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Kennedy-Wilson Holdings, Inc.

Supplemental Financial Information

For the Quarter Ended June 30, 2025

TABLE OF CONTENTS

Earnings Release
News Release						3
Consolidated Balance Sheets (unaudited)						8
Consolidated Statements of Operations (unaudited)						9
Non-GAAP Metrics (unaudited)						10
Supplemental Financial Information (unaudited)
Capitalization Summary						16
Components of Value
Components of Value Summary						17
Stabilized Portfolio						19
Segment Investment Summary						20
Multifamily Portfolio						21
Office Portfolio						22
Industrial Portfolio						23
Loan Investment Portfolio						24
Other Investments						25
Lease-up Portfolio						26
Development Projects						27
Debt Schedule						29
Investment Management						31
Other Portfolio and Financial Information
Same Property - Multifamily						32
Same Property - Office						34
Real Estate Investment Transactions						38
EBITDA by Segment (Non-GAAP)						40
Pro-rata Financial Information						41
Appendix						45

Certain terms used in this release are defined below under the caption "Common Definitions". Certain information included in

this release constitutes non-GAAP financial measures. For a definition of the non-GAAP financial measures used in this release, see "Common Definitions" below, and for a reconciliation of those measures to their most comparable GAAP measure, see the tables set forth in the Company's supplemental financial information available at www.kennedywilson.com.

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KENNEDY WILSON REPORTS SECOND QUARTER 2025 RESULTS

Beverly Hills, California (August 6, 2025) - Kennedy-Wilson Holdings, Inc. (NYSE: KW), a leading global real estate investment company with $30 billion in AUM across its real estate equity and debt investment portfolio, today reported results for Q2-2025:

Financial Results

(Amounts in millions, except per share data)			Q2												YTD
GAAP Results			2025						2024						2025						2024
GAAP Net (Loss) Income to Common Shareholders1			($6.4)						($59.1)						($47.2)						($32.2)
Per Diluted Share			(0.05)						(0.43)						(0.34)						(0.23)

(Amounts in millions)			Q2												YTD
Non-GAAP Results			2025						2024						2025						2024
Adjusted EBITDA			$147.1						$79.3						$245.3						$282.5
Adjusted Net Income (Loss)			34.5						(16.8)						33.8						53.7
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)			$	117.0					$	104.5					$	225.3					$	207.6
Realized gain on the sale of real estate			54.0						1.9						52.1						110.2
Change in the fair value of the Co-investment portfolio and Carried interests			(8.9)						(20.6)						(5.8)						(30.7)
Other			(15.0)						(6.5)						(26.4)						(4.6)
Adjusted EBITDA			$	147.1					$	79.3					$	245.2					$	282.5

1Includes non-cash charges totaling $49.8 million, $62.9 million, $86.8 million, $116.6 million for Q2-25 and Q2-24, YTD-25, YTD-24, respectively, which primarily include depreciation and amortization and fair-value changes.

“We delivered strong financial results in the second quarter, driven from the execution of our asset sale program and a continued strengthening in fundamentals across our investment portfolio", said William McMorrow, CEO of Kennedy Wilson. "Our assets under management (AUM) grew to a record $30 billion, resulting in investment management fees growing by 39% to a quarterly record of $36 million. AUM growth was fueled by accelerating originations in our credit investment platform as well as the expansion of our UK single family rental and U.S. multifamily portfolio, which now includes 40,000 rental housing units in which we have an ownership in and 28,000 units we are financing. We remain highly confident in the strength of our portfolio, platform, and growth outlook."

Portfolio & Operational Update

•Baseline EBITDA Grows by 12% to $117 million: Baseline EBITDA grew by 12% (vs. Q2-24), driven by higher property NOI and investment management fees.

•Investment Management Fees Increase by 39%: Investment Management Fees totaled a quarterly record of $36 million (vs $26 million in Q2-24) driven by increasing levels of recurring base management fees and loan originations completed in Q2-25.

•Estimated Annual NOI of $468 million and Fee-Bearing Capital to Record $9.2 billion:

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									Est. Annual NOI To KW ($ in millions)						Fee-Bearing Capital ($ in billions)
As of Q4-24									$467						$8.8
As of Q1-25									$473						$8.7
Transaction activity, net1									(22)						0.3
Asset stabilized/unstabilized									4						—
Operations									1						—
FX and other									12						0.2
Total as of Q2-25									$468						$9.2

1 Includes real estate acquisitions, dispositions, loan fundings and loan repayments completed during Q2-25. The Company also completed $1.2 billion in loan originations during Q2-25, which will primarily be funded in future quarters.

•Strong Multifamily Same Property Performance(1) : Improving Revenue Leads to NOI Growth

			Q2 - 2025 vs. Q2 - 2024																					YTD - 2025 vs. YTD - 2024
			Occupancy						Revenue						Expenses						NOI (Net Effective)			Occupancy						Revenue						Expenses						NOI (Net Effective)
Multifamily - Market Rate			0.3%						2.0%						(0.2)%						3.1%			0.6%						2.3%						(0.3)%						3.6%
Multifamily - Affordable			(1.2)%						6.2%						8.6%						4.9%			(1.2)%						5.8%						6.9%						5.1%
Total			(0.1)%						2.9%						1.6%						3.5%			0.1%						3.0%						1.2%						3.9%

(1) Excludes minority-held investments and assets undergoing development or lease-up.

•Development and Lease-up Portfolio Update:

•Stabilized The Cornerstone, a 232-unit multifamily property in Dublin, Ireland, which added $3.7 million of Estimated Annual NOI and expands the Company's stabilized Irish apartment portfolio to over 3,500 units.

•The Vintage affordable housing portfolio has 1,870 multifamily units under development or in lease-up, which upon completion is currently expected to add $9.6 million to Estimated Annual NOI and grow the Vintage platform to 12,695 stabilized units.

Investment Management Business and Co-Investment Portfolio Update

•Q2-25 Investment Management fees grew by 39% to $36 million (vs Q2-24) driven by higher levels of Fee-Bearing Capital, $1.2 billion of new construction loan originations from the Debt Investment Platform, and a $7 million development completion fee related to a previously completed development project in Camarillo, CA.

•Debt Investment Platform Grows to $10.1 billion in Q2-25:

◦Q2-25 Activity Totals $1.2 Billion: Originated $1.2 billion across 13 new market-rate multifamily and student housing construction loans, completed $524 million in additional fundings on existing loans, and realized $321 million in repayments. For the year, the Company has originated $2.0 billion across 23 market-rate multifamily and student housing construction loans.

◦Future Funding Commitments Total $5.2 billion: The Debt Investment Platform is comprised of $4.8 billion in outstanding loans ($4.6 billion of Fee-Bearing Capital) and $5.2 billion in future funding commitments, which will be added to the Company's Fee-Bearing Capital when funded. KW has an average ownership of 4% in these loans.

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◦Strong Rental Housing Origination Pipeline: Currently over $1 billion in new originations in process, all of which relate to market-rate multifamily or student-housing construction projects. There can be no assurances that these transactions will be completed.

•Real Estate Acquisitions Expand Co-Investment Portfolio:

◦UK Single Family Rental Housing Platform Adds $102 million in New Sites:

▪In Q2-25, acquired two development sites with 192 planned homes for $102 million, which grew platform to $534 million of committed investment across 1,177 planned homes. KW has a 10% interest in this platform, which currently has a target of $1.4 billion in assets.

▪Active pipeline of opportunities totaling over 1,000 homes, with the current platform capacity to potentially reach approximately 4,000 homes at full capital deployment.

◦U.S. Multifamily Acquisitions Total $387 Million:

▪Acquired four multifamily communities totaling 1,181 units in the Pacific Northwest and Mountain West for $387 million. KW has a 12% weighted-average ownership interest in these acquisitions.

•$250 million of Cash Generated from Dispositions and Recapitalizations in Q2-25:

◦Sale of $409 million in Consolidated Non-Core Assets:

▪Sold two Irish office properties, an Italian office property, and other non-income producing investments for a total of $207 million.

▪Sold a wholly-owned multifamily property in Northern California built in 1988 totaling 1,008 units, which will be converted to an affordable housing community and in which the Company's ownership was reduced from 100% to 10%.

▪Consolidated sales generated $123 million of cash and total gains on sale of $55 million.

◦Co-Investment Portfolio: As previously disclosed, the Company completed a hotel property recapitalization which resulted in $125 million of cash to KW.

Balance Sheet and Liquidity

•Cash and Line of Credit: In Q2, the Company repaid $170 million on its revolving credit facility. As of June 30, 2025, Kennedy Wilson had a total of $309 million(1) in cash and cash equivalents and $102 million drawn on its $550 million revolving credit facility.

•Debt Profile: Kennedy Wilson's share of debt had a weighted average effective interest rate of 4.7% and a weighted average maturity of 4.6 years as of June 30, 2025. Approximately 98% of the Company's debt is either fixed (74%) or hedged with interest rate derivatives (24%).

•Interest Rate Hedging Update: 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 an 70 basis point improvement in the effective interest rate of its floating-rate hedged debt

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◦Received $5 million of cash from interest rate derivatives in Q2-25, which is not reflected as an offset to interest expense.

•Foreign Currency Hedging Update: Kennedy Wilson hedges its exposure to foreign currency fluctuations by borrowing in the currency in which it invests and using foreign currency hedging instruments. As of June 30, 2025, the Company has hedged approximately 91% of the carrying value of its foreign currency investments, using local currency debt and hedging instruments with a weighted average term of 1.5 years.

•Share Repurchases: The Company repurchased 0.4 million shares during Q2-25 at a weighted average price of $6.21. As of June 30, 2025, the Company has approximately $101 million remaining on its $500 million share repurchase authorization.

Subsequent Events

The Company announced a full redemption of its €300 million outstanding euro-denominated 3.25% notes due November 2025 issued by Kennedy Wilson Europe Real Estate Limited, a wholly-owned subsidiary of Kennedy Wilson. The redemption will be completed on October 3, 2025 and funded using cash proceeds from its previously announced asset sale program, existing liquidity, and/or borrowings under its revolving credit facility. On that date, the Company will pay the full redemption amount comprising the outstanding principal together with all accrued and unpaid interest.

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Footnotes

(1) Represents consolidated cash and includes $113 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. Under the KWE Notes covenants we have to maintain certain interest coverage and leverage ratios to remain in compliance (see "Indebtedness and Related Covenants" for more detail on KWE Notes in the Company's quarterly report). Due to these covenants, we evaluate the tax and covenant implications before we distribute cash, which could impact the availability of funds at the corporate level. The Company's share of cash, including unconsolidated joint ventures, totals $440 million.

Conference Call and Webcast Details

Kennedy Wilson will hold a live conference call and webcast to discuss results at 9:00 a.m. PT/ 12:00 p.m. ET on Thursday, August 7. The direct dial-in number for the conference call is (844) 340-4761 for U.S. callers and (412) 717-9616 for international callers. A replay of the call will be available for one week beginning one hour after the live call and can be accessed by (877) 344-7529 for U.S. callers and (412) 317-0088 for international callers. The passcode for the replay is 8633071. The webcast will be available at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=0SqxynBr. A replay of the webcast will be available one hour after the original webcast on the Company’s investor relations web site for three months.

About Kennedy Wilson

Kennedy Wilson (NYSE: KW) is a leading real estate investment company with $30 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 $60 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.

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Kennedy-Wilson Holdings, Inc.

