market cycles, with more
than $60 billion in total transactions closed across
the property spectrum since going public in 2009.
470
38k
25M
$28B
Global
Real Estate
Investments
Multifamily Units
Industrial, Retail
and Office
Square Feet
Assets Under
Management
See page 67 for certain definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP
measures. Information shown as of December 31, 2024, except where indicated.
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.

2
KENNEDY WILSON ANNUAL REPORT 2024
William J. McMorrow
Chairman and
Chief Executive Officer
Dear Fellow
Shareholders,
It has been five years since March 2020,
when the global pandemic began and
profoundly disrupted so many aspects
of daily life. During this unprecedented
crisis, not only was there a widespread
shift to remote work, but governments
worldwide implemented expansive
monetary policies, which ultimately
led to the highest inflation rate in four
decades and the highest interest rates in
22 years. Against this uncertain backdrop,
our talented team at Kennedy Wilson
proved their resilience and collaborated
to tackle each challenge, further
strengthening our global business. These
circumstances narrowed our focus to
our core businesses and proved our
fundamental strengths of identifying and
acting on opportunities through volatility.
2024 was another strong year of
executing on all of our key strategic
initiatives, including growing the
investment management business,
increasing baseline EBITDA, expanding
strategic partnerships, simplifying our
business through recycling capital
from non-core sales into strategic
growth initiatives and managing our
balance sheet. Growing the investment
management business is a key longterm priority where we made significant
progress in 2024. We achieved record
levels of fee-bearing capital totaling $8.8
billion and increased our investment
management fees to a record $100
million in 2024, which represented 60%
growth year-over-year.
As a result, Kennedy Wilson   s real estate
assets under management hit a record
$28 billion in 2024, up from $25 billion in
2023. We deployed $4 billion of capital
into new investments, 90% of which was
allocated to new loan originations under
our real estate credit business for the
construction of market-rate multifamily
and student housing projects across the
U.S., and our new single-family homes for
rent initiative in the UK. During 2024, we
also nearly tripled our adjusted EBITDA
year-over-year for a total of $540 million,
compared to $190 million in 2023. We did
all of this while strengthening our balance
sheet by reducing our unsecured debt by
$266 million with early paydowns.
We believe the strongest opportunities
for sustained growth and value creation
across our global portfolio lie in our
core equity businesses     rental housing
and industrial investments     and the
continued expansion of our credit
platform. Consistent with this view, 73% of
our real estate assets under management
are comprised of rental housing, credit
extended to the construction of rental
housing, and industrial investments,
compared to 64% in 2023.
KENNEDY WILSON ANNUAL REPORT 2024
3
2024 Performance Highlights
$540M
60%
73%
Adjusted EBITDA,
an Increase of
184% YOY
Growth in Investment
Management Fees
to a Record
$100 Million
of AUM is Comprised
of Rental Housing and
Industrial Investments
vs. 64% in 2023
Sandford Lodge
Dublin, Ireland

4
KENNEDY WILSON ANNUAL REPORT 2024
95% Multifamily Occupancy
Our talented asset management team continues to drive strong
occupancy rates across our multifamily portfolio, which ended
the year at 95% occupancy and generates approximately
$300 million in estimated annual NOI.
38   North
Santa Rosa, California
KENNEDY WILSON ANNUAL REPORT 2024
Our Core Businesses
Today, we are exceptionally well
positioned, with 66% of our
stabilized portfolio located in the
U.S. and 32% in the UK and
Ireland. Our portfolio strategy is
centered around investing in toptier locations within our three core
sectors: rental housing, real estate
credit (primarily construction loans
to high-quality institutional sponsors
to build rental housing and student
housing assets), and industrial.
Rental Housing
We are focused on rental housing equity
investments in markets with strong
education systems and universities,
growing employment opportunities, a
talented labor pool and great lifestyle
benefits. Today, we currently have an
equity ownership interest in 40,000
units (including those under contract)
and are financing 30,000 units of new
construction market-rate multifamily
and student housing, with approximately
two thirds of our estimated annual NOI
generated from such sources.
The Bristol at Southport
Renton, WA
5
Renter fundamentals are continuing to
strengthen as there is a chronic shortage
of affordable housing in the U.S., UK and
Ireland. Our asset management team
continues to drive strong occupancy rates
across our multifamily portfolio, which
ended the year at 95% occupancy.
At the 100% level on our 40,000 units,
total revenue is approximately $800
million. Given our 55% ownership
of this portfolio, our share of NOI is
approximately $300 million.
In the U.S., the Mountain West is
currently our largest apartment region.
Our properties in this region are
benefiting from revenue growth as well
as a reduction in operating expenses
driven by declining real estate taxes,
lower property insurance costs and
better management of payroll at the
property level. In the Pacific Northwest,
particularly in our suburban Seattle
market, we are seeing improvement
in our revenue across our apartment
portfolio as employees return to the
geographies where their companies
are headquartered. We expect that
employment and economic growth
driven by tech companies allocating
resources to artificial intelligence as
well as return-to-office mandates in the
Pacific Northwest and across Northern
California will continue to support high
levels of occupancy and rent growth.
Kennedy Wilson and Vintage Housing   s
U.S. affordable and senior housing
strategy also continues its growth. Our
investment in this strategy began through
the creation of a partnership with Vintage
Housing in 2015 and the acquisition of
interest in a 5,500-unit portfolio, which
has since grown to approximately 13,000
units through new construction by the
very talented Vintage Housing team.
Our peak capital investment was $80
million, and we have received $241
million of cash distributions. In 2024, we
achieved 6% growth in NOI year-overyear, and are focused on identifying
additional opportunities to scale our
affordable housing footprint to meet the
extraordinary demand for senior and
affordable housing we are seeing in our
Western U.S. markets.

6
KENNEDY WILSON ANNUAL REPORT 2024
In Ireland, we own 3,500 highly
amenitized apartment units primarily
in Dublin, where there is a significant
structural undersupply of housing
combined with continued employment
growth and an extremely strong
economy. Ireland is one of the few
countries in the world generating a
positive budget surplus and currently
has one of the lowest 10-year bond
rates in the developed world.
In 2024, we were able to leverage our
expertise in rental housing development
in Ireland to launch a new UK singlefamily rental platform alongside Canada
Pension Plan Investment Board (CPP
Investments), one of the world   s largest
global investors with approximately $425
billion in assets under management.
The joint venture with CPP Investments
is initially targeting $1.3 billion in singlefamily rental properties. We are off to a
KENNEDY WILSON ANNUAL REPORT 2024
strong start in this new platform, with
total purchases to date amounting
to $400 million and near-term
opportunities to continue scaling this
business. We expect that our targeted
$1.3 billion in capital deployment will
result in the venture initially owning up
to approximately 4,000 single-family
homes over the next 18 to 24 months.
Kennedy Wilson   s affordable
housing strategy continues to
be a source of strength in our
multifamily portfolio, with
6% growth in NOI for the year.
The Cornerstone
Dublin, Ireland
Our Portfolio
350 Properties     120 Loans
U.S. Properties & Loan Commitments
European Properties
U.S. PROPERTIES & LOAN COMMITMENTS
EUROPEAN PROPERTIES
Station by Vintage
Covington, Washington
PACIFIC
NORTHWEST
NORTHERN
CALIFORNIA
MID
ATLANTIC
MOUNTAIN
WEST
IRELAND
MIDWEST
SOUTHERN
CALIFORNIA
SOUTH
EAST
TEXAS
HAWAII
7
UNITED
KINGDOM

4/25/2025 Letter Continued (Full PDF)

 

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