On this page of StockholderLetter.com we present the 4/26/2024 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.
ANNUAL REPORT 2023
KENNEDY WILSON ANNUAL REPORT 2023 / 2 Kennedy Wilson grew out of a small office in Santa Monica, California built on trust and a people-first attitude. Relationships are still at the heart of our global real estate investment company as we have grown to $25B of real estate assets under management (AUM). It is those relationships and mutual trust that enable us to empower the communities we activate and to design high-quality places for people to live, create, and flourish. Today, we are a leading global real estate investment company. We own, operate, and invest in real estate through our balance sheet and through our investment management platform across the United States, United Kingdom, and Ireland. We focus on multifamily and office properties as well as industrial and debt investments in our investment management business. 450 Global Real Estate Investments 38,000 Multifamily Units 25M Industrial, Retail, and Office Square Feet $25B Assets Under Management The Oxbow Bozeman, Montana On the cover: Anacapa Canyon, The Grange Camarillo, California Dublin, Ireland See page 70 for certain definitions and reconciliations of non-GAAP measures to the most directly comparable GAAP measures. Information shown as of December 31, 2023, except where indicated.
3 / KENNEDY WILSON ANNUAL REPORT 2023 KENNEDY WILSON 2023 PERFORMANCE HIGHLIGHTS ANNUAL REPORT 2023 / 4 $25B 94.1% 8% +42% $4.1B $7B RECORD LEVEL OF ASSETS UNDER MANAGEMENT 2023 FEEBEARING CAPITAL GROWTH William J. McMorrow Chairman and Chief Executive Officer MULTIFAMILY OCCUPANCY (STABILIZED) OFF-MARKET LOAN PORTFOLIO ACQUISITION RESULTING IN THE LARGEST SINGLE TRANSACTION IN KENNEDY WILSON S HISTORY 1 YOY BASELINE EBITDA GROWTH TO $393M LOAN COMMITMENTS Dear Fellow Shareholders, One of Kennedy Wilson s strengths over the past three decades has been our ability to successfully navigate and adapt to changing economic cycles, enabling us to thrive during periods of market dislocation. Beginning with the global shutdown in March 2020, these past four years have come with many challenges including a health crisis, remote working, the shutdown of economies, supply chain issues, significant increases in the money supply by global governments resulting in inflation hitting a 40-year high, and interest rates reaching their highest level in 22 years as world leaders attempt to slow inflation. In the face of these headwinds, the talented Kennedy Wilson team adapted and I am incredibly proud of all that we have accomplished. The challenges we have overcome have made us better real estate investors as we look to optimize our property operations and grow our investment management business, which will allow us to sponsor projects that require minimal capital from Kennedy Wilson. 2023 was another strong year of progress for Kennedy Wilson as we emphasized rigorous asset management at our owned assets, tight capital allocation at our properties, and implemented expense reduction initiatives at both the corporate and property level while continuing to position ourselves towards future growth. In the year, we grew our investment management platform and fee-bearing capital by 42% to a record $8.4 billion and grew Baseline EBITDA by 8%. We also hit a record $25 billion in AUM, which has grown by $7 billion since 2019, and completed the largest transaction in our history with the discounted, off-market acquisition of a $4.1 billion construction loan portfolio, in which Kennedy Wilson had a 5% ownership. This is a great example of how we are fueling the growth of our investment management platform in a capital-light manner. With the current banking environment in the U.S., there are very few active construction lending platforms, so we are excited about the growth prospects within this business line. 1 See reconciliation of Baseline EBITDA on page 138. The Clara Boise, Idaho
5 / KENNEDY WILSON ANNUAL REPORT 2023 KENNEDY WILSON ANNUAL REPORT 2023 / 6 Our global multifamily portfolio of over 38,000 units also continued to expand through 2023, with revenue at the 100% level reaching nearly $700 million and net operating income of $450 million. Kennedy Wilson s share of that revenue and income is approximately 60%. During the last five years, we have grown our portfolio by 10,000 units, including the delivery of 4,500 newly built multifamily units, while also realizing gains through the disposition of 5,700 units. Today, we are ideally positioned in our favored fundamentally strong markets including the Mountain West, the Pacific Northwest, and Dublin, Ireland. Our People and Our Relationships The recently completed residential phase at Coopers Cross includes 471 apartments as well as resident amenity and retail space anchored by a new public park in the North Docks. Coopers Cross Dublin, Ireland The driving force behind our company s success lies in our exceptionally skilled team, who work hard to enhance cash flow across our properties and bolster our investment management fees. Their talent is the cornerstone of our