10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission file number: 001-33824

Kennedy-Wilson Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	26-0508760
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

151 S El Camino Drive

Beverly Hills, CA 90212

(Address of principal executive offices)

(310) 887-6400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

______________________________________________________________________

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on which Registered
Common Stock, $.0001 par value	KW	NYSE

Securities registered pursuant to Section 12(g) of the Act: None

______________________________________________________________________

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    

Yes  ☒ No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large Accelerated Filer	☒	Accelerated Filer	☐
Non-accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report  ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒

Based on the last sale at the close of business on June 30, 2023, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $1,716,285,368.

The number of shares of common stock outstanding as of February 21, 2024 was 138,977,698.

DOCUMENTS INCORPORATED BY REFERENCE

Part III of this report incorporates certain information by reference from the registrant’s definitive proxy statement for the annual meeting of stockholders to be held on or around June 6, 2024, which proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2023.

TABLE OF CONTENTS

		Page
	PART I
Item 1.	Business	1
Item 1A.	Risk Factors	14
Item 1B.	Unresolved Staff Comments	31
Item 1C.	Cybersecurity	31
Item 2.	Properties	32
Item 3.	Legal Proceedings	33
Item 4.	Mine Safety Disclosure	34
	PART II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	35
Item 6.	Reserved	36
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	65
Item 8.	Financial Statements and Supplementary Data	66
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	119
Item 9A.	Controls and Procedures	119
Item 9B.	Other Information	119
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	119
	PART III
Item 10.	Directors, Executive Officers and Corporate Governance	120
Item 11.	Executive Compensation	120
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	120
Item 13.	Certain Relationships and Related Transactions, and Director Independence	120
Item 14.	Principal Accounting Fees and Services	120
	PART IV
Item 15.	Exhibits, Financial Statement Schedules	122

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 (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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 results. Disclosures that use words such as “believe,” "may," “anticipate,” “estimate,” “intend,” “could,” “plan,” “expect,” “project” or the negative of these, as well as similar expressions, are intended to identify forward-looking statements.

Forward-looking 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. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we do not guarantee that the transactions and events described will happen as described (or that they will happen at all). In addition, this report contains information and statistics regarding, among other things, the industry, markets, submarkets and sectors in which we operate. We obtained this information and these statistics from various third-party sources and our own internal estimates. We believe that these sources and estimates are reliable but have not independently verified them and cannot guarantee their accuracy or completeness.

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 Part I, Item IA of this Report. Except as required under the federal securities laws and the rules and regulations of the U.S. Securities and Exchange Commission (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. Please refer to "Non-GAAP Measures and Certain Definitions" in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations for definitions of certain terms used throughout this report.

PART I

Item 1.    Business

Company Overview

Kennedy Wilson is a global real estate investment company. We own, operate and develop high-quality real estate across markets in the Western United States, the United Kingdom and Ireland with the objective of generating long-term risk-adjusted returns for our shareholders and partners. In addition to owning and managing real estate assets, we have a growing global debt platform primarily focused on construction lending secured by high-quality multifamily and student housing properties throughout the United States. As of December 31, 2023, our 259 employees, managed a total of $24.5 billion of Real Estate Assets Under Management ("AUM"), which includes 37,644 multifamily units (including 3,824 units under lease up or in process of being developed), 10.9 million office square feet, 11.4 million industrial square feet and 3.0 million retail square feet (including 2.3 million square feet under lease up or in process of being developed), and $1.8 billion of development, residential and other. For the year ended December 31, 2023, the $22.8 billion of operating properties within our AUM as of December 31, 2023 produced total revenue of $1.8 billion (KW's share of which was $736.0 million) compared to $20.5 billion of operating properties as of December 31, 2022 with total revenue of $1.4 billion (KW's share of which was $706.0 million) during the same period in 2022. In addition, as of December 31, 2023, we held interests in 101 real estate loans in our global debt platform, 85% of which have floating interest rates (average interest rate of 9.4% per annum) and an unpaid principal balance of $4.9 billion (of which our share was $263.0 million). Our global team, located primarily in offices throughout the United States, the United Kingdom and Ireland, also managed the consummation of $283.2 million of gross acquisitions and $2.3 billion of loan investments, which includes $2.1 billion relating to loans acquired in our newly formed Construction Loan Portfolio, (KW's ownership interest of 18% and 5%, respectively) and $823.1 million of gross dispositions and $614.8 million of loan repayments (KW's ownership interest of 69% and 6%, respectively) during the year ended December 31, 2023.

Our global real estate portfolio is primarily comprised of multifamily communities (57%), commercial properties (35%), loans (6%) and hotel and other properties (2%) based on our share of net operating income ("NOI"). Geographically, we focus on the Western United States (62%), the United Kingdom (13%) and Ireland (24%). The Mountain West region is our largest global region and includes our investments in Idaho, Utah, Nevada, Arizona, and New Mexico. We also invest in the Pacific Northwest, including the state of Washington, and Northern and Southern California.

Our investment activities in our Consolidated Portfolio (as defined below) involve ownership of multifamily units and other real estate asset types in the markets described above. Our ownership interests in such consolidated properties make up our Consolidated Portfolio ("Consolidated Portfolio") business segment as discussed in detail throughout this report.

In addition to investing our shareholder's capital, we invest capital on behalf of our partners in real estate and real estate related loans through our Co-Investment Portfolio ("Co-Investment Portfolio"). This fee-bearing capital represents total third-party committed or invested capital that we manage in our joint ventures and commingled funds that entitle us to earn fees, including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees. As of December 31, 2023, our fee-bearing capital was $8.4 billion, which increased $2.5 billion, or 42.4%, in 2023. During the year ended December 31, 2023, fees recorded through revenues were $61.9 million. In our Co-Investment Portfolio, we are also eligible to earn performance allocations (amounts that are allocated to us on co-investments we manage based on the cumulative performance of the underlying investment). During the year ended December 31, 2023, we recorded a $64.3 million decrease in the accrual (non-cash) for performance allocations primarily related to the fair value decreases. Please see “Fair Value Investments” below for a discussion of our assets held at estimated fair value and our methodology with respect to the same. We generally invest our own capital alongside our equity partners in these joint ventures and commingled funds that we manage.

As of December 31, 2023, the following key metrics of our Consolidated and Co-Investment Portfolio are as follows:

1

	Consolidated		Co-Investments
AUM (billions)	$	10.7	$	13.9
Multifamily units - market rate	10,192		15,481
Multifamily units - affordable	—		11,971
Office square feet (millions)	4.4		6.5
Industrial square feet (millions)	—		11.4
Retail square feet (millions)	1.5		1.5
Hotels	1		1
Real estate debt investments - 100% (billions)	$	—	$	4.9
Real estate debt investments - KW Share (millions)	$	—	$	263.0

In our Co-Investment Portfolio, 93% of our carrying value is accounted for at fair value. Our interests in such joint ventures and commingled funds and the fees that we earn from such vehicles make up our Co-Investment Portfolio segment as discussed in detail throughout this report.

In addition to our income-producing real estate, we also engage in development, redevelopment and value add initiatives through which we enhance cash flows or reposition assets to increase value. Our total share of development project costs with respect to these investments are estimated at $95.0 million over the next two years. These costs are generally financed by cash from our balance sheet, capital provided by partners (if applicable), cash flows from investment and construction loans. Cost overrun risks are reduced by detailed architectural plans, guaranteed price contracts and supervision by expert Company executives and personnel. When completed, the construction loans are generally replaced by long-term mortgage financing. See additional detail in the section titled Development and Redevelopment below.

Investment Approach

The following is our investment approach:

•Identify countries and markets with an attractive investment landscape

•Establish operating platforms in our target markets

•Develop local intelligence and create long-lasting relationships, primarily with financial institutions

•Leverage relationships and local knowledge to drive proprietary investment opportunities with a focus on off-market transactions that we expect will result in above average cash flows and returns over the long term

•Acquire high quality assets, either on our own or with strategic partners

•Reposition assets to enhance cash flows post-acquisition

•Explore development opportunities on underutilized portions of assets, or acquire development assets that fit within our overall investment strategy

•Continuously evaluate and selectively harvest asset and entity value through strategic realizations using both the public and private markets

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The table below highlights some of the Company's key metrics over the past five years:

	Year Ended December 31,
($ in millions, except fee bearing capital which $ in billions)	2023			2022			2021			2020			2019
Revenue	$	562.6		$	540.0		$	453.6		$	454.0		$	569.7
Net (loss) income to Kennedy-Wilson Holdings Inc. common shareholders	(341.8)			64.8			313.2			92.9			224.1
Basic (loss) income per share	(2.46)			0.47			2.26			0.66			1.60
Adjusted EBITDA(1)	189.8			591.5			927.9			608.0			728.1
% change	(67.9)		%	(36.3)		%	52.6		%	(16.5)		%	—		%
Adjusted Net (Loss) Income(1)	(151.3)			264.9			509.0			306.9			442.5
Adjusted Net (Loss) Income annual increase (decrease)	(157.1)		%	(48.0)		%	65.9		%	(30.6)		%	—		%
Non-cash fair value (losses) gains	(229.3)			114.6			213.5			47.2			64.7
Non-cash performance allocations	(64.3)			(21.1)			117.9			2.7			36.3
Consolidated NOI(1)	274.3			294.2			255.8			262.3			305.2
% change	(6.8)		%	15.0		%	(2.5)		%	(14.1)		%	—		%
JV NOI(1)	168.3			157.6			124.4			102.5			77.8
% change	6.8		%	26.7		%	21.4		%	31.7		%	—		%
Fee-bearing capital	8.4			5.9			5.0			3.9			3.0
% change	42.4		%	18.0		%	28.2		%	30.0		%	—		%
AUM	24.5			23.0			21.6			17.6			18.1
% change	6.5		%	6.5		%	22.7		%	(2.8)		%	—		%

(1) Please refer to "Certain Non-GAAP Measures and Reconciliations" for a reconciliation of certain non-GAAP items to U.S. GAAP.     

    The table below highlights some of the Company's balance sheet metrics over the past five years:

(In millions)	As of December 31,
	2023		2022		2021		2020		2019
Balance sheet data:
Cash and cash equivalents	$	313.7	$	439.3	$	524.8	$	965.1	$	573.9
Total assets	7,712.1		8,271.8		7,876.5		7,329.0		7,304.5
Mortgage debt	2,840.9		3,018.0		2,959.8		2,589.8		2,641.0
KW unsecured debt	1,934.3		2,062.6		1,852.3		1,332.2		1,131.7
KWE unsecured bonds	522.8		506.4		622.8		1,172.5		1,274.2
Kennedy Wilson equity	1,755.1		1,964.0		1,777.6		1,644.5		1,678.7
Noncontrolling interests	43.3		46.4		26.3		28.2		40.5
Total equity	1,798.4		2,010.4		1,803.9		1,672.7		1,719.2
Common shares outstanding	138.7		137.8		138.0		141.4		151.6

The following table shows the historical U.S. federal income tax treatment of the Company’s common stock dividend for the years ended December 31, 2023 through 2019:

	December 31,
	2023		2022		2021		2020		2019
Taxable Dividend	—	%	37.81	%	—	%	27.14	%	10.53	%
Non-Taxable Return of Capital	100.00	%	62.19	%	100.00	%	72.86	%	89.47	%
Total	100.00	%	100.00	%	100.00	%	100.00	%	100.00	%

Business Segments

3

Our operations are defined by two primary business segments: our consolidated investment portfolio (the "Consolidated Portfolio") and our co-investment portfolio (the "Co-Investment Portfolio")

•Our Consolidated Portfolio consists of the investments in real estate and real estate-related assets that we have made and consolidate on our balance sheet. We typically wholly-own the assets in our Consolidated Portfolio.

•Our Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that we have made through the commingled funds and joint ventures that we manage; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) performance allocations that we earn on our fee bearing capital. We typically have a 5% to 50% ownership interest in the assets in our Co-Investment Portfolio. We have a weighted average ownership of 40% as of December 31, 2023.

     In addition to our two primary business segments, our Corporate segment includes, among other things, our corporate overhead and our auction group.

Consolidated Portfolio

Our Consolidated Portfolio is a permanent capital vehicle focused on maximizing property cash flow. These assets are primarily wholly-owned and tend to have longer hold periods and we target investments with accretive asset management opportunities.

The non-GAAP table below represents a summarized balance sheet of our Consolidated Portfolio, which is held at historical depreciated cost as of December 31, 2023 and 2022. This table does not include amounts from our corporate segment such as corporate cash and the KWI Notes.

($ in millions)	December 31, 2023		December 31, 2022
Cash and cash equivalents(1)	$	184.2	$	316.7
Real estate and acquired in place lease values	4,837.3		5,188.1
Accounts receivable and other assets, net	146.1		135.1
Total Assets	$	5,167.6	$	5,639.9
Accounts payable, accrued expenses and other liabilities	154.3		156.6
Mortgage debt	2,840.9		3,018.0
KWE unsecured bonds	522.8		506.4
Total Liabilities	3,518.0		3,681.0
Equity	$	1,649.6	$	1,958.9

(1)Excludes $129.5 million and $122.5 million as of December 31, 2023 and 2022, respectively, of corporate non-property level cash.

Co-Investment Portfolio

Our Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that we have made through the commingled funds, joint ventures and platforms that we manage; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) performance allocations that we earn on our fee bearing capital. We utilize different platforms in the Co-Investment Portfolio segment depending on the asset and risk return profiles.

The table below represents the carrying value of our Co-Investment Portfolio balance sheet which is primarily at fair value (approximately 93% and 88%), at our share of the underlying investments as of December 31, 2023 and 2022. The Co-Investment Portfolio consists of our unconsolidated investments as well as our loan purchases and originations.

4

($ in millions)	December 31, 2023		December 31, 2022
Cash and cash equivalents	$	94.8	$	86.9
Real estate and acquired in place lease values	4,619.7		4,319.1
Loan purchases and originations	259.3		158.7
Accounts receivable and other assets, net	227.3		298.0
Total Assets	$	5,201.1	$	4,862.7
Accounts payable, accrued expenses and other liabilities	125.0		88.0
Mortgage debt	2,759.8		2,387.2
Total Liabilities	2,884.8		2,475.2
Equity	$	2,316.3	$	2,387.5

Separate accounts

We have several equity partners whereby we act as the general partner and receive investment management fees including acquisition, disposition, financing, construction management and other fees. We also can earn performance allocations if investments exceed certain return hurdles. In addition to acting as the asset manager and general partner of those joint ventures, we are also a co-investor in these investments. Our separate account platforms have defined investment parameters such as asset types, leverage and return profiles and expected hold periods. As of December 31, 2023, our weighted average ownership interest in the various joint ventures that we manage was 45%. 

Commingled funds

We currently have four closed-end funds that we manage and through which we receive investment management fees and potentially performance allocations. We focus on sourcing investors in the U.S., Europe, Japan and Middle East and target investments in the U.S. and Europe with respect to our commingled funds. Each of our funds have, among other things, defined investment guidelines, investment hold periods and target returns. Currently our U.S.-based funds focus on value-add properties that have an expected hold period of 5 to 7 years. Our European fund focuses on value add commercial properties in the United Kingdom, Ireland and Spain that also have expected hold periods of 5 to 7 years. As of December 31, 2023, our weighted average ownership interest in the commingled funds that we manage was 13%. 

Vintage Housing Holdings ("VHH")

Through our VHH partnership, we acquire and develop income and age restricted properties. See a detailed discussion of this business in the Multifamily section below.

Investment Types

The following are the product types we invest in through our Consolidated Portfolio and Co-Investment Portfolio segments:

Multifamily

We pursue multifamily acquisition opportunities where we can unlock value through a myriad of strategies, including institutional management, asset rehabilitation, repositioning and recapitalization. We focus primarily on apartments in supply-constrained, infill markets.

As of December 31, 2023, we held investments in 149 multifamily assets that include 10,192 consolidated market rate multifamily apartment units, 15,481 market rate units within our Co-Investment Portfolio and 11,971 affordable units in our VHH platform. The unit counts above include units that are unstabilized and undergoing development. Our largest Western United States multifamily regions are the Mountain West region (which includes our investments in Idaho, Utah, Nevada, Arizona and New Mexico) and the Pacific Northwest (primarily the state of Washington). The remainder of the Western United States portfolio is located in Northern and Southern California. In Ireland we focus on Dublin city center and the suburbs of the city.

Our asset management strategy entails installing strong property management teams to drive leasing activity and upkeep of the properties. We also seek to add amenities designed to promote health and wellness, celebrate local and cultural events and enhance the lives of residents living in our communities. We also incorporate spaces for rest and socialization across our global multifamily portfolio, including clubhouses, fitness centers, business suites, outdoor play areas, pools and dog parks.

5

Lastly, we utilize real-time market data and artificial intelligence-based applications to ensure we are attaining current market rents.

Multifamily - Affordable Housing

Through our VHH platform we focus on affordable units based on income and in some cases age restrictions. With homes reserved for residents that make 50% to 60% of the area’s median income, VHH provides an affordable long-term solution for qualifying working families and active senior citizens, coupled with modern amenities that are a hallmark of our traditional multifamily portfolio. Fundamental to VHH’s success is a shared commitment to delivering quality affordable homes and building communities that enrich residents’ lives, including providing programs such as social support groups, after-school programs, transportation assistance, computer training, and wellness classes.

Our ownership interest in VHH is approximately 50%, and VHH acts as the general partner (developer/asset manager) of 57 affordable housing projects totaling 11,971 units (including 11 investments held without a tax credit investor (“tax credit LPs”), and 46 investments held with a tax credit limited partner) as of December 31, 2023. The VHH portfolio includes 10,367 operating units and 1,604 units that are under development or lease up, as of December 31, 2023. When we acquired our interest in VHH in 2015, the portfolio consisted of a total of 5,485 units. All of the VHH platform's units are included in our multifamily unit count discussed throughout this report.

With respect to the assets that are held with tax credit LPs, VHH generally sells 99.9% of the legal ownership interest in the applicable asset to the tax credit LPs, in exchange for cash that is used to build and/or rehabilitate the property. Although legal ownership interests in these assets are sold to the tax credit LPs, VHH continues to receive a majority of the cash flow generated from these assets through deferred developer fees and other fee arrangements and profit splits agreed to between VHH and the tax credit LPs (a commonly used structure by peer companies with similar businesses). This structure results in VHH maintaining on average 75% of the economic ownership interests in the assets across the portfolio.

During the year ended December 31, 2023, we received $59.1 million of proceeds from VHH, including $9.7 million from recurring monthly distributions, $3.2 million from paid developer fees at conversion and $46.2 million from sales and refinancings.

Further, for properties where tax credits are sold to a third party, VHH typically utilizes tax-exempt bond financing to help finance its partnership investments. Typically, VHH will seek a bridge to long-term financing solution, whereby a floating interest rate loan is utilized during the construction and lease-up period and then replaced substantially concurrently upon conversion or stabilization by a long-term, fixed interest rate loan. The typical term for these loan facilities is 17 years.

We acquired our ownership interest in VHH in 2015 for approximately $80.0 million. As of December 31, 2023, we have contributed an additional $157.9 million into VHH and have received $353.5 million in cash distributions. VHH is an unconsolidated investment that we account for using the fair value option which had a carrying value of $285.9 million as of December 31, 2023. Since we acquired our ownership interests in VHH, we have recorded $320.0 million worth of fair value gains on our investment in VHH, including $51.5 million during the year ended December 31, 2023.

The value of our investment in VHH is determined through several approaches including a discounted cash flow analysis on a partnership-by-partnership basis that factors in the distinct economic splits between VHH and its tax credit LPs (where applicable). This methodology assumes ordinary distributions and future sale of the underlying property after the tax credit period has expired, assuming, among other factors, an estimated average cap rate at sale from 5.65% to 7.50% with discount rates ranging from 8.10% to 11.00%. Additionally, the value of our investment in VHH is further supported through the application of multiples to VHH’s various streams of annual cash flows using multiples for recurring free cash flow (ordinary distributions) and promote (paid developer fees) and total cash flow from public company peers. During the year ended December 31, 2023, the various valuation methodologies produced results that are were within 5% from each other.

Commercial

Our investment approach for office acquisitions differs across our various investment platforms. For our Consolidated Portfolio, we have historically looked to invest in large high quality properties with high replacement costs. In our separate account portfolios, our partners have certain characteristics that factor into our investment decision, including, without limitation, location, financing (unencumbered properties) or hold periods. In our commingled funds that we manage, we typically look for opportunities that have a value-add component that can benefit from our asset management expertise. We do not typically own high-rise buildings in city centers and instead look to invest in mid-to-low rise buildings in areas adjacent to city centers and suburban markets. After acquisition, the properties are generally repositioned to enhance market value.

Our industrial portfolio consists mainly of distribution centers located in the United Kingdom, Ireland, Spain and Mountain West regions.    

6

Our retail portfolio has different characteristics based on the geographic markets where the properties are located. In Europe, we have a mixture of high street retail, suburban shopping centers and leisure assets which are mainly located in the United Kingdom, as well as in Dublin and Madrid. In our Western United States retail portfolio, we have investments in shopping centers that are generally grocery anchored.

As of December 31, 2023, we hold investments in 55 office properties totaling over 10.9 million square feet, 115 industrial properties totaling 11.4 million square feet and 13 retail properties totaling 3.0 million square feet, predominately in the United Kingdom and Ireland with additional investments in the Pacific Northwest, Southern California, Spain and Italy. Our Consolidated Portfolio held over 4.4 million square feet of office space and 1.5 million square feet of retail space. Our Co-Investment Portfolio held 6.5 million square feet of office space, 11.4 million square feet of industrial space and 1.5 million square feet of retail space.     

Development and redevelopment

We have a number of development, redevelopment and entitlement projects that are underway or in the planning stages. Unlike the residential projects that are held for sale and described in the Residential and Other section below, these initiatives may ultimately result in income-producing assets. As of December 31, 2023, we are actively developing 1,462 multifamily units and 415,000 commercial rentable square feet. If these projects are brought to completion, the Company’s estimated share of the total capitalization of these projects would be approximately $613.0 million (approximately 91% of which has already been funded), which we expect would be funded through our existing equity, third-party equity, project sales, tax credit financing and secured debt financing.  This represents total capital over the life of the projects and is not a representation of peak capital and does not take into account any distributions over the course of the investment. We and our equity partners are under no obligation to complete these projects and may dispose of any such assets after adding value through the entitlement process. Over the last five years, we and our partners have completed the development of 4,535 multifamily units (market rate and affordable), 0.2 million square feet of office space (primarily in Dublin, Ireland) and the Kona Village Resort located in in Kona, Hawaii. Please also see the section titled “Liquidity and Capital Resources - Development and redevelopment” in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in this report for additional detail on these investments.

Real Estate Debt Investment

We have a global debt platform with multiple partners that has a total current capacity of $10.8 billion with $6.7 billion currently invested or committed to future fundings as of December 31, 2023. Our global debt platform, which includes partners across insurance and sovereign wealth funds, invests across the entire real estate debt capital structure in the United States, United Kingdom and Europe and targets loans secured by high-quality real estate located in such jurisdictions. In our role as asset manager, we earn customary fees for managing the platform. Currently, our global debt platform investments have been made without the use of any leverage and are invested through our Co-Investment Portfolio.

The Construction Loan Portfolio, the largest portfolio in our global debt platform, consists of variable rate loans that are predominantly secured by high-quality multifamily and student housing properties with the remainder consisting of industrial, hotel, and life science assets throughout the United States. Construction loans typically finance from 50% to 60% of the cost to construct the underlying projects. The terms are generally three years with short-term, performance-based extension options. Interest typically accrues into principal balance during the construction period, with principal and interest being paid at maturity. The Bridge Loan Portfolio consists of predominantly variable rate loans, with terms that are generally three-years with one or two 12 month extension options. Such bridge loans are secured by multifamily, office, retail, industrial and hotel assets in the Western United States or United Kingdom. We also invest in certain mezzanine loans that are fixed rate and tend to have maturities of 5 to 10 years and are secured by multifamily or office properties in the Western United States.

As of December 31, 2023, we held interests in 101 loans in our global debt platform, 85% of which have floating interest rates, with collateral located in the Western United States and the United Kingdom, with an average interest rate of 9.4% per annum and an unpaid principal balance ("UPB") of $4.9 billion (of which our share was a UPB of $263.0 million). Some of our loans contain additional funding commitments that will increase our loan balances if they are utilized. As of December 31, 2023, our loans had unfulfilled capital commitments totaling $1.8 billion (our share of which was $87.7 million). In addition to interest income (which includes origination, exit and extension fees), we also earn customary asset management fees from our partners for managing these loan investments.

As a result of market conditions, we expect more opportunities to arise in acquiring loan portfolios at a discount from their contractual balance due. We underwrite such loan portfolios based on the value of the underlying real estate collateral. Due to the discounted purchase price for such loans, we seek, and are generally able to, accomplish near term realization of the loan in a cash settlement or by obtaining title to the property. Due to certain prevailing market conditions or other circumstance on a case by case basis, we have and may stop accruing for interest income if loans become non-performing and account for loans on a cash basis. In the event of a borrower defaulting on its obligations under any loan agreement, we will explore all options of recouping our loan investments including, without limitation, pursuing a foreclosure action to take control of the

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underlying collateral securing the loans, although there is no guarantee or assurance that we will be able to do so successfully. We have three loans out of the 101 loans in our global debt platform with a $8.7 million carrying value at our share and net of any loan reserves that are not paying interest current on a contractual basis. Per the terms of the applicable loan agreements, however, we have implemented a full cash sweep of any cash flow that is generated from the collateral. We are no longer accruing interest under these loans and accounting for them on a cash basis going forward.

Hotel

We originally acquired debt interests in each of the hotels in our Consolidated and Co-Investment portfolios and were able to utilize these debt positions to take ownership of the real estate. These properties are examples of how we are able to leverage different platforms within the Company to add value to properties and shareholders.

As of December 31, 2023, we owned one consolidated operating hotel, The Shelbourne Hotel, with 265 hotel rooms located in Dublin, Ireland. In February 2024, we entered into an agreement to sell The Shelbourne Hotel and expect the sale to be completed during the first quarter of 2024, however there can be no assurance that the Company will be able to complete the transaction in part or at all. Additionally, in our Co-Investment Portfolio, we have the five-star Rosewood flagged Kona Village Resort that consists of 150 rooms in Kona, Hawaii, which opened in July 2023.

Residential and Other

In certain cases, we may pursue for-sale housing acquisition opportunities, including land for entitlements, finished lots, urban infill housing sites and partially finished and finished housing projects. On certain income-producing acquisitions, there are adjacent land parcels for which we may pursue entitlement activities or, in some cases, development or re-development opportunities.

This group also includes our investment in liquid non-real estate investments which include investment funds that hold marketable securities and private equity investments.

As of December 31, 2023, we held 12 investments primarily comprised of 1,070 acres of land located in Hawaii and the Western United States and are primarily invested through our Co-Investment Portfolio. As of December 31, 2023, these investments had a Gross Asset Value of $211.9 million. These investments are in various stages of completion, ranging from securing the proper entitlements on land positions to sales of units/lots.

Fair Value Investments

The Company accounts for a number of unconsolidated investments under fair value accounting. The accuracy of estimating fair value 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. Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including market-derived estimated 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.

As of December 31, 2023, $1.9 billion, or 93%, of our investments in unconsolidated investments (25% of total assets) were held at estimated fair value. As of December 31, 2023, there were cumulative fair value gains of $322.1 million which comprises 17% of the $1.9 billion carrying value of fair value unconsolidated investments that are currently held. Our investment in VHH is our largest unconsolidated investment held at estimated fair value and was held at $285.9 million and $272.3 million as of December 31, 2023 and 2022, respectively. Fair value changes consist of changes in the underlying value of properties and associated mortgage debt as well as foreign currency fluctuations (net of any hedges) for non-dollar denominated investments. During the year ended December 31, 2023, we recognized $229.3 million and $64.3 million, respectively, of net fair value losses and write downs of performance allocations on Co-Investment portfolio investments. During the year ended December 31, 2022, we recognized $114.6 million and $21.1 million, respectively, of net fair value gains and write downs of performance allocations on Co-Investment portfolio investments.           

In determining estimated fair market values, the Company utilizes two approaches to value real estate, a discounted cash flow analysis and direct capitalization approach.

Discounted cash flow models estimate future cash flows from a buyer's perspective (including terminal values) and compute a present value using a market discount rate. The holding period in the analysis is typically ten years. This is consistent with how market participants often estimate values in connection with buying real estate but these holding periods can be shorter depending on the life of the structure an investment is held within. The cash flows include a projection of the net sales proceeds at the end of the holding period, computed using a market reversionary capitalization rate.

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Under the direct capitalization approach, the Company applies a market derived estimated capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These estimated capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation. Other factors that are taken into consideration include tenancy details, planning, building and environmental factors that might affect the property.

The Company also utilizes valuations from independent real estate appraisal firms on some of its investments ("appraised valuations"), with certain investment structures periodically (typically annually) requiring appraised valuations. All appraised valuations are reviewed and approved by the Company.

The value of our investment in VHH is determined through several approaches including a discounted cash flow analysis on a partnership-by-partnership basis that factors in the distinct economic splits between VHH and its tax credit LPs (where applicable). This methodology assumes ordinary distributions and future sale of the underlying property after the tax credit period has expired, assuming, among other factors, an average estimated cap rate at sale from 5.65% to 7.50% with discount rates ranging from 8.10% to 11.00%. Additionally, the value of our investment in VHH is further supported through the application of multiples to VHH’s various streams of annual cash flows using multiples for recurring free cash flow (ordinary distributions) and promote (paid developer fees) and total cash flow from public company peers. During the year ended December 31, 2023, the various valuation methodologies produced results that are were within 5% from each other.

The table below describes the range of inputs used as of December 31, 2023 for real estate assets:

		Estimated Rates Used For
		Capitalization Rates	Discount Rates
Multifamily	Income approach - discounted cash flow	5.70% — 7.50%	7.30% — 11.00%
	Income approach - direct capitalization	4.30% — 5.80%	N/A
Office	Income approach - discounted cash flow	5.20% — 7.50%	7.50% — 9.30%
	Income approach - direct capitalization	4.50% — 9.30%	N/A
Industrial	Income approach - discounted cash flow	5.00% —6.30%	6.30% — 7.80%
	Income approach - direct capitalization	4.10% — 9.00%	N/A
Retail	Income approach - discounted cash flow	6.50%	8.30%
Hotel	Income approach - discounted cash flow	6.00%	8.30%

In valuing indebtedness, the Company considers significant inputs to be the term of the debt, value of collateral, market loan-to-value ratios, market interest rates and spreads, and credit quality of investment entities. The credit spreads used by the Company to value floating rate indebtedness range from 2.00% to 4.60%, while the market rates used to value fixed rate indebtedness range from 4.90% to 9.30%.

There is no active secondary market for our development projects and no readily available market value given the uncertainty of the amount and timing of future cash flows. Accordingly, our determination of fair value of our development projects requires judgment and extensive use of estimates. Therefore, we typically use investment cost as the estimated fair value until future cash flows become more predictable. Additionally, the fair value of our development projects may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that we may ultimately realize. If we were required to liquidate an investment in a forced or liquidation sale, we could realize significantly less than the value at which we have recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized or incurred on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations.

Ongoing macroeconomic conditions, such as, but not limited to, elevated levels of inflation and interest rates, banks' ability and willingness to lend, recent adverse developments affecting regional banks and other financial institutions, currency fluctuations and ongoing military conflicts around the world, continue to fuel recessionary fears and create volatility in our business results and operations. Any prolonged downturn in the financial markets or a recession, either globally or locally in the United States or in other countries in which we conduct business, could impact the fair value of investments held by the Company. As a result of the rapid development, fluidity and uncertainty surrounding these situations, the Company expects that information with respect to fair value measurement may change, potentially significantly, going forward and may not be indicative of the actual impact on our business, operations, cash flows and financial condition for the year ended December 31, 2023 and future periods.

Value Creation

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Our differentiated and unique approach to investing is the cornerstone of how we create value for our shareholders. Our investment philosophy is based on three core fundamentals:

•Leverage our global footprint and complementary investment and investment management businesses to identify attractive investment markets across the world.

•Selectively invest in opportunities across many real estate product types with a goal of maximizing cash flow and risk-adjusted return on capital.

•Actively manage assets and finance our assets in a manner designed to generate stable, predictable and growing cash flows for shareholders and clients.

Kennedy Wilson is able to create value for its shareholders in the following ways:

•We are able to identify and acquire attractive real estate assets across many markets, in part due to the significant proprietary deal flow driven from an established global network of industry relationships, particularly with financial institutions. This can create value by allowing us to maintain and develop a large pipeline of attractive opportunities.

•Our operating expertise allows us to focus on opportunistic investments where we believe we can increase the value of assets and cash flows and include transactions with distressed real estate owners or lenders seeking liquidity, or purchases of under-managed or under-leased assets, and repositioning opportunities.

•We have been able to create place-making areas in our investment locations where we are able to make multiple investments in a particular city either through direct investments or development initiatives that further drives interest in the area.

•Many times, these investments are acquired at a discount to replacement cost or recent comparative sales, thereby offering opportunities to achieve above average total returns. In many cases, this may lead to significant additional returns, such as a performance allocation (where we have partners), based on the performance of the assets.

•Our long-lasting and deep relationships with financial institutions allow us to refinance loans (generally after we implement our value-add initiatives) to reduce interest rates and/or increase borrowings due to property appreciation and thereby obtain cash flow to use for new investments.

•We have been able to attract third party capital due to our ability to generate above-market returns for our partners, diversity of geographic markets and investment product types as well as our flexibility in structuring deals through funds, separate accounts and equity partner arrangements.

•We understand that real estate is cyclical. Our management team employs a multi-cyclical approach that has resulted in our AUM being globally diversified across many sectors of real estate while maintaining a healthy liquidity position and adequate access to capital.

Competitive Strengths

We have a unique platform from which to execute our investment and investment management strategy. The combination of an investment and investment management platform provides several competitive strengths when compared to other real estate buyers and asset managers operating stand-alone or investment-focused firms and may allow us to generate superior risk-adjusted returns. Our investment strategy focuses on investments that offer significant appreciation potential through intensive asset management, leasing, repositioning, redevelopment and the opportunistic use of capital. We differentiate ourselves from other firms in the industry with our full service, investment-oriented structure.

Our competitive strengths include:

•Transaction experience: Our senior management team has an average of over 25 years of real estate experience and has been working and investing together on average for almost 18 years. Members of the senior management team have collectively acquired, developed and managed in excess of $30 billion of real estate investments in the United States, the United Kingdom, Ireland, Spain, Italy and Japan throughout various economic cycles, both at our Company and throughout their careers.

•Extensive relationship and sourcing network: We leverage our relationships in order to source attractive on and off-market deals. In addition, the senior management team and our acquisition team have transacted deals in nearly every major metropolitan market on the West Coast of the United States, as well as in the United Kingdom, Ireland, Spain, Italy and Japan. Their local presence and reputation in these markets have enabled them to cultivate key relationships with major holders of property inventory, in particularly financial institutions, throughout the real estate community.

•Structuring expertise and speed of execution: Prior acquisitions completed by us have taken a variety of forms, including direct property investments, joint ventures, exchanges involving stock or operating partnership units, participating loans and investments in performing and non-performing mortgages at various capital stack positions

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with the objective of long-term ownership. We believe we have developed a reputation of being able to quickly execute, as well as originate and creatively structure acquisitions, dispositions and financing transactions.

•Strategic partnerships: Through our relationships and transaction experience we have been able to establish various strategic partnerships with a variety of different companies and institutions in which we are highly collaborative and aligned with our partners in the deals. Coupled with our ability to structure acquisitions in a variety of ways that fit the needs of our strategic partners, we have been able to access various forms of capital due to our experience and versatility.

•Vertically integrated platform for operational enhancement: We have 259 employees in 13 offices throughout the United States, the United Kingdom, Ireland, Spain and Jersey. We have a hands-on approach to real estate investing and possess the local expertise in property and asset management, leasing, construction management, development and investment sales, which we believe enable us to invest successfully in selected submarkets.

•Calculated risk taking: We underwrite our investments based upon a thorough examination of property economics and a critical understanding of market dynamics and risk management strategies. We conduct an in-depth sensitivity analysis on each of our acquisitions. This analysis applies various economic scenarios that include changes to rental rates, absorption periods, operating expenses, interest rates, exit values and holding periods. We use this analysis to develop our disciplined acquisition strategies.

•Management's alignment with shareholders: As of December 31, 2023, our directors and executive officers and their respective affiliates owned an aggregate of approximately 13% of the outstanding shares of our common stock. Due to our management team's ownership interest in the Company its interests are in alignment with common shareholders of the Company and gives us an owner's mentality on the investments we own and manage.

The real estate business is cyclical. Real estate cycles are generally impacted by many factors, including availability of equity and debt capital, borrowing cost, rent levels, and asset values. Our strategy has resulted in a strong track record of creating both asset and entity value for the benefit of our shareholders and partners over these various real estate cycles.

Industry Overview

Key Investment Markets

Western United States

During the first half of 2023, interest rates continued to incrementally climb until July 2023, when the Federal Reserve's interest policy brought the key federal funds rate target to 5.25% to 5.50%. Although rates have remained unchanged since July 2023, and unemployment rates remained low at 3.7% in December 2023, the elevated interest rates, coupled with other macroeconomic conditions, resulted in transaction activity across all sectors significantly slowing, with total commercial real estate transactions dropping by an estimated 59% for the year ended December 31, 2023 according to MSCI.

The multifamily sector continued to see strong rental growth in 2023 as overall demand for rental housing remained strong due to high mortgage rates, that further drove demand due to the high cost of home ownership, and domestic migration patterns that demonstrated that renters continued to move out of high cost cities and into more affordable markets. This sustained demand helped counterbalance the overall 61% year-over-year decline in transaction volume.

The persistent undersupply of housing units underscored the sector's long-term investment appeal, despite short-term challenges. Investors showed a preference for well-located, amenity-rich properties in suburban and Mountain West markets, aligning with tenant preferences and demographic trends. Despite the uptick in new supply deliveries in 2023, many markets experienced record absorption levels, pointing towards looming supply shortages. Estimates from CBRE suggest that the U.S. will need approximately 3.5 million new rental units by 2035 to meet demand, indicating a long-term undersupply in the rental housing market.

The office sector in 2023 saw varying demand as hybrid working arrangements continued to impact demand. The market favored high-quality, flexible, and technologically advanced spaces, as tenants opted to reduce their overall footprint and relocate to better-equipped buildings, highlighting a market trend towards quality over secondary options (similar to the Company's assets in office portfolio).

The U.S. industrial market is expected to stabilize in 2024, with net absorption on par with 2023 levels and taking rent growth moderating to 8%. Construction deliveries will taper off by midyear and finish at half of 2023's total.

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Hawaii

The Hawaiian real estate market experienced a recovery in 2023, with visitor numbers surpassing pre-pandemic levels and revitalizing the island's economy. Despite downward pressure caused by the wildfire on Maui in 2023, in December 2023, the State of Hawaii’s Department of Business, Economic Development & Tourism projected visitor spending to be $20.9 billion in 2023 and expects it to increase to $23.5 billion by 2026. The luxury real estate segment, in particular, witnessed a rebound as median sales prices hit record levels of $510,000 for the year. The Big Island continues to host some of the state's most expensive residential property sales. Property values across all segments continued to rise, reflecting the enduring appeal of Hawaii's real estate market despite the broader challenges posed by rising interest rates.

Ireland

Ireland’s economy is estimated to have had nominal GDP growth of 2.9% in 2023, and the Organisation for Economic Co-operation and Development is forecasting Ireland to have progressively higher GDP growth over the next two years to reach 5.4% by year-end 2025.

As of December 31, 2023, Industrial Development Agency total Foreign Direct Investment employment stood at over 300,000, with the 248 new investments made in the year (83 first-time investments) expected to deliver almost 19,000 jobs to the economy. Real estate investment volumes were below historical averages at approximately €1.9 billion traded in 2023. Dublin office absorption was more than 2.4 million square feet in 2023. Prime headline city center rents declined marginally to €62.50 per square foot but are expected to remain stable over 2024 and trend upwards again in 2025.

The Irish Private Rented Sector ("PRS") market has been very quiet with no new PRS deals of note agreed to in the fourth quarter 2024. The state and Approved Housing Bodies ("AHB") continue to be very active in the market through forward funding, forward purchase, development of their own and purchase of existing social/affordable housing schemes. The rental market remains strong with a huge structural undersupply of rental accommodation and continued growing employment and wage inflation.

The Irish industrial sector led investment volume for the year, accounting for 28% of all transactions in 2023, while residential multifamily asset transactions comprised the second largest component at 23%.

United Kingdom

Real gross domestic product (GDP) is estimated to have fallen by 0.3% in the three months ended December 31, 2023, compared with the three months ended September 30, 2023.

In the fourth quarter 2023, office leasing totaled 3.4 million square feet, increasing for the second consecutive quarter by 29%, and rising 13% above the 10-year quarterly average of 3.0 million square feet. The fourth quarter total brought the full year leasing figure to 10.5 million square feet, down 16% on the previous year, and 14% down on the long-term annual average.

Fourth quarter 2023 investment volumes totaled £2.23 billion (up 11% when compared to last quarter), with multi-lets capturing 24% of investment, down from 52.3% the previous quarter. Total demand in 2023 was the lowest since 2017 and 16% below the 10-year average, reflecting the general pause in expansionary activity and the more challenging and uncertain economic backdrop. The overall rate of availability increased again from 5.8% in the third quarter 2023 to 6.0% in the fourth quarter 2023. This reflects a total of around 58m square feet of marketed space - three million square feet more than in the third quarter 2023 and 25 million square feet more than was on the market in the fourth quarter 2022. The increase in fourth quarter 2023 was due to the addition of both second-hand and newly completed speculatively built stock, although the overall quality of available space continues to be high, and new/modern buildings make up 61% of the total.

Environmental, Social and Governance (ESG)

Kennedy Wilson’s approach to ESG aligns with its business strategy to maximize the inherent value of our assets and by striving to deliver long-term social, environmental, and economic value across our portfolio and to our key stakeholders. We aim to integrate ESG factors into key business processes, underpinned by a measure, manage, and monitor approach framed by our four ESG pillars most relevant to our business: Optimizing Resources, Creating Great Places, Building Communities and Operating Responsibly. Details of this framework can be found on our ESG website (esg.kennedywilson.com) (this website address is not intended to function as a hyperlink, and the information contained in, or accessible from, our website is not intended to be a part of this filing).

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The ESG Committee of the Board of Directors (the "ESG Committee") oversees the Company’s ESG program, including opportunities and risk management strategies. The ESG Committee's main areas of focus include:

•Overseeing and reviewing the Company’s ESG strategies, initiatives, and policies, including the Company’s ESG-related reporting and disclosures.

•In conjunction with the Compensation Committee, overseeing and reviewing the Company’s culture and human capital management strategy, initiatives, and policies, including our inclusion, diversity, and equity efforts; and

•In conjunction with the Audit Committee, overseeing risk management and oversight programs and performance-related material to ESG matters affecting Kennedy Wilson.

The ESG Committee is also responsible for overseeing Kennedy Wilson’s management-level Global ESG Committee. The Global ESG Committee, chaired by our President, Matt Windisch, manages the Company’s ESG responsibilities and commitments and is responsible for formulating and implementing procedures and priorities to deliver the Company’s ESG strategy.

The Global ESG Committee focuses on the following: monitoring compliance with existing and future material ESG-related laws and regulations applicable to the Company and its investments that would have a material impact on business operations; setting appropriate global ESG priorities aim to align across target markets; monitoring delivery progress; and supporting ESG communication to investors and other stakeholders. The Global ESG Committee is supported by two executive level ESG committees in the US and Europe, each of which focus on the implementation of ESG policies and strategies in their respective regions.

It is Kennedy Wilson's intention to manage ESG factors, both opportunities and risks, at the corporate, fund and individual assets level, with the goal of integrating robust procedures across all stages of its investment process. The Company's policies can be reviewed on its corporate website (https://www.kennedywilson.com/corporate-responsibility) (this website address is not intended to function as a hyperlink, and the information contained in, or accessible from, the Company's website is not intended to be a part of this filing) and cover guidelines and rules regarding ESG, anti-discrimination, anti-harassment, non-retaliation, human trafficking and slavery, fraud prevention, data security and data privacy.

Human Capital Management

Company Overview and Values

We operate as a non-bureaucratic, teamwork-oriented, and nimble organization. We promote an entrepreneurial culture, and at our core, we are powered by a team of focused, high-performance people who thrive on excellence in the workplace and a shared desire to make an impact.

Workplace Diversity

We strive to maintain a diverse corporate culture, celebrating and promoting equality across gender, socio-economic backgrounds, education, and ethnicity. This allows for better representation of different viewpoints, historical perspective and can bring fresh ideas to all levels of the Company. Within Kennedy Wilson’s total workforce of approximately 259 employees, 40% are women, with many serving in leadership positions throughout the company.

Training and Development

Kennedy Wilson would not exist without our most important asset: our people. We strive to maintain a culture that fosters collaboration and innovation, and we take great pride in building and maintaining a driven, results-oriented workforce. Our talent development program includes access to formal and informal mentorships, tuition reimbursement, where we are supporting employees who are seeking advanced certificates in areas of specialty that pertain to their role at Kennedy Wilson, and "Lunch and Learn" sessions. These alongside our regular global senior management calls continue to develop our managers to become more effective leaders. A dynamic internship and internal transfer program also helps promote personal development and improves leadership skills across all departments.

Through our annual summer internship program, we continue to find ways to better support our equality, diversity, and inclusion aspirations by building a diverse pipeline of talented individuals in the real estate industry with the intention to introduce our business to those who may not have considered a career in real estate.

Competition

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We compete with a range of global, national and local real estate firms, individual investors and other corporations, both private and public. Our investment business competes with real estate investment partnerships, real estate investments trusts, private equity firms and other investment companies and regional investors and developers. We believe that our relationships with the sellers and our ability to close an investment transaction in a short time period at competitive pricing provides us a competitive advantage.

Foreign Currency

Approximately 36% of our investment account is invested through our foreign platforms in their local currencies. Investment level debt is generally incurred in local currencies and we consider our equity investment as the appropriate exposure to evaluate for balance sheet hedging purposes. We typically do not hedge foreign exchange rates for future operations or cash flows of operations, which may have a significant impact on the results of our operations. In order to manage the effect of fluctuations in foreign exchange rates, we generally hedge our book equity exposure to foreign currencies through currency forward contracts and options.

We wholly-own Kennedy Wilson Europe Real Estate Limited ("KWE"), which is domiciled in the United Kingdom and has GBP as its functional currency. KWE has investments in assets that have functional currencies of GBP and euros. Kennedy-Wilson Holdings, Inc. does not have a direct interest in the euro-denominated investments but has indirect ownership through its interest in KWE. We cannot directly hedge the foreign currency movements in these euro-denominated assets but we do hedge foreign currency movements in euro assets at the KWE level through GBP/EUR hedging instruments. We then are able to hedge the USD/GBP foreign currency exposure through our direct interest in KWE.

Within KWE we have historically utilized two types of contracts to hedge our GBP/EUR exposure: foreign forward and option currency contracts and the KWE Euro Medium Term Notes ("KWE Notes"). The KWE Notes were issued in euros and held by KWE but we have elected to treat the foreign currency movements as a net investment hedge on our euro-denominated investments in KWE. The foreign currency movements on these hedge items above are recorded to unrealized foreign currency derivative contract gains/losses within other comprehensive income for GBP/EUR movements. However, when we translate our investment in KWE from USD/GBP, the foreign currency movements on these items go through unrealized foreign currency translation gains/losses within other comprehensive income.

Please refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation for a discussion regarding foreign currency and currency derivative instruments.

Transaction-Based Results

A significant portion of our cash flow is tied to transaction activity which can affect an investor’s ability to compare our financial condition and results of operations on a quarter-by-quarter or year-over-year basis or to easily evaluate the breadth of our operation. Historically, this variability has caused our revenue, net income and cash flows to be tied to transaction activity, which is not necessarily concentrated in any one quarter.

Employees

As of December 31, 2023, we have 259 employees in 13 offices throughout the United States, the United Kingdom, Ireland, Spain and Jersey. We believe that we have been able to attract and maintain high quality employees. There are no employees subject to collective bargaining agreements. In addition, we believe we have a strong relationship with our employees.

Available Information

Information about us is available on our website (http://www.kennedywilson.com) (this website address is not intended to function as a hyperlink, and the information contained in, or accessible from, our website is not intended to be a part of this filing). We make available on our website, free of charge, copies of our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, Proxy Statements on Schedule 14A and amendments to those reports and other statements filed or furnished pursuant to Section 13(a), 14 or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after filing or submitting such material electronically or otherwise furnishing it to the SEC. In addition, we have previously filed registration statements and other documents with the SEC. Any document we file is available at the SEC's internet address at http://www.sec.gov (this website address is not intended to function as a hyperlink, and the information contained in, or accessible from, the SEC's website is not intended to be a part of this filing).

Item 1A.    

Risk Factor Summary

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Our business is subject to a number of risks and uncertainties. These risks are more fully described in the section titled “Risk Factors” included in Part I, Item 1A of this report. These risks include, among others, the following:

•The success of our business is significantly related to general economic conditions and the real estate industry, and, accordingly, our business could be harmed by an economic slowdown, recession and downturn in real estate asset values, property sales and leasing activities.

•Adverse developments in the credit markets and rising or elevated interest rates may harm our business, financial condition and results of operations.

•Inflation may adversely affect our financial condition and results of operations.

•Some of our portfolio investments are recorded at fair value, and, as a result, there will be uncertainty as to the value of these investments and fluctuations (without actual realization events) will be recorded in our financial statements.

•Our significant operations in the United Kingdom and Ireland and, to a lesser extent, Spain and Italy, expose our business to risks inherent in conducting business in foreign markets.

•Our revenues and earnings may be materially and adversely affected by fluctuations in foreign currency exchange rates due to our international operations.

•Our real estate development and redevelopment strategies may not be successful.

•We have in the past incurred and may continue in the future to incur significant amounts of debt and, to a lesser extent, preferred stock, to finance acquisitions, which could negatively affect our cash flows and subject our properties or other assets to the risk of foreclosure.

•Our debt obligations impose significant operating and financial restrictions, which may prevent us from pursuing certain business opportunities and taking certain actions.

•If we are unable to raise additional debt and equity capital, our growth prospects may suffer.

•Poor performance of our commingled funds would cause a decline in our results of operations and could adversely affect our ability to raise capital for future funds.

•Our joint venture activities subject us to third-party risks, including risks that other participants may become bankrupt or take action contrary to our best interests.

•If we are unable to identify, acquire and integrate suitable investment opportunities and acquisition targets, our future growth will be impeded.

•Our real estate debt investments may not perform as expected at the time of purchase or origination and borrowers may default under the loans and we may be forced to pursue certain remedies

•Our reliance on third parties to operate certain of our properties may harm our business.

•Our leasing activities depend on various factors, including tenant occupancy and rental rates, which, if adversely affected, could cause our operating results to suffer.

•Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.

•The loss of one or more key personnel, particularly our CEO, could have a material adverse effect on our operations.

•Our results are subject to significant volatility from quarter to quarter due to the varied timing and magnitude of our strategic acquisitions and dispositions, the incurrence of any impairment losses, fair value gains and losses and other transactions.

•Our directors and officers and their affiliates are significant stockholders, which makes it possible for them to have significant influence over the outcome of all matters submitted to stockholders for approval and which influence may be in conflict with our interests and the interests of our other stockholders.

Risk Factors

Our results of operations and financial condition can be adversely affected by numerous risks. You should carefully consider the risk factors detailed below in conjunction with the other information contained in this report. If any of the following risks actually occur, our business, financial condition, operating results, cash flows and future prospects could be materially adversely affected.

Risks Related to Our Business

The success of our business is significantly related to general economic conditions and the real estate industry, and, accordingly, our business could be harmed by an economic slowdown, recession and downturn in real estate asset values, property sales and leasing activities.

Our business is closely tied to general economic conditions in the real estate industry. As a result, our economic performance, the value of our real estate and our ability to implement our business strategies may be significantly and adversely affected by changes in national and local economic conditions. The condition of the real estate markets in which we operate is cyclical and primarily depends on the condition of the economy in the United States, United Kingdom, Ireland and, to a lesser

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extent, Spain and Italy, as a whole and on the perceptions of investors on the overall economic outlook. In each of the markets in which we operate, rising interest rates, foreign currency fluctuations, inflation, declining demand for real estate, declining real estate values, potentially declining employment levels, periods of general economic slowdown and recession fears, recent adverse developments affecting regional banks and other financial institutions, or the perception that any of these events may occur, continue or worsen, have negatively impacted the real estate market and our operating performance. The economic condition of each local market where we operate may depend on one or more key industries within that market, which, in turn, makes our business sensitive to the performance of those industries. Real estate investments are generally illiquid, which may affect our ability to promptly change our portfolio in response to changes in economic and other conditions. Moreover, we may not be able to unilaterally decide the timing of the disposition of an investment under certain joint venture arrangements, and as a result, we may not control when and whether any gain will be realized, or loss avoided. Certain significant expenditures, such as debt service costs, which increased with the rapid rise of interest rates during the course of 2022 and 2023 in response to high inflation, real estate taxes and operating and maintenance costs, are generally not reduced when market conditions are poor. These factors, among others, impede us from responding quickly to changes in the performance of our investments and could adversely impact our business, financial condition and results of operations. Although current general macroeconomic conditions, globally and locally in the United States and in other countries in which we conduct business, remain volatile and uncertain, we continue to evaluate the extent to which each factor may impact our business, financial condition and results of operations.

We are typically active in many real estate transactions. The current high interest rates and inflationary pressures in our markets, however, have led to a general decrease in transactional activity, leading to lower levels of gains recognized and cash generated to reinvest in our business. Previous recessions and downturns in the real estate market have resulted in and may result in:

•a general decline in rents due to defaulting tenants or less favorable terms for renewed or new leases;

•a general decline in demand for new office space and commercial real estate partly as a result of businesses adopting a remote working or similar policies, which in turn led to a general increase in the levels of vacancy across our office and commercial portfolio;

•a decline in actual and projected sale prices of our properties, resulting in lower returns on the properties in which we have invested;

•higher interest rates, higher loan costs, less desirable loan terms and a reduction in the availability of mortgage loans, all of which could increase costs and limit our ability to acquire additional real estate assets; and

•a decrease in the availability of lines of credit and the capital markets and other sources of capital used to grow, operate and maintain our business.

Decreased demand for office space, either due to hybrid or remote workforces or reductions in tenants’ workforces, may impact our prospective or current commercial tenants’ ability or willingness to enter into, maintain or renew their leases for certain office space, which may have an adverse effect on our business and results of operations. One of the two tenants that made up our entire tenant population at one of our office properties located in Bellevue, Washington (the third largest asset by our share of net operating income at December 31, 2022), vacated the property upon the expiration of its lease (October 2023). The other tenant has a lease termination option in January 2025. While we are working on securing new long-term leases with high-credit tenants at the property, there is no assurance that we will be able to do so at favorable terms or at all.

If our business performance and profitability deteriorate, we could fail to comply with certain financial covenants in our unsecured bond and revolving credit facility, which would force us to seek an amendment with our lenders. We may be unable to obtain any necessary waivers or amendments on satisfactory terms, if at all, which could result in the principal and interest of the debt to become immediately due. Please also see “Our debt obligations impose significant operating and financial restrictions, which may prevent us from pursuing certain business opportunities and taking certain actions.” In addition, due to, among other things, a decrease in transactional activity and the macroeconomic conditions discussed above, we may become more highly leveraged, resulting in an increase in debt service costs that could adversely affect our results of operations or our credit ratings. From time to time, Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Services (“S&P”), a division of The McGraw-Hill Companies, Inc., rate our outstanding debt. These ratings are based on a variety of factors, including our current leverage and transactional activity. Downgrades in our credit ratings may further limit our ability to access capital markets. Any of these factors could lead to a significant deterioration of our business, and we could have insufficient liquidity to meet our debt service obligations when they come due in future years or maintain our common stock or preferred stock dividends. Please also see “Adverse developments in the credit markets and rising interest rates may harm our business, financial condition and results of operations” below.

Adverse developments in the credit markets and rising or elevated interest rates may harm our business, financial condition and results of operations.

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The credit markets are experiencing significant price volatility, dislocations and liquidity disruptions. These circumstances have, and may continue to, materially impact liquidity in the financial markets, making terms for certain financings less attractive, and, in some cases, unavailable, even for companies that are otherwise qualified to obtain financing. Volatility and uncertainty in the credit markets, including past and prospective interest rate increases and/or the actual or perception that interest rates will not be decreasing in the near future, have increased the cost of borrowing, on both a corporate and property level, and may negatively impact our ability to access future additional financing for our capital needs or refinance or extend our existing debt on favorable terms, if at all. A prolonged downturn in the financial markets or recession, either globally or locally in the United States or in other countries in which we conduct business, may cause us to seek alternative sources of potentially less attractive financing and may require us to adjust our business plan. Disruptions in the credit markets may also adversely affect our business of providing investment management services to our limited partners in our commingled funds and joint venture partners, which would lead to a decrease in the performance allocations we generate.

Additionally, our primary market risk exposure relates to fluctuations in market interest rates on investment mortgages and debt obligations, specifically short-term borrowings. To attempt to minimize our overall cost of debt, we have established an interest rate management policy which attempts to minimize our overall cost of debt while taking into consideration the earnings implications associated with the volatility of the short-term interest rates. As part of this policy, we have elected to maintain a combination of variable and fixed rate debt and as of December 31, 2023, 78% of our consolidated debt is fixed rate, 22% is floating rate with interest caps we have no debt that is floating rate without interest caps and 63% of our share unconsolidated mortgages was fixed rate, 34% was floating rate with interest caps and 3% was floating rate. However, some of our debt is uncapped and the mortgages that do have interest caps are subject to increased interest expense until rates hit the level of caps that have been purchased. If there was a 100-basis point increase or decrease from rates as of December 31, 2023, we would have a $1.0 million increase in interest expense or $2.2 million of interest expense savings during 2024 on our current share of indebtedness.  The weighted average strike price on caps and maturity of Kennedy Wilson’s variable rate mortgages is 2.53% and approximately 1.6 years, respectively, as of December 31, 2023. If the market interest rates continue to increase, our cash flow and results of operations will be adversely affected and we may need to adjust our interest rate management policy, either or both of which may adversely affect our business, financial condition, liquidity and results of operations.

Our real estate debt investment business primarily originates and invests in floating interest rate instruments. In addition to originating and acquiring senior loans, we also originate and invest in mezzanine loans, B-and C-Notes and preferred equity. These types of investments generally involve a higher degree of risk than long-term senior mortgage lending secured by income-producing real property. For example, if a borrower defaults, there may not be sufficient funds remaining for a B-Note holder after payment to the A-Note holder. While our income from such variable rate loans and investments has increased as the market interest rates increased, borrowers may be unable to continue to service their debt at the applicable rates. Returns on loan investments depend on the borrower’s ability to make required payments or, in the event of default, our security interest. We may be unable to collect on a defaulted loan or foreclose on security successfully or in a timely fashion, either of which may adversely affect our business and results of operations. Additionally, potential borrowers may be unable or unwilling to accept variable rate loans, which would result in less transaction activity for our real estate debt investment business and could adversely affect our business, financial condition, liquidity and results of operations. Please also see “Any distressed loans and loan portfolios that we may purchase, or investments that may become "sub-performing" or "non-performing" following our origination or acquisition thereof, may have a higher risk of default and delinquencies than newly originated loans, and, as a result, we may lose part or all of our investment in such loans and loan portfolios.”

Inflation may adversely affect our financial condition and results of operations.

Recently, inflation has increased to its highest level in decades.

High inflation has led to elevated interest rates, the effects of which are discussed throughout this report. Please also see "Adverse developments in the credit markets and rising or elevated interest rates may harm our business, financial condition and results of operations." Increasing inflation could, among other things, have an adverse impact on our floating rate mortgages and general and administrative expenses, as these costs could increase at a rate higher than our rental and other revenue. During times when inflation is increasing at a greater rate than the increases in rent provided by our leases, our rent levels will not keep up with the costs associated with rising inflation. Inflation could also have an adverse effect on consumer spending, which could impact our tenants’ revenues and, in turn, our percentage rents, where applicable. Additionally, we may face decreased demand for our office and industrial assets as inflationary pressures continue to rise from certain of our prospective or current retail, ecommerce or manufacturing-based commercial tenants, who are generally more sensitive to inflation and consumer demand. In addition, substantial inflationary pressures could have a negative impact on certain real estate assets, including, without limitation, development projects that do not have guaranteed, or fixed price, contracts and real estate assets with long-term leases that do not provide for short-term rent increases. Although we continue to seek investments

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in markets where we see opportunities for stronger relative growth, including multifamily assets with leases that have an initial term of 12 months or less, and continue to work to manage cost overrun risks for our development and redevelopment projects with detailed architectural plans, guaranteed, or fixed price, contracts and close supervision by expert Company executives and personnel, if we are unable to execute our business strategy or if there is a substantial increase in inflation, such circumstances could adversely affect our financial condition, liquidity, results of operations and prospects.

Our significant operations in the United Kingdom and Ireland and to a lesser extent, Spain and Italy expose our business to risks inherent in conducting business in foreign markets.

As of December 31, 2023, approximately 41% of our revenues were sourced from our foreign operations in the United Kingdom, Ireland, Spain and Italy, 92% of which was sourced from our operations in the United Kingdom and Ireland. Accordingly, our firm-wide results of operations depend significantly on our foreign operations. Conducting a global business carries significant risks, including:

•restrictions and problems relating to the repatriation of capital;

•difficulties and costs of staffing and managing international operations;

•the burden of complying with multiple and potentially conflicting laws, including local laws related to public health;

•laws restricting foreign companies from conducting business;

•political instability, civil unrest, acts of war and terrorism, pandemics, epidemics, acts of God, including earthquakes, hurricanes, volcanic eruptions and other natural disasters (which may result in uninsured or under insured losses);

•greater difficulty in perfecting our security interests, collecting accounts receivable, foreclosing on secured assets and protecting our interests as a creditor in bankruptcies in certain geographic regions;

•potentially adverse tax consequences;

•share ownership restrictions on foreign operations; and

•tariff regimes of the countries in which we do business

Our revenues and earnings may be materially and adversely affected by fluctuations in foreign currency exchange rates due to our international operations.

Our revenues from foreign operations have been primarily denominated in the local currency where the associated revenues were earned. Fluctuations in currency exchange rates create volatility in our reported results as we translate the balance sheets, operational results and cash flows of our subsidiaries into U.S. Dollars for consolidated reporting. To date, our foreign currency exposure has been limited to the GBP and the euro. Recent volatility in currency exchange rates have led to fluctuations in our earnings because of corresponding fluctuations in the GBP and euro currency exchange rates.

