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I N V E S T O R P R E S E N TAT I O N SECOND QUARTER 2017 (As of - PowerPoint PPT Presentation

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I N V E S T O R P R E S E N TAT I O N SECOND QUARTER 2017 (As of June 30, 2017) Disclaimer/Forward-Looking Statements Statements made by us in this presentation and in other reports and statements could limit our ability to acquire additional

  1. I N V E S T O R P R E S E N TAT I O N SECOND QUARTER 2017 (As of June 30, 2017)

  2. Disclaimer/Forward-Looking Statements Statements made by us in this presentation and in other reports and statements could limit our ability to acquire additional real estate assets; continued high levels released by us that are not historical facts constitute “forward -looking statements” of, or increases in, unemployment and a general slowdown in commercial activity; within the meaning of Section 27A of the Securities Act of 1933, as amended, our leverage and ability to refinance existing indebtedness or incur additional and Section 21E of the Securities Exchange Act of 1934, as amended. These for- indebtedness; an increase in our debt service obligations; our ability to generate a ward-looking statements are necessarily estimates reflecting the judgment of our sufficient amount of cash from operations to satisfy working capital requirements senior management based on our current estimates, expectations, forecasts and and to service our existing and future indebtedness; our ability to achieve projections and include comments that express our current opinions about trends and improvements in operating efficiency; foreign currency fluctuations; adverse factors that may impact future operating results. Some of the forward-looking changes in the securities markets; our ability to retain our senior management and statements may be identified by words like “believes”, “expects”, “anticipates”, attract and retain qualified and experienced employees; our ability to attract new “estimates”, “plans”, “intends”, “projects”, “indicates“, “could”, “may” and similar user and investor clients; our ability to retain major clients and renew related expressions. These statements are not guarantees of future performance and involve contracts; trends in the use of large, full-service commercial real estate providers; a number of risks, uncertainties and assumptions. Accordingly, actual results or the changes in tax laws in the United States, Europe or Japan that reduce or eliminate performance of Kennedy-Wilson Holdings, Inc. (the “Company”) or its subsidiaries our deductions or other tax benefits; future acquisitions may not be available at may differ significantly, positively or negatively, from forward-looking statements favorable prices or with advantageous terms and conditions; and costs relating to the made herein. Unanticipated events and circumstances are likely to occur. Factors acquisition of assets we may acquire could be higher than anticipated. Any such that might cause such differences include, but are not limited to, the risks that the forward-looking statements, whether made in this report or elsewhere, should be Company’s business strategy and plans may not receive the level of market considered in the context of the various disclosures made by us about our businesses acceptance anticipated; disruptions in general economic and business conditions, including, without limitation, the risk factors discussed in our filings with the U.S. Securities and Exchange Commission (“SEC”) . Except as required under the federal particularly in geographic areas where our business may be concentrated; the continued volatility and disruption of the capital and credit markets, higher interest securities laws and the rules and regulations of the SEC, we do not have any rates, higher loan costs, less desirable loan terms, and a reduction in the availability intention or obligation to update publicly any forward-looking statements, whether of mortgage loans and mezzanine financing, all of which could increase costs and as a result of new information, future events, change in assumptions, or otherwise. The information with respect to the projections presented herein is based on a number of assumptions about future events and is subject to significant economic and competitive uncertainty and other contingencies, none of which can be predicted with any certainty and some of which are beyond the company’s control. There can be no assurances that the projections will be realized, and actual results may be higher or lower than those indicated. Neither the company nor any of their respective security holders, directors, officers, employees, advisors or affiliates, or any representatives or affiliates of the foregoing, assumes responsibility for the accuracy of the projections presented herein. 2

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  4. Company Overview (1)  Global real estate investment company with complementary services division  Opportunistic investor seeking real estate investments with value-creation potential  Regional focus on the Western U.S. and Europe  Performance: 29% IRR (2) and 1.8x equity multiple (2) to Kennedy Wilson on its completed real estate investments since going public in 2009 576 27 $18B Assets Under Employees Global Offices Management 1. Information as of June 30, 2017, unless otherwise noted. 2. As defined in the “Definitions” section. The IRR and equity multiple are returns to KW (including promoted interest and excluding management fees) for all real estate investments purchased and sold since becoming a listed company on the NYSE on November 13, 2009 to date, including loans converted to real estate. Kennedy Wilson Headquarters - Beverly Hills, CA 4