long-standing achievements. In 2023, we realigned our management team to help improve our operations and communications, enhance our ability to share new information, and react to new opportunities. Matt Windisch, who has been with me at Kennedy Wilson for the past 18 years, was promoted to President in 2023 and Mike Pegler, former Head of UK, stepped into the role of President of Kennedy Wilson Europe after 10 years with the company. They are both doing a tremendous job in their new roles and the flow of information internally has never been better. Matt Windisch President Matt Windisch, who has been with me at Kennedy Wilson for the past 18 years, was promoted to President in 2023 and Mike Pegler, former Head of UK, stepped into the role of President of Kennedy Wilson Europe after 10 years with the company. We are focused on building relationships both inside and outside the company that support sharing ideas and information, which in the end allow for better management of our existing assets while creating new opportunities. Within Kennedy Wilson, Regina Finnegan has played an important role developing the team, fostering the growth of younger employees, and strengthening networks in the company to support our initiatives and goals. Looking externally, our deep relationships with property owners, investors, brokers, and lenders are also key to our growth, as are the long-term partnerships we have created with institutional global investors, including the world s largest sovereign wealth funds and insurance companies. These partnerships have supported our investment management business and enabled us to transact on $34 billion in acquisitions and $19 billion in dispositions since going public in 2009. The majority of these acquisitions were sourced off-market. Kennedy Wilson is viewed as a very reliable counterpart by sellers, which has been a major factor in our growth from $57,000 of capital in 1988 to where we are today.
7 / KENNEDY WILSON Total Assets Since Going Public AUM Since Going Public $10 $10 $30 $30 $8 $8 $25 $25 $6 $6 $20 $20 $4 $4 $15 $15 $2 $2 $0 dollars in billions $0.3 2009 $0 $7.7 $7.7 $10 $0.3 2023 2023 $6 $5 $0 $0 $25 4x $10 $5 2009 $25 $6 2009 2023 Our strategy going forward is centered around creating a much simpler Kennedy Wilson business model, achieved in-part through the execution of the following initiatives: First, we look to focus on growing our capital-light investment management platforms, which offer very attractive returns to Kennedy Wilson. In 2023, we generated $62 million in total investment management fees, versus $27 million in 2019, representing an annual growth rate of 23%. Our goal is to continue growing our fees at a similar rate going forward, with our ownership expected to be between 5%-10% with a focus on credit, multifamily properties, and logistics assets. Second, as we previously announced in December 2023, we have a target of generating up to $750 million of cash through the sale of non-core assets, with proceeds being used to repay unsecured debt and fund co-investment opportunities in our investment management business. $10 Through the$10 first quarter of 2024, we completed approximately half of our planned asset sales and anticipate completing the remainder over the next year. $8.4 $4 $4 $2 $2 $3.9 $5.9 $5.9 Kurt Zech $5.0 President of Multifamily Group $3.9 $2.2 Multifamily Under the leadership of Kurt Zech in the U.S. and Jason Byers in Ireland, our multifamily portfolio produces $270 million in estimated annual $0 NOI to Kennedy $0 representing 55% of our 2018 2019 2020 2018Wilson,2019 2020 2021 stabilized portfolio. Our multifamily portfolio has grown to approximately 38,000 units largely located in suburban markets across the Western U.S. and Dublin. 8 8 6 6 4 4 2 2 0 0 The Cornerstone Dublin, Ireland The Grange Dublin, Ireland Our AUM growth will be driven by our core business $3.0 $3.0 focused on three key main areas: $2.2 10 $8.4 $8 Third, we will aim to deploy significant new thirdparty capital primarily into multifamily equity and debt opportunities $6 $6and logistics acquisitions as we believe there are attractive opportunities in these sectors on $5.0 the horizon. 10 2023 2024 and Beyond A Simpler Kennedy Wilson $8 Solace at Rainier Ridge Suburban Seattle, Washington dollars in billions 25x 2009 Geo Shoreline, Washington ANNUAL REPORT 2023 2021 2022 2023 2022 Mike Pegler 2023 President, Kennedy Wilson Europe
 • shareholder letter icon 4/26/2024 Letter Continued (Full PDF)
 • stockholder letter icon 4/27/2023 KW Stockholder Letter
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KW 4/26/2024 Shareholder/Stockholder Letter Transcript:

ANNUAL
REPORT
2023

KENNEDY WILSON
ANNUAL REPORT 2023 / 2
Kennedy Wilson grew out of a small office in Santa Monica, California
built on trust and a people-first attitude. Relationships are still at
the heart of our global real estate investment company as we have
grown to $25B of real estate assets under management (AUM). It is
those relationships and mutual trust that enable us to empower the
communities we activate and to design high-quality places for people
to live, create, and flourish.