Due to the constantly changing currency exposures to which we will be subject and the volatility of currency exchange rates, we may experience currency losses in the future, and we cannot predict the effect of exchange rate fluctuations on future operating results. Our management uses currency hedging instruments from time to time, including foreign currency forward contracts, purchased currency options (where applicable) and foreign currency borrowings. The economic risks associated with these hedging instruments include unexpected fluctuations in foreign currency rates, which could lead to hedging losses or the requirement to post collateral, along with unexpected changes in our underlying net asset position. Our hedging activities may not be effective.

We may expose ourselves to risks if we engage in hedging transactions.

We have and may in the future enter into hedging transactions, which may expose us to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Use of these hedging instruments may include counter-party credit risk.

Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price.

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The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to (or be able to) establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations.

Some of our portfolio investments may be recorded at fair value, and, as a result, there will be uncertainty as to the value of these investments.

As of December 31, 2023, $1.9 billion, or approximately 93% of our unconsolidated investments and approximately 25% of our total assets were recorded on our financial statements at estimated fair value. These include our investments in the commingled funds that we manage and unconsolidated investments in which we have elected the fair value option under U.S. generally accepted principles (U.S. GAAP). At the end of each reporting period, the fair value of these investments is recalculated, and any change from the fair value as of the end of the prior reporting period is reflected in our consolidated statement of income as a gain or loss included in income (loss) from unconsolidated investments. Accordingly, fair value accounting could result in significant non-cash volatility in our financial position and our results of operation, which, in turn, could adversely affect the trading price of our common stock and other securities.

In determining estimated fair market values, the Company utilizes two approaches to value real estate, a discounted cash flow analysis and direct capitalization approach.

Discounted cash flow models estimate future cash flows from a buyer's perspective (including terminal values) and compute a present value using a market discount rate. The holding period in the analysis is typically ten years. This is consistent with how market participants often estimate values in connection with buying real estate but these holding periods can be shorter depending on the life of the structure an investment is held within. The cash flows include a projection of the net sales proceeds at the end of the holding period, computed using an estimated market reversionary capitalization rate.

Under the direct capitalization approach, the Company applies an estimated market derived capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These estimated capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation. Other factors that are taken into consideration include tenancy details, planning, building and environmental factors that might affect the property.

The Company also utilizes valuations from independent real estate appraisal firms on some of its investments ("appraised valuations"), with certain investment structures requiring appraised valuations periodically (typically annually). All appraised valuations are reviewed and approved by the Company.

The value of the Company’s investment in VHH is determined through several approaches including a discounted cash flow analysis on a partnership-by-partnership basis that factors in the distinct economic splits between VHH and its tax credit LPs (where applicable). This methodology assumes ordinary distributions and future sale of the underlying property after the tax credit period has expired. The average estimated cap rates assumed at sale range from 5.65% - 7.50% with discount rates ranging from 8.10% - 11.00%. Additionally, the value of our investment in VHH is also corroborated through applying multiples to VHH’s various streams of annual cash flows using public company peer multiples for recurring free cash flow (ordinary distributions) and promote (paid developer fees) and total cash flow. During the year ended December 31, 2023, the various valuation methodologies produced results that are within a 5% range.

Valuations of real estate involve subjective judgments. 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. Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had an impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including market-derived estimated capitalization rates, discount rates, liquidity risks, and estimates of future cash flows could significantly affect the fair value measurement amounts. For example, small changes in the inputs and assumptions that we use from period to period to estimate these fair values may result in large changes in the carrying value of these investments and could materially and adversely impact our reporting earnings. Moreover, the estimated fair values used in preparing our

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financial statements may not represent amounts that could be realized in a current sale or an immediate settlement of the related asset or liability, nor would those estimated fair values necessarily reflect the returns we may actually realize.

Our real estate development and redevelopment strategies may not be successful.

We acquire development assets to the extent attractive projects become available. As part of our investment strategy, we seek to locate and acquire real estate assets that we believe are undervalued and improve them to increase their resale value. When we engage in development activities, we are subject to risks associated with those activities that could adversely affect our financial condition, results of operations, cash flows and the market price of, our common stock, including, but not limited to:

•we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations;

•we may not be able to obtain financing for development projects, or obtain financing on favorable terms;

•construction costs of a project may exceed the original estimates or construction may not be concluded on schedule, making the project less profitable than originally estimated or not profitable at all (including the possibility of errors or omissions in the project's design, contract default, contractor or subcontractor default, performance bond surety default, the effects of local weather conditions, natural disasters and pandemics, the possibility of local or national strikes and the possibility of shortages in materials, building supplies or energy and fuel for equipment);

•tenants who pre-lease space or contract with us for a build-to-suit project may default prior to occupying the project;

•upon completion of construction, we may not be able to obtain, or obtain on advantageous terms, permanent financing for activities that we financed through construction loans;

•we may not achieve sufficient occupancy levels, sales levels and/or obtain sufficient rents to ensure the profitability of a completed project;

•we may overestimate the value of the property;

•such development activities typically require a significant amount of management's time and attention, diverting their attention from our other operations; and

•development projects in which we have invested may be abandoned and the related investment will be impaired.

Any failure to complete a redevelopment project in a timely manner and within budget or to sell or lease the project after completion could have a material adverse effect upon our business, results of operation and financial condition.

Poor performance of our commingled funds would cause a decline in our revenue and results of operations and could adversely affect our ability to raise capital for future funds.

When any of the commingled closed-end funds we manage performs poorly, our investment record suffers. In the face of poor fund performance, our management fees and performance allocations and our ability to raise additional capital from our partners may be adversely affected. Current and future investors could demand lower fees or significant fee concessions for existing or future funds, which would decrease our revenue or hamper our ability to raise capital. If a fund performs poorly, our performance allocations and income from such fund will decrease and we may not receive any performance allocations and may experience possible losses from our own principal investment in such fund. As the fair value of underlying investments varies between reporting periods, if we were to have negative performance allocations in a period that causes the amount due to us to be less than the amount previously recognized, this could result in a negative adjustment to performance allocations.

Our joint venture activities subject us to third-party risks, including risks that other participants may become bankrupt or take action contrary to our best interests.

We have used joint ventures for large real estate investments and developments. We plan to continue to acquire interests in additional joint ventures formed to own or develop real property or interests in real property, however, we cannot be certain that we will continue to identify suitable joint venture partners and form new joint ventures in the future. Although, we generally serve as the general partner or managing member of such joint venture, we have acquired and may acquire non-controlling interests in joint ventures, and we may, from time-to-time, also acquire interests as a passive investor without rights to actively participate in the management of the joint ventures. Investments in joint ventures involve additional risks, including the possibility that the other participants may become bankrupt or have economic or other business interests or goals that are inconsistent with ours, we may not have the right or power to direct the management and policies of certain joint ventures and other participants may take action contrary to our instructions or requests and against our policies and objectives. Should a participant in a material joint venture investment act contrary to our interests, our business, results of operations and financial condition could significantly suffer.

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If we are unable to identify, acquire and integrate suitable investment opportunities and acquisition targets, our future growth will be impeded.

Acquisitions and expansion have been, and will continue to be, a significant component of our growth strategy. While maintaining our existing business lines, we intend to continue to pursue a sustained growth strategy by increasing revenues from seeking selective investment and co-investment opportunities and pursuing strategic acquisitions. Our ability to manage our growth will require us to effectively integrate new acquisitions into our existing operations while managing development of principal properties. We expect that significant growth in several business lines occurring simultaneously will place substantial demands on our managerial, administrative, operational and financial resources. We may be unable to successfully manage all factors necessary for a successful expansion of our business. Moreover, our strategy of growth depends on the existence of and our ability to identify attractive investment opportunities and synergistic acquisition targets. The unavailability of suitable investment opportunities and acquisition targets, or our inability to find or be successful in competing for them, may result in a decline in business, financial condition and results of operations. 

We own real estate properties located in Hawaii, which subjects us to unique risks relating to, among other things, Hawaii’s economic dependence on fluctuating tourism, the isolated location of Hawaii and the potential for natural disasters.

We conduct operations and own properties in Hawaii. The gross asset value of our investments in Hawaii is $527.2 million and $481.4 million as of December 31, 2023 and 2022, respectively. The success of our investments in Hawaii depends on and is affected by general trends in Hawaii’s economy and real estate market.  Hawaii’s economy largely depends on tourism, which is subject to fluctuation based on a number of factors that we do not control, including certain natural disasters. Hawaii has historically been vulnerable to tsunamis, volcanoes, hurricanes, earthquakes and wildfires, which could cause damage to properties owned by us or property values to decline in general and may materially limit our ability to sell or lease our residential and hospitality properties, any factor of which would likely result in a material adverse effect on our business, financial condition and results of operations.

Our two largest investments in Hawaii are a hotel and a residential project which are both located on the Big Island. In addition to the general risks with respect to development and redevelopment projects as discussed above, Hawaii’s remote and isolated location may create additional operational costs and expenses (general operating and development-related costs), and result in significant delays, which could have a material adverse impact on our business, financial condition and results of operations. 

Our real estate debt investment business operates in a highly competitive market for lending and investment opportunities through our debt platforms, including originating and investing in senior loans, mezzanine loans, B- and C-Notes and preferred equity, which may limit our ability to originate or acquire desirable loans and investments in our target assets and are subject to increased risks.

Our real estate debt investment business ("Debt Platform") operates in a highly competitive market for lending and investment opportunities. A number of entities compete with us to make the types of loans and investments that we seek to make, including originating and investing in senior loans, mezzanine loans, B-and C-Notes and preferred equity. The profitability of our debt platform depends, in large part, on our ability to originate or acquire target assets at attractive prices for ourselves and our partners. In addition, some of our competitors may have a lower cost of funds and access to funding sources that may not be available to us. Furthermore, competition for originations of, and investments in, our target assets may lead to decreasing yields for such assets, which may further limit our ability to generate desired returns for ourselves and our partners. Also, as a result of this competition, desirable loans and investments in specific types of target assets are limited.

In addition to originating and acquiring senior loans, we also originate and invest in mezzanine loans, B-and C-Notes and preferred equity. These types of investments generally involve a higher degree of risk than long-term senior mortgage lending secured by income-producing real property. For example, if a borrower defaults, there may not be sufficient funds remaining for a B-Note holder after payment to the A-Note holder. Similarly, if a borrower defaults on our junior loan or debt senior to our loan, or in the event of a borrower bankruptcy, our junior loan will be satisfied only after the senior debt and may become unsecured as a result of foreclosure by the senior lender. Further, preferred equity investments involve a higher degree of risk than conventional debt financing due to a variety of factors, including their non-collateralized nature and subordinated ranking to other loans and liabilities of the entity in which such preferred equity is held. As a result, we may not recover some or all of our investment. Significant losses related to our junior loans or preferred equity interests would result in operating losses for us and our partners. In addition, in the event a borrower defaults on a loan, there is no guarantee or assurance that we will be able to successfully foreclose and take control of the underlying collateral (to the extent available) and, to the extent we do successfully foreclose on the property, there is no guarantee or assurance that we will be able to reposition the asset and/or we may lose part or all of our investment.

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Any distressed loans and loan portfolios that we may purchase, or investments that may become "sub-performing" or "non-performing" following our origination or acquisition thereof, may have a higher risk of default and delinquencies than newly originated loans, and, as a result, we may lose part or all of our investment in such loans and loan portfolios.

While our loans and investments focus primarily on "performing" real estate-related interests, our loans and investments may also include making distressed investments from time to time (e.g., investments in defaulted, out-of-favor or distressed loans and debt securities) or may involve loans and loan portfolios in some cases that may be non-performing or sub-performing and may be in default at the time of purchase or may become "sub-performing" or "non-performing" following our origination or acquisition thereof. In general, the distressed loans and loan portfolios we may acquire are speculative investments and have a greater than normal risk of future defaults and delinquencies as compared to newly originated loans. Returns on loan investments depend on the borrower’s ability to make required payments or, in the event of default, our security interests and our ability to foreclose and liquidate whatever property that secures the loans and loan portfolios. We may be unable to collect on a defaulted loan or foreclose on security successfully or in a timely fashion. There may also be instances when we are able to acquire title to an underlying property, but we may not be able to successfully reposition the property or sell it to make a profit on our investment.

In addition, in the event of a decline in real estate values, we are more likely to incur losses on our loans in the event of default because the value of our collateral may be insufficient to cover our cost on the loan significantly increases.

Our reliance on third-parties to operate certain of our properties may harm our business.

We rely on third party property managers and hotel operators to manage the daily operations of our properties. We are also parties to hotel management agreements under which unaffiliated third-party property managers manage our hotels. These third parties are directly responsible for the day-to-day operation of our properties with limited supervision by us, and they often have potentially significant decision-making authority with respect to those properties. Thus, the success of our business may depend in large part on the ability of our third-party property managers to manage the day-to-day operations, and any adversity experienced by our property managers could adversely impact the operation and profitability of our properties.

These third parties may fail to manage our properties effectively or in accordance with their agreements with us, may be negligent in their performance and may engage in criminal or fraudulent activity. If any of these events occur, we could incur losses or face liabilities from the loss or injury to our property or to persons at our properties. In addition, disputes may arise between us and these third-party managers and operators, and we may incur significant expenses to resolve those disputes or terminate the relevant agreement with these third parties and locate and engage competent and cost-effective service providers to operate and manage the relevant properties, which in turn could adversely affect us, including damage to our relationships with such franchisers or we may be in breach of our franchise agreement.

Our leasing activities depend on various factors, including tenant occupancy and rental rates, which, if adversely affected, could cause our operating results to suffer.

Our ability to lease properties depends on several factors, including, but not limited to, the attractiveness of our properties to tenants, competition from other available space, our ability to provide adequate maintenance and obtain insurance and to pay increased operating expenses, which may not be passed through to tenants, and the availability of capital to periodically renovate, repair and maintain the properties, as well as for other operating expenses. Our business, financial condition and results of operations may be adversely affected if we fail to promptly find suitable tenants for substantial amounts of vacant space at our properties, if rental rates on new or renewal leases are significantly lower than expected, or if reserves for costs of re-leasing prove inadequate. One of the two tenants that made up our entire tenant population at one of our office properties located in Bellevue, Washington (the third largest asset by our share of net operating income at December 31, 2022), vacated the property at the end of their current lease (October 2023). The other tenant has a lease termination option in January 2025. While we are working on securing new long-term leases with high-credit tenants at the property, there is no assurance that we will be able to do so at favorable terms or at all. In addition, we and our partner recently brought a lawsuit against a national co-working office tenant that stopped paying rent during 2023 with respect to its tenancy at one of our office properties that we manage and hold a 10% ownership interest in. We and our partner are pursuing the collection of all rent, expenses and charges under the lease which runs through 2036, among other claims. We are also pursuing the guarantee that was executed by the tenant’s parent company. The legal proceeding is still pending and there can be no assurance that we will be able to secure a favorable outcome.

Increasing scrutiny and changing expectations from stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks.

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Companies across all industries are facing increasing scrutiny from stakeholders related to their environmental, social and governance (“ESG”) practices. Investor advocacy groups, certain institutional investors, investment funds and other influential investors are also increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. Regardless of the industry, investors’ increased focus related to ESG and similar matters may hinder access to capital, as investors may decide to reallocate capital or to not commit capital as a result of their assessment of a company’s ESG practices. Companies which do not adapt to or comply with investor or other stakeholder expectations and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition, and/or stock price of such a company could be materially and adversely affected.

We have adopted certain practices and policies to align our ESG approach with our business strategy by maximizing the inherent value of our assets and delivering long-term social, environmental and economic values across our portfolio. However, our stakeholders may look to us to implement more or different ESG procedures, standards or goals in order to continue engaging with us, to remain invested in us, or before they make further investments in us. Additionally, we may face reputational challenges in the event our ESG procedures or standards do not meet the standards set by certain constituencies or such constituencies might not be satisfied with our efforts or the speed of adoption of ESG practices or polices. If we do not meet our stakeholders’ expectations or we are not effective in addressing social and environmental responsibility matters or achieving relevant sustainability goals, trust in our brand may suffer and our business and/or our ability to access capital could be harmed.

The occurrence of any of the foregoing could have a material adverse effect on our business and financial condition and expose us to market, operational and execution costs or risks.

Rent control or rent stabilization legislation and other regulatory restrictions may limit our ability to increase rents and pass through new or increased operating costs to our tenants.

We presently expect to continue operating and acquiring properties in areas that have adopted laws and regulations imposing restrictions on the timing or amount of rent increases and a landlord's ability to evict a tenant. Although, we are able to increase rents to market rates once a tenant vacates a rent-controlled or stabilized unit, increases in rental rates for renewing tenants are limited by such regulations. The state of California has implemented a statewide rent control initiative that limits rental increases to 5% + CPI. The state of Oregon and Washington have also implemented a statewide rent control program that caps annual increases to 7% + CPI with the city of Portland, Oregon limiting increases to 9.2%. In addition to the statewide rent control programs, various municipalities, including certain cities where we hold investments, have enacted or are considering rent control or rent stabilization legislation.

Under current Irish law, for rent controlled properties we are restricted from increasing rents to market rates for renewing tenants and replacement tenants, and any rent increases in these circumstances are generally capped to the lower of 2% and Harmonised Index of Consumer Prices ("HICP") per annum, save in certain limited circumstances.  These laws and regulations can (i) limit our ability to charge market rents, increase rents, evict tenants or recover increases in our operating expenses, (ii) negatively impact our ability to attract higher-paying tenants and (iii) make it more difficult for us to dispose of properties in certain circumstances. Any failure to comply with these regulations could result in fines and/or other penalties.

We may be subject to potential environmental liability.

Under various foreign, federal, state and local laws, ordinances and regulations, a current or previous owner or operator of real estate may be liable for the cleanup of hazardous or toxic substances and may be liable to a governmental entity or to third parties for property damage and for investigation and clean-up costs incurred by governmental entities or third parties in connection with the contamination. Such laws typically impose liability without regard to whether the owner or operator knew of, or was responsible for, the presence of the hazardous or toxic substances, even when the contaminants were associated with previous owners or operators. The costs of investigation, remediation or removal of hazardous or toxic substances may be substantial, and the presence of those substances, or the failure to properly remediate those substances, may adversely affect the owner’s or operator’s ability to sell or rent the affected property or to borrow using the property as collateral. The presence of contamination at a property can impair the value of the property even if the contamination is migrating onto the property from an adjoining property. Additionally, the owner of a site may be subject to claims by parties who have no relation to the property based on damages and costs resulting from environmental contamination emanating from the site. In connection with the direct or indirect ownership, operation, management and development of real properties, we may be considered an owner or operator of those properties or as having arranged for the disposal or treatment of hazardous or toxic substances. Therefore, we may be potentially liable for removal or remediation costs.

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Before consummating the acquisition of a particular piece of real property, it is our policy to retain independent environmental consultants to conduct an environmental review of the real property, including performing a Phase I environmental review. These assessments have included, among other things, a visual inspection of the real properties and the surrounding area and a review of relevant federal, state and historical documents. It is possible that the assessments we commission do not reveal all environmental liabilities or that there are material environmental liabilities of which we are currently unaware. Future laws, ordinances or regulations may impose material environmental liability and the current environmental condition of our properties may be affected by tenants, by the condition of land or operations in the vicinity of those properties, or by unrelated third parties. Federal, state, local and foreign agencies or private plaintiffs may bring actions against us in the future, and those actions, if adversely resolved, may have a material adverse effect on our business, financial condition and results of operations.

We may incur significant costs complying with laws, regulations and covenants that are applicable to our properties and operations.

The properties in our portfolio and our operations are subject to various covenants and federal, state, local and foreign laws and regulatory requirements, including permitting and licensing requirements. Such laws and regulations, including municipal or local ordinances, zoning restrictions and restrictive covenants imposed by community developers, may restrict our use of our properties and may require us to obtain approval from local officials or community standards organizations at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these restrictions may relate to fire and safety, seismic, asbestos-cleanup, hazardous material abatement requirements or accessibility of our properties, such as those required by the Americans with Disabilities Act. Existing laws and regulations may adversely affect us, the timing or cost of our future acquisitions or renovations may be uncertain, and additional regulations may be adopted that increase such delays or result in additional costs. Our failure to obtain required permits, licenses and zoning relief or to comply with applicable laws could, among other things, result in monetary fines, private litigation and have a material adverse effect on our business, financial condition and results of operations.

Our property insurance coverage is limited, and any uninsured losses could cause us to lose part or all of our investment in our insured properties.

We carry commercial general liability coverage and umbrella coverage on all of our properties with limits of liability that we deem adequate and appropriate under the circumstances (certain policies subject to deductibles) to insure against liability claims and provide for the cost of legal defense. There are, however, certain types of extraordinary losses that either may be uninsurable or are not generally insured because it is not economically feasible to insure against those losses. Should any uninsured loss occur, we could lose our investment in, and anticipated revenues from, a property, and these losses could have a material adverse effect on our operations. Currently, we also insure some of our properties for loss caused by earthquakes in levels we deem appropriate and, where we believe necessary, for loss caused by flood. The occurrence of an earthquake, flood or other natural disaster may materially and adversely affect our business, financial condition and results of operations.

Our business could be adversely affected by cybersecurity incidents or threats, including, security breaches, cyber-attacks, cyber intrusions or otherwise.

We rely on our own and our third-party service provider’s computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT Systems"). We face risks to the confidentiality, integrity and availability of our IT Systems and data associated with cybersecurity incidents or threats, including through cyber-attacks or cyber intrusions over the internet, malware (including ransomware), computer viruses, social engineer/phishing, insider malfeasance, human or technological error, as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware and resulting from other significant disruptions of our information technology networks and related systems. These risks include operational interruption, private data exposure and damage to our relationship with our customers, among others. A security breach involving our IT Systems could disrupt our operations in numerous ways that could ultimately have an adverse effect on our financial condition and results of operations.

It is possible that our IT Systems could be compromised. As threat actors are becoming increasingly sophisticated in using techniques and tools – including artificial intelligence – that circumvent security controls, evade detection and remove forensic evidence, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT Systems, data or business. Although we utilize various procedures and controls to mitigate

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our exposure to such risk, cybersecurity attacks are evolving and unpredictable. There can also be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT Systems and data.

Any adverse impact to the availability, integrity or confidentiality of our IT Systems or data can result in legal claims or proceedings (such as class actions), regulatory investigations and enforcement actions, fines and penalties, negative reputational impacts that cause us to lose existing or future customers, and/or significant incident response, system restoration or remediation and future compliance costs. Any or all of the foregoing could materially adversely affect our business, operating results, and financial condition. We cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

Failure to comply with federal and state data privacy laws may result in significant liability, negative publicity, and/or an erosion of trust, which could materially adversely affect our business.

We receive, store, handle, transmit, use and otherwise process business information and information related to individuals, including from and about actual and prospective tenants and investors, as well as our employees and service providers. We also depend on a number of third-party vendors in relation to the operation of our business, a number of which process data on our behalf. We and our vendors are subject to a variety of federal and state data privacy laws, rules, regulations, industry standards and other requirements, including those that apply generally to the handling of information about individuals, and those that are specific to certain industries, sectors, contexts, or locations. These requirements, and their application, interpretation and amendment are constantly evolving and developing.

Even though we believe we and our vendors are generally in compliance with applicable laws, rules and regulations relating to privacy and data security, these laws are in some cases relatively new and the interpretation and application of these laws are uncertain. Any failure or perceived failure by us to comply with data privacy laws, rules, regulations, industry standards and other requirements could result in proceedings or actions against us by individuals, consumer rights groups, government agencies, or others. We could incur significant costs in investigating and defending such claims and, if found liable, pay significant damages or fines or be required to make changes to our business. Further, these proceedings and any subsequent adverse outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected.

Economic and social volatility and geopolitical instability outside of the United States due to large-scale conflicts, including warfare among countries, may adversely impact us, the United States, and global economies.

From time to time, tensions between countries may erupt into warfare and may adversely affect neighboring countries and those who conduct trade or foreign relations with those affected regions. Such acts of war may cause widespread and lingering damage on a global scale, including, but not limited to: (i) safety and cyber security, (ii) the economy, and (iii) global relations.

Disruption, instability, volatility, and decline in economic activity, both in the affected regions and on a global scale, regardless of where it occurs, whether caused by acts of war, other acts of aggression, or terrorism, could in turn also harm the demand for, the safety of, and the value of our properties and adversely impact the global economy. As a result of the factors discussed above, we may be unable to operate our business as usual, which may adversely affect our cash flows, financial condition, and results of operations.

Risks Related to Our Company

We have in the past incurred and may continue in the future to incur significant amounts of debt and, to a lesser extent, preferred stock, to finance acquisitions, which could negatively affect our cash flows and subject our properties or other assets to the risk of foreclosure.

We have historically financed new acquisitions with cash derived from secured and unsecured loans and lines of credit and, to a lesser extent, preferred stock. We typically purchase real property with loans secured by a mortgage on the property acquired and we anticipate continuing this trend. We may incur additional debt from time to time to finance strategic acquisitions, investments, joint ventures or for other purposes, subject to the restrictions contained in the documents governing our indebtedness. We do not have a policy limiting the amount of debt that we may incur. Also, our organizational documents do not limit the amount of debt that we may incur. Accordingly, our management and board of directors have discretion to

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increase the amount of our outstanding debt at any time. We could become more highly leveraged, resulting in an increase in debt service costs that could adversely affect our results of operations and increase the risk of default on debt. Our earnings may not be sufficient to allow us to pay principal and interest on our debt and meet our other obligations. If we do not have sufficient earnings, we may be required to seek to refinance all or part of our existing debt, sell assets at terms that are not attractive, borrow more money or sell more securities, which we may be unable to do, and our stock price may be adversely affected. If our business performance and profitability deteriorate, we could fail to comply with certain financial covenants in our unsecured bond and revolving credit facility, which would force us to seek an amendment with our lenders. We may be unable to obtain any necessary waivers or amendments on satisfactory terms, if at all, which could result in the principal and interest of the debt to become immediately due.

Some of our debt bears interest at variable rates. As a result, we are subject to fluctuating interest rates that may impact, adversely or otherwise, results of operations and cash flows. We may be subject to risks normally associated with debt financing, including the risks that:

•a decrease in the availability of lines of credit and the public equity and debt markets and other sources of capital used to operate and maintain our business;

•any downgrade of our credit ratings;

•cash flow may be insufficient to make required payments of principal and interest;

•existing indebtedness on our properties may not be refinanced and our leverage could increase our vulnerability to general economic downturns and adverse competitive and industry conditions, placing us at a disadvantage compared to those of our competitors that are less leveraged;

•our debt service obligations could limit our flexibility in planning for, or reacting to, changes in our business and in the commercial real estate services industry;

•our failure to comply with the financial and other restrictive covenants in the documents governing our indebtedness could result in an event of default that, if not cured or waived, results in foreclosure on substantially all of our assets; and

•the terms of available new financing may not be as favorable as the terms of existing indebtedness.

If we are unable to satisfy the obligations owed to any lender with a lien on one of our properties, including the compliance with any operational or financial covenants, the lender could foreclose on the real property or other assets securing the loan and we would lose that property or asset. The loss of any property or asset to foreclosure could have a material adverse effect on our business, financial condition and results of operations. In addition, agreements governing certain of our financings contain cross-default and/or cross-acceleration provisions, including, without limitation, the indentures governing our KWI Notes and the documents governing the Second A&R Facility and the KWE Notes. For example, the indentures governing the KWI Notes provide that recourse debt that is not paid within any applicable grace period after final maturity or is accelerated by the applicable lender because of a default and the total amount of such recourse debt unpaid or accelerated exceeds seventy-five million dollars, may constitute a default which could lead to the entire principal amount of the KWI Notes to become immediately due and payable. The documents governing the Second A&R Facility and KWE Notes contain similar provisions.

Our debt obligations impose significant operating and financial restrictions, which may prevent us from pursuing certain business opportunities and taking certain actions.

Our existing debt obligations impose, and future debt obligations may impose, significant operating and financial restrictions on us, including our ability to pursue available business opportunities or finance our future operations. These restrictions limit or prohibit, among other things, our ability to incur additional indebtedness, repay indebtedness (including our KWI Notes) prior to stated maturities, pay dividends on, redeem or repurchase our stock or make other distributions, make acquisitions or investments, create or incur liens, transfer or sell certain assets or merge or consolidate with or into other companies, enter into certain transactions with affiliates, and restrict dividends, distributions or other payments from our subsidiaries. A breach of any of these covenants could result in a default in respect of the related indebtedness. If a default occurs, the relevant lenders could elect to declare the indebtedness, together with accrued interest and other fees, to be immediately due and payable and proceed against any collateral securing that indebtedness. In addition, a default under one series of our indebtedness may also constitute a default under another series of our indebtedness.

Our unsecured revolving credit facility and the indentures governing our KWI Notes, and the KWE Notes require us to maintain compliance with specified financial covenants, including maximum balance sheet leverage and fixed charge coverage

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ratios. In addition, loan agreements governing the mortgages that are secured by our properties may contain operational and financial covenants, including but not limited to, debt service coverage ratio covenants and, with respect to mortgages secured by certain properties in Europe, loan-to-value ratio covenants. Mortgages with such loan-to-value covenants require that the underlying properties be valued on a periodic basis (at least annually) and as such, adverse market conditions (which are influenced by factors that are outside of the Company’s control) could result in a reduction in the fair value of the subject properties and a breach of the applicable covenant. As of December 31, 2023, the Company was in compliance with all property-level mortgages and was current on all payments (principal and interest) with respect to the same.

If we are unable to raise additional debt and equity capital, our growth prospects may suffer.

We depend on the capital markets to grow our balance sheet along with third-party equity and debt financings to acquire properties through our investment business, which is a key driver of future growth.  We currently intend to raise a significant amount of third-party equity and debt to acquire assets in the ordinary course of our business.  We depend on debt financing from a combination of financial institutions, the assumption of existing loans, government agencies and seller financing. We depend on equity financing from equity partners, which include public companies, insurance companies, pension funds, family offices, financial institutions, endowments, sovereign wealth and money managers. Our access to capital funding is uncertain. Our inability to raise additional capital on terms reasonably acceptable to us could jeopardize the future growth of our business.

The loss of one or more key personnel, particularly our CEO, could have a material adverse effect on our operations.

Our continued success depends to a significant degree on the efforts of our senior executives, particularly our chief executive officer, or CEO, who have each been essential to our business. The departure of all or any of our executives for whatever reason or the inability of all or any of them to continue to serve in their present capacities or our inability to attract and retain other qualified personnel could have a material adverse effect upon our business, financial condition and results of operations. Our executives attract business opportunities and assist both in negotiations with lenders and potential joint venture partners and in the representation of large and institutional clients. If we lost their services, our relationships with lenders, joint venture partners and clients would diminish significantly. Additionally, as we continue to grow, our success will largely depend on our ability to attract and retain qualified personnel in all areas of business. We may be unable to continue to hire and retain a sufficient number of qualified personnel to support or keep pace with our planned growth.

Our results are subject to significant volatility from quarter to quarter due to the varied timing and magnitude of our strategic acquisitions and dispositions, the incurrence of any impairment losses, fair value gains and losses and other transactions and market conditions.

We have experienced a fluctuation in our financial performance from quarter to quarter and year over year due in part to the significance of revenues from the sales of real estate on overall performance. The timing of purchases and sales of our real estate investments has varied, and will continue to vary, widely from quarter to quarter due to variability in market opportunities, changes in interest rates, changes in fair value due to fluctuating property values, and the overall demand for multifamily and commercial real estate, among other things. While these factors have contributed to our increased operating income and earnings in past years, we may be unable to continue to perform in line with historical levels due to the significant variability in these factors. 

Additionally, if our future undiscounted net cash flow evaluation indicates that we are unable to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. These losses have a direct impact on our net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods.

Please also see "Some of our portfolio investments may be recorded at fair value, and, as a result, there will be uncertainty as to the value of these investments" above.

We are subject to certain "non-recourse carve out guarantees" that may be triggered in the future and have guaranteed a number of loans in connection with various real estate investments, which may result in us being obligated to make certain payments.

Most of our real estate properties are encumbered by traditional non-recourse debt obligations. In connection with most of these loans, however, we entered into certain “non-recourse carve out” guarantees, which provide for the loans to

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become partially or fully recourse against us if certain triggering events occur. Although these events are different for each guarantee, some of the common events include:

•the special purpose property-owning subsidiary’s filing a voluntary petition for bankruptcy;

•the special purpose property-owning subsidiary’s failure to maintain its status as a special purpose entity; and

•subject to certain conditions, the special purpose property-owning subsidiary’s failure to obtain lender’s written consent prior to obtaining any subordinate financing or encumbering the associated property.

In the event that any triggering event occurs and the loans become partially or fully recourse against us, our business, financial condition, results of operations and common stock price could be materially adversely affected.

We have also provided recourse guarantees associated with loans secured by real estate. The maximum potential undiscounted amount of future payments that we could be required to make under these guarantees was approximately $151.1 million at December 31, 2023. The guarantees expire through 2031, and our performance under the guarantees would be required to the extent there is a shortfall upon liquidation between the principal amount of the loan and the net sales proceeds of the property. If we were to become obligated to perform on these guarantees, our financial condition could suffer.

If a transaction intended to qualify as a Section 1031 Exchange is later determined to be taxable or if we are unable to identify and complete the acquisition of a suitable replacement property to effect a Section 1031 Exchange, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties on a tax deferred basis.

When possible, we dispose of properties in transactions that are intended to qualify for tax deferral under Section 1031 of the Internal Revenue Code of 1986, as amended (the "Code") (each such transaction, a "Section 1031 Exchange"). It is possible that the qualification of a transaction as a Section 1031 Exchange could be successfully challenged by the U.S. Internal Revenue Service (the "IRS") and determined to be currently taxable or that we may be unable to identify and complete the acquisition of a suitable replacement property to effect a Section 1031 Exchange. In such case, if there are no alternatives available to us (including the use of our net operating loss carryforwards and foreign tax credits), we may have to pay corporate income tax with respect to the disposition of such properties, possibly including interest and penalties. In addition, if a Section 1031 Exchange was later determined to be taxable, we may be required to amend our tax returns for the applicable year in question, including any information reports we sent the Company’s stockholders. Moreover, Section 1031 of the Code permits exchanges of real property only. Legislation that could modify or repeal the laws with respect to Section 1031 Exchanges could be enacted, which could make it more difficult or not possible for us to dispose of properties on a tax-deferred basis. If we are unable to complete transactions as Section 1031 Exchanges, our taxable income and earnings and profits could increase, which would increase the portion of any distribution with respect to our common stock that is treated as dividend income instead of return of capital.

Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.

As of December 31, 2023, we had approximately $47.5 million and $100.8 million of federal and California net operating loss carryforwards, respectively, as well as approximately $100.5 million of foreign tax credits, which generally can be used to offset future taxable income or taxes, as applicable.  However, under Sections 382 and 383 of the Code, if a corporation undergoes an “ownership change," the corporation’s ability to use its pre-change net operating loss carryforwards and foreign tax credits to offset its post-change federal taxable income or taxes, as applicable, may be limited. Generally, a corporation experiences such an ownership change if the percentage of its stock owned by its “5-percent shareholders,” as defined in Section 382 of the Code, increases by more than 50 percentage points (by value) over a rolling three-year period. Based on our analysis, no ownership changes as defined under Section 382 have occurred which would result in limitations on the utilization of our domestic net operating loss and foreign tax credit carryovers. We may experience ownership changes in the future as a result of subsequent shifts in our stock ownership (some of which shifts are outside of our control). Similar provisions of state tax law may also apply. Federal net operating loss carryforwards generated after December 31, 2017 may be carried forward indefinitely, but they may only be used to offset 80% of taxable income in a given year. The entire balance of $47.5 million of federal net operating loss carryforwards was generated after December 31, 2017.

As of December 31, 2023, we also had $197.4 million of foreign net operating loss carryforwards which could be subject to similar limitations in foreign jurisdictions based upon changes in equity ownership.

We may fail to comply with section 404 of the Sarbanes-Oxley Act of 2002.

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We are subject to section 404 of The Sarbanes-Oxley Act of 2002 and the related rules of the SEC, which generally require our management and independent registered public accounting firm to report on the effectiveness of our internal control over financial reporting. Although our management has concluded that our internal control over financial reporting was effective as of December 31, 2023 and our independent registered public accounting firm has issued an unqualified report as to the same, our management or our independent registered public accounting firm may not be able to come to the same conclusion in future periods. During the course of the review and testing of our internal controls, we may identify deficiencies and weaknesses and be unable to remediate them before we must provide the required reports. If our management or our independent registered public accounting firm is unable to conclude on an ongoing basis that we have effective internal control over financial reporting, our operating results may suffer, investors may lose confidence in our reported financial information and the trading price of our stock may fall.

Risks Related to Ownership of Our Common Stock

Our directors and officers and their affiliates are significant stockholders, which makes it possible for them to have significant influence over the outcome of all matters submitted to stockholders for approval and which influence may be in conflict with our interests and the interests of our other stockholders.

As of December 31, 2023, our directors and executive officers and their respective affiliates owned an aggregate of approximately 13% of the outstanding shares of our common stock. These stockholders will have significant influence over the outcome of all matters submitted for stockholder approval, including the election of our directors and other corporate actions. In addition, such influence by one or more of these stockholders could discourage others from attempting to purchase or take us over in a transaction that would be favorable to our other stockholders or reduce the market price offered for our common stock in such an event.

Our stockholders may experience dilution upon the conversion of our Cumulative Perpetual Convertible Preferred Stock or warrants, and we may issue additional equity securities, which may also dilute our stockholders’ interest in us.

Our outstanding warrants are convertible into approximately 25 million shares of common stock and our Series A Cumulative Perpetual Convertible Preferred Stock are convertible into approximately 12 million shares of common stock. We also have an at-the-market equity offering program in place pursuant to which we may issue up to $200 million of shares of common stock. As of December 31, 2023, the exercise price of the warrants was $23.00 per share for the Series B and $16.21 per share for the Series C and the conversion price of the Series A stock was $25.00 per share, in each case subject to further adjustments in certain circumstances. If we elect to deliver shares of common stock upon a conversion at the time our tangible book value per share exceeds the conversion price in effect at such time, our stockholders may incur dilution. In addition, our stockholders will experience dilution in their ownership percentage of common stock upon our issuance of common stock in connection with the conversion of the Series A shares and/or warrants and any dividends paid on our common stock will also be paid on shares issued in connection with such conversion after such issuance.

Additionally, in order to expand our business, we may consider offering and issuing additional equity or equity-based securities. If we issue and sell additional shares of our common stock, or convertible securities, the ownership interests of our existing stockholders will be diluted to the extent they do not participate in the offering. The number of shares that we may issue for cash in non-public offerings without stockholder approval will be limited by the rules of the NYSE or other exchange on which our securities are listed. However, we may issue and sell shares of our common stock in public offerings, and there generally are exceptions that allow companies to issue a limited number of equity securities in private offerings without stockholder approval, which could dilute your ownership.

The price of our common stock may be volatile.

The trading price of our common stock has historically been and may in the future continue to be volatile due to factors such as:

•changes in real estate values and prices;

•actual or anticipated fluctuations in our quarterly and annual results and those of our publicly held competitors;

•mergers and strategic alliances among any real estate companies;

•market conditions in the industry;

•changes in government regulation and taxes;

•shortfalls in our operating results from levels forecasted by securities analysts;

•investor sentiment toward the stock of real estate companies in general;

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•announcements concerning us or our competitors; and

•the general state of the securities markets.

Our common stock may be delisted, which could limit your ability to trade our common stock and subject us to additional trading restrictions.

Our common stock is listed on the NYSE, a national securities exchange. However, our common stock may not continue to be listed on the NYSE in the future. If the NYSE delists our common stock from trading on its exchange, we could face significant material adverse consequences, including:

•a limited availability of market quotations for our common stock;

•a limited amount of news and analyst coverage for our company;

•a decreased ability for us to issue additional securities or obtain additional financing in the future; and

•limited liquidity for our stockholders due to thin trading.

Our staggered board may entrench management and discourage unsolicited stockholder proposals that may be in the best interests of stockholders, and certain anti-takeover provisions in our organizational documents may discourage a change in control.

Our amended and restated certificate of incorporation provides for our board of directors to be divided into three classes, each of which generally serves for a term of three years with only one class of directors being elected in each year. As a result, at any annual meeting only a minority of the board of directors will be considered for election. Since this “staggered board” would prevent our stockholders from replacing a majority of our board of directors at any annual meeting, it may entrench management and discourage unsolicited stockholder proposals that may be in the best interests of stockholders. Additionally, certain provisions of our amended and restated certificate of incorporation and our amended and restated bylaws may have an anti-takeover effect and may delay, defer or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in the payment of a premium over the market price for the shares held by stockholders.

In addition, Section 203 of the Delaware General Corporation Law may, under certain circumstances, make it more difficult for a person who would be an “interested stockholder” to effect a “business combination” with us for a three-year period. An “interested stockholder” generally is defined as any entity or person that beneficially owns 15% or more of our outstanding voting stock or any entity or person that is an affiliate or associate of such entity or person. A “business combination” generally is defined to include, among other transactions, mergers, consolidations and certain other transactions, including sales, leases or other dispositions of assets with an aggregate market value equal to 10% or more of the aggregate market value of the corporation.

These anti-takeover provisions could make it more difficult for a third party to acquire us, even if the third party’s offer may be considered beneficial by many stockholders. As a result, stockholders may be limited in their ability to obtain a premium for their shares.

We may change our dividend.

Future distributions will be declared and paid at the discretion of our board of directors and the amount and timing of distributions will depend upon cash generated by operating activities, our financial condition, capital requirements, restrictions in the agreements governing our indebtedness, the certificate of designations governing our outstanding preferred stock and such other factors as our board of directors deems relevant. Our board of directors may change our dividend at any time, and there can be no assurance as to the manner in which future dividends will be paid or that the current dividend level will be maintained in future periods.

Our amended and restated bylaws designate the Court of Chancery within the State of Delaware as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a different judicial forum for disputes with us.

Our amended and restated bylaws provide that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will, to the fullest extent permitted by the law, be the sole and exclusive forum for (1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a fiduciary duty owed by any of our current or former directors, officers, other employees or our stockholders to us or our stockholders, (3) any action asserting a claim arising pursuant to any provision of the Delaware General Corporation Law, our amended and restated

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certificate of incorporation or our amended and restated bylaws or to which the Delaware General Corporation Law confers jurisdiction on the Court of Chancery of the State of Delaware, or (4) any action asserting a claim governed by the internal affairs doctrine. This choice of forum provision may limit a stockholder’s ability to bring a claim in a judicial forum that the stockholder finds favorable for disputes with us or any of our directors, officers, other employees or other stockholders, which may discourage lawsuits against us and our directors, officers, other employees and other stockholders. Additionally, this exclusive forum provision will not apply to claims that are vested in the exclusive or concurrent jurisdiction of a court or forum other than the Court of Chancery of the State of Delaware, or for which the Court of Chancery of the State of Delaware does not have subject matter jurisdiction. For instance, the provision would not preclude the filing of claims brought to enforce any liability or duty created by the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended, or the rules and regulations thereunder, in federal court.

Item 1B.    Unresolved Staff Comments

None. 

Item 1C.     Cybersecurity

Risk management and strategy

We have implemented and maintain a cybersecurity risk management program that includes information security processes designed to prevent, detect, remediate, and manage material risks from cybersecurity incidents and threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and tenant data (“Information Systems and Data”).

We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF). This does not imply that we meet any particular technical standards, specifications, or requirements at all times, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.

Our cybersecurity risk management program includes:

•risk assessment processes to monitor, evaluate and identify risks to our Information Systems and Data;

•a multidisciplinary team, including members from our executive management team, our information security and technology function, and legal team (internal and engaged external experts) to identify, assess, and manage cybersecurity threats and risks;

•security tools throughout our IT environment to monitor for and identify cybersecurity risks and incidents;

•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;

•technical, physical, and organizational measures, processes, standards, and/or policies to address cybersecurity threats to our Information Systems and Data;

•cybersecurity awareness training of our employees, incident response personnel, and senior management; and

•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents.

We are not aware of any risks from cybersecurity threats, including as a result of any cybersecurity incidents, which have materially affected or are reasonably likely to materially affect our Company, including our business strategy, results of operations, or financial condition. Please refer to “Item 1A. Risk factors” in this annual report on Form 10-K, including “Our business could be adversely affected by security breaches through cyber-attacks, cyber intrusions or otherwise.”, for additional discussion about cybersecurity-related risks.

Governance

Our Board of Directors holds oversight responsibility over the Company’s strategy and risk management, including material risks related to cybersecurity threats. This oversight is executed directly by the Board of Directors and through its committees. The Audit Committee of the Board of Directors (the “Audit Committee”) oversees the management of systemic risks, including cybersecurity. The Audit Committee engages in regular discussions with management and engaged consultants

31

and legal advisers regarding the Company’s significant financial risk exposures and the measures implemented to monitor and control these risks, including those that may result from material cybersecurity threats. These discussions include the Company’s risk assessment and risk management policies.

Our management, represented by our Chief Financial Officer and Vice President, Information Systems, lead our cybersecurity risk management processes and oversees their implementation and maintenance. Management is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel, approving budgets, approving cybersecurity processes, and reviewing cybersecurity assessments and other cybersecurity-related matters.

As described above, we also have engaged a third-party IT and cybersecurity firm that works closely with our management to implement and manage our processes and controls to assess, identify, and manage material risks from cybersecurity threats. Our management and information systems teams, oversee the work of our third-party IT and cybersecurity firm and regularly communicates with members of the team. Members of this third-party IT and cybersecurity team have collectively over 54 years of prior work experience and are responsible for the implementation of our cybersecurity strategy and responses as well as individuals having the position of cybersecurity analyst, cybersecurity engineer. In addition, our Vice President, Information Systems, has 38 years of prior work experience in information systems and technology, including with respect to cybersecurity issues and threats.

Through the policies and controls described above, including our incident response policy, members of our management team, including our Chief Financial Officer, our Executive Vice President, Global Risk Management and our General Counsel, as well as representatives of the third-party IT and cybersecurity team are informed about cybersecurity threats and incidents affecting our information systems and direct our efforts to prevent, detect, mitigate, and remediate cybersecurity threats and incidents.

Management, including the Vice President, Information Systems and Executive Vice President, Global Risk Management, serves on the Company’s incident response team to help the Company address cybersecurity incidents. In addition, the Company’s incident response processes include reporting to the Audit Committee for certain cybersecurity incidents. The Audit Committee holds quarterly meetings and receives periodic reports from management, including our Chief Financial Officer, concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The Audit Committee also receives periodic reports from the Company's internal audit team with respect to regular network penetration and related tests to ensure that the Company's defense tools, processes and procedures are operating as designed.

Item 2.    Properties     

The following table sets forth certain information regarding our consolidated properties at December 31, 2023:

Consolidated Properties by Region
Commercial(2)	Square Feet	Ending % Occupancy		Annualized Base Rent(1)		Annualized Effective Rent(3)		KW Ownership %		# of Assets
Western U.S.	1.0	96	%	$	38.0	$	35.8	100	%	6
Europe	4.0	94		115.9		110.8		92		27
Total Commercial	5.0	93	%	$	153.9	$	146.6	94	%	33
Multifamily(4)	Units	Ending % Leased		Annualized Base Rent(1)		Average Effective Rent(3)		KW Ownership %		# of Assets
Western U.S.	9,230	94	%	$	187.5	$	187.5	97	%	31
Total Multifamily	9,230	94	%	$	187.5	$	187.5	97	%	31

Note: Dollars and square footage in millions.

(1) Represents annualized cash base rent (excludes tenant reimbursements and other revenue).

(2) Excludes properties that are under development or undergoing lease up, which includes 9 properties totaling 1.1 million square feet.

(3) Annualized effective rent represents annualized base rent net of rental concessions and abatements.

(4) Excludes properties that are under development or undergoing lease up, which includes 6 properties totaling 962 units.

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Consolidated Properties by Region
Residential and Land	Units/Lots	Acres	KW Ownership %		# of Investments
Western U.S.	3	—	100	%	1
Europe	—	1	100	%	1
Total Residential and Land	3	1	100	%	2

Consolidated Properties by Region
Hotel	Rooms	KW Ownership %		# of Investments
Europe	265	100	%	1
Total Hotel	265	100	%	1

The following table sets forth a summary schedule of commercial lease expirations for leases in place as of December 31, 2023, plus available space, in our consolidated commercial portfolio assuming non-exercise of renewal options and early termination rights (dollars in millions):

Year of Lease Expiration	Number of Leases Expiring	Rentable Square Feet(1)	Annualized Base Rent(1)		Expiring Annualized Base Rent as a Percent of Total
2024	226	1.4	$	23.2	15	%
2025	69	0.5	20.2		13	%
2026	60	0.6	21.3		14	%
2027	59	0.5	18.9		12	%
2028	47	0.4	14.9		10	%
2029	37	0.4	18.2		12	%
2030	12	0.1	3.7		2	%
2031	18	0.3	9.9		6	%
2032	13	0.2	4.6		3	%
2033	12	0.2	6.5		4	%
Thereafter	26	0.4	12.4		9	%
Total	579	5.0	$	153.8	100	%

(1) Dollars and square footage in millions.

Our corporate headquarters are located in Beverly Hills, California. We also have eight other offices throughout the United States, one office in London, UK, one office in Dublin, Ireland, one office in Madrid, Spain and one office in Jersey. The Beverly Hills office operates as the main investment and asset management center for us in the United States, while the UK, Ireland, Jersey and Spain offices are the main investment and asset management centers for our European operations. We own our corporate headquarters and our office in Dublin, Ireland and lease all of our remaining offices. In addition, we have on-site property management offices located within properties that we manage. The most significant terms of the leasing arrangements for our offices are the length of the lease and the rent. Our leases have terms varying in duration. The rent payable under our office leases vary significantly from location to location as a result of differences in prevailing commercial real estate rates in different geographic locations. Our management believes that except as provided below, no single office lease is material to our business, results of operations or financial condition. In addition, our management believes there is adequate alternative office space available at acceptable rental rates to meet our needs, although adverse movements in rental rates in some markets may negatively affect our profits in those markets when we enter into new leases.

The following table sets forth certain information regarding our corporate headquarters and regional offices.

Location	Use	Approximate Square Footage	Lease Expiration
Beverly Hills, CA	Corporate Headquarters	60,000	N/A*
London, England	Regional Office	8,147	3/3/2033
Dublin, Ireland	Regional Office	17,000	N/A*

*Building is owned by a wholly-owned subsidiary of the Company.

Item 3.    Legal Proceedings

We may be involved in various legal proceedings arising in the ordinary course of business, none of which we currently believe is material to our business. From time to time, our real estate management division is named in “slip and fall”

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type litigation relating to buildings we manage. Our standard management agreement contains an indemnity provision whereby the building owner agrees to indemnify us and defend our real estate management division against such claims. In such cases, we are defended by the building owner’s liability insurer.

Item 4.    Mine Safety Disclosures

Not Applicable.

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PART II

Item 5.    Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Stock Price Information

Our common stock trades on the NYSE under the symbol “KW.”

Holders

As of February 21, 2024, we had approximately 73 holders of record of our common stock.

Dividends

We declared and paid quarterly dividends of $0.24 per share each quarter of 2023 and 2022.

Recent Sales of Unregistered Securities

None.

Equity Compensation Plan Information

See Item 12—“Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.”

Performance Graph

The graph below compares the cumulative total return of our common stock from December 31, 2018 through December 31, 2023, with the comparable cumulative return of companies comprising the S&P 500 Index and the MSCI World Real Estate Index. The graph plots the growth in value of an initial investment of $100 in each of our common stock, the S&P 500 Index, and the MSCI World Real Estate Index for the five-year period ended December 31, 2023, and assumes reinvestment of all dividends, if any, paid on the securities. The stock price performance shown on the graph is not necessarily indicative of future price performance.

    

Kennedy Wilson uses the MSCI World Real Estate Index, which includes international real estate companies as a comparable benchmark. The information under this caption, “Performance Graph,” is deemed not to be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except to the extent that such filing specifically states otherwise.

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Purchases of Equity Securities by the Company

Months	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan(1)	Maximum Amount that May Yet be Purchased Under the Plan(1)
October 1 - October 31, 2023	—	$	—	24,167,472	$	131,926,229
November 1 - November 30, 2023	666,701	11.17		24,834,173	124,479,179
December 1 - December 31, 2023	—	—		24,834,173	124,479,179
Total	666,701	$	11.17	24,834,173	$	124,479,179

(1) On March 20, 2018, our board of directors authorized us to repurchase up to $250 million of our common shares, from time to time, subject to market conditions. On November 4, 2020, our board of directors authorized us to repurchase an additional $250 million of our common shares, from time to time, subject to market conditions.

During the year ended December 31, 2023, the Company repurchased and retired a total of 0.7 million shares of its common stock at a weighted average price of $11.17. During the year ended December 31, 2022, the Company repurchased and retired a total of 0.6 million shares of its common stock at a weighted average price of $22.95.

In addition to the repurchases of the Company’s common stock made above, the Company also withheld shares with respect to the vesting of restricted stock that the Company made to its employees.  Shares that vested during the year ended December 31, 2023 and 2022 were net-share settled such that the Company withheld shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remitted the cash to the appropriate taxing authorities.  During the year ended December 31, 2023 and 2022, total payments for the employees’ tax obligations to the taxing authorities were $13.4 million (781,303 shares withheld) and $18.6 million (834,911 shares withheld), respectively. 

Real Estate Assets Under Management (AUM)

AUM generally refers to the properties and other assets with respect to which we provide (or participate in) oversight, investment management services and other advice, and which generally consist of real estate properties or loans, and investments in joint ventures. Our AUM is principally intended to reflect the extent of our presence in the real estate market, not the basis for determining our management fees. Our AUM consists of the total estimated fair value of the real estate properties and other real estate related assets either owned by third parties, wholly-owned by us or held by joint ventures and other entities in which our sponsored funds or investment vehicles and client accounts have invested. Committed (but unfunded) capital from investors in our sponsored funds is not included in our AUM. The estimated value of development properties is included at estimated completion cost.

The table below details the changes in the Company's AUM for the twelve months ended December 31, 2023:

(in millions)	December 31, 2022		Increases		Decreases		December 31, 2023
AUM	$	23,028.4	$	4,412.1	$	2,897.6	$	24,542.9

AUM increased 7% to approximately $24.5 billion as of December 31, 2023. The increase is primarily due to the growth of our global debt platform with the acquisition of the Construction Loan Portfolio from Pacific Western Bank (as discussed in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operation below), and Western United States multifamily separate account, capital expenditures on development projects and fair value gains on our investment in VHH. These increases were offset by the sale of non-core residential and retail assets in the Western United States and retail and office assets in the United Kingdom, sales in our comingled funds after completion of their business plans and had fair value declines primarily on market rate multifamily apartments, office and retail assets in our global portfolio recorded during the period.

Please also see "Fair Value Investments" in Item 1. Business for a discussion of our fair value investments and accounting methodology and any limitations with respect to the same.

Foreign currency and currency derivative instruments

Please refer to Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operation for a discussion regarding foreign currency and currency derivative instruments. 

Item 6.    Reserved

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Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the financial statements and related notes and the other financial information appearing elsewhere in this report. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See the section titled "Forward-Looking Statements" for more information. Actual results could differ materially from those anticipated in the forward-looking statements as a result of many factors, including those discussed in the section titled “Risk Factors” and elsewhere in this report.

Unless specifically noted otherwise, as used throughout this Management’s Discussion and Analysis section, “we,” “our,” "us," "the Company" or “Kennedy Wilson” refers to Kennedy-Wilson Holdings, Inc. and its wholly-owned subsidiaries. “Equity partners” refers to the subsidiaries that we consolidate in our financial statements under U.S. GAAP (other than wholly-owned subsidiaries) and third-party equity providers. Please refer to “Non-GAAP Measures and Certain Definitions” for definitions of certain terms used throughout this report. 

Overview

Kennedy Wilson is a global real estate investment company.  We own, operate and develop high-quality real estate across markets in the Western United States, the United Kingdom and Ireland with the objective of generating long-term risk adjusted returns for our shareholders and partners. In addition to owning and managing real estate assets, we also have a growing global debt platform primarily focused on construction lending secured by high-quality multifamily and student housing properties throughout the United States. As of December 31, 2023, our 259 employees, managed a total of $24.5 billion of AUM, which includes 37,644 multifamily units (including 3,824 units under lease up or in process of being developed), 10.9 million office square feet, 11.4 million industrial square feet and 3.0 million retail square feet (including 2.3 million square feet under lease up or in process of being developed), and $1.8 billion of development, residential and other. In addition, as of December 31, 2023, we held interests in 101 real estate loans in our global debt platform, 85% of which have floating interest rates (average interest rate of 9.4% per annum) and an unpaid principal balance of $4.9 billion (of which our share was $263.0 million). Our global real estate portfolio is primarily comprised of multifamily communities (57%), commercial properties (35%), loans (6%) and hotel and other properties (2%) based on our share of net operating income ("NOI"). Geographically, we focus on the Western United States (62%), the United Kingdom (13%) and Ireland (24%).  

2023 Highlights

•For the year ended December 31, 2023, we had net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $341.8 million as compared to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $64.8 million for the same period in 2022. For the year ended December 31, 2023 we had Adjusted EBITDA of $189.8 million as compared to $591.5 million for the same period in 2022. The decrease in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders is primarily due to (i) decreases in non-cash fair values and non-cash accrued performance allocations (as discussed below) of $293.6 million and (ii) and an increase in additional preferred dividends due to the issuance of preferred stock in the second quarter of 2023 as described below. These items were partially offset by (i) increases in interest income and fees earned on our debt platform, as detailed below, (ii) increase in NOI generated from the Shelbourne Hotel as compared to the same period in 2022 (given the increased activity at The Shelbourne Hotel due to higher volume of travel post-pandemic), and (iii) higher gains on sale of real estate, net during the reporting period. Additionally, during the period, the Company’s share of interest expense was higher primarily due to changes in the contractual interest rates of its indebtedness. This change in contractual interest rates was partially offset by increases in the fair value and receipt of cash of the Company’s interest rate derivatives (which are recognized in other income) put in place pursuant to the Company's interest rate management policy to hedge against the risks associated with increases in interest rates. The effective interest rate of the Company’s share of indebtedness is 4.4%, which reflects an approximate 60 basis point savings over contractual interest rates.

•During the year ended December 31, 2023, real estate valuations continued to pull back due to continued expansion of estimated capitalization rates and significant reductions in transaction volumes and liquidity, primarily as a result of increased borrowing rates as the Federal Reserve increased the federal funds rate by 100 basis points during 2023. As such, we recorded a total of $293.6 million of non-cash fair value losses and accrued performance allocation decreases as compared to $93.5 million of non-cash fair value gains and accrued performance allocation increases during the same period in 2022. The non-cash losses recorded during the reporting period was primarily attributable to estimated cap rate expansion with respect to certain office properties and market-rate multifamily properties located in the Western United States and Ireland. These non-cash losses were offset by $51.5 million of fair value gains that we recorded during the year-ended December 31, 2023 in our VHH platform.

•During the year-ended December 31, 2023, the Company and affiliates of Fairfax Financial Holdings Limited (collectively, "Fairfax"), its equity partner, acquired a $4.1 billion construction loan portfolio from Pacific Western Bank (the "Construction Loan Portfolio"). The Company’s investment in the Construction Loan Portfolio was 5% of the purchase price and the future funding obligations. The $4.1 billion represented the gross commitment amount for

37

the Construction Loan Portfolio, which has been deducted to $3.7 billion as of December 31, 2023 due to loan repayments. The Construction Loan Portfolio has a current outstanding balance of $2.4 billion (KW share of $118.9 million), not including the 4.5% discount on gross commitment amounts from the time of purchase. As of December 31, 2023, we had unfulfilled capital commitments totaling $87.7 million to our loan portfolio. As part of the acquisition of the Construction Loan Portfolio, approximately 40 employees from Pacific Western Bank that originated and managed the loans in the Construction Loan Portfolio became Kennedy Wilson employees during the third quarter of 2023. The Company earns customary asset management fees from its equity partner for loans originated and acquired under its global debt platform.

•During the second quarter of 2023, the Company issued $200 million aggregate liquidation preference of perpetual preferred equity of the Company's preferred stock (the "Series C Preferred Stock") to Fairfax. Under the terms of the agreement, Fairfax purchased $200 million aggregate liquidation preference of cumulative perpetual preferred stock, which accrues cumulative cash dividends at a rate of 6.00% per annum, and 7-year warrants for approximately 12.3 million common shares with an initial exercise price of $16.21 per share. The Series C Preferred Stock is callable by the Company at any time. The convertible perpetual preferred stock is presented as permanent equity.

Results of Operations

The following tables summarize our results of operations by segment for the years ended December 31, 2023 and 2022 and is intended to be helpful in understanding the year over year explanations following the tables.

Our results of operations for 2022 and 2021 can be found under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is incorporated by reference herein to our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 22, 2023, and is available on the SEC’s website at www.sec.gov and our Investor Relations website at www.ir.kennedywilson.com.

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	Year Ended December 31, 2023
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	415.3	$	—	$	—	$	415.3
Hotel	57.1		—		—		57.1
Investment management fees	—		61.9		—		61.9
Loan	—		26.1		—		26.1
Other	—		—		2.2		2.2
Total revenue	472.4		88.0		2.2		562.6
Loss from unconsolidated investments
Principal co-investments	—		(188.5)		—		(188.5)
Performance allocations	—		(64.3)		—		(64.3)
Loss from unconsolidated investments	—		(252.8)		—		(252.8)
Gain on sale of real estate, net	127.6		—		—		127.6
Expenses
Rental	152.6		—		—		152.6
Hotel	37.9		—		—		37.9
Compensation and related	42.7		39.0		57.7		139.4
Performance allocation compensation	—		(15.1)		—		(15.1)
General and administrative	15.5		12.7		7.5		35.7
Depreciation and amortization	157.8		—		—		157.8
Total expenses	406.5		36.6		65.2		508.3
Interest expense	(162.0)		—		(97.2)		(259.2)
Loss on early extinguishment of debt	(1.6)		—		—		(1.6)
Other income (loss)	2.3		(7.0)		(0.3)		(5.0)
(Provision for) benefit from income taxes	(9.6)		—		64.9		55.3
Net income (loss)	22.6		(208.4)		(95.6)		(281.4)
Net income attributable to the noncontrolling interests	(22.4)		—		—		(22.4)
Preferred dividends	—		—		(38.0)		(38.0)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	0.2		(208.4)		(133.6)		(341.8)
Add back (less):
Interest expense	162.0		—		97.2		259.2
Loss on early extinguishment of debt	1.6		—		—		1.6
Kennedy Wilson's share of interest expense included in unconsolidated investments	—		99.1		—		99.1
Depreciation and amortization	157.8		—		—		157.8
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments	—		3.2		—		3.2
Provision for (benefit from) income taxes	9.6		—		(64.9)		(55.3)
Kennedy Wilson's share of taxes included in unconsolidated investments	—		0.1		—		0.1
Fees eliminated in consolidation	(0.3)		0.3		—		—
Share-based compensation	—		—		34.5		34.5
Preferred dividends	—		—		38.0		38.0
EBITDA adjustments attributable to noncontrolling interests(1)	(6.6)		—		—		(6.6)
Adjusted EBITDA(1)	$	324.3	$	(105.7)	$	(28.8)	$	189.8

(1) See "Non-GAAP Measures and Certain Definitions" for definitions and discussion of Adjusted EBITDA.