Consolidated Balance Sheets

(Unaudited)

(Dollars in millions)

 

						June 30, 2025						December 31, 2024
Assets
Cash and cash equivalents						$	309.1					$	217.5
Accounts receivable, net						42.0						38.7
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $963.5 and $949.1)						4,078.8						4,290.4
Unconsolidated investments (including $1,829.6 and $1,884.4 at fair value)						2,034.7						2,042.4
Loan purchases and originations, net						209.9						231.1
Other assets, net						122.4						141.0
Total assets						$	6,796.9					$	6,961.1
Liabilities
Accounts payable						$	8.9					$	10.8
Accrued expenses and other liabilities (including $213.2 and $225.2 of deferred tax liabilities)						569.4						529.4
Mortgage debt						2,385.2						2,597.2
KW unsecured debt						1,884.4						1,877.9
KWE unsecured bonds						352.7						309.8
Total liabilities						5,200.6						5,325.1
Equity
Cumulative perpetual preferred stock						789.7						789.7
Common stock						—						—
Additional paid-in capital						1,711.9						1,712.8
Accumulated deficit						(569.5)						(493.7)
Accumulated other comprehensive loss						(369.1)						(407.6)
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity						1,563.0						1,601.2
Noncontrolling interests						33.3						34.8
Total equity						1,596.3						1,636.0
Total liabilities and equity						$	6,796.9					$	6,961.1

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Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Operations

(Unaudited)

(Dollars in millions, except share amounts and per share data)

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Revenue
Rental						$	93.3					$	97.8					$	190.6					$	195.2
Hotel						—						—						—						9.3
Investment management fees						36.4						26.1						61.4						47.4
Loan						5.7						8.0						11.5						16.1
Other						0.3						0.1						0.5						0.4
Total revenue						135.7						132.0						264.0						268.4
(Loss) income from unconsolidated investments
Principal co-investments						1.8						(5.8)						21.4						3.9
Carried interests						(2.0)						(12.3)						(10.2)						(28.7)
Total (loss) income from unconsolidated investments						(0.2)						(18.1)						11.2						(24.8)
Gain on sale of real estate, net						55.1						0.2						54.3						106.6
Expenses
Rental						35.4						37.0						73.5						74.2
Hotel						—						—						—						7.6
Compensation and related (including $6.5, $6.0, $12.8, and $11.2 of share-based compensation)						32.3						31.8						59.2						59.4
Carried interests compensation						(0.6)						(4.5)						(3.3)						(10.0)
General and administrative						8.8						9.5						19.2						17.8
Depreciation and amortization						34.5						36.4						68.6						75.3
Total expenses						110.4						110.2						217.2						224.3
Interest expense						(62.5)						(63.8)						(123.9)						(128.5)
Loss on early extinguishment of debt						(2.1)						(0.5)						(2.1)						(0.2)
Other (loss) income						(5.6)						0.3						(10.8)						7.1
Income (loss) before benefit from (provision for) income taxes						10.0						(60.1)						(24.5)						4.3
(Provision for) benefit from income taxes						(4.4)						11.8						0.5						(14.9)
Net income (loss)						5.6						(48.3)						(24.0)						(10.6)
Net (income) loss attributable to noncontrolling interests						(1.1)						0.1						(1.4)						0.2
Preferred dividends						(10.9)						(10.9)						(21.8)						(21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders						$	(6.4)					$	(59.1)					$	(47.2)					$	(32.2)
Basic loss per share
Loss per share						$	(0.05)					$	(0.43)					$	(0.34)					$	(0.23)
Weighted average shares outstanding						138,144,013						137,588,910						137,946,790						138,142,769
Diluted loss per share
Loss per share						$	(0.05)					$	(0.43)					$	(0.34)					$	(0.23)
Weighted average shares outstanding						138,144,013						137,588,910						137,946,790						138,142,769
Dividends declared per common share						$	0.12					$	0.12					$	0.24					$	0.36

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Kennedy-Wilson Holdings, Inc.

Adjusted EBITDA

(Unaudited)

(Dollars in millions)

The table below reconciles net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders to Adjusted EBITDA, using Kennedy Wilson’s pro-rata share amounts for each adjustment item.   

						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2025						2024						2025						2024
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders						$	(6.4)					$	(59.1)					$	(47.2)					$	(32.2)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Interest expense						95.2						96.5						188.1						191.7
Loss on early extinguishment of debt						2.1						0.5						2.1						0.2
Depreciation and amortization						34.4						36.3						68.2						74.7
Provision for (benefit from) income taxes						4.4						(11.8)						(0.5)						15.1
Preferred dividends						10.9						10.9						21.8						21.8
Share-based compensation						6.5						6.0						12.8						11.2
Adjusted EBITDA						$	147.1					$	79.3					$	245.3					$	282.5

(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 net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders to Adjusted Net Income, using Kennedy Wilson’s pro-rata share amounts for each adjustment item. 

						Three Months Ended												Six Months Ended
						June 30,												June 30,
						2025						2024						2025						2024
Net loss income attributable to Kennedy-Wilson Holdings, Inc. common shareholders						$	(6.4)					$	(59.1)					$	(47.2)					$	(32.2)
Non-GAAP adjustments:
Add back (Kennedy Wilson's Share)(1):
Depreciation and amortization						34.4						36.3						68.2						74.7
Share-based compensation						6.5						6.0						12.8						11.2
Adjusted Net Income (Loss)						$	34.5					$	(16.8)					$	33.8					$	53.7
Weighted average shares outstanding for diluted						138,144,013						137,588,910						137,946,790						138,142,769

(1) See Appendix for reconciliation of Kennedy Wilson's Share amounts.

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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, 2024, 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. 

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·    "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 $4.4 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

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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

13

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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.

Investor Relations			Corporate Headquarters
Daven Bhavsar, CFA			151 S. El Camino Drive
(310) 887-3431			Beverly Hills, CA 90212
dbhavsar@kennedywilson.com			www.kennedywilson.com

KW-IR

14

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Supplemental Financial Information

15

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Kennedy-Wilson Holdings, Inc.

Capitalization Summary

(Unaudited)

(Dollars in millions, except per share data)

    

						June 30, 2025						December 31, 2024
Market Data
Common stock price per share						$	6.80					$	9.99
Common stock and convertible preferred stock
Common stock shares outstanding						137,899,795						137,442,778
Shares of common stock underlying convertible perpetual preferred stock and warrants(1)(2)(3)						37,478,315						37,478,315
Total Common stock outstanding and underlying convertible perpetual preferred stock and warrants						175,378,110						174,921,093
Equity Market Capitalization						$	1,192.6					$	1,747.5
Kennedy Wilson's Share of Debt
Kennedy Wilson's share of property debt						5,322.5						5,298.7
Senior notes payable						1,800.0						1,800.0
Kennedy Wilson Europe bonds						353.0						310.5
Credit Facility ($550 million capacity)						102.4						98.3
Total Kennedy Wilson's share of debt						7,577.9						7,507.5
Total Capitalization						$	8,770.5					$	9,255.0
Less: Kennedy Wilson's share of cash						(440.1)						(352.3)
Total Enterprise Value						$	8,330.4					$	8,902.7

(1) Assumes conversion of $300 million of our Series A convertible perpetual preferred stock based on current conversion price of $24.67 per share. The Series A preferred stock is callable by Kennedy Wilson on and after October 15, 2025.

(2) Assumes exercise of warrants based on current conversion price of $23.00 per share, which were issued along with $300 million Series B perpetual preferred stock. The Series B preferred stock is callable by Kennedy Wilson at any time.

(3) Assumes exercise of warrants based on current conversion price of $16.21 per share, which were issued along with $200 million Series C perpetual preferred stock. The Series C preferred stock is callable by Kennedy Wilson at any time.

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Kennedy-Wilson Holdings, Inc.

Components of Value Summary

As of June 30, 2025

(Unaudited, Dollars in millions)

Below are key valuation metrics provided to assist in the calculation of a sum-of-the-parts valuation of the Company as of June 30, 2025.

																					Kennedy Wilson's Share
Investments									Description						Occupancy						Est. Annual NOI(1)						Page #
Income Producing Assets
1			Multifamily(2)						37,736 units						94.2%						$	298.1					21
2a			EU Office						2.0 million consolidated square feet 0.7 million co-investment square feet						93.7%						91.1						22
2b			U.S. Office						0.8 million consolidated square feet 3.6 million co-investment square feet						87.1%						28.1
3			Industrial						11.5 million co-investment square feet						98.3%						19.5						23
4			Loan Investments						125 loan investments  KW Loan balance of $215.4 million						N/A						18.5						24
5			Retail						2.1 million square feet						81.1%						12.4						25
			Total Estimated Annual NOI																		$	467.7
Lease-up, Development, and Non-income Producing Assets																					KW Gross Asset Value
6			Lease-up Portfolio(3)(4)						Est. Annual NOI at stabilization: $51-$56 million						32.8%						$	976.7					26
7			Development Projects(3)(4)						Est. Annual NOI at stabilization: $10 million						N/A						375.8						27
8			Residential and other(3)						21 investments						N/A						274.5						25
			Total KW Gross Asset Value																		$	1,627.0
Investment Management															Fee-Bearing Capital						Total
9			Investment Management - Base Fees						Asset management and origination fees (T-12)(5)						$9,200						$	113.8					31
10			Carried Interest Receivable, net						Accrued carried interests receivable, net												$	13.4
Net Debt, Hedging and KW Share Count																					Total
11			Consolidated Debt (KW Share)						Secured and Unsecured Debt												$	4,600.3
12			Unconsolidated Debt (KW Share)						Non-recourse Secured Debt												2,977.6
13			KW Share of Cash(6)						Cash												(440.1)
			Total Net Debt																		$	7,137.8					29
14			KW Share of Interest Rate and Currency Hedging Contracts(7)						Corporate and Property Level												$	(3.6)
			Total Common stock outstanding and underlying convertible preferred stock																		175,378,110						16

(1) Based on weighted average ownership figures held by KW.

(2) Includes 10,825 affordable units the Company owns through its Vintage Housing Holdings platform. Kennedy Wilson's equity investment in Vintage Housing Holdings has a fair value of $343.3 million as of June 30, 2025.

(3) See additional detail related to Lease-up, Development, and Non-income Producing Assets, as of June 30, 2025. KW Share of Debt below is included in the Net Debt amounts within the Components of Value Summary above.

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						KW Gross Asset Value						KW Share of Debt						Investment Account (GAV - share of debt)
Lease-up						$	976.7					$	415.1					$	561.6
Development						375.8						81.6						294.2
Residential and other						274.5						38.4						236.1
Total						$	1,627.0					$	535.1					$	1,091.9

(4) Includes $184 million of gross asset value related to development that the Company owns through its investment Vintage Housing Holdings as of June 30, 2025.

(5) TTM figures are representative of the trailing 12 months and are not indicators of the actual results that the Company will or expects to realize in any period.

(6) Includes $113.2 million of restricted cash, which is included in cash and cash equivalents, that primarily relates to lender reserves associated with consolidated mortgages that we hold on properties and reserves held on behalf of the borrowers under our construction loans.

(7) Includes $(6.5) million included within net Other Liabilities and $2.9 million within Unconsolidated investments on the Company's Consolidated Balance Sheet .

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Kennedy-Wilson Holdings, Inc.

Stabilized Portfolio

As of June 30, 2025

(Unaudited, Dollars in millions)

The following information reflects Kennedy Wilson's Pro-rata share of Estimated Annual NOI (from income-producing assets) by geography and property type, as of June 30, 2025, of which 50% is derived from consolidated assets.

			Pacific Northwest			Southern California			Northern California			Mountain West			Other U.S.			U.K.			Ireland			Other Europe			Total
Multifamily - Market Rate			$	50.8		$	28.9		$	14.5		$	100.8		$	—		$	—		$	48.9		$	—		$	243.9
Multifamily - Affordable			33.4			6.3			3.8			10.7			—			—			—			—			54.2
Office			2.1			15.8			8.3			1.9			—			54.3			32.0			4.8			119.2
Industrial			0.3			—			1.8			1.3			—			14.0			1.6			0.5			19.5
Retail			—			0.6			—			—			—			6.0			5.8			—			12.4
Loans			0.5			5.7			2.6			2.2			7.0			0.5			—			—			18.5
Total Estimated Annual NOI			$	87.1		$	57.3		$	31.0		$	116.9		$	7.0		$	74.8		$	88.3		$	5.3		$	467.7

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Kennedy-Wilson Holdings, Inc.

Segment Investment Summary

As of June 30, 2025

(Unaudited)

(Dollars in millions, except Fee-Bearing Capital)

The following summarizes Kennedy Wilson's income-producing portfolio by segment. Excluded below are lease-up, development, and residential and other investments.