Today, we are a leading global real estate investment company. We
own, operate, and invest in real estate through our balance sheet
and through our investment management platform across the
United States, United Kingdom, and Ireland. We focus on multifamily
and office properties as well as industrial and debt investments in
our investment management business.
450
Global Real Estate
Investments
38,000
Multifamily
Units
25M
Industrial, Retail,
and Office
Square Feet
$25B
Assets Under
Management
The Oxbow
Bozeman, Montana
On the cover:
Anacapa Canyon,
The Grange
Camarillo,
California
Dublin, Ireland
See page 70 for certain definitions and reconciliations of non-GAAP measures to the most directly comparable
GAAP measures. Information shown as of December 31, 2023, except where indicated.

3 / KENNEDY WILSON
ANNUAL REPORT 2023
KENNEDY WILSON
2023
PERFORMANCE
HIGHLIGHTS
ANNUAL REPORT 2023 / 4
$25B
94.1%
8%
+42%
$4.1B
$7B
RECORD LEVEL
OF ASSETS UNDER
MANAGEMENT
2023 FEEBEARING CAPITAL
GROWTH
William J. McMorrow
Chairman and Chief Executive Officer
MULTIFAMILY
OCCUPANCY
(STABILIZED)
OFF-MARKET
LOAN PORTFOLIO
ACQUISITION
RESULTING IN THE
LARGEST SINGLE
TRANSACTION
IN KENNEDY
WILSON   S HISTORY
1
YOY BASELINE
EBITDA GROWTH
TO $393M
LOAN
COMMITMENTS
Dear Fellow Shareholders,
One of Kennedy Wilson   s strengths over the past three decades has been our
ability to successfully navigate and adapt to changing economic cycles, enabling
us to thrive during periods of market dislocation. Beginning with the global
shutdown in March 2020, these past four years have come with many challenges
including a health crisis, remote working, the shutdown of economies, supply
chain issues, significant increases in the money supply by global governments
resulting in inflation hitting a 40-year high, and interest rates reaching their highest
level in 22 years as world leaders attempt to slow inflation. In the face of these
headwinds, the talented Kennedy Wilson team adapted and I am incredibly proud
of all that we have accomplished. The challenges we have overcome have made
us better real estate investors as we look to optimize our property operations
and grow our investment management business, which will allow us to sponsor
projects that require minimal capital from Kennedy Wilson.
2023 was another strong year of progress for Kennedy Wilson as we emphasized
rigorous asset management at our owned assets, tight capital allocation at our
properties, and implemented expense reduction initiatives at both the corporate
and property level while continuing to position ourselves towards future growth.
In the year, we grew our investment management platform and fee-bearing
capital by 42% to a record $8.4 billion and grew Baseline EBITDA by 8%. We also
hit a record $25 billion in AUM, which has grown by $7 billion since 2019, and
completed the largest transaction in our history with the discounted, off-market
acquisition of a $4.1 billion construction loan portfolio, in which Kennedy Wilson
had a 5% ownership. This is a great example of how we are fueling the growth of
our investment management platform in a capital-light manner. With the current
banking environment in the U.S., there are very few active construction lending
platforms, so we are excited about the growth prospects within this business line.
1 See reconciliation of Baseline EBITDA on page 138.
The Clara
Boise, Idaho

5 / KENNEDY WILSON
ANNUAL REPORT 2023
KENNEDY WILSON
ANNUAL REPORT 2023 / 6
Our global multifamily portfolio of over 38,000 units also continued to expand
through 2023, with revenue at the 100% level reaching nearly $700 million and
net operating income of $450 million. Kennedy Wilson   s share of that revenue and
income is approximately 60%. During the last five years, we have grown our portfolio
by 10,000 units, including the delivery of 4,500 newly built multifamily units, while
also realizing gains through the disposition of 5,700 units. Today, we are ideally
positioned in our favored fundamentally strong markets including the Mountain
West, the Pacific Northwest, and Dublin, Ireland.
Our People and Our Relationships
The recently
completed residential
phase at Coopers
Cross includes 471
apartments as well as
resident amenity and
retail space anchored
by a new public park
in the North Docks.