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	Year Ended December 31, 2022
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	434.9	$	—	$	—	$	434.9
Hotel	46.9		—		—		46.9
Investment management fees	—		44.8		—		44.8
Loan	—		11.7		—		11.7
Other	—		—		1.7		1.7
Total revenue	481.8		56.5		1.7		540.0
Income from unconsolidated investments
Principal co-investments	—		199.5		—		199.5
Performance allocations	—		(21.1)		—		(21.1)
Income from unconsolidated investments	—		178.4		—		178.4
Gain on sale of real estate, net	103.7		—		—		103.7
Expenses
Rental	151.2		—		—		151.2
Hotel	29.5		—		—		29.5
Compensation and related	41.5		44.6		54.2		140.3
Performance allocation compensation	—		(4.3)		—		(4.3)
General and administrative	14.7		14.8		7.7		37.2
Depreciation and amortization	172.9		—		—		172.9
Total expenses	409.8		55.1		61.9		526.8
Interest expense	(128.2)		—		(92.6)		(220.8)
Gain on early extinguishment of debt	27.5		—		—		27.5
Other income	20.8		—		15.3		36.1
Provision for income taxes	(21.0)		—		(15.2)		(36.2)
Net income (loss)	74.8		179.8		(152.7)		101.9
Net income attributable to the noncontrolling interests	(8.2)		—		—		(8.2)
Preferred dividends	—		—		(28.9)		(28.9)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	66.6		179.8		(181.6)		64.8
Add back (less):
Interest expense	128.2		—		92.6		220.8
Gain on early extinguishment of debt	(27.5)		—		—		(27.5)
Kennedy Wilson's share of interest expense included in unconsolidated investments	—		60.2		—		60.2
Depreciation and amortization	172.9		—		—		172.9
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments	—		3.5		—		3.5
Provision for income taxes	21.0		—		15.2		36.2
Kennedy Wilson's share of taxes included in unconsolidated investments	—		2.7		—		2.7
Fees eliminated in consolidation	(0.4)		0.4		—		—
Share-based compensation	—		—		29.0		29.0
Preferred dividends	—		—		28.9		28.9
EBITDA adjustments attributable to noncontrolling interests(1)	—		—		—		—
Adjusted EBITDA(1)	$	360.8	$	246.6	$	(15.9)	$	591.5

(1) See "Non-GAAP Measures and Certain Definitions" for definitions and discussion of Adjusted EBITDA.

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Kennedy Wilson Consolidated Financial Results: Year Ended December 31, 2023 Compared to the Year Ended December 31, 2022

Financial Highlights

GAAP net loss to common shareholders was $341.8 million for the year ended December 31, 2023 and GAAP net income to common shareholders was $64.8 million for the year ended December 31, 2022.

Adjusted EBITDA was $189.8 million for the year ended December 31, 2023, a 68% decrease from $591.5 million for 2022. The decrease in GAAP net income to common shareholders and Adjusted EBITDA is primarily due to (i) higher levels of non-cash fair value losses on Co-Investment Portfolio investments and (ii) lower non-cash fair value gains on interest rate derivative contracts as compared to the year ended December 31, 2022. Please see "Co-Investment Portfolio Segment" below for a discussion of the fair value movements during the current and prior periods.

Operational Highlights

Same property highlights for the year ended December 31, 2023 include:

•For our 15,641 same property market rate multifamily units for the year ended December 31, 2023 as compared to the prior period:

◦occupancy was relatively flat at 94%     

◦net operating income (net effective) increased 3%

◦total revenues increased 4%

•For our 8,595 same property affordable rate multifamily units for the year ended December 31, 2023 as compared to the prior period:

◦occupancy decreased 1.2% to 96%     

◦net operating income (net effective) increased 5%

◦total revenues increased 9%

•For our 3.7 million square feet of same property office real estate for the year ended December 31, 2023 as compared to the prior period:

◦occupancy increased 1% to 94%

◦net operating income (net effective) increased 1%

◦total revenues increased 1%

•Investment Transactions for the year ended December 31, 2023 include:

◦Consolidated Portfolio:

▪sold (i) a 49% equity interest in two previously wholly-owned market-rate multifamily properties totaling 790 units for proceeds of $228 million ($112 million at the Company’s share) into an existing joint venture platform managed by the Company and retained a noncontrolling 51% interest in such properties, which resulted in a gain on sale of real estate of $79.5 million; (ii) a previously wholly-owned 293-unit multifamily asset to VHH, pursuant to which the Company retains an interest in the asset through its ownership interest in VHH, which resulted in a gain of $15.1 million for a gross valuation of $49 million; and (iii) a consolidated multifamily property owned with a partner for proceeds of $62.1 million ($49.7 million at the Company's share) which resulted in a gain of $37.6 million (Company's share of which was $20.1 million). These sales generated net gains of approximately $115 million to the Company. The Company also made progress on its non-core asset sale program by selling 19 United Kingdom retail assets, four retail assets in Western United States, one retail asset in Ireland, one retail asset in Spain, one office asset in each of Italy, Ireland and United Kingdom, and one residential and other asset in Hawaii for a total sales price of $313 million which resulted in proceeds of $311 million and net gain of approximately $24.6 million for the Company.

◦Co-Investment Portfolio

▪acquired the Construction Loan Portfolio as described in this report.

▪(i) sold $251.9 million in industrial and other assets held by funds and joint ventures (the Company’s share of which was 10%); and (ii) received a total of $39.5 million in loan repayments on our global debt platform.

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Foreign Exchange - Results of Operations

A significant portion of our investments are in foreign currencies. We typically do not hedge future operations or cash flows so changes in foreign currency rates will have an impact on our results of operations. We have included the table below to illustrate the impact these fluctuations have had on our revenues, net income and Adjusted EBITDA by applying the relevant exchange rates for the prior period. Please refer to the section titled "Currency Risk - Foreign Currencies" in Item 3 for a discussion of risks relating to foreign currency and our hedging strategy and the "Other Comprehensive Income" section below for a discussion of the balance sheet impact of foreign currency movements on our results of operations.

	Year Ended December 31, 2023
	Consolidated				Co-Investment				Total
Revenues	$	5.9	1	%	$	0.1	—	%	$	6.0	1	%
Net Income	(5.2)		(2)	%	—		—	%	(5.2)		(2)	%
Adjusted EBITDA	(1.3)		(1)	%	0.6		1	%	(0.7)		—	%

	Year Ended December 31, 2022
	Consolidated				Co-Investment				Total
Revenues	$	(20.6)	(4)	%	$	(1.1)	—	%	$	(21.7)	(4)	%
Net Income	(7.8)		(12)	%	(6.0)		(9)	%	(13.8)		(21)	%
Adjusted EBITDA	(21.9)		(4)	%	(8.2)		(1)	%	(30.1)		(5)	%

Consolidated Portfolio Segment

Rental income was $415.3 million for the year ended December 31, 2023 as compared to $434.9 million for the same period in 2022. The $19.6 million decrease is primarily due to asset sales of non-core assets in Europe and Western United States, the deconsolidation of three multifamily assets in 2023 and one multifamily asset in 2022 and the lack of consolidated asset acquisitions during 2023.

Hotel income was $57.1 million for the year ended December 31, 2023 as compared to $46.9 million for 2022. The $10.2 million increase is primarily due to increased activity at The Shelbourne Hotel due to higher volume of travel post-pandemic, which lead to higher occupancy and Average Daily Rates ("ADRs") at The Shelbourne Hotel during the year ended December 31, 2023.

Gain on sale of real estate, net was $127.6 million for the year ended December 31, 2023 as compared to $103.7 million in the prior period. The gains recognized during the year ended December 31, 2023 are primarily due to (i) the Company's sale of 49% of its equity interest in two previously wholly-owned market-rate multifamily properties into an existing joint venture platform managed by the Company and retained a noncontrolling 51% interest in such properties, which resulted in a gain on sale of real estate of $79.5 million; (ii) the sale of a Western United States property to VHH, pursuant to which the Company retains an interest in the asset through its ownership interest in VHH, which resulted in a gain of $15.1 million; (iii) the sale of a consolidated multifamily property owned with a noncontrolling interest partner which resulted in a gain of $37.6 million ($20.1 million of which was at the Company's share) and (iv) the remainder of gain on sale of real estate relates to the sale of non-core retail and residential properties in the Western United States, United Kingdom, Ireland, and Spain These gains are net of $28.6 million of impairments relating to retail assets in the United Kingdom, Ireland and the Western United States that have been identified for sale. The gains recognized during the year ended December 31, 2022 related to the sale of non-core retail assets in the United Kingdom and the Western United States and a multifamily property in the Western United States. During the year ended December 31, 2022, we also recorded a gain of $56.7 million in connection with the sale of a 49% interest in a previously wholly-owned multifamily asset to a strategic partner and the resulting deconsolidation of the investment from the Company's financial statements.

Rental expenses increased to $152.6 million for the year ended December 31, 2023 as compared to $151.2 million for the year ended December 31, 2022. The increase was primarily due to inflation-driven increases on certain general and administrative expenses, such as payroll, utilities and insurance at our consolidated properties.

Hotel expenses increased to $37.9 million for the year ended December 31, 2023 as compared to $29.5 million for the year ended December 31, 2022, primarily due to increased activity at The Shelbourne Hotel due to higher volume of travel post-pandemic during 2023 as described above.

Compensation and related expenses increased to $42.7 million for the year ended December 31, 2023 as compared to $41.5 million for the year ended December 31, 2022. While compensation and related expenses were down overall for the year, the consolidated segment increased as a result of higher gains on sale of real estate, net for the year ended December 31, 2023 compared to the prior period, in addition the assets in our Co-Investment segment being attributed a lower level of fair values which led to the allocation of more costs to the Consolidated segment.

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General and administrative expenses increased to $15.5 million for year the ended December 31, 2023 as compared to $14.7 million for the year ended December 31, 2022. While general and administrative expenses were down overall for the year, the consolidated segment increased, similar to compensation expense discussed above as there was a higher allocation of corporate expenses to the Consolidated segment in the current period due to higher gains on sale in our consolidated segment and the assets in our Co-Investment segment recognizing non-cash decreases in fair value.        

Depreciation and amortization decreased to $157.8 million for year ended December 31, 2023 the as compared to $172.9 million for the year ended December 31, 2022 as a result of full amortization of lease intangible assets relating to office acquisitions in prior years and being a net seller of consolidated assets which has led to lower depreciation expense.

Interest expense was $162.0 million for the year ended December 31, 2023 as compared to $128.2 million for the year ended December 31, 2022. The increase is primarily due to changes in the contractual interest rates of certain of its indebtedness during the period. The increase was offset by $16.7 million that we received on interest rate derivative contracts that paid out during the year ended December 31, 2023 recorded to other income which is discussed below.

(Loss) gain on early extinguishment of debt was a loss of $1.6 million for the year ended December 31, 2023 as compared to a gain on early extinguishment of debt of $27.5 million in the same period in 2022. During the year ended December 31, 2023, the loss on extinguishment of debt relates to prepayment penalties on loans that were refinanced. During the year ended December 31, 2022 we had gains associated with KWE’s cash tender offer for up to €150 million in aggregate nominal amount of the KWE Notes, which resulted in acceptance of all of the €75.0 million (approximately $80.3 million based on December 31, 2022 rates) in aggregate nominal amount of KWE Notes validly tendered pursuant to the tender offer for a purchase price equal to 82% of the nominal amount of the KWE Notes, and a mortgage on a retail property in the United Kingdom. With respect to these instruments, we extinguished certain amounts at discounts to their carrying value resulting in gains on extinguishment. These gains were offset by prepayment penalties on mortgage loans that were refinanced during 2022.

Other income was $2.3 million for the year ended December 31, 2023 as compared to other income of $20.8 million for the year ended December 31, 2022. We had mark to market fair value gains of $1.6 million on the Company's undesignated interest rate caps and swap contracts for the year ended December 31, 2023 as compared to $24.0 million in the prior period. The prior period had higher fair value gains due to an expectation of higher future interest rates and a longer term associated with the derivative contracts. For the current period the gains are lower due to limited (if any) anticipated future rate hikes and the contracts being closer to maturity. We have entered into these undesignated contracts to hedge against rising interest rates.

Net income attributable to noncontrolling interests was $22.4 million for the year ended December 31, 2023 as compared to $8.2 million for the year ended December 31, 2022. The increase is due to allocation of gains from the sale of real estate, net on a consolidated multifamily property and a non-core retail asset both in the Western United States. The prior period net income attributable to noncontrolling interest related to the gain on extinguishment on mortgage on a retail property in the United Kingdom that we own with an equity partner as detailed above.

Co-Investment Portfolio Segment

Investment Management

We receive fees, including asset management fees, construction management fees, and/or acquisition and disposition fees, for managing assets in our Co-Investment Portfolio on behalf of our partners. During the year ended December 31, 2023, fees recorded through revenues were $61.9 million as compared to $44.8 million for the same period in 2022. The increase in recorded fees for the year ended December 31, 2023 as compared to the same period in 2022 was due to higher base management fees for the year ended December 31, 2023 as a result of having more AUM in our Co-Investment Portfolio mainly due to the growth of our global debt platform and Western United Sates multifamily separate accounts as well as a $7.9 million arrangement fee that we earned from Pacific Western Bank for facilitating the Construction Loan Portfolio closing and fair value gains on our investment in VHH.

Co-Investment Operations - Loans

Loans income from loan investments increased to $26.1 million for the year ended December 31, 2023 as compared to $11.7 million for the same period in 2022. These amounts represent interest income on our share of loan investments within our global debt platform. The increase is primarily due to the growth of the global debt platform and rising interest rates as the majority of our loans in our global debt platform are floating rate loans.

We recognized $7.0 million of reserves against our loan portfolio in other loss during the year ended December 31, 2023 with no comparable activity in the prior period. The reserve consists of (i) $4.5 million in specific reserves on certain loans secured by an office asset and three multifamily properties in our bridge loan portfolio and (ii) a $2.5 million general

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reserve that we recorded on our entire loan portfolio due to uncertain market conditions coupled with high interest rates that could lead to potential credit losses. We have three loans out of the 101 loans in our global debt platform with a $8.7 million carrying value at our share and net of any loan reserves that are not paying interest current on a contractual basis. Per the terms of the applicable loan agreements, however, we have implemented a full cash sweep of any cash flow that is generated from the collateral. We are no longer accruing interest under these loans and accounting for them on a cash basis going forward. We are currently working with borrowers and guarantors to resolve these loans. We have made, and may continue to make, modifications to loans, including loans that are in default. Loan terms that may be modified include interest rates, required prepayments, asset release prices, maturity dates, covenants, principal amounts and other loan terms. The terms and conditions of each modification vary based on individual circumstances and will be determined on a case by case basis. We monitor and evaluate each of our loans held for investment and maintain regular communications with borrowers, guarantors and sponsors regarding the potential impacts of current macroeconomic conditions on our loans.

Co-Investment Operations - Real Estate

In addition to our management of investments in the Co-Investment Portfolio, we generally have ownership interests in the properties. The table below represents a breakout of the amounts within income from unconsolidated investments which represents our share of underlying property investments in the Co-Investment Portfolio assets and any performance allocations relating to our management of these properties for the year ended December 31, 2023 and the year ended December 31, 2022:

	Year Ended December 31,
	2023		2022
Revenue
Rental	$	256.3	$	224.0
Hotel	11.1		—
Sale of real estate	19.5		52.0
Total revenue	286.9		276.0
Fair value/other adjustments	(233.7)		110.2
Gain on sale of real estate, net	—		4.9
Performance allocations	(64.3)		(21.1)
Expenses
Rental	82.8		66.4
Hotel	16.3		—
Cost of real estate sold	13.6		40.7
Depreciation and amortization	3.2		3.8
Total expenses	115.9		110.9
Interest expense	(99.0)		(60.1)
Other loss	(26.6)		(17.9)
Provision for income taxes	(0.2)		(2.7)
(Loss) income from unconsolidated investments	$	(252.8)	$	178.4

The decrease in income from unconsolidated investments is primarily due to the following:

Operating performance

During the year ended December 31, 2023, we had lower operating performance from our unconsolidated investments due to the following factors: (i) higher interest expense due to changes in the contractual interest rates of our indebtedness (ii) pre-opening and one-time start up costs associated with the opening of Kona Village Resort and (iii) lower income from sales of residential units at our Kohanaiki development in Hawaii. The increase in rental income is primarily due to the three multifamily assets that were deconsolidated as discussed above in the Consolidated section.

Fair Value

During the year ended December 31, 2023, valuations continued to pull back primarily as a result of continued expansion of estimated capitalization rates and significant reductions in transaction volumes and liquidity, primarily as a result of increased borrowing rates as the Federal Reserve continued its interest rate hikes and increased the federal funds rate by 100 basis points during 2023. As such, during the year ended December 31, 2023 the Company recorded fair value decreases with

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respect to: (i) certain office properties in the Western United States, Ireland and United Kingdom primarily due to expansion in estimated capitalization rates, primarily as a result of increased interest rates, which also led to us recording a decrease of the accrued performance allocations with respect to funds that held these investments as discussed below; (ii) certain market rate multifamily properties in the Western United States and Ireland primarily due to expansion in estimated capitalization rates; (iii) the write off of a $5 million investment in a social impact real estate fund manager; and (iv) a decrease in the fair value of a building that we hold a 10% ownership interest in due to a national co-working office tenant no longer paying rent at such property. These fair value decreases were offset by (i) a fair value increase of $51.5 million with respect to our investment in VHH (our affordable rate multifamily platform) due to gains on the conversion of the status of one of VHH’s largest properties from development to operating, gains associated with the conversion of the loan secured by such property from a floating rate construction loan to a long-term fixed rate mortgage (the rate of which was set in 2019), the resyndication of properties and (ii) fair value increases recognized by the Company on fixed rate mortgages due to increases in market interest rates.

During the year ended December 31, 2023, we recorded a $64.3 million decrease in the accrual (non-cash) for performance allocations primarily related to the fair value decreases noted above. VHH does not have a performance allocation arrangement associated with the investment, and therefore, such increases in non-cash fair value noted above did not contribute to the performance allocation results.

Valuations of our market rate multifamily assets globally and industrial assets in the United Kingdom were at historically high levels at the end of 2021 and into the first quarter of 2022. We started to see valuations pull back slightly in 2022 with cap rate expansion, primarily as a result of increased borrowing rates, which led to fair value losses on real estate during the year ended December 31, 2022. In 2022, we also had fair value foreign exchange losses, net of any hedges on our foreign fair value investments as the euro and the GBP were at historically low levels against the U.S. Dollar. These fair value losses were offset by fair value increases on our affordable multifamily properties in our VHH platform due to increased NOI at the properties driven by rental increases and the stabilization of assets that recently completed development. Fair value losses on real estate were also offset by fair value gains on our fixed rate mortgages that are secured by certain properties. This was primarily related to our long term fixed rate debt having lower rates than the current market rates as a result of higher base rates and spreads in today's financing market driven by recent rate increases implemented by the Federal Reserve and the European Central Bank ("ECB"). We also had fair value gains associated with interest rate derivatives held by properties on variable rate mortgages which have increased in value with rising interest rates. Our investment in VHH also had significant fair value gains for the year ended December 31, 2022 due to gains on its fixed rate property loans and increases in NOI at the properties due to rental increases.

During the year ended December 31, 2022, we recorded a $21.1 million decrease in the accrual for performance allocations relating to our commingled funds and certain separate account investments due to declines in fair value of the applicable investments. During the year ended December 31, 2022, we had realized performance fees of $6.8 million relating to the sale of two multifamily properties in the Western United States, of which the Company paid $1.2 million of performance allocation compensation to employees for performance allocations that were realized during the period.

Please also see Part I. Item 1. "Fair Value Investments" for additional details.

Expenses

Expenses decreased to $36.6 million for the year ended December 31, 2023 as compared to $55.1 million for the same period in 2022, primarily due to a $10.8 million decrease to performance allocation expense. Performance allocation expense is as a percentage of accrued performance allocations, declined over the year ended December 31, 2023 due to decreases in fair values on separate accounts and commingled funds that have performance allocation sharing programs. The consolidated segment had higher gains on sale of real estate, net for the year ended December 31, 2023 compared to the prior period while the Co-Investment segment had lower level of fair values which led to the allocation of less costs in compensation and general and administrative expenses to the Co-Investments segment.

Corporate

Expenses for the year ended December 31, 2023 were $65.2 million as compared to $61.9 million for the year ended December 31, 2022. The increase in expenses is primarily due to higher share-based compensation in connection with the retirement of the Company's former President (the "former executive") from the Company. Pursuant to the terms of the former executive's separation and consulting agreement with the Company (the "Agreement"), the former executive's outstanding restricted shares, held as of her separation date, will continue to vest in future periods in accordance with the terms of the applicable restricted stock unit grants agreements. However, the arrangement per the Agreement is considered a modification of her awards and the Company has revalued her share awards over the remaining periods, resulting in a one-time $5.5 million of additional expense year ended December 31, 2023. We will not have any future expense for any shares remaining to vest for the former executive.

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Interest expense was $97.2 million for the year ended December 31, 2023 as compared to $92.6 million for the same period in 2022. For the year ended December 31, 2023 we had higher interest rate on our line of credit as compared to the same period in 2022 as a result changes in the contractual interest rate of our indebtedness as described above. The increase in interest expense was offset by $7.4 million that we received on interest rate derivative contracts that paid cash out during the year ended December 31, 2023 recorded to other income which is discussed below

Other (loss) income decreased to a loss of $0.3 million for the year ended December 31, 2023 as compared to other income of $15.3 million for the same period in 2022. We recorded $5.9 million in expenses associated with future compensation and consulting fees in connection with the former executive's Agreement, as discussed above. During the year ended December 31, 2023, we recorded $4.3 million of mark to market fair value gains on interest rate caps and swaps that the Company bought to hedge its variable rate interest rate exposure as compared to $18.4 million in year ended December 31, 2022. For the year ended December 31, 2023 we received $4.3 million of interest income on bank deposits due to rising interest rates as compared to $1.1 million in the prior period. The Company also recorded realized foreign exchange losses of $3.3 million for the year ended December 31, 2023 as compared to realized losses of $3.6 million in the prior period primarily due to increases in the euro exchange rate on portion of its line of credit that was drawn in euros.

Benefit from income taxes was $55.3 million for the year ended December 31, 2023 as compared to a tax provision of $36.2 million for the year ended December 31, 2022. The decrease in income tax expense was primarily attributable to a $474.8 million decrease in worldwide pre-tax book income in 2023 as compared to 2022, primarily as a result of the significant non-cash fair value decrease during the year. Our effective tax rate for the year ended December 31, 2023 was 16.4% as compared to an effective tax rate of 26.2% in 2022. Significant items impacting the tax provision include: tax charges associated with non-deductible executive compensation under Code Section 162(m) and changes in our estimated state effective tax rate. During the year ended December 31, 2023, our net deferred tax asset (and associated valuation allowance) related to our excess tax basis in the legacy UK real estate assets increased due to book depreciation taken on UK real estate buildings, which is not subjected to depreciation for UK tax purposes. In addition, the deferred tax asset (and associated valuation allowance) related to our investment in KWE decreased due to unrealized foreign currency gains that has no tax basis.

Preferred dividends were $38.0 million for the year ended December 31, 2023 as compared to $28.9 million for the year ended December 31, 2022. The increase was due to the issuance of $200 million of our Series C cumulative perpetual preferred stock to affiliates of Fairfax Financial Holdings Limited (collectively, "Fairfax") during 2023.

Comprehensive Income

The two major components that drive the change in other comprehensive income are the changes in foreign currency rates and the gains or loss of any associated foreign currency hedges. Please refer to the section titled "Currency Risk - Foreign Currencies" in Item 3 for a discussion of our risks relating to foreign currency and our hedging strategy. Below is a table that details the activity for the years ended December 31, 2023 and 2022.

	Year Ended December 31,
(Dollars in millions)	2023		2022
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(341.8)	$	64.8
Unrealized foreign currency translation gain (loss), net of noncontrolling interests and tax	31.3		(68.7)
Amounts reclassified out of accumulated other comprehensive loss during the period	—		(0.8)
Unrealized foreign currency derivative contract (loss) gain, net of noncontrolling interests and tax	(5.5)		23.4
Unrealized gain on interest rate swaps, net of tax	—		5.6
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(316.0)	$	24.3

The main currencies that the Company has exposure to are the euro and pound sterling. The table below represents the change in rates over the years ended December 31, 2023 and 2022 as compared to the U.S. Dollar:

	Year Ended December 31,
	2023		2022
Euro	3.1	%	(5.9)	%
GBP	5.2	%	(10.6)	%

Comprehensive (loss) income, net of taxes and noncontrolling interests, for the year ended December 31, 2023 and 2022 was a loss of $316.0 million and income of $24.3 million, respectively. The Company experienced net unrealized gains

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on foreign currency through other comprehensive income for the period due to the EUR and GBP strengthening against the U.S. Dollar. Unrealized hedge losses were driven by hedges that the Company has on its GBP-denominated investments.

Liquidity and Capital Resources

Our liquidity and capital resources requirements include acquisitions of real estate and real estate related assets, funding development projects, capital expenditures for consolidated real estate and unconsolidated investments, working capital needs, interest and principal payments on our debt and dividends to our common and preferred shareholders. We finance these activities with internally generated funds through general operations including rental income, interest income, asset management fees, asset sales, borrowings under our revolving line of credit, sales of equity (common and preferred) and debt securities and cash out refinancings to the extent they are available and fit within our overall portfolio leverage strategy. Our investments in real estate are typically financed with equity from our balance sheet, third party equity and mortgage loans secured by that real estate. These mortgage loans are generally nonrecourse in that, in the event of default, recourse will be limited to the mortgaged property serving as collateral, subject to limited customary exceptions. In some cases, we guarantee a portion of the loan related to a consolidated property or an unconsolidated investment, usually until some condition, such as completion of construction or leasing or certain net operating income criteria, has been met. We do not expect these guarantees to materially affect liquidity or capital resources. Please refer to the section titled "Off Balance Sheet Arrangements" for further information.

Our short-term liquidity requirements primarily consist of operating expenses and other expenditures associated with our properties and loan investments, dividend payments to our common and preferred shareholders, interest on our unsecured corporate debt, development, redevelopment and capital expenditures and, potentially, share repurchases and acquisitions. We currently expect to meet our short-term liquidity requirements through our existing cash and cash equivalents plus capital generated from our investments, and sales of real estate as well as availability on our current revolving lines of credit. Our need to raise funds from time to time to meet our capital requirements will depend on many factors, including the success and pace of the implementation of our strategy for strategic and accretive growth where appropriate. Additionally, we may opportunistically seek to raise capital (equity or debt) when we believe market conditions are favorable and when consistent with our growth and financing strategies. We may also seek third party financing to the extent that we engage in additional strategic investments, including in order to raise capital necessary to execute potential development or redevelopment strategies or acquire real estate, note portfolios, or other real estate related companies or real estate related securities. Similarly, we may from time to time seek to refinance our existing indebtedness opportunistically in order to reduce our overall cost of debt capital or optimize the maturity schedule of our outstanding indebtedness, or for other strategic reasons. Also, in May 2022, we established an at-the-market ("ATM Program") pursuant to which we may issue and sell shares of the Company’s common stock having an aggregate gross sales price of up to $200.0 million in amounts and at times as the Company determines from time to time. During the year ended December 31, 2023, the Company issued 1.7 million shares at a weighted average price of $18.07 per share for net proceeds of $29.8 million under our ATM Program. The Company has no obligation to sell any of such shares under its ATM Program. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of its common stock, the Company's determination of the appropriate sources of funding for the Company, and potential uses of funding available.

As of December 31, 2023, we and our consolidated subsidiaries had approximately $313.7 million ($126.1 million of which is in foreign currencies of GBP or EUR) of consolidated cash (as shown on our consolidated balance sheet), our share of cash held at unconsolidated Co-Investment Portfolio assets was $94.8 million and we had $349.6 million of availability under lines of credit. As of December 31, 2023, we have $69.6 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 loans in the newly acquired Construction Loan Portfolio (as defined herein) on behalf of the borrowers under such loans. These reserves typically relate to interest, taxes, insurance and future capital expenditures at the properties as well as reserves held on our loan investments.

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). 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.

As discussed throughout this report, ongoing macroeconomic conditions, such as, but not limited to, elevated levels of inflation and interest rates, banks' ability and willingness to lend, recent adverse developments affecting regional banks and other financial institutions, currency fluctuations and the ongoing military conflicts around the world, continue to fuel recessionary fears and create volatility in our business results and operations, including our ability to access the capital markets at desired terms or at all. In addition to such market conditions, Moody’s Investors Service, Inc. ("Moody's") and Standard & Poor’s Ratings Services (“S&P”), a division of The McGraw-Hill Companies, Inc., rate our outstanding debt. These ratings are

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based on a variety of factors, including our current leverage and transactional activity. In February 2023, S&P downgraded us to ‘BB’ from ‘BB+’ and in December 2023 S&P downgraded us to "BB-" and maintained their negative CreditWatch. Additionally, S&P downgraded the KWE Notes to ‘BB+’ from ‘BBB-’ in February 2023 and to "BB" and the KWI Notes to ‘BB-’ from ‘BB’ in February 2023 and to "B+" in December 2023. These ratings and downgrades thereof may impact our ability to access the debt market in the future at desired terms or at all. S&P also lowered their issue-level rating on Kennedy Wilson's preferred stock to "B-" in December 2023. On June 5, 2023 Moody's downgraded the Company's rating from "B1" to "B2" with a stable outlook. Please also see Part I. Item 1A. Risk Factors.

Development and Redevelopment

Kennedy Wilson has a number of market rate development, redevelopment and entitlement projects that are underway or are in the planning stages.  These initiatives, if completed, will result in market-rate income producing assets.  As of December 31, 2023, we have 1,462 multifamily units and 415,000 commercial rentable square feet we are actively developing. If these projects were brought to completion, the estimated share of the Company's total cost would be approximately $613.0 million, which we expect would be funded through our existing equity, third-party equity, project sales and secured debt financing.  As of December 31, 2023, we have incurred $550.0 million of costs to date and expect to spend an additional $95.0 million to develop to completion or complete the entitlement process on these projects. Of the $95.0 million of remaining costs to complete, we currently expect $24.0 million of it to be funded through cash from us over the life of the projects. This represents total capital over the life of the projects and is not a representation of peak equity and does not take into account any distributions over the course of the investment. When development projects are completed, they typically move into our unstabilized category as they undergo lease up post-completion.

In addition to the market rate development and redevelopment projects described above, we have 1,604 affordable and/or age-restricted multifamily units within our VHH platform that we are currently developing or in the process of stabilizing. We expect to have no cash equity basis in these projects at completion due to the use of property level debt and proceeds from the sale of tax credits. If these projects are brought to completion, we expect to receive $11.0 million in cash from paid developer fees and proceeds from the sale of tax credits.

The figures described in the two preceding paragraphs and in the table below are budgeted costs and are subject to change. There is no certainty that the Company will develop or redevelop any or all of these potential projects and the Company and its equity partners are under no obligation to complete these projects and may dispose of any such assets after adding value through the entitlement process.  These are budgeted figures and are subject to change (increase or decrease) due to a number of factors (some of which are beyond our control), including, that these projects are being developed under construction management contracts with the general contractors and therefore we and our equity partners could be called upon to contribute additional capital in the event that actual costs exceed budgeted costs. The scope of these projects may also change. The estimated costs and amounts of cash to complete projects reflected in the table below represent management's current expectations and the total costs incurred to date include the land costs of these projects.

The table below describes the market rate development or redevelopment projects that the Company is undergoing or considering, and excludes the affordable and/or age-restricted multifamily units that it is developing in its VHH platform and its residential investments ($ in millions).

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				If Completed					Current
Location	Type	Investment	Status	Est. Completion Date(1)	Commercial Sq. Ft.	MF Units	KW Est. Total Cost(4)		KW Costs Incurred(4)		KW Est. Costs to Complete(2)
Nor. California	Multifamily	38° North Phase II	Under Construction	2024	—	172	$	73	$	63	$	10
Mountain West	Multifamily	Dovetail(5)	Under Construction	2024	—	240	56		53		3
Mountain West	Multifamily	Oxbow	Under Construction	2024	—	268	42		39		3
Pacific Northwest	Multifamily	Two10	Under Construction	2024	—	210	63		48		15
Nor. California	Multifamily	38o North Phase III(5)	Under Construction	2024	—	30	13		8		5
Ireland(3)	Mixed-Use	The Cornerstone(5)	Under Construction	2024	20,000	232	71		59		12
Ireland(3)	Office	Coopers Cross	Under Construction	2024	395,000	—	175		160		15
So. California	Multifamily	University Glen Phase II(5)	Under Construction	2024	—	310	120		88		32
So. California	Multifamily	Gateway @ The Oaks	In Planning	TBD	—	TBD	TBD		12		TBD
Pacific Northwest	Multifamily	Bend	In Planning	TBD	—	TBD	TBD		20		TBD
	Total				415,000	1,462	$	613	$	550	$	95

(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.

(2)    Figures shown in this column are an estimate of our remaining costs to develop to completion or to complete the entitlement process, as applicable, as of December 31, 2023. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. We expect to fund $24 million of our share of remaining costs to complete with cash over the life of these projects. These figures are budgeted costs and are subject to change. There is no guarantee that we will be able to secure the project-level debt financing that is assumed in the figures above.  If we are unable to secure such financing, the amount of capital we will have to invest to complete the projects above may significantly increase. Our cost to complete differs from our share total capitalization as the latter includes costs that have already been incurred to date while the former relates to future estimated costs

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

(4) Includes land costs.

(5) Included in Consolidated Portfolio Segment

(6) Included in Co-Investment Portfolio Segment

Unstabilized and Value Add Capital Expenditure Programs

We currently have seven assets that comprise 0.7 million commercial square feet that are currently unstabilized and are undergoing various stages of lease-up, value-add or development. In order to stabilize these assets we project our share of costs to complete to be $30.9 million. The cost to complete this work and the time frame described is subject to many uncertainties that are beyond our control, and the actual costs may be significantly higher than the estimates shown below.

The table below describes assets that are currently unstabilized ($ in millions):    

Property	Location	Type	KW Ownership %	# of Assets	Commercial Sq. Ft.	Hotel Rooms/MF Units	Leased %		KW Est. Costs to Complete(1)
Kona Village	Hawaii	Hotel	50%	1	—	150	—	%	$	2.1
Coopers Cross	Ireland(2)	Multifamily	50%	1	—	471	33		1.3
Grange	Ireland(2)	Multifamily	50%	1	—	287	54		1.4
The Heights Building 4	United Kingdom(2)	Office	51%	1	80,000	—	43		—
Stockley Park	United Kingdom(2)	Office	100%	1	54,000	—	—		—
Hamilton Landing H4 & H7	Northern California	Office	100%	1	118,000	—	34		6.7
90 East Buildings C and D	Pacific Northwest	Office	50%	1	410,000	—	—		19.4
	Total Lease-Up			7	662,000	908	24	%	$	30.9

Note: The table above excludes minority-held investments and two wholly-owned assets expected to sell, 1.1 million commercial sq. ft.

(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 December 31, 2023. 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 = $1.10 and £1.00 = $1.27, related to NOI.

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In addition to our development, redevelopment and stabilization initiatives, we regularly implement a value-add approach to our consolidated and unconsolidated investments, which includes rehabbing properties and adding or updating property amenities.  The capital required to implement these value-add initiatives is typically funded with capital calls, refinancing or supplemental financings at the property level.  We are not required to make these investments, but they are a key driver in our ability to increase net operating income at our properties post acquisition.

Other Items

On November 3, 2020, the Company's board of directors authorized an expansion of its existing $250 million share repurchase plan to $500 million. Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise, with the amount and timing of repurchases dependent on market conditions and subject to the Company’s discretion. The program does not obligate the Company to repurchase any specific number of shares and, subject to compliance with applicable laws, may be suspended or terminated at any time without prior notice. As of December 31, 2023, we had $124.5 million remaining under the plan for stock repurchases. Please see the section titled "Purchases of Equity Securities by the Company" in Part II of this annual report on Form 10-K for additional information.

The Company maintains a deferred compensation program for certain employees of the Company (the “Deferred Compensation Program”). The named executive officers of the Company are not participants of the Deferred Compensation Program. The compensation committee of the Company’s board of directors approves an amount annually to be allocated to certain employees of the Company in the United States and in Europe. The amount allocated to each employee vests ratably over a three-year vesting period, subject to continued employment with the Company. Prior to 2022, half of the allocated amount was tied specifically to the performance and value of the Company’s common stock at the time of each vesting (“Bonus Units”). Beginning in 2022, the entire amount allocated to each employee consisted of Bonus Units. Under the Deferred Compensation Program, at the time of each vesting, the employees receive an amount equal to either the dividend yield of the Company’s common stock or the actual amount of dividends paid on the Company common stock (in the case of Bonus Units) during the immediately preceding year on the amount that is subject to such vesting. During the years ended December 31, 2023, 2022 and 2021 the Company recognized $8.2 million, $9.2 million and $11.7 million, respectively, under the Deferred Cash Bonus Program.

The Company also maintains a performance allocation sharing program for certain employees of the Company (the “Performance Allocation Sharing Program”). The named executive officers of the Company are not participants of the Performance Allocation Sharing Program. The compensation committee of the Company’s board of directors approved, reserved and authorized executive management to issue up to thirty-five percent (35%) of any performance allocations earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company. Currently structures participating in the Performance Allocation Sharing Program have allocated a range of 20% to 35% of performance allocations to employees. Sixty percent of the award to each employee vests ratably over four years and the remaining forty percent vest upon the consummation of a liquidity event of the investment whereby the Company actually receives cash performance allocations from its partner. The full performance allocation earned by the Company will be recorded to income from unconsolidated investments and the amount allocated to employees is recorded as performance allocation compensation. During the years ended December 31, 2023, 2022 and 2021, the Company recognized $(15.1) million, $(4.3) million and $42.0 million respectively, related to this program.

The Company also recently implemented a global employee co-investment program (the “Co-Investment Program”). The named executive officers are not participants of the Co-Investment Program. Under the Co-Investment Program, certain employees are provided the opportunity to invest alongside the Company in its investments (in all future investments and certain recently acquired transactions). The amount of funds that the employees, as a group, can invest in the Company’s investments is capped at 1.5% of the Company’s equity. Participants in the Co-Investment Program will make commitments to the program every year. Generally (with limited exceptions), participants in the Co-Investment Program will invest in every investment made by the Company (investments that such employee has an active role in acquiring and managing) in the applicable year.

One of our office properties in our Consolidated Portfolio located in Bellevue, Washington (the third largest asset by our share of net operating income), is made up of two tenants. One tenant vacated its space upon the expiration of its lease (October 2023). The other tenant still occupies its space and is current on all obligations under its lease (lease termination option in January 2025). We are working on securing new leases at the property, however, there is no assurance that we will be able to do so at favorable terms or at all. In addition, we and our partner recently brought a lawsuit against a national co-working office tenant that recently stopped paying rent with respect to its tenancy at one of our office properties that we manage and hold a 10% ownership interest in. Amongst other claims, we and our partner are pursuing the collection of all rent,

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expenses and charges under the lease that runs through 2036 and the guarantee that was executed by such tenant’s parent company. The legal proceeding is still pending and there can be no assurance that we will be able to secure a favorable outcome. The office property sits in our Co-Investment Portfolio and our investment in the property is accounted for under fair value method accounting. Please also see our discussion of the results of the year ended December 31, 2023 below for additional information with respect to our investment in this property as it relates to the changes in fair value during such periods.

Cash Flows

The following table summarizes the cash provided by or used in our operating, investing and financing activities for the years ended December 31, 2023 and 2022:

	Year ended December 31,
(Dollars in millions)	2023		2022
Net cash provided by operating activities	$	48.9	$	32.9
Net cash used in investing activities	(11.7)		(361.6)
Net cash (used in) provided by financing activities	(164.8)		264.2

Operating

Our cash flows from operating activities are primarily dependent upon operations from consolidated properties, the operating distributions and fees from our Co-Investment Platform, general and administrative costs, compensation and interest expense payments.  For the years ended December 31, 2023 and 2022, cash flows provided by operations were $48.9 million and $32.9 million, respectively.

The increase in cash provided by operations was primarily due to higher asset management fees earned during the year ended December 31, 2023 including the $7.9 million arrangement fee as part of the Construction Loan Portfolio transaction. We also had increased interest income, cash receipts on interest rate derivatives and lower discretionary compensation payments made in the current period. These offset were offset by lower operating distributions from our unconsolidated investments due to higher interest rates and higher interest costs on our consolidated debt.

Investing

Our cash flows from investing activities are generally comprised of cash used to fund property acquisitions, investments in unconsolidated investments, capital expenditures, purchases of loans secured by real estate, as well as cash received from property sales and return of capital from our co-investments.

Year Ended December 31, 2023

Net cash used in investing activities totaled $11.7 million for the year ended December 31, 2023. During the year ended December 31, 2023, we received $383.9 million primarily from sale of equity interests in three Western United States multifamily properties into existing co-investment platforms which triggered deconsolidation and the recognition of capital gains, the sale of a multifamily property in Western United States to a third party, the sale of non-core retail assets in the United Kingdom, Ireland, Spain and Western United States and a residential investment in the Western United States. We received $92.4 million in investing distributions from our co-investments primarily from the sale of assets within our comingled funds and financing distributions from multifamily properties in Ireland. Our share of new loans issued acquired as part of our global debt platform were $150.2 million (including $106.4 million relating to the Construction Loan Portfolio acquisition), and we received $48.9 million of proceeds from repayments on loans previously issued. We spent $217.2 million on capital expenditures on consolidated assets, as well as continued investments in our development properties and value add on our operating properties. We also contributed $167.4 million to unconsolidated investments that were primarily used to fund our share of construction for the completion of Kona Village as well as European development projects and new acquisitions made within our European Industrial JV platform and commingled funds. We spent $2.1 million in premiums on new derivative contracts entered into during the year ended December 31, 2023.

Year Ended December 31, 2022

Net cash used in investing activities totaled $361.6 million for the year ended December 31, 2022. During the year ended December 31, 2022, we received $325.9 million primarily from the sale of non-core retail assets in the United Kingdom and Western United States and a multifamily property in the Western United States. We received $157.1 million in investing distributions from our co-investments primarily from the sale of assets within our comingled funds and financing distributions from multifamily properties in Ireland. Our share of new loans issued as part of our global debt platform was $50.9 million, and we received $34.5 million of proceeds from repayments on loans previously issued. Additionally, we acquired $408.2 million of consolidated real estate assets, including an office building in Scotland and four multifamily properties in the Mountain West. We spent $160.9 million on capital expenditures on consolidated assets, as well as continued investments in our

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development properties and value add on our operating properties. We also contributed $361.3 million to unconsolidated investments that were primarily used to fund our share of capital calls on Kona Village Resort and new acquisitions made within our European Industrial JV platform and commingled funds. The settlement of foreign currency derivatives generated $112.6 million of cash during the year ended December 31, 2022, primarily due to settlement of interest rate and foreign currency derivatives that had appreciated in value. We spent $10.4 million in premiums on new derivative contracts entered into during the year ended December 31, 2022.

Financing

Our net cash related to financing activities is generally impacted by capital-raising activities net of dividends and distributions paid to common and preferred shareholders and noncontrolling interests as well as financing activities for consolidated real estate investments.  

Year Ended December 31, 2023

Net cash used in financing activities totaled $164.8 million for the year ended December 31, 2023. During the year ended December 31, 2023, the Company received proceeds of $197.4 million from the issuance of its Series C perpetual preferred stock and warrants to Fairfax. We drew $50.0 million on our revolving line of credit and repaid $185.0 million on our revolving line of credit during the year ended December 31, 2023. Kennedy Wilson received proceeds of $408.9 million from mortgage loans to finance and refinance consolidated property acquisitions. These proceeds were offset by the repayment of $446.4 million of mortgage debt. Additionally, we paid common dividends of $136.0 million and preferred dividends of $35.5 million, and we repurchased $20.9 million of our common stock under our share repurchase plan.

Year Ended December 31, 2022

Net cash provided by financing activities totaled $264.2 million for the year ended December 31, 2022. During the year ended December 31, 2022, the Company received proceeds of $297.3 million from the issuance of its Series B perpetual preferred stock and warrants to Fairfax. We drew $528.4 million on our revolving line of credit and repaid $325.0 million on our revolving line of credit during the year ended December 31, 2022. Kennedy Wilson received proceeds of $401.3 million from mortgage loans to finance and refinance consolidated property acquisitions. These proceeds were offset by the repayment of $389.6 million of mortgage debt and $65.8 million on our KWE Notes. Additionally, we paid common dividends of $134.6 million and preferred dividends of $25.9 million, and we repurchased $31.2 million of our common stock under our share repurchase plan.

Contractual Obligations and Commercial Commitments

At December 31, 2023, Kennedy Wilson's consolidated contractual cash obligations, including debt, lines of credit, operating leases and ground leases included the following:

	Payments due by period(9)
(Dollars in millions)	Total		Less than 1 year		1 - 3 years		4 - 5 years		After 5 years
Contractual obligations
Borrowings:(1)(4)
Mortgage debt(2)	$	2,849.7	$	150.0	$	1,229.6	$	548.8	$	921.3
Senior notes(3)	1,800.0		—		—		600.0		1,200.0
Credit facility	150.4		—		150.4		—		—
KWE unsecured bonds(5)	524.3		—		524.3		—		—
Total borrowings(4)	5,324.4		150.0		1,904.3		1,148.8		2,121.3
Operating leases	10.1		1.0		2.1		2.3		4.7
Ground leases(8)	27.4		0.2		0.4		0.4		26.4
Total contractual cash obligations(6)(7)	$	5,361.9	$	151.2	$	1,906.8	$	1,151.5	$	2,152.4

(1)See Notes 8-10 of our Notes to Consolidated Financial Statements. Figures do not include scheduled interest payments. Assuming each debt obligation is held until maturity, we estimate that we will make the following interest payments: Less than 1 year - $163.6 million; 1-3 years - $368.1 million; 4-5 years - $106.8 million; After 5 years - $90.9 million. The interest payments on variable rate debt have been calculated at the interest rate in effect as of December 31, 2023.

(2) Excludes $1.0 million net unamortized debt discount on mortgage debt.

(3) Excludes $3.1 million unamortized debt premium on senior notes.

(4) Excludes $33.4 million of unamortized loan fees.

(5) Excludes $1.0 million net unamortized discount on KWE unsecured bonds.

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(6) Kennedy Wilson's share of contractual obligations, (excluding amounts that are attributable to noncontrolling interests), including debt, lines of credit, operating leases and ground leases, consisted of the following: Less than 1 year - $151.2 million; 1-3 years - $1,902.6 million; 4-5 years - $1,128.7 million; After 5 years - $2,102.8 million.

(7) Table above excludes $187.7 million unfulfilled capital commitments to our unconsolidated investments and $87.7 million on loan investments.

(8) Ground leases on consolidated assets. Amounts are undiscounted and have leases that expire as far out as 2258.

(9) Principal debt payments include the effect of extension options.

Indebtedness and Related Covenants

The following describes certain indebtedness and related covenants.

KWI Notes

On February 11, 2021, Kennedy-Wilson, Inc., issued $500.0 million aggregate principal amount of 2029 Notes and $500.0 million aggregate principal amount of 2031 Notes (together with the 2029 Notes, the “initial notes”). On March 15, 2021, Kennedy-Wilson, Inc. issued an additional $100 million aggregate principal of the 2029 Notes and an additional $100 million of the 2031 Notes. These additional notes were issued as "additional notes" under the indentures pursuant to which Kennedy Wilson previously issued 2029 Notes and the 2031 Notes. On August 23, 2021, Kennedy-Wilson, Inc. issued $600.0 million aggregate principal amount of 2030 Notes (together with the 2029 Notes, the 2031 Notes and the additional notes, the "notes"). The notes are senior, unsecured obligations of Kennedy Wilson and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy Wilson.

The notes accrue interest at a rate of 4.750% (in the case of the 2029 Notes), 4.750% (in the case of the 2030 Notes) and 5.000% (in the case of the 2031 Notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 Notes and 2031 Notes and March 1, 2022 for the 2030 Notes. The notes will mature on March 1, 2029 (in the case of the 2029 Notes), February 1, 2030 (in case of 2030 Notes) and March 1, 2031 (in the case of the 2031 Notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 Notes), September 1, 2024 (in the case of the 2030 Notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 Notes), September 1, 2024 (in the case of the 2030 Notes) or March 1, 2026 (in the case of the 2031 Notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 Notes and 2031 Notes) and September 1, 2024 (for 2030 Notes), Kennedy Wilson may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require Kennedy Wilson to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The total amount of the 2029 Notes, 2030 Notes and 2031 Notes included in the Company's consolidated balance sheets was $1.8 billion at December 31, 2023.

    KWE Notes

As of December 31, 2023, KWE has notes outstanding ("KWE Notes") of $523.3 million (based on December 31, 2023 rates), have an annual fixed coupon of 3.25% and mature in 2025. The KWE Notes are subject to the restrictive covenants discussed below.

Borrowings Under Line of Credit

On March 25, 2020, Kennedy-Wilson, Inc. (the “Borrower”), a wholly-owned subsidiary of Kennedy-Wilson Holdings, Inc. (the “Company”), the Company, as a guarantor and certain subsidiaries of the Company (such subsidiaries, the “Subsidiary Guarantors”) on March 25, 2020 entered into a $500 million revolving line of credit ("Second A&R Facility"). Loans under the Second A&R Facility bear interest at a rate equal to SOFR plus 1.00% plus between 1.75% and 2.50%, depending on the consolidated leverage ratio as of the applicable measurement date. The Second A&R Facility has a maturity date of September 25, 2024. Subject to certain conditions precedent and at the Borrower's option, the maturity date of the Second A&R Facility may be extended by an additional six months.

The Company has $150.4 million outstanding on the A&R Facility as of December 31, 2023 with $349.6 million available to be drawn under the revolving credit facility.

Debt Covenants

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The Second A&R Facility and the indentures governing the notes contain numerous restrictive covenants that, among other things, limit the Company and certain of its subsidiaries' ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers.

The Second A&R Facility has certain covenants as set forth in that certain Second Amended and Restated Credit Agreement, dated as of March 25, 2020 (the "Credit Agreement"), that, among other things (including the limitations set forth in the preceding paragraph), requires the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter, (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.70 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended, (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,700,000,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of March 25, 2020, measured as of the last day of each fiscal quarter, (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter, (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $299,000,000, (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million. As of December 31, 2023, the Company was in compliance with the foregoing financial covenants. The obligations of the Borrower pursuant to the Credit Agreement are guaranteed by the Company and certain wholly-owned subsidiaries of the Company.

The indentures governing the notes limit Kennedy-Wilson, Inc.'s ability to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, Kennedy-Wilson, Inc.'s maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00. This ratio is measured at the time of incurrence of additional indebtedness.

The KWE Notes require KWE to maintain (i) consolidated net indebtedness (as defined in the trust deed for the notes) of no more than 60% of the total asset value; (ii) consolidated secured indebtedness (less cash and cash equivalents) of no more than 50% of total asset value; (iii) an interest coverage ratio of at least 1.5 to 1.0, and (iv) unencumbered assets of no less than 125% of the unsecured indebtedness (less cash & cash equivalents). The covenants associated with KWE Notes are not an obligation of KWH and these amounts are presented as a component of our investment debt as it is an unsecured obligation relating to an underlying investment of ours. As of December 31, 2023, the Company was in compliance with these covenants.

In addition, loan agreements that govern the Company's property-level non-recourse financings that are secured by its properties may contain operational and financial covenants, including but not limited to, debt yield related covenants and debt service coverage ratio covenants and, with respect to mortgages secured by certain properties in Europe, loan-to-value ratio covenants. Property-level non-recourse financings with such loan-to-value covenants require that the underlying properties are valued on a periodic basis (at least annually). As of December 31, 2023, the Company was in compliance with all property-level mortgages and was current on all payments (principal and interest) with respect to the same. The failure by the Company to comply with such covenants and/or secure waivers from lenders could result in defaults under these instruments. In addition, if the Company defaults under a mortgage loan and/or such loan is accelerated by the lender, it may automatically be in default under any of its property and corporate unsecured loans that contain cross-default and/or cross-acceleration provisions. Please also see Part I. Item 1A Risk Factors.

Off-Balance Sheet Arrangements

Guarantees

We have provided guarantees associated with loans secured by consolidated assets. At December 31, 2023, the maximum potential amount of future payments (undiscounted) we could be required to make under the guarantees was approximately $151.1 million at December 31, 2023. The guarantees expire through 2031 and our performance under the guarantees would be required to the extent there is a shortfall in liquidation between the principal amount of the loan and the net sale proceeds of the applicable properties. If we were to become obligated to perform on these guarantees, it could have an adverse effect on our financial condition.

As of December 31, 2023, we have unfulfilled capital commitments totaling $187.7 million to our unconsolidated investments and $87.7 million to our loan portfolio. In addition to the unfunded capital commitments on its joint venture investments, the Company has $68.7 million of equity commitments relating on consolidated and unconsolidated development projects. As we identify investment opportunities in the future, we may be called upon to contribute additional capital to unconsolidated investments in satisfaction of our capital commitment obligations.

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Non-Recourse Carve Out Guarantees

Most of our real estate properties within our equity partnerships are encumbered by traditional non-recourse debt obligations. In connection with most of these loans, however, we entered into certain “non-recourse carve out” guarantees, which provide for the loans to become partially or fully recourse against us if certain triggering events occur. Although these events are different for each guarantee, some of the common events include:

•the special purpose property-owning subsidiary’s filing a voluntary petition for bankruptcy;

•the special purpose property-owning subsidiary’s failure to maintain its status as a special purpose entity; and

•subject to certain conditions, the special purpose property-owning subsidiary’s failure to obtain lender’s written consent prior to any subordinate financing or other voluntary lien encumbering the associated property.

In the event that any of these triggering events occur and the loans become partially or fully recourse against us, our business, financial condition, results of operations and common stock price could be materially adversely affected.

In addition, other items that are customarily recourse to a non-recourse carve out guarantor include, but are not limited to, the payment of real property taxes, liens which are senior to the mortgage loan and outstanding security deposits.

Impact of Inflation and Changing Prices

As discussed throughout this report, high inflation impacted the global economy during the year ended December 31, 2023 and continues to impact the global economy. Our exposure to market risk from changing prices consists primarily of fluctuations in rental rates of commercial and multifamily properties, market interest rates on investment mortgages and debt obligations and real estate property values. Rental rate increases are dependent upon market conditions and the competitive environments in the respective locations of the properties. To the extent that we engage in development activities, we may have exposure to changing prices in materials or cost of labor. The revenues of the investment management operations with respect to rental properties are highly dependent upon the aggregate rents of the properties managed, which are affected by rental rates and building occupancy rates. Employee compensation is the principal cost element of investment management.

We may be able to recoup all or a significant portion of any impact that we may suffer from rising costs through rental increases. To the extent that the rate of increase in expenses is greater than the rate of increase in rental rates, changing price will have an adverse impact on the Company. See also Inflation may adversely affect our financial condition and results of operations in Item 1A. Risk Factors for more detailed discussion on the impact of inflation on the Company.

Qualitative and Quantitative Disclosures about Market Risk

Our primary market risk exposure relates to changes in interest rates in connection with our short-term borrowings and fluctuations in foreign currency exchange rates in connection with our foreign operations.

Interest Rate Risk

We have established an interest rate management policy, which attempts to minimize our overall cost of debt while taking into consideration the earnings implications associated with the volatility of short-term interest rates. As part of this policy, we have elected to maintain a combination of variable and fixed rate debt. As of December 31, 2023, 78% of our consolidated debt is fixed rate, 22% is floating rate with interest caps. As such, fluctuations in interest rates may impact our floating rate debt (and floating rate debt with interest caps to a lesser extent) and cause our consolidated interest expense and income from unconsolidated investments to fluctuate. Typically, these fluctuations do not give rise to a significant long-term interest rate risk because they generally have short maturities.

We hold variable rate debt on some of our consolidated and unconsolidated properties that is subject to interest rate fluctuations.  These variable rates generally are based on the lender’s base rate, prime rate, EURIBOR, GBP LIBOR, LIBOR, SOFR, SONIA plus an applicable borrowing margin. Additionally, in order to mitigate some of the risk associated with increasing interest rates, we have purchased interest rate caps that limit the amount that interest expense can increase with rate increases. However, some of our debt is uncapped and the mortgages that do have interest caps are subject to increased interest expense until rates hit the level of caps that have been purchased.  If there was a 100-basis point increase or decrease, we would have a $1.0 million increase in interest expense or $2.2 million decrease in interest expense savings during 2024 on our current share of indebtedness.  The weighted average strike price on caps and maturity of Kennedy Wilson’s variable rate mortgages are 2.53% and approximately 1.6 years, respectively, as of December 31, 2023.

The table below represents contractual balances of our financial instruments at the expected maturity dates as well as the fair value as of December 31, 2023. The weighted average interest rate for the various assets and liabilities presented are

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actual as of December 31, 2023. We closely monitor the fluctuation in interest rates, and if rates were to increase significantly, we believe that we would be able to either hedge the change in the interest rate or refinance the loans with fixed interest rate debt. All instruments included in this analysis are non-trading.

	Principal Maturing in:																					Fair Value
	2024			2025			2026			2027			2028			Thereafter			Total			December 31, 2023
(Dollars in millions)
Interest rate sensitive assets
Cash equivalents	$	313.7		$	—		$	—		$	—		$	—		$	—		$	313.7		$	313.7
Average interest rate	2.44		%	—		%	—		%	—		%	—		%	—		%	2.44		%	—
Fixed rate receivables	16.7			12.2			14.8			10.0			—			6.1			59.8			56.1
Average interest rate(1)	4.76		%	6.51		%	4.15		%	6.80		%	—		%	6.49		%	5.49		%	—
Variable rate receivables	81.0			87.9			17.8			0.6			—			—			187.3			184.5
Average interest rate	11.00		%	10.19		%	10.73		%	7.36		%	—		%	—		%	10.58		%	—
Total	$	411.4		$	100.1		$	32.6		$	10.6		$	—		$	6.1		$	560.8		$	554.3
Weighted average interest rate(1)	4.22		%	9.74		%	7.75		%	6.83		%	—		%	6.49		%	5.49		%
Interest rate sensitive liabilities
Variable rate borrowings	$	57.3		$	230.7		$	368.3		$	245.8		$	8.6		$	241.5		$	1,152.2		$	1,130.8
Average interest rate	6.31		%	6.59		%	7.20		%	7.56		%	7.08		%	6.88		%	7.04		%	—
Fixed rate borrowings	86.7			641.0			240.5			161.0			329.9			2,718.9			4,178.0			3,645.2
Average interest rate	3.39		%	3.40		%	4.13		%	3.86		%	4.65		%	4.45		%	4.24		%	—
Total	$	144.0		$	871.7		$	608.8		$	406.8		$	338.5		$	2,960.4		$	5,330.2		$	4,776.0
Weighted average interest rate	4.55		%	4.25		%	5.99		%	6.09		%	4.71		%	4.65		%	4.85		%

(1) Interest rate sensitive assets' weighted average interest rates are exclusive of non-performing receivables.

Currency Risk - Foreign Currencies

A significant portion of our business is located outside the United States. As such, we have foreign currency fluctuation risk with respect to those investments and business units. In certain instances, we utilize foreign currency hedging derivatives to mitigate the impact of this risk on our equity.

The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency, as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income. Currency translation gains and losses and currency derivative gains and losses will remain in other comprehensive income unless and until the Company substantially liquidates underlying investments. 

Approximately 36% of our investment account is invested through our foreign platforms in their local currencies. Investment level debt is generally incurred in local currencies and therefore we consider our equity investment as the appropriate exposure to evaluate for hedging purposes. Additionally, the costs to operate these businesses, such as compensation, overhead and interest expense are incurred in local currencies. We typically do not hedge future operations or cash flows of operations denominated in foreign currencies, which may have a significant impact on the results of our operations for both the Consolidated and Co-Invest segments. In order to manage the effect of these fluctuations, we generally hedge our book equity exposure to foreign currencies through currency forward contracts and options. As of December 31, 2023, we have hedged 97% of the gross asset carrying value of our euro-denominated investments and 95% of the gross asset carrying value of our GBP-denominated investments.

Our investment management businesses typically do not require much capital, so foreign currency translation and derivative activity primarily relates to the investments segment as that has greater balance sheet exposure to foreign currency fluctuations.

If there was a 5% increase or decrease in foreign exchange rates on the currencies we invest to the U.S. Dollar our net asset value would increase by $11.7 million or decrease by $13.1 million. If rates moved 10%, we would have an increase of $22.5 million and a decrease of $28.1 million.

Financial Measures and Descriptions.

Rental - Rental income is comprised of rental revenue earned by our consolidated real estate investments.

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Hotel - Hotel income is comprised of hotel revenue earned by our consolidated hotels.

Investment Management Fees - Investment management fees are primarily comprised of base asset management fees and acquisition fees generated by our investment management division. Fees earned from consolidated investments are eliminated in consolidation with the amount relating to our equity partners being recognized through income attributable to noncontrolling interests.

Loans - Interest income earned on consolidated loans.

Income from unconsolidated investments - principal co-investments - Income from unconsolidated investments - 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 or loss from ordinary course operations of the underlying investment, gains or losses on sale and fair value gains and losses.

Income from unconsolidated investments - performance allocations - Performance allocations relate to allocations to the general partner, special limited partner or asset manager of Kennedy Wilson's co-investments it manages based on the cumulative performance of the fund and are subject to preferred return thresholds of the limited partners.

Gain on sale of real estate, net - Gain on sale of real estate, net relates to the amount received over the carrying value of assets sold. Impairments on consolidated real estate assets are also recorded to this line to the extent that do not require separate presentation.

Rental - Rental expenses consist of the expenses of our consolidated real estate investments, including items such as property taxes, insurance, maintenance and repairs, utilities, supplies, salaries and management fees.

Hotel - Hotel expenses consist of expenses of our consolidated hotel investments, including items such as property taxes, insurance, maintenance and repairs, utilities, supplies, salaries and management fees.

Compensation and related - Employee compensation, comprising of salary, bonus, employer payroll taxes and benefits paid on behalf of employees.

Performance allocation compensation - Compensation associated with up to thirty-five percent (35%) of any performance allocation earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company.

General and administrative - General and administrative expenses represent administrative costs necessary to run Kennedy Wilson's businesses and include items such as occupancy and equipment expenses, professional fees, public company costs, travel and related expenses, and communications and information services.