Stabilized Portfolio
																		KW Share of Estimated Annual NOI
KW Segment			Description			Balance Sheet Classification			MF Units			Comm. RSF			Loans			MF			Office			Industrial			Retail			Loans			Total			Fee-Bearing Capital(1) ($bn)			KW Gross Asset Value			KW Own. %(2)
1) Consolidated			Consists primarily of wholly-owned real estate investments			Consolidated			8,250			3.9			—			$126.3			$96.6			$—			$11.7			$—			234.6			$—			$4,381.6			97%
2) Co-investment Portfolio:
~50% owned			Consists primarily of 50/50 investments with partners and our Vintage Housing joint-venture			Unconsolidated			21,107			0.6			—			157.1			15.2			—			0.3			—			172.6			1.2			3,131.1			49%
Minority-held			Includes fund investments, loans, and other minority-held investments			Unconsolidated			8,379			16.2			125			14.7			7.4			19.5			0.4			18.5			60.5			8.0			994.6			9%
Co-investment Portfolio									29,486			16.8			125			$171.8			$22.6			$19.5			$0.7			$18.5			$233.1			$9.2			$4,125.7			23%
Total Stabilized Portfolio									37,736			20.7			125			$298.1			$119.2			$19.5			$12.4			$18.5			$467.7			$9.2			$8,507.3			37%

(1) Includes Fee-Bearing Capital related to lease-up, development, and non-income producing assets.

(2) Weighted average ownership figures based on the Company’s share of NOI and are presented on a pre-carried interest basis.

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Kennedy-Wilson Holdings, Inc.

Multifamily Portfolio

As of June 30, 2025

(Unaudited)

(Dollars in millions, except average rents per unit)

									Consolidated						Co-Investment (Unconsolidated)
Multifamily			# of Assets						Market-Rate Units						Market-Rate Units			VHH Affordable Units (5)			Total # of Units						Market-Rate Occupancy (Asset Level)						Market-Rate Occupancy (KW Share)			VHH Affordable Occupancy			Total Occupancy (KW Share)			Market Rate Avg. Rent(1)(2)(3)						Estimated Annual NOI(4)
Mountain West			51						5,952						5,062			2,713			13,727						93.8		%				94.2		%	93.1		%	94.1		%	$	1,632					$	111.5
Pacific Northwest			58						1,280						5,316			6,562			13,158						93.6						93.7			93.6			93.7			2,137						84.2
Southern California			13						696						2,108			874			3,678						94.7						94.2			96.6			94.7			2,555						35.2
Northern California			11						322						2,665			676			3,663						93.2						92.0			97.0			93.4			2,361						18.3
Total Western U.S.			133						8,250						15,151			10,825			34,226						93.8		%				94.0		%	93.9		%	94.0		%	$	1,893					$	249.2
Ireland(4)			13						—						3,510			—			3,510						96.8						96.8			—			96.8			2,950						48.9
Total Stabilized			146						8,250						18,661			10,825			37,736						94.0		%				94.3		%	93.9		%	94.2		%	$	2,023					$	298.1
Lease-up Assets			3						—						—			672			672						See Page 26 for more information
Development Projects			8						—						288			1,198			1,486						See Page 27 for more information
Total			11						—						288			1,870			2,158
Total Multifamily			157						8,250						18,949			12,695			39,894

(1) Average Monthly Rents Per Unit is defined as the total potential monthly rental revenue (actual rent for occupied units plus market rent for vacant units) divided by the number of units, and are weighted averages based on the Company's ownership percentage in the underlying properties.

(2) Average Monthly Rents Per Market Rate Unit for the market rate portfolio based on Kennedy Wilson's share of units. Average Monthly Rents Per Unit for the affordable portfolio are $1,524 per month, including $1,336, $1,555, $1,857, and $1,549 for Mountain West, Pacific Northwest, Southern California and Northern California, respectively.

(3) Excludes 619 units related to investment in Langdon Park Capital.

(4) Estimated foreign exchange rates are €1.00 = $1.18 USD, and £1.00 = $1.37 USD related to NOI.

(5) The Company has a 45% economic ownership interest in its Vintage Housing affordable portfolio.

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Kennedy-Wilson Holdings, Inc.

Office Portfolio

As of June 30, 2025

(Unaudited)

(Dollars and Square Feet in millions, except average rent per sq. ft.)

									Consolidated						Co-Investment (Unconsolidated)
Office			# of Assets						Rentable Sq. Ft.						Rentable Sq. Ft.			Total Rentable Sq. Ft.						Occupancy (Asset Level)						Occupancy (KW Share)						Average Annual Rent per Sq. Ft.(1)						Estimated Annual NOI
Pacific Northwest			2						—						0.4			0.4						95.9		%				97.4		%				$	31.1					$	2.1
Southern California(2)			6						0.5						0.9			1.4						78.8						87.5						49.5						15.8
Northern California			4						0.3						1.0			1.3						88.7						84.2						38.3						8.3
Mountain West			5						—						1.3			1.3						87.9						88.2						21.2						1.9
Total Western U.S.			17						0.8						3.6			4.4						86.0		%				87.1		%				$	41.9					$	28.1
United Kingdom(3)			7						1.2						0.1			1.3						89.6						89.5						51.3						54.3
Ireland(3)(4)			7						0.4						0.6			1.0						97.4						97.8						49.6						32.0
Italy(3)			5						0.4						—			0.4						100.0						100.0						13.5						4.8
Total Europe(3)			19						2.0						0.7			2.7						93.9		%				93.7		%				$	43.8					$	91.1
Total Stabilized			36						2.8						4.3			7.1						89.0		%				91.4		%				$	43.2					$	119.2
Lease-up Assets			10						1.0						1.4			2.4						See page 26 for more information
Development Projects			1						—						—			—						See page 27 for more information
Total			11						1.0						1.4			2.4
Total Office			47						3.8						5.7			9.5

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of June 30, 2025 and are weighted averages based on the Company's ownership percentage in the underlying properties.

(2) Includes our corporate headquarters wholly-owned by KW comprising 58,000 sq. ft., 100% occupancy, and $3.0 million in Estimated Annual NOI.

(3) Estimated foreign exchange rates are €1.00 = $1.18 USD, and £1.00 = $1.37 USD related to NOI.

(4) Includes our Irish headquarters wholly-owned by KW comprising 19,000 sq. ft., 100% occupancy, and $1.4 million in Estimated Annual NOI.

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Kennedy-Wilson Holdings, Inc.

Industrial Portfolio

As of June 30, 2025

(Unaudited)

(Dollars and Square Feet in millions, except average rent per sq. ft.)

												Co-Investment (Unconsolidated)
Industrial			# of Assets									Rentable Sq. Ft.									Occupancy  (Asset Level)						Occupancy (KW Share)						Average Annual Rent per Sq. Ft.(1)						Estimated Annual NOI
Mountain West			4									0.9									97.6						97.7						$	11.6					$	1.3
Northern California			3									1.6									100.0						100.0						6.2						1.8
Pacific Northwest			1									0.2									83.1						83.1						9.7						0.3
Total Western U.S.			8									2.7									97.9		%				98.4		%				$	7.7					$	3.4
United Kingdom(2)			74									7.6									97.7						98.4						10.9						14.0
Ireland(2)			20									0.8									96.8						97.1						11.1						1.6
Spain(2)			4									0.4									100.0						100.0						6.4						0.5
Total Europe(2)			98									8.8									97.7		%				98.3		%				$	10.7					$	16.1
Total Stabilized			106									11.5									97.8		%				98.3		%				$	10.0					$	19.5
Lease-up Assets			8									0.7									See page 26 for more information
Development Projects			4									TBD									See page 27 for more information
Total			12									0.7
Total Industrial			118									12.2

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of June 30, 2025 and are weighted averages based on the Company's ownership percentage in the underlying properties.

(2) Estimated foreign exchange rates are €1.00 = $1.18 USD, and £1.00 = $1.37 USD related to NOI.

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Kennedy-Wilson Holdings, Inc.

Loan Investment Portfolio

As of June 30, 2025

(Unaudited)

									KW Share
Loan Investment			# of Loans						Average Interest Rate						Loan Balance			Annual Interest Income
Southern California			22						9.9		%				$	57.0		$	5.7
Northern California			15						6.8		%				38.2			2.6
Mountain West			21						7.9		%				28.5			2.2
Pacific Northwest			6						4.3		%				11.3			0.5
Other U.S.			60						9.4		%				75.6			7.0
Total U.S.			124						8.6		%				$	210.6		$	18.0
United Kingdom(1)			1						9.5		%				4.8			0.5
Total Loan Investment			125						8.6		%				$	215.4		$	18.5

(1) Estimated foreign exchange rate is £1.00 = $1.37 USD related to Loan Balance and Annual Interest Income.

Loan Originations			Q2-25			YTD-25
# of Loan Originations			13			23
Gross Origination Commitment			$1,237.1			$	1,961.2
KW Share of Commitment (2.5%)			$30.9			$49.0
KW Origination Fee1			$12.4			$22.0

    

(1) YTD-25 includes $2.4 million related to a $236 million loan originated by the Company during Q4-24 and syndicated during Q1-25.

Fundings and Repayments			Q2-25												YTD-25
			Investment Level						KW Share						Investment Level						KW Share
Loan Fundings			$	523.8					$	16.0					$	802.7					$	26.3
Repayments			$	321.3					$	16.1					$	802.7					$	39.8

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Kennedy-Wilson Holdings, Inc.

Other Investments

As of June 30, 2025

(Unaudited)

(Dollars and Square Feet in millions, except average rent per sq. ft.)

									Consolidated			Co-Investment (Unconsolidated)
Retail			# of Assets						Rentable Sq. Ft.			Rentable Sq. Ft.			Total Rentable Sq. Ft.						Occupancy (Asset Level)						Occupancy (KW Share)						Average Annual Rent per Sq. Ft.(1)						Kennedy Wilson's Share of Estimated Annual NOI
Southern California			3						—			0.9			0.9						88.8						80.2						$	61.8					$	0.6
Total Western U.S.			3						—			0.9			0.9						88.8		%				80.2		%				$	61.8					$	0.6
United Kingdom(2)			5						0.9			0.1			1.0						87.3						82.3						15.4						6.0
Ireland(2)			1						0.2			—			0.2						76.8						76.8						51.4						5.8
Total Europe(2)			6						1.1			0.1			1.2						85.8		%				81.1		%				$	22.4					$	11.8
Total Europe(2)			9						1.1			1.0			2.1						85.9		%				81.1		%				$	22.9					$	12.4
Lease-up Assets			1						—			0.6			0.6
Total Retail			10						1.1			1.6			2.7

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of June 30, 2025 and are weighted averages based on the Company's ownership percentage in the underlying properties.

(2) Estimated foreign exchange rates are €1.00 = $1.18 USD, and £1.00 = $1.37 USD related to NOI.

Hotel			# of Assets						Hotel Rooms
Hawaii (currently in lease-up)			1						150						See page 27 for more information
Total Hotel			1						150

Residential and Other			# of Investments						Total Acres						SFR Units Planned						KW Gross Asset Value
Southern California			2						527						—						$	25.8
Hawaii			1						542						—						164.6
Total Residential			3						1,069						—						$	190.4
UK Single Family Rental(1)(2)			12						—						1,177						11.6
Total Residential			15						1,069						1,177						$	202.0
Other Investments			6						—						—						$	72.5
Total Residential and Other			21						1,069						1,177						$	274.5

(1) Estimated foreign exchange rates are €1.00 = $1.18 USD, and £1.00 = $1.37 USD related to NOI.

(2) Total committed purchase price of $534 million. KW has a 10% ownership in its UK Single Family Rental Housing platform.

25

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Kennedy-Wilson Holdings, Inc.

Lease-up Portfolio

As of June 30, 2025

(Unaudited)

(Dollars in millions)

Lease-up Portfolio

This section includes the Company's assets that are undergoing lease-up. There is no certainty that these assets will reach stabilization in the time periods shown. In addition, the cost to complete lease-up assets is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are Kennedy Wilson's share.