  5. Q2 - 2017 Financial Highlights MILLION $51 MILLION $102 Q2 Adjusted Q2 Adjusted EBITDA Net Income Pro-Rata Property NOI $65 $60 8% Growth In Recurring Property NOI 90 East, Issaquah, WA – Acquired during Q2 Q2 - 2016 Q2 - 2017 KENNEDY WILSON’S SHARE GROSS Investment Transactions Aggregate Income Non-income KW Cap Equity Q2 2017 Purchase/Sale Total NOI Producing Producing Rate (1) Multiple (1) (2) ($ in millions) Price Acquisitions $434.2 $193.5 -- $193.5 $15.6 8.1% Dispositions 827.6 207.9 50.5 258.4 10.6 5.1% 1.9x Total Transactions $1,261.8 $451.8 5

  6. Investment Portfolio Investment Portfolio Investment Management and Real Estate Services Summary Appendix

  7. Diversified Real Estate Portfolio Global Strategy Focused on Key Markets and Product Types PRODUCT TYPE GEOGRAPHY (By Investment Account) (By Investment Account) 1% 1% 2% Loans Italy Spain 9% Hotels 16% 11% Ireland 36% Residential Multifamily 67% 14% Western US U.K. 43% Commercial 7 Information as of June 30, 2017 and includes KWE.

  8. Development Highlights Over $1.5 Billion in Value-Add Initiatives Under Development 441,000 Commercial Square Feet 1,463 New Apartments 484 Residential Units / Lots 125 Hotel Rooms as part of iconic Construction in progress at Capital Dock (Dublin, Ireland) 81-acre resort restoration 8

  9. U.S. Property 1 Map THREE KEY MARKETS 5 million Pacific Northwest 1 10,458 Multifamily Units 1.5M Commercial Sq. Ft Commercial Square Feet Northern California 2 21,404 4,100 Multifamily units 665K Commercial Sq. Ft 96 Residential Units/Lots Apartments 1 Hotel 465 2 Southern California 3 2,968 Multifamily Units Residential Units + Lots 1.4M Commercial Sq. Ft. 219 Residential Units/Lots 2 3 3 Hotels 9 Map excludes certain investments totaling approximately 5% of total U.S. Investment account.

  10. Europe Property Map 13 million Commercial Square Feet 1,757 Apartments 3 Hotels Map includes investments made by KWE and excludes certain investments totaling approximately 5% of total European Investment account 10

  11. Investment Management and Real Estate Services Investment Portfolio Investment Management and Real Estate Services Summary Appendix

  12. Investment Management + Real Estate Services REAL ESTATE INVESTMENT MANAGEMENT TOTAL SERVICES 2017 Annualized $44 million $47 million $91 million Adjusted Fees (1) 2017 Annualized $4 million $30 million $34 million IMRES EBITDA (1) (2) $ 5.4 Billion $1.3 Invested Capital (3)(4) $2.1 of Invested Capital ($ in billions) $2.0  KW  Third Party  KWE $18 billion IMRES AUM (2)(3) Sq. Ft. Under 59 million sq. ft. Management (3) 1. Annualized figures are calculated by multiplying the actual six-month adjusted fees/adjusted EBITDA figures by two and are not indicators of the actual results that the Company will or expects to realize in any period. 2. As defined in the “Definitions” section. 3. As of June 30, 2017. 4. Represents total investment level equity. Kennedy Wilson earns fee income on KWE and Third Party equity. 12

  13. Summary Investment Portfolio Investment Management and Real Estate Services Summary Appendix

  14. Key Takeaways  Global real estate platform with regional investment teams creates a competitive advantage and the flexibility to allocate capital across multiple real estate cycles  High levels of liquidity with $1.7 billion in consolidated cash and lines of credit (1)  Substantial growth in recurring cash flow  No near-term corporate maturities; 80% of debt is protected against rising interest rates  Seasoned executive team highly focused on value-creation through:  asset management  strategic growth  selective investment realization Information as of June 30, 2017 1. Includes approximately $592 million of cash and $293 million of lines of credit related to KWE 14

  15. Appendix Investment Portfolio Investment Management and Real Estate Services Summary Appendix

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