Depreciation and amortization - Depreciation and amortization is comprised of depreciation expense which is recognized ratably over the useful life of an asset and amortization expense which primarily consist of the amortization of assets allocated to the value of in-place leases upon acquisition of a consolidated real estate asset.

Interest expense - Interest expense represents interest costs associated with our senior notes payable, revolving credit facility, mortgages on our consolidated real estate, and unsecured debt held by KWE.

Other income (loss) - Other income (loss) includes the realized foreign currency exchange income or loss relating to the settlement of foreign transactions during the year which arise due to changes in currency exchange rates, realized gains or losses related to undesignated derivative instruments, interest income on bank deposits, commission expenses on property services and transaction related expenses related to unsuccessful deals.

Income taxes - The Company’s services business operates globally as corporate entities subject to federal, state, and local income taxes and the investment business operates through various partnership structures to acquire wholly-owned or jointly-owned investments in multifamily, commercial, residential and development properties. The Company’s distributive share of income from its partnership investments will be subject to federal, state, and local taxes and the related tax provision attributable to the Company’s share of the income tax is reflected in the consolidated financial statements.

Accumulated other comprehensive income (loss) - Accumulated other comprehensive income (loss) represents the Company's share of foreign currency movement on translating Kennedy Wilson's foreign subsidiaries from their functional currency into the Company's reporting currency. These amounts are offset by Kennedy Wilson's effective portion of currency related hedge instruments that have been designated.

Non-GAAP Measures and Certain Definitions

“KWH,” "KW," “Kennedy Wilson,” the "Company," "we," "our," or "us" refers to Kennedy-Wilson Holdings, Inc. and its wholly-owned subsidiaries. The consolidated financial statements of the Company include the results of the Company's consolidated subsidiaries.

“KWE” refers to Kennedy Wilson Europe Real Estate Limited.

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“Adjusted EBITDA” represents net income before interest expense, loss (gain) on early extinguishment of debt, the Company's share of interest expense included in unconsolidated investments, depreciation and amortization, the Company's share of depreciation and amortization included in unconsolidated investments, provision for (benefit from) income taxes, the Company's share of taxes included in unconsolidated investments, share-based compensation expense for the Company and EBITDA attributable to noncontrolling interests. Please see “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Non-GAAP measures” for a reconciliation of Adjusted EBITDA to net income as reported under GAAP. The Company's management uses Adjusted EBITDA to analyze its business because it adjusts net income for items the Company believes do not accurately reflect the nature of its 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, the Company believes Adjusted EBITDA is useful to investors to assist them in getting a more accurate picture of the Company's results from operations. However, Adjusted EBITDA is not a recognized measurement under GAAP and when analyzing its 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, the Company's 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 the Company's 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 the Company's ability to engage in certain activities, such as incurring additional debt and making certain restricted payments.  

“Adjusted Net Income (Loss)” represents net income (loss) before depreciation and amortization, the Company'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 and preferred dividends. 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 Adjusted Net Income to net income as reported under GAAP. The Company's management uses Adjusted Net Income to analyze its business because it adjusts net income for items the Company believes do not accurately reflect the nature of its 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, the Company believes Adjusted Net Income is useful to investors to assist them in getting a more accurate picture of the Company's results from operations. However, Adjusted Net Income is not a recognized measurement under GAAP and when analyzing its operating performance, readers should use Adjusted Net Income in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, the Company's presentation of Adjusted Net Income may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted Net Income 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.

“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.

“Co-Investment Portfolio NOI” refers to the Company's share of NOI that is generated from the properties in which the Company has an ownership interest and that are held in the Company's Co-Investment Portfolio business segment. 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 Co-Investment Portfolio NOI to net income as reported under GAAP.

“Consolidated Portfolio NOI” refers to the NOI that is generated from the properties that the Company has an ownership interest in and are held in the Company's Consolidated Portfolio business segment. 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 Consolidated Portfolio NOI to net income as reported under GAAP.

"Equity partners" refers to non-wholly-owned subsidiaries that we consolidate in our financial statements under U.S. GAAP and third-party equity providers.

"Fee Bearing Capital" represents total third-party committed or invested capital that we manage in our joint-ventures and commingled funds that entitle us to earn fees, including without limitation, asset management fees, construction management fees, acquisition and disposition fees and/or performance allocations, if applicable.

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"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. The Company's management uses net operating income to assess and compare the performance of its 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 the Company's properties resulting from its value-add initiatives or changing market conditions. Management believes that net operating income reflects the core revenues and costs of operating its properties and is better suited to evaluate trends in occupancy and lease rates. 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 Net Operating Income to net income as reported under GAAP and a reconciliation of Net Operating Income (Net Effective) (with respect to same property) to net income as reported under GAAP.

"Noncontrolling interests" represents the portion of equity ownership in a consolidated subsidiary not attributable to Kennedy Wilson.

“Performance allocations” relates to allocations to the Company of Kennedy Wilson's co-investments it invests in and manages based on the cumulative performance of the fund or investment vehicle, as applicable, and are subject to preferred return thresholds of the limited partners.

“Performance allocation compensation” - the compensation committee of the Company’s board of directors approved and reserved between twenty percent (20%) and thirty-five percent (35%) of any performance allocation earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company.

“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.

"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 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, elevated levels of inflation and interest rates, banks' ability and willingness to lend, recent adverse developments affecting regional banks and other financial institutions, currency fluctuations and the ongoing military conflicts around the world, continue to fuel recessionary fears and create volatility in Kennedy Wilson's business results and operations). Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had an impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including capitalization rates, discount rates, liquidity risks, and estimates of future cash flows could significantly affect the fair value measurement amounts. All valuations of real estate involve subjective judgments.

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

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“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. 

We use certain non-GAAP measures to analyze our business, including Adjusted EBITDA and Adjusted Net Income. We use these metrics for evaluating the success of our company and believe that they enhance the understanding of our operating results. A reconciliation of net income to Adjusted EBITDA and Adjusted Net Income is presented below:

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021		2020		2019
Net (loss) income	$	(281.4)	$	101.9	$	336.4	$	107.8	$	321.1
Non-GAAP adjustments:
Add back (less):
Interest expense	259.2		220.8		192.4		201.9		214.2
Loss (gain) on early extinguishment of debt	1.6		(27.5)		45.7		9.3		0.9
Kennedy Wilson's share of interest expense included      in unconsolidated investments	99.1		60.2		40.2		33.0		32.1
Depreciation and amortization	157.8		172.9		166.3		179.6		187.6
Kennedy Wilson's share of depreciation and amortization included       in unconsolidated investments	3.2		3.5		5.3		6.9		8.2
(Benefit from) provision for income taxes	(55.3)		36.2		126.2		43.6		41.4
Kennedy Wilson's share of taxes included in unconsolidated      investments	0.1		2.7		—		1.1		—
Share-based compensation	34.5		29.0		28.7		32.3		30.2
EBITDA attributable to noncontrolling interests(1)	(29.0)		(8.2)		(13.3)		(7.5)		(107.6)
Adjusted EBITDA(2)	$	189.8	$	591.5	$	927.9	$	608.0	$	728.1

(1) (2) See "Non-GAAP Measures and Certain Definitions" for definitions and discussion of Adjusted EBITDA.

	Years Ended December 31,
(Dollars in millions)	2023		2022		2021		2020		2019
Net (loss) income	$	(281.4)	$	101.9	$	336.4	$	107.8	$	321.1
Non-GAAP adjustments:
Add back (less):
Depreciation and amortization	157.8		172.9		166.3		179.6		187.6
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments	3.2		3.5		5.3		6.9		8.2
Share-based compensation	34.5		29.0		28.7		32.3		30.2
Net income attributable to the noncontrolling interests, before depreciation and amortization(1)	(27.4)		(13.5)		(10.5)		(2.5)		(102.0)
Preferred dividends	(38.0)		(28.9)		(17.2)		(17.2)		(2.6)
Adjusted Net (Loss) Income (2)	$	(151.3)	$	264.9	$	509.0	$	306.9	$	442.5

(1) (2) See "Non-GAAP Measures and Certain Definitions" for definitions and discussion of Adjusted Net Income.

Net Operating Income

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	Years Ended December 31,
	2023				2022				2021
	Consolidated Portfolio		Co-Investment Portfolio		Consolidated Portfolio		Co-Investment Portfolio		Consolidated Portfolio		Co-Investment Portfolio
Net (loss) income	$	(281.4)	$	(252.8)	$	101.9	$	178.4	$	336.4	$	389.0
Less: (Benefit from) provision for income taxes	(55.3)		0.2		36.2		2.7		126.2		—
Less: Loss (income) from unconsolidated investments	252.8		—		(178.4)		—		(389.0)		—
Less: (Gain) loss on sale of real estate, net(1)	(127.6)		—		(103.7)		(4.9)		(412.7)		3.1
Add: Interest expense	259.2		99.0		220.8		60.1		192.4		40.0
Less: Loss (gain) on early extinguishment of debt	1.6		—		(27.5)		—		45.7		—
Less: Other loss (income)	5.0		26.6		(36.1)		17.9		5.0		17.9
Less: Sale of real estate(1)	—		(19.5)		—		(52.0)		—		(39.5)
Less: Interest income	(26.1)		—		(11.7)		—		(8.6)		—
Less: Investment management and property services	(64.1)		64.3		(46.5)		21.1		(37.4)		(117.9)
Add: Cost of real estate sold(1)	—		13.6		—		40.7		—		36.8
Add: Compensation and related	139.4		—		140.3		—		162.6		—
Add: Performance allocation expense	(15.1)		—		(4.3)		—		42.0		—
Add: General and administrative	35.7		—		37.2		—		33.3		—
Add: Depreciation	157.8		3.2		172.9		3.8		166.3		5.6
Less: Fair value adjustments	—		233.7		—		(110.2)		—		(210.6)
Less: NCI adjustments	(7.6)		—		(6.9)		—		(6.4)		—
Net Operating Income	$	274.3	$	168.3	$	294.2	$	157.6	$	255.8	$	124.4

(1) The Company’s joint ventures in its Co-Investment business segment predominantly acquire and hold and may ultimately dispose of operating properties which are presented by the Company as net gain or loss on disposition under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) because the disposition is not considered an “output of the entity’s ordinary activities.” Certain joint ventures in the same business segment, however, dispose of non-operating properties (such as land and condominiums) from time-to-time, and such sales are an “output of the entity’s ordinary activities” under Topic 606. Accordingly the sale of such real estate is presented by the Company on a gross basis (sale of real estate and cost of real estate sold), and, therefore, the portion of the same that is not attributable to the Company’s ownership share is excluded from Co-Investment NOI.

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	Years Ended December 31,
	2020				2019
	Consolidated Portfolio		Co-Investment Portfolio		Consolidated Portfolio		Co-Investment Portfolio
Net income	$	107.8	$	81.0	$	321.1	$	179.7
Add: Provision for income taxes	43.6		1.0		41.4		—
Less: Income from unconsolidated investments	(81.0)		—		(179.7)		—
Less: (Gain) loss on sale of real estate, net(1)	(338.0)		11.5		(434.4)		(53.5)
Add: Interest expense	201.9		33.1		214.2		32.1
Add: Loss on extinguishment of debt	9.3		—		0.9		—
Add: Other loss	2.3		13.7		10.6		8.0
Less: Sale of real estate(1)	—		(11.5)		—		(26.7)
Less: Interest income	(3.1)		—		(0.3)		—
Less: Investment management and property services	(33.1)		(2.6)		(40.6)		(36.2)
Add: Cost of real estate sold(1)	—		13.3		—		23.9
Add: Compensation and related	144.2		—		151.6		—
Add: Performance allocation expense	0.2		—		0.1		—
Add: General and administrative	34.6		—		42.4		—
Add: Depreciation	179.6		6.9		187.6		8.2
Less: Fair value adjustments	—		(43.9)		—		(57.7)
Less: NCI adjustments	(6.0)		—		(9.7)		—
Net Operating Income	$	262.3	$	102.5	$	305.2	$	77.8

(1) The Company’s joint ventures in its Co-Investment business segment predominantly acquire and hold and may ultimately dispose of operating properties which are presented by the Company as net gain or loss on disposition under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) because the disposition is not considered an “output of the entity’s ordinary activities.” Certain joint ventures in the same business segment, however, dispose of non-operating properties (such as land and condominiums) from time-to-time, and such sales are an “output of the entity’s ordinary activities” under Topic 606. Accordingly the sale of such real estate is presented by the Company on a gross basis (sale of real estate and cost of real estate sold), and, therefore, the portion of the same that is not attributable to the Company’s ownership share is excluded from Co-Investment NOI.

	December 31, 2023
($ in millions)	Consolidated		Co-Investment		Corporate		Total
Cash(1)	$	184.2	$	—	$	129.5	$	313.7
Real estate	4,837.3		—		—		4,837.3
Unconsolidated Investments	—		2,069.1		—		2,069.1
Loan purchases and originations	—		247.2		—		247.2
Accounts receivable and other assets	146.1		—		98.7		244.8
Total Assets	$	5,167.6	$	2,316.3	$	228.2	$	7,712.1
Accounts payable and accrued expenses	154.3		—		461.4		615.7
Mortgage debt	2,840.9		—		—		2,840.9
KW unsecured debt	—		—		1,934.3		1,934.3
KWE bonds	522.8		—		—		522.8
Total Liabilities	3,518.0		—		2,395.7		5,913.7
Equity	1,649.6		2,316.3		(2,167.5)		1,798.4
Total liabilities and equity	$	5,167.6	$	2,316.3	$	228.2	$	7,712.1

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	December 31, 2022
($ in millions)	Consolidated		Co-Investment		Corporate		Total
Cash(1)	$	316.7	$	—	$	122.6	$	439.3
Real estate	5,188.1		—		—		5,188.1
Unconsolidated Investments	—		2,238.1		—		2,238.1
Loan purchases and originations	—		149.4		—		149.4
Accounts receivable and other assets	135.1		—		121.8		256.9
Total Assets	$	5,639.9	$	2,387.5	$	244.4	$	8,271.8
Accounts payable and accrued expenses	156.6		—		517.8		674.4
Mortgage debt	3,018.0		—		—		3,018.0
KW unsecured debt	—		—		2,062.6		2,062.6
KWE bonds	506.4		—		—		506.4
Total Liabilities	3,681.0		—		2,580.4		6,261.4
Equity	1,958.9		2,387.5		(2,336.0)		2,010.4
Total liabilities and equity	$	5,639.9	$	2,387.5	$	244.4	$	8,271.8

Same property analysis

The tables below are reconciliations of non-GAAP measures included in the Company's same property analysis to their most comparable GAAP measures.

	Same Property - Revenue(6)*
	For the Year Ended December 31,
	2023		2022
Total Revenue	$	562.6	$	540.0
Less: Investment management fees	(61.9)		(44.8)
Less: Other	(2.2)		(1.7)
Less: Loans and other	(26.1)		(11.7)
Less: NCI adjustments (1)	(12.2)		(11.8)
Add: Unconsolidated investment adjustments (2)	182.3		173.3
Add: Above/below market rents (6)	(1.8)		(3.6)
Less: Reimbursement of recoverable operating expenses	(33.2)		(28.3)
Less: Properties bought and sold (3)	(56.1)		(82.1)
Less: Other properties excluded (4)	(110.9)		(103.3)
Other Reconciling Items (5)	(1.1)		(2.3)
Same Property	$	439.4	$	423.7

	Same Property - Revenue(6)*
	For the Year Ended December 31,
Same Property (Reported)	2023		2022
Office - Same Property	$	108.4	$	107.3
Multifamily Market Rate Portfolio - Same Property	272.2		262.2
Multifamily Affordable Portfolio - Same Property	58.8		54.2
Same Property	$	439.4	$	423.7

(*) 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.

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	Same Property - NOI (Net Effective)(6)*
	For the Year Ended December 31,
	2023		2022
Net Income	$	(281.4)	$	101.9
Less: Investment management fees	(61.9)		(44.8)
Less: Property services fees	(2.2)		(1.7)
Less: Loans and other	(26.1)		(11.7)
Less: Total Income from unconsolidated investments	252.8		(178.4)
Less: Gain on sale of real estate, net	(127.6)		(103.7)
Add: Compensation and related	139.4		140.3
Add: Performance allocation compensation	(15.1)		(4.3)
Add: General and administrative	35.7		37.2
Add: Depreciation and amortization	157.8		172.9
Add: Interest Expense	259.2		220.8
Add: Gain (loss) on early extinguishment of debt	1.6		(27.5)
Less: Other income (loss)	5.0		(36.1)
Add: Provision for income taxes	(55.3)		36.2
Less: NCI adjustments (1)	(7.4)		(7.1)
Add: Unconsolidated investment adjustments (2)	128.7		124.7
Add: Straight-line and above/below market rents (6)	(1.8)		(3.6)
Less: Properties bought and sold (3)	(38.6)		(59.3)
Less: Other properties excluded (4)	(53.0)		(54.8)
Other Reconciling Items (5)	3.4		4.2
Same Property NOI (Net Effective)*	$	313.2	$	305.2

	Same Property - NOI (Net Effective)(6)*
	For the Year Ended December 31,
Same Property (Reported)	2023		2022
Office - Same Property	$	93.4	$	92.6
Multifamily Market Rate Portfolio - Same Property	180.9		175.8
Multifamily Affordable Portfolio - Same Property	38.9		36.8
Same Property NOI (Net Effective)* (Reported)	$	313.2	$	305.2

(*) 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.

Critical Accounting Policies

A critical accounting policy is one that involves an estimate or assumption that is subjective and requires judgment on the part of management about the effect of a matter that is inherently uncertain and is material to an entity’s financial condition and results of operations. Estimates are prepared using management’s best judgment, after considering past and current economic conditions and expectations for the future. Changes in estimates could affect our financial position and specific items in our results of operations that are used by stockholders, potential investors, industry analysts and lenders in their evaluation of our performance. Of the significant accounting policies discussed in Note 2 to the Consolidated Financial Statements, those presented below have been identified by us as meeting the criteria to be considered critical accounting policies. Refer to Note 2 for more information on these critical accounting policies.

Fair Value Investments

Kennedy Wilson records its investments in certain commingled funds it manages and sponsors (the "Funds") that are investment companies under the Accounting Standards Codification ("ASC") Topic 946, Financial Services - Investment Companies, based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect their investments at fair value, with unrealized

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gains and losses resulting from changes in fair value reflected in their earnings. Kennedy Wilson has retained the specialized accounting for the Funds as discussed in ASC Topic 323, Investments - Equity Method and Joint Ventures in recording its equity in joint venture income from the Funds.

Additionally, Kennedy Wilson elected the fair value option for 72 investments in unconsolidated investment entities. Due to the nature of these investments, Kennedy Wilson elected to record these investments at fair value in order to report the value in the underlying investments in the results of our current operations.

The use of different assumptions to fair value these investments could have material impact on the consolidated statements of income.

See Item 1. Business "Fair Value Investments" for detail on fair value methods and range of inputs that are used as part of valuations.

Performance Allocations

Performance allocations or carried interest are allocated to the general partner, special limited partner or asset manager of Kennedy Wilson's real estate funds and fair value option unconsolidated investments based on the cumulative performance of the fund or underlying investments and are subject to preferred return thresholds of the limited partners and participants. At the end of each reporting period, Kennedy Wilson calculates the performance allocation that would be due as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as performance allocations to reflect either (a) positive performance resulting in an increase in the performance allocations to the general partner or asset manager or (b) negative performance that would cause the amount due to Kennedy Wilson to be less than the amount previously recognized, resulting in a negative adjustment to performance allocations to the general partner or asset manager. To the extent that a fund or investment has a performance allocation sharing program, a portion of performance allocations will be recorded to performance allocation compensation.

The Company has concluded that performance allocations to the Company from equity method investments, based on cumulative performance to-date, represent carried interests. Consequently, in following the guidance set forth in ASC Topic 606, Revenue from Contracts with Customers and Topic 323, Investments – Equity Method and Joint Ventures, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of income.”

Real Estate Acquisitions

The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests. Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value.

The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach.

The use of different assumptions to value the acquired properties and intangible assets and assumed liabilities could affect the future revenues and expenses we recognize over the estimated remaining useful life or lease term.

Recently Issued Accounting Pronouncements

See Note 2 to the Consolidated Financial Statements.

Item 7A.    Quantitative and Qualitative Disclosures about Market Risk

The information contained in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” is incorporated by reference into Item 7A.

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Item 8.    Financial Statements and Supplementary Data

FINANCIAL STATEMENTS

Kennedy-Wilson Holdings, Inc.

Index to Financial Statements

	Page
Kennedy-Wilson Holdings, Inc.:
Report of Independent Registered Public Accounting Firm	67
Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting	69
Financial Statements
Consolidated Balance Sheets	70
Consolidated Statements of Operations	71
Consolidated Statements of Comprehensive (Loss) Income	72
Consolidated Statements of Equity	73
Consolidated Statements of Cash Flows	74
Notes to Consolidated Financial Statements	75
Financial Statement Schedules
Schedule III—Real Estate Investments and Accumulated Depreciation	113
Schedule IV—Mortgage Loans on Real Estate	117

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Kennedy-Wilson Holdings, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Kennedy-Wilson Holdings, Inc. and subsidiaries (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive (loss) income, equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedules III and IV (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2023, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 22, 2024 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 22, 2024 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Evaluation of the fair value of certain unconsolidated investments and commingled funds

As discussed in Notes 2 and 5 to the consolidated financial statements, the Company elected to record certain unconsolidated investments using the fair value option to more accurately reflect the timing of the value created in the underlying investments and report those changes in current operations. Additionally, the Company records its investments in its managed commingled funds (the Funds) based upon the net assets that would be allocated to its interests in the Funds, assuming the Funds were to liquidate their investments at fair value as of the reporting date. As of December 31, 2023, these investments had a fair value of $1,927.0 million.

We identified the evaluation of the fair value of certain unconsolidated investments and commingled funds as a critical audit matter. A high degree of subjectivity was required in applying and evaluating results from procedures over the respective discounted cash flow models used to calculate the fair value of the underlying real estate investments. Specifically, the respective cash flow models were sensitive to changes in certain key assumptions, including discount, terminal capitalization, and overall capitalization rates, which have a significant effect on the determination of fair value of these investments.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s fair value process for unconsolidated investments and commingled funds, including controls related to the development of the overall capitalization rate, discount rate and terminal capitalization rate assumptions. For a selection of the Company’s

67

investments, we involved valuation professionals with specialized skills and knowledge who assisted in comparing the discount rate and terminal capitalization rate used by the Company to independently developed ranges using market information obtained from third-party real estate publications or to rates observed in similar investments in the current period.

/s/ KPMG LLP

We have served as the Company’s auditor since 2002.

Los Angeles, California

February 22, 2024

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Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors

Kennedy-Wilson Holdings, Inc.:

Opinion on Internal Control Over Financial Reporting

We have audited Kennedy-Wilson Holdings, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive (loss) income, equity, and cash flows for each of the years in the three-year period ended December 31, 2023, and the related notes and financial statement schedules III and IV (collectively, the consolidated financial statements), and our report dated February 22, 2024 expressed an unqualified opinion on those consolidated financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ KPMG LLP

Los Angeles, California

February 22, 2024

69

Kennedy-Wilson Holdings, Inc.

Consolidated Balance Sheets

(Dollars in millions)

	December 31,
	2023		2022
Assets
Cash and cash equivalents	$	313.7	$	439.3
Accounts receivable, net (including $13.8 and $13.9 of related party)	57.3		40.8
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $957.8 and $882.2)	4,837.3		5,188.1
Unconsolidated investments (including $1,927.0 and $2,093.7 at fair value)	2,069.1		2,238.1
Other assets	187.5		216.1
Loan purchases and originations, net	247.2		149.4
Total assets(1)	$	7,712.1	$	8,271.8
Liabilities
Accounts payable	$	17.9	$	16.2
Accrued expenses and other liabilities	597.8		658.2
Mortgage debt	2,840.9		3,018.0
KW unsecured debt	1,934.3		2,062.6
KWE unsecured bonds	522.8		506.4
Total liabilities(1)	5,913.7		6,261.4
Equity
Series A cumulative preferred stock, $0.0001 par value, $1,000 per share liquidation preference, 1,000,000 shares authorized, 300,000 shares outstanding as of December 31, 2023 and December 31, 2022 and Series B cumulative preferred Stock, $0.0001 par value, $1,000 per share liquidation preference, 1,000,000 shares authorized and 300,000 shares outstanding as of December 31, 2023 and December 31, 2022 and Series C cumulative preferred Stock, $0.0001 par value, $1,000 per share liquidation preference, 1,000,000 shares authorized, 200,000 shares outstanding as of December 31, 2023.	789.9		592.5
Common Stock, $0.0001 par value, 200,000,000 authorized, 138,727,521 and 137,790,768 shares issued outstanding as of December 31, 2023 and December 31, 2022, respectively	—		—
Additional paid-in capital	1,718.6		1,679.5
Retained (deficit) earnings	(349.0)		122.1
Accumulated other comprehensive loss	(404.4)		(430.1)
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity	1,755.1		1,964.0
Noncontrolling interests	43.3		46.4
Total equity	1,798.4		2,010.4
Total liabilities and equity	$	7,712.1	$	8,271.8

(1) The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2022 include $169.8 million (including cash held by consolidated investments of $6.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $137.8 million) and $82.4 million (including investment debt of $51.2 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

See accompanying notes to consolidated financial statements.

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Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Operations

(Dollars in millions, except per share data)

	Year ended December 31,
	2023		2022		2021
Revenue
Rental	$	415.3	$	434.9	$	390.5
Hotel	57.1		46.9		17.1
Investment management fees (includes $51.9, $44.8, and $35.3 of related party fees, respectively)	61.9		44.8		35.3
Loans	26.1		11.7		8.6
Other	2.2		1.7		2.1
Total revenue	562.6		540.0		453.6
(Loss) income from unconsolidated investments
Principal co-investments	(188.5)		199.5		271.1
Performance allocations	(64.3)		(21.1)		117.9
Total (loss) income from unconsolidated investments	(252.8)		178.4		389.0
Gain on sale of real estate, net	127.6		103.7		412.7
Expenses
Rental	152.6		151.2		132.7
Hotel	37.9		29.5		12.7
Compensation and related (including $34.5, $29.0 and $28.7 of share-based compensation)	139.4		140.3		162.6
Performance allocation compensation	(15.1)		(4.3)		42.0
General and administrative	35.7		37.2		33.3
Depreciation and amortization	157.8		172.9		166.3
Total expenses	508.3		526.8		549.6
Interest expense	(259.2)		(220.8)		(192.4)
(Loss) gain on early extinguishment of debt	(1.6)		27.5		(45.7)
Other (loss) income	(5.0)		36.1		(5.0)
(Loss) income before benefit from (provision for) income taxes	(336.7)		138.1		462.6
Benefit from (provision for) income taxes	55.3		(36.2)		(126.2)
Net (loss) income	(281.4)		101.9		336.4
Net income attributable to the noncontrolling interests	(22.4)		(8.2)		(6.0)
Preferred dividends	(38.0)		(28.9)		(17.2)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(341.8)	$	64.8	$	313.2
Basic (loss) earnings per share
(Loss) income per basic	$	(2.46)	$	0.47	$	2.26
Weighted average shares outstanding for basic	138,930,517		136,900,875		138,552,058
Diluted (loss) earnings per share
(Loss) income per diluted	$	(2.46)	$	0.47	$	2.24
Weighted average shares outstanding for diluted	138,930,517		138,567,534		140,132,435
Dividends declared per common share	$	0.96	$	0.96	$	0.90

See accompanying notes to consolidated financial statements.

71

Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Comprehensive (Loss) Income

(Dollars in millions)

	Year ended December 31,
	2023		2022		2021
Net (loss) income	$	(281.4)	$	101.9	$	336.4
Other comprehensive income (loss), net of tax:
Unrealized foreign currency translation gain (loss)	32.1		(71.7)		(58.3)
Amounts reclassified out of AOCI during the year	—		(0.8)		2.2
Unrealized currency derivative contracts (loss) gain	(5.5)		23.4		56.2
Unrealized gain on interest rate swaps	—		5.6		3.2
Total other comprehensive income (loss) for the year	26.6		(43.5)		3.3
Comprehensive (loss) income	(254.8)		58.4		339.7
Comprehensive income attributable to noncontrolling interests	(23.3)		(5.2)		(5.2)
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.	$	(278.1)	$	53.2	$	334.5

See accompanying notes to consolidated financial statements.

72

Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Equity

(Dollars in millions, except share amounts)

Year Ended December 31, 2023

	Preferred Stock			Common Stock			Additional Paid-in Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Loss		Noncontrolling Interests
	Shares	Amount		Shares	Amount										Total
Balance, December 31, 2022	600,000	$	592.5	137,790,768	$	—	$	1,679.5	$	122.1	$	(430.1)	$	46.4	$	2,010.4
Preferred stock issuance, net of issuance costs	200,000	197.4		—	—		—		—		—		—		197.4
Issuance of common stock, net of issuance costs	—	—		1,690,743	—		29.8		—		—		—		29.8
Restricted stock grants (RSG)	—	—		961,045	—		—		—		—		—		—
Shares retired due to RSG vesting	—	—		(781,303)	—		(13.4)		—		—		—		(13.4)
Shares retired due to common stock repurchase program	—	—		(666,701)	—		(11.8)		4.3		—		—		(7.5)
Shares forfeited	—	—		(267,031)	—		—		—		—		—		—
Stock based compensation	—	—		—	—		34.5		—		—		—		34.5
Other comprehensive income (loss):
Unrealized foreign currency translation gain, net of tax	—	—		—	—		—		—		31.2		0.9		32.1
Unrealized foreign currency derivative contract loss, net of tax	—	—		—	—		—		—		(5.5)		—		(5.5)
Common stock dividends	—	—		—	—		—		(133.6)		—		—		(133.6)
Preferred stock dividends	—	—		—	—		—		(38.0)		—		—		(38.0)
Net (loss) income	—	—		—	—		—		(303.8)		—		22.4		(281.4)
Contributions from noncontrolling interests	—	—		—	—		—		—		—		1.3		1.3
Distributions to noncontrolling interests	—	—		—	—		—		—		—		(27.7)		(27.7)
Balance, December 31, 2023	800,000	$	789.9	138,727,521	$	—	$	1,718.6	$	(349.0)	$	(404.4)	$	43.3	$	1,798.4

See accompanying notes to consolidated financial statements.

Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Equity

(Dollars in millions, except share amounts)

Year Ended December 31, 2022

	Preferred Stock			Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests
	Shares	Amount		Shares	Amount										Total
Balance, December 31, 2021	300,000	$	295.2	137,955,479	$	—	$	1,679.6	$	192.4	$	(389.6)	$	26.3	$	1,803.9
Preferred stock issuance, net of issuance costs	300,000	297.3		—	—		—		—		—		—		297.3
At-the-market equity offering program costs	—	—		—	—		(0.7)		—		—		—		(0.7)
Restricted stock grants	—	—		1,221,362	—		—		—		—		—		—
Shares retired due to RSG vesting	—	—		(834,911)	—		(18.6)		—		—		—		(18.6)
Shares retired due to common stock repurchase program	—	—		(551,162)	—		(9.8)		(2.8)		—		—		(12.6)
Stock based compensation	—	—		—	—		29.0		—		—		—		29.0
Other comprehensive (loss) income:
Unrealized foreign currency translation loss, net of tax	—	—		—	—		—		—		(68.7)		(3.0)		(71.7)
Unrealized foreign currency derivative contract gain, net of tax	—	—		—	—		—		—		23.4		—		23.4
Unrealized gain on interest rate swaps, net of tax	—	—		—	—		—		—		4.8		—		4.8
Common stock dividends	—	—		—	—		—		(132.3)		—		—		(132.3)
Preferred stock dividends	—	—		—	—		—		(28.9)		—		—		(28.9)
Net income	—	—		—	—		—		93.7		—		8.2		101.9
Contributions from noncontrolling interests	—	—		—	—		—		—		—		25.7		25.7
Distributions to noncontrolling interests	—	—		—	—		—		—		—		(10.8)		(10.8)
Balance, December 31, 2022	600,000	$	592.5	137,790,768	$	—	$	1,679.5	$	122.1	$	(430.1)	$	46.4	$	2,010.4

See accompanying notes to consolidated financial statements.

Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Equity

(Dollars in millions, except share amounts)

Year Ended December 31, 2021

	Preferred Stock			Common Stock			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Noncontrolling Interests
	Shares	Amount		Shares	Amount										Total
Balance, December 31, 2020	300,000	$	295.2	141,365,323	$	—	$	1,725.2	$	17.7	$	(393.6)	$	28.2	$	1,672.7
Shares forfeited	—	—		(237,588)	—		—		—		—		—		—
Restricted stock grants	—	—		619,945	—		—		—		—		—		—
Shares retired due to RSG vesting	—	—		(967,536)	—		(20.5)		—		—		—		(20.5)
Shares retired due to common stock repurchase program	—	—		(2,824,665)	—		(50.0)		(12.7)		—		—		(62.7)
Stock based compensation	—	—		—	—		28.7		—		—		—		28.7
Other comprehensive income (loss):															—
Unrealized foreign currency translation loss, net of tax	—	—		—	—		—		—		(55.8)		(0.8)		(56.6)
Unrealized foreign currency derivative contract gain, net of tax	—	—		—	—		—		—		56.1		—		56.1
Unrealized gain on interest rate swaps, net of tax	—	—		—	—		—		—		3.7		—		3.7
Common stock dividends	—	—		—	—		—		(125.8)		—		—		(125.8)
Preferred stock dividends	—	—		—	—		—		(17.2)		—		—		(17.2)
Net income	—	—		—	—		—		330.4		—		6.0		336.4
Contributions from noncontrolling interests	—	—		—	—		—		—		—		7.8		7.8
Distributions to noncontrolling interests	—	—		—	—		—		—		—		(18.7)		(18.7)
Incentive allocations to noncontrolling interests	—	—		—	—		(3.8)		—		—		3.8		—
Balance, December 31, 2021	300,000	$	295.2	137,955,479	$	—	$	1,679.6	$	192.4	$	(389.6)	$	26.3	$	1,803.9

See accompanying notes to consolidated financial statements.

73

Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Cash Flows

(Dollars in millions)

	Year ended December 31,
	2023		2022		2021
Cash flows from operating activities:
Net (loss) income	$	(281.4)	$	101.9	$	336.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of real estate, net	(127.6)		(103.7)		(412.7)
Depreciation and amortization	157.8		172.9		166.3
Above/below market and straight-line rent amortization	(5.5)		(8.0)		6.8
Uncollectible lease income	5.4		8.0		12.9
(Benefit from) provision for deferred income taxes	(65.9)		18.3		112.2
Amortization of loan fees	9.2		9.1		16.2
Amortization of discount and accretion of premium and transactional foreign exchange	2.9		2.6		2.4
Unrealized net loss (gain) on derivatives	16.4		(45.9)		(4.6)
Loss (gain) on extinguishment of debt	1.6		(27.5)		—
Loss (income) from unconsolidated investments	252.8		(178.4)		(389.0)
Provision for loan loss reserves	7.0		—		—
Accretion of interest income on loans	(3.5)		—		(0.5)
Share-based compensation expense	34.5		29.0		28.7
Deferred compensation	(3.8)		7.6		56.3
Operating distributions from unconsolidated investments	69.2		78.1		82.2
Change in assets and liabilities:
Accounts receivable	(23.8)		(13.4)		(0.5)
Other assets	(1.3)		(9.7)		(18.8)
Accrued expenses and other liabilities	4.9		(8.0)		(24.6)
Net cash provided by (used in) operating activities	48.9		32.9		(30.3)
Cash flows from investing activities:
Issuance of loans	(150.2)		(50.9)		(83.4)
Proceeds from collection of loans	48.9		34.5		58.1
Net proceeds from sale of consolidated real estate	383.9		325.9		486.4
Purchases of consolidated real estate	—		(408.2)		(1,131.8)
Capital expenditures to real estate	(217.2)		(160.9)		(139.2)
Investing distributions from unconsolidated investments	92.4		157.1		82.8
Contributions to unconsolidated investments	(167.4)		(361.3)		(280.8)
Proceeds from settlement of derivative contracts	—		112.6		—
Premiums paid for settlement of derivative contracts	(2.1)		(10.4)		(30.1)
Net cash used in investing activities	(11.7)		(361.6)		(1,038.0)
Cash flow from financing activities:
Borrowings under senior notes payable	—		—		1,804.3
Repayment of senior notes payable	—		—		(1,150.0)
Borrowings under line of credit/term loan	50.0		528.4		314.3
Repayment of line of credit/term loan	(185.0)		(325.0)		(438.5)
Borrowings under mortgage debt	408.9		401.3		1,144.9
Repayment of mortgage debt	(446.4)		(389.6)		(268.2)
Repayment of KWE Bonds	—		(65.8)		(504.4)
Payment of loan fees	(0.7)		(5.0)		(35.6)
Issuance of common stock, net of issuance costs	29.8		(0.7)		—
Repurchase of common stock	(20.9)		(31.2)		(83.2)
Preferred stock issuance, net of issuance costs	197.4		297.3		—
Common stock dividends paid	(136.0)		(134.6)		(123.5)
Preferred stock dividends paid	(35.5)		(25.9)		(17.2)
Contributions from noncontrolling interests	1.3		25.8		7.8
Distributions to noncontrolling interests	(27.7)		(10.8)		(18.7)
Net cash (used in) provided by financing activities	(164.8)		264.2		632.0
Effect of currency exchange rate changes on cash and cash equivalents	2.0		(21.0)		(4.0)
Net change in cash and cash equivalents	(125.6)		(85.5)		(440.3)
Cash and cash equivalents, beginning of year	439.3		524.8		965.1
Cash and cash equivalents, end of year	$	313.7	$	439.3	$	524.8

-

See accompanying notes to consolidated financial statements.

Kennedy-Wilson Holdings, Inc.

Consolidated Statements of Cash Flows (continued)

(Dollars in millions)

Supplemental cash flow information:

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Cash paid for:
Interest(1)(2)	$	252.0	$	214.4	$	183.7
Income taxes	21.8		19.9		16.5
Cash received from consolidated and unconsolidated asset sales and loan repayments, net	376.1		369.8		481.1
Cash received on interest rate hedges	24.0		0.9		(1.2)

(1) $1.4 million, $4.0 million, and $4.1 million attributable to non-controlling interests for the years ended December 31, 2023, 2022, and 2021, respectively.

(2) Excludes $5.0 million, $3.3 million, and $3.2 million of capitalized interest during the for the years ended December 31, 2023, 2022 and 2021, respectively.

As of December 31, 2023, 2022, and 2021, we have $69.6 million, $21.4 million, and $24.2 million, respectively, 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 loans in the newly acquired Construction Loan Portfolio (as defined herein) on behalf of the borrowers under such loans. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties and on our loan investments.

Supplemental disclosure of non-cash investing and financing activities:

During the year ended December 31, 2023, the Company sold a 49% equity interest in two previously wholly-owned market-rate multifamily properties into an existing joint venture platform managed by the Company (see gain on sale of real estate in Note 3 for further description of the transaction) and retained a noncontrolling 51% interest in such properties, which was treated as a non-cash activity with the remaining share of real estate, mortgage loan and other balance sheet items being removed from the consolidated balance sheet with an increase of $33.4 million to unconsolidated investments.

During the year ended December 31, 2023, the Company also sold a previously wholly-owned multifamily property into its Vintage Housing Holdings ("VHH") platform, with the Company retaining an interest in the property through its investment in VHH. The transaction was treated as a non-cash activity with the remaining share of real estate, mortgage loan and other balance sheet items being removed from the consolidated balance sheet with an increase of $16.8 million to unconsolidated investments.

During the year ended December 31, 2022, the noncontrolling 51% interest that the Company retained as part of the sale of a 49% ownership interest in the Montiavo multifamily asset in the Western United States ("Montiavo") (see gain on sale of real estate in Note 3 for further description of the transaction) was treated as a non-cash activity with the remaining share of real estate, mortgage loan and other balance sheet items being removed from the consolidated balance sheet resulting in an increase of $31.9 million to unconsolidated investments.

During the year ended December 31, 2021, the noncontrolling 51% interest that the Company retained in the MF seed portfolio (see gain on sale of real estate in Note 3 for further description of the transaction) was treated as a non-cash activity with the remaining share of real estate, mortgage loan and other balance sheet items being removed from the consolidated balance sheet resulting in an increase of $178.8 million to unconsolidated investments.

74

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

December 31, 2023, 2022 and 2021

NOTE 1—ORGANIZATION

Kennedy-Wilson Holdings, Inc. (“KWH,” NYSE: KW), a Delaware corporation and its wholly owned and consolidated subsidiaries (collectively the "Company" or "Kennedy Wilson"), is a global real estate investment company. The Company owns, operates, and invests in real estate both on its own and through its investment management platform. The Company also has a global debt platform primarily focused on construction lending secured by high-quality multifamily and student housing properties throughout the United States. The Company primarily focuses on multifamily and office properties, as well as industrial and debt investments in its Investment Management business in the Western United States, United Kingdom and Ireland. The Company's operations are defined by two business segments; its Consolidated Portfolio and Co-Investment Portfolio. Investment activities in the Consolidated Portfolio involve ownership of multifamily units, office, and retail space and one hotel. The Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that we have made through the commingled funds and joint ventures that we manage; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) performance allocations that we earn on our fee bearing capital

NOTE 2—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION — The consolidated financial statements include the accounts of Kennedy Wilson and voting interest entities which it controls. All intercompany balances and transactions have been eliminated in consolidation. In addition, Kennedy Wilson evaluates its relationships with other entities to identify whether they are variable interest entities ("VIE") as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Subtopic 810, Consolidation, and to assess whether it is the primary beneficiary of such entities. In determining whether Kennedy Wilson is the primary beneficiary of a VIE, qualitative and quantitative factors are considered, including, but not limited to: the amount and characteristics of Kennedy Wilson's investment; the obligation or likelihood for Kennedy Wilson to provide financial support; Kennedy Wilson's ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of Kennedy Wilson.

The Company determines the appropriate accounting method with respect to all investments that are not VIEs based on the control-based framework (controlled entities are consolidated) provided by the consolidation guidance in ASC Subtopic 810. The Company accounts for joint ventures where it is deemed that the Company does not have control through the equity method of accounting while joint ventures that the Company controls are consolidated in Kennedy Wilson's financial statements.

USE OF ESTIMATES — The preparation of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosure about contingent assets and liabilities, and reported amounts of revenues and expenses. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates will be reflected in the financial statements in future periods.

REVENUE RECOGNITION — Revenue consists of rental and hotel income, management fees, leasing and commission fees, loan interest income and sales of real estate. ASC Topic 606, Revenue from Contracts with Customers, is a five-step model to recognize revenue from customer contracts. The model identifies the contract, any separate performance obligations in the contract, determines the transaction price, allocates the transaction price and recognizes revenue when the performance obligations are satisfied. Management has concluded that, with the exception of performance allocations, the nature of the Company's revenue streams is such that the requirements are generally satisfied at the time that the fee becomes receivable.

Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases in accordance with ASC Topic 842, Leases.

Hotel income is earned when rooms are occupied or goods and services have been delivered or rendered.

75

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

Management fees are primarily comprised of investment management fees. Investment management fees are earned from limited partners of funds, co-investments, or separate accounts and are generally based on a fixed percentage of committed capital or net asset value. The Company provides investment management on investments it also has an ownership interest in. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest.

Investment management fees include acquisition, arrangement and disposition fees. Acquisition, arrangement and disposition fees are earned for identifying and closing investments on behalf of investors and are based on a fixed percentage of the acquisition or disposition price, as applicable. Acquisition and disposition fees are recognized upon the successful completion of an acquisition or disposition after all required services have been performed.

Loan income from investments in performing loans which Kennedy Wilson originates or acquires are recognized at the stated interest rate plus any amortization of premiums/discounts or fees earned on the loans. Loan income from investments in loans acquired at a discount are recognized using the effective interest method. When a loan or loans are acquired with deteriorated credit quality primarily for the rewards of collateral ownership, such loans are accounted for as loans until Kennedy Wilson is in possession of the collateral. However, accrual of income is not recorded during the conversion period under ASC Subtopic 310-30-25, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Income is recognized to the extent that cash is received from the loan. The Company has evaluated its loan portfolio under ASC Subtopic 326, Financial Instruments – Credit Losses. for current expected credit losses ("CECL") reserves. CECL reserves reflect the Company's current estimate of potential credit losses related to loans included in the Company's consolidated balance sheets. Changes to the CECL reserve are recognized through the Company's consolidated statements of operations. While ASC Subtopic 326 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions.

Sales of real estate are recognized when title to the real property passes to the buyer and there is no continuing involvement in the real property. Under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, the Company recognizes the entire gain attributed to contributions of real estate properties to unconsolidated entities.

Property services fees are earned from the Company's auction sales and marketing business. In the case of auction and real estate sales commissions, the revenue is generally recognized when escrow closes. In accordance with the guidelines established for Reporting Revenue Gross as a Principal versus Net as an Agent in ASC Topic 606, Kennedy Wilson records commission revenues and expenses on a gross basis. Of the criteria listed in ASC Topic 606, Kennedy Wilson is the primary obligor in the transaction, does not have inventory risk, performs all or part of the service and has wide latitude in establishing the price of services rendered and discretion in selection of agents and determination of service specifications.

REAL ESTATE ACQUISITIONS — The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests ("NCI"). Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized as part of the real estate acquired.

The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach.

The Company is involved in all stages of real estate ownership, including development. Once a project is in development, consistent with ASC Topic 360 Property Plant, and Equipment, costs including interest and real estate taxes and associated costs directly related to the project under development, are capitalized. During the predevelopment period of a probable project and the period in which a project is under construction, the Company capitalizes all direct and indirect costs associated with planning, developing, and constructing the project. Once a project is constructed and deemed substantially complete and ready for occupancy, carrying costs, such as real estate taxes, interest and associated costs, are expensed as incurred.

UNCONSOLIDATED INVESTMENTS — Kennedy Wilson has a number of joint venture interests that were formed to acquire, manage, and/or sell real estate. Investments in unconsolidated investments are accounted for under the equity method of accounting as Kennedy Wilson can exercise significant influence, but does not have the ability to control the

76

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

unconsolidated investment. An investment in an unconsolidated investment is recorded at its initial investment and is increased or decreased by Kennedy Wilson’s share of income or loss, plus additional contributions and less distributions. A decline in the value of an unconsolidated investment that is other than temporary is recognized when evidence indicates that such a decline has occurred in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures.

Kennedy Wilson elected the fair value option for 72 investments in unconsolidated investment entities ("FV Option" investments). Due to the nature of these investments, Kennedy Wilson elected to record these investments at fair value in order to report the change in value in the underlying investments in the results of its current operations.

Additionally, Kennedy Wilson records its investments in certain commingled funds it manages and sponsors (the "Funds") that are investment companies under the ASC Topic 946, Financial Services - Investment Companies, based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect their investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in their earnings.

Performance allocations or carried interest are allocated to the general partner, special limited partner or asset manager of Kennedy Wilson's real estate funds based on the cumulative performance of the fund and are subject to preferred return thresholds of the limited partners. At the end of each reporting period, Kennedy Wilson calculates the performance allocation that would be due as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as performance allocation to reflect either (a) positive performance resulting in an increase in the performance allocation to the general partner or asset manager or (b) negative performance that would cause the amount due to Kennedy Wilson to be less than the amount previously recognized as income from unconsolidated investments, resulting in a negative adjustment to performance allocations to the general partner or asset manager. As of December 31, 2023, the Company has $77.3 million of accrued performance allocations recorded to unconsolidated investments that are subject to future adjustments based on the underlying performance of investments. During the year ended December 31, 2023, the Company did not collect any performance allocations. During the years ended December 31, 2022 and 2021, the Company collected $6.8 million and $9.6 million of performance allocations.

The Company has concluded that performance allocations to the Company from equity method investments, based on cumulative performance to-date, represent carried interests. Consequently, in following the guidance set forth in ASC Topic 606 and ASC Topic 323, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of income.

Performance allocation compensation is recognized in the same period that the related performance allocations are recognized and can be reversed during periods when there is a reversal of performance allocations that were previously recognized. As of December 31, 2023, the Company has $22.8 million of accrued performance allocation compensation recorded to accrued expenses and other liabilities that are subject to future adjustments based on the underlying performance of investments. During the year ended December 31, 2023, the Company did not pay out any performance allocation compensation. During the year ended December 31, 2022, the Company paid $1.2 million of performance allocation compensation to employees for performance allocations that were realized during the period.

FAIR VALUE MEASUREMENTS — Kennedy Wilson accounts for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring basis under the provisions of ASC Topic 820, Fair Value Measurement. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When estimating fair value in the absence of an orderly transaction between market participants, valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate and the investments in debt securities are valued, in part, based on third party valuations and management estimates also using an income approach. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.

FAIR VALUE OF FINANCIAL INSTRUMENTS — The estimated fair value of financial instruments is determined using available market information and appropriate valuation methodologies. Considerable judgment, is necessary, however, to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

DISTRIBUTIONS FROM UNCONSOLIDATED INVESTMENTS — The Company utilizes the nature of distributions approach and distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from unconsolidated investments' sale of assets), in which case it is reported as an investing activity.  This enables Kennedy Wilson to look to the nature and source of the distribution received and classify it appropriately between operating and investing activities on the statement of cash flows based upon the source. 

FOREIGN CURRENCIES — The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income.

Investment level debt is generally incurred in local currencies. Fluctuations in foreign exchanges rates may have a significant impact on the results of the Company's operations. In order to manage the effect of these fluctuations, the Company enters into hedging transactions, in the form of currency derivative contracts, that are designed to reduce its book equity exposure to foreign currencies. KWE has also entered into currency derivative contracts to manage its exposure to euro to British pound currency fluctuations. See Note 5 for a complete discussion on currency derivative contracts.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Kennedy Wilson has derivatives to reduce its exposure to foreign currencies. All derivative instruments are recognized as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships, changes in fair value of cash flow hedges or net investment hedges are recognized in accumulated other comprehensive income, to the extent the derivative is effective at offsetting the changes in the item being hedged until the hedged item affects earnings.

Fluctuations in foreign exchanges rates may have a significant impact on the Company's results of operations. In order to manage the potential exposure from adverse changes in foreign exchange rates arising from the Company’s net investments in foreign operations, the Company may enter into currency derivative contracts to hedge all or portions of the net investments in the Company’s non-U.S. dollar denominated foreign operations.

GOODWILL — Goodwill results from the difference between the purchase price and the fair value of net assets acquired based upon the purchase method of accounting for business combinations. In accordance with ASC Subtopic 350-20, Accounting for Intangibles - Goodwill and Other, goodwill is reviewed for impairment on an annual basis. The Company performs its annual review of impairment at year end and when a triggering event occurs between annual year end reviews. As a result of the evaluation performed as described above, Kennedy Wilson has determined that there was no impairment of goodwill as of December 31, 2023, 2022 and 2021.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents consist of cash and all highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents are invested in institutions insured by government agencies. Certain accounts contain balances in excess of the insured limits. Kennedy Wilson's operations and financial position are affected by fluctuations in currency exchange rates between the euro and British pound sterling against the U.S. Dollar. As of December 31, 2023, 2022, and 2021 we have $69.6 million, $21.4 million, and $24.2 million, respectively, 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 loans in the newly acquired Construction Loan Portfolio (as defined herein) on behalf of the borrowers under such loans. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties and on our loan investments.

LONG-LIVED ASSETS — Kennedy Wilson reviews its long-lived assets (excluding goodwill) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Subtopic 360-10, Property, Plant and Equipment. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in gain on sale of real estate, net in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are presented separately in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of the assets to be disposed of are classified as held for sale and would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets.

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

ACCOUNTS RECEIVABLE — Accounts receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected.

CONCENTRATION OF CREDIT RISK — Financial instruments that subject Kennedy Wilson to credit risk consist primarily of accounts and notes receivable, cash equivalents and derivative instruments. Credit risk is generally diversified due to the large number of entities composing Kennedy Wilson’s customer base and their geographic dispersion throughout the United States, the United Kingdom, Ireland, Spain and Italy. Kennedy Wilson performs ongoing credit evaluations of its customers and debtors.

EARNINGS PER SHARE — Basic earnings per share is computed based upon the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share is computed based upon the weighted average number of shares of common stock and potentially dilutive securities outstanding during the periods presented. The dilutive impact of potentially dilutive securities includes convertible securities, and unvested stock which were outstanding during the period. Unvested stock are calculated by the “treasury stock” method and the convertible securities under the "if converted" method.

COMPREHENSIVE INCOME (LOSS) — Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). In the accompanying consolidated balance sheets, accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains (losses) on derivative instruments.

REPURCHASE OF EQUITY INSTRUMENTS — Upon the decision to retire repurchased equity instruments, Kennedy Wilson records the retirement as a reduction to additional paid in capital for the amount that shares were initially issued at with the excess paid recorded to retained earnings.

SHARE-BASED PAYMENT ARRANGEMENTS — Kennedy Wilson accounts for its share-based payment arrangements under the provisions of ASC Subtopic 718-10, Compensation - Stock Compensation. Compensation cost for employee service received in exchange for an award of equity instruments is based on the grant-date fair value of the share-based award that is ultimately settled in equity of Kennedy Wilson. The cost of employee services is recognized over the period during which an employee provides service in exchange for the share-based payment award. Share-based payment arrangements with only services conditions that vest ratably over the requisite service period are recognized on the straight-line basis and performance awards that vest ratably are recognized on a tranche by tranche basis over the performance period.

INCOME TAXES — Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with accounting for uncertainty in ASC Subtopic 740-10, Income Taxes, Kennedy Wilson recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Kennedy Wilson records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses on the consolidated statements of operations.

NONCONTROLLING INTERESTS — Noncontrolling interests are reported within equity as a separate component of Kennedy Wilson's equity in accordance with ASC Subtopic 810-10. Revenues, expenses, gains, losses, net income or loss, and other comprehensive income are reported in the consolidated statements of operations at the consolidated amounts and net income and comprehensive income attributable to noncontrolling interests are separately stated.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning December 15, 2024, with early adoption permitted, and

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on the Company’s consolidated financial statements.

On November 27, 2023, the FASB issued an ASU to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Pursuant to this ASU, the footnotes to the Company's consolidated financial statements will include incremental disclosures related to our reportable segments, including the disclosures about the Company's CODM’s review of its consolidated net income, the profit/loss measure of the Company's segments. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are evaluating the disclosure requirements related to the new standard.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued in response to the SEC’s final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated, and to align the requirements in the Codification with the SEC’s disclosure requirements. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on our consolidated financial statements and related disclosures.

The FASB did not issue any other ASUs during the year ended December 31, 2023 that the Company expects to be applicable and have a material impact on the Company's financial statements.

RECLASSIFICATIONS—Certain balances included in prior year's financial statements have been reclassified to conform to the current year's presentation.

NOTE 3—REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE

The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Land	$	1,328.3	$	1,319.2
Buildings	3,679.1		3,961.9
Building improvements	511.3		494.2
Acquired in-place lease values	276.4		295.0
	5,795.1		6,070.3
Less accumulated depreciation and amortization	(957.8)		(882.2)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	$	4,837.3	$	5,188.1

Real property, including land, buildings, and building improvements, are included in real estate and are generally stated at cost.  Buildings and building improvements are depreciated on the straight-line method over their estimated lives not to exceed 40 years. Acquired in-place lease values are recorded at their estimated fair value and amortized over their respective weighted-average lease term which was 5.3 years at December 31, 2023.

Depreciation and amortization expense on buildings, building improvements and acquired in-place lease values for the years ended December 31, 2023, 2022 and 2021 was $148.9 million, $162.7 million and $151.3 million, respectively.

Consolidated Acquisitions

The purchase of property is recorded to land, buildings, building improvements, and intangible lease value (including the value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any) based on

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

their respective estimated relative fair values. The purchase price generally approximates the fair value of the properties as acquisitions are transacted with third-party willing sellers after arms-length negotiations.

During the year ended December 31, 2023, Kennedy Wilson did not acquire any consolidated properties.

During the year ended December 31, 2022, Kennedy Wilson acquired the following consolidated properties, which were treated as asset acquisitions:

(Dollars in millions)		Purchase Price Allocation at Acquisition(1)
Location	Description	Land		Building		Acquired in-place lease values(2)		Investment debt		KWH Shareholders' Equity
Western U.S.	Four multifamily properties	$	99.2	$	396.6	$	1.4	$	203.4	$	293.8
United Kingdom	Office building	25.5		74.1		6.9		—		106.5
		$	124.7	$	470.7	$	8.3	$	203.4	$	400.3

(1) Excludes net other assets.

(2) Above- and below-market leases are included in other assets and accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheets.

Gains on Sale of Real Estate, Net

During the years ended December 31, 2023, 2022 and 2021, Kennedy Wilson recognized the following net gains on sale of real estate. Included in the net gains for the year ended December 31, 2023, 2022 and 2021 are impairment losses of $28.6 million, $13.3 million and $20.9 million primarily relating to European non-core retail and office assets.

(Dollars in millions)		Gain on sale of real estate
Year ended December 31,	Description	Consolidated		NCI		Net of NCI
2023	Primarily due to the sale of a 49% equity interest in two multifamily properties in the Western United States that were previously wholly-owned and controlled by the Company and the sale of a wholly-owned office property in the United Kingdom.	$	127.6	$	(21.9)	$	105.7
2022	Primarily due to the sale of a 49% equity interest in a multifamily property in Western United States that was previously wholly-owned and controlled by the Company and the sale of a wholly-owned office property in the United Kingdom	103.7		(1.0)		102.7
2021	Primarily due to the sale of a 49% equity interest in nine multifamily properties in Western United States that were previously wholly-owned and controlled by the Company and the sale of 19 office properties in the United Kingdom, one multifamily property in Western United States, three retail properties in Western United States and an office property in Western United States	412.7		(5.4)		407.3

Deconsolidation of Previously Consolidated Real Estate

Under ASC Subtopic 610-20, the Company consummated the following transactions that resulted in the deconsolidation of the Company's interests in investments previously consolidated in the Company's financial statements:

During the year ended December 31, 2023, Kennedy Wilson recognized gains on sale of real estate, net of $127.6 million. These gains were primarily due to (i) the Company's sale of 49% of its equity interest in two previously wholly-owned market-rate multifamily properties into an existing joint venture platform managed by the Company and retained a noncontrolling 51% interest in such properties, which resulted in a gain on sale of real estate of $79.5 million; (ii) the sale of a Western United States property to VHH, pursuant to which the Company retains an interest in the asset through its ownership interest in VHH, which resulted in a gain of $15.1 million; (iii) the sale of a consolidated multifamily property owned with a noncontrolling interest partner which resulted in a gain of $37.6 million ($20.1 million of which was at the Company's share) and (iv) the remainder of gain on sale of real estate relates to the sale of non-core retail and residential properties in the Western United States, United Kingdom, Ireland, and Spain.

During the year ended December 31, 2022, due to the sale and deconsolidation of Montiavo, the Company recognized a $56.7 million gain on sale of real estate, net and generated $30.2 million of cash proceeds for the Company. The gain is due to the sale of the 49% interest to the Company's partner and the recording of the Company's retained 51% interest in unconsolidated investments at the fair value established by the transaction.

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

During the year ended December 31, 2021, due to the sale and deconsolidation of the assets that make up the MF seed portfolio, the Company recognized a $332.0 million gain on sale of real estate, net and generated $166.4 million of cash proceeds for the Company. The gain is due to the sale of the 49% interest to the Company's partner and the recording of the Company's retained 51% interest in unconsolidated investments at the fair value established by the transaction. The MF seed portfolio and subsequent investments within the separate account are accounted for at fair value as the Company elected to account for this investment under the fair value adoption.

The Company leases its operating properties to customers under agreements that are classified as operating leases. The total minimum lease payments provided for under the leases are recognized on a straight-line basis over the lease term. The majority of the Company's rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from the Company's tenants. The Company records amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The reimbursements are recognized in rental income in the consolidated statements of operations as the Company is the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk.

The following table summarizes the minimum lease payments due from the Company's tenants on leases with lease periods greater than one year at December 31, 2023:

(Dollars in millions)	Minimum
	Rental Revenues(1)
2024	$	134.1
2025	124.4
2026	104.5
2027	83.1
2028	68.7
Thereafter	181.9
Total	$	696.7

(1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.

NOTE 4—UNCONSOLIDATED INVESTMENTS

Kennedy Wilson has a number of joint venture interests including commingled funds and separate accounts, generally ranging from 5% to 50%, that were formed to acquire, manage, develop, service and/or sell real estate. Kennedy Wilson has significant influence over these entities, but not control. Accordingly, these investments are accounted for under the equity method.

Joint Venture and Fund Holdings

The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2023:

(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	820.9	$	71.6	$	253.0	$	96.2	$	156.2	$	1,397.9
Ireland	313.8		158.7		—		5.4		—		477.9
United Kingdom	—		139.8		—		31.5		22.0		193.3
Total	$	1,134.7	$	370.1	$	253.0	$	133.1	$	178.2	$	2,069.1

The following table details the Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2022:

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	857.6	$	89.2	$	195.9	$	158.3	$	169.1	$	1,470.1
Ireland	378.1		176.7		—		8.0		—		562.8
United Kingdom	—		138.7		—		36.3		30.2		205.2
Total	$	1,235.7	$	404.6	$	195.9	$	202.6	$	199.3	$	2,238.1

During the year ended December 31, 2023, the change in unconsolidated investments primarily relates to $167.4 million of cash contributions to unconsolidated investments, $161.6 million of distributions from unconsolidated investments, $48.4 million associated with the deconsolidations as discussed in Note 3, $252.8 million of losses from unconsolidated investments (including $229.3 million of fair value losses), and a $24.0 million decrease related to other items, which primarily related to foreign exchange movements.

As of December 31, 2023 and December 31, 2022, $1,927.0 million and $2,093.7 million, respectively, of unconsolidated investments were accounted for at fair value. See Note 5 for more detail.

Contributions to Joint Ventures

During the year ended December 31, 2023, Kennedy Wilson contributed $167.4 million to joint ventures, primarily to capital calls with respect to Kona Village Resort development, European office and multifamily developments, and fund new acquisitions in the Company's European Industrial JV and multifamily properties in Western United States with separate account partners.

Distributions from Joint Ventures

The following table details cash distributions by investment type and geographic location for the year ended December 31, 2023:

	Multifamily				Commercial				Funds				Residential and Other				Total
(Dollars in millions)	Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing
Western U.S.	$	36.1	$	74.2	$	9.4	$	—	$	4.8	$	4.1	$	0.7	$	3.0	$	51.0	$	81.3
Ireland	8.3		—		9.1		—		—		—		—		—		17.4		—
United Kingdom	—		—		—		—		—		11.1		0.8		—		0.8		11.1
Total	$	44.4	$	74.2	$	18.5	$	—	$	4.8	$	15.2	$	1.5	$	3.0	$	69.2	$	92.4

Investing distributions resulted primarily from the sale of one VHH multifamily property, one multifamily property in Fund VI and one investment in Europe Fund II as well as refinancing and resyndications from limited partners in the VHH portfolio. Operating distributions resulted from operating cash flow generated by the joint venture investments that have been distributed to the Company.