Property			Location			Type			KW Ownership %			# of Assets			Commercial Sq. Ft.						Leased %			KW Share Est. Stabilized NOI			KW Est. Costs to Complete(1)			KW Gross Asset Value
2025
Stockley Park			United Kingdom(2)			Office			100%			1			54,000						—			$	2.7		$	—		$	40.0
			2025 Subtotal									1			54,000						—		%	$	2.7		$	—		$	40.0
2026-2027
Coopers Cross			Ireland(2)			Office			50%			1			395,000						10			$	11.3		$	1.7		$	150.0
The Heights			United Kingdom(2)			Office			51%			1			356,000						65			9.0			—			77.8
90 East Buildings			Pacific Northwest			Office			100%			1			410,000						—			7.4			11.0			109.5
H4 and H7 at Hamilton Landing(4)			Northern California			Office			100%			1			118,000						34			2.8			5.8			35.9
Scotscroft Building			United Kingdom(2)			Office			100%			1			59,000						—			2.3			1.0			26.5
Kona Village			Hawaii			Hotel			35%			1			—						N/A			$11-$14			$	—		260.8
			2026-2027 Subtotal									6			1,338,000						23		%	$44-$47			$	19.5		$	660.5
			Total Lease-Up									7			1,392,000						22		%	$46-$49			$	19.5		$	700.5

Note: The table above excludes minority-held investments, and three wholly-owned assets where the scope is still being explored, totaling KW Gross Asset Value of $222 million.

(1)    Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process net of existing tenant improvement reserves, as applicable, as of June 30, 2025. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above.  If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase. 

(2) Estimated foreign exchange rates are €1.00 = $1.18 USD, and £1.00 = $1.37 USD related to NOI.

(3)    Represents only hangar 4 and hangar 7 within the Hamilton Landing office campus. The remainder of Hamilton Landing, totaling 0.3 million square feet, is included within the Company's stabilized portfolio.

26

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Kennedy-Wilson Holdings, Inc.

Development Projects

As of June 30, 2025

(Unaudited)

(Dollars in millions)

Market Rate - Development Projects

This section includes the market rate development or redevelopment projects that the Company is undergoing or considering, and excludes Vintage Housing Holdings and residential investments. The scope of these projects may change. There is no certainty that the Company will develop or redevelop any or all of these potential projects. In addition, the cost to complete development projects is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below. All dollar amounts are at Kennedy Wilson's share.

															If Completed																					Current
Property			Location			Type			Status			KW Ownership %			Est. Completion Date(1)			Est. Stabilization Date			MF Units			KW Share Est. Stabilized NOI			KW Est. Total Cost(1)			Est. Yield on Cost						KW Costs Incurred(2)			KW Est. Costs to Complete(1)
Cloudveil			Mountain West			Multifamily			Under Construction			63%			2026			2026			288			4			46			7%						33			13
Bend			Pacific Northwest			Multifamily			In Planning			43%			TBD			TBD			TBD			TBD			TBD			TBD						22			TBD
																					288			$	4		$	46		7%						$	55		$	13

Note: The table above excludes minority-held development projects and three development projects where the scope is still being explored, totaling KW Gross Asset Value of $191 million.

(1)    Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process, as applicable, as of June 30, 2025. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. These figures are budgeted costs and are subject to change. There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above.  If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase. 

(2) Includes land costs.

27    

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Kennedy-Wilson Holdings, Inc.

Vintage Housing Holdings - Lease-up and Development Projects

As of June 30, 2025

(Unaudited)

(Dollars in millions)

Vintage Housing Holdings - Lease-up and Development Projects

This section includes the Company's lease-up assets and development projects or redevelopment projects that the Company is undergoing or considering through its Vintage platform, which the Company has a 45% ownership interest in. The Company expects to have no cash equity basis in these projects at completion due to the use of property level debt and proceed from the sale of tax credits. The scope of these projects may change. There is no certainty the lease-up assets will reach stabilization or the Company will develop or redevelop any or all of these potential projects. All dollar amounts are Kennedy Wilson's share.

									If Completed															Current
Property			Location			Status			Est. Completion Date(1)			Est. Stabilization Date			MF Units			Est. Cash to KW(2)			KW Share Est. Stabilized NOI			KW Cash Basis			Leased %
Spanish Springs			Mountain West			Lease-up			n/a			2025			257			$	0.3		$	0.9		$	—		36
Washington Station			Mountain West			Lease-up			n/a			2025			205			0.6			0.7			—			56
Two10			Pacific Northwest			Lease-up			n/a			2025			210			13.2			1.2			13.2			73
Redfield			Mountain West			Under Construction			2025			2026			223			1.7			0.9			—			—
Beacon Hill			Pacific Northwest			Under Construction			2025			2026			272			3.0			1.7			2.3			—
Lockwood			Southern California			Under Construction			2026			2026			376			0.5			2.3			0.5			—
Lake Stevens			Pacific Northwest			In Planning			2026			2027			191			0.7			1.3			—			—
Folsom			Northern California			In Planning			2026			2027			136			3.2			0.6			3.2			—
															1,870			$	23.2		$	9.6		$	19.2

(1) The actual completion date for projects is subject to several factors, many of which are not within our control. Accordingly, the projects identified may not be completed when expected, or at all. Kennedy Wilson expects to have no cash equity basis in these projects at completion.

(2) Represents the total cash Kennedy Wilson currently expects to receive from paid developer fees and proceeds from the sale of tax credits. Payment of the developer fee is contingent on the Company’s ability to meet certain criteria as outlined in each project’s Limited Partnership Agreement and may vary based on a number of factors.

28    

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Kennedy-Wilson Holdings, Inc.

Debt and Liquidity Schedule

As of June 30, 2025

(Unaudited)

(Dollars in millions)

			Consolidated @ KW Share																		Unconsolidated @ KW Share
Maturity (5)			Secured(1)						Kennedy Wilson Europe Unsecured Bonds(2)						Unsecured(3)						Unconsolidated Secured						Vintage Housing						KW Share
2025			$	93.1					$	353.0					$	—					$	130.4					$	7.2		(6)			$	583.7
2026			418.2						—						—						401.7						59.2			(6)			879.1
2027			355.6						—						—						369.5						5.5						730.6
2028			344.5						—						102.4						178.0						18.3						643.2
2029			204.3						—						600.0						507.3						18.2						1,329.8
2030			194.0						—						600.0						381.9						27.4						1,203.3
2031			580.2						—						600.0						103.9						11.8						1,295.9
2032			77.2						—						—						110.5						6.5						194.2
2033			77.8						—						—						52.5						68.0						198.3
2034			—						—						—						7.9						49.2						57.1
Thereafter			—						—						—						1.3						461.4						462.7
Total			$	2,344.9					$	353.0					$	1,902.4					$	2,244.9					$	732.7					$	7,577.9
Cash			(141.4)						(2.6)						(161.8)						(74.0)						(60.3)						(440.1)
Net Debt			$	2,203.5					$	350.4					$	1,740.6					$	2,170.9					$	672.4					$	7,137.8
Effective Interest Rate(4)			4.6%						3.3%						4.8%						4.8%						4.8%						4.7%
Contractual Interest Rate			5.0%						3.3%						4.8%						4.9%						4.9%						4.8%
Years to Maturity(5)			3.8						0.4						4.6						3.4						13.5						4.6

(1) Excludes $53.5 million of secured consolidated debt related to noncontrolling interests, $11.9 million of unamortized loan fees and unamortized net premium of $1.3 million, as of June 30, 2025.

(2) Excludes $0.1 million of unamortized loan fees and unamortized net discount of $0.2 million, as of June 30, 2025.

(3) Excludes $20.5 million of unamortized loan fees and unamortized net discount of $2.5 million, as of June 30, 2025. $102.4 million maturing in 2028 relates to the Company's line of credit, which includes

€70 million drawn in Euros.

(4) Includes the effect of interest rate hedges and excludes prepaid loan costs.

(5) Reflects maturity dates (including extension options, available at the Company’s option and subject to certain conditions precedent).

(6) $4.8 million and $19.3 million of Vintage Housing maturities in 2025 and 2026, respectively, are expected to be paid off using tax credit equity.

.

29    

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Kennedy-Wilson Holdings, Inc.

Debt and Liquidity Schedule (continued)

As of June 30, 2025

(Unaudited)

(Dollars in millions)

Kennedy Wilson has exposure to fixed and floating rate debt through its corporate debt along with debt encumbering its consolidated properties and its joint venture investments. The table below details Kennedy Wilson's total consolidated and unconsolidated debt by interest rate type.

			KW Share of Debt
			Fixed Rate Debt						Floating with Interest Hedges						Floating without Interest Hedges						Total KW Share of Debt
Secured Investment Level Debt			$	3,482.9					$	1,703.7					$	135.9					$	5,322.5
Kennedy Wilson Europe Unsecured Bonds			353.0						—						—						353.0
KW Unsecured Debt			1,800.0						102.4						—						1,902.4
Total			$	5,635.9					$	1,806.1					$	135.9					$	7,577.9
% of Total Debt			74		%				24		%				2		%				100		%
Effective Interest Rate			4.6		%				4.9		%				6.7		%				4.7		%
Contractual Interest Rate			4.6		%				5.5		%				6.7		%				4.8		%

			KW Share of Secured Investment Debt
			Multifamily						Office						Industrial						Retail						Hotels						Residential and Other						Total						% of KW Share
Pacific Northwest			$	1,044.6					$	48.0					$	3.2					$	3.2					$	—					$	—					$	1,099.0					21		%
Southern California			332.4						143.7						—						4.0						—						—						480.1						9		%
Northern California			228.5						78.4						19.2						—						—						—						326.1						6		%
Mountain West			1,402.5						12.8						12.8						—						—						—						1,428.1						27		%
Hawaii			—						—						—						—						133.1						38.4						171.5						3		%
Total Western US			$	3,008.0					$	282.9					$	35.2					$	7.2					$	133.1					$	38.4					$	3,504.8					66		%
United Kingdom			$	—					$	558.0					$	179.6					$	—					$	—					$	—					$	737.6					14		%
Ireland			616.0						390.4						17.5						52.5						—						—						1,076.4						20		%
Spain			—						—						3.7						—						—						—						3.7						—		%
Total Europe			$	616.0					$	948.4					$	200.8					$	52.5					$	—					$	—					$	1,817.7					34		%
Total			$	3,624.0					$	1,231.3					$	236.0					$	59.7					$	133.1					$	38.4					$	5,322.5					100		%
% of Total Debt			68		%				23		%				4		%				1		%				3		%				1		%				100		%

30    

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Kennedy-Wilson Holdings, Inc.

Investment Management Platform

(Unaudited, Dollars in millions)

Kennedy Wilson's investment management and real estate services platform offers a comprehensive line of real estate services for the full lifecycle of real estate ownership. Kennedy Wilson has approximately $30 billion in Real Estate AUM(1) as of June 30, 2025.

Adjusted Fees
						Q2												YTD
Fee Description						2025						2024						2025						2024
Investment Management — Base						$	15.9					$	16.2					$	31.6					$	30.6
Investment Management — Loan Origination/Acquisition/Disposition						20.7						10.1						30.1						17.2
Total - Investment Management — Base and Transaction						36.6						26.3						61.7						47.8
Investment Management — Carried Interests:
Unrealized(2)						(2.0)						(12.3)						(10.2)						(28.7)
Property Services						0.3						0.1						0.5						0.4
Total Adjusted Fees(3)						$	34.9					$	14.1					$	52.0					$	19.5

(1) As defined in "Common Definitions" section of the earnings release.

(2 ) KW had accrued net carried interests receivable of $13.4 million as of June 30, 2025.

(3) Please see the appendix for a reconciliation of Adjusted Fees to its closest GAAP measure.

31

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Kennedy-Wilson Holdings, Inc.

Multifamily Same Property Analysis

(Unaudited)

(Dollars in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.