Coopers Cross
Dublin, Ireland
The driving force behind our company   s success lies in
our exceptionally skilled team, who work hard to enhance
cash flow across our properties and bolster our investment
management fees. Their talent is the cornerstone of
our long-standing achievements. In 2023, we realigned
our management team to help improve our operations
and communications, enhance our ability to share new
information, and react to new opportunities. Matt Windisch,
who has been with me at Kennedy Wilson for the past 18
years, was promoted to President in 2023 and Mike Pegler,
former Head of UK, stepped into the role of President of
Kennedy Wilson Europe after 10 years with the company.
They are both doing a tremendous job in their new roles
and the flow of information internally has never been better.
Matt Windisch
President
Matt Windisch, who has been with me at Kennedy Wilson for the past
18 years, was promoted to President in 2023 and Mike Pegler, former
Head of UK, stepped into the role of President of Kennedy Wilson
Europe after 10 years with the company.
We are focused on building relationships both inside and outside the company
that support sharing ideas and information, which in the end allow for better
management of our existing assets while creating new opportunities. Within Kennedy
Wilson, Regina Finnegan has played an important role developing the team, fostering
the growth of younger employees, and strengthening networks in the company to
support our initiatives and goals. Looking externally, our deep relationships with
property owners, investors, brokers, and lenders are also key to our growth, as are
the long-term partnerships we have created with institutional global investors,
including the world   s largest sovereign wealth funds and insurance companies. These
partnerships have supported our investment management business and enabled us
to transact on $34 billion in acquisitions and $19 billion in dispositions since going
public in 2009. The majority of these acquisitions were sourced off-market. Kennedy
Wilson is viewed as a very reliable counterpart by sellers, which has been a major
factor in our growth from $57,000 of capital in 1988 to where we are today.

7 / KENNEDY WILSON
Total Assets Since Going Public
AUM Since Going Public
$10
$10
$30
$30
$8
$8
$25
$25
$6
$6
$20
$20
$4
$4
$15
$15
$2
$2
$0
dollars in billions
$0.3
2009
$0
$7.7
$7.7
$10
$0.3
2023
2023
$6
$5
$0
$0
$25
4x
$10
$5
2009
$25
$6
2009
2023
Our strategy going forward is centered around creating a much simpler Kennedy
Wilson business model, achieved in-part through the execution of the following
initiatives:
First, we look to focus on growing our    capital-light    investment management
platforms, which offer very attractive returns to Kennedy Wilson. In 2023, we
generated $62 million in total investment management fees, versus $27 million in
2019, representing an annual growth rate of 23%. Our goal is to continue growing
our fees at a similar rate going forward, with our ownership expected to be
between 5%-10% with a focus on credit, multifamily properties, and logistics assets.
Second, as we previously announced in December 2023,
we have a target of generating up to $750 million of cash
through the sale of non-core assets, with proceeds being
used to repay unsecured debt and fund co-investment
opportunities in our investment management business.
$10
Through the$10
first quarter of 2024, we completed
approximately half of our planned asset sales and
anticipate completing the remainder over the next year.
$8.4
$4
$4
$2
$2
$3.9
$5.9
$5.9
Kurt Zech
$5.0 President of Multifamily
Group
$3.9
$2.2
    Multifamily     Under the leadership of Kurt Zech in
the U.S. and Jason Byers in Ireland, our multifamily
portfolio produces $270 million in estimated annual
$0 NOI to Kennedy
$0
representing
55% of our
2018
2019
2020
2018Wilson,2019
2020
2021
stabilized portfolio. Our multifamily portfolio has
grown to approximately 38,000 units largely located in
suburban markets across the Western U.S. and Dublin.
8
8
6
6
4
4
2
2
0
0
The Cornerstone
Dublin, Ireland
The Grange
Dublin, Ireland
Our AUM growth will be driven
by our core
business
$3.0
$3.0
focused on three key main areas:
$2.2
10
$8.4
$8
Third, we will aim to deploy significant new thirdparty capital primarily into multifamily equity and debt
opportunities
$6
$6and logistics acquisitions as we believe
there are attractive opportunities in these sectors
on
$5.0
the horizon.
10
2023
2024 and Beyond     A Simpler Kennedy Wilson
$8
Solace at Rainier Ridge
Suburban Seattle, Washington
dollars in billions
25x
2009
Geo
Shoreline, Washington
ANNUAL REPORT 2023
2021
2022
2023
2022
Mike Pegler
2023
President, Kennedy Wilson
Europe


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