Income from Unconsolidated Investments

The following table presents income from unconsolidated investments recognized by Kennedy Wilson during the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Income from unconsolidated investments - operating performance	$	40.8	$	80.2	$	60.7
Income from unconsolidated investments - realized gains from cost basis investments	—		4.7		—
(Loss) income from unconsolidated investments - unrealized and realized fair value (losses) gains	(229.3)		114.6		213.5
Income from unconsolidated investments - realized losses and impairment	—		—		(3.1)
Principal co-investments	(188.5)		199.5		271.1
(Loss) income from unconsolidated investments - performance allocation	(64.3)		(21.1)		117.9
(Loss) income from unconsolidated investments	$	(252.8)	$	178.4	$	389.0

The decrease in income from unconsolidated investments is primarily due to the following:

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

Operating performance

During the year ended December 31, 2023, the Company had lower operating performance from its unconsolidated investments due to the following factors: (i) higher interest expense due to rising interest rates (ii) pre-opening and one-time start up costs associated with the opening of the Kona Village Resort and (iii) lower income from sales of residential units at Kohaniki development in Hawaii. The increase in rental income is primarily due to the multifamily assets that were deconsolidated as discussed above in Note 3.

Fair Value

During the year ended December 31, 2023, valuations continued to pull back primarily as a result of continued expansion of estimated capitalization rates and significant reductions in transaction volumes and liquidity, primarily as a result of increased borrowing rates as the Federal Reserve continued its interest rate hikes and increased the federal funds rate by 100 basis points during 2023. As such, during the year ended December 31, 2023 the Company recorded fair value decreases with respect to: (i) certain office properties in the Western United States, Ireland and United Kingdom due to expansion in estimated capitalization rates, primarily as a result of increased interest rates, which also led to us recording a decrease of the accrued performance allocations with respect to funds that held these investments as discussed below; (ii) certain market rate multifamily properties in the Western United States and Ireland due to expansion in estimated capitalization rates; (iii) the write off of a $5 million investment in a social impact real estate fund manager; and (iv) a decrease in the fair value of a building that we hold a 10% ownership interest in due to a national co-working office tenant no longer paying rent at such property. These fair value decreases were offset by (i) a fair value increase of $51.5 million with respect to our investment in VHH (our affordable rate multifamily platform) due to gains on the conversion of the status of one of VHH’s largest properties from development to operating, gains associated with the conversion of the loan secured by such property from a floating rate construction loan to a long-term fixed rate mortgage (the rate of which was set in 2019), the resyndication of properties and (ii) fair value increases recognized by the Company on fixed rate mortgages due to increases in market interest rates.

During the year ended December 31, 2023, we recorded a $64.3 million decrease in the accrual for performance allocations primarily related to the fair value decreases that we recorded with respect to two of our Western United States commingled funds as described above. We also had reductions in performance allocations on market rate multifamily separate account platforms in the Western United States and Ireland. There is no performance allocation structure relating to our investment in VHH.

During the year ended December 31, 2022, valuations began to pull back slightly with estimated cap rate expansion, primarily as a result of increased borrowing rates, which led to fair value losses on real estate during the year ended December 31, 2022. The Company also had fair value foreign exchange losses, net of any hedges on our foreign fair value investments as the euro and the GBP were at historically low levels against the U.S. Dollar. These fair value losses were offset by fair value increases on the Company's affordable multifamily properties in our VHH platform due to increased NOI at the properties driven by rental increases and the stabilization of assets that recently completed development. Fair value losses on real estate were also offset by fair value gains on our fixed rate mortgages that are secured by certain properties. This was primarily related to the Company's long-term fixed rate debt having lower rates than the current market rates as a result of higher base rates and spreads in today's financing market driven by rate increases implemented by the Federal Reserve and the European Central Bank ("ECB") during the prior period. The Company also had fair value gains associated with interest rate derivatives held by properties on variable rate mortgages which have increased in value with rising interest rates. The Company's investment in VHH also had significant fair value gains for the year ended December 31, 2022 due to gains on its fixed rate property loans and increases in NOI at the properties due to rental increases.

During the year ended December 31, 2022, the Company recorded a $21.1 million decrease in the accrual for performance allocations relating to our commingled funds and certain separate account investments due to declines in fair value of the applicable investments. During the year ended December 31, 2022, the Company had realized performance fees of $6.8 million relating to the sale of two multifamily properties in the Western United States, of which the Company paid $1.2 million of performance allocation compensation to employees for performance allocations that were realized during the period.

Vintage Housing Holdings ("VHH")

As of December 31, 2023 and 2022, the carrying value of the Company's investment in VHH was $285.9 million and $272.3 million, respectively. The total equity income recognized from the Company's investment in VHH was $63.0 million, $119.8 million and $41.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Distributions in the

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

current period primarily relate to resyndications and refinancing distributions. Prior period fair value gains primarily relate to resyndications in which VHH dissolves an existing partnership and recapitalizes into a new partnership with tax exempt bonds and tax credits that are sold to a new tax credit partner and, in many cases, yields cash back to VHH. Upon resyndication, VHH retains a GP interest in the partnership and receives various future streams of cash flows including: development fees, asset management fees, other GP management fees and distributions from operations.

During the year ended December 31, 2023, the Company received $59.1 million of proceeds from VHH, including $9.7 million from recurring monthly distributions, $3.2 million from paid developer fees at conversion and $46.2 million from sales and refinancings.

During the year ended December 31, 2023, the Company sold a wholly-owned, Western United States property to VHH, pursuant to which the Company retains an interest in the asset through its ownership interest in VHH, which resulted in a gain of $15.1 million.

Capital Commitments

As of December 31, 2023, Kennedy Wilson had unfulfilled capital commitments totaling $187.7 million to eight of its unconsolidated joint ventures, including $73.5 million relating to four closed-end funds managed by Kennedy Wilson, under the respective operating agreements. In addition to the unfunded capital commitments, the Company has $68.7 million of equity commitments on various development projects. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of such capital commitment obligations.

Summarized Financial Data

VHH

The income from VHH was a significant component of the Company's operations for the year ended December 31, 2022.

MF Seed Portfolio

The income from the MF seed portfolio was a significant component of the Company's operations for the year ended December 31, 2021. Financial information is provided for December 31, 2023 and December 31, 2022 for comparative purposes.

Summarized financial information is provided below:

	VHH				MF Seed Portfolio
	December 31,				December 31,
(Dollars in millions)	2023		2022		2023		2022
Cash and cash equivalents	$	44.0	$	37.0	$	10.0	$	12.4
Accounts receivable	3.7		4.4		1.2		2.0
Real estate	2,054.9		1,802.7		898.6		970.5
Other	0.3		2.0		1.8		1.1
Total assets	$	2,102.9	$	1,846.1	$	911.6	$	986.0
Liabilities
Accounts payable and accrued expenses	$	21.1	$	17.6	$	6.8	$	5.4
Mortgage debt	1,417.4		1,180.6		439.7		448.7
Total liabilities	1,438.5		1,198.2		446.5		454.1
Equity
Kennedy Wilson - investment in unconsolidated investment	285.9		271.8		246.6		291.9
Partners	378.5		376.1		218.5		240.0
Total equity	664.4		647.9		465.1		531.9
Total liabilities and equity	$	2,102.9	$	1,846.1	$	911.6	$	986.0

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

	VHH						MF Seed Portfolio
(Dollars in millions)	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Rental income	$	154.6	$	131.0	$	114.7	$	68.4	$	64.8	$	31.6
Unrealized fair value gains (losses)	114.4		270.7		77.4		(80.7)		56.1		140.6
Rental expenses	(52.1)		(41.0)		(34.8)		(26.9)		(21.1)		(8.5)
Interest expense	(52.0)		(45.6)		(37.5)		(18.0)		(17.6)		(8.2)
Other expense	(8.2)		—		(0.1)		(2.2)		(4.1)		(11.8)
Net income (loss)	156.7		315.1		119.7		(59.4)		78.1		143.7
(Income) loss attributable to partner	(93.7)		(195.3)		(78.3)		30.4		(33.0)		(54.8)
Income (loss) from unconsolidated investment	$	63.0	$	119.8	$	41.4	$	(29.0)	$	45.1	$	88.9

NOTE 5—FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2023:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
Unconsolidated investments	$	—	$	—	$	1,927.0	$	1,927.0
Net currency derivative contracts	—		(23.7)		—		(23.7)
Total	$	—	$	(23.7)	$	1,927.0	$	1,903.3

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2022:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
Unconsolidated investments	$	—	$	—	$	2,093.7	$	2,093.7
Net currency derivative contracts	—		7.0		—		7.0
Total	$	—	$	7.0	$	2,093.7	$	2,100.7

Unconsolidated Investments    

Kennedy Wilson elected to use the FV Option for 72 unconsolidated investments to more accurately reflect the timing of the value created in the underlying investments and report those changes in current operations. Kennedy Wilson's investment balance in the FV Option investments was $1,793.9 million and $1,891.1 million at December 31, 2023 and 2022, respectively, which are included in unconsolidated investments in the accompanying balance sheets.

Additionally, Kennedy Wilson records its investments in its managed commingled funds (the "Funds") based upon the net assets that would be allocated to its interests in the Funds, assuming the Funds were to liquidate their investments at fair value as of the reporting date. The Company’s investment balance in the Funds was $133.1 million and $202.6 million at December 31, 2023 and 2022, respectively, which is included in unconsolidated investments in the accompanying consolidated balance sheets.

In estimating fair value of real estate held by the Funds and the 72 FV Option investments, the Company considers significant unobservable inputs to be the capitalization and discount rates.

The following table summarizes the Company's investments in unconsolidated investments held at fair value by type:

(Dollars in millions)	December 31, 2023		December 31, 2022
FV Option	$	1,793.9	$	1,891.1
Funds	133.1		202.6
Total	$	1,927.0	$	2,093.7

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

The following table presents changes in Level 3 investments, investments in investment companies and investments in joint ventures that elected the fair value option, for the years ended December 31:

(Dollars in millions)	2023		2022		2021
Beginning balance	$	2,093.7	$	1,794.8	$	1,136.5
Unrealized and realized gains, including performance allocations	111.5		274.4		390.0
Unrealized and realized losses	(377.4)		(114.1)		(5.0)
Contributions	168.8		348.1		273.8
Distributions	(143.9)		(188.9)		(144.3)
Foreign exchange	25.0		(55.8)		(28.4)
Other	49.3		35.2		172.2
Ending balance	$	1,927.0	$	2,093.7	$	1,794.8

The Other balance for the year ended December 31, 2023 primarily consists of non-cash contributions relating to two recapitalized multifamily investments into a separate account platform and one multifamily property into VHH. The Other balance for the year ended December 31, 2022 includes $31.9 million related to the sale of a 49% ownership interest in Montiavo. The Other balance for the year ended December 31, 2021 above includes $178.8 million related to the deconsolidation of nine multifamily assets in the MF seed portfolio during the period. As the increase in unconsolidated investments was due to a non-cash movement the amounts are reflected in Other above. See notes to cash flow statement and Note 3 for further discussion regarding the sale.

The change in unrealized gains and losses on Level 3 investments during 2023 and 2022 for investments still held as of December 31, 2023 and 2022 were losses of $178.2 million and gains of $120.8 million, respectively. The change in unrealized and realized gains and losses are included in principal co-investments within income from unconsolidated investments in the accompanying consolidated statements of income.

Unobservable Inputs for Real Estate

The Company accounts for a number of unconsolidated investments under fair value, the accuracy of estimating fair value 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. Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including market-derived estimated 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.

In determining estimated fair market values, the Company utilizes two approaches to value real estate, a discounted cash flow analysis and direct capitalization approach.

Discounted cash flow models estimate future cash flows from a buyer's perspective (including terminal values) and compute a present value using a market discount rate. The holding period in the analysis is typically ten years. This is consistent with how market participants often estimate values in connection with buying real estate but these holding periods can be shorter depending on the life of the structure an investment is held within. The cash flows include a projection of the net sales proceeds at the end of the holding period, computed using a market reversionary capitalization rate.

Under the direct capitalization approach, the Company applies a market derived estimated capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These estimated capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation. Other factors that are taken into consideration include tenancy details, planning, building and environmental factors that might affect the property.

The Company also utilizes valuations from independent real estate appraisal firms on some of its investments ("appraised valuations"), with certain investment structures requiring appraised valuations periodically (typically annually). All appraised valuations are reviewed and approved by the Company.

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

The table below describes the range of inputs used as of December 31, 2023 for real estate assets:

		Estimated Rates Used For
		Capitalization Rates	Discount Rates
Multifamily	Income approach - discounted cash flow	5.70% — 7.50%	7.30% — 11.00%
	Income approach - direct capitalization	4.30% — 5.80%	N/A
Office	Income approach - discounted cash flow	5.20% — 7.50%	7.50% — 9.30%
	Income approach - direct capitalization	4.50% — 9.30%	N/A
Industrial	Income approach - discounted cash flow	5.00% —6.30%	6.30% — 7.80%
	Income approach - direct capitalization	4.10% — 9.00%	N/A
Retail	Income approach - discounted cash flow	6.50%	8.30%
Hotel	Income approach - discounted cash flow	6.00%	8.30%

In valuing indebtedness, Kennedy Wilson considers significant inputs to be the term of the debt, value of collateral, market loan-to-value ratios, market interest rates and spreads, and credit quality of investment entities. The credit spreads used by Kennedy Wilson to value floating rate indebtedness range from 2.00% to 4.60%, while the market rates used to value fixed rate indebtedness range from 4.90% to 9.30%.

There is no active secondary market for the Company's development projects and no readily available market value given the uncertainty of the amount and timing of future cash flows. Accordingly, determination of fair value of its development projects requires judgment and extensive use of estimates. Therefore, the Company typically uses investment cost as the estimated fair value until future cash flows become more predictable. Additionally, the fair value of its development projects may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. If the Company were required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations.

Ongoing macroeconomic conditions, such as, but not limited to, elevated levels of inflation and interest rates, banks' ability and willingness to lend, recent adverse developments affecting regional banks and other financial institutions, currency fluctuations the ongoing military conflicts around the world, continue to fuel recessionary fears and create volatility in our business results and operations. Any prolonged downturn in the financial markets or a recession, either globally or locally in the United States or in other countries in which we conduct business, could impact the fair value of investments held by the Company. As a result of the rapid development, fluidity and uncertainty surrounding these situations, the Company expects that information with respect to fair value measurement may change, potentially significantly, going forward and may not be indicative of the actual impact on our business, operations, cash flows and financial condition for the year ended December 31, 2023 and future periods.

Currency Derivative Contracts

Kennedy Wilson uses foreign currency derivative contracts such as forward contracts and options to manage its foreign currency risk exposure against a portion of certain non-U.S. dollar denominated currency net investments. Foreign currency options are valued using a variant of the Black-Scholes model tailored for currency derivatives and the foreign currency forward contracts are valued based on the difference between the contract rate and the forward rate at maturity of the underlying currency applied to the notional value in the underlying currency discounted at a market rate for similar risks. Although the Company has determined that the majority of the inputs used to value its currency derivative contracts fall within Level 2 of the fair value hierarchy, the counterparty risk adjustments associated with the currency derivative contracts utilize Level 3 inputs. However, as of December 31, 2023 and 2022, Kennedy Wilson assessed the significance of the impact of the counterparty valuation adjustments on the overall valuation of its derivative positions and determined that the counterparty valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company has determined that our derivative valuation in its entirety be classified in Level 2 of the fair value hierarchy.

Changes in fair value are recorded in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income as the portion of the currency forward and option contracts used to hedge currency exposure of its certain consolidated subsidiaries qualifies as a net investment hedge under ASC Topic 815, Derivatives and Hedging. Changes in fair value on hedges associated with investments that are held at fair value are recorded through principal co-investments

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

within income from unconsolidated investments. The Company has elected to amortize the spot to forward difference ("forward points") to interest expense over the contractual life of the hedges. On hedges associated with fair value investments the forward point amortization to interest expense is recorded as a component of principal co-investments.

The fair value of the currency derivative contracts held as of December 31, 2023 and 2022 are reported in other assets for hedge assets and included in accrued expenses and other liabilities for hedge liabilities on the accompanying balance sheet. See Note 15 for a complete discussion on other comprehensive income including currency forward and option contracts and foreign currency translations.

The table below details the currency forward contracts and currency option contracts Kennedy Wilson had as of December 31, 2023:

(Dollars in millions)				December 31, 2023				Year Ended December 31, 2023
Currency Hedged	Underlying Currency	Notional		Hedge Asset		Hedge Liability		Change in Unrealized (Losses) Gains			Recognized Losses		Interest Expense		Cash Paid
Outstanding
EUR	USD	€	287.5	$	2.5	$	(18.1)	$	(0.4)		$	(12.1)	$	4.3	$	—
EUR(1)	GBP	€	40.0	—		(0.4)		(1.3)			—		—		—
EUR(1)(2)	GBP	€	475.0	—		—		11.6			—		—		—
GBP	USD	£	475.0	10.8		(18.5)		(22.0)			(5.4)		1.9		—
Total Outstanding				13.3		(37.0)		(12.1)			(17.5)		6.2		—
Settled
GBP	USD			—		—		1.9			—		0.1		(2.1)
Total Settled				—		—		1.9			—		0.1		(2.1)
Total				$	13.3	$	(37.0)	$	(10.2)	(3)	$	(17.5)	$	6.3	$	(2.1)

(1) Hedge is held by KWE on its wholly-owned subsidiaries.

(2) Relates to KWE's Euro Medium Term Note. See discussion in Note 10.

(3) Excludes deferred tax expense of $4.7 million.

The gains and losses recognized through other comprehensive income (loss) will remain in accumulated other comprehensive income (loss) until the underlying investments they were hedging are substantially liquidated by Kennedy Wilson.

The currency derivative contracts discussed above are offset by foreign currency translation of the Company's foreign net assets. For the year ended December 31, 2023, Kennedy Wilson had a gross foreign currency translation gain on its net assets of $32.3 million. As of December 31, 2023, the Company has hedged 97% of the net asset carrying value of its euro denominated investments and 95% of the net asset carrying value of its GBP denominated investments. See Note 15 for a complete discussion on other comprehensive income including currency derivative contracts and foreign currency translations.

Interest Rate Derivatives

The Company has interest rate swaps and caps to hedge its exposure to rising interest rates. Changes in the value of interest rate swaps that are designated to specific investments have fair value movements recorded to other comprehensive income (loss) and had fair value gains of $7.4 million for the year ended December 31, 2022. There were no investments that had interest rate derivatives designated to specific investments during the year ended December 31, 2023. Changes in the value of interest rate swaps and caps that are undesignated are recorded to other income and had fair value gains of $5.9 million and $42.4 million for the years ended December 31, 2023 and 2022. Some of the Company's unconsolidated investments have interest rate caps which resulted in a loss of $5.2 million and a gain of $16.9 million recorded in principal co-investments for the years ended December 31, 2023 and 2022. During the year end December 31, 2022 the Company refinanced a mortgage with interest rate swaps. Due to the refinancing, the Company recognized $1.1 million to other income for amounts that had previously been recognized to other comprehensive income.

Fair Value of Financial Instruments

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

The carrying amounts of cash and cash equivalents, accounts receivable including related party receivables, accounts payable, accrued expenses and other liabilities approximate fair value due to their short-term maturities. The carrying value of loans (excluding related party loans as they are presumed not to be an arm’s length transaction) approximates fair value as the terms are similar to loans with similar characteristics available in the market.

Debt liabilities are accounted for at face value plus net unamortized debt premiums. Debt assumed in an asset acquisition, or business combination, is recorded at fair value on the date of acquisition. The aggregate fair value as of December 31, 2023 and 2022 for mortgages, KW unsecured debt, and KWE unsecured bonds were estimated to be approximately $4.8 billion and $5.0 billion, respectively, based on a comparison of the yield that would be required in a current transaction, taking into consideration the risk of the underlying collateral and the Company's credit risk to the current yield of a similar security, compared to their aggregate carrying value of $5.3 billion and $5.6 billion as of December 31, 2023 and 2022, respectively. The inputs used to value mortgages, KW unsecured debt, and KWE unsecured bonds are based on observable inputs for similar assets and quoted prices in markets that are not active and are therefore determined to be level 2 inputs.

NOTE 6 - LOANS

The global debt platform consists of two groups: the Company's construction lending portfolio, which was established with the acquisition of the Construction Loan Portfolio from Pacific Western Bank in the second quarter of 2023 (as detailed below) and the Company's bridge loan portfolio.

During the year ended December 31, 2023, the Company and affiliates of Fairfax Financial Holdings Limited (collectively, "Fairfax"), its equity partner, acquired a $4.1 billion construction loan portfolio from Pacific Western Bank (the "Construction Loan Portfolio"). The Company’s investment in the Construction Loan Portfolio was 5% of the purchase price and the future funding obligations. The $4.1 billion represented the gross commitment amount for the Construction Loan Portfolio, which has been reduced to $3.7 billion as of December 31, 2023 due to loan repayments. The Construction Loan Portfolio has a current outstanding balance of $2.4 billion (Kennedy Wilson share of $118.9 million), not including the 4.5% discount on gross commitment amounts from the time of purchase. As of December 31, 2023, the Company had unfulfilled capital commitments totaling $87.7 million to our loan portfolio.

The Company had loan purchases and originations of $247.2 million and $149.4 million at December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023 and December 31, 2022, the Company had loan income of $26.1 million and $11.7 million, respectively. During the year ended December 31, 2023, the Company recorded a $7.0 million credit loss reserve through other (loss) income. See Note 2 for more detail on CECL reserves.

NOTE 7—OTHER ASSETS

Other assets consist of the following:

	December 31,
(Dollars in millions)	2023		2022
Straight line rent receivable	$	45.8	$	42.2
Interest rate caps and swaps	29.0		41.0
Goodwill	23.9		23.9
Hedge assets	13.3		34.3
Prepaid expenses	13.1		12.7
Deferred taxes, net	10.0		9.4
Leasing commissions, net of accumulated amortization of $13.4 and $11.1 at December 31, 2023 and 2022, respectively	9.0		9.4
Right of use asset, net	8.9		12.2
Furniture and equipment net of accumulated depreciation of $30.8 and $29.4 at December 31, 2023 and 2022, respectively	7.0		13.4
Above-market leases, net of accumulated amortization of $42.4 and $53.0 at December 31, 2023 and 2022, respectively	2.5		3.9
Other	25.0		13.7
Other Assets	$	187.5	$	216.1

Depreciation and amortization expense related to the above depreciable assets were $8.8 million, $10.2 million, and $14.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Right of use asset, net

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

The Company, as a lessee, has three office leases and two ground leases, which qualify as operating leases, with remaining lease terms of two to 235 years. The payments associated with office space leases have been discounted using the Company's incremental borrowing rate which is based on collateralized interest rates in the market and risk profile of the associated lease. For ground leases the rate implicit in the lease was used to determine the right of use asset.

The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:

(Dollars in millions)	Minimum
	Rental Payments
2024	$	1.1
2025	1.0
2026	1.3
2027	1.4
2028	1.3
Thereafter	31.1
Total undiscounted rental payments	37.2
Less imputed interest	(28.3)
Right of Use Asset	$	8.9

Rental expense was $0.7 million, $0.6 million, and $0.7 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in general and administrative expense on the accompanying consolidated statements of operations.

NOTE 8—MORTGAGE DEBT

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2023 and 2022:

(Dollars in millions)		Carrying amount of mortgage debt as of December 31,(1)
Mortgage Debt by Product Type	Region	2023		2022
Multifamily(1)	Western U.S.	$	1,711.0	$	1,692.9
Commercial(1)	United Kingdom	509.9		637.4
Commercial	Western U.S.	258.2		296.6
Commercial(1)	Ireland	337.8		370.7
Commercial	Spain	37.7		36.9
Mortgage debt (excluding loan fees)(1)		2,854.6		3,034.5
Unamortized loan fees		(13.7)		(16.5)
Total Mortgage Debt		$	2,840.9	$	3,018.0

(1) The mortgage debt payable balances include unamortized debt discount. Debt discount represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $0.6 million, respectively.

The mortgage debt had a weighted average interest rate of 5.10% and 4.12% per annum as of December 31, 2023 and 2022, respectively. As of December 31, 2023, 65% of Kennedy Wilson's property level debt was fixed rate, 35% was floating rate with interest caps and 0% was floating rate without interest caps, compared to 65% fixed rate, 27% floating rate with interest caps and 8% floating rate without interest caps, as of December 31, 2022.

Mortgage Debt Transactions and Maturities

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

    During the year ended December 31, 2023, five existing mortgages were refinanced and three loans were deconsolidated.

The aggregate maturities of mortgage loans including amortization and effects of any extension options as of December 31, 2023 are as follows:

(Dollars in millions)	Aggregate Maturities
2024(1)	$	150.0
2025	201.6
2026	616.7
2027	411.3
2028	342.4
Thereafter	1,133.6
	2,855.6
Unamortized debt discount	(1.0)
Unamortized loan fees	(13.7)
Total Mortgage Debt	$	2,840.9

(1) The Company expects to repay the amounts maturing in the next twelve months with new mortgage loans, cash generated from operations, existing cash balances, proceeds from dispositions of real estate investments, or as necessary, with borrowings on the Company's Second A&R Facility.

As of December 31, 2023, the Company was in compliance with all property-level mortgages and was current on all payments (principal and interest) with respect to the same.

NOTE 9—KW UNSECURED DEBT

The following table details KW unsecured debt as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Credit Facility	$	150.4	$	282.0
Senior Notes(1)	1,803.1		1,803.5
KW Unsecured Debt	1,953.5		2,085.5
Unamortized loan fees	(19.2)		(22.9)
Total KW Unsecured Debt	$	1,934.3	$	2,062.6

(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2023 and December 31, 2022 was $3.1 million and $3.5 million, respectively.

Borrowings Under Credit Facilities

The Company, through its wholly-owned subsidiary, Kennedy-Wilson, Inc. (the "Borrower"), has a $500 million unsecured revolving credit facility (the "Second A&R Facility"). Loans under the Second A&R Facility bear interest at a rate equal to Secured Overnight Financing Rate ("SOFR") plus 1% plus between 1.75% and 2.50%, depending on the consolidated leverage ratio as of the applicable measurement date. The Second A&R Facility has a maturity date of September 25, 2024. Subject to certain conditions precedent and at the Borrower's option, the maturity date of the Second A&R Facility may be extended by six months. The Company intends to refinance or extend the Second A&R Facility before its maturity.

The Second A&R Facility has certain covenants as set forth in that certain Second Amended and Restated Credit Agreement, dated as of March 25, 2020 (the "Credit Agreement") that, among other things, limit the Company and certain of its subsidiaries’ ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. The Credit Agreement

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December 31, 2023, 2022 and 2021

requires the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter, (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.70 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended, (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,700,000,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of March 25, 2020, measured as of the last day of each fiscal quarter, (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter, (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $299,000,000, (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million.

As of December 31, 2023, the Company was in compliance with all financial covenant calculations. The obligations of the Borrower pursuant to the Credit Agreement are guaranteed by the Company and certain wholly-owned subsidiaries of the Company.

As of December 31, 2023, the Company had $150.4 million outstanding on the Second A&R Facility with $349.6 million available to be drawn.

The average outstanding borrowings under credit facilities was $204.7 million during the year ended December 31, 2023.

Senior Notes

On February 11, 2021, Kennedy-Wilson, Inc., as issuer, issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “2029 notes”) and $500.0 million aggregate principal amount of 5.000% senior notes due 2031 (the “2031 notes” and, together with the 2029 notes, the “initial notes”). On March 15, 2021, Kennedy-Wilson, Inc. issued an additional $100 million aggregate principal of the 2029 notes and an additional $100 million of the 2031 notes. These additional notes were issued as "additional notes" under the indentures pursuant to which Kennedy Wilson previously issued 2029 notes and the 2031 notes. On August 23, 2021, Kennedy-Wilson, Inc. issued $600.0 million aggregate principal amount of 4.750% senior notes due 2030 (the "2030 notes" and, together with the 2029 notes and the 2031 notes, the "notes"). The notes are senior, unsecured obligations of Kennedy Wilson and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy Wilson.

The notes accrue interest at a rate of 4.750% (in the case of the 2029 notes), 4.750% (in the case of the 2030 notes) and 5.000% (in the case of the 2031 notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 notes and 2031 notes and March 1, 2022 for the 2030 notes. The notes will mature on March 1, 2029 (in the case of the 2029 notes), February 1, 2030 (in case of 2030 notes) and March 1, 2031 (in the case of the 2031 notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 notes and 2031 notes) and September 1, 2024 (for 2030 notes), Kennedy Wilson may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require Kennedy Wilson to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

    As of December 31, 2020, Kennedy Wilson, Inc. had $1.2 billion of 5.875% Senior Notes due 2024 (the "2024 notes"). On January 27, 2021 the Company announced a tender offer for up to $1.0 billion aggregate principal amount of outstanding 2024 notes. On February 9, 2021, $576.9 million aggregate principal amount of the 2024 notes were tendered. As a result of the tender offer the Company recognized $14.8 million of loss on early extinguishment of debt due to the tender premium and the proportionate write off of capitalized loan fees and debt discount associated with the bonds retired as part of

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

the tender offer. On April 1, 2021 the Company redeemed the remaining $573.1 million of the 2024 notes using cash on hand from the proceeds of the 2029 notes and 2031 notes. As a result of the redemption the Company recognized an additional $11.7 million of loss on early extinguishment of debt during the year ended December 31, 2021.

The indentures governing the notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indentures governing the notes limit the ability of Kennedy Wilson and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of December 31, 2023, the maximum balance sheet leverage ratio was 1.22 to 1.00. See Note 18 for the guarantor and non-guarantor financial statements.

As of December 31, 2023, the Company was in compliance with all financial covenants.

NOTE 10—KWE UNSECURED BONDS

The following table details the KWE unsecured bonds as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
KWE Euro Medium Term Note Programme(1)	$	523.3	$	507.1
Unamortized loan fees	(0.5)		(0.7)
Total KWE Unsecured Bonds	$	522.8	$	506.4

(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $1.5 million, respectively.

KWE issued senior unsecured notes for an aggregate principal amount of (€550 million) (the "KWE Notes"). The KWE Notes were issued at a discount with an annual fixed coupon of 3.25%, and mature in November 2025.  KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets and has designated the KWE Notes as a net investment hedge under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the year ended December 31, 2023, Kennedy Wilson recognized a gain of $11.6 million in accumulated other comprehensive income due to the weakening of the euro against the GBP during the period. During the year ended December 31, 2022, KWE launched a cash tender offer for up to €150.0 million in aggregate nominal amount of the KWE Notes and accepted all of the €75.0 million (approximately $80.3 million, based on December 31, 2022 rates) in aggregate nominal amount of KWE Notes validly tendered pursuant to the tender offer for a purchase price equal to 82% of the nominal amount of the KWE Notes, which resulted in a gain on extinguishment of debt of $13.9 million.

The trust deed that governs the bonds contain various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges. The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed). The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).

As of December 31, 2023, KWE was in compliance with these financial covenants.

NOTE 11—RELATED PARTY TRANSACTIONS

Related party revenue is fees and other income received from investments in which the Company has an ownership interest, excluding amounts eliminated in consolidation discussed below. Kennedy Wilson earned related party fees of $61.9 million, $45.2 million and $35.3 million for the periods ended December 31, 2023, 2022 and 2021, respectively.

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

The Company provides investment and property management and other property related services on properties in which it also has an ownership interest. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest. During the years ended December 31, 2023, 2022 and 2021 fees of $0.3 million, $0.4 million and $0.8 million, respectively, were eliminated in consolidation.

NOTE 12—INCOME TAXES

The table below represents a geographical breakdown of book (loss) income before the (benefit from) provision for income taxes:

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Domestic	$	(238.8)	$	88.5	$	447.6
Foreign	(97.9)		49.6		14.9
Total	$	(336.7)	$	138.1	$	462.5

The U.S. and foreign components of provision for income taxes consisted of the following components. However, it is not reflective of the cash tax results of the Company.

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Federal
Current	$	—	$	—	$	—
Deferred	(66.0)		3.6		94.4
	(66.0)		3.6		94.4
State
Current	0.7		0.3		(0.2)
Deferred	0.8		11.3		9.1
	1.5		11.6		8.9
Foreign
Current	9.9		17.6		14.2
Deferred	(0.7)		3.4		8.7
	9.2		21.0		22.9
Total	$	(55.3)	$	36.2	$	126.2

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

A reconciliation of the statutory federal income tax rate of 21% with Kennedy Wilson’s effective income tax rate is as follows:

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Tax computed at the statutory rate	$	(70.7)	$	29.0	$	97.1
Domestic permanent differences, primarily disallowed executive compensation	8.7		7.8		8.1
Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom	1.9		1.7		8.2
Effect of foreign operations, net of foreign tax credit	11.2		(8.8)		7.4
Noncontrolling interests	(5.1)		(1.1)		(2.6)
State income taxes, net of federal benefit	(7.8)		2.8		7.0
Other	6.5		4.8		1.0
(Benefit from) provision for income taxes	$	(55.3)	$	36.2	$	126.2

Cumulative tax effects of temporary differences are shown below at December 31, 2023 and 2022:

	Year ended December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Foreign currency translation	$	4.8	$	5.0
Net operating loss carryforward and credits	178.0		152.0
Depreciation and amortization	69.4		51.5
Investment basis difference	89.6		90.7
Stock option expense	1.7		2.0
Hedging transactions	15.5		10.0
Lease liability	0.1		0.1
Accrued reserves	7.9		9.5
Total deferred tax assets	367.0		320.8
Valuation allowance	(283.3)		(265.9)
Net deferred tax assets	83.7		54.9
Deferred tax liabilities:
Investment basis and reserve differences	304.1		344.9
Right of use asset	—		0.1
Prepaid expenses and other	3.7		3.7
Capitalized interest	0.1		1.0
Total deferred tax liabilities	307.9		349.7
Deferred tax liability, net	$	(224.2)	$	(294.8)

During 2019, the United Kingdom enacted a Finance Act, which introduced a new capital gain tax for non-UK resident investors who dispose of UK real estate. The new capital gain tax law became effective on April 6, 2019. Beginning on this date, non-UK resident investors are subject to UK tax on gains arising from the direct and indirect dispositions of UK real estate held for investment purposes. Transitional provisions allowed for rebasing of UK real estate values to fair market value as of April 5, 2019 ("UK Basis Step-Up"). Accordingly, only gains arising from property value increases after April 5, 2019 are subject to tax. The step-up led to a higher tax basis relative to the carrying value of the UK real estate, thus resulting in a UK deferred tax asset of $107.0 million. The realizability of this deferred tax asset is dependent on future disposition of real estate at a fair market value in excess of appraised value as of April 5, 2019. Given uncertainties surrounding Brexit and its potential impact on future real estate values, the Company concluded that the U.K. deferred tax asset did not meet the more likely than not threshold of being realizable. Therefore, a full valuation allowance was recorded against the UK deferred tax asset. As the economic environment in the UK real estate market is still uncertain and highly depended on numerous general economic

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

factors, including but not limited to rising interest rates, foreign currency fluctuations, inflation, etc, the Company has maintained a full valuation allowance against its UK Basis Step-Up deferred tax asset. During fiscal year 2023, the valuation allowance on the UK Basis Step-Up increased to $156.2 million, primarily due to current year depreciation expense.

During March 2018, Kennedy Wilson elected to treat KWE as a partnership for U.S. tax purposes retroactive to December 29, 2017. Due to unrealized foreign exchange losses not yet deductible for tax purposes and the consideration paid to acquire the non-controlling interests in KWE exceeding the book carrying value of the non-controlling interests in KWE, the Company’s tax basis in KWE exceeded its book carrying value at December 29, 2017, and every period thereafter. Prior to the election to treat KWE as a partnership, KWE was taxed as a controlled foreign corporation. As a controlled foreign corporation, the Company was precluded from recognizing a deferred tax asset for its tax basis in excess of book carrying value for its investment in KWE as the excess tax basis from the investment was not expected to reverse in the foreseeable future. However, as a result of the conversion of KWE to a partnership for U.S. tax purposes, the Company was required to record a deferred tax asset for its investment in KWE. As of December 31, 2018, the Company recorded a $98.3 million deferred tax asset related to its excess tax basis over book carrying value for its investment in KWE. As a significant portion of the excess tax basis would only reverse upon a strengthening of foreign currencies or upon a disposition of KWE, the Company determined that a valuation allowance of $98.3 million was required for the tax basis that was in excess of the Company’s carrying value for its investment in KWE as it did not meet the more likely than not recognition threshold. During the years ended December 31, 2021, 2020 and 2019, a portion of the excess tax basis over book basis in KWE reversed as a result of lower tax gains on sales of real estate. During the year ended December 31, 2023, the Company's excess tax basis over book basis in KWE decreased due to unrealized foreign currency gains that has no tax basis. During the year ended December 31, 2022, the Company's excess tax basis over book basis in KWE increased due to unrealized foreign currency losses that are not currently deductible for tax. As of December 31, 2023, Kennedy Wilson’s excess tax basis in KWE and the related valuation allowance were $74.6 million and $73.2 million, respectively.

As of December 31, 2023, Kennedy Wilson had federal, California and other state net operating losses of $47.5 million, $100.8 million, and $19.8 million, respectively. The entirety of the $47.5 million federal net operating loss carryforwards were generated after December 31, 2017 and do not expire. However, such losses are only eligible to offset 80% of taxable income in a given year. California net operating losses begin to expire in 2034. As of December 31, 2023, Kennedy Wilson had $197.4 million of foreign net operating loss carryforwards, which have no expiration date. The Company has foreign tax credit carryforwards of $100.5 million, of which $0.1 million begin to expire in December 2024.

The Company's valuation allowance on deferred tax assets increased by $17.4 million in 2023 and increased by $8.8 million in 2022. The increase in the valuation allowance during 2023 primarily relates to additional valuation allowance recorded on the Company's UK Basis Step-Up deferred tax asset as a result of depreciation. The increase in the 2022 valuation allowance principally relates to remeasuring the UK Basis Step Up deferred tax asset from 19% to 25%.

In June 2021, the Company received a notification of a general tax inquiry being conducted by the Spanish tax authorities for several of its Spanish entities for tax years 2016 and 2017. As a result of the Spanish tax inquiry, management has reassessed the Company’s prior Spanish tax filing positions and the need to accrue additional taxes. Based on this reassessment, the Company believes that no additional Spanish tax accruals are required.

Kennedy Wilson’s federal and state income tax returns remain open to examination for the years 2020 through 2022 and 2019 through 2022, respectively. However, due to the existence of prior year loss carryovers, the IRS may examine any tax years for which the carryovers are used to offset future taxable income. Our foreign subsidiaries’ tax returns remain open to examination for the years 2019 through 2022. The Spanish loss carryovers may be subject to tax examination for a period of 10 years from the period in which such losses were generated.

NOTE 13—COMMITMENTS AND CONTINGENCIES

CAPITAL COMMITMENTS—As of December 31, 2023 and 2022, the Company has unfunded capital commitments of $187.7 million and $246.6 million to its joint ventures under the respective operating agreements. It also has commitments of $87.7 million and $17.7 million as of December 31, 2023 and 2022 to its loan platform. In addition to the unfunded capital commitments on its joint venture investments, the Company has $68.7 million of equity commitments relating on consolidated and unconsolidated development projects as of December 31, 2023. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of the Company's capital commitment obligations.

LITIGATION—Kennedy Wilson is currently a defendant in certain routine litigation arising in the ordinary course of business. It is the opinion of management and legal counsel that the outcome of these actions will not have a material effect on the financial statements taken as a whole.

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

NOTE 14—STOCK COMPENSATION AND OTHER RELATED PLANS

The Company maintains a shareholder-approved equity participation plan (the “Second Amended and Restated Plan”) under which shares of common stock are reserved for issuance pursuant to grants of restricted stock and other awards to officers, employees, non-employee directors and consultants. The Second Amended and Restated Plan also allows for share recycling on net settled restricted stock awards, restricted stock unit awards, performance unit awards and performance share awards. Named Executive Officers ("NEO") participate in the Second Amended and Restated Plan. During the years ended December 31, 2023, 2022 and 2021, the compensation committee of the board of directors approved the total grant of 3.4 million shares of performance-based restricted stock units, 2.8 million shares of performance-based restricted stock units and 2.4 million shares of performance-based restricted stock units and 0.1 million shares of performance-based restricted shares of Company common stock, respectively, subject to vesting based on the Company’s total shareholder return (the “TSR restricted awards”), performance-based restricted shares of Company common stock or performance-based restricted stock units covering Company common stock subject to vesting based on the Company’s return on equity (the “ROE awards”), and time-based restricted shares of Company common stock or time-based restricted stock units covering Company common stock (the “time-based awards”) (collectively, the “awards”), under the Second Amended and Restated Plan. Up to 100% of the TSR awards will be eligible to vest based on the Company's total shareholder return relative to the MSCI World Real Estate Index during a three-year performance period (subject to continued employment through the vesting date), with the actual number of shares subject to such TSR awards that vest and cease to be subject to restrictions with respect to the performance period determined by multiplying (i) the total number of shares subject to the TSR award by (ii) the applicable vesting percentage (which is determined based on the level of the Company's relative total shareholder return attained during the performance period). Up to one-third of the ROE awards will be eligible to vest with respect to each Company fiscal year of the performance period (each, a “performance year”) to the extent that the Company satisfies the return on equity goals for such performance year (subject to continued employment through the vesting date). One-third of the time-based awards will vest on each of the first three anniversaries of the grant date, subject to continued employment through the vesting date. Stock-based compensation expense is based on the fair values on the date of grant for the ROE awards and time-based awards. Certain ROE awards and time-based awards were granted with a three-year sale restriction period upon vesting. Due to the lack of marketability of these shares with the three-year sale restriction period upon vesting, a 12.5% discount was applied to the grant price of these shares when computing stock compensation expense. The fair value of the TSR awards are estimated using a Monte Carlo simulation. As of December 31, 2023, there was $24.6 million of unrecognized compensation cost for the Second Amended and Restated Plan related to unvested shares which will vest over the next three years.

Upon vesting, the restricted stock granted to employees discussed directly above is net share-settled to cover the withholding tax.  Shares that vested during the years ended December 31, 2023, 2022 and 2021 were net-share settled such that the Company withheld shares with values equivalent to the employees’ minimum statutory obligations for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities.  The total shares withheld during the years ended December 31, 2023, 2022 and 2021 were 781,303 shares, 834,911 shares, and 967,536 shares respectively, and were valued based on the Company’s closing stock price on the respective vesting dates. During the years ended December 31, 2023, 2022 and 2021, total payments for the employees’ tax obligations to the taxing authorities were $13.4 million, $18.6 million, and $20.5 million respectively. These figures are reflected as a financing activity on the accompanying consolidated statements of cash flows. 

During the years ended December 31, 2023, 2022 and 2021, Kennedy Wilson recognized $34.5 million, $29.0 million, and $28.7 million, respectively, of compensation expense related to the vesting of restricted common stock and is included in compensation and related expense in the accompanying consolidated statements of income.

The following table sets forth activity under the Amended and Restated Plan, the First Amended and Restated Plan, and the Second Amended and Restated Plan for the Company's fiscal years ending December 31, 2023, 2022 and 2021:

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Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

	Shares
Nonvested at December 31, 2021	1,314,106
Granted	1,221,362
Vested	(834,910)
Forfeited	—
Nonvested at December 31, 2022	1,700,558
Granted	961,045
Vested	(781,303)
Forfeited	(267,031)
Nonvested at December 31, 2023	1,613,269

Non-NEO Deferred Compensation Program and Performance Allocation Sharing Program

The Company maintains a deferred compensation program for certain employees of the Company (the “Deferred Compensation Program”). The named executive officers of the Company are not participants of the Deferred Compensation Program. The compensation committee of the Company’s board of directors approves an amount annually to be allocated to certain employees of the Company in the United States and in Europe. The amount allocated to each employee vests ratably over a three-year vesting period, subject to continued employment with the Company. Prior to 2022, half of the allocated amount was tied specifically to the performance and value of the Company’s common stock at the time of each vesting (“Bonus Units”). Beginning in 2022, the entire amount allocated to each employee consisted of Bonus Units. Under the Deferred Compensation Program, at the time of each vesting, the employees receive an amount equal to either the dividend yield of the Company’s common stock or the actual amount of dividends paid on the Company common stock (in the case of Bonus Units) during the immediately preceding year on the amount that is subject to such vesting. During the years ended December 31, 2023, 2022 and 2021 the Company recognized compensation expense of $8.2 million, $9.2 million and $11.8 million, respectively, under the Deferred Compensation Program.

The Company also maintains a performance allocation sharing program for certain employees of the Company (the “Performance Allocation Sharing Program”). The named executive officers of the Company are not participants of the Performance Allocation Sharing Program. The compensation committee of the Company’s board of directors approved, reserved and authorized executive management to issue up to thirty-five percent (35%) of any performance allocation earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company, sixty percent of the award to each employee vests ratably over four years and the remaining forty percent vests upon the consummation of a liquidity event of the investment whereby the Company actually receives cash performance allocations from its partner. The full performance allocation earned by the Company will be recorded to income from unconsolidated investments and the amount allocated to employees is recorded as performance allocation expense. During the years ended December 31, 2023, 2022 and 2021 the Company recognized $(15.1) million, $(4.3) million and $42.0 million, respectively, of performance allocation compensation to employees.

NOTE 15—EQUITY

Preferred Stock

On June 16, 2023, the Company announced the issuance of its $200 million perpetual preferred stock to Fairfax. Under the terms of the agreement, Fairfax purchased $200 million in cumulative perpetual preferred stock carrying a 6.00% annual dividend rate and 7-year warrants for approximately 12.3 million common shares with an initial exercise price of $16.21 per share.

On March 8, 2022, the Company announced the issuance of its $300 million cumulative perpetual preferred stock, in addition to approximately 13 million of its warrants to affiliates of Fairfax. Under the terms of the agreements, Fairfax purchased $300 million in cumulative perpetual preferred stock carrying a 4.75% annual dividend rate and approximately 13 million 7-year warrants, which are initially convertible to the same number of common shares with and an initial exercise price of $23.00 per share.

Both perpetual preferred stock issuances are treated as permanent equity.

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

At-the-Market Equity Offering Program

In May 2022, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which it may issue and sell shares of the Company’s common stock having an aggregate gross sales price of up to $200.0 million in amounts as the Company may determine from time to time. During the year ended December 31, 2023, the Company issued 1,690,743 shares for $29.8 million, net of issuance costs, under its ATM Program.

The Company has no obligation to sell any of such shares under its ATM Program. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of its common stock, the Company's determination of the appropriate sources of funding for the Company, and potential uses of funding available.

Common Stock Repurchase Program

On March 20, 2018, the Company announced that its board of directors authorized a $250.0 million stock repurchase program. Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise, with the amount and timing of repurchases dependent on market conditions and subject to the Company’s discretion. On November 4, 2020, the Company's board of directors authorized an expansion of its existing $250 million share repurchase plan to $500 million.

During the year ended December 31, 2023, Kennedy Wilson repurchased and retired 666,701 shares for $7.5 million. During the year ended December 31, 2022, Kennedy Wilson repurchased and retired 551,162 shares for $12.6 million under the previous stock repurchase program.

Generally, upon vesting, the restricted stock granted to employees is net share-settled such that the Company will withhold shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remit the cash to the appropriate taxing authorities. See Note 14 for more detail.

Dividend Distributions

Kennedy Wilson declared and paid the following cash dividends on its common stock:

(Dollars in millions)	Year Ended December 31, 2023				Year Ended December 31, 2022
	Declared		Paid		Declared		Paid
Preferred Stock	$	38.0	$	35.5	$	28.9	$	25.9
Common Stock(1)	133.6		136.0		132.3		134.6

(1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.

Taxability of Dividends

Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition, compensation expense, derivative investments and the basis of depreciable assets and estimated useful lives used to compute depreciation.

The Company's dividends related to its common stock will be classified for U.S. federal income tax purposes as follows:

Record Date	Payment Date	Distributions Per Share		Ordinary Dividends		Return of Capital
12/30/2022	1/5/2023	$	0.2400	$	—	$	0.2400
3/31/2023	4/6/2023	0.2400		—		0.2400
6/30/2023	7/6/2023	0.2400		—		0.2400
9/29/2023	10/5/2023	0.2400		—		0.2400
	Totals	$	0.9600	$	—	$	0.9600

Accumulated Other Comprehensive Income (Loss)

100

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

The following table summarizes the changes in each component of accumulated other comprehensive loss ("AOCI"), net of taxes:

(Dollars in millions)	Foreign Currency Translation		Foreign Currency Derivative Contracts		Interest Rate Swaps		Total Accumulated Other Comprehensive Loss(1)
Balance at December 31, 2022	$	(156.9)	$	82.0	$	3.2	$	(71.7)
Unrealized gains (losses), arising during the period	32.3		(10.2)		—		22.1
Taxes on unrealized (gains) losses, arising during the period	(0.2)		4.7		—		4.5
Noncontrolling interest	(0.9)		—		—		(0.9)
Balance at December 31, 2023	$	(125.7)	$	76.5	$	3.2	$	(46.0)

(1) Excludes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.

The local currencies for the Company's interests in foreign operations include the euro and the British pound sterling. The related amounts on our balance sheets are translated into U.S. dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. Unrealized gains on foreign currency translation is a result of the strengthening of the euro and British pound sterling against the U.S. dollar during the year ended December 31, 2023.

In order to manage currency fluctuations, Kennedy Wilson entered into currency derivative contracts to manage its exposure to currency fluctuations between its functional currency (U.S. dollar) and the functional currency (Euro and GBP) of certain of its wholly-owned and consolidated subsidiaries. See Note 5 for a more detailed discussion of Kennedy Wilson's currency derivative contracts.

NOTE 16—EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed after adjusting the numerator and denominator of the basic earnings per share computation for the effects of all potentially dilutive common shares. The dilutive effect of non-vested stock issued under share‑based compensation plans is computed using the treasury stock method. The dilutive effect of the cumulative preferred stock is computed using the if‑converted method.

The following is a summary of the elements used in calculating basic and diluted income per share for the years ended December 31, 2023, 2022 and 2021:

	Year ended December 31,
(Dollars in millions, except share amounts and per share data)	2023		2022		2021
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(341.8)	$	64.8	$	313.2
Weighted-average shares outstanding for basic	138,930,517		136,900,875		138,552,058
(Loss) income per share - basic	$	(2.46)	$	0.47	$	2.26
Weighted average shares outstanding for diluted	138,930,517		138,567,534		140,132,435
(Loss) income per share - diluted	$	(2.46)	$	0.47	$	2.24

There was a total of 42,977,012, 26,958,511 and 13,572,590 during the years ended December 31, 2023, 2022 and 2021, respectively, potentially dilutive securities were not included in the diluted weighted average shares as they were anti-dilutive. Potentially anti-dilutive securities include preferred stock and unvested restricted stock grants.

NOTE 17—SEGMENT INFORMATION

Segments

The Company's operations are defined by two business segments: its Consolidated investment portfolio (the "Consolidated Portfolio") and its Co-Investment Portfolio:

101

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

•Consolidated Portfolio consists of the investments that the Company has made in real estate and real estate-related assets and consolidates on its balance sheet. The Company typically wholly-owns the assets in its Consolidated Portfolio.

•Co-Investment Portfolio consists of (i) the co-investments that the Company has made in real estate and real estate-related assets, including loans secured by real estate, through the commingled funds and joint ventures that it manages; (ii) the fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) performance allocations that it earns on its fee bearing capital. The Company typically owns a 5% to 50% ownership interest in the assets in its Co-Investment Portfolio.

In addition to the Company's two primary business segments the Company's Corporate segment includes, among other things, corporate overhead.    

Consolidated Portfolio

Consolidated Portfolio is a permanent capital vehicle focused on maximizing property cash flow. These assets are primarily wholly-owned and tend to have longer hold periods and the Company targets investments with accretive asset management opportunities. The Company typically focuses on multifamily and office assets in the Western United States and commercial assets in the United Kingdom and Ireland within this segment.

Co-Investment Portfolio

Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that we have made through the commingled funds and joint ventures that we manage; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) performance allocations that we earn on our fee bearing capital The Company utilizes different platforms in the Co-Investment Portfolio segment depending on the asset and risk return profiles.

No single third-party client accounted for 10% or more of Kennedy Wilson's revenue during any period presented in these financial statements.

The following tables summarize the income and expense activity by segment for the years ended December 31, 2023, 2022 and 2021 and total assets as of December 31, 2023 and 2022.

102

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

	Year Ended December 31, 2023
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	415.3	$	—	$	—	$	415.3
Hotel	57.1		—		—		57.1
Investment management fees	—		61.9		—		61.9
Loans	—		26.1		—		26.1
Other	—		—		2.2		2.2
Total revenue	472.4		88.0		2.2		562.6
Loss from unconsolidated investments
Principal co-investments	—		(188.5)		—		(188.5)
Performance allocations	—		(64.3)		—		(64.3)
Loss from unconsolidated investments	—		(252.8)		—		(252.8)
Gain on sale of real estate, net	127.6		—		—		127.6
Expenses
Rental	152.6		—		—		152.6
Hotel	37.9		—		—		37.9
Compensation and related	42.7		39.0		57.7		139.4
Performance allocation compensation	—		(15.1)		—		(15.1)
General and administrative	15.5		12.7		7.5		35.7
Depreciation and amortization	157.8		—		—		157.8
Total expenses	406.5		36.6		65.2		508.3
Interest expense	(162.0)		—		(97.2)		(259.2)
Loss on early extinguishment of debt	(1.6)		—		—		(1.6)
Other income (loss)	2.3		(7.0)		(0.3)		(5.0)
(Provision for) benefit from income taxes	(9.6)		—		64.9		55.3
Net income (loss)	22.6		(208.4)		(95.6)		(281.4)
Net income attributable to noncontrolling interests	(22.4)		—		—		(22.4)
Preferred dividends	—		—		(38.0)		(38.0)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	0.2	$	(208.4)	$	(133.6)	$	(341.8)

103

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

	Year Ended December 31, 2022
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	434.9	$	—	$	—	$	434.9
Hotel	46.9		—		—		46.9
Investment management fees	—		44.8		—		44.8
Loans	—		11.7		—		11.7
Other	—		—		1.7		1.7
Total revenue	481.8		56.5		1.7		540.0
Income from unconsolidated investments
Principal co-investments	—		199.5		—		199.5
Performance allocations	—		(21.1)		—		(21.1)
Income from unconsolidated investments	—		178.4		—		178.4
Gain on sale of real estate, net	103.7		—		—		103.7
Expenses
Rental	151.2		—		—		151.2
Hotel	29.5		—		—		29.5
Compensation and related	41.5		44.6		54.2		140.3
Performance allocation compensation	—		(4.3)		—		(4.3)
General and administrative	14.7		14.8		7.7		37.2
Depreciation and amortization	172.9		—		—		172.9
Total expenses	409.8		55.1		61.9		526.8
Interest expense	(128.2)		—		(92.6)		(220.8)
Gain on extinguishment of debt	27.5		—		—		27.5
Other income	20.8		—		15.3		36.1
Provision for income taxes	(21.0)		—		(15.2)		(36.2)
Net income (loss)	74.8		179.8		(152.7)		101.9
Net income attributable to noncontrolling interests	(8.2)		—		—		(8.2)
Preferred dividends	—		—		(28.9)		(28.9)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	66.6	$	179.8	$	(181.6)	$	64.8

104

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

	Year Ended December 31, 2021
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	390.5	$	—	$	—	$	390.5
Hotel	17.1		—		—		17.1
Investment management fees	—		35.3		—		35.3
Loans	—		8.6		—		8.6
Other	—		—		2.1		2.1
Total revenue	407.6		43.9		2.1		453.6
Income from unconsolidated investments
Principal co-investments	—		271.1		—		271.1
Performance allocations	—		117.9		—		117.9
Income from unconsolidated investments	—		389.0		—		389.0
Gain on sale of real estate, net	412.7		—		—		412.7
Expenses
Rental	132.7		—		—		132.7
Hotel	12.7		—		—		12.7
Compensation and related	60.4		40.4		61.8		162.6
Performance allocation compensation	—		42.0		—		42.0
General and administrative	18.5		8.5		6.3		33.3
Depreciation and amortization	166.3		—		—		166.3
Total expenses	390.6		90.9		68.1		549.6
Interest expense	(119.1)		—		(73.3)		(192.4)
Loss on extinguishment of debt	(19.2)		—		(26.5)		(45.7)
Other loss	(4.7)		—		(0.3)		(5.0)
Provision for income taxes	(23.0)		—		(103.2)		(126.2)
Net income (loss)	263.7		342.0		(269.3)		336.4
Net income attributable to noncontrolling interests	(6.0)		—		—		(6.0)
Preferred dividends	—		—		(17.2)		(17.2)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	257.7	$	342.0	$	(286.5)	$	313.2

	December 31,
(Dollars in millions)	2023		2022
Assets
Consolidated	$	5,196.3	$	5,684.1
Co-investment	2,316.3		2,387.5
Corporate	199.5		200.2
Total assets	$	7,712.1	$	8,271.8

105

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

	December 31,
(Dollars in millions)	2023		2022		2021
Expenditures for long lived assets
Investments	$	(217.2)	$	(569.1)	$	(1,271.0)

Geographic Information

The revenue shown in the table below is allocated based upon the region in which services are performed.

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
United States	$	334.1	$	317.5	$	278.1
Europe	228.5		222.5		175.5
Total revenue	$	562.6	$	540.0	$	453.6

NOTE 18—GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

The following consolidating financial information and condensed consolidating financial information includes:

(1) Condensed consolidating balance sheets as of December 31, 2023 and 2022, respectively; consolidating statements of income for the years ended December 31, 2023, 2022 and 2021, respectively; of (a) Kennedy-Wilson Holdings, Inc. on an unconsolidated basis as the parent (and guarantor), (b) Kennedy-Wilson, Inc., as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) Kennedy-Wilson Holdings, Inc. on a consolidated basis; and

(2) Elimination entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent guarantor, with Kennedy-Wilson, Inc. and its guarantor and non-guarantor subsidiaries

Kennedy Wilson owns 100% of all of the guarantor subsidiaries, and, as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of December 31, 2023 or 2022 and for the years ended December 31, 2023, 2022 or 2021.

106

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2023 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	73.3	$	99.4	$	141.0	$	—	$	313.7
Accounts receivable	—		0.9		22.0		34.4		—		57.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net	—		—		1,522.3		3,315.0		—		4,837.3
Unconsolidated investments	—		14.6		652.0		1,402.5		—		2,069.1
Investments in and advances to consolidated subsidiaries	1,800.4		3,938.2		2,511.6		—		(8,250.2)		—
Other assets	—		59.4		51.6		76.5		—		187.5
Loan purchases and originations, net	—		0.7		214.8		31.7		—		247.2
Total assets	$	1,800.4	$	4,087.1	$	5,073.7	$	5,001.1	$	(8,250.2)	$	7,712.1
Liabilities
Accounts payable	—		0.5		6.0		11.4		—		17.9
Accrued expenses and other liabilities	45.3		351.9		91.5		109.1		—		597.8
Mortgage debt	—		—		1,038.0		1,802.9		—		2,840.9
KW unsecured debt	—		1,934.3		—		—		—		1,934.3
KWE unsecured bonds	—		—		—		522.8		—		522.8
Total liabilities	45.3		2,286.7		1,135.5		2,446.2		—		5,913.7
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,755.1		1,800.4		3,938.2		2,511.6		(8,250.2)		1,755.1
Noncontrolling interests	—		—		—		43.3		—		43.3
Total equity	1,755.1		1,800.4		3,938.2		2,554.9		(8,250.2)		1,798.4
Total liabilities and equity	$	1,800.4	$	4,087.1	$	5,073.7	$	5,001.1	$	(8,250.2)	$	7,712.1

107

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2022 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	91.5	$	59.6	$	288.2	$	—	$	439.3
Accounts receivable	—		0.1		18.2		22.5		—		40.8
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net	—		—		1,656.8		3,531.3		—		5,188.1
Unconsolidated investments	—		15.9		698.6		1,523.6		—		2,238.1
Investments in and advances to consolidated subsidiaries	2,009.0		4,289.3		2,850.0		—		(9,148.3)		—
Other assets	—		85.7		50.5		79.9		—		216.1
Loan purchases and originations	—		5.8		111.6		32.0		—		149.4
Total assets	$	2,009.0	$	4,488.3	$	5,445.3	$	5,477.5	$	(9,148.3)	$	8,271.8
Liabilities
Accounts payable	$	—	$	0.5	$	4.0	$	11.7	$	—	$	16.2
Accrued expenses and other liabilities	45.0		416.2		76.5		120.5		—		658.2
Mortgage debt	—		—		1,075.5		1,942.5		—		3,018.0
KW unsecured debt	—		2,062.6		—		—		—		2,062.6
KWE unsecured bonds	—		—		—		506.4				506.4
Total liabilities	45.0		2,479.3		1,156.0		2,581.1		—		6,261.4
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,964.0		2,009.0		4,289.3		2,850.0		(9,148.3)		1,964.0
Noncontrolling interests	—		—		—		46.4		—		46.4
Total equity	1,964.0		2,009.0		4,289.3		2,896.4		(9,148.3)		2,010.4
Total liabilities and equity	$	2,009.0	$	4,488.3	$	5,445.3	$	5,477.5	$	(9,148.3)	$	8,271.8

108

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Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	0.2	$	239.6	$	322.8	$	—	$	562.6
Total loss from unconsolidated investments	—		—		(110.5)		(142.3)		—		(252.8)
Gain on sale of real estate, net	—		—		98.8		28.8		—		127.6
Total expenses	35.1		82.1		158.5		232.6		—		508.3
Loss from consolidated subsidiaries	(246.7)		(131.5)		(147.5)		—		525.7		—
Interest expense	—		(97.2)		(45.0)		(117.0)		—		(259.2)
Loss on early extinguishment of debt	—		—		(2.0)		0.4		—		(1.6)
Other income (loss)	0.4		(0.9)		(6.4)		1.9		—		(5.0)
Loss before benefit from (provision for) income taxes	(281.4)		(311.5)		(131.5)		(138.0)		525.7		(336.7)
Benefit from (provision for) income taxes	—		64.8		—		(9.5)		—		55.3
Net loss	(281.4)		(246.7)		(131.5)		(147.5)		525.7		(281.4)
Net income attributable to the noncontrolling interests	—		—		—		(22.4)		—		(22.4)
Preferred dividends	(38.0)		—		—		—		—		(38.0)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(319.4)	$	(246.7)	$	(131.5)	$	(169.9)	$	525.7	$	(341.8)

109

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2022 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenues	$	—	$	0.2	$	225.1	$	314.7	$	—	$	540.0
Income from unconsolidated investments	—		1.1		12.0		165.3		—		178.4
Gain on sale of real estate, net	—		—		68.1		35.6		—		103.7
Total expenses	29.0		92.7		172.5		232.6		—		526.8
Income from consolidated subsidiaries	130.8		314.4		230.7		—		(675.9)		—
Interest expense	—		(92.6)		(41.8)		(86.4)				(220.8)
(Loss) gain on early extinguishment of debt	—		—		(1.6)		29.1		—		27.5
Other income (loss)	0.1		15.6		(1.3)		21.7				36.1
Income before provision for income taxes	101.9		146.0		318.7		247.4		(675.9)		138.1
Provision for income taxes	—		(15.2)		(4.3)		(16.7)		—		(36.2)
Net income	101.9		130.8		314.4		230.7		(675.9)		101.9
Net income attributable to the noncontrolling interests	—		—		—		(8.2)		—		(8.2)
Preferred dividends	(28.9)		—		—		—		—		(28.9)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	73.0	$	130.8	$	314.4	$	222.5	$	(675.9)	$	64.8

110

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries (1)		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	0.3	$	208.8	$	244.5	$	—	$	453.6
Income from unconsolidated investments	—		3.2		99.0		286.8				389.0
Gain on sale of real estate, net	—		(1.7)		129.6		284.8		—		412.7
Total expenses	31.8		108.1		214.8		194.9		—		549.6
Income from consolidated subsidiaries	368.2		676.8		508.7		—		(1,553.7)		—
Interest expense	—		(73.3)		(43.3)		(75.8)		—		(192.4)
Loss on early extinguishment of debt	—		(26.5)		(0.6)		(18.6)		—		(45.7)
Other income (loss)	—		0.7		(1.2)		(4.5)		—		(5.0)
Income before provision for income taxes	336.4		471.4		686.2		522.3		(1,553.7)		462.6
Provision for income taxes	—		(103.2)		(9.4)		(13.6)		—		(126.2)
Net income	336.4		368.2		676.8		508.7		(1,553.7)		336.4
Net loss attributable to the noncontrolling interests	—		—		—		(6.0)		—		(6.0)
Preferred dividends	(17.2)		—		—		—		—		(17.2)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	319.2	$	368.2	$	676.8	$	502.7	$	(1,553.7)	$	313.2

111

Kennedy-Wilson Holdings, Inc.