Three Months Ended June 30,						Units						Average Occupancy %																		Total Revenues																		Total Operating Expenses																		Net Operating Income (Net Effective)(1)
2025 vs. 2024						2025						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change
Market Rate Portfolio
Region:
Mountain West						7,752						94.6		%				94.3		%				0.2		%				$	33.2					$	32.6					1.8		%				$	10.4					$	10.4					(0.2)		%				$	22.8					$	22.2					2.7		%
Pacific Northwest						3,531						94.4						94.1						0.3		%				16.8						16.3						2.9						5.7						5.8						(2.1)						11.1						10.5						5.6
Southern California						1,438						94.6						94.1						0.5		%				7.0						6.8						3.3						2.5						2.5						0.5						4.5						4.3						5.0
Northern California						1,670						93.3						93.2						0.2						9.0						8.9						0.7						3.6						3.5						2.4						5.4						5.4						(0.3)
Western U.S.						14,391						94.5		%				94.2		%				0.3		%				$	66.0					$	64.6					2.1		%				$	22.2					$	22.2					(0.2)		%				$	43.8					$	42.4					3.3		%
Ireland						2,520						98.4						97.8						0.7						10.3						10.2						1.8						2.3						2.3						(0.1)						8.1						7.9						2.4
Market Rate Total						16,911						94.9		%				94.6		%				0.3		%				$	76.3					$	74.8					2.0		%				$	24.5					$	24.5					(0.2)		%				$	51.9					$	50.3					3.1		%
Affordable Portfolio
Region:
Pacific Northwest						6,562						93.3		%				94.5		%				(1.3)		%				$	13.0					$	12.2					6.6		%				$	4.7		4.3			$	4.3					10.4		%				$	8.3					$	7.9					4.5		%
Mountain West						2,425						92.8						94.3						(1.6)						3.7						3.6						2.7						1.4			1.3			1.3						7.3						2.3						2.3						0.1
Southern California						704						95.8						96.3						(0.5)						1.7						1.6						10.3						0.4			0.4			0.4						2.8						1.3						1.2						12.9
Northern California						676						96.9						97.2						(0.3)						1.4						1.3						7.6						0.4			0.4			0.4						0.2						1.0						0.9						11.3
Affordable Total						10,367						93.7		%				94.8		%				(1.2)		%				$	19.8					$	18.7					6.2		%				$	6.9					$	6.4					8.6		%				$	12.9					$	12.3					4.9		%
Total						27,278						94.5		%				94.7		%				(0.1)		%				$	96.1					$	93.5					2.9		%				$	31.4					$	30.9					1.6		%				$	64.8					$	62.6					3.5		%
Total Same Property Units						27,278
Excluded from Same-Property analysis:
Units acquired or stabilized after 1/1/24						2,079
Minority-held units						8,379
Total Stabilized Units						37,736

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

(1) Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

32

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Kennedy-Wilson Holdings, Inc.

Multifamily Same Property Analysis (continued)

(Unaudited)

(Dollars in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.

Six Months Ended June 30,						Units						Average Occupancy %																		Total Revenues																		Total Operating Expenses																		Net Operating Income (Net Effective)(1)
2025 vs. 2024						2025						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change
Market Rate Portfolio
Region:
Mountain West						7,752						94.8		%				94.2		%				0.6		%				$	66.3					$	65.0					2.0		%				$	20.6					$	20.6					0.4		%				$	45.6					$	44.4					2.7		%
Pacific Northwest						3,531						94.4						93.9						0.6		%				33.3						32.4						2.9						11.3						11.6						(3.0)						22.1						20.8						6.2
Southern California						1,438						94.7						94.0						0.7		%				14.0						13.7						2.2						5.1						5.0						1.4						8.9						8.7						2.6
Northern California						1,670						93.0						92.6						0.4						18.1						17.6						2.7						7.1						7.1						1.0						10.9						10.5						3.8
Western U.S.						14,391						94.6		%				94.0		%				0.6		%				$	131.7					$	128.7					2.3		%				$	44.1					$	44.3					(0.3)		%				$	87.5					$	84.4					3.7		%
Ireland						2,520						98.5						97.7						0.8						20.7						20.2						2.3						4.6						4.6						0.1						16.1						15.6						2.9
Market Rate Total						16,911						95.0		%				94.4		%				0.6		%				$	152.4					$	148.9					2.3		%				$	48.7					$	48.9					(0.3)		%				$	103.6					$	100.0					3.6		%
Affordable Portfolio
Region:
Pacific Northwest						6,562						93.0		%				94.4		%				(1.6)		%				$	25.6					$	24.2					5.8		%				$	9.4					$	8.7					7.6		%				$	16.2					$	15.5					4.7		%
Mountain West						2,425						94.4						94.3						0.1						7.4						7.2						2.5						2.8						2.5						8.6						4.6						4.7						(0.8)
Southern California						704						94.8						95.4						(0.6)						3.4						3.1						11.5						0.8						0.8						0.5						2.6						2.3						15.4
Northern California						676						97.0						97.0						—						2.8						2.6						7.8						0.9						0.9						1.2						1.9						1.7						11.2
Affordable Total						10,367						93.6		%				94.7		%				(1.2)		%				$	39.2					$	37.1					5.8		%				$	13.9					$	12.9					6.9		%				$	25.3					$	24.2					5.1		%
Total						27,278						94.6		%				94.5		%				0.1		%				$	191.6					$	186.0					3.0		%				$	62.6					$	61.8					1.2		%				$	128.9					$	124.2					3.9		%
Total Same Property Units						27,278
Excluded from Same-Property analysis:
Units acquired or stabilized after 1/1/24						2,079
Minority-held units						8,379
Total Stabilized Units						37,736

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

(1) Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

33

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Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis -

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (including straight-line rents)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.

Three Months Ended June 30,						Square Feet						Average Occupancy %																		Total Revenues																		Total Operating Expenses																		Net Operating Income (Net Effective)(1)
2025 vs. 2024						2025						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change
Region:
Western U.S.						0.8						86.5		%				84.5		%				2.3		%				$	7.2					$	7.9					(8.3)		%				$	3.7					$	3.5					5.6		%				$	3.6					$	4.4					(19.3)		%
United Kingdom						1.3						89.4						95.9						(6.8)						12.9						13.2						(1.9)						1.1						0.8						49.4						11.8						12.4						(5.0)
Ireland						0.8						97.2						95.8						1.5						7.1						7.1						0.1						0.2						0.2						22.6						6.9						6.9						(0.5)
Italy						0.4						100.0						100.0						—						1.3						1.2						7.7						0.2						0.2						(2.1)						1.2						1.1						9.3
Europe						2.5						93.4		%				96.6		%				(3.3)		%				21.3						21.5						(0.7)		%				1.5						1.2						37.0		%				19.9						20.4						(2.7)		%
Total						3.3						91.6		%				93.4		%				(2.0)		%				$	28.5					$	29.4					(2.7)		%				$	5.2					$	4.7					13.3		%				$	23.5					$	24.8					(5.7)		%
Total Same Property Square Feet																		3.3
Excluded from Same-Property analysis:
Assets acquired or stabilized after 1/1/24 or occupied by KW																		0.1
Minority-held office properties																		3.8
Total Stabilized Square Feet																		7.2

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

(1) Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

34

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Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis (continued)

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (including straight-line rents)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes minority-owned investments.

Six Months Ended June 30,						Square Feet						Average Occupancy %																		Total Revenues																		Total Operating Expenses																		Net Operating Income (Net Effective)(1)
2025 vs. 2024						2025						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change
Region:
Western U.S.						0.8						85.4		%				83.6		%				2.1		%				14.2						15.5						(8.1)		%				7.2						7.1						1.4		%				7.0						8.3						(16.2)		%
United Kingdom						1.3						91.1						95.4						(4.5)						26.1						26.2						(0.3)						2.1						1.6						33.8						24.0						24.6						(2.5)
Ireland						0.8						96.5						95.8						0.8						14.1						14.1						(0.2)						0.5						0.4						25.9						13.7						13.8						(0.9)
Italy						0.4						100.0						100.0						—						2.7						2.6						4.2						0.3						0.3						(1.1)						2.4						2.2						4.9
Europe						2.5						94.2		%				96.3		%				(2.2)		%				42.9						42.9						—		%				2.9						2.3						27.5		%				40.1						40.6						(1.6)		%
Total						3.3						91.9		%				93.0		%				(1.2)		%				$	57.1					$	58.4					(2.1)		%				$	10.1					$	9.4					7.7		%				$	47.1					$	48.9					(4.0)		%
Total Same Property Square Feet																		3.3
Excluded from Same-Property analysis:
Assets acquired or stabilized after 1/1/24 or occupied by KW																		0.1
Minority-held office properties																		3.8
Total Stabilized Square Feet																		7.2

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

(1) Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

35

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Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis (continued)

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (excluding straight-line rents)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes the effect of straight-line rents, and minority-owned investments.

Three Months Ended June 30,						Square Feet						Average Occupancy %																		Total Revenues																		Total Operating Expenses																		Net Operating Income (Net Effective)(1)
2025 vs. 2024						2025						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change
Region:
Western U.S.						0.8						86.5		%				84.5		%				2.3		%				6.9						7.5						(7.4)		%				3.7						3.5						5.6		%				3.3						4.0						(18.7)		%
United Kingdom						1.3						89.4						95.9						(6.8)						12.8						13.0						(1.2)						1.1						0.8						49.4						11.7						12.2						(4.3)
Ireland						0.8						97.2						95.8						1.5						7.5						7.4						0.7						0.2						0.2						22.6						7.2						7.2						0.2
Italy						0.4						100.0						100.0						—						1.3						1.2						7.7						0.2						0.2						(2.1)						1.2						1.1						9.3
Europe						2.5						93.4		%				96.6		%				(3.3)		%				21.6						21.6						(1.3)		%				1.5						1.2						37.0		%				20.1						20.5						(2.0)		%
Total						3.3						91.6		%				93.4		%				(2.0)		%				$	28.5					$	29.1					(1.9)		%				$	5.2					$	4.7					13.3		%				$	23.4					$	24.5					(4.8)		%
Total Same Property Square Feet																		3.3
Excluded from Same-Property analysis:
Assets acquired or stabilized after 1/1/24 or occupied by KW																		0.1
Minority-held office properties																		3.8
Total Stabilized Square Feet																		7.2

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

(1) Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

36

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Kennedy-Wilson Holdings, Inc.

Office Same Property Analysis (continued)

(Unaudited)

(Dollars and Square Feet in millions)

Same Property Analysis By Region - Kennedy Wilson's Pro-Rata Share (excluding straight-line rents)

The Same Property analysis below reflects Kennedy Wilson's ownership in each underlying property and is shown to provide greater clarity of the impact of the Same Property changes to Kennedy Wilson. The analysis below excludes the effect of straight-line rents, and minority-owned investments.

Six Months Ended June 30,						Square Feet						Average Occupancy %																		Total Revenues																		Total Operating Expenses																		Net Operating Income (Net Effective)(1)
2025 vs. 2024						2025						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change
Region:
Western U.S.						0.8						85.4		%				83.6		%				2.1		%				13.8						14.4						(3.6)		%				7.2						7.1						1.4		%				6.6						7.2						(8.5)		%
United Kingdom						1.3						91.1						95.4						(4.5)						25.9						26.0						(0.8)						2.1						1.6						33.8						23.7						24.5						(3.0)
Ireland						0.8						96.5						95.8						0.8						14.9						14.8						0.4						0.5						0.4						25.9						14.4						14.5						(0.2)
Italy						0.4						100.0						100.0						—						2.7						2.6						4.2						0.3						0.3						(1.1)						2.4						2.2						4.9
Europe						2.5						94.2		%				96.3		%				(2.2)		%				43.5						43.4						(0.1)		%				2.9						2.3						27.5		%				40.5						41.2						(1.6)		%
Total						3.3						91.9		%				93.0		%				(1.2)		%				$	57.3					$	57.8					(0.9)		%				$	10.1					$	9.4					7.7		%				$	47.1					$	48.4					(2.6)		%
Total Same Property Square Feet																		3.3
Excluded from Same-Property analysis:
Assets acquired or stabilized after 1/1/24 or occupied by KW																		0.1
Minority-held office properties																		3.8
Total Stabilized Square Feet																		7.2

Note: Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.

(1) Please see the appendix for a reconciliation of Same Property NOI - Net Effective to its closest GAAP measure

37

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Kennedy-Wilson Holdings, Inc.

Real Estate Investment Transactions

(Unaudited)

(Dollars in millions)

Listed below is additional detailed information about the acquisitions and dispositions completed during the three and six months ended June 30, 2025. For information on loan investment activity, please see page 24.

			100%						Kennedy Wilson's Share
Acquisitions			Real Estate Aggregate Purchase Price			Cap Rate(1)			Real Estate Pro-Rata Purchase Price			Cap Rate(2)(4)			KW Ownership(3)
Q2-25
Western U.S.			$386.8			5.2%			$45.9			5.2%			11.9%
Europe			104.0			5.9%			10.6			5.9%			10.2%
Total			$490.8			5.2%			$56.5			5.2%			11.5%
YTD
Western U.S.			$493.7			5.3%			$59.6			5.3%			12.1%
Europe			185.2			5.9%			61.7			5.9%			33.3%
Total			$678.9			5.3%			$121.3			5.3%			17.9%

			100%						Kennedy Wilson's Share
Dispositions			Real Estate Aggregate Sale Price			Cap Rate(1)						Real Estate Pro-Rata Sale Price			Cap Rate(2)(4)						KW Ownership(3)
Q2-25
Western U.S.			$420.2			6.6%						$335.8			6.7%						79.9%
Europe			197.8			6.4%						168.0			6.5%						84.9%
Total			$618.0			6.5%						$503.8			6.6%						81.5%
YTD
Western U.S.			$450.4			6.6%						$352.4			6.7%						78.2%
Europe			234.8			6.5%						181.5			6.6%						77.3%
Total			$685.2			6.5%						$533.9			6.7%						77.9%

(1) For acquisitions and dispositions, the Cap Rate includes only income-producing properties. For Q2-25, there were $101.7 million acquisitions and $128.4 million of dispositions of non-income producing real estate assets. For YTD-25, there were $182.9 million of acquisitions and $186.4 million of dispositions of non-income producing real estate assets. Please see "common definitions" for a definition of Cap Rate and a description of its limitations.

(2) For acquisitions and dispositions, the Cap Rate includes only income-producing properties at Kennedy Wilson's share. For Q2-25, there were $10.2 million acquisitions and $128.4 million of dispositions of non-income producing real estate assets. For YTD-25, there were $61.3 million of acquisitions and $149.3 million of dispositions of non-income producing real estate assets. Please see "common definitions" for a definition of Cap Rate and a description of its limitations

(3) Kennedy Wilson's ownership is shown on a weighted average basis based upon the aggregate purchase/sale price of each investment and Kennedy Wilson's ownership in each investment at the time of acquisition/disposition.

(4) As defined in the "Common Definitions" section of the earnings release.

38

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Kennedy-Wilson Holdings, Inc.

Segment Detail

(Unaudited, Dollars in millions)

						Three Months Ended June 30, 2025																		Three Months Ended June 30, 2024
						Consolidated																		Co-Investment						Total						Consolidated																		Co-Investment						Total
Segment Revenue
Rental						$	93.3																	$	—					$	93.3					$	97.8																	$	—					$	97.8
Investment management fees						—																		36.4						36.4						—																		26.1						26.1
Loans and other						—																		5.7						5.7						—																		8.0						8.0
Total segment revenue						93.3																		42.1						135.4						97.8																		34.1						131.9
Income (loss) from unconsolidated investments
Principal co-investments						—																		1.8						1.8						—																		(5.8)						(5.8)
Carried interests						—																		(2.0)						(2.0)						—																		(12.3)						(12.3)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments(1)						—																		34.2						34.2						—																		34.3						34.3
Income (loss) from unconsolidated investments						—																		34.0						34.0						—																		16.2						16.2
(Loss) gain on sale of real estate, net						55.1																		—						55.1						0.2																		—						0.2
Segment expenses
Rental						35.4																		—						35.4						37.0																		—						37.0
Compensation and related						8.7																		12.6						21.3						7.8																		14.0						21.8
Carried interests compensation						—																		(0.6)						(0.6)						—																		(4.5)						(4.5)
General and administrative						3.6																		3.7						7.3						3.3																		4.5						7.8
Other loss (income)						1.5																		2.2						3.7						(0.5)																		3.2						2.7
Other segment items(1)						2.8																		(0.1)						2.7						2.0																		(0.4)						1.6
Total segment expenses						52.0																		17.8						69.8						49.6																		16.8						66.4
Segment Adjusted EBITDA						$	96.4																	$	58.3					$	154.7					$	48.4																	$	33.5					$	81.9
Reconciliation of Segment Adjusted EBITDA to Net Income (loss) attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Other revenue																														0.3																														0.1
Compensation and related, corporate																														(11.0)																														(10.0)
General and administrative, corporate																														(1.5)																														(1.7)
Depreciation and amortization																														(34.5)																														(36.4)
Interest expense																														(62.5)																														(63.8)
Gain on early extinguishment of debt																														(2.1)																														(0.5)
Other income, corporate																														(1.9)																														3.0
Benefit from (provision for) income taxes																														(4.4)																														11.8
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments(1)																														(34.2)																														(34.3)
Income from unconsolidated investments excluded from Adjusted EBITDA																														2.7																														1.6
Net (loss) income																														5.6																														(48.3)
Net (income) loss attributable to noncontrolling interests																														(1.1)																														0.1
Preferred dividends																														(10.9)																														(10.9)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders																														$	(6.4)																													$	(59.1)

39

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Kennedy-Wilson Holdings, Inc.

Segment Detail

(Unaudited, Dollars in millions)

						Six Months Ended June 30, 2025																		Six Months Ended June 30, 2024
						Consolidated																		Co-Investment						Total						Consolidated																		Co-Investment						Total
Segment Revenue
Rental						$	190.6																	$	—					$	190.6					$	195.2																	$	—					$	195.2
Hotel						—																		—						—						9.3																		—						9.3
Investment management fees						—																		61.4						61.4						—																		47.4						47.4
Loans and other						—																		11.5						11.5						—																		16.1						16.1
Total segment revenue						190.6																		72.9						263.5						204.5																		63.5						268.0
Income (loss) from unconsolidated investments
Principal co-investments						—																		21.4						21.4						—																		3.9						3.9
Carried interests						—																		(10.2)						(10.2)						—																		(28.7)						(28.7)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments(1)						—																		67.2						67.2						—																		66.5						66.5
Income (loss) from unconsolidated investments						—																		78.4						78.4						—																		41.7						41.7
(Loss) gain on sale of real estate, net						54.3																		—						54.3						106.6																		—						106.6
Segment expenses
Rental						73.5																		—						73.5						74.2																		—						74.2
Hotel						—																		—						—						7.6																		—						7.6
Compensation and related						14.5																		24.2						38.7						17.5																		22.1						39.6
Carried interests compensation						—																		(3.3)						(3.3)						—																		(10.0)						(10.0)
General and administrative						6.9																		8.9						15.8						7.1																		7.4						14.5
Other loss (income)						1.9																		2.8						4.7						(3.0)																		8.5						5.5
Other segment items(1)						5.0																		(0.2)						4.8						3.9																		(0.4)						3.5
Total segment expenses						101.8																		32.4						134.2						107.3																		27.6						134.9
Segment Adjusted EBITDA						$	143.1																	$	118.9					$	262.0					$	203.8																	$	77.6					$	281.4
Reconciliation of Segment Adjusted EBITDA to Net Income (loss) attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Other revenue																														0.5																														0.4
Compensation and related, corporate																														(20.5)																														(19.8)
General and administrative, corporate																														(3.4)																														(3.3)
Depreciation and amortization																														(68.6)																														(75.3)
Interest expense																														(123.9)																														(128.5)
Gain on early extinguishment of debt																														(2.1)																														(0.2)
Other income, corporate																														(6.1)																														12.6
Benefit from (provision for) income taxes																														0.5																														(14.9)
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments(1)																														(67.2)																														(66.5)
Income from unconsolidated investments excluded from Adjusted EBITDA																														4.8																														3.5
Net (loss) income																														(24.0)																														(10.6)
Net (income) loss attributable to noncontrolling interests																														(1.4)																														0.2
Preferred dividends																														(21.8)																														(21.8)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders																														$	(47.2)																													$	(32.2)

40

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NON-GAAP PRO RATA FINANCIAL INFORMATION

The following non-GAAP Pro-rata information is not intended to be a presentation in accordance with GAAP. The Pro-rata financial information reflects our proportionate economic ownership of each asset in our portfolio that we do not wholly own. The amounts in the column labeled “KW Share of Unconsolidated Investments” were derived on a property-by-property basis by applying to each financial statement line item the ownership percentage interest used to arrive at our share of net income or loss during the period when applying the equity method of accounting to each of our unconsolidated joint ventures. A similar calculation was performed for the amounts in the column labeled “Noncontrolling Interests,” which represents the share of consolidated assets attributable to noncontrolling interests.

We do not control the unconsolidated investments and the presentations of the assets and liabilities and revenues and expenses do not represent our legal claim to such items. The operating agreements of the unconsolidated investments generally provide that partners may receive cash distributions (1) to the extent there is available cash from operations, (2) upon a capital event, such as a refinancing or sale or (3) upon liquidation of the venture. The amount of cash each partner receives is based upon specific provisions of each operating agreement and varies depending on factors including the amount of capital contributed by each partner and whether any contributions are entitled to priority distributions. Upon liquidation of the unconsolidated investments and after all liabilities, priority distributions and initial equity contributions have been repaid, the partners generally would be entitled to any residual cash remaining based on their respective legal ownership percentages. We provide this information because we believe it assists investors and analysts in estimating our economic interest in our unconsolidated investments when read in conjunction with the Company’s reported results under GAAP.

The presentation of Pro-rata financial information has limitations as an analytical tool. Some of these limitations include:

• The amounts shown on the individual line items were derived by applying our overall economic ownership interest percentage determined when applying the equity method of accounting and do not necessarily represent our legal claim to the assets and liabilities, or the revenues and expenses; and

• Other companies in our industry may calculate their pro rata interest differently than we do, which limits the usefulness of the amount in our pro rata financial statements as a comparative measure.

Because of these limitations, the pro rata financial information should not be considered in isolation or as a substitute for our financial statements as reported under U.S. GAAP. We compensate for these limitations by relying primarily on our U.S. GAAP results and using the Pro-rata financial information only supplementally.

41

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Kennedy-Wilson Holdings, Inc.

Non-GAAP Pro-rata Financial Information

(Unaudited)

(Dollars in millions)

						June 30, 2025												December 31, 2024
						Non-GAAP						Non-GAAP						Non-GAAP						Non-GAAP
						Noncontrolling Interests (2)						KW Share of Unconsolidated Investments (3)						Noncontrolling Interests (2)						KW Share of Unconsolidated Investments (3)
Assets
Cash and cash equivalents						$	(3.4)					$	134.3					$	(2.7)					$	137.5
Accounts receivable, net						(0.3)						32.0						(0.5)						47.4
Real estate and acquired in place lease values, net of accumulated depreciation and amortization (1)						(88.4)						4,854.2						(108.7)						4,564.9
Unconsolidated investments						—						(2,034.7)						—						(2,042.4)
Other assets, net						(2.7)						106.1						(4.7)						189.5
Loan purchases and originations, net						—						5.6						—						12.1
Total assets						$	(94.8)					$	3,097.5					$	(116.6)					$	2,909.0
Liabilities
Accounts payable						$	(0.3)					$	—					$	(0.5)					$	—
Accrued expenses and other liabilities						(7.8)						119.9						(9.5)						151.5
Mortgage debt						(53.4)						2,977.6						(71.8)						2,757.5
KW unsecured debt						—						—						—						—
KWE unsecured bonds						—						—						—						—
Total liabilities						(61.5)						3,097.5						(81.8)						2,909.0
Equity
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity						—						—						—						—
Noncontrolling interests						(33.3)						—						(34.8)						—
Total equity						(33.3)						—						(34.8)						—
Total liabilities and equity						$	(94.8)					$	3,097.5					$	(116.6)					$	2,909.0

(1) Includes Kennedy Wilson's total share of accumulated depreciation and amortization of $32.5 million and $49.6 million relating to noncontrolling interests and unconsolidated investments, and $32.8 million and $49.6 million relating to noncontrolling interests and unconsolidated investments, as of June 30, 2025 and December 31, 2024, respectively.

(2) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

(3) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

42

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Kennedy-Wilson Holdings, Inc.

Non-GAAP Pro-rata Financial Information

(Unaudited)

(Dollars in millions)

						Q2 - 2025												Q2 - 2024
						Non-GAAP						Non-GAAP						Non-GAAP						Non-GAAP
						Noncontrolling Interests(1)						KW Share of Unconsolidated Investments(2)						Noncontrolling Interests(1)						KW Share of Unconsolidated Investments(2)
Revenue
Rental						$	(2.5)					$	77.8					$	(3.1)					$	72.0
Hotel						—						8.9						—						6.4
Sale of real estate						—						—						—						16.7
Investment management and property services fees						0.2						—						0.2						—
Total revenue						(2.3)						86.7						(2.9)						95.1
Total income from unconsolidated investments						—						0.2						—						18.1
Fair value (3)						—						(7.5)						—						(12.8)
Carried interests						—						(2.0)						—						(12.3)
Gain on sale of real estate, net						(1.1)						—						—						—
Expenses
Rental						(0.5)						24.6						(1.2)						23.6
Hotel						—						9.0						—						8.3
Cost of real estate sold						—						—						—						15.0
Compensation and related						—						—						—						—
General and administrative						—						—						—						—
Depreciation and amortization						(1.0)						0.9						(1.3)						1.0
Total expenses						(1.5)						34.5						(2.5)						47.9
Interest expense						0.6						(33.3)						0.6						(33.4)
Other loss						0.2						(9.6)						(0.1)						(6.8)
Income before benefit from income taxes						(1.1)						—						0.1						—
Benefit from income taxes						—						—						—						—
Net income						(1.1)						—						0.1						—
Net loss attributable to noncontrolling interests						1.1						—						(0.1)						—
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders						$	—					$	—					$	—					$	—

(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

(3) Includes the reclassification of cumulative unrealized fair value gains/losses on unconsolidated investments, as realized.

43

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Kennedy-Wilson Holdings, Inc.

Non-GAAP Pro-rata Financial Information

(Unaudited)

(Dollars in millions)

						Six Months Ended June 30, 2025												Six Months Ended June 30, 2024
						Non-GAAP						Non-GAAP						Non-GAAP						Non-GAAP
						Noncontrolling Interests(1)						KW Share of Unconsolidated Investments(2)						Noncontrolling Interests(1)						KW Share of Unconsolidated Investments(2)
Revenue
Rental						$	(6.5)					$	152.0					$	(6.4)					$	141.9
Hotel						—						20.8						—						12.6
Sale of real estate						—						16.6						—						29.8
Investment management and property services fees						0.4						—						0.4						—
Total revenue						(6.1)						189.4						(6.0)						184.3
Total income from unconsolidated investments						—						(11.2)						—						24.8
Fair value (3)						—						1.1						—						(12.0)
Carried interests						—						(10.2)						—						(28.7)
Gain on sale of real estate, net						(1.1)						—						—						—
Expenses
Rental						(2.3)						48.8						(2.3)						46.5
Hotel						—						19.7						—						17.3
Cost of real estate sold						—						17.7						—						26.2
General and administrative						—						—						—						—
Depreciation and amortization						(2.1)						1.8						(2.7)						1.9
Total expenses						(4.4)						88.0						(5.0)						91.9
Interest expense						1.2						(65.4)						1.2						(64.5)
Other income (loss)						0.2						(15.7)						—						(11.8)
Loss before benefit from income taxes						(1.4)						—						0.2						0.2
Provision for income taxes						—						—						—						(0.2)
Net income						(1.4)						—						0.2						—
Net (loss) income attributable to noncontrolling interests						1.4						—						(0.2)						—
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders						$	—					$	—					$	—					$	—

(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

(3) Includes the reclassification of cumulative unrealized fair value gains/losses on unconsolidated investments, as realized.

44

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APPENDIX

45

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Kennedy-Wilson Holdings, Inc.

Estimated Annual NOI Reconciliation

(Unaudited)

(Dollars in millions)

Rental Revenues						$	93.3
Rental (Expenses)						(35.4)
Loans and other						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
Assets acquired and disposed (net)						(5.0)
Lease-up and development portfolio						0.3
Assets owned and occupied by Kennedy Wilson						1.2
Amortization of above/below market leases (net)						—
Straight-line and free rent (net)						2.3
Non-recurring income/expense, FX, and other						3.4
Q2-25 Estimated NOI						$	116.9
Estimated Annual NOI - June 30, 2025						$	467.7

46

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Kennedy-Wilson Holdings, Inc.

Reconciliation of Kennedy Wilson's Share Amounts

(Unaudited)

(Dollars in millions)

						Three Months Ended												Six Months Ended,
						June 30,												June 30,
						2025						2024						2025						2024
Interest expense (Kennedy Wilson's Share)
Interest expense						$	62.5					$	63.8					$	123.9					$	128.5
Interest expense (attributable to noncontrolling interests)						(0.6)						(0.5)						(1.2)						(1.1)
Kennedy Wilson's share of interest expense included in unconsolidated investments						33.3						33.2						65.4						64.3
Interest expense - (Kennedy Wilson's Share)						$	95.2					$	96.5					$	188.1					$	191.7
Loss on early extinguishment of debt (Kennedy Wilson's Share)
Loss on early extinguishment of debt						$	2.1					$	0.5					$	2.1					$	0.2
Loss on early extinguishment of debt (Kennedy Wilson's Share)						$	2.1					$	0.5					$	2.1					$	0.2
Depreciation and amortization (Kennedy Wilson's Share)
Depreciation and amortization						$	34.5					$	36.4					$	68.6					$	75.3
Depreciation and amortization (attributable to noncontrolling interests)						(1.0)						(1.2)						(2.2)						(2.6)
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments						0.9						1.1						1.8						2.0
Depreciation and amortization (Kennedy Wilson's Share)						$	34.4					$	36.3					$	68.2					$	74.7
Provision for (benefit from) income taxes (Kennedy Wilson's Share)
Provision for income taxes						$	4.4					$	(11.8)					$	(0.5)					$	14.9
Provision for income taxes (attributable to noncontrolling interests)						—						—						—						—
Provision for income taxes included in unconsolidated investments						—						—						—						0.2
Provision for income taxes (Kennedy Wilson's Share)						$	4.4					$	(11.8)					$	(0.5)					$	15.1

47

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Kennedy-Wilson Holdings, Inc.

Reconciliation of Kennedy Wilson's Share of Segment Amounts

(Unaudited, Dollars in millions)

						Three Months Ended												Six Months Ended,
						June 30,												June 30,
						2025						2024						2025						2024
Interest, Depreciation, and Taxes included in income from unconsolidated investments (Kennedy Wilson's Share)
Kennedy Wilson's share of interest expense included in unconsolidated investments						33.3						33.2						65.4						64.3
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments						0.9						1.1						1.8						2.0
Kennedy Wilson's share of provision for income taxes included in unconsolidated investments						—						—						—						0.2
Interest, Depreciation, and Taxes included in income from unconsolidated investments (Kennedy Wilson's Share)						$	34.2					$	34.3					$	67.2					$	66.5
Other segment items - consolidated
Fees eliminated in consolidation						(0.2)						(0.2)						(0.3)						(0.4)
Net loss (income) attributable to noncontrolling interests						(1.1)						0.1						(1.4)						0.2
Interest expense (attributable to noncontrolling interests)						(0.6)						(0.5)						(1.2)						(1.1)
Depreciation and amortization (attributable to noncontrolling interests)						(1.0)						(1.2)						(2.2)						(2.6)
Provision for (benefit from) income taxes (attributable to noncontrolling interests)						—						—						—						—
Other segment items - consolidated						$	(2.9)					$	(1.8)					$	(5.1)					$	(3.9)
EBITDA adjustments (attributable to noncontrolling interests) (Kennedy Wilson's Share)
Net loss (income) attributable to noncontrolling interests						(1.1)						0.1						(1.4)						0.2
Interest expense (attributable to noncontrolling interests)						(0.6)						(0.5)						(1.2)						(1.1)
Depreciation and amortization (attributable to noncontrolling interests)						(1.0)						(1.2)						(2.2)						(2.6)
Provision for (benefit from) income taxes (attributable to noncontrolling interests)						—						—						—						—
EBITDA adjustments (attributable to noncontrolling interests) (Kennedy Wilson's Share)						$	(2.7)					$	(1.6)					$	(4.8)					$	(3.5)
Total revenue
Total segment revenue						135.4						131.9						263.5						268.0
Other revenue						0.3						0.1						0.5						0.4
Total revenue						$	135.7					$	132.0					$	264.0					$	268.4

48

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Kennedy-Wilson Holdings, Inc.

Same Property Reconciliation

(Unaudited)

(Dollars in millions)

						Q2 - 2025												Q2 - 2024
						Same Property												Same Property
						Revenue						NOI (Net Effective)(6)(7)						Revenue						NOI (Net Effective)(6)(7)
Rental Revenues						$	93.3					$	93.3					$	97.8					$	97.8
Rental (Expenses)						—						(35.4)						—						(37.0)
Consolidated Total						93.3						57.9						97.8						60.8
Less: NCI adjustments (1)						(2.4)						(1.8)						(3.1)						(1.9)
Add: Unconsolidated investment adjustments (2)						52.2						36.7						50.5						35.4
Add: Above/below market rents						(0.1)						(0.1)						(0.5)						(0.5)
Less: Reimbursement of recoverable operating expenses						(6.8)						—						(7.8)						—
Less: Properties bought and sold (3)						(2.9)						(2.5)						(7.8)						(5.4)
Less: Other properties excluded (4)						(9.5)						(3.9)						(5.5)						(1.8)
Other Reconciling Items (5)						0.8						2.0						(0.7)						0.8
Same Property						$	124.6					$	88.3					$	122.9					$	87.4

						Q2 - 2025												Q2 - 2024
						Same Property												Same Property
Same Property (Reported)						Revenue						NOI						Revenue						NOI
Office - Same Property						$	28.5					$	23.5					$	29.4					$	24.8
Multifamily Market Rate Portfolio - Same Property						76.3						51.9						74.8						50.3
Multifamily Affordable Portfolio - Same Property						19.8						12.9						18.7						12.3
Same Property						$	124.6					$	88.3					$	122.9					$	87.4
Straight-line rent adjustments (net)						0.1						0.1						(0.3)						(0.3)
Same Property (Excluding Straight-Line Rents)						$	124.7					$	88.4					$	122.6					$	87.1

(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.

(2) Represents the Company’s share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.

(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.

(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.

(5) Represents other properties excluded from the same property population that were not classified as a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses.

(6) Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.

(7) Please see below for a reconciliation of Same Property NOI (Net Effective) to its closest GAAP measure

49

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Kennedy-Wilson Holdings, Inc.

Same Property Reconciliation (continued)

(Unaudited)

(Dollars in millions)

						Six Months Ended June 30, 2025												Six Months Ended June 30, 2024
						Same Property												Same Property
						Revenue						NOI (Net Effective)(6)(7)						Revenue						NOI (Net Effective)(6)(7)
Rental Revenues						$	190.6					$	190.6					$	195.2					$	195.2
Hotel Revenues						—						—						9.3						9.3
Rental (Expenses)						—						(73.5)						—						(74.2)
Hotel (Expenses)						—						—						—						(7.6)
Consolidated Total						190.6						117.1						204.5						122.7
Less: NCI adjustments (1)						(6.2)						(3.9)						(6.4)						(4.1)
Add: Unconsolidated investment adjustments (2)						103.8						72.8						100.6						70.5
Add: Above/below market rents						(0.2)						(0.2)						(0.9)						(0.9)
Less: Reimbursement of recoverable operating expenses						(16.8)						—						(16.4)						—
Less: Properties bought and sold (3)						(5.1)						(4.6)						(26.7)						(14.2)
Less: Other properties excluded (4)						(19.6)						(7.9)						(10.9)						(2.9)
Other Reconciling Items (5)						2.2						2.7						0.6						2.0
Same Property						$	248.7					$	176.0					$	244.4					$	173.1

						Six Months Ended June 30, 2025												Six Months Ended June 30, 2024
						Same Property												Same Property
Same Property (Reported)						Revenue						NOI						Revenue						NOI
Office - Same Property						$	57.1					$	47.1					$	58.4					$	48.9
Multifamily Market Rate Portfolio - Same Property						152.4						103.6						148.9						100.0
Multifamily Affordable Portfolio - Same Property						39.2						25.3						37.1						24.2
Same Property						$	248.7					$	176.0					$	244.4					$	173.1
Straight-line rent adjustments (net)						0.2						0.2						(0.6)						(0.6)
Same Property (Excluding Straight-Line Rents)						$	248.9					$	176.2					$	243.8					$	172.5

(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.

(2) Represents the Company’s share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.

(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.

(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.

(5) Represents other properties excluded from the same property population that were not classified as a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses.

(6) Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.

(7) Please see below for a reconciliation of Same Property NOI (Net Effective) to its closest GAAP measure

50

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Kennedy-Wilson Holdings, Inc.

Same Property Reconciliation (continued)

(Unaudited)

(Dollars in million

						Same Property - Revenue(6)*
						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2025						2024						2025						2024
Total Revenue						$	135.7					$	132.0					$	264.0					$	268.4
Less: Investment management fees						(36.4)						(26.1)						(61.4)						(47.4)
Less: Loans						(5.7)						(8.0)						(11.5)						(16.1)
Less: Other						(0.3)						(0.1)						(0.5)						(0.4)
Less: NCI adjustments (1)						(2.4)						(3.1)						(6.2)						(6.4)
Add: Unconsolidated investment adjustments (2)						52.2						50.5						103.8						100.6
Add: Above/below market rents (6)						(0.1)						(0.5)						(0.2)						(0.9)
Less: Reimbursement of recoverable operating expenses						(6.8)						(7.8)						(16.8)						(16.4)
Less: Properties bought and sold (3)						(2.9)						(7.8)						(5.1)						(26.7)
Less: Other properties excluded (4)						(9.5)						(5.5)						(19.6)						(10.9)
Other Reconciling Items (5)						0.8						(0.7)						2.2						0.6
Same Property						$	124.6					$	122.9					$	248.7					$	244.4

						Same Property - Revenue(6)*
						For the Three Months Ended June 30,									For the Six Months Ended June 30,
Same Property (Reported)						2025						2024						2025						2024
Office - Same Property						$	28.5					$	29.4					$	57.1					$	58.4
Multifamily Market Rate Portfolio - Same Property						76.3						74.8						76.3						74.8
Multifamily Affordable Portfolio - Same Property						19.8						18.7						19.8						18.7
Same Property						$	124.6					$	122.9					$	248.7					$	244.4
Straight-line rent adjustments (net)						0.1						(0.3)						0.2						(0.6)
Same Property (Excluding Straight-Line Rents)						$	124.7					$	122.6					$	248.9					$	243.8

(*) This is a Non-GAAP financial measure. Please see our “Common Definitions” for a further explanation and discussion .

(1) Represents rental revenue and hotel revenue attributable to non-controlling interests.

(2) Represents the Company’s share of unconsolidated investment rental revenues, as applicable, which are within the applicable same property population.

(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.

(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.

(5) Represents other properties excluded from the same property population that were not classified as a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses.

(6)Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.

51

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Kennedy-Wilson Holdings, Inc.

Same Property Reconciliation (continued)

(Unaudited)

(Dollars in million

						Same Property - NOI (Net Effective)(6)*
						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2025						2024						2025						2024
Net Income						$	5.6					$	(48.3)					$	(24.0)					$	(10.6)
Less: Investment management fees						(36.4)						(26.1)						(61.4)						(47.4)
Less: Loans						(5.7)						(8.0)						(11.5)						(16.1)
Less: Other						(0.3)						(0.1)						(0.5)						(0.4)
Less: Total Income from unconsolidated investments						0.2						18.1						(11.2)						24.8
Less: Gain on sale of real estate, net						(55.1)						(0.2)						(54.3)						(106.6)
Add: Compensation and related						32.3						31.8						59.2						59.4
Add: Carried interests compensation						(0.6)						(4.5)						(3.3)						(10.0)
Add: General and administrative						8.8						9.5						19.2						17.8
Add: Depreciation and amortization						34.5						36.4						68.6						75.3
Add: Interest Expense						62.5						63.8						123.9						128.5
Add: Gain (loss) on early extinguishment of debt						2.1						0.5						2.1						0.2
Less: Other income (loss)						5.6						(0.3)						10.8						(7.1)
Add: Provision for income taxes						4.4						(11.8)						(0.5)						14.9
Less: NCI adjustments (1)						(1.8)						(1.9)						(3.9)						(4.1)
Add: Unconsolidated investment adjustments (2)						36.7						35.4						72.8						70.5
Add: Above/below market rents (6)						(0.1)						(0.5)						(0.2)						(0.9)
Less: Properties bought and sold (3)						(2.5)						(5.4)						(4.6)						(14.2)
Less: Other properties excluded (4)						(3.9)						(1.8)						(7.9)						(2.9)
Other Reconciling Items (5)						2.0						0.8						2.7						2.0
Same Property NOI (Net Effective)*						$	88.3					$	87.4					$	176.0					$	173.1

						Same Property - NOI (Net Effective)(6)*
						For the Three Months Ended June 30,												For the Six Months Ended June 30,
Same Property (Reported)						2025						2024						2025						2024
Office - Same Property						$	23.5					$	24.8					$	47.1					$	48.9
Multifamily Market Rate Portfolio - Same Property						51.9						50.3						51.9						50.3
Multifamily Affordable Portfolio - Same Property						12.9						12.3						12.9						12.3
Same Property NOI (Net Effective)* (Reported)						$	88.3					$	87.4					$	176.0					$	173.1
Straight-line rent adjustments (net)						0.1						(0.3)						0.2						(0.6)
Same Property NOI (Excluding Straight-Line Rents)						$	88.4					$	87.1					$	176.2					$	172.5

(*) This is a Non-GAAP financial measure. Please see our “Common Definitions” for a further explanation and discussion .

(1) Represents rental revenue and operating expenses and hotel revenue and operating expenses attributable to non-controlling interests.

(2) Represents the Company’s share of unconsolidated investment rental revenues and net operating income, as applicable, which are within the applicable same property population.

(3) Represents properties excluded from the same property population that were purchased or sold during the applicable period.

(4) Represents properties excluded from the same property population that were not stabilized during the applicable period, or retail or industrial properties.

(5) Represents other properties excluded from the same property population that were not classified as a commercial or multifamily property within the Company’s portfolio. Also includes immaterial adjustments for foreign exchange rates, changes in ownership percentages, and certain non-recurring income and expenses.

(6) Excludes above/below market rents from the same property population, as they are representative of non-cash purchase price accounting income.

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Kennedy-Wilson Holdings, Inc.

Reconciliation of Adjusted Fees

(Unaudited)

(Dollars in millions)

Adjusted Fees
						Q2												YTD
						2025						2024						2025						2024
Investment management fees						$	36.4					$	26.1					$	61.4					$	47.4
Property services fees						0.3						0.1						0.5						0.4
Non-GAAP adjustments:
Add back:
KW share of fees eliminated in consolidation(1)						0.2						0.2						0.3						0.4
Carried interests included in unconsolidated investments						(2.0)						(12.3)						(10.2)						(28.7)
Adjusted Fees						$	34.9					$	14.1					$	52.0					$	19.5

(1) Represents fees recognized in net (income) loss attributable to noncontrolling interests relating to portion of fees paid by noncontrolling interest holders.

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Kennedy-Wilson Holdings, Inc.

Baseline EBITDA Reconciliation

(Unaudited)

(Dollars in millions)

						Baseline EBITDA*
						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2025						2024						2025						2024
Net Income						$	5.6					$	(48.3)					$	(24.0)					$	(10.6)
Less: Total Income from unconsolidated investments						0.2						18.1						(11.2)						24.8
Less: Gain (loss) on sale of real estate, net						(55.1)						(0.2)						(54.3)						(106.6)
Add: Share-based compensation						6.5						6.0						12.8						11.2
Add: Carried interests compensation						(0.6)						(4.5)						(3.3)						(10.0)
Add: Depreciation and amortization						34.5						36.4						68.6						75.3
Add: Interest expense						62.5						63.8						123.9						128.5
Add: Gain (loss) on early extinguishment of debt						2.1						0.5						2.1						0.2
Less: Other income (loss)						5.6						(0.3)						10.8						(7.1)
Add: Benefit from (provision for) income taxes						4.4						(11.8)						(0.5)						14.9
Less: Non-controlling interest (1)						(2.0)						(1.9)						(4.2)						(4.1)
Add: NOI from unconsolidated investments (KW Share) (2)						53.1						46.5						104.3						90.7
Add: Fees eliminated in consolidation (3)						0.2						0.2						0.3						0.4
Baseline EBITDA*						$	117.0					$	104.5					$	225.3					$	207.6

						Baseline EBITDA*
						For the Three Months Ended June 30,												For the Six Months Ended June 30,
						2025						2024						2025						2024
Total revenue						$	135.7					$	132.0					$	264.0					$	268.4
Less: Total Expenses						(110.4)						(110.2)						(217.2)						(224.3)
Consolidated total						25.3						21.8						46.8						44.1
Add: Share-based compensation						6.5						6.0						12.8						11.2
Add: Carried interests compensation						(0.6)						(4.5)						(3.3)						(10.0)
Add: Depreciation and amortization						34.5						36.4						68.6						75.3
Less: Non-controlling interest (1)						(2.0)						(1.9)						(4.2)						(4.1)
Add: NOI from unconsolidated investments (KW Share) (2)						53.1						46.5						104.3						90.7
Add: Fees eliminated in consolidation (3)						0.2						0.2						0.3						0.4
Baseline EBITDA*						$	117.0					$	104.5					$	225.3					$	207.6

(*) This is a Non-GAAP financial measure. Please see our “Common Definitions” for a further explanation and discussion .

(1) Represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

(2) Represents Kennedy Wilson's pro-rata share of unconsolidated joint-ventures.

(3) Represents fees recognized in net (income) loss attributable to noncontrolling interests relating to portion of fees paid by noncontrolling interest holders.

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Kennedy-Wilson Holdings, Inc.

Consolidated Multifamily Portfolio

As of June 30, 2025

(Unaudited)

(Dollars in millions, except average rents per unit)

Multifamily			# of Assets						Units						Occupancy (Asset Level)						Occupancy (KW Share)									Average Rent(1)						KW Share  of Estimated Annual NOI
Mountain West			22						5,952						94.9		%				94.9		%							$	1,624					$	79.9
Pacific Northwest			5						1,280						93.7						93.6									2,294						24.5
Southern California			2						696						94.7						94.7									2,596						14.6
Northern California			2						322						90.7						90.7									2,652						7.3
Total Multifamily			31						8,250						94.5		%				94.5		%							$	1,857					$	126.3

(1) Average Monthly Rents Per Unit is defined as the total potential monthly rental revenue (actual rent for occupied units plus market rent for vacant units)

divided by the number of units, and are weighted averages based on the Company's ownership percentage in the underlying properties.

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Kennedy-Wilson Holdings, Inc.

Consolidated Office Portfolio

As of June 30, 2025

(Unaudited)

(Dollars and Square Feet in millions, except average rent per sq. ft.)

Office			# of Assets						Rentable Sq. Ft.						Occupancy (Asset Level)						Occupancy (KW Share)						Average Annual Rent per Sq. Ft.(1)						Kennedy Wilson's Share of Estimated Annual NOI
Southern California(2)			4						0.5						88.2		%				88.2		%				$	49.4					$	13.9
Northern California			1						0.3						81.9						81.9						45.6						5.9
Total Western U.S.			5						0.8						86.0		%				86.0		%				$	47.2					$	19.8
United Kingdom(3)			6						1.2						89.3						89.3						53.0						52.1
Ireland(3)(4)			4						0.4						97.1						97.1						46.0						19.9
Italy(3)			5						0.4						100.0						100.0						13.5						4.8
Total Europe(3)			15						2.0						93.2		%				93.2		%				$	42.9					$	76.8
Total Stabilized			20						2.8						91.1		%				91.1		%				$	44.1					$	96.6
Lease-up Assets			5						1.0						See page 26 for more information
Total			5						1.0
Total Office			25						3.8

(1) Average Annual Rent per Sq. Ft. represents contractual rents as in-place as of June 30, 2025 and are weighted averages based on the Company's ownership percentage in the underlying properties.

(2) Includes our corporate headquarters wholly-owned by KW comprising 58,000 sq. ft., 100% occupancy, and $3.0 million in Estimated Annual NOI.

(3) Estimated foreign exchange rates are €1.00 = $1.18 USD, and £1.00 = $1.37 USD related to NOI.

(4) Includes our Irish headquarters wholly-owned by KW comprising 19,000 sq. ft., 100% occupancy, and $1.4 million in Estimated Annual NOI.

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