Notes to Consolidated Financial Statements—(continued)

December 31, 2023, 2022 and 2021

NOTE 19—SUBSEQUENT EVENTS

Subsequent to December 31, 2023, the Company has drawn an additional $75.0 million on its revolving line of credit. The Company has $274.6 million still available to draw on its revolving line of credit.

Subsequent to December 31, 2023, the Company sold a wholly-owned retail asset in the UK and is under separate agreements to sell one wholly-owned Irish hotel asset, one wholly-owned office asset in the Pacific Northwest and one wholly-owned retail asset in the UK for a total sales price of approximately $340 million. If completed, these sales will generate cash to the Company of approximately $240 million (after debt repayments of $90 million) and total expected GAAP gains on sale in excess of $100 million. There can be no assurance that the Company will close the sales under contract in part or at all.

112

Kennedy-Wilson Holdings, Inc.

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2023

(Dollars in millions)				Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Balance at December 31, 2023(1)
Description	Region	Encumbrances		Land		Building & Improvements		Improvements		Land		Building & Improvements		Total(2)		Accumulated Depreciation		Depreciable Life in Years	Date of Construction	Date Acquired(3)
Commercial
Office	Southern California	$	35.0	$	11.2	$	18.5	$	34.8	$	11.5	$	54.3	$	65.8	$	(11.7)	39 years	1955/1981/1982	2013
Commercial portfolio	United Kingdom	—		16.6		3.9		5.9		1.3		16.3		17.6		(3.9)		39 years	Various	2014
Commercial portfolio	United Kingdom	—		34.3		208.2		9.9		19.8		160.1		179.9		(45.9)		39 years	Various	2014
Office	Ireland	65.5		8.2		102.6		—		6.6		83.2		89.8		(19.8)		39 years	2003	2014
Retail	Ireland	50.9		52.8		49.7		21.6		42.4		60.0		102.4		(10.8)		39 years	1966/2005	2014
Office	Ireland	57.3		20.4		73.8		6.1		16.6		65.9		82.5		(17.2)		39 years	1980	2014
Office	United Kingdom	181.1		85.3		232.0		28.0		78.0		214.8		292.8		(66.0)		39 years	2003	2014
Retail	United Kingdom	—		6.2		109.5		8.0		4.8		92.0		96.8		(22.4)		39 years	2010	2014
Office	Southern California	22.3		31.8		60.6		26.8		31.8		87.3		119.1		(22.3)		39 years	1982	2015
Office	Southern California	28.6		11.6		36.5		5.8		11.6		42.3		53.9		(11.4)		39 years	1968	2015
Office	Southern California	35.0		20.7		47.9		26.1		20.7		53.9		74.6		(13.8)		39 years	1982	2015
Commercial portfolio	United Kingdom	48.0		61.3		127.0		4.8		30.7		66.1		96.8		(16.4)		39 years	Various	2015
Office portfolio	United Kingdom	—		19.0		41.2		18.9		21.0		44.0		65.0		(7.0)		39 years	Various	2015
Retail	Spain	37.7		27.1		46.2		13.0		29.3		62.9		92.2		(11.7)		39 years	1995	2015
Office portfolio	Italy	—		24.8		70.1		0.6		30.0		85.4		115.4		(17.1)		39 years	Various	2015
Office portfolio	United Kingdom	63.7		32.1		70.4		6.8		28.2		68.6		96.8		(14.2)		39 years	Various	2016
Office	Ireland	38.6		4.2		64.0		2.8		4.1		64.1		68.2		(12.3)		39 years	2009	2016
Office	Pacific Northwest	77.0		30.6		106.0		3.6		30.6		109.6		140.2		(18.2)		39 years	1999/2001	2017
Office	Ireland	16.4		4.9		18.5		8.4		4.5		25.6		30.1		(3.5)		39 years	1841	2017
Office	Ireland	54.8		11.0		—		2.0		10.4		54.3		64.7		(2.5)		39 years	1840/2000	2017
Office	Northern California	60.3		23.5		57.3		8.7		23.5		66.0		89.5		(7.0)		39 years	2000	2019
Office	United Kingdom	124.3		71.2		177.9		—		65.3		163.1		228.4		(10.2)		39 years	2019	2021
Office	United Kingdom	40.5		25.3		54.8		4.2		23.8		55.7		79.5		(2.7)		39 years	2001/2007	2021
Office	United Kingdom	52.4		25.5		74.1		5.1		24.2		75.2		99.4		(3.5)		39 years	2004	2022
Office	Ireland	54.3		0.5		3.4		52.0		0.5		61.6		62.1		(2.2)		39 years	Various	2015
Multifamily
366-unit asset	Mountain West	77.8		9.1		36.3		15.5		9.1		51.9		61.0		(22.6)		39 years	2000	2012
1,008-unit asset	Northern California	175.0		62.3		152.5		30.5		62.3		183.0		245.3		(54.6)		39 years	1988	2015
460-unit asset	Southern California	79.4		13.2		53.0		9.6		13.2		62.6		75.8		(17.8)		39 years	1988	2015

113

204-unit asset	Mountain West	32.5	2.0	17.6	5.0	2.0	22.7	24.7	(6.5)	39 years	1999	2016
168-unit asset	Mountain West	10.9	1.8	13.1	4.6	1.8	17.7	19.5	(5.4)	39 years	1992	2016
386-unit asset	Southern California	66.0	—	81.4	9.9	—	91.3	91.3	(21.3)	39 years	2002	2016
310-unit asset	Southern California	26.1	0.6	—	—	88.8	—	88.8	—	39 years	N/A	2018
300-unit asset	Mountain West	39.0	4.8	29.2	7.2	4.8	36.4	41.2	(8.1)	39 years	1995	2017
210-unit asset	Pacific Northwest	44.5	11.0	46.7	1.6	11.0	48.3	59.3	(8.4)	39 years	2007	2017
172-unit asset	Mountain West	29.4	0.2	—	—	65.7	—	65.7	—	39 years	N/A	2018
264-unit asset	Pacific Northwest	23.6	6.4	44.9	7.0	6.4	51.9	58.3	(10.1)	39 years	1997	2017
343-unit asset	Pacific Northwest	84.0	26.8	107.4	1.7	26.8	109.1	135.9	(17.4)	39 years	2016	2017
179-unit asset	Pacific Northwest	33.2	11.9	47.4	2.3	11.9	49.7	61.6	(8.3)	39 years	2013	2017
88-unit asset	Mountain West	8.6	2.6	10.4	2.1	2.6	12.6	15.2	(2.8)	39 years	1988	2018
492-unit asset	Mountain West	59.1	15.8	63.2	9.1	15.8	72.4	88.2	(14.3)	39 years	1985	2018
66-unit asset	Mountain West	8.0	0.8	—	0.1	0.7	9.3	10.0	(0.8)	39 years	2021	2018
89-unit asset	Mountain West	17.7	2.1	—	0.1	2.0	21.5	23.5	(0.7)	39 years	N/A	2018
188-unit asset	Mountain West	13.5	4.9	19.7	9.1	4.9	28.8	33.7	(6.2)	39 years	1985	2018
120-unit asset	Mountain West	32.3	5.7	—	0.7	1.9	38.3	40.2	(3.3)	39 years	2021	2018
277-unit asset	Mountain West	62.2	4.0	—	6.7	2.7	55.2	57.9	(7.0)	39 years	2021	2019
10-unit asset	Mountain West	—	—	—	—	—	2.3	2.3	(0.2)	39 years	2021	2019
260-unit asset	Mountain West	39.0	13.4	53.6	3.6	13.4	57.2	70.6	(5.1)	39 years	2014	2020
280-unit asset	Mountain West	39.6	13.3	53.2	0.3	13.3	53.5	66.8	(3.7)	39 years	2019	2021
Land	Mountain West	—	—	—	—	6.7	—	6.7	—	39 years	N/A	2021
344-unit asset	Mountain West	39.2	13.0	52.1	5.4	13.0	57.5	70.5	(4.3)	39 years	1985	2021
240-unit asset	Mountain West	36.9	4.6	—	—	22.8	35.6	58.4	(0.5)	39 years	N/A	2021
240-unit asset	Mountain West	45.1	11.1	44.2	1.1	11.1	45.9	57.0	(3.2)	39 years	2020	2021
160-unit asset	Mountain West	13.9	4.5	18.0	0.4	4.5	18.5	23.0	(1.3)	39 years	1990/1998	2021
332-unit asset	Mountain West	76.2	26.7	106.9	3.4	26.7	110.2	136.9	(6.8)	39 years	2002	2021
383-unit asset	Pacific Northwest	115.0	38.3	153.0	8.4	38.2	161.4	199.6	(9.9)	39 years	2002/2008	2021
164-unit asset	Pacific Northwest	43.0	14.8	59.1	0.3	14.8	59.5	74.3	(3.4)	39 years	2020	2021
528-unit asset	Mountain West	102.0	31.1	124.4	6.8	31.1	131.2	162.3	(7.3)	39 years	1989/1990	2021
210-unit asset	Mountain West	36.4	8.0	—	—	53.3	—	53.3	—	39 years	N/A	2021
350-unit asset	Mountain West	64.9	33.2	132.6	5.6	33.2	138.2	171.4	(6.2)	39 years	1985	2022
404-unit asset	Mountain West	61.6	29.6	118.3	2.1	29.6	120.4	150.0	(5.3)	39 years	1996	2022
356-unit asset	Mountain West	41.0	20.8	83.1	4.5	20.8	87.6	108.4	(3.9)	39 years	1995/2008	2022
260-unit asset	Mountain West	34.3	15.7	62.6	1.5	15.6	64.1	79.7	(2.4)	39 years	2013	2022

114

Hotel
Hotel	Ireland	—		54.0		114.3		35.0		45.9		134.5		180.4		(48.9)		39 years	1824/2005	2014
Development
Land	United Kingdom			4.2		—		0.1		3.8		0.4		4.2		—		N/A	N/A	2018
Office	Ireland	—		1.2		0.9		0.9		1.2		0.9		2.1		—		N/A	N/A	2020
Multifamily	Southern California	—		6.0		—		5.1		6.5		5.1		11.6		—		N/A	N/A	2015
Office	Ireland	—		—		9.6		—		—		11.4		11.4		(0.4)		39 years	1980	2022
3 Lots	Hawaii	—		16.5		—		—		16.5		—		16.5		—		N/A	N/A	2020
Land	Hawaii	—		0.7		—		—		0.7		—		0.7		—		N/A	1912	2010
Grand Total		$	2,854.6	$	1,206.8	$	3,762.8	$	511.2	$	1,328.3	$	4,190.4	$	5,518.7	$	(702.1)

(1) The tax basis of all the properties in aggregate totaled $4,512.9 million.

(2) Excludes acquired in place lease values.

(3) For assets that were consolidated the date acquired represents when the asset was presented as real estate not when initially acquired by Kennedy Wilson.

115

Changes in real estate for the years ended December 31, 2023, 2022 and 2021 were as follows:

	For the year ended December 31,
(Dollars in millions)	2023		2022		2021
Balance at the beginning of period	$	5,775.3	$	5,567.3	$	5,207.7
Additions during the period:
Other acquisitions	—		167.6		137.3
Improvements	218.6		604.2		1,110.4
Foreign currency	90.9		(226.0)		(91.8)
Deductions during the period:
Cost of real estate sold	(566.1)		(337.8)		(796.3)
Balance at close of period	$	5,518.7	$	5,775.3	$	5,567.3

Changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 were as follows:

	For the year ended December 31,
(Dollars in millions)	2023		2022		2021
Balance at the beginning of period	$	619.6	$	564.0	$	551.8
Additions during the period:
Depreciation expense	136.5		133.8		30.9
Deductions during the period:
Dispositions	(66.5)		(50.8)		(11.1)
Foreign currency	12.5		(27.4)		(7.6)
Balance at close of period	$	702.1	$	619.6	$	564.0

See accompanying report of independent registered public accounting firm.

116

Kennedy-Wilson Holdings, Inc.

Schedule IV—Mortgage Loans on Real Estate

December 31, 2023

Type of Loan (dollars in millions)	Description/Location	Interest Rates(1)	Maturity Date(2)	Payment Terms(3)	Principal Amount		Carrying Amount(4)
Construction Loans
Construction Loans less than 3% of the carrying amount of total loans
Construction Loans	Multifamily/Diversified	S +3.85% - 6.40%	2025 - 2028	I/O	$	86.5	$	82.3
Construction Loans	Student Housing/Diversified	S +4.95% - 5.76%	2025 - 2027	I/O	13.7		13.3
Construction Loans	Hotel/Diversified	S+ 4.90% - 6.31%	2025 -2028	I/O	8.0		7.7
Construction Loans	Other/Diversified	S+4.85% - 7.40%	2024 -2027	I/O	6.9		6.4
Construction Loans	Industrial/Diversified	S + 5.40% - 5.76%	2025 -2027	I/O	3.8		3.6
Total Construction Loans					$	118.9	$	113.3
Bridge Loans
Bridge Loans greater than 3% of the carrying amount of total loans
Bridge Loan	Retail/Southern California	3.50%	2024	I/O	$	14.3	$	14.3
Bridge Loan	Office/Northern California	6.88%	2025	I/O	8.7		8.7
Bridge Loan	Office/Southern California	S + 5.60%	2027	I/O	8.1		8.1
Bridge Loan	Multifamily/Colorado	4.75%	2028	I/O	7.7		7.7
Bridge Loans less than 3% of the carrying amount of total loans
Bridge Loans	Office+Multifamily/Diversified	3.50% - 13.00%	2024 - 2033	I/O	24.1		24.1
Bridge Loans	Hotel/Diversified	S + 6.30% - 8.36%	2027 - 2028	I/O	23.6		23.6
Bridge Loans	Office/Diversified	S +3.36% - 5.75%	2024 -2027	I/O	14.4		14.4
Bridge Loans	Multifamily/Diversified	S +5.85% - 7.75%	2026 -2027	I/O	12.4		12.4
Bridge Loans	Retail/Diversified	S + 5.60% -6.46%	2024 -2027	I/O	11.6		11.6
Bridge Loans	Other/Diversified	S + 2.81% + 5.85%	2024 -2028	I/O	7.3		7.3
Total Bridge Loans					$	132.2	$	132.2
Other Loans
Other Loans greater than 3% of the carrying amount of total loans
Other Loan	Retail/Montana	6.00%	2027	I/O	$	8.0	$	8.0
Other Loans less than 3% of the carrying amount of total loans
Other Loans	Diversified/Southern California	4.25% - S + 2.50%	2024 -2027	P,I	0.7		0.7
Total Other Loans					$	8.7	$	8.7
Total Loans					$	259.8	$	254.2
CECL Reserve					—		(7.0)
Total Loans, net					$	259.8	$	247.2

(1)The Company's variable rate loans are based off Term SOFR and expressed as spread over the Term SOFR rate.

(2)Maturity date assumes all extension options are exercised, if applicable

(3)I/O = interest only until final maturity unless otherwise noted. P,I = amortizing loan with principal and interest payments

(4)Represents the Company's share of loans in its debt business.

117

For the years ended December 31, 2023 and 2022, the loan portfolio activity was as follows:

($ in millions)	Amortized Cost		Allowance for Credit Losses		Carrying Value
Balance at December 31, 2021	$	130.3	$	—	$	130.3
Originations and fundings	50.2		—		50.2
Proceeds from sales and repayments	(31.1)		—		(31.1)
Accretion of loan discount and other amortization, net	0.6		—		0.6
Foreign exchange movements	(0.6)		—		(0.6)
Balance at December 31, 2022	149.4		—		149.4
Originations and fundings	43.8		—		43.8
Construction loan portfolio acquisition	115.6		—		115.6
Construction loan portfolio acquisition discount	(9.2)		—		(9.2)
Proceeds from sales and repayments	(48.9)		—		(48.9)
Accretion of loan discount and other amortization, net	3.5		—		3.5
Provision for credit losses	—		(7.0)		(7.0)
Balance at December 31, 2023	$	254.2	$	(7.0)	$	247.2

118

Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

None.

Item 9A.    Controls and procedures

Disclosure controls and procedures and changes in internal control over financial reporting during the latest quarter

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls include, without limitation, controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to management, including principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.

Our management carried out an evaluation, under the supervision of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2023. Based upon that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were effective as of December 31, 2023.

Management’s Report on Internal Control over Financial Reporting

Our management, including our Chief Executive Officer and Chief Financial Officer, is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act.

Our management conducted an evaluation of the effectiveness of our internal control over financial reporting based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded that our internal control over financial reporting was effective as of December 31, 2023.

KPMG LLP, the independent registered public accounting firm that audited the Company's 2023 consolidated financial statements included in this annual report on Form 10-K, has issued a report on the Company's internal control over financial reporting, which is included in this report.

Changes in Internal Control over Financial Reporting

There were no changes during our last fiscal quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B.    Other Information

During the three months ended December 31, 2023, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

None.

119

PART III

Item 10.    Directors, Executive Officers and Corporate Governance

The information called for by this item is incorporated by reference from our definitive proxy statement for our 2024 annual meeting, to be filed with the SEC within 120 days after the end of our fiscal year.

Item 11.    Executive Compensation

The information called for by this item is incorporated by reference from our definitive proxy statement for our 2024 annual meeting, to be filed with the SEC within 120 days after the end of our fiscal year.

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The information called for by this item is incorporated by reference from our definitive proxy statement for our 2024 annual meeting, to be filed with the SEC within 120 days after the end of our fiscal year.

Item 13.    Certain Relationships and Related Transactions, and Director Independence

The information called for by this item is incorporated by reference from our definitive proxy statement for our 2024 annual meeting, to be filed with the SEC within 120 days after the end of our fiscal year.

Item 14.    Principal Accounting Fees and Services

Our independent registered public accounting firm is KPMG LLP, Los Angeles, CA, Auditor Firm ID: 185

The information called for by this item is incorporated by reference from our definitive proxy statement for our 2024 annual meeting, to be filed with the SEC within 120 days after the end of our fiscal year.

120

PART IV

Item 15.    Exhibits and Financial Statement Schedules

(a) The following documents are filed as part of this annual report:

(1)Financial Statements. See the accompanying Index to Consolidated Financial Statements, which appears on page 66 of the annual report. The Report of Independent Registered Public Accounting Firm, the Consolidated Financial Statements and the Notes to Consolidated Financial Statements listed in the Index to Consolidated Financial Statements, which appear beginning on page 67 of this report, are incorporated by reference into this Item 15.

(2)Financial Statement Schedules. Schedule III and IV is listed in the Index to Consolidated Financial Statements, which appear beginning on page 116 of this report, are incorporated by reference into this Item 15. All other Financial Statement Schedules have been omitted because the information required to be set forth therein is either not applicable or is included in the Consolidated Financial Statements or the notes thereto.

(3)Exhibits. See Item 15(b) below.

(b) Exhibits. The exhibits listed on the Exhibit Index set forth below on page 125 are filed as part of, or are incorporated by reference into, this annual report on Form 10-K.

Item 16. Form 10-K Summary

None.

121

EXHIBIT INDEX

Exhibit No.	Description	Location
3.1	Amended and Restated Certificate of Incorporation.	Filed as Exhibit 3.1 to Registrant’s Current Report on Form 8-K (File No.: 001-33824) filed June 19, 2014.
3.2	Third Amended and Restated Bylaws.	Filed as Exhibit 3.1 to Registrant’s Current Report on Form 8-K (001-33824) filed February 21, 2023.
3.3	Certificate of Designations Establishing the 5.75% Series A Cumulative Perpetual Convertible Preferred Stock.	Filed as Exhibit 3.3 to Registrant's Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019
3.4	Certificate of Designations Establishing the 4.75% Series B Cumulative Perpetual Preferred Stock.	Filed as Exhibit 4.1 of Registrant's Current Report on Form 8-K (File No. 001-33824) filed February 23, 2022
3.5	Certificate of Designations Establishing the 6.00% Series C Cumulative Perpetual Preferred Stock.	Filed as Exhibit 3.1 of Registrant’s Current Report on Form 8-K (File No. 001-33824) filed June 16, 2023
4.1	Specimen Common Stock Certificate.	Filed as an Exhibit to the Registrant's Registration Statement on Amendment no. 1 to Form 8-A (File No.: 333-145110) filed on November 16, 2009 and incorporated by reference herein.
4.2	Base Indenture, dated as of March 25, 2014, between Kennedy-Wilson, Inc. and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 12, 2014
4.3	Supplemental Indenture No. 1, dated as of March 25, 2014, among Kennedy-Wilson Holdings, Inc., the guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.2 to Registrant’s Current Report on Form 8-K (001-33824) filed March 26, 2014.
4.4	Supplemental Indenture No. 2029-1 dated as of February 11, 2021, among Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021
4.5	Supplemental Indenture No. 2031-1, dated as of February 11, 2021 among Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.3 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021
4.6	Supplemental Indenture No. 2029-2, dated as of August 4, 2021 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the related entity names there in, the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021.
4.7	Supplemental Indenture No. 2031-2, dated as of August 4, 2021 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantor named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.2 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021.
4.8	Supplemental Indenture No. 2030-1, dated as of August 23, 2021 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the related entity names there in, the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.2 to Registrant’s Current Report on Form 8-K (001-33824) filed August 23, 2021.
4.9	Supplemental Indenture No. 2029-3, dated as of May 12, 2022, among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022.
4.10	Supplemental Indenture No. 2031-3, dated as of May 12, 2022, among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.2 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022.

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4.11	Supplemental Indenture No. 2030-2, dated as of May 12, 2022 among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed as Exhibit 4.3 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022.
4.12	Supplemental Indenture No. 2029-4, dated as of December 14, 2023, among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed herewith
4.13	Supplemental Indenture No. 2031-4, dated as of December 14, 2023, among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed herewith
4.14	Supplemental Indenture No. 2030-3, dated as of December 14, 2023, among Kennedy-Wilson, Inc., Kennedy-Wilson Holdings, Inc., the subsidiary guarantors named therein and Wilmington Trust, National Association, as trustee.	Filed herewith
4.15	Registration Rights Agreement, dated November 7, 2019, between the registrant and the purchasers named therein.	Filed as Exhibit 4.2 to Registrants Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019.
4.16	Warrant Agreement, dated March 8, 2022, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-33824) filed May 5, 2022.
4.17	Registration Rights Agreement, dated March 8, 2022, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 4.2 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-33824) filed May 5, 2022.
4.18	Warrant Agreement, dated June 16, 2023, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 4.2 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-33824) filed August 4, 2023
4.19	Registration Rights Agreement, dated June 16, 2023, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (File No. 001-33824) filed August 4, 2023
4.20	Description of Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934	Filed herewith
10.1†	Employment Agreement dated September 29, 2023 between Kennedy-Wilson and William J. McMorrow.	Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (File No. 001-33824) filed September 29, 2023
10.2†	Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan.	Filed as Exhibit to the Registrant's Current Report on Form 8-K (File No.: 001-33824) filed January 30, 2012.
10.3†	First Amendment to Amended and Restated 2009 Equity Participation Plan.	Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed June 19, 2014.
10.5†	Second Amended and Restated 2009 Equity Participation Plan.	Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed June 16, 2017.
10.6†	Second Amendment to the Second Amended and Restated 2009 Equity Participation Plan.	Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No. 001-33824) filed June 10, 2022.
10.7†	Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Consultant Restricted Stock Award Agreement	Filed as Exhibit 10.116 to Registrant’s Annual Report on Form 10-K filed March 12, 2013.
10.8†	Form of Kennedy-Wilson Holdings, Inc. Amended and Restated 2009 Equity Participation Plan Director Restricted Stock Award Agreement	Filed as Exhibit 10.30 to Registrant's Annual Report on Form 10-K (001-33824) filed February 27, 2018
10.9†	Employment Agreement dated September 29, 2023 between Kennedy-Wilson, Inc. and Kent Mouton	Filed as Exhibit 10.4 to Registrant’s Current Report on Form 8-K (001-33824) filed September 29, 2023.

123

10.10†	Employment Agreement dated September 29, 2023 between Kennedy-Wilson, Inc. and Matt Windisch	Filed as Exhibit 10.3 to Registrant’s Current Report on Form 8-K (001-33824) filed September 29, 2023.
10.11†	Employment Agreement dated September 29, 2023 between Kennedy-Wilson, Inc. and Justin Enbody	Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (001-33824) filed September 29, 2023
10.12†	Form of Total Shareholder Return Performance-Based Employee Restricted Stock Award Agreement.	Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019
10.13†	Form of Return on Equity Performance-Based Employee Restricted Stock Award Agreement.	Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019
10.14†	Form of Time-Based Employee Restricted Stock Award Agreement	Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019
10.15	Securities Purchase Agreement, dated October 17, 2019 between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 10.1 to Registrants Current Report on Form 8-K (File No 001-33824) filed October 18, 2019.
10.16††	4.75% Series B Cumulative Perpetual Preferred Stock and Warrant Purchase Agreement, dated February 23, 2022, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No 001-33824) filed February 23, 2022
10.17	Amendment No. 1 to the 4.75% Series B Cumulative Perpetual Preferred Stock and Warrant Purchase Agreement, dated December 6, 2023, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein	Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No 001-33824) filed December 6, 2023
10.18	6.00% Series C Cumulative Perpetual Preferred Stock and Warrant Purchase Agreement, dated June 4, 2023, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (File No 001-33824) filed June 5, 2023
10.19	Amendment No. 1 to the 6.00% Series C Cumulative Perpetual Preferred Stock and Warrant Purchase Agreement, dated June 16, 2023, by and among the Kennedy-Wilson Holdings, Inc. and the purchasers named therein.	Filed as Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q (File No 001-33824) filed August 4, 2023
10.20	Amendment No. 2 to the 6.00% Series C Cumulative Perpetual Preferred Stock and Warrant Purchase Agreement, dated December 6, 2023, between Kennedy-Wilson Holdings, Inc. and the purchasers named therein	Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (File No 001-33824) filed December 6, 2023
10.21	Second Amended and Restated Credit Agreement, dated March 25, 2020, among Kennedy-Wilson, Inc., as borrower, Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy-Wilson Holdings, Inc. from time to time party thereto as guarantors, the lenders from time to time party thereto, Bank of America, N.A., administrative agent and Bank of America, N.A. and JP Morgan Chase Bank, N.A., as letter of credit issuers.	Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed March 26, 2020.
10.22	Joinder Agreement, dated as of January 19, 2021 among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A., as administrative agent	Filed as Exhibit 10.56 to Registrant's Annual Report on Form 10-K (001-33824) filed February 26, 2021.
10.23	Joinder Agreement, dated as of August 4, 2021, among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A.	Filed as Exhibit 10.1 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021.
10.24	First Amendment to the Second Amended and Restated Credit Agreement, dated as of October 12, 2021, among Kennedy-Wilson Holdings, Inc., Kennedy-Wilson, Inc., the subsidiaries party thereto and Bank of America, N.A., as administrative agent	Filed as Exhibit 10.55 to Registrant's Annual Report on Form 10-K (001-33824) filed February 22, 2023
10.25	Joinder Agreement, dated as of May 12, 2022, among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A., as administrative agent	Filed as Exhibit 10.1 to Registrants Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022.
10.26	Second Amendment to the Second Amended and Restated Credit Agreement, dated as of June 12, 2023, among Kennedy-Wilson Holdings, Inc., Kennedy-Wilson, Inc., the subsidiaries party thereto and Bank of America, N.A., as administrative agent	Filed as Exhibit 10.3 to Registrants Quarterly Report on Form 10-Q (File No. 001-33824) filed August 4, 2023
10.27	Joinder Agreement, dated as of December 14, 2023, among Kennedy-Wilson, Inc., the subsidiary guarantors named therein and Bank of America, N.A., as administrative agent	Filed herewith.

124

10.28	Distribution Agreement, dated as of May 6, 2022, by and among Kennedy-Wilson Holdings, Inc., and J.P. Morgan Securities LLC, BofA Securities, Inc., Deutsche Bank Securities Inc. and Evercore Group L.L.C., as agents and/or principals and (except in the case of Evercore Group L.L.C.) forward sellers, and JPMorgan Chase Bank, National Association, Bank of America, N.A. and Deutsche Bank AG, London Branch, as forward purchasers.	Filed as Exhibit 1.1 to the Registrant’s Current Report on Form 8-K (File No. 001-33824) filed May 6, 2022.
10.29	Letter Agreement, dated August 3, 2022, by and among Kennedy-Wilson Holdings, Inc., Quinton Heights, LLC and Security Benefit Life Insurance Company.	Filed as Exhibit 10.4 to Registrants Quarterly Report on Form 10-Q (File No. 001-33824) filed August 5, 2022.
21	List of Subsidiaries	Filed herewith.
23.1	Consent of Independent Registered Public Accounting Firm	Filed herewith.
24.1	Power of Attorney (included on signature page).	Filed herewith.
31.1	Certification Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934 of the Principal Executive Officer.	Filed herewith.
31.2	Certification Pursuant to Rule 13a-14(a) under Securities Exchange Act of 1934 of the Principal Financial Officer.	Filed herewith.
32.1	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer.	Filed herewith.
32.2	Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of the Principal Financial Officer.	Filed herewith.
97	Kennedy-Wilson Holdings, Inc. Amended and Restated Compensation Recovery Policy	Filed herewith.
101	The following materials from Kennedy-Wilson Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2023 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets (ii) the Consolidated Statements of Operations and Comprehensive (Loss) Income (iii) the Consolidated Statements of Equity (iv) the Consolidated Statements of Cash Flows (v) related notes to those financial statements, (vi) Schedule III - Real Estate and Accumulated Depreciation and (vii) Schedule IV - Loans.	Filed herewith.

__________

†    Management Contract, Compensation Plan or Agreement.

(c) Financial Statement Schedules. Reference is made to Item 15(a)(2) above.

125

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 22nd day of February 2024.

KENNEDY-WILSON HOLDINGS, INC., a Delaware corporation
By:	/s/    WILLIAM J. MCMORROW
	William J. McMorrow
	Chief Executive Officer

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints William J. McMorrow and Justin Enbody, and each of them, his/her attorneys-in-fact, each with the power of substitution, for him/her in any and all capacities, to sign any amendments to this annual report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or substitute or substitutes may do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Name	Title	Date
/S/    WILLIAM J. MCMORROW         William J. McMorrow	Chief Executive Officer (principal executive officer) and Chairman	February 22, 2024
/S/    JUSTIN ENBODY       Justin Enbody	Senior Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer)	February 22, 2024
/S/ TODD BOEHLY Todd Boehly	Director	February 22, 2024
/S/    RICHARD BOUCHER       Richard Boucher	Director	February 22, 2024
/S/    TREVOR BOWEN        Trevor Bowen	Director	February 22, 2024
/S/ WADE BURTON Wade Burton	Director	February 22, 2024
/S/    NORM CREIGHTON         Norm Creighton	Director	February 22, 2024
/S/    CATHY HENDRICKSON         Cathy Hendrickson	Director	February 22, 2024
/S/ DAVID A. MINELLA          David A. Minella	Director	February 22, 2024
/S/    KENT MOUTON         Kent Mouton	Director	February 22, 2024
/S/ SANAZ ZAIMI Sanaz Zaimi	Director	February 22, 2024
/S/ STANLEY ZAX      Stanley Zax	Director	February 22, 2024

126

EX-4.12

Exhibit 4.12

Execution Version

KENNEDY-WILSON HOLDINGS, INC.,

as Parent

KENNEDY-WILSON, INC.,

as Issuer

THE NEW SUBSIDIARY GUARANTORS PARTY HERETO

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee

SUPPLEMENTAL INDENTURE NO. 2029-4

Dated as of December 14, 2023

to

INDENTURE

Dated as of March 25, 2014

4.750% Senior Notes due 2029

|

SUPPLEMENTAL INDENTURE NO. 2029-4 (the “Supplemental Indenture”), dated as of December 14, 2023, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), KW Pacific Valley, LLC, a Delaware limited liability company, KW Pearl Street Portfolio, LLC, a Delaware limited liability company, KW Stockton Industrial, LLC, a Delaware limited liability company, KWF Capital, LLC, a Delaware limited liability company, KW Rainier Ridge Member, LLC, a Delaware limited liability company, KW Multifamily 2023, LLC, a Delaware limited liability company, KW Snake River, LLC, a Delaware limited liability company, KW Development, LLC, a Delaware limited liability company, KW Oxbow Dovetail Funding, LLC, a Delaware limited liability company (the preceding nine entities, each, a “New Guarantor” and, collectively, the “New Guarantors”), Kennedy-Wilson Holdings, Inc., a Delaware corporation, as the Parent Guarantor (the “Parent Guarantor”), the Guarantors (as defined in the Indenture referred to below), and Wilmington Trust, National Association, as trustee (the “Trustee”).

WITNESSETH THAT:

    WHEREAS, the Issuer and the Trustee have executed and delivered a base indenture, dated as of March 25, 2014 (as amended, supplemented or otherwise modified from time to time, and, together with the Supplemental Indenture No. 2029-1, Supplemental Indenture No. 2029-2 and Supplemental Indenture No. 2029-3 (each as defined below), the “Indenture”) to provide for the future issuance of the Issuer’s debt securities to be issued from time to time in one or more series;

    WHEREAS, the Issuer, the Guarantors party thereto and the Trustee entered into that certain Supplemental Indenture No. 2029-1, dated as of February 11, 2021 (the “Supplemental Indenture No. 2029-1”), that certain Supplemental Indenture No. 2029-2, dated as of August 4, 2021 (the “Supplemental Indenture No. 2029-2”) and that certain Supplemental Indenture No. 2029-3, dated as of May 12, 2022 (the “Supplemental Indenture No. 2029-3”), relating to the Issuer’s 4.750% Senior Notes due 2029 (the “Notes”);

    WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause certain of its domestic Restricted Subsidiaries to provide Guaranties after the Issue Date (as defined in the Indenture);

    WHEREAS, the Issuer desires, and this Supplemental Indenture is being executed and delivered pursuant to Sections 4.09 and 9.01(iv) of the Supplemental Indenture No. 2029-1, to cause the New Guarantors to provide a Guaranty and become Subsidiary Guarantors;

    WHEREAS, the Issuer, the New Guarantors, the Parent Guarantor and the Guarantors have duly authorized the execution and delivery of this Supplemental Indenture, subject to the terms and conditions described herein;

    WHEREAS, the Issuer, the New Guarantors, the Parent Guarantor and the Guarantors have requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms and to give effect to the terms and conditions set forth herein and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects; and

    WHEREAS, pursuant to Sections 9.01 and 10.09 of the Supplemental Indenture No. 2029-1, the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW, THEREFORE:

    - 1 -

|

Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined herein) of the Notes.

Section 1.    Capitalized terms used herein without definition shall have the respective definitions ascribed to them in the Indenture.

Section 2.    Each New Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article X of the Supplemental Indenture No. 2029-1.

Section 3.    Notwithstanding anything herein to the contrary, this Supplemental Indenture shall be subject, without limitation, to the last paragraph of Section 10.09 of the Supplemental Indenture No. 2029-1 with the same force and effect as if such paragraph were reproduced herein.

Section 4.     THIS SUPPLEMENTAL INDENTURE AND THE GUARANTEES OF THE NEW GUARANTORS, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH GUARANTEES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW).

Section 5.    This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.

Section 6.    No past, present or future director, officer, employee, incorporator, member or stockholder or control person of the Issuer, the Parent or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Issuer, the Parent or any Subsidiary Guarantor under the Notes, any Guaranty, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder of the Notes by accepting a Note or any Guaranty waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes or any Guaranty.

Section 7.    This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and all subsequent supplements thereto, including this Supplemental Indenture, shall be read together.

Section 8.    The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect or the recitals contained herein, all of which recitals are made solely by the Issuer, the Parent Guarantor and the New Guarantors party hereto.

[Remainder of this Page Intentionally Left Blank; Signature Pages Follow]

    - 2 -

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

    Kennedy-Wilson, Inc.

By:     /s/ In Ku Lee    
Name:    In Ku Lee

Title:    Secretary

    Kennedy-Wilson Holdings, Inc.

By:    /s/ In Ku Lee    
Name:    In Ku Lee

Title:    Secretary

KW Pacific Valley, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

KW Pearl Street Portfolio, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2029-4]

|

KW Stockton Industrial, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

KWF Capital, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

KW Rainier Ridge Member, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

KW Multifamily 2023, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

KW Snake River, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2029-4]

|

KW Development, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

KW Oxbow Dovetail Funding, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2029-4]

|

Wilmington Trust, National Association, as Trustee

By:     /s/ Jane Schweiger    
Name:    Jane Schweiger

Title: Vice President

    [Signature page to Supplemental Indenture No. 2029-4]

|

EX-4.13

Exhibit 4.13

Execution Version

KENNEDY-WILSON HOLDINGS, INC.,

as Parent

KENNEDY-WILSON, INC.,

as Issuer

THE NEW SUBSIDIARY GUARANTORS PARTY HERETO

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee

SUPPLEMENTAL INDENTURE NO. 2031-4

Dated as of December 14, 2023

to

INDENTURE

Dated as of March 25, 2014

5.000% Senior Notes due 2031

|||

SUPPLEMENTAL INDENTURE NO. 2031-4 (the “Supplemental Indenture”), dated as of December 14, 2023, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), KW Pacific Valley, LLC, a Delaware limited liability company, KW Pearl Street Portfolio, LLC, a Delaware limited liability company, KW Stockton Industrial, LLC, a Delaware limited liability company, KWF Capital, LLC, a Delaware limited liability company, KW Rainier Ridge Member, LLC, a Delaware limited liability company, KW Multifamily 2023, LLC, a Delaware limited liability company, KW Snake River, LLC, a Delaware limited liability company, KW Development, LLC, a Delaware limited liability company, KW Oxbow Dovetail Funding, LLC, a Delaware limited liability company (the preceding nine entities, each, a “New Guarantor” and, collectively, the “New Guarantors”), Kennedy-Wilson Holdings, Inc., a Delaware corporation, as the Parent Guarantor (the “Parent Guarantor”), the Guarantors (as defined in the Indenture referred to below), and Wilmington Trust, National Association, as trustee (the “Trustee”).

WITNESSETH THAT:

    WHEREAS, the Issuer and the Trustee have executed and delivered a base indenture, dated as of March 25, 2014 (as amended, supplemented or otherwise modified from time to time, and, together with the Supplemental Indenture No. 2031-1, Supplemental Indenture No. 2031-2, and Supplemental Indenture No. 2031-3 (each as defined below), the “Indenture”) to provide for the future issuance of the Issuer’s debt securities to be issued from time to time in one or more series;

    WHEREAS, the Issuer, the Guarantors party thereto and the Trustee entered into that certain Supplemental Indenture No. 2031-1, dated as of February 11, 2021 (the “Supplemental Indenture No. 2031-1”), that certain Supplemental Indenture No. 2031-2, dated as of August 4, 2021 (the “Supplemental Indenture No. 2031-2”), and that certain Supplemental Indenture No. 2031-3, dated as of May 12, 2022 (the “Supplemental Indenture No. 2031-3”) relating to the Issuer’s 5.000% Senior Notes due 2031 (the “Notes”);

    WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause certain of its domestic Restricted Subsidiaries to provide Guaranties after the Issue Date (as defined in the Indenture);

    WHEREAS, the Issuer desires, and this Supplemental Indenture is being executed and delivered pursuant to Sections 4.09 and 9.01(iv) of the Supplemental Indenture No. 2031-1, to cause the New Guarantors to provide a Guaranty and become Subsidiary Guarantors;

    WHEREAS, the Issuer, the New Guarantors, the Parent Guarantor and the Guarantors have duly authorized the execution and delivery of this Supplemental Indenture, subject to the terms and conditions described herein;

    WHEREAS, the Issuer, the New Guarantors, the Parent Guarantor and the Guarantors have requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms and to give effect to the terms and conditions set forth herein and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects; and

    WHEREAS, pursuant to Sections 9.01 and 10.09 of the Supplemental Indenture No. 2031-1, the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW, THEREFORE:

    - 1 -

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Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined herein) of the Notes.

Section 1.    Capitalized terms used herein without definition shall have the respective definitions ascribed to them in the Indenture.

Section 2.    Each New Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article X of the Supplemental Indenture No. 2031-1.

Section 3.    Notwithstanding anything herein to the contrary, this Supplemental Indenture shall be subject, without limitation, to the last paragraph of Section 10.09 of the Supplemental Indenture No. 2031-1 with the same force and effect as if such paragraph were reproduced herein.

Section 4.    THIS SUPPLEMENTAL INDENTURE AND THE GUARANTEES OF THE NEW GUARANTORS, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH GUARANTEES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW).

Section 5.    This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.

Section 6.    No past, present or future director, officer, employee, incorporator, member or stockholder or control person of the Issuer, the Parent or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Issuer, the Parent or any Subsidiary Guarantor under the Notes, any Guaranty, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder of the Notes by accepting a Note or any Guaranty waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes or any Guaranty.

Section 7.    This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and all subsequent supplements thereto, including this Supplemental Indenture, shall be read together.

Section 8.    The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect or the recitals contained herein, all of which recitals are made solely by the Issuer, the Parent Guarantor and the New Guarantors party hereto.

[Remainder of this Page Intentionally Left Blank; Signature Pages Follow]

    - 2 -

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

Kennedy-Wilson, Inc.

By:    /s/ In Ku Lee        
Name:    In Ku Lee

Title:    Secretary

    Kennedy-Wilson Holdings, Inc.

By: /s/ In Ku Lee    
Name:    In Ku Lee

Title:    Secretary

KW Pacific Valley, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Pearl Street Portfolio, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2031-4]

||

KW Stockton Industrial, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KWF Capital, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Rainier Ridge Member, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Multifamily 2023, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2031-4]

||

KW Snake River, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Development, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Oxbow Dovetail Funding, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2031-4]

||

Wilmington Trust, National Association, as Trustee

By:    /s/ Jane Schweiger        
Name:    Jane Schweiger

    Title: Vice President

    [Signature page to Supplemental Indenture No. 2031-4]

||

EX-4.14

Exhibit 4.14

Execution Version

KENNEDY-WILSON HOLDINGS, INC.,

as Parent

KENNEDY-WILSON, INC.,

as Issuer

THE NEW SUBSIDIARY GUARANTORS PARTY HERETO

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee

SUPPLEMENTAL INDENTURE NO. 2030-3

Dated as of December 14, 2023

to

INDENTURE

Dated as of March 25, 2014

4.750% Senior Notes due 2030

|

SUPPLEMENTAL INDENTURE NO. 2030-3 (the “Supplemental Indenture”), dated as of December 14, 2023, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), KW Pacific Valley, LLC, a Delaware limited liability company, KW Pearl Street Portfolio, LLC, a Delaware limited liability company, KW Stockton Industrial, LLC, a Delaware limited liability company, KWF Capital, LLC, a Delaware limited liability company, KW Rainier Ridge Member, LLC, a Delaware limited liability company, KW Multifamily 2023, LLC, a Delaware limited liability company, KW Snake River, LLC, a Delaware limited liability company, KW Development, LLC, a Delaware limited liability company, KW Oxbow Dovetail Funding, LLC, a Delaware limited liability company (the preceding nine entities, each, a “New Guarantor” and, collectively, the “New Guarantors”), Kennedy-Wilson Holdings, Inc., a Delaware corporation, as the Parent Guarantor (the “Parent Guarantor”), the Guarantors (as defined in the Indenture referred to below), and Wilmington Trust, National Association, as trustee (the “Trustee”)..

WITNESSETH THAT:

    WHEREAS, the Issuer and the Trustee have executed and delivered a base indenture, dated as of March 25, 2014 (as amended, supplemented or otherwise modified from time to time, and, together with the Supplemental Indenture No. 2030-1 and Supplemental Indenture No. 2030-2 (each as defined below), the “Indenture”) to provide for the future issuance of the Issuer’s debt securities to be issued from time to time in one or more series;

    WHEREAS, the Issuer, the Guarantors party thereto and the Trustee entered into that certain Supplemental Indenture No. 2030-1, dated as of August 23, 2021 (the “Supplemental Indenture No. 2030-1”) and that certain Supplemental Indenture No. 2030-2, dated as of May 12, 2022 (the “Supplemental Indenture No. 2030-2”) relating to the Issuer’s 4.750% Senior Notes due 2030 (the “Notes”);

    WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause certain of its domestic Restricted Subsidiaries to provide Guaranties after the Issue Date (as defined in the Indenture);

    WHEREAS, the Issuer desires, and this Supplemental Indenture is being executed and delivered pursuant to Sections 4.09 and 9.01(iv) of the Supplemental Indenture No. 2030-1, to cause the New Guarantors to provide a Guaranty and become Subsidiary Guarantors;

    WHEREAS, the Issuer, the New Guarantors, the Parent Guarantor and the Guarantors have duly authorized the execution and delivery of this Supplemental Indenture, subject to the terms and conditions described herein;

    WHEREAS, the Issuer, the New Guarantors, the Parent Guarantor and the Guarantors have requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms and to give effect to the terms and conditions set forth herein and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects; and

    WHEREAS, pursuant to Sections 9.01 and 10.09 of the Supplemental Indenture No. 2030-1, the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW, THEREFORE:

Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined herein) of the Notes.

    - 1 -

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Section 1.    Capitalized terms used herein without definition shall have the respective definitions ascribed to them in the Indenture.

Section 2.    Each New Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article X of the Supplemental Indenture No. 2030-1.

Section 3.    Notwithstanding anything herein to the contrary, this Supplemental Indenture shall be subject, without limitation, to the last paragraph of Section 10.09 of the Supplemental Indenture No. 2030-1 with the same force and effect as if such paragraph were reproduced herein.

Section 4.     THIS SUPPLEMENTAL INDENTURE AND THE GUARANTEES OF THE NEW GUARANTORS, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH GUARANTEES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW).

Section 5.    This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.

Section 6.    No past, present or future director, officer, employee, incorporator, member or stockholder or control person of the Issuer, the Parent or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Issuer, the Parent or any Subsidiary Guarantor under the Notes, any Guaranty, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder of the Notes by accepting a Note or any Guaranty waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes or any Guaranty.

Section 7.    This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and all subsequent supplements thereto, including this Supplemental Indenture, shall be read together.

Section 8.    The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect or the recitals contained herein, all of which recitals are made solely by the Issuer, the Parent Guarantor and the New Guarantors party hereto.

[Remainder of this Page Intentionally Left Blank; Signature Pages Follow]

    - 2 -

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

Kennedy-Wilson, Inc.

By:    /s/ In Ku Lee    
Name:    In Ku Lee

Title:    Secretary

    Kennedy-Wilson Holdings, Inc.

By:    /s/ In Ku Lee    
Name:    In Ku Lee

Title:    Secretary

KW Pacific Valley, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Pearl Street Portfolio, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee    
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2030-3]

|

KW Stockton Industrial, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KWF Capital, LLC

By: Kennedy-Wilson Capital, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Rainier Ridge Member, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Multifamily 2023, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Snake River, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

    [Signature page to Supplemental Indenture No. 2030-3]

|

KW Development, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

KW Oxbow Dovetail Funding, LLC

By: K-W Properties, its sole member

/s/ In Ku Lee        
Name:    In Ku Lee

Title:    Vice President

Wilmington Trust, National Association, as Trustee

By:    /s/ Jane Schweiger        
Name:    Jane Schweiger

    Title: Vice President

    [Signature page to Supplemental Indenture No. 2030-3]

|

EX-4.20

Exhibit 4.20

DESCRIPTION OF REGISTRANT’S SECURITIES

REGISTERED PURSUANT TO SECTION 12 OF

THE SECURITIES EXCHANGE ACT OF 1934

DESCRIPTION OF COMMON STOCK

The following is a brief description of the common stock of Kennedy-Wilson Holdings, Inc. (the “Company,” “we” or “our”) registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This description of the terms of the Company’s common stock does not purport to be complete and is subject to and qualified in its entirety by reference to the applicable provisions of the Delaware General Corporation Law (“DGCL”), and the full text of the Company’s amended and restated certificate of incorporation (the “Certificate of Incorporation”), and the Company’s amended and restated bylaws (“bylaws”), copies of which are incorporated by reference to this Annual Report on Form 10-K.

Generally

The Company’s Certificate of Incorporation authorizes the issuance of 200,000,000 shares of common stock, par value $0.0001 (the “common stock”). The principal stock exchange on which the common stock is listed is the New York Stock Exchange under the symbol “KW.” All outstanding shares of common stock are validly issued, fully paid and nonassessable.

Voting Rights

Holders of common stock have exclusive voting rights for the election of the Company’s directors and all other matters requiring stockholder action, except with respect to amendments to the Company’s Certificate of Incorporation that alter or change the powers, preferences, rights or other terms of any outstanding preferred stock if the holders of such affected series of preferred stock are entitled to vote on such an amendment. Holders of common stock are entitled to one vote per share on matters to be voted on by stockholders.

Dividends

Holders of common stock are entitled to receive such dividends, if any, as may be declared from time to time by the Company’s board of directors in its discretion out of funds legally available therefor. The payment of dividends, if ever, on the common stock will be subject to (i) the prior payment of dividends on any outstanding shares of preferred stock, and (ii) compliance with any applicable limitation in the Company’s debt agreements.

Liquidation

In the event of the liquidation or dissolution of the Company, holders of common stock are entitled to share ratably in all assets remaining after payment of liabilities.

No Preemptive or Similar Rights

Holders of common stock have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the common stock.

DESCRIPTION OF THE SERIES A PREFERRED STOCK

The following is a summary of the material terms of the Series A Preferred Stock (as defined below) as contained in the Series A Certificate of Designations (as defined below). The following summary is not complete and is subject to, and qualified in its entirety by, the full text of the Series A Certificate of Designations that is attached as [Exhibit 3.3] to this Annual Report on Form 10-K and incorporated by reference herein.

Generally

On November 7, 2019, we filed with the Secretary of State of the State of Delaware the Certificate of Designation (the “Series A Certificate of Designations”) creating the 5.75% Series A Cumulative Perpetual Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), and establishing the preferences, rights, and limitations of the Series A Preferred Stock. On November 7, 2019, we issued 300,000 shares of our Series A Preferred Stock.

Ranking

The Series A Preferred Stock ranks on a parity with our Series B Preferred Stock (as defined below), and senior, with respect to dividend and distribution rights and rights upon our liquidation, dissolution, or winding up, to our Series C Preferred Stock (as defined below), the common stock, and each other class or series of capital stock we may issue in the future the terms of which do not expressly provide that it ranks on parity with or senior to the Series A Preferred Stock as to dividend and distribution rights and rights upon our liquidation, dissolution, or winding-up (the common stock and such other capital stock, “Junior Securities”). If we voluntarily or involuntarily liquidate, dissolve or wind up, then, subject to the rights of any indebtedness or senior-ranking securities, the holders of each share of Series A Preferred Stock are entitled to receive liquidating distributions in an amount equal to the $1,000 per share, plus an amount equal to all accrued and unpaid dividends on such share to, and including, the date of such liquidation, out of assets legally available for distribution to our stockholders, before any distribution of assets is made to the holders of our Series C Preferred Stock, the common stock or any other Junior Securities. After payment of the full amount of such liquidating distributions, holders of the Series A Preferred Stock are not entitled to any further participation in any distribution of our assets and will not have a right or claim to any of our remaining assets.

Dividends

Holders of Series A Preferred Stock are entitled to receive cumulative cash dividends, payable quarterly on the $1,000 per share liquidation preference of the Series A Preferred Stock, at a rate of 5.75% per annum, when, as and if declared by our board of directors out of assets legally available for the payment of such dividends. Dividends on the Series A Preferred Stock are payable in arrears on January 15, April 15, July 15 and October 15 of each year.

Liquidation

In the event we voluntarily or involuntarily liquidate, dissolve or wind up, the holders of each share of Series A Preferred Stock at the time shall be entitled to receive liquidating distributions in an amount equal to $1,000 per share of Series A Preferred Stock, plus an amount equal to all accrued and unpaid dividends on such share to, and including, the date of such liquidation, out of assets legally available for distribution to our stockholders, before any distribution of assets is made to the holders of common stock or any other Junior Securities. After payment of the full amount of such liquidating distributions, the holders of the Series A Preferred Stock will not be entitled to any further participation in any distribution of assets by, and shall have no right or claim to any remaining assets of, us.

In the event our assets available for distribution to stockholders upon any liquidation, dissolution or winding-up of our affairs, whether voluntary or involuntary, shall be insufficient to pay in full

the amounts payable with respect to all outstanding shares of the Series A Preferred Stock and amounts payable on any parity securities, holders of the Series A Preferred Stock and the holders of such parity securities shall share ratably in any distribution of our assets in proportion to their full respective liquidating distributions (including, if applicable, accrued and unpaid dividends) to which they would otherwise be respectively entitled.

Our consolidation or merger with or into any other entity, the consolidation or merger of any other entity with or into us, or the sale of all or substantially all of our property or business will not constitute our liquidation, dissolution or winding up.

Conversion Rights

Holders of the Series A Preferred Stock generally have the right to convert their Series A Preferred Stock into shares of common stock (together with cash in lieu of any fractional share). The initial conversion rate is 40.0000 shares of common stock per share of Series A Preferred Stock, which represents a conversion price of $25.00 per share. The conversion rate and conversion price are subject to adjustment upon the occurrence of certain events. If a “Make-Whole Fundamental Change” (as defined in the Series A Certificate of Designations) occurs, then the conversion rate applicable to shares of Series A Preferred Stock converted in connection with such make-whole fundamental change may be increased in certain circumstances.

Optional Redemption

On or after October 15, 2024, we have the right to redeem the Series A Preferred Stock, in whole and not in part, for cash. In addition, we have the right to redeem the Series A Preferred Stock, in whole and not in part, in certain circumstances relating to a business combination transaction pursuant to which we are acquired for cash before October 15, 2024. In connection with any redemption, the redemption price will equal $1,000 per share of Series A Preferred Stock to be redeemed, plus accrued and unpaid dividends.

Repurchase Upon Fundamental Change

Upon the occurrence of certain change-of-control or delisting events that constitute a “Fundamental Change” under the Series A Certificate of Designations, we are required, to the extent we are legally able to do so, and subject to certain limitations, to offer to repurchase the Series A Preferred Stock for cash at a repurchase price equal to $1,000 per share of Series A Preferred Stock to be repurchased, plus accrued and unpaid dividends.

No Sinking Fund Obligations

The Series A Preferred Stock shall not be subject to any sinking fund or other obligation to redeem, repurchase or retire the Series A Preferred Stock other than to the extent set forth in the sections “-Optional Redemption” and “-Repurchase Upon Fundamental Change”.

Voting Rights

The holders of Series A Preferred Stock will be entitled to vote with the holders of common stock as a single class on an as-converted basis. So long as any shares of Series A Preferred Stock are outstanding, the consent of holders of at least two-thirds of the outstanding Series A Preferred Stock (in certain circumstances, voting together with the holders of any other preferred stock (including the Series B Preferred Stock) having similar voting rights) will be required for the following events, subject to certain limitations: (1) the amendment of our certificate of incorporation or the Series A Certificate of Designations to authorize or create, or increase the authorized amount of, any shares of any class or series of our capital stock that ranks on parity with or senior to the Series A Preferred Stock with respect to the payment of dividends or the distribution of assets on any liquidation, dissolution or winding up of us; (2) any amendment, alteration or repeal of any provision of our certificate of incorporation or the Series A Certificate of Designations so as to adversely affect the rights, preferences, privileges or voting powers of the Series A Preferred Stock; and (3) certain binding share exchanges or reclassifications

involving the Series A Preferred Stock, or certain mergers or consolidations of ours with another entity (unless, in the case of this clause (3), either (x) the Series A Preferred Stock remains outstanding following the relevant transaction or is exchanged for substantially similar preference securities of the surviving entity or (y) in the case of certain business combination transactions occurring before October 15, 2024, we call the Series A Preferred Stock for redemption).

In addition, if dividends on any shares of Series A Preferred Stock are declared and paid, on a cumulative basis, for the equivalent of four or more dividend periods, whether or not consecutive (a “Series A Nonpayment Event”), then, subject to certain limitations, the size of our board of directors will automatically be increased by two and the holders of Series A Preferred Stock (in certain cases, voting together with the holders of any other series of preferred stock (including the Series B Preferred Stock) having similar voting rights) will be entitled to vote for the election of the two additional directors (the “Preferred Stock Directors”). However, it will be a qualification for the election for any such Preferred Stock Director that the election of such director will not cause us to violate the corporate governance requirements of the New York Stock Exchange (or any other exchange or automated quotation system on which our securities may then be listed or quoted) that requires listed or quoted companies to have a majority of independent directors. If and when all accrued and unpaid dividends in respect of all prior completed dividend periods have been paid in full, or declared and a sum sufficient for such payment has have been set aside, on the Series A Preferred Stock (and any other series of preferred stock (including the Series B Preferred Stock) having similar voting rights) for two consecutive dividend periods after the relevant Series A Nonpayment Event, then the term of the Preferred Stock Directors will immediately end and the holders of the Series A Preferred Shares will immediately be divested of the foregoing voting rights, until and unless a subsequent Series A Nonpayment Event occurs. If a Series A Nonpayment Event occurs and the Preferred Stock Directors are unable to take office because doing so would cause the size of our board of directors to exceed limitations set forth in our Certificate of Incorporation, then the dividend rate on the Series A Preferred Stock will be increased to 7.75% per annum until the earlier of (x) the time when the Preferred Stock Directors take office; and (y) all accrued and unpaid dividends in respect of all prior completed dividend periods have been paid in full, or declared and a sum sufficient for such payment has have been set aside, on the Series A Preferred Stock (and any other series of preferred stock (including the Series B Preferred Stock) having similar voting rights) for two consecutive dividend periods after such Series A Nonpayment Event.

DESCRIPTION OF THE SERIES B PREFERRED STOCK

The following is a summary of the material terms of the Series B Preferred Stock (as defined below) as contained in the Series B Certificate of Designations (as defined below). The following summary is not complete and is subject to, and qualified in its entirety by, the full text of the Series B Certificate of Designations that is attached as [Exhibit 3.4] to this Annual Report on Form 10-K and incorporated by reference herein.

Generally

On March 7, 2022, we filed with the Secretary of State of the State of Delaware the Certificate of Designation (the “Series B Certificate of Designations”) creating the 4.75% Series B Cumulative Perpetual Preferred Stock, par value $0.0001 per share (the “Series B Preferred Stock”), and establishing the preferences, rights, and limitations of the Series B Preferred Stock. On March 8, 2022, we issued 300,000 shares of our Series B Preferred Stock.

Ranking

The Series B Preferred Stock ranks on a parity with our Series A Preferred Stock, and senior, with respect to dividend and distribution rights and rights upon our liquidation, dissolution or winding up, to our Series C Preferred Stock (as defined below), the common stock, and each

other class or series of capital stock we may issue in the future the terms of which do not expressly provide that it ranks on parity with or senior to the Series B Preferred Stock as to dividend and distribution rights and rights upon our liquidation, dissolution or winding-up. If we voluntarily or involuntarily liquidate, dissolve or wind up, then, subject to the rights of any indebtedness or senior-ranking securities, the holders of each share of Series B Preferred Stock are entitled to receive liquidating distributions in an amount equal to the $1,000 per share, plus all accrued and unpaid dividends on such share to, and including, the date of such liquidation, out of assets legally available for distribution to our stockholders, before any distribution of assets is made to the holders of our Series C Preferred Stock, the common stock or any other Junior Securities. After payment of the full amount of such liquidating distributions, holders of the Series B Preferred Stock are not entitled to any further participation in any distribution of our assets and will not have a right or claim to any of our remaining assets.

Dividends

Holders of Series B Preferred Stock are entitled to receive cumulative cash dividends, payable quarterly on the $1,000 per share liquidation preference of the Series B Preferred Stock, at a rate of 4.75% per annum, when, as and if declared by our board of directors out of assets legally available for the payment of such dividends. Dividends on the Series B Preferred Stock are payable in arrears on January 15, April 15, July 15 and October 15 of each year.

Liquidation

In the event we voluntarily or involuntarily liquidate, dissolve or wind up, the holders of each share of Series B Preferred Stock at the time shall be entitled to receive liquidating distributions in an amount equal to $1,000 per share of Series B Preferred Stock, plus an amount equal to all accrued and unpaid dividends on such share to, and including, the date of such liquidation, out of assets legally available for distribution to our stockholders, before any distribution of assets is made to the holders of common stock or any other Junior Securities. After payment of the full amount of such liquidating distributions, the holders of the Series B Preferred Stock will not be entitled to any further participation in any distribution of assets by, and shall have no right or claim to any remaining assets of, us.

In the event our assets available for distribution to stockholders upon any liquidation, dissolution or winding-up of our affairs, whether voluntary or involuntary, shall be insufficient to pay in full the amounts payable with respect to all outstanding shares of the Series B Preferred Stock and amounts payable on any parity securities, holders of the Series B Preferred Stock and the holders of such parity securities shall share ratably in any distribution of our assets in proportion to their full respective liquidating distributions (including, if applicable, accrued and unpaid dividends) to which they would otherwise be respectively entitled.

Our consolidation or merger with or into any other entity, the consolidation or merger of any other entity with or into us, or the sale of all or substantially all of our property or business will not constitute our liquidation, dissolution or winding up.

Optional Redemption

At any time, we have the right, at our option, to redeem the Series B Preferred Stock, in whole or in part, for cash. In connection with any redemption, the redemption price will equal $1,000 per share of Series B Preferred Stock to be redeemed, plus accrued and unpaid dividends.

Redemption Upon Fundamental Change

If we execute and deliver an agreement whose performance would result in a change-of-control event that constitutes a “Fundamental Change” under the Series B Certificate of Designations, we will, to the extent we have funds legally available to do so, and subject to certain limitations, be required to redeem the Series B Preferred Stock for cash at a redemption price equal to $1,000 per share of Series B Preferred Stock to be repurchased, plus accrued and unpaid dividends.

No Sinking Fund Obligations

Subject to the “-Extinguishment of Series B Stock in Connection with Warrant Exercise” section below, the Series B Preferred Stock shall not be subject to any sinking fund or other obligation to redeem, repurchase or retire the Series B Preferred Stock other than to the extent set forth in the sections “-Optional Redemption” and “-Redemption Upon Fundamental Change”.

Extinguishment of Series B Preferred Stock in Connection with Warrant Exercises

At any time that a holder of 2022 Warrants (as defined below) exercises such 2022 Warrants in accordance with the 2022 Warrant Agreement (as defined below), such holder will have the right, at its option, to require us to extinguish a number of shares of Series B Preferred Stock held by such holder, valued at a price equal to $1,000 per share of Series B Preferred Stock to be extinguished, plus accrued and unpaid dividends (the “Setoff Price”), that is no greater than the aggregate exercise price for such exercised 2022 Warrants. Pursuant to the 2022 Warrant Agreement, the Setoff Price for the Series B Preferred Stock to be extinguished will be applied to reduce (in whole or in part) the amount payable in respect of the aggregate exercise price for such exercised 2022 Warrants. Upon such holder’s exercise of the foregoing extinguishment right with respect to any shares of Series B Preferred Stock, we will extinguish and cancel such shares of Series B Preferred Stock.

Voting Rights

The holders of Series B Preferred Stock will be entitled to vote with the holders of common stock as a single class only to the extent such holders are the holders of 2022 Warrants in accordance with the 2022 Warrant Agreement, assuming, for these purposes, that such holders owned the shares of common stock that would be issuable upon a non-cashless exercise of their 2022 Warrants. So long as any shares of Series B Preferred Stock are outstanding, the consent of holders of at least two-thirds of the outstanding Series B Preferred Stock (in certain circumstances, voting together with the holder of any other preferred stock (including the Series A Preferred Stock) having similar voting rights) will be required for the following events, subject to certain limitations: (1) the amendment of our certificate of incorporation or the Series B Certificate of Designations to authorize or create, or increase the authorized amount of, any shares of any class or series of our capital stock that ranks on parity with or senior to the Series B Preferred Stock with respect to the payment of dividends or the distribution of assets on any liquidation, dissolution or winding up of us; (2) any amendment, alteration or repeal of any provision of our certificate of incorporation or the Series B Certificate of Designations so as to adversely affect the rights, preferences, privileges or voting powers of the Series B Preferred Stock; and (3) certain binding share exchanges or reclassifications involving the Series B Preferred Stock, or certain mergers or consolidations of ours with another entity (unless, in the case of this clause (3), either (x) the Series B Preferred Stock remains outstanding following the relevant transaction or is exchanged for substantially similar preference securities of the surviving entity or (y) such exchange, reclassification, merger or consolidation would constitute a “Fundamental Change” under the Series B Certificate of Designations where we are required to redeem all outstanding shares of Series B Preferred Stock).

In addition, if dividends on any shares of Series B Preferred Stock are declared and paid, on a cumulative basis, for the equivalent of four or more dividend periods, whether or not consecutive (a “Series B Nonpayment Event”), then, subject to certain limitations, the size of our board of directors will automatically be increased by two and the holders of Series B Preferred Stock (in certain cases, voting together with the holders of any other series of preferred stock (including the Series A Preferred Stock) having similar voting rights) will be entitled to vote for the election of the two additional directors. However, it will be a condition for the election for any such Preferred Stock Director that the election of such director will not cause us to violate the corporate governance requirements of the New York Stock Exchange (or any other exchange or automated quotation system on which our securities may then be listed or quoted) that requires

listed or quoted companies to have a majority of independent directors. If and when all accrued and unpaid dividends in respect of all prior completed dividend periods have been paid in full, or declared and a sum sufficient for such payment has been set aside, on the Series B Preferred Stock (and any other series of preferred stock (including the Series A Preferred Stock) having similar voting rights) for two consecutive dividend periods after the relevant Series B Nonpayment Event, then the term of the Preferred Stock Directors will immediately end and the holders of the Series B Preferred Stock will immediately be divested of the foregoing voting rights, until and unless a subsequent Series B Nonpayment Event occurs. If a Series B Nonpayment Event occurs and the Preferred Stock Directors are unable to take office because doing so would cause the size of our board of directors to exceed limitations set forth in our Certificate of Incorporation, then the dividend rate on the Series B Preferred Stock will be increased to 6.75% per annum until the earlier of (x) the time when the Preferred Stock Directors take office; and (y) all accrued and unpaid dividends in respect of all prior completed dividend periods have been paid in full, or declared and a sum sufficient for such payment has have been set aside, on the Series B Preferred Stock (and any other series of preferred stock (including the Series A Preferred Stock) having similar voting rights) for two consecutive dividend periods after such Series B Nonpayment Event.

DESCRIPTION OF THE 2022 WARRANTS

The following is a summary of the material terms of the 2022 Warrants (as defined below) and the 2022 Warrant Agreement (as defined below). The following summary is not complete and is subject to, and qualified in its entirety by, the full text of the form of 2022 Warrant Agreement together with the form of 2022 Warrant attached thereto, a copy of which is attached as [Exhibit 4.13] to this Annual Report on Form 10-K and incorporated by reference herein.

Generally

On March 8, 2022, we issued 13,043,478 warrants (the “2022 Warrants”) to purchase shares of our common stock. The terms of the 2022 Warrants are set forth in the Warrant Agreement, dated March 8, 2022, entered into by and among us and the initial purchasers of the 2022 Warrants (the “2022 Warrant Agreement”). As of the date of this Annual Report on Form 10-K, all of the 2022 Warrants are issued and outstanding.

Exercise of Warrants

Each 2022 Warrant is initially exercisable for one (1) share of common stock at an exercise price per 2022 Warrant of $23.00. The 2022 Warrants may be exercised by the holder thereof on or before March 8, 2029.

Holders of the 2022 Warrants may exercise the 2022 Warrants by (i) paying the exercise price (x) in cash or (y) by the extinguishment shares of Series B Preferred Stock held by such 2022 Warrant holder in accordance with the Series B Certificate of Designations (and, if applicable, cash representing the excess, if any, of the aggregate exercise price and the Setoff Price); or (ii) cashless exercise (but only if no shares of Series B Preferred Stock initially issued remain outstanding). Upon the exercise of any 2022 Warrant, we will settle such exercise by delivering the requisite number of shares of common stock, together with cash in lieu of fractional shares, if any.

The exercise price and number of shares of common stock for which each 2022 Warrant is exercisable is subject to adjustment pursuant to customary anti-dilution adjustment provisions.

Transfer Restrictions

The 2022 Warrants were initially registered in the names of the initial purchasers of such 2022 Warrants. Holders of the 2022 Warrants are not able to transfer, pledge or otherwise dispose of

any 2022 Warrant or any beneficial or other interest therein to another person who is not a permitted transferee under the 2022 Warrant Agreement without our prior written consent.

DESCRIPTION OF THE SERIES C PREFERRED STOCK

The following is a summary of the material terms of the Series C Preferred Stock (as defined below) as contained in the Series C Certificate of Designations (as defined below). The following summary is not complete and is subject to, and qualified in its entirety by, the full text of the Series C Certificate of Designations that is attached as [Exhibit 3.5] to this Annual Report on Form 10-K and incorporated by reference herein.

Generally

On June 15, 2023, we filed with the Secretary of State of the State of Delaware the Certificate of Designation (the “Series C Certificate of Designations”) creating the 6.00% Series C Cumulative Perpetual Preferred Stock, par value $0.0001 per share (the “Series C Preferred Stock”), and establishing the preferences, rights, and limitations of the Series C Preferred Stock. On June 16, 2023, we issued 200,000 shares of our Series C Preferred Stock.

Ranking

The Series C Preferred Stock ranks junior, with respect to dividend and distribution rights and rights upon our liquidation, dissolution or winding-up, to our Series A Preferred Stock, Series B Preferred Stock and each other class or series of capital stock we may issue in the future the terms of which provide that it ranks senior to the Series C Preferred Stock, on parity, with respect to dividend and distribution rights and rights upon our liquidation, dissolution or winding-up, with each other class or series of capital stock we may issue in the future the terms of which provide that it ranks on parity with the Series C Preferred Stock, and senior, with respect to dividend and distribution rights and rights upon our liquidation, dissolution or winding up, to the common stock, and each other class or series of capital stock we may issue in the future the terms of which do not expressly provide that it ranks on parity with or senior to the Series C Preferred Stock as to dividend and distribution rights and rights upon our liquidation, dissolution or winding-up. If we voluntarily or involuntarily liquidate, dissolve or wind up, then, subject to the rights of any indebtedness or senior-ranking securities, the holders of each share of Series C Preferred Stock are entitled to receive liquidating distributions in an amount equal to the $1,000 per share, plus all accrued and unpaid dividends on such share to, and including, the date of such liquidation, out of assets legally available for distribution to our stockholders, before any distribution of assets is made to the holders of the common stock or any other Junior Securities. After payment of the full amount of such liquidating distributions, holders of the Series C Preferred Stock are not entitled to any further participation in any distribution of our assets and will not have a right or claim to any of our remaining assets.

Dividends

Holders of Series C Preferred Stock are entitled to receive cumulative cash dividends, payable quarterly on the $1,000 per share liquidation preference of the Series C Preferred Stock, at a rate of 6.00% per annum, when, as and if declared by our board of directors out of assets legally available for the payment of such dividends. Dividends on the Series B Preferred Stock are payable in arrears on January 15, April 15, July 15 and October 15 of each year.

Liquidation

In the event we voluntarily or involuntarily liquidate, dissolve or wind up, then, subject to the rights of any of the Company’s creditors or holders of any outstanding shares of our Series A

Preferred Stock, Series B Preferred Stock or each other class or series of capital stock we may issue in the future the terms of which provide that it ranks senior to the Series C Preferred Stock, the holders of each share of Series C Preferred Stock at the time shall be entitled to receive liquidating distributions in an amount equal to $1,000 per share of Series C Preferred Stock, plus an amount equal to all accrued and unpaid dividends on such share to, and including, the date of such liquidation, out of assets legally available for distribution to our stockholders, before any distribution of assets is made to the holders of common stock or any other Junior Securities. After payment of the full amount of such liquidating distributions, the holders of the Series C Preferred Stock will not be entitled to any further participation in any distribution of assets by, and shall have no right or claim to any remaining assets of, us.

In the event our assets available for distribution to stockholders upon any liquidation, dissolution or winding-up of our affairs, whether voluntary or involuntary, shall be insufficient to pay in full the amounts payable with respect to all outstanding shares of the Series B Preferred Stock and amounts payable on any parity securities, holders of the Series B Preferred Stock and the holders of such parity securities shall share ratably in any distribution of our assets in proportion to their full respective liquidating distributions (including, if applicable, accrued and unpaid dividends) to which they would otherwise be respectively entitled, subject to the rights of any of the Company’s creditors or holders of any outstanding shares of our Series A Preferred Stock, Series B Preferred Stock or each other class or series of capital stock we may issue in the future the terms of which provide that it ranks senior to the Series C Preferred Stock.

Our consolidation or merger with or into any other entity, the consolidation or merger of any other entity with or into us, or the sale of all or substantially all of our property or business will not constitute our liquidation, dissolution or winding up.

Optional Redemption

At any time, we have the right, at our option, to redeem the Series C Preferred Stock, in whole or in part, for cash. In connection with any redemption, the redemption price will equal $1,000 per share of Series C Preferred Stock to be redeemed, plus accrued and unpaid dividends.

Redemption Upon Fundamental Change

If we execute and deliver an agreement whose performance would result in a change-of-control event that constitutes a “Fundamental Change” under the Series C Certificate of Designations, we will, to the extent we have funds legally available to do so, and subject to certain limitations, be required to redeem the Series C Preferred Stock for cash at a redemption price equal to $1,000 per share of Series C Preferred Stock to be repurchased, plus accrued and unpaid dividends.

No Sinking Fund Obligations

Subject to the “-Extinguishment of Series C Stock in Connection with Warrant Exercise” section below, the Series C Preferred Stock shall not be subject to any sinking fund or other obligation to redeem, repurchase or retire the Series C Preferred Stock other than to the extent set forth in the sections “-Optional Redemption” and “-Redemption Upon Fundamental Change”.

Extinguishment of Series C Preferred Stock in Connection with Warrant Exercises

At any time that a holder of 2023 Warrants (as defined below) exercises such 2023 Warrants in accordance with the 2023 Warrant Agreement (as defined below), such holder will have the right, at its option, to require us to extinguish a number of shares of Series C Preferred Stock held by such holder, valued at a price equal to $1,000 per share of Series C Preferred Stock to be extinguished, plus accrued and unpaid dividends (the “Setoff Price”), that is no greater than the

aggregate exercise price for such exercised 2023 Warrants. Pursuant to the 2023 Warrant Agreement, the Setoff Price for the Series C Preferred Stock to be extinguished will be applied to reduce (in whole or in part) the amount payable in respect of the aggregate exercise price for such exercised 2023 Warrants. Upon such holder’s exercise of the foregoing extinguishment right with respect to any shares of Series C Preferred Stock, we will extinguish and cancel such shares of Series C Preferred Stock.

Voting Rights

The holders of Series C Preferred Stock will be entitled to vote with the holders of common stock as a single class only to the extent such holders are the holders of 2023 Warrants in accordance with the 2023 Warrant Agreement, assuming, for these purposes, that such holders owned the shares of common stock that would be issuable upon a non-cashless exercise of their 2023 Warrants. So long as any shares of Series C Preferred Stock are outstanding, the consent of holders of at least two-thirds of the outstanding Series C Preferred Stock (in certain circumstances, voting together with the holder of any other preferred stock (including the Series A Preferred Stock and Series B Preferred Stock) having similar voting rights) will be required for the following events, subject to certain limitations: (1) the amendment of our certificate of incorporation or the Series C Certificate of Designations to authorize or create, or increase the authorized amount of, any shares of any class or series of our capital stock that ranks on parity with or senior to the Series C Preferred Stock with respect to the payment of dividends or the distribution of assets on any liquidation, dissolution or winding up of us; (2) any amendment, alteration or repeal of any provision of our certificate of incorporation or the Series C Certificate of Designations so as to adversely affect the rights, preferences, privileges or voting powers of the Series C Preferred Stock; and (3) certain binding share exchanges or reclassifications involving the Series C Preferred Stock, or certain mergers or consolidations of ours with another entity (unless, in the case of this clause (3), either (x) the Series C Preferred Stock remains outstanding following the relevant transaction or is exchanged for substantially similar preference securities of the surviving entity or (y) such exchange, reclassification, merger or consolidation would constitute a “Fundamental Change” under the Series C Certificate of Designations where we are required to redeem all outstanding shares of Series C Preferred Stock).

In addition, if dividends on any shares of Series C Preferred Stock are declared and paid, on a cumulative basis, for the equivalent of four or more dividend periods, whether or not consecutive (a “Series C Nonpayment Event”), then, subject to certain limitations, the size of our board of directors will automatically be increased by two and the holders of Series C Preferred Stock (in certain cases, voting together with the holders of any other series of preferred stock (including the Series A Preferred Stock and Series B Preferred Stock) having similar voting rights) will be entitled to vote for the election of the two additional directors. However, it will be a condition for the election for any such Preferred Stock Director that the election of such director will not cause us to violate the corporate governance requirements of the New York Stock Exchange (or any other exchange or automated quotation system on which our securities may then be listed or quoted) that requires listed or quoted companies to have a majority of independent directors. If and when all accrued and unpaid dividends in respect of all prior completed dividend periods have been paid in full, or declared and a sum sufficient for such payment has been set aside, on the Series C Preferred Stock (and any other series of preferred stock (including the Series A Preferred Stock) having similar voting rights) for two consecutive dividend periods after the relevant Series C Nonpayment Event, then the term of the Preferred Stock Directors will immediately end and the holders of the Series C Preferred Stock will immediately be divested of the foregoing voting rights, until and unless a subsequent Series C Nonpayment Event occurs. If a Series C Nonpayment Event occurs and the Preferred Stock Directors are unable to take office because doing so would cause the size of our board of directors to exceed limitations set forth in our Certificate of Incorporation, then the dividend rate on the Series C Preferred Stock will be

increased to 8.00% per annum until the earlier of (x) the time when the Preferred Stock Directors take office; and (y) all accrued and unpaid dividends in respect of all prior completed dividend periods have been paid in full, or declared and a sum sufficient for such payment has have been set aside, on the Series B Preferred Stock (and any other series of preferred stock (including the Series A Preferred Stock and Series C Preferred Stock) having similar voting rights) for two consecutive dividend periods after such Series C Nonpayment Event.

Notwithstanding the foregoing, no holder of Series C Preferred Stock will have the right to vote with the holders of common stock as a single class to the extent, and only to the extent, that such right to vote would result in such holder, or a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) that includes such holder, having voting power in excess of 19.9% of the then-outstanding shares of common stock, unless and until the stockholder approval contemplated by New York Stock Exchange Listing Standard Rule 312.03(d) (or any successor rule) with respect to the right of holders of Series C Preferred Stock to vote, together with holders of the outstanding shares of common stock as a single class, in excess of the limitations imposed by such rule, has been obtained. Such vote will no longer be required if due to any amendment or binding change in the interpretation of the applicable listing standards of the New York Stock Exchange, such stockholder approval is no longer required for the full exercise of such voting rights. For the avoidance of doubt, the preceding sentence will not impair the right of any holder of Series C Preferred Stock to vote with the holders of common stock as a single class with voting power up to and including 19.9% of the then-outstanding shares of common stock regardless of the aggregate voting power that is otherwise held by such Holder or “person” or “group” that includes such Holder.

DESCRIPTION OF THE 2023 WARRANTS

The following is a summary of the material terms of the 2023 Warrants (as defined below) and the 2023 Warrant Agreement (as defined below). The following summary is not complete and is subject to, and qualified in its entirety by, the full text of the form of 2023 Warrant Agreement together with the form of 2023 Warrant attached thereto, a copy of which is attached as [Exhibit 4.X] to this Annual Report on Form 10-K and incorporated by reference herein.

Generally

On June 16, 2023, we issued 12,338,062 (the “2023 Warrants”) to purchase shares of our common stock. The terms of the 2023 Warrants are set forth in the Warrant Agreement, dated June 16, 2023, entered into by and among us and the initial purchasers of the 2023 Warrants (the “2023 Warrant Agreement”). As of the date of this Annual Report on Form 10-K, all of the 2023 Warrants are issued and outstanding.

Exercise of Warrants

Each 2023 Warrant is initially exercisable for one (1) share of common stock at an exercise price per 2023 Warrant of $16.21. The 2023 Warrants may be exercised by the holder thereof on or before June 16, 2030.

Holders of the 2023 Warrants may exercise the 2023 Warrants by (i) paying the exercise price (x) in cash or (y) by the extinguishment shares of Series C Preferred Stock held by such 2023 Warrant holder in accordance with the Series C Certificate of Designations (and, if applicable, cash representing the excess, if any, of the aggregate exercise price and the Setoff Price); or (ii) cashless exercise (but only if no shares of Series C Preferred Stock initially issued remain outstanding). Upon the exercise of any 2023 Warrant, we will settle such exercise by delivering

the requisite number of shares of common stock, together with cash in lieu of fractional shares, if any.

The exercise price and number of shares of common stock for which each 2023 Warrant is exercisable is subject to adjustment pursuant to customary anti-dilution adjustment provisions.

Transfer Restrictions

The 2023 Warrants were initially registered in the names of the initial purchasers of such 2023 Warrants. Holders of the 2023 Warrants are not able to transfer, pledge or otherwise dispose of any 2023 Warrant or any beneficial or other interest therein to another person who is not a permitted transferee under the 2023 Warrant Agreement without our prior written consent.

Restriction on Exercise

Notwithstanding anything to the contrary in the 2023 Warrant Agreement, unless and until the stockholder approval contemplated by New York Stock Exchange Listing Standard Rule 312.03(d) (or any successor rule) with respect to the issuance of shares of common stock upon exercise of the 2023 Warrants in excess of the limitations imposed by such rule, is obtained, no shares of common stock will be issued or delivered upon exercise of any 2023 Warrant of any holder, and no 2023 Warrant of any holder will be exercisable, in each case to the extent, and only to the extent, that such issuance, delivery, exercise or exercisability would result in such holder, or a “person” or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) that includes such holder, beneficially owning in excess of 19.9% of the then-outstanding shares of common stock or the voting power thereof. For the avoidance of doubt, the preceding sentence will not impair the right of any holder to exercise a number of 2023 Warrants, and be issued or take delivery of the shares of common stock, at any time or from time to time so long as its beneficial ownership is at the time of such exercise, issuance and delivery less than or equal to 19.9% of the then-outstanding shares of common stock regardless of the aggregate number of shares of common stock that are otherwise underlying the 2023 Warrants held by such holder or “person” or “group” that includes such holder. For these purposes, beneficial ownership and calculations of percentage ownership will be determined in accordance with Rule 13d-3 under the Exchange Act.

EX-10.27

Exhibit 10.27

Execution Version

JOINDER AGREEMENT

JOINDER AGREEMENT, dated as of December 14, 2023 (this “Joinder Agreement”), made by the Subsidiaries signatory hereto (each, a “New Guarantor”) in favor of Bank of America, N.A., as administrative agent (in such capacity, together with its successors and assigns, the “Administrative Agent”) for the Lenders referred to in that certain Second Amended and Restated Credit Agreement, dated as of March 25, 2020(as amended by that certain First Amendment (Libor Transition), dated as of October 12, 2021, as further amended by that certain Second Amendment to Second Amended and Restated Credit Agreement, dated as of June 12, 2023, and as further amended, restated, amended and restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement;” the terms defined therein being used herein as therein defined), among Kennedy-Wilson, Inc., a Delaware corporation (the “Parent Borrower”), the Designated Borrowers from time to time party thereto, Kennedy-Wilson Holdings, Inc. and certain of its subsidiaries from time to time party thereto as guarantors, the Lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent, and Bank of America, N.A. and JPMorgan Chase Bank, N.A., as L/C Issuers.

1.Each New Guarantor hereby acknowledges that it has received and reviewed a copy of the Credit Agreement, and acknowledges and agrees to:

(a)join the Credit Agreement as a Guarantor, as indicated with its signature below;

(b)be bound by all covenants, agreements and acknowledgments attributable to a Guarantor in the Credit Agreement; and

(c)perform all obligations and duties required of it by the Credit Agreement.

2.Each New Guarantor represents and warrants that the representations and warranties contained in Article V of the Credit Agreement as they relate to such New Guarantor or which are contained in any other Loan Document under or in connection herewith are true and correct in all material respects on and as of the date hereof, except (i) to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date, (ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such applicable date (including such earlier date set forth in the foregoing clause (i)) after giving effect to such qualification and (iii) that for purposes of this certification, the representations and warranties contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01.

3.The name, type of organization, jurisdiction of incorporation or organization and taxpayer identification number (or, in the case of a Foreign Subsidiary, the true and correct unique identification number that has been issued to such Foreign Subsidiary by its jurisdiction of organization, if any) of each New Guarantor is set forth in Annex I to this Joinder Agreement.

4.This Joinder Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single agreement.

5.Except as expressly supplemented hereby, the Credit Agreement and the Guaranty shall remain in full force and effect.

|US-DOCS\146850107.5||

6.THIS JOINDER AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS JOINDER AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

[Signature Page Follows]

    IN WITNESS WHEREOF, each of the undersigned has caused this Joinder Agreement to be duly executed and delivered by its proper and duly authorized officer as of the day and year first above written.

KW DEVELOPMENT, LLC

KW MULTIFAMILY 2023, LLC

KW OXBOW DOVETAIL FUNDING, LLC

KW PACIFIC VALLEY, LLC

KW PEARL STREET PORTFOLIO, LLC

KW RAINIER RIDGE MEMBER, LLC

KW SNAKE RIVER, LLC

KW STOCKTON INDUSTRIAL, LLC

KWF CAPITAL, LLC

each as a New Guarantor

By: /s/ In Ku Lee    

Name: In Ku Lee

Title: Vice President

[Signature Page to Joinder Agreement]

ACKNOWLEDGED AND AGREED TO:

BANK OF AMERICA, N.A.,
as Administrative Agent

By:    /s/ Felicia Brinson    

Name: Felicia Brinson

Title: Assistant Vice President

[Signature Page to Joinder Agreement]

KENNEDY-WILSON, INC.,
as the Parent Borrower

By:    /s/ In Ku Lee    

Name: In Ku Lee

Title: Vice President

ANNEX I
TO JOINDER AGREEMENT1

	Name of Guarantor	Type of Organization	Jurisdiction of Organization	Taxpayer ID/ Identification Number
1.	KW DEVELOPMENT, LLC	limited liability company	Delaware	95-4492564
2.	KW MULTIFAMILY 2023, LLC	limited liability company	Delaware	95-4492564
3.	KW OXBOW DOVETAIL FUNDING, LLC	limited liability company	Delaware	95-4492564
4.	KW RAINIER RIDGE MEMBER, LLC	limited liability company	Delaware	95-4492564
5.	KW SNAKE RIVER, LLC	limited liability company	Delaware	95-4492564
6.	KW STOCKTON INDUSTRIAL, LLC	limited liability company	Delaware	95-4492564
7.	KW PACIFIC VALLEY, LLC	limited liability company	Delaware	20-0315687
8.	KW PEARL STREET PORTFOLIO, LLC	limited liability company	Delaware	20-0315687
9.	KWF CAPITAL, LLC	limited liability company	Delaware	20-0315687

1 The entities listed in rows (i) 1 through 6 are wholly owned by KW Properties and are treated as disregarded entities for tax purposes and (ii) 7 through 9 are wholly owned by KWF Capital and are treated as disregarded entities for tax purposes.

EX-21

Name of Subsidiary	Jurisdiction	Entity Type	City/State	Country
7107 Hollywood Developers LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
9350 Civic Center Drive, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
9350 Civic Center JV, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Alpine Meadows Apartment REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Apex Tacoma REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Arya Hedges Creek REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Bailey Farm JV Carried Interest Plan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Bailey Farm PT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
BCORE MF Monaco Park LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
BCORE MF Solitude, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
BCORE MF Sunstone LLC)	Delaware	Limited liability company	Beverly Hills, CA	United States
Bella Sonoma REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Capri Serenade, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

Dillingham Ranch Aina LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Foothill Place REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Gateway KW‐Esprit I Owner, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Guardian/KW Hilltop, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Harrington Square REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Auction Group, Inc.	California	Corporation	Beverly Hills, CA	United States
Kennedy Wilson Capital	Delaware	Corporation	Beverly Hills, CA	United States
Kennedy Wilson Capital Trust I	California	Corporation	Beverly Hills, CA	United States
Kennedy Wilson Charitable Foundation	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Core Plus Real Estate Fund GP, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Espana, S.L.U	Spain	Corporation	Beverly Hills, CA	United States
Kennedy Wilson Europe Limited	Ireland	Corporation	Beverly Hills, CA	United States
Kennedy Wilson Fund Management Group, LLC	California	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Holdings, Inc.	Delaware	Corporation	Beverly Hills, CA	United States
Kennedy Wilson Ireland Limited	Delaware	Corporation	Beverly Hills, CA	United States
Kennedy Wilson Overseas Investments, Inc.	Delaware	Corporation	Beverly Hills, CA	United States

Kennedy Wilson Overseas Investments, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Property Equity V, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Property Equity VI	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Property Equity VII, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Property Services V, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Property Services VI, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Property Services VII, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson Real Estate Fund V Feeder, LP	Delaware	Limited Partnership	Beverly Hills, CA	United States
Kennedy Wilson Real Estate Fund V, LP	Delaware	Limited Partnership	Beverly Hills, CA	United States
Kennedy Wilson Real Estate Fund VI ‐ Parallel Q, LP	Delaware	Limited Partnership	Beverly Hills, CA	United States
Kennedy Wilson Real Estate Fund VI Feeder, LP	California	Limited Partnership	Beverly Hills, CA	United States
Kennedy Wilson Real Estate Fund VI, LP	California	Limited Partnership	Beverly Hills, CA	United States
Kennedy Wilson Real Estate Sales & Marketing	Delaware	Corporation	Beverly Hills, CA	United States
Kennedy Wilson REF V BL, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson REF VI REIT Aggregator, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

Kennedy Wilson REF VI, BL Q, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson REF VI, BL, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy Wilson UK Limited	England	Corporation	Beverly Hills, CA	United States
Kennedy‐Wilson Advisers, Inc.	Delaware	Corporation	Beverly Hills, CA	United States
Kennedy‐Wilson Fund Management Group, LLC	California	Limited liability company	Beverly Hills, CA	United States
Kennedy‐Wilson International	California	Corporation	Beverly Hills, CA	United States
Kennedy‐Wilson Property Services V, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kennedy‐Wilson Tech, Ltd.	Delaware	Corporation	Beverly Hills, CA	United States
Kennedy‐Wilson, Inc.	Delaware	Corporation	Beverly Hills, CA	United States
Kirker Creek REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Kohanaiki Shores LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW - Kelton Bend QOZB, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW ‐ Fort Union, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 150 El Camino LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2012T, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW 2013J LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021AA	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021BB	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021CC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021DD	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021EE	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021FF	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021GG	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021HH	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021II	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021JJ	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021KK	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021LL	Delaware	Limited liability company	Beverly Hills, CA	United States

KW 2021MM	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021N	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021NN	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021O	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021OO	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021P	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021PP	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021Q	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021QQ	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021R	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021RR	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021S	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021SS	Delaware	Limited liability company	Beverly Hills, CA	United States

KW 2021T	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021TT	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021U	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021UU	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021V	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021VV	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021W	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021WW	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021X	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021XX	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021Y	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021YY	Delaware	Limited liability company	Beverly Hills, CA	United States
KW 2021Z	Delaware	Limited liability company	Beverly Hills, CA	United States

KW 2021ZZ	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Bozeman Investors, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Bristol at Southport, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Camarillo Land, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Cantata Trail, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW CDO Investor, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW CIG Management Services, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Colorado Springs 260, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Colorado Springs MT, LLC	Delaware/Colorado	Limited liability company	Beverly Hills, CA	United States
KW Cottonwood, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW CP West Hills Asset Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW CP West Hills Participant, LLC, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Cypress, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Development, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Eden Plaza, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Eisley Sponsor, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Eisley, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW El Camino, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW El Sombra ABQ, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW El Sombra X, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Employment Services, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Encanto, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Encinitas Beach Resort, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Equinox, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Ethos Community, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Capital 2, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW EU Capital 3, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Capital, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Investors IX, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Investors V	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Investors VII	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Investors VIII	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Investors X, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Loan Partners II, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU Loan Partners III, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW EU PRS Investor, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Europe Investors I, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Europe Investors II, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Europe Investors III, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Europe Investors IV, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Execs 2021, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Executives Pacifica Partners, LLC	California	Limited liability company	Beverly Hills, CA	United States
KW F5 Tower, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fife, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Foothill Place Member, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Foothill Place, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fourth Plain, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund V ‐ 303 17th Ave, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund V ‐ Brand	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund V ‐ REIT C0‐Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund V - REIT Holdings TRS LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund V ‐ REIT Holdings, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Fund V ‐ Sandman, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Adler Portfolio	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - American Fork	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Arapahoe I LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Arapahoe II LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Arbor Heights	Delaware/Colorado	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Atria LLC	Delaware/Colorado	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Autumn Ridge	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Canyon Park East, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Fremont Research Center, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Gertrude, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Inverness, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Last Mile Albuquerque, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Fund VI - LAX Parking, LLC	Delaware/Colorado	Limited liability company	Beverly Hills, CA	United States
KW fund VI - Mary Crest, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Parkway Center, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Raytheon LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI ‐ Redmond East, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI ‐ REIT C0‐Manager, LLC	Delaware/Colorado	Limited liability company	Beverly Hills, CA	United States
KW Fund VI ‐ REIT Holdings TRS LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI REIT Holdings, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - San Mateo	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - SE Denver Flex Portfolio LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - SVRD Portfolio, LLC	Delaware/California	Limited liability company	Beverly Hills, CA	United States
KW Fund VI - Third Street Promenade, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI ‐ Valley Oaks, LLC	Delaware/California	Limited liability company	Beverly Hills, CA	United States

KW Fund VI - Vasana Med-Tech Park, LLC	Delaware/California	Limited liability company	Beverly Hills, CA	United States
KW Fund VI LV 5400, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI Non REIT Holdings, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI Northtown Lane, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI Quimper Co-Invest LP	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VI Tempe Station Apartments, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Fund VII - North Belt Road LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW Fund VII North Belt Road Member, LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW Fund VII REIT LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW GEO Shoreline, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Golden State Towers Loan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Hamilton Landing - Land, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Hamilton Landing, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Hanover Quay, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Happy Valley, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Harbor II, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Harbor, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Hardware Village, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Harrington Square, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Harrington, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Hawaii Development LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Hedges Creek, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Heights Investor, LLC	Hawaii	Limited liability company	Beverly Hills, CA	United States
KW Hidden Creek, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Hilltop Manager II, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Investment Adviser, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Ireland, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW James Street Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Jasper, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Joropo‐ 2241 Kapiolani, LLC	Delaware/Hawaii	Limited liability company	Beverly Hills, CA	United States
KW Kawana Spring, LLC	California	Limited liability company	Beverly Hills, CA	United States
KW Kelton - Bend Owner, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Kirker Creek, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
K‐W Kohanaiki Group, Inc.	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Kohanaiki Lots	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Kohanaiki Shores Member, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Kona Investors Beverage, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Kona Investors Manager, LLC	California	Limited liability company	Beverly Hills, CA	United States
KW Kona Investors, LLC	Delaware/Hawaii	Limited liability company	Beverly Hills, CA	United States
KW Kona LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Lakeland, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Linder Road, LLC	Hawaii	Limited liability company	Beverly Hills, CA	United States
KW Lofts X, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW LPC Investors, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW LV 3 Sponsor, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW LV 3001 Park, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Manhattan Beach Studios Loan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Marina View Venture, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Marina View, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Marston Lake, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Met west on Sunset, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Midvale Village, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Midvale, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Moffett Place, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Montclair, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Mount Hood, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily 2021, LLC	California	Limited liability company	Beverly Hills, CA	United States
KW Multifamily 2022, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily 2023, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily Co-Invest 2021, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily Co-Invest 2022, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily Co-Invest 2023, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily Co-Invest Manager 2021, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily Co-Invest Manager 2022, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multifamily Co-Invest Manager 2023	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Multi‐Family Management Group, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW MW Cottonwood, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW MW Lake harbor, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW MW Mullan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW NB LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW NM San Miguel, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW NorthStar Venture Penthouses, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW NV Palms. LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Ocean Services, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW One Baxter Way GP, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW One Ten Plaza, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Onyx, TIC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Oxbow Dovetail Funding, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Oxford North, LLC	California	Limited liability company	Beverly Hills, CA	United States

KW Pacific Valley, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Pacifica, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Park on 20th, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Park Santa Fe, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Parkcenter Blvd, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW PCCP Montclair, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Pearl Street Portfolio	Delaware/Idaho	Limited liability company	Beverly Hills, CA	United States
KW Petaluma Hill Road, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Pine 43, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
K‐W Portfolio Group I, Inc.	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Portfolio XIII, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Portland Southgate, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
K‐W Properties	Delaware	Corporation	Beverly Hills, CA	United States
K‐W Properties II, Inc.	Delaware	Corporation	Beverly Hills, CA	United States

KW Quebec Asset Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Quebec Participant, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Radius, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Rancho Mirage Loan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Ravenswood Equity LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW RC Happey Valley, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Real Estate II Carry, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Real Estate II Equity, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Real Estate II GP, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Redmond Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Redmond, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW REF QF-A Upper Feeder, LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW REF VII QF Blocker, LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW REF VII Non-REIT Aggregator, LP	Delaware	Limited partnership	Beverly Hills, CA	United States

KW REF VII QF-A Lower Feeder, LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW REF VII QF-A REIT, LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW REF VII REIT Aggregator, LP	Delaware	Limited partnership	Beverly Hills, CA	United States
KW REF VII Sub-GP, L.L.C	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Richfield Plaza, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW River Pointe Premiere, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW River Pointe, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Riverdale and 36, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Riverstone Lane, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Riverwalk, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW RockVue, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Rosewood Premiere, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW San Mateo, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW San Vicente Bungalows and Hotel 850, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Sandpiper, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Santa Clarita Townhomes, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Santa Rosa, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
K‐W Santiago Inc.	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Savier Street, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW SB Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Securities, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Serenade Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Silver Lake Pool & Inn	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Sky Valley, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW South Bay Galleria, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW State Street, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Stockton Industrial, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Stoneridge, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Summer House Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Sunset CP Asset Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Sunset CP Participant, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Sunset North, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Tacoma Apartments, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Tacoma Condos, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Ten Mile MT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Ten Mile, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Terra West Sponsor	Delaware	Limited liability company	Beverly Hills, CA	United States
KW The Cadence, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Theater Loan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Timbers Kauai Club, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW Towne Square X, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Towne Square, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Transportation Services, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UG2 SFH, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UK Loan Partners, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW University Glen Executives, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW University Glen Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW University Glen, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW University Partners, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UR Investments 1, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UR Investments 2, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UR Investments 3, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UR Investments 4, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW UR Investments 5 LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UR Investments 6, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UR Investments 7, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW UR Subsidiary 2020. LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Victory Land Loan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Victory Plaza Loan, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Volare, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW W Hollywood, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Westmoor 7, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Westmoor 8-10, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Westmoreland TIC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Whitewater Park, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW Zia Sunnyside, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW/AB Terra West Holdings, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW/LF ‐ Malibu Sands, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW/LF 7080 Hollywood, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW/LF Equinox, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW/LF Radius, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Investors I, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Investors IV, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Investors VII, LLC	California	Limited liability company	Beverly Hills, CA	United States
KWF Manager IV, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Manager IX, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Manager VII, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Manager X, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Manager XI, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KWF Manager XII, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Manager XIII, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Real Estate Venture Azure, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Real Estate Venture IV Loan. LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Real Estate Venture IV, L.P.	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Real Estate Venture VII, LP	Delaware	Limited liability company	Beverly Hills, CA	United States
KWF Real Estate Venture X, L.P.	Delaware	Limited Partnership	Beverly Hills, CA	United States
KWF Real Estate Venture XI, LP	Delaware	Limited Partnership	Beverly Hills, CA	United States
KWF Real Estate Venture XII, LP	Delaware	Limited Partnership	Beverly Hills, CA	United States
KWF Real Estate Venture XIII, L.P.	Delaware	Limited Partnership	Beverly Hills, CA	United States
KW-G Blocker 2.2., LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Blocker 2.3, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Blocker, LLC	Delaware	Limited Partnership	Beverly Hills, CA	United States
KW-G CPC REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

KW-G Multifamily Co-Invest, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 1 Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 1, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 2 Manager. LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 2. LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 2.1, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 2.1,LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 2.2 LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Multifamily Venture 2.3 LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Shoreline RIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW-G Shoreline, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWP Financial	Delaware	Limited liability company	Beverly Hills, CA	United States
KWP Financial I	Delaware	Limited liability company	Beverly Hills, CA	United States

KWP Financial XI, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWSB ABQ Owner, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWSB Capital, LLC	California	Limited liability company	Beverly Hills, CA	United States
KWSB Pacifica Owner, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWSB Real Estate Venture I, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWSB Real Estate Venture II, LLC	Delaware/WA	Limited liability company	Beverly Hills, CA	United States
KWSB Real Estate Venture III, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWSB Real Estate Venture IV, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWSB Real Estate Venture V, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KWSB Riverwalk Owner, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW‐VHH Member, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
KW‐VHH, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Lakeland REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

Mokuleia Shores Holder LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Montiavo at Bradley Squae REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Montiavo at Bradley Square Owner, LLC	Hawaii	Limited liability company	Beverly Hills, CA	United States
North Shore Water Company LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Northwest Louisiana Community Development Fund I	Delaware	Limited liability company	Beverly Hills, CA	United States
One Baxter Way GP, LLC	Hawaii	Limited liability company	Beverly Hills, CA	United States
One Baxter Way, LP	Delaware	Limited liability company	Beverly Hills, CA	United States
Pacifica Partners, LLC	Delaware	Limited Patnership	Beverly Hills, CA	United States
Pacifica West Coast Partners, LLC	California	Limited liability company	Beverly Hills, CA	United States
PR-KW Rainier Ridge Owner	Delaware	Limited liability company	Beverly Hills, CA	United States
QuikPark Blocker, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
QuikPark Owners, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
QuikPark Pooling, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Rainier Ridge Owner, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

Riverscape Parkway, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Rutter/Kohanaiki, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
San Mateo ABQ, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Santa Maria Land Partners Manager, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Santa Maria Land Partners, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Santiago Land Holdings, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
SoCal Baker, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Sunset North Owner, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Townhomes at Lost Canyon REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
UG2 MR LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Volare, REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Whitewater Park Apartments REIT, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States
Woodlands Village Shopping Center, LLC	Delaware	Limited liability company	Beverly Hills, CA	United States

EX-23.1

Exhibit 23.1

Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in the registration statements (No. 333-175002, No. 333-175559, No. 333-235472, No. 333-264756 and No. 333-264776) on Form S-3, the registration statements ( No. 333- 175002, No. 333-175559 and No. 333-235472) on Form S-3/A, the registration statements (No. 333-164928, No. 333-182269, No. 333-197492, No. 333-218829, No. 333-229348, No. 333-232097 and No. 333-265515) on Form S-8, and the registration statement (No. 333-164926) on Form S-1/A of Kennedy-Wilson Holdings, Inc. of our reports dated February 22, 2024, with respect to the consolidated financial statements of Kennedy-Wilson Holdings, Inc. and the effectiveness of internal control over financial reporting.

/s/ KPMG LLP

Los Angeles, California

February 22, 2024

EX-31.1

EXHIBIT 31.1

Certification of Chief Executive Officer

RULE 13a-14(a)/15d-14(a) CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, William J. McMorrow, certify that:

1.I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2023 of Kennedy-Wilson Holdings, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 22, 2024

/s/ William J. McMorrow

William J. McMorrow

Chief Executive Officer and Chairman

EX-31.2

EXHIBIT 31.2

Certification of Chief Financial Officer

RULE 13a-14(a)/15d-14(a) CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Justin Enbody, certify that:

1.I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2023 of Kennedy-Wilson Holdings, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 22, 2024

/s/JUSTIN ENBODY 

Justin Enbody

Chief Financial Officer

EX-32.1

EXHIBIT 32.1

Certification of Chief Executive Officer

Certification Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

(18 U.S.C. Section 1350)

In connection with the Annual Report of Kennedy-Wilson Holdings, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William J. McMorrow, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

Date:	February 22, 2024	/s/ WILLIAM J. MCMORROW
		William J. McMorrow Chief Executive Officer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18. U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities Exchange Commission or its staff upon request.

EX-32.2

EXHIBIT 32.2

Certification of Chief Financial Officer

Certification Pursuant to Section 906

of the Sarbanes-Oxley Act of 2002

(18 U.S.C. Section 1350)

In connection with the Annual Report of Kennedy-Wilson Holdings, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Justin Enbody, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.

Date:	February 22, 2024	/s/ JUSTIN ENBODY
		Justin Enbody Chief Financial Officer

The foregoing certification is being furnished solely to accompany the Report pursuant to 18. U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities Exchange Commission or its staff upon request.

EX-97

Exhibit 97

KENNEDY-WILSON HOLDINGS, INC.

AMENDED AND RESTATED COMPENSATION RECOVERY POLICY

Kennedy-Wilson Holdings, Inc. (the “Company”) has adopted this Amended and Restated Compensation Recovery Policy (the “Policy”), effective as of October 2, 2023 (the “Effective Date”). This Policy amends, restates and supersedes in its entirety the Company’s Compensation Recovery Policy, which was originally adopted by the Company on April 23, 2020. Capitalized terms used in this Policy but not otherwise defined herein are defined in Section 11.

1.Persons Subject to Policy

        This Policy shall apply to current and former Officers. Each Officer shall be required to sign an acknowledgement agreement, substantially in the form attached hereto as Exhibit A (the “Acknowledgement Agreement”), pursuant to which such Officer will agree to be bound by the terms of, and comply with, this Policy; however, any Officer’s failure to sign any such Acknowledgement Agreement shall not negate the application of this Policy to the Officer.

2.    Compensation Subject to Policy

This Policy shall apply to Incentive-Based Compensation received on or after the Effective Date. For purposes of this Policy, the date on which Incentive-Based Compensation is “received” shall be determined under the Applicable Rules, which generally provide that Incentive-Based Compensation is “received” in the Company’s fiscal period during which the relevant Financial Reporting Measure is attained or satisfied, without regard to whether the grant, vesting or payment of the Incentive-Based Compensation occurs prior to or after the end of that period.

3.    Recovery of Compensation

In the event that the Company is required to prepare a Restatement, the Company shall recover, reasonably promptly and in accordance with Section 4 below, the portion of any Incentive-Based Compensation that is Erroneously Awarded Compensation, unless the Committee has determined that recovery from the applicable Officer would be Impracticable. Recovery shall be required in accordance with the preceding sentence regardless of whether the applicable Officer engaged in misconduct or otherwise caused or contributed to the requirement for the Restatement and regardless of whether or when restated financial statements are filed by the Company. For clarity, the recovery of Erroneously Awarded Compensation under this Policy will not give rise to any person’s right to voluntarily terminate employment for “good reason,” or due to a “constructive termination” (or any similar term of like effect) under any plan, program or policy of or agreement with the Company or any of its affiliates.

4.    Manner of Recovery; Limitation on Duplicative Recovery

The Committee shall, in its sole discretion, determine the manner of recovery of any Erroneously Awarded Compensation, which may include, without limitation, reduction or cancellation by the Company or an affiliate of the Company of Incentive-Based Compensation or

1

Erroneously Awarded Compensation, reimbursement or repayment by any person subject to this Policy of the Erroneously Awarded Compensation, and, to the extent permitted by law, an offset of the Erroneously Awarded Compensation against other compensation payable by the Company or an affiliate of the Company to such person. Notwithstanding the foregoing, unless otherwise prohibited by the Applicable Rules, to the extent this Policy provides for recovery of Erroneously Awarded Compensation already recovered by the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 or Other Recovery Arrangements, the amount of Erroneously Awarded Compensation already recovered by the Company from the recipient of such Erroneously Awarded Compensation may be credited to the amount of Erroneously Awarded Compensation required to be recovered pursuant to this Policy from such person.

5.    Administration

This Policy shall be administered, interpreted and construed by the Committee, which is authorized to make all determinations necessary, appropriate or advisable for such purpose. The Board may re-vest in itself the authority to administer, interpret and construe this Policy in accordance with applicable law, and in such event references herein to the “Committee” shall be deemed to be references to the Board. Subject to any permitted review by the applicable national securities exchange or association pursuant to the Applicable Rules, all determinations and decisions made by the Committee pursuant to the provisions of this Policy shall be final, conclusive and binding on all persons, including the Company and its affiliates, equityholders and employees. The Committee may delegate administrative duties with respect to this Policy to one or more directors or employees of the Company, as permitted under applicable law, including any Applicable Rules.

6.    Interpretation

This Policy will be interpreted and applied in a manner that is consistent with the requirements of the Applicable Rules, and to the extent this Policy is inconsistent with such Applicable Rules, it shall be deemed amended to the minimum extent necessary to ensure compliance therewith.

7.    No Indemnification; No Liability

Notwithstanding the terms of any insurance policy or any contractual arrangement with any Officer that may provide or be interpreted to the contrary, the Company shall not indemnify or insure any person against the loss of any Erroneously Awarded Compensation pursuant to this Policy, nor shall the Company directly or indirectly pay or reimburse any person for any premiums for third-party insurance policies that such person may elect to purchase to fund such person’s potential obligations under this Policy. None of the Company, an affiliate of the Company or any member of the Committee or the Board shall have any liability to any person as a result of actions taken under this Policy.

8.    Application; Enforceability

Except as otherwise determined by the Committee or the Board, the adoption of this Policy does not limit, and is intended to apply in addition to, any Other Recovery Arrangements. The remedy specified in this Policy shall not be exclusive and shall be in addition to every other right or remedy at law or in equity that may be available to the Company or an affiliate of the Company or is otherwise required by applicable law and regulations.

2

9.    Severability

The provisions in this Policy are intended to be applied to the fullest extent of the law; provided, however, to the extent that any provision of this Policy is found to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law.

10.    Amendment and Termination

The Board or the Committee may amend, modify or terminate this Policy in whole or in part at any time and from time to time in its sole discretion. This Policy will terminate automatically when the Company does not have a class of securities listed on a national securities exchange or association.

11.    Definitions

    “Applicable Rules” means Section 10D of the Exchange Act, Rule 10D-1 promulgated thereunder, the listing rules of the national securities exchange or association on which the Company’s securities are listed, and any applicable rules, standards or other guidance adopted by the Securities and Exchange Commission or any national securities exchange or association on which the Company’s securities are listed.

“Board” means the Board of Directors of the Company.

“Committee” means the Compensation Committee of the Board or, in the absence of such a committee, a majority of the independent directors serving on the Board.

“Erroneously Awarded Compensation” means the amount of Incentive-Based Compensation received by a current or former Officer that exceeds the amount of Incentive-Based Compensation that would have been received by such current or former Officer based on a restated Financial Reporting Measure, as determined on a pre-tax basis in accordance with the Applicable Rules.

“Exchange Act” means the Securities Exchange Act of 1934, as amended.

“Financial Reporting Measure” means any measure determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures derived wholly or in part from such measures, including (without limitation) GAAP and IFRS financial measures, as well as stock or share price and total equityholder return.

“GAAP” means United States generally accepted accounting principles.

“IFRS” means international financial reporting standards as adopted by the International Accounting Standards Board.

“Impracticable” means (a) the direct expenses paid to third parties to assist in enforcing recovery would exceed the Erroneously Awarded Compensation; provided that the Company has (i) made reasonable attempts to recover the Erroneously Awarded Compensation, (ii)

3

documented such attempt(s), and (iii) provided such documentation to the relevant listing exchange or association, (b) to the extent permitted by the Applicable Rules, the recovery would violate the Company’s home country laws pursuant to an opinion of home country counsel; provided that the Company has (i) obtained an opinion of home country counsel, acceptable to the relevant listing exchange or association, that recovery would result in such a violation, and (ii) provided such opinion to the relevant listing exchange or association, or (c) recovery would likely cause an otherwise tax-qualified retirement plan, under which benefits are broadly available to employees of the Company, to fail to meet the requirements of 26 U.S.C. 401(a)(13) or 26 U.S.C. 411(a) and the regulations thereunder.

“Incentive-Based Compensation” means, with respect to a Restatement, any compensation that is granted, earned, or vested based wholly or in part upon the attainment of one or more Financial Reporting Measures and received by a person: (a) after beginning service as an Officer; (b) who served as an Officer at any time during the performance period for that compensation; (c) while the Company has a class of its securities listed on a national securities exchange or association; and (d) during the applicable Three-Year Period.

“Officer” means each person who serves as an executive officer of the Company, as defined in Rule 10D-1(d) under the Exchange Act.

“Other Recovery Arrangements” means any clawback, recoupment, forfeiture or similar policies or provisions of the Company or its affiliates (other than the Policy), including any such policies or provisions of such effect contained in any employment agreement, bonus plan, incentive plan, equity-based plan or award agreement thereunder or similar plan, program or agreement of the Company or an affiliate or required under applicable law.

“Restatement” means an accounting restatement to correct the Company’s material noncompliance with any financial reporting requirement under securities laws, including restatements that correct an error in previously issued financial statements (a) that is material to the previously issued financial statements or (b) that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.

“Three-Year Period” means, with respect to a Restatement, the three completed fiscal years immediately preceding the date that the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare such Restatement, or, if earlier, the date on which a court, regulator or other legally authorized body directs the Company to prepare such Restatement.The “Three-Year Period” also includes any transition period (that results from a change in the Company’s fiscal year) within or immediately following the three completed fiscal years identified in the preceding sentence.However, a transition period between the last day of the Company’s previous fiscal year end and the first day of its new fiscal year that comprises a period of nine to 12 months shall be deemed a completed fiscal year.

4

Exhibit A

FORM OFACKNOWLEDGEMENT AGREEMENT

PERTAINING TO THE KENNEDY-WILSON HOLDINGS, INC. POLICY FOR RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION

In consideration of, and as a condition to, the receipt of future cash and equity incentive compensation from Kennedy-Wilson Holdings, Inc. (the “Company”), _________________ (“Executive”) and the Company are entering into this Acknowledgement Agreement.

1.Executive agrees that compensation payable to Executive may be subject to reduction, cancellation, forfeiture and/or recoupment to the extent necessary to comply with (a) the Policy for Recovery of Erroneously Awarded Compensation adopted by the Compensation Committee of the Company (as amended from time to time, the “Policy”), and (b) any Other Recovery Arrangements (as defined in the Policy). Executive acknowledges that Executive has received and has had an opportunity to review the Policy and any Other Recover Arrangements applicable to Executive.

2.Executive acknowledges and agrees to the terms of the Policy and any Other Recovery Arrangements, including that any compensation received by Executive shall be subject to and conditioned upon the provisions of the Policy and any Other Recovery Arrangements applicable to Executive.

3.Executive further acknowledges and agrees that Executive is not entitled to indemnification in connection with any enforcement of the Policy or any Other Recovery Arrangements applicable to Executive and expressly waives any rights to such indemnification under the Company’s organizational documents, any indemnification agreement between the Company and Executive, or otherwise.

4.Executive agrees to take all actions requested by the Company in order to enable or facilitate the enforcement of the Policy and any Other Recovery Arrangements applicable to Executive (including, without limitation, any reduction, cancellation, forfeiture or recoupment of any compensation that Executive has received or to which Executive may become entitled).

5.To the extent any recovery right under the Policy and any Other Recovery Arrangements applicable to Executive conflicts with any other contractual rights Executive may have with the Company or any affiliate, Executive understands that the terms of the Policy and the Other Recovery Arrangements shall supersede any such contractual rights. Executive agrees that no recovery of compensation under the Policy or the Other Recovery Arrangements will be an event that triggers or contributes to any right of Executive to resign for “good reason” or “constructive termination” (or similar term) under any agreement with the Company or any affiliate.

5

EXECUTIVE

(Signature)

(Print Name)

(Title)

KENNEDY-WILSON HOLDINGS, INC.

(Signature)

(Print Name)

(Title)

6

XML

Cover Page - USD ($)

12 Months Ended

Dec. 31, 2023

Feb. 21, 2024

Jun. 30, 2023

Cover [Abstract]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2023

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

001-33824

Entity Registrant Name

Kennedy-Wilson Holdings, Inc.

Entity Incorporation, State or Country Code

DE

Entity Tax Identification Number

26-0508760

Entity Address, Address Line One

151 S El Camino Drive

Entity Address, City or Town

Beverly Hills,

Entity Address, State or Province

CA

Entity Address, Postal Zip Code

90212

City Area Code

310

Local Phone Number

887-6400

Title of 12(b) Security

Common Stock, $.0001 par value

Trading Symbol

KW

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

No

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Small Business

false

Entity Emerging Growth Company

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction

false

Entity Shell Company

false

Entity Public Float

$ 1,716,285,368

Entity Common Stock, Shares Outstanding

138,977,698

Documents Incorporated by Reference

Part III of this report incorporates certain information by reference from the registrant’s definitive proxy statement for the annual meeting of stockholders to be held on or around June 6, 2024, which proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2023.

Entity Central Index Key

0001408100

Document Fiscal Year Focus

2023

Document Fiscal Period Focus

FY

Amendment Flag

false

XML

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Los Angeles, CA
Auditor Firm ID	185

XML

Consolidated Balance Sheets - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents		$ 313.7	$ 439.3
Accounts receivable, net (including $13.8 and $13.9 of related party)		57.3	40.8
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $957.8 and $882.2)		4,837.3	5,188.1
Unconsolidated investments (including $1,927.0 and $2,093.7 at fair value)		2,069.1	2,238.1
Other assets		187.5	216.1
Loan purchases and originations, net		247.2	149.4
Total assets	[1]	7,712.1	8,271.8
Liabilities
Accounts payable		17.9	16.2
Accrued expenses and other liabilities		597.8	658.2
Total liabilities	[1]	5,913.7	6,261.4
Equity
Series A cumulative preferred stock		789.9	592.5
Common stock		0.0	0.0
Additional paid-in capital		1,718.6	1,679.5
Retained (deficit) earnings		(349.0)	122.1
Accumulated other comprehensive loss		(404.4)	(430.1)
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity		1,755.1	1,964.0
Noncontrolling interests		43.3	46.4
Total equity		1,798.4	2,010.4
Total liabilities and equity		7,712.1	8,271.8
Mortgage debt
Liabilities
Debt		2,840.9	3,018.0
KW unsecured debt
Liabilities
Debt		1,934.3	2,062.6
KWE unsecured bonds
Liabilities
Debt		$ 522.8	$ 506.4

[1] The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2022 include $169.8 million (including cash held by consolidated investments of $6.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $137.8 million) and $82.4 million (including investment debt of $51.2 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

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Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022
Related party accounts receivable, net		$ 57.3	$ 40.8
Accumulated depreciation and amortization of real estate and acquired in place lease values		957.8	882.2
Fair value of unconsolidated investments		$ 1,927.0	$ 2,093.7
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)		200,000,000	200,000,000
Common stock, shares issued (in shares)		138,727,521	137,790,768
Common stock, shares outstanding (in shares)		138,727,521	137,790,768
Assets from VIEs	[1]	$ 7,712.1	$ 8,271.8
Cash held by consolidated investments from VIEs		313.7	439.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization from VIEs		4,837.3	5,188.1
Liabilities from VIEs	[1]	5,913.7	6,261.4
Variable Interest Entity, Primary Beneficiary
Assets from VIEs		154.9	169.8
Cash held by consolidated investments from VIEs		3.6	6.1
Real estate and acquired in place lease values, net of accumulated depreciation and amortization from VIEs		121.8	137.8
Liabilities from VIEs		101.4	82.4
Variable Interest Entity, Primary Beneficiary | Investment Debt
Investment debt from VIEs		$ 54.9	$ 51.2
Series A Cumulative Preferred Stock
Preferred stock, par value (in dollars per shares)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)		1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)		300,000	300,000
Series B Cumulative Preferred Stock
Preferred stock, par value (in dollars per shares)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)		1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)		300,000	300,000
Series C Preferred Stock
Preferred stock, par value (in dollars per shares)		$ 0.0001	$ 0.0001
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000
Preferred stock, shares authorized (in shares)		1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)		200,000	200,000
Related Party
Related party accounts receivable, net		$ 13.8	$ 13.9

[1] The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2022 include $169.8 million (including cash held by consolidated investments of $6.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $137.8 million) and $82.4 million (including investment debt of $51.2 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

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Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Total revenue	$ 562.6	$ 540.0	$ 453.6
(Loss) income from unconsolidated investments
Principal co-investments	(188.5)	199.5	271.1
Performance allocations	(64.3)	(21.1)	117.9
Total (loss) income from unconsolidated investments	(252.8)	178.4	389.0
Gain on sale of real estate, net	127.6	103.7	412.7
Expenses
Performance allocation compensation	(15.1)	(4.3)	42.0
General and administrative	35.7	37.2	33.3
Depreciation and amortization	157.8	172.9	166.3
Total expenses	508.3	526.8	549.6
Interest expense	(259.2)	(220.8)	(192.4)
(Loss) gain on early extinguishment of debt	(1.6)	27.5	(45.7)
Other (loss) income	(5.0)	36.1	(5.0)
(Loss) income before benefit from (provision for) income taxes	(336.7)	138.1	462.6
Benefit from (provision for) income taxes	55.3	(36.2)	(126.2)
Net (loss) income	(281.4)	101.9	336.4
Net income attributable to the noncontrolling interests	(22.4)	(8.2)	(6.0)
Preferred dividends	(38.0)	(28.9)	(17.2)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$ (341.8)	$ 64.8	$ 313.2
Basic (loss) earnings per share
(Loss) income per basic (in dollars per share)	$ (2.46)	$ 0.47	$ 2.26
Weighted average shares outstanding for basic (in shares)	138,930,517	136,900,875	138,552,058
Diluted (loss) earnings per share
(Loss) income per diluted (in dollars per share)	$ (2.46)	$ 0.47	$ 2.24
Weighted average shares outstanding for diluted (in shares)	138,930,517	138,567,534	140,132,435
Dividends declared per common share (in dollars per share)	$ 0.96	$ 0.96	$ 0.90
Rental
Revenue
Total revenue	$ 415.3	$ 434.9	$ 390.5
Expenses
Cost of goods and services	152.6	151.2	132.7
Hotel
Revenue
Total revenue	57.1	46.9	17.1
Expenses
Cost of goods and services	37.9	29.5	12.7
Investment management fees
Revenue
Total revenue	61.9	44.8	35.3
Loans
Revenue
Total revenue	26.1	11.7	8.6
Other
Revenue
Total revenue	2.2	1.7	2.1
Compensation and related
Expenses
Cost of goods and services	$ 139.4	$ 140.3	$ 162.6

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Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total revenue	$ 562.6	$ 540.0	$ 453.6
Share-based compensation	34.5	29.0	28.7
Related Party Investment Management Fees
Total revenue	$ 51.9	$ 44.8	$ 35.3

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Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net (loss) income	$ (281.4)	$ 101.9	$ 336.4
Other comprehensive income (loss), net of tax:
Unrealized foreign currency translation gain (loss)	32.1	(71.7)	(58.3)
Amounts reclassified out of AOCI during the year	0.0	(0.8)	2.2
Total other comprehensive income (loss) for the year	26.6	(43.5)	3.3
Comprehensive (loss) income	(254.8)	58.4	339.7
Comprehensive income attributable to noncontrolling interests	(23.3)	(5.2)	(5.2)
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.	(278.1)	53.2	334.5
Foreign Currency Derivative Contracts
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives	(5.5)	23.4	56.2
Interest Rate Swap
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on derivatives	$ 0.0	$ 5.6	$ 3.2

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Consolidated Statements of Equity - USD ($) $ in Millions	Total	Foreign Currency Derivative Contracts	Interest Rate Swap	Preferred Stock	Common Stock	Preferred Stock	Preferred Stock Preferred Stock	Common Stock	Common Stock Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Common Stock	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Foreign Currency Derivative Contracts	Accumulated Other Comprehensive Loss Interest Rate Swap	Noncontrolling Interests
Balance, beginning of period, preferred shares (in shares) at Dec. 31, 2020						300,000
Balance at beginning of period at Dec. 31, 2020	$ 1,672.7					$ 295.2		$ 0.0		$ 1,725.2		$ 17.7	$ (393.6)			$ 28.2
Balance at beginning of period, common stock (in shares) at Dec. 31, 2020								141,365,323
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock grants (RSG) (in shares)								619,945
Shares retired due to RSG vesting (in shares)								(967,536)
Shares retired due to RSG vesting	(20.5)									(20.5)
Shares retired due to common stock repurchase program (in shares)								(2,824,665)
Shares retired due to common stock repurchase program	(62.7)									(50.0)		(12.7)
Shares forfeited (in shares)								(237,588)
Stock based compensation	28.7									28.7
Other comprehensive (loss) income:
Unrealized foreign currency translation gain (loss), net of tax	(56.6)												(55.8)			(0.8)
Unrealized derivative gain (loss), net of tax		$ 56.1	$ 3.7											$ 56.1	$ 3.7
Common stock dividends	(125.8)											(125.8)
Preferred stock dividends	(17.2)											(17.2)
Net (loss) income	336.4											330.4				6.0
Contributions from noncontrolling interests	7.8															7.8
Distributions to noncontrolling interests	(18.7)															(18.7)
Incentive allocations to noncontrolling interests	0.0									(3.8)						3.8
Balance at end of period, preferred stock (in shares) at Dec. 31, 2021						300,000
Balance at end of period at Dec. 31, 2021	1,803.9					$ 295.2		$ 0.0		1,679.6		192.4	(389.6)			26.3
Balance at end of period, common stock (in shares) at Dec. 31, 2021								137,955,479
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, net of issuance costs (in shares)						300,000
Stock issuance, net of issuance costs	297.3					$ 297.3
At-the-market equity offering program costs	(0.7)									(0.7)
Restricted stock grants (RSG) (in shares)								1,221,362
Shares retired due to RSG vesting (in shares)								(834,911)
Shares retired due to RSG vesting	(18.6)									(18.6)
Shares retired due to common stock repurchase program (in shares)								(551,162)
Shares retired due to common stock repurchase program	(12.6)							$ (12.6)		(9.8)		(2.8)
Stock based compensation	29.0									29.0
Other comprehensive (loss) income:
Unrealized foreign currency translation gain (loss), net of tax	(71.7)												(68.7)			(3.0)
Unrealized derivative gain (loss), net of tax		23.4	$ 4.8											23.4	$ 4.8
Common stock dividends	(132.3)											(132.3)
Preferred stock dividends	(28.9)											(28.9)
Net (loss) income	101.9											93.7				8.2
Contributions from noncontrolling interests	25.7															25.7
Distributions to noncontrolling interests	(10.8)															(10.8)
Balance at end of period, preferred stock (in shares) at Dec. 31, 2022						600,000
Balance at end of period at Dec. 31, 2022	$ 2,010.4					$ 592.5		$ 0.0		1,679.5		122.1	(430.1)			46.4
Balance at end of period, common stock (in shares) at Dec. 31, 2022	137,790,768							137,790,768
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock issuance, net of issuance costs (in shares)							200,000		1,690,743
Stock issuance, net of issuance costs				$ 197.4	$ 29.8		$ 197.4				$ 29.8
Restricted stock grants (RSG) (in shares)								961,045
Shares retired due to RSG vesting (in shares)								(781,303)
Shares retired due to RSG vesting	$ (13.4)									(13.4)
Shares retired due to common stock repurchase program (in shares)								(666,701)
Shares retired due to common stock repurchase program	(7.5)							$ (7.5)		(11.8)		4.3
Shares forfeited (in shares)								(267,031)
Stock based compensation								$ 34.5		34.5
Other comprehensive (loss) income:
Unrealized foreign currency translation gain (loss), net of tax	32.1												31.2			0.9
Unrealized derivative gain (loss), net of tax		$ (5.5)												$ (5.5)
Common stock dividends	(133.6)											(133.6)
Preferred stock dividends	(38.0)											(38.0)
Net (loss) income	(281.4)											(303.8)				22.4
Contributions from noncontrolling interests	1.3															1.3
Distributions to noncontrolling interests	(27.7)															(27.7)
Balance at end of period, preferred stock (in shares) at Dec. 31, 2023						800,000
Balance at end of period at Dec. 31, 2023	$ 1,798.4					$ 789.9		$ 0.0		$ 1,718.6		$ (349.0)	$ (404.4)			$ 43.3
Balance at end of period, common stock (in shares) at Dec. 31, 2023	138,727,521							138,727,521

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Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income		$ (281.4)	$ 101.9	$ 336.4
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of real estate, net		(127.6)	(103.7)	(412.7)
Depreciation and amortization		157.8	172.9	166.3
Above/below market and straight-line rent amortization		(5.5)	(8.0)	6.8
Uncollectible lease income		5.4	8.0	12.9
(Benefit from) provision for deferred income taxes		(65.9)	18.3	112.2
Amortization of loan fees		9.2	9.1	16.2
Amortization of discount and accretion of premium and transactional foreign exchange		2.9	2.6	2.4
Unrealized net loss (gain) on derivatives		16.4	(45.9)	(4.6)
Loss (gain) on extinguishment of debt		1.6	(27.5)	0.0
Loss (income) from unconsolidated investments		252.8	(178.4)	(389.0)
Provision for loan loss reserves		7.0	0.0	0.0
Accretion of interest income on loans		(3.5)	0.0	(0.5)
Share-based compensation expense		34.5	29.0	28.7
Deferred compensation		(3.8)	7.6	56.3
Operating distributions from unconsolidated investments		69.2	78.1	82.2
Change in assets and liabilities:
Accounts receivable		(23.8)	(13.4)	(0.5)
Other assets		(1.3)	(9.7)	(18.8)
Accrued expenses and other liabilities		4.9	(8.0)	(24.6)
Net cash provided by (used in) operating activities		48.9	32.9	(30.3)
Cash flows from investing activities:
Issuance of loans		(150.2)	(50.9)	(83.4)
Proceeds from collection of loans		48.9	34.5	58.1
Net proceeds from sale of consolidated real estate		383.9	325.9	486.4
Purchases of consolidated real estate		0.0	(408.2)	(1,131.8)
Capital expenditures to real estate		(217.2)	(160.9)	(139.2)
Investing distributions from unconsolidated investments		92.4	157.1	82.8
Contributions to unconsolidated investments		(167.4)	(361.3)	(280.8)
Proceeds from settlement of derivative contracts		0.0	112.6	0.0
Premiums paid for settlement of derivative contracts		(2.1)	(10.4)	(30.1)
Net cash used in investing activities		(11.7)	(361.6)	(1,038.0)
Cash flow from financing activities:
Borrowings under senior notes payable		0.0	0.0	1,804.3
Repayment of senior notes payable		0.0	0.0	(1,150.0)
Borrowings under line of credit/term loan		50.0	528.4	314.3
Repayment of line of credit/term loan		(185.0)	(325.0)	(438.5)
Borrowings under mortgage debt		408.9	401.3	1,144.9
Repayment of mortgage debt		(446.4)	(389.6)	(268.2)
Repayment of KWE Bonds		0.0	(65.8)	(504.4)
Payment of loan fees		(0.7)	(5.0)	(35.6)
Issuance of common stock, net of issuance costs		29.8	(0.7)	0.0
Repurchase of common stock		(20.9)	(31.2)	(83.2)
Preferred stock issuance, net of issuance costs		197.4	297.3	0.0
Common stock dividends paid		(136.0)	(134.6)	(123.5)
Preferred stock dividends paid		(35.5)	(25.9)	(17.2)
Contributions from noncontrolling interests		1.3	25.8	7.8
Distributions to noncontrolling interests		(27.7)	(10.8)	(18.7)
Net cash (used in) provided by financing activities		(164.8)	264.2	632.0
Effect of currency exchange rate changes on cash and cash equivalents		2.0	(21.0)	(4.0)
Net change in cash and cash equivalents		(125.6)	(85.5)	(440.3)
Cash and cash equivalents, beginning of year		439.3	524.8	965.1
Cash and cash equivalents, end of year		313.7	439.3	524.8
Cash paid for:
Interest	[1],[2]	252.0	214.4	183.7
Income taxes		21.8	19.9	16.5
Cash received from consolidated and unconsolidated asset sales and loan repayments, net		376.1	369.8	481.1
Cash received on interest rate hedges		$ 24.0	$ 0.9	$ (1.2)

[1] $1.4 million, $4.0 million, and $4.1 million attributable to non-controlling interests for the years ended December 31, 2023, 2022, and 2021, respectively.

[2] Excludes $5.0 million, $3.3 million, and $3.2 million of capitalized interest during the for the years ended December 31, 2023, 2022 and 2021, respectively.

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Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Interest paid attributable to noncontrolling interest	$ 1.4	$ 4.0	$ 4.1
Interest paid, capitalized	5.0	3.3	3.2
Restricted cash	69.6	21.4	24.2
Increase in unconsolidated investments	$ 33.4	$ 31.9	$ 178.8
Multifamily
Number of lots | property	2
Wholly-Owned, Multifamily Properties
Equity interest sold, percentage	49.00%
Ownership interest percentage	51.00%
Vintage Housing Holdings
Increase in unconsolidated investments	$ 16.8
Montiavo
Equity interest sold, percentage		49.00%
Ownership interest percentage		51.00%
MF Seed Portfolio
Ownership interest percentage			51.00%
MF Seed Portfolio | Multifamily
Number of lots | property	2
Debt Redemption
Restricted cash	$ 69.6	$ 21.4	$ 24.2

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ORGANIZATION	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATIONKennedy-Wilson Holdings, Inc. (“KWH,” NYSE: KW), a Delaware corporation and its wholly owned and consolidated subsidiaries (collectively the "Company" or "Kennedy Wilson"), is a global real estate investment company. The Company owns, operates, and invests in real estate both on its own and through its investment management platform. The Company also has a global debt platform primarily focused on construction lending secured by high-quality multifamily and student housing properties throughout the United States. The Company primarily focuses on multifamily and office properties, as well as industrial and debt investments in its Investment Management business in the Western United States, United Kingdom and Ireland. The Company's operations are defined by two business segments; its Consolidated Portfolio and Co-Investment Portfolio. Investment activities in the Consolidated Portfolio involve ownership of multifamily units, office, and retail space and one hotel. The Co-Investment Portfolio

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION — The consolidated financial statements include the accounts of Kennedy Wilson and voting interest entities which it controls. All intercompany balances and transactions have been eliminated in consolidation. In addition, Kennedy Wilson evaluates its relationships with other entities to identify whether they are variable interest entities ("VIE") as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Subtopic 810, Consolidation, and to assess whether it is the primary beneficiary of such entities. In determining whether Kennedy Wilson is the primary beneficiary of a VIE, qualitative and quantitative factors are considered, including, but not limited to: the amount and characteristics of Kennedy Wilson's investment; the obligation or likelihood for Kennedy Wilson to provide financial support; Kennedy Wilson's ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of Kennedy Wilson.

The Company determines the appropriate accounting method with respect to all investments that are not VIEs based on the control-based framework (controlled entities are consolidated) provided by the consolidation guidance in ASC Subtopic 810. The Company accounts for joint ventures where it is deemed that the Company does not have control through the equity method of accounting while joint ventures that the Company controls are consolidated in Kennedy Wilson's financial statements.

USE OF ESTIMATES — The preparation of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosure about contingent assets and liabilities, and reported amounts of revenues and expenses. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates will be reflected in the financial statements in future periods.

REVENUE RECOGNITION — Revenue consists of rental and hotel income, management fees, leasing and commission fees, loan interest income and sales of real estate. ASC Topic 606, Revenue from Contracts with Customers, is a five-step model to recognize revenue from customer contracts. The model identifies the contract, any separate performance obligations in the contract, determines the transaction price, allocates the transaction price and recognizes revenue when the performance obligations are satisfied. Management has concluded that, with the exception of performance allocations, the nature of the Company's revenue streams is such that the requirements are generally satisfied at the time that the fee becomes receivable.

Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases in accordance with ASC Topic 842, Leases.

Hotel income is earned when rooms are occupied or goods and services have been delivered or rendered.

Management fees are primarily comprised of investment management fees. Investment management fees are earned from limited partners of funds, co-investments, or separate accounts and are generally based on a fixed percentage of committed capital or net asset value. The Company provides investment management on investments it also has an ownership interest in. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest.

Investment management fees include acquisition, arrangement and disposition fees. Acquisition, arrangement and disposition fees are earned for identifying and closing investments on behalf of investors and are based on a fixed percentage of the acquisition or disposition price, as applicable. Acquisition and disposition fees are recognized upon the successful completion of an acquisition or disposition after all required services have been performed.

Loan income from investments in performing loans which Kennedy Wilson originates or acquires are recognized at the stated interest rate plus any amortization of premiums/discounts or fees earned on the loans. Loan income from investments in loans acquired at a discount are recognized using the effective interest method. When a loan or loans are acquired with deteriorated credit quality primarily for the rewards of collateral ownership, such loans are accounted for as loans until Kennedy Wilson is in possession of the collateral. However, accrual of income is not recorded during the conversion period under ASC Subtopic 310-30-25, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Income is recognized to the extent that cash is received from the loan. The Company has evaluated its loan portfolio under ASC Subtopic 326, Financial Instruments – Credit Losses. for current expected credit losses ("CECL") reserves. CECL reserves reflect the Company's current estimate of potential credit losses related to loans included in the Company's consolidated balance sheets. Changes to the CECL reserve are recognized through the Company's consolidated statements of operations. While ASC Subtopic 326 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions.

Sales of real estate are recognized when title to the real property passes to the buyer and there is no continuing involvement in the real property. Under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, the Company recognizes the entire gain attributed to contributions of real estate properties to unconsolidated entities.

Property services fees are earned from the Company's auction sales and marketing business. In the case of auction and real estate sales commissions, the revenue is generally recognized when escrow closes. In accordance with the guidelines established for Reporting Revenue Gross as a Principal versus Net as an Agent in ASC Topic 606, Kennedy Wilson records commission revenues and expenses on a gross basis. Of the criteria listed in ASC Topic 606, Kennedy Wilson is the primary obligor in the transaction, does not have inventory risk, performs all or part of the service and has wide latitude in establishing the price of services rendered and discretion in selection of agents and determination of service specifications.

REAL ESTATE ACQUISITIONS — The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests ("NCI"). Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized as part of the real estate acquired.

The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach.

The Company is involved in all stages of real estate ownership, including development. Once a project is in development, consistent with ASC Topic 360 Property Plant, and Equipment, costs including interest and real estate taxes and associated costs directly related to the project under development, are capitalized. During the predevelopment period of a probable project and the period in which a project is under construction, the Company capitalizes all direct and indirect costs associated with planning, developing, and constructing the project. Once a project is constructed and deemed substantially complete and ready for occupancy, carrying costs, such as real estate taxes, interest and associated costs, are expensed as incurred.

UNCONSOLIDATED INVESTMENTS — Kennedy Wilson has a number of joint venture interests that were formed to acquire, manage, and/or sell real estate. Investments in unconsolidated investments are accounted for under the equity method of accounting as Kennedy Wilson can exercise significant influence, but does not have the ability to control the

unconsolidated investment. An investment in an unconsolidated investment is recorded at its initial investment and is increased or decreased by Kennedy Wilson’s share of income or loss, plus additional contributions and less distributions. A decline in the value of an unconsolidated investment that is other than temporary is recognized when evidence indicates that such a decline has occurred in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures.

Kennedy Wilson elected the fair value option for 72 investments in unconsolidated investment entities ("FV Option" investments). Due to the nature of these investments, Kennedy Wilson elected to record these investments at fair value in order to report the change in value in the underlying investments in the results of its current operations.

Additionally, Kennedy Wilson records its investments in certain commingled funds it manages and sponsors (the "Funds") that are investment companies under the ASC Topic 946, Financial Services - Investment Companies, based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect their investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in their earnings.

Performance allocations or carried interest are allocated to the general partner, special limited partner or asset manager of Kennedy Wilson's real estate funds based on the cumulative performance of the fund and are subject to preferred return thresholds of the limited partners. At the end of each reporting period, Kennedy Wilson calculates the performance allocation that would be due as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as performance allocation to reflect either (a) positive performance resulting in an increase in the performance allocation to the general partner or asset manager or (b) negative performance that would cause the amount due to Kennedy Wilson to be less than the amount previously recognized as income from unconsolidated investments, resulting in a negative adjustment to performance allocations to the general partner or asset manager. As of December 31, 2023, the Company has $77.3 million of accrued performance allocations recorded to unconsolidated investments that are subject to future adjustments based on the underlying performance of investments. During the year ended December 31, 2023, the Company did not collect any performance allocations. During the years ended December 31, 2022 and 2021, the Company collected $6.8 million and $9.6 million of performance allocations.

The Company has concluded that performance allocations to the Company from equity method investments, based on cumulative performance to-date, represent carried interests. Consequently, in following the guidance set forth in ASC Topic 606 and ASC Topic 323, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of income.

Performance allocation compensation is recognized in the same period that the related performance allocations are recognized and can be reversed during periods when there is a reversal of performance allocations that were previously recognized. As of December 31, 2023, the Company has $22.8 million of accrued performance allocation compensation recorded to accrued expenses and other liabilities that are subject to future adjustments based on the underlying performance of investments. During the year ended December 31, 2023, the Company did not pay out any performance allocation compensation. During the year ended December 31, 2022, the Company paid $1.2 million of performance allocation compensation to employees for performance allocations that were realized during the period.

FAIR VALUE MEASUREMENTS — Kennedy Wilson accounts for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring basis under the provisions of ASC Topic 820, Fair Value Measurement. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When estimating fair value in the absence of an orderly transaction between market participants, valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate and the investments in debt securities are valued, in part, based on third party valuations and management estimates also using an income approach. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.

FAIR VALUE OF FINANCIAL INSTRUMENTS — The estimated fair value of financial instruments is determined using available market information and appropriate valuation methodologies. Considerable judgment, is necessary, however, to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.

DISTRIBUTIONS FROM UNCONSOLIDATED INVESTMENTS — The Company utilizes the nature of distributions approach and distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from unconsolidated investments' sale of assets), in which case it is reported as an investing activity.  This enables Kennedy Wilson to look to the nature and source of the distribution received and classify it appropriately between operating and investing activities on the statement of cash flows based upon the source. 

FOREIGN CURRENCIES — The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income.

Investment level debt is generally incurred in local currencies. Fluctuations in foreign exchanges rates may have a significant impact on the results of the Company's operations. In order to manage the effect of these fluctuations, the Company enters into hedging transactions, in the form of currency derivative contracts, that are designed to reduce its book equity exposure to foreign currencies. KWE has also entered into currency derivative contracts to manage its exposure to euro to British pound currency fluctuations. See Note 5 for a complete discussion on currency derivative contracts.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Kennedy Wilson has derivatives to reduce its exposure to foreign currencies. All derivative instruments are recognized as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships, changes in fair value of cash flow hedges or net investment hedges are recognized in accumulated other comprehensive income, to the extent the derivative is effective at offsetting the changes in the item being hedged until the hedged item affects earnings.

Fluctuations in foreign exchanges rates may have a significant impact on the Company's results of operations. In order to manage the potential exposure from adverse changes in foreign exchange rates arising from the Company’s net investments in foreign operations, the Company may enter into currency derivative contracts to hedge all or portions of the net investments in the Company’s non-U.S. dollar denominated foreign operations.

GOODWILL — Goodwill results from the difference between the purchase price and the fair value of net assets acquired based upon the purchase method of accounting for business combinations. In accordance with ASC Subtopic 350-20, Accounting for Intangibles - Goodwill and Other, goodwill is reviewed for impairment on an annual basis. The Company performs its annual review of impairment at year end and when a triggering event occurs between annual year end reviews. As a result of the evaluation performed as described above, Kennedy Wilson has determined that there was no impairment of goodwill as of December 31, 2023, 2022 and 2021.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents consist of cash and all highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents are invested in institutions insured by government agencies. Certain accounts contain balances in excess of the insured limits. Kennedy Wilson's operations and financial position are affected by fluctuations in currency exchange rates between the euro and British pound sterling against the U.S. Dollar. As of December 31, 2023, 2022, and 2021 we have $69.6 million, $21.4 million, and $24.2 million, respectively, 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 loans in the newly acquired Construction Loan Portfolio (as defined herein) on behalf of the borrowers under such loans. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties and on our loan investments.

LONG-LIVED ASSETS — Kennedy Wilson reviews its long-lived assets (excluding goodwill) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Subtopic 360-10, Property, Plant and Equipment. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in gain on sale of real estate, net in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are presented separately in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of the assets to be disposed of are classified as held for sale and would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets.

ACCOUNTS RECEIVABLE — Accounts receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected.

CONCENTRATION OF CREDIT RISK — Financial instruments that subject Kennedy Wilson to credit risk consist primarily of accounts and notes receivable, cash equivalents and derivative instruments. Credit risk is generally diversified due to the large number of entities composing Kennedy Wilson’s customer base and their geographic dispersion throughout the United States, the United Kingdom, Ireland, Spain and Italy. Kennedy Wilson performs ongoing credit evaluations of its customers and debtors.

EARNINGS PER SHARE — Basic earnings per share is computed based upon the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share is computed based upon the weighted average number of shares of common stock and potentially dilutive securities outstanding during the periods presented. The dilutive impact of potentially dilutive securities includes convertible securities, and unvested stock which were outstanding during the period. Unvested stock are calculated by the “treasury stock” method and the convertible securities under the "if converted" method.

COMPREHENSIVE INCOME (LOSS) — Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). In the accompanying consolidated balance sheets, accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains (losses) on derivative instruments.

REPURCHASE OF EQUITY INSTRUMENTS — Upon the decision to retire repurchased equity instruments, Kennedy Wilson records the retirement as a reduction to additional paid in capital for the amount that shares were initially issued at with the excess paid recorded to retained earnings.

SHARE-BASED PAYMENT ARRANGEMENTS — Kennedy Wilson accounts for its share-based payment arrangements under the provisions of ASC Subtopic 718-10, Compensation - Stock Compensation. Compensation cost for employee service received in exchange for an award of equity instruments is based on the grant-date fair value of the share-based award that is ultimately settled in equity of Kennedy Wilson. The cost of employee services is recognized over the period during which an employee provides service in exchange for the share-based payment award. Share-based payment arrangements with only services conditions that vest ratably over the requisite service period are recognized on the straight-line basis and performance awards that vest ratably are recognized on a tranche by tranche basis over the performance period.

INCOME TAXES — Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with accounting for uncertainty in ASC Subtopic 740-10, Income Taxes, Kennedy Wilson recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Kennedy Wilson records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses on the consolidated statements of operations.

NONCONTROLLING INTERESTS — Noncontrolling interests are reported within equity as a separate component of Kennedy Wilson's equity in accordance with ASC Subtopic 810-10. Revenues, expenses, gains, losses, net income or loss, and other comprehensive income are reported in the consolidated statements of operations at the consolidated amounts and net income and comprehensive income attributable to noncontrolling interests are separately stated.

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning December 15, 2024, with early adoption permitted, and

should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on the Company’s consolidated financial statements.

On November 27, 2023, the FASB issued an ASU to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Pursuant to this ASU, the footnotes to the Company's consolidated financial statements will include incremental disclosures related to our reportable segments, including the disclosures about the Company's CODM’s review of its consolidated net income, the profit/loss measure of the Company's segments. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are evaluating the disclosure requirements related to the new standard.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued in response to the SEC’s final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated, and to align the requirements in the Codification with the SEC’s disclosure requirements. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on our consolidated financial statements and related disclosures.

The FASB did not issue any other ASUs during the year ended December 31, 2023 that the Company expects to be applicable and have a material impact on the Company's financial statements.

RECLASSIFICATIONS—Certain balances included in prior year's financial statements have been reclassified to conform to the current year's presentation.

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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE

REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE

The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Land	$	1,328.3	$	1,319.2
Buildings	3,679.1		3,961.9
Building improvements	511.3		494.2
Acquired in-place lease values	276.4		295.0
	5,795.1		6,070.3
Less accumulated depreciation and amortization	(957.8)		(882.2)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	$	4,837.3	$	5,188.1

Real property, including land, buildings, and building improvements, are included in real estate and are generally stated at cost.  Buildings and building improvements are depreciated on the straight-line method over their estimated lives not to exceed 40 years. Acquired in-place lease values are recorded at their estimated fair value and amortized over their respective weighted-average lease term which was 5.3 years at December 31, 2023.

Depreciation and amortization expense on buildings, building improvements and acquired in-place lease values for the years ended December 31, 2023, 2022 and 2021 was $148.9 million, $162.7 million and $151.3 million, respectively.

Consolidated Acquisitions

The purchase of property is recorded to land, buildings, building improvements, and intangible lease value (including the value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any) based on

their respective estimated relative fair values. The purchase price generally approximates the fair value of the properties as acquisitions are transacted with third-party willing sellers after arms-length negotiations.

During the year ended December 31, 2023, Kennedy Wilson did not acquire any consolidated properties.

During the year ended December 31, 2022, Kennedy Wilson acquired the following consolidated properties, which were treated as asset acquisitions:

(Dollars in millions)		Purchase Price Allocation at Acquisition(1)
Location	Description	Land		Building		Acquired in-place lease values(2)		Investment debt		KWH Shareholders' Equity
Western U.S.	Four multifamily properties	$	99.2	$	396.6	$	1.4	$	203.4	$	293.8
United Kingdom	Office building	25.5		74.1		6.9		—		106.5
		$	124.7	$	470.7	$	8.3	$	203.4	$	400.3

(1) Excludes net other assets.

(2) Above- and below-market leases are included in other assets and accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheets.

Gains on Sale of Real Estate, Net

During the years ended December 31, 2023, 2022 and 2021, Kennedy Wilson recognized the following net gains on sale of real estate. Included in the net gains for the year ended December 31, 2023, 2022 and 2021 are impairment losses of $28.6 million, $13.3 million and $20.9 million primarily relating to European non-core retail and office assets.

(Dollars in millions)		Gain on sale of real estate
Year ended December 31,	Description	Consolidated		NCI		Net of NCI
2023	Primarily due to the sale of a 49% equity interest in two multifamily properties in the Western United States that were previously wholly-owned and controlled by the Company and the sale of a wholly-owned office property in the United Kingdom.	$	127.6	$	(21.9)	$	105.7
2022	Primarily due to the sale of a 49% equity interest in a multifamily property in Western United States that was previously wholly-owned and controlled by the Company and the sale of a wholly-owned office property in the United Kingdom	103.7		(1.0)		102.7
2021	Primarily due to the sale of a 49% equity interest in nine multifamily properties in Western United States that were previously wholly-owned and controlled by the Company and the sale of 19 office properties in the United Kingdom, one multifamily property in Western United States, three retail properties in Western United States and an office property in Western United States	412.7		(5.4)		407.3

Deconsolidation of Previously Consolidated Real Estate

Under ASC Subtopic 610-20, the Company consummated the following transactions that resulted in the deconsolidation of the Company's interests in investments previously consolidated in the Company's financial statements:

During the year ended December 31, 2023, Kennedy Wilson recognized gains on sale of real estate, net of $127.6 million. These gains were primarily due to (i) the Company's sale of 49% of its equity interest in two previously wholly-owned market-rate multifamily properties into an existing joint venture platform managed by the Company and retained a noncontrolling 51% interest in such properties, which resulted in a gain on sale of real estate of $79.5 million; (ii) the sale of a Western United States property to VHH, pursuant to which the Company retains an interest in the asset through its ownership interest in VHH, which resulted in a gain of $15.1 million; (iii) the sale of a consolidated multifamily property owned with a noncontrolling interest partner which resulted in a gain of $37.6 million ($20.1 million of which was at the Company's share) and (iv) the remainder of gain on sale of real estate relates to the sale of non-core retail and residential properties in the Western United States, United Kingdom, Ireland, and Spain.

During the year ended December 31, 2022, due to the sale and deconsolidation of Montiavo, the Company recognized a $56.7 million gain on sale of real estate, net and generated $30.2 million of cash proceeds for the Company. The gain is due to the sale of the 49% interest to the Company's partner and the recording of the Company's retained 51% interest in unconsolidated investments at the fair value established by the transaction.

During the year ended December 31, 2021, due to the sale and deconsolidation of the assets that make up the MF seed portfolio, the Company recognized a $332.0 million gain on sale of real estate, net and generated $166.4 million of cash proceeds for the Company. The gain is due to the sale of the 49% interest to the Company's partner and the recording of the Company's retained 51% interest in unconsolidated investments at the fair value established by the transaction. The MF seed portfolio and subsequent investments within the separate account are accounted for at fair value as the Company elected to account for this investment under the fair value adoption.

The Company leases its operating properties to customers under agreements that are classified as operating leases. The total minimum lease payments provided for under the leases are recognized on a straight-line basis over the lease term. The majority of the Company's rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from the Company's tenants. The Company records amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The reimbursements are recognized in rental income in the consolidated statements of operations as the Company is the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk.

The following table summarizes the minimum lease payments due from the Company's tenants on leases with lease periods greater than one year at December 31, 2023:

(Dollars in millions)	Minimum
	Rental Revenues(1)
2024	$	134.1
2025	124.4
2026	104.5
2027	83.1
2028	68.7
Thereafter	181.9
Total	$	696.7

(1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.

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UNCONSOLIDATED INVESTMENTS

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

UNCONSOLIDATED INVESTMENTS

UNCONSOLIDATED INVESTMENTS

Kennedy Wilson has a number of joint venture interests including commingled funds and separate accounts, generally ranging from 5% to 50%, that were formed to acquire, manage, develop, service and/or sell real estate. Kennedy Wilson has significant influence over these entities, but not control. Accordingly, these investments are accounted for under the equity method.

Joint Venture and Fund Holdings

The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2023:

(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	820.9	$	71.6	$	253.0	$	96.2	$	156.2	$	1,397.9
Ireland	313.8		158.7		—		5.4		—		477.9
United Kingdom	—		139.8		—		31.5		22.0		193.3
Total	$	1,134.7	$	370.1	$	253.0	$	133.1	$	178.2	$	2,069.1

The following table details the Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2022:

(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	857.6	$	89.2	$	195.9	$	158.3	$	169.1	$	1,470.1
Ireland	378.1		176.7		—		8.0		—		562.8
United Kingdom	—		138.7		—		36.3		30.2		205.2
Total	$	1,235.7	$	404.6	$	195.9	$	202.6	$	199.3	$	2,238.1

During the year ended December 31, 2023, the change in unconsolidated investments primarily relates to $167.4 million of cash contributions to unconsolidated investments, $161.6 million of distributions from unconsolidated investments, $48.4 million associated with the deconsolidations as discussed in Note 3, $252.8 million of losses from unconsolidated investments (including $229.3 million of fair value losses), and a $24.0 million decrease related to other items, which primarily related to foreign exchange movements.

As of December 31, 2023 and December 31, 2022, $1,927.0 million and $2,093.7 million, respectively, of unconsolidated investments were accounted for at fair value. See Note 5 for more detail.

Contributions to Joint Ventures

During the year ended December 31, 2023, Kennedy Wilson contributed $167.4 million to joint ventures, primarily to capital calls with respect to Kona Village Resort development, European office and multifamily developments, and fund new acquisitions in the Company's European Industrial JV and multifamily properties in Western United States with separate account partners.

Distributions from Joint Ventures

The following table details cash distributions by investment type and geographic location for the year ended December 31, 2023:

	Multifamily				Commercial				Funds				Residential and Other				Total
(Dollars in millions)	Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing
Western U.S.	$	36.1	$	74.2	$	9.4	$	—	$	4.8	$	4.1	$	0.7	$	3.0	$	51.0	$	81.3
Ireland	8.3		—		9.1		—		—		—		—		—		17.4		—
United Kingdom	—		—		—		—		—		11.1		0.8		—		0.8		11.1
Total	$	44.4	$	74.2	$	18.5	$	—	$	4.8	$	15.2	$	1.5	$	3.0	$	69.2	$	92.4

Investing distributions resulted primarily from the sale of one VHH multifamily property, one multifamily property in Fund VI and one investment in Europe Fund II as well as refinancing and resyndications from limited partners in the VHH portfolio. Operating distributions resulted from operating cash flow generated by the joint venture investments that have been distributed to the Company.

Income from Unconsolidated Investments

The following table presents income from unconsolidated investments recognized by Kennedy Wilson during the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Income from unconsolidated investments - operating performance	$	40.8	$	80.2	$	60.7
Income from unconsolidated investments - realized gains from cost basis investments	—		4.7		—
(Loss) income from unconsolidated investments - unrealized and realized fair value (losses) gains	(229.3)		114.6		213.5
Income from unconsolidated investments - realized losses and impairment	—		—		(3.1)
Principal co-investments	(188.5)		199.5		271.1
(Loss) income from unconsolidated investments - performance allocation	(64.3)		(21.1)		117.9
(Loss) income from unconsolidated investments	$	(252.8)	$	178.4	$	389.0

The decrease in income from unconsolidated investments is primarily due to the following:

Operating performance

During the year ended December 31, 2023, the Company had lower operating performance from its unconsolidated investments due to the following factors: (i) higher interest expense due to rising interest rates (ii) pre-opening and one-time start up costs associated with the opening of the Kona Village Resort and (iii) lower income from sales of residential units at Kohaniki development in Hawaii. The increase in rental income is primarily due to the multifamily assets that were deconsolidated as discussed above in Note 3.

Fair Value

During the year ended December 31, 2023, valuations continued to pull back primarily as a result of continued expansion of estimated capitalization rates and significant reductions in transaction volumes and liquidity, primarily as a result of increased borrowing rates as the Federal Reserve continued its interest rate hikes and increased the federal funds rate by 100 basis points during 2023. As such, during the year ended December 31, 2023 the Company recorded fair value decreases with respect to: (i) certain office properties in the Western United States, Ireland and United Kingdom due to expansion in estimated capitalization rates, primarily as a result of increased interest rates, which also led to us recording a decrease of the accrued performance allocations with respect to funds that held these investments as discussed below; (ii) certain market rate multifamily properties in the Western United States and Ireland due to expansion in estimated capitalization rates; (iii) the write off of a $5 million investment in a social impact real estate fund manager; and (iv) a decrease in the fair value of a building that we hold a 10% ownership interest in due to a national co-working office tenant no longer paying rent at such property. These fair value decreases were offset by (i) a fair value increase of $51.5 million with respect to our investment in VHH (our affordable rate multifamily platform) due to gains on the conversion of the status of one of VHH’s largest properties from development to operating, gains associated with the conversion of the loan secured by such property from a floating rate construction loan to a long-term fixed rate mortgage (the rate of which was set in 2019), the resyndication of properties and (ii) fair value increases recognized by the Company on fixed rate mortgages due to increases in market interest rates.

During the year ended December 31, 2023, we recorded a $64.3 million decrease in the accrual for performance allocations primarily related to the fair value decreases that we recorded with respect to two of our Western United States commingled funds as described above. We also had reductions in performance allocations on market rate multifamily separate account platforms in the Western United States and Ireland. There is no performance allocation structure relating to our investment in VHH.

During the year ended December 31, 2022, valuations began to pull back slightly with estimated cap rate expansion, primarily as a result of increased borrowing rates, which led to fair value losses on real estate during the year ended December 31, 2022. The Company also had fair value foreign exchange losses, net of any hedges on our foreign fair value investments as the euro and the GBP were at historically low levels against the U.S. Dollar. These fair value losses were offset by fair value increases on the Company's affordable multifamily properties in our VHH platform due to increased NOI at the properties driven by rental increases and the stabilization of assets that recently completed development. Fair value losses on real estate were also offset by fair value gains on our fixed rate mortgages that are secured by certain properties. This was primarily related to the Company's long-term fixed rate debt having lower rates than the current market rates as a result of higher base rates and spreads in today's financing market driven by rate increases implemented by the Federal Reserve and the European Central Bank ("ECB") during the prior period. The Company also had fair value gains associated with interest rate derivatives held by properties on variable rate mortgages which have increased in value with rising interest rates. The Company's investment in VHH also had significant fair value gains for the year ended December 31, 2022 due to gains on its fixed rate property loans and increases in NOI at the properties due to rental increases.

During the year ended December 31, 2022, the Company recorded a $21.1 million decrease in the accrual for performance allocations relating to our commingled funds and certain separate account investments due to declines in fair value of the applicable investments. During the year ended December 31, 2022, the Company had realized performance fees of $6.8 million relating to the sale of two multifamily properties in the Western United States, of which the Company paid $1.2 million of performance allocation compensation to employees for performance allocations that were realized during the period.

Vintage Housing Holdings ("VHH")

As of December 31, 2023 and 2022, the carrying value of the Company's investment in VHH was $285.9 million and $272.3 million, respectively. The total equity income recognized from the Company's investment in VHH was $63.0 million, $119.8 million and $41.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Distributions in the

current period primarily relate to resyndications and refinancing distributions. Prior period fair value gains primarily relate to resyndications in which VHH dissolves an existing partnership and recapitalizes into a new partnership with tax exempt bonds and tax credits that are sold to a new tax credit partner and, in many cases, yields cash back to VHH. Upon resyndication, VHH retains a GP interest in the partnership and receives various future streams of cash flows including: development fees, asset management fees, other GP management fees and distributions from operations.

During the year ended December 31, 2023, the Company received $59.1 million of proceeds from VHH, including $9.7 million from recurring monthly distributions, $3.2 million from paid developer fees at conversion and $46.2 million from sales and refinancings.

During the year ended December 31, 2023, the Company sold a wholly-owned, Western United States property to VHH, pursuant to which the Company retains an interest in the asset through its ownership interest in VHH, which resulted in a gain of $15.1 million.

Capital Commitments

As of December 31, 2023, Kennedy Wilson had unfulfilled capital commitments totaling $187.7 million to eight of its unconsolidated joint ventures, including $73.5 million relating to four closed-end funds managed by Kennedy Wilson, under the respective operating agreements. In addition to the unfunded capital commitments, the Company has $68.7 million of equity commitments on various development projects. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of such capital commitment obligations.

Summarized Financial Data

VHH

The income from VHH was a significant component of the Company's operations for the year ended December 31, 2022.

MF Seed Portfolio

The income from the MF seed portfolio was a significant component of the Company's operations for the year ended December 31, 2021. Financial information is provided for December 31, 2023 and December 31, 2022 for comparative purposes.

Summarized financial information is provided below:

	VHH				MF Seed Portfolio
	December 31,				December 31,
(Dollars in millions)	2023		2022		2023		2022
Cash and cash equivalents	$	44.0	$	37.0	$	10.0	$	12.4
Accounts receivable	3.7		4.4		1.2		2.0
Real estate	2,054.9		1,802.7		898.6		970.5
Other	0.3		2.0		1.8		1.1
Total assets	$	2,102.9	$	1,846.1	$	911.6	$	986.0
Liabilities
Accounts payable and accrued expenses	$	21.1	$	17.6	$	6.8	$	5.4
Mortgage debt	1,417.4		1,180.6		439.7		448.7
Total liabilities	1,438.5		1,198.2		446.5		454.1
Equity
Kennedy Wilson - investment in unconsolidated investment	285.9		271.8		246.6		291.9
Partners	378.5		376.1		218.5		240.0
Total equity	664.4		647.9		465.1		531.9
Total liabilities and equity	$	2,102.9	$	1,846.1	$	911.6	$	986.0

	VHH						MF Seed Portfolio
(Dollars in millions)	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Rental income	$	154.6	$	131.0	$	114.7	$	68.4	$	64.8	$	31.6
Unrealized fair value gains (losses)	114.4		270.7		77.4		(80.7)		56.1		140.6
Rental expenses	(52.1)		(41.0)		(34.8)		(26.9)		(21.1)		(8.5)
Interest expense	(52.0)		(45.6)		(37.5)		(18.0)		(17.6)		(8.2)
Other expense	(8.2)		—		(0.1)		(2.2)		(4.1)		(11.8)
Net income (loss)	156.7		315.1		119.7		(59.4)		78.1		143.7
(Income) loss attributable to partner	(93.7)		(195.3)		(78.3)		30.4		(33.0)		(54.8)
Income (loss) from unconsolidated investment	$	63.0	$	119.8	$	41.4	$	(29.0)	$	45.1	$	88.9

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION

FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2023:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
Unconsolidated investments	$	—	$	—	$	1,927.0	$	1,927.0
Net currency derivative contracts	—		(23.7)		—		(23.7)
Total	$	—	$	(23.7)	$	1,927.0	$	1,903.3

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2022:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
Unconsolidated investments	$	—	$	—	$	2,093.7	$	2,093.7
Net currency derivative contracts	—		7.0		—		7.0
Total	$	—	$	7.0	$	2,093.7	$	2,100.7

Unconsolidated Investments    

Kennedy Wilson elected to use the FV Option for 72 unconsolidated investments to more accurately reflect the timing of the value created in the underlying investments and report those changes in current operations. Kennedy Wilson's investment balance in the FV Option investments was $1,793.9 million and $1,891.1 million at December 31, 2023 and 2022, respectively, which are included in unconsolidated investments in the accompanying balance sheets.

Additionally, Kennedy Wilson records its investments in its managed commingled funds (the "Funds") based upon the net assets that would be allocated to its interests in the Funds, assuming the Funds were to liquidate their investments at fair value as of the reporting date. The Company’s investment balance in the Funds was $133.1 million and $202.6 million at December 31, 2023 and 2022, respectively, which is included in unconsolidated investments in the accompanying consolidated balance sheets.

In estimating fair value of real estate held by the Funds and the 72 FV Option investments, the Company considers significant unobservable inputs to be the capitalization and discount rates.

The following table summarizes the Company's investments in unconsolidated investments held at fair value by type:

(Dollars in millions)	December 31, 2023		December 31, 2022
FV Option	$	1,793.9	$	1,891.1
Funds	133.1		202.6
Total	$	1,927.0	$	2,093.7

The following table presents changes in Level 3 investments, investments in investment companies and investments in joint ventures that elected the fair value option, for the years ended December 31:

(Dollars in millions)	2023		2022		2021
Beginning balance	$	2,093.7	$	1,794.8	$	1,136.5
Unrealized and realized gains, including performance allocations	111.5		274.4		390.0
Unrealized and realized losses	(377.4)		(114.1)		(5.0)
Contributions	168.8		348.1		273.8
Distributions	(143.9)		(188.9)		(144.3)
Foreign exchange	25.0		(55.8)		(28.4)
Other	49.3		35.2		172.2
Ending balance	$	1,927.0	$	2,093.7	$	1,794.8

The Other balance for the year ended December 31, 2023 primarily consists of non-cash contributions relating to two recapitalized multifamily investments into a separate account platform and one multifamily property into VHH. The Other balance for the year ended December 31, 2022 includes $31.9 million related to the sale of a 49% ownership interest in Montiavo. The Other balance for the year ended December 31, 2021 above includes $178.8 million related to the deconsolidation of nine multifamily assets in the MF seed portfolio during the period. As the increase in unconsolidated investments was due to a non-cash movement the amounts are reflected in Other above. See notes to cash flow statement and Note 3 for further discussion regarding the sale.

The change in unrealized gains and losses on Level 3 investments during 2023 and 2022 for investments still held as of December 31, 2023 and 2022 were losses of $178.2 million and gains of $120.8 million, respectively. The change in unrealized and realized gains and losses are included in principal co-investments within income from unconsolidated investments in the accompanying consolidated statements of income.

Unobservable Inputs for Real Estate

The Company accounts for a number of unconsolidated investments under fair value, the accuracy of estimating fair value 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. Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including market-derived estimated 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.

In determining estimated fair market values, the Company utilizes two approaches to value real estate, a discounted cash flow analysis and direct capitalization approach.

Discounted cash flow models estimate future cash flows from a buyer's perspective (including terminal values) and compute a present value using a market discount rate. The holding period in the analysis is typically ten years. This is consistent with how market participants often estimate values in connection with buying real estate but these holding periods can be shorter depending on the life of the structure an investment is held within. The cash flows include a projection of the net sales proceeds at the end of the holding period, computed using a market reversionary capitalization rate.

Under the direct capitalization approach, the Company applies a market derived estimated capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These estimated capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation. Other factors that are taken into consideration include tenancy details, planning, building and environmental factors that might affect the property.

The Company also utilizes valuations from independent real estate appraisal firms on some of its investments ("appraised valuations"), with certain investment structures requiring appraised valuations periodically (typically annually). All appraised valuations are reviewed and approved by the Company.

The table below describes the range of inputs used as of December 31, 2023 for real estate assets:

		Estimated Rates Used For
		Capitalization Rates	Discount Rates
Multifamily	Income approach - discounted cash flow	5.70% — 7.50%	7.30% — 11.00%
	Income approach - direct capitalization	4.30% — 5.80%	N/A
Office	Income approach - discounted cash flow	5.20% — 7.50%	7.50% — 9.30%
	Income approach - direct capitalization	4.50% — 9.30%	N/A
Industrial	Income approach - discounted cash flow	5.00% —6.30%	6.30% — 7.80%
	Income approach - direct capitalization	4.10% — 9.00%	N/A
Retail	Income approach - discounted cash flow	6.50%	8.30%
Hotel	Income approach - discounted cash flow	6.00%	8.30%

In valuing indebtedness, Kennedy Wilson considers significant inputs to be the term of the debt, value of collateral, market loan-to-value ratios, market interest rates and spreads, and credit quality of investment entities. The credit spreads used by Kennedy Wilson to value floating rate indebtedness range from 2.00% to 4.60%, while the market rates used to value fixed rate indebtedness range from 4.90% to 9.30%.

There is no active secondary market for the Company's development projects and no readily available market value given the uncertainty of the amount and timing of future cash flows. Accordingly, determination of fair value of its development projects requires judgment and extensive use of estimates. Therefore, the Company typically uses investment cost as the estimated fair value until future cash flows become more predictable. Additionally, the fair value of its development projects may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. If the Company were required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations.

Ongoing macroeconomic conditions, such as, but not limited to, elevated levels of inflation and interest rates, banks' ability and willingness to lend, recent adverse developments affecting regional banks and other financial institutions, currency fluctuations the ongoing military conflicts around the world, continue to fuel recessionary fears and create volatility in our business results and operations. Any prolonged downturn in the financial markets or a recession, either globally or locally in the United States or in other countries in which we conduct business, could impact the fair value of investments held by the Company. As a result of the rapid development, fluidity and uncertainty surrounding these situations, the Company expects that information with respect to fair value measurement may change, potentially significantly, going forward and may not be indicative of the actual impact on our business, operations, cash flows and financial condition for the year ended December 31, 2023 and future periods.

Currency Derivative Contracts

Kennedy Wilson uses foreign currency derivative contracts such as forward contracts and options to manage its foreign currency risk exposure against a portion of certain non-U.S. dollar denominated currency net investments. Foreign currency options are valued using a variant of the Black-Scholes model tailored for currency derivatives and the foreign currency forward contracts are valued based on the difference between the contract rate and the forward rate at maturity of the underlying currency applied to the notional value in the underlying currency discounted at a market rate for similar risks. Although the Company has determined that the majority of the inputs used to value its currency derivative contracts fall within Level 2 of the fair value hierarchy, the counterparty risk adjustments associated with the currency derivative contracts utilize Level 3 inputs. However, as of December 31, 2023 and 2022, Kennedy Wilson assessed the significance of the impact of the counterparty valuation adjustments on the overall valuation of its derivative positions and determined that the counterparty valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company has determined that our derivative valuation in its entirety be classified in Level 2 of the fair value hierarchy.

Changes in fair value are recorded in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income as the portion of the currency forward and option contracts used to hedge currency exposure of its certain consolidated subsidiaries qualifies as a net investment hedge under ASC Topic 815, Derivatives and Hedging. Changes in fair value on hedges associated with investments that are held at fair value are recorded through principal co-investments

within income from unconsolidated investments. The Company has elected to amortize the spot to forward difference ("forward points") to interest expense over the contractual life of the hedges. On hedges associated with fair value investments the forward point amortization to interest expense is recorded as a component of principal co-investments.

The fair value of the currency derivative contracts held as of December 31, 2023 and 2022 are reported in other assets for hedge assets and included in accrued expenses and other liabilities for hedge liabilities on the accompanying balance sheet. See Note 15 for a complete discussion on other comprehensive income including currency forward and option contracts and foreign currency translations.

The table below details the currency forward contracts and currency option contracts Kennedy Wilson had as of December 31, 2023:

(Dollars in millions)				December 31, 2023				Year Ended December 31, 2023
Currency Hedged	Underlying Currency	Notional		Hedge Asset		Hedge Liability		Change in Unrealized (Losses) Gains			Recognized Losses		Interest Expense		Cash Paid
Outstanding
EUR	USD	€	287.5	$	2.5	$	(18.1)	$	(0.4)		$	(12.1)	$	4.3	$	—
EUR(1)	GBP	€	40.0	—		(0.4)		(1.3)			—		—		—
EUR(1)(2)	GBP	€	475.0	—		—		11.6			—		—		—
GBP	USD	£	475.0	10.8		(18.5)		(22.0)			(5.4)		1.9		—
Total Outstanding				13.3		(37.0)		(12.1)			(17.5)		6.2		—
Settled
GBP	USD			—		—		1.9			—		0.1		(2.1)
Total Settled				—		—		1.9			—		0.1		(2.1)
Total				$	13.3	$	(37.0)	$	(10.2)	(3)	$	(17.5)	$	6.3	$	(2.1)

(1) Hedge is held by KWE on its wholly-owned subsidiaries.

(2) Relates to KWE's Euro Medium Term Note. See discussion in Note 10.

(3) Excludes deferred tax expense of $4.7 million.

The gains and losses recognized through other comprehensive income (loss) will remain in accumulated other comprehensive income (loss) until the underlying investments they were hedging are substantially liquidated by Kennedy Wilson.

The currency derivative contracts discussed above are offset by foreign currency translation of the Company's foreign net assets. For the year ended December 31, 2023, Kennedy Wilson had a gross foreign currency translation gain on its net assets of $32.3 million. As of December 31, 2023, the Company has hedged 97% of the net asset carrying value of its euro denominated investments and 95% of the net asset carrying value of its GBP denominated investments. See Note 15 for a complete discussion on other comprehensive income including currency derivative contracts and foreign currency translations.

Interest Rate Derivatives

The Company has interest rate swaps and caps to hedge its exposure to rising interest rates. Changes in the value of interest rate swaps that are designated to specific investments have fair value movements recorded to other comprehensive income (loss) and had fair value gains of $7.4 million for the year ended December 31, 2022. There were no investments that had interest rate derivatives designated to specific investments during the year ended December 31, 2023. Changes in the value of interest rate swaps and caps that are undesignated are recorded to other income and had fair value gains of $5.9 million and $42.4 million for the years ended December 31, 2023 and 2022. Some of the Company's unconsolidated investments have interest rate caps which resulted in a loss of $5.2 million and a gain of $16.9 million recorded in principal co-investments for the years ended December 31, 2023 and 2022. During the year end December 31, 2022 the Company refinanced a mortgage with interest rate swaps. Due to the refinancing, the Company recognized $1.1 million to other income for amounts that had previously been recognized to other comprehensive income.

Fair Value of Financial Instruments

The carrying amounts of cash and cash equivalents, accounts receivable including related party receivables, accounts payable, accrued expenses and other liabilities approximate fair value due to their short-term maturities. The carrying value of loans (excluding related party loans as they are presumed not to be an arm’s length transaction) approximates fair value as the terms are similar to loans with similar characteristics available in the market.

Debt liabilities are accounted for at face value plus net unamortized debt premiums. Debt assumed in an asset acquisition, or business combination, is recorded at fair value on the date of acquisition. The aggregate fair value as of December 31, 2023 and 2022 for mortgages, KW unsecured debt, and KWE unsecured bonds were estimated to be approximately $4.8 billion and $5.0 billion, respectively, based on a comparison of the yield that would be required in a current transaction, taking into consideration the risk of the underlying collateral and the Company's credit risk to the current yield of a similar security, compared to their aggregate carrying value of $5.3 billion and $5.6 billion as of December 31, 2023 and 2022, respectively. The inputs used to value mortgages, KW unsecured debt, and KWE unsecured bonds are based on observable inputs for similar assets and quoted prices in markets that are not active and are therefore determined to be level 2 inputs.

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LOANS

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

LOANS

LOANS

The global debt platform consists of two groups: the Company's construction lending portfolio, which was established with the acquisition of the Construction Loan Portfolio from Pacific Western Bank in the second quarter of 2023 (as detailed below) and the Company's bridge loan portfolio.

During the year ended December 31, 2023, the Company and affiliates of Fairfax Financial Holdings Limited (collectively, "Fairfax"), its equity partner, acquired a $4.1 billion construction loan portfolio from Pacific Western Bank (the "Construction Loan Portfolio"). The Company’s investment in the Construction Loan Portfolio was 5% of the purchase price and the future funding obligations. The $4.1 billion represented the gross commitment amount for the Construction Loan Portfolio, which has been reduced to $3.7 billion as of December 31, 2023 due to loan repayments. The Construction Loan Portfolio has a current outstanding balance of $2.4 billion (Kennedy Wilson share of $118.9 million), not including the 4.5% discount on gross commitment amounts from the time of purchase. As of December 31, 2023, the Company had unfulfilled capital commitments totaling $87.7 million to our loan portfolio.

The Company had loan purchases and originations of $247.2 million and $149.4 million at December 31, 2023 and December 31, 2022, respectively. During the year ended December 31, 2023 and December 31, 2022, the Company had loan income of $26.1 million and $11.7 million, respectively. During the year ended December 31, 2023, the Company recorded a $7.0 million credit loss reserve through other (loss) income. See Note 2 for more detail on CECL reserves.

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OTHER ASSETS

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS

OTHER ASSETS

Other assets consist of the following:

	December 31,
(Dollars in millions)	2023		2022
Straight line rent receivable	$	45.8	$	42.2
Interest rate caps and swaps	29.0		41.0
Goodwill	23.9		23.9
Hedge assets	13.3		34.3
Prepaid expenses	13.1		12.7
Deferred taxes, net	10.0		9.4
Leasing commissions, net of accumulated amortization of $13.4 and $11.1 at December 31, 2023 and 2022, respectively	9.0		9.4
Right of use asset, net	8.9		12.2
Furniture and equipment net of accumulated depreciation of $30.8 and $29.4 at December 31, 2023 and 2022, respectively	7.0		13.4
Above-market leases, net of accumulated amortization of $42.4 and $53.0 at December 31, 2023 and 2022, respectively	2.5		3.9
Other	25.0		13.7
Other Assets	$	187.5	$	216.1

Depreciation and amortization expense related to the above depreciable assets were $8.8 million, $10.2 million, and $14.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Right of use asset, net

The Company, as a lessee, has three office leases and two ground leases, which qualify as operating leases, with remaining lease terms of two to 235 years. The payments associated with office space leases have been discounted using the Company's incremental borrowing rate which is based on collateralized interest rates in the market and risk profile of the associated lease. For ground leases the rate implicit in the lease was used to determine the right of use asset.

The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:

(Dollars in millions)	Minimum
	Rental Payments
2024	$	1.1
2025	1.0
2026	1.3
2027	1.4
2028	1.3
Thereafter	31.1
Total undiscounted rental payments	37.2
Less imputed interest	(28.3)
Right of Use Asset	$	8.9

Rental expense was $0.7 million, $0.6 million, and $0.7 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in general and administrative expense on the accompanying consolidated statements of operations.

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MORTGAGE DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

MORTGAGE DEBT

MORTGAGE DEBT

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2023 and 2022:

(Dollars in millions)		Carrying amount of mortgage debt as of December 31,(1)
Mortgage Debt by Product Type	Region	2023		2022
Multifamily(1)	Western U.S.	$	1,711.0	$	1,692.9
Commercial(1)	United Kingdom	509.9		637.4
Commercial	Western U.S.	258.2		296.6
Commercial(1)	Ireland	337.8		370.7
Commercial	Spain	37.7		36.9
Mortgage debt (excluding loan fees)(1)		2,854.6		3,034.5
Unamortized loan fees		(13.7)		(16.5)
Total Mortgage Debt		$	2,840.9	$	3,018.0

(1) The mortgage debt payable balances include unamortized debt discount. Debt discount represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $0.6 million, respectively.

The mortgage debt had a weighted average interest rate of 5.10% and 4.12% per annum as of December 31, 2023 and 2022, respectively. As of December 31, 2023, 65% of Kennedy Wilson's property level debt was fixed rate, 35% was floating rate with interest caps and 0% was floating rate without interest caps, compared to 65% fixed rate, 27% floating rate with interest caps and 8% floating rate without interest caps, as of December 31, 2022.

Mortgage Debt Transactions and Maturities

    During the year ended December 31, 2023, five existing mortgages were refinanced and three loans were deconsolidated.

The aggregate maturities of mortgage loans including amortization and effects of any extension options as of December 31, 2023 are as follows:

(Dollars in millions)	Aggregate Maturities
2024(1)	$	150.0
2025	201.6
2026	616.7
2027	411.3
2028	342.4
Thereafter	1,133.6
	2,855.6
Unamortized debt discount	(1.0)
Unamortized loan fees	(13.7)
Total Mortgage Debt	$	2,840.9

(1) The Company expects to repay the amounts maturing in the next twelve months with new mortgage loans, cash generated from operations, existing cash balances, proceeds from dispositions of real estate investments, or as necessary, with borrowings on the Company's Second A&R Facility.

As of December 31, 2023, the Company was in compliance with all property-level mortgages and was current on all payments (principal and interest) with respect to the same.

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KW UNSECURED DEBT

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

KW UNSECURED DEBT

KW UNSECURED DEBT

The following table details KW unsecured debt as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Credit Facility	$	150.4	$	282.0
Senior Notes(1)	1,803.1		1,803.5
KW Unsecured Debt	1,953.5		2,085.5
Unamortized loan fees	(19.2)		(22.9)
Total KW Unsecured Debt	$	1,934.3	$	2,062.6

(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2023 and December 31, 2022 was $3.1 million and $3.5 million, respectively.

Borrowings Under Credit Facilities

The Company, through its wholly-owned subsidiary, Kennedy-Wilson, Inc. (the "Borrower"), has a $500 million unsecured revolving credit facility (the "Second A&R Facility"). Loans under the Second A&R Facility bear interest at a rate equal to Secured Overnight Financing Rate ("SOFR") plus 1% plus between 1.75% and 2.50%, depending on the consolidated leverage ratio as of the applicable measurement date. The Second A&R Facility has a maturity date of September 25, 2024. Subject to certain conditions precedent and at the Borrower's option, the maturity date of the Second A&R Facility may be extended by six months. The Company intends to refinance or extend the Second A&R Facility before its maturity.

The Second A&R Facility has certain covenants as set forth in that certain Second Amended and Restated Credit Agreement, dated as of March 25, 2020 (the "Credit Agreement") that, among other things, limit the Company and certain of its subsidiaries’ ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. The Credit Agreement

requires the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter, (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.70 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended, (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,700,000,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of March 25, 2020, measured as of the last day of each fiscal quarter, (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter, (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $299,000,000, (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million.

As of December 31, 2023, the Company was in compliance with all financial covenant calculations. The obligations of the Borrower pursuant to the Credit Agreement are guaranteed by the Company and certain wholly-owned subsidiaries of the Company.

As of December 31, 2023, the Company had $150.4 million outstanding on the Second A&R Facility with $349.6 million available to be drawn.

The average outstanding borrowings under credit facilities was $204.7 million during the year ended December 31, 2023.

Senior Notes

On February 11, 2021, Kennedy-Wilson, Inc., as issuer, issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “2029 notes”) and $500.0 million aggregate principal amount of 5.000% senior notes due 2031 (the “2031 notes” and, together with the 2029 notes, the “initial notes”). On March 15, 2021, Kennedy-Wilson, Inc. issued an additional $100 million aggregate principal of the 2029 notes and an additional $100 million of the 2031 notes. These additional notes were issued as "additional notes" under the indentures pursuant to which Kennedy Wilson previously issued 2029 notes and the 2031 notes. On August 23, 2021, Kennedy-Wilson, Inc. issued $600.0 million aggregate principal amount of 4.750% senior notes due 2030 (the "2030 notes" and, together with the 2029 notes and the 2031 notes, the "notes"). The notes are senior, unsecured obligations of Kennedy Wilson and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy Wilson.

The notes accrue interest at a rate of 4.750% (in the case of the 2029 notes), 4.750% (in the case of the 2030 notes) and 5.000% (in the case of the 2031 notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 notes and 2031 notes and March 1, 2022 for the 2030 notes. The notes will mature on March 1, 2029 (in the case of the 2029 notes), February 1, 2030 (in case of 2030 notes) and March 1, 2031 (in the case of the 2031 notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 notes and 2031 notes) and September 1, 2024 (for 2030 notes), Kennedy Wilson may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require Kennedy Wilson to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

    As of December 31, 2020, Kennedy Wilson, Inc. had $1.2 billion of 5.875% Senior Notes due 2024 (the "2024 notes"). On January 27, 2021 the Company announced a tender offer for up to $1.0 billion aggregate principal amount of outstanding 2024 notes. On February 9, 2021, $576.9 million aggregate principal amount of the 2024 notes were tendered. As a result of the tender offer the Company recognized $14.8 million of loss on early extinguishment of debt due to the tender premium and the proportionate write off of capitalized loan fees and debt discount associated with the bonds retired as part of

the tender offer. On April 1, 2021 the Company redeemed the remaining $573.1 million of the 2024 notes using cash on hand from the proceeds of the 2029 notes and 2031 notes. As a result of the redemption the Company recognized an additional $11.7 million of loss on early extinguishment of debt during the year ended December 31, 2021.

The indentures governing the notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indentures governing the notes limit the ability of Kennedy Wilson and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of December 31, 2023, the maximum balance sheet leverage ratio was 1.22 to 1.00. See Note 18 for the guarantor and non-guarantor financial statements.

As of December 31, 2023, the Company was in compliance with all financial covenants.

KWE UNSECURED BONDS

The following table details the KWE unsecured bonds as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
KWE Euro Medium Term Note Programme(1)	$	523.3	$	507.1
Unamortized loan fees	(0.5)		(0.7)
Total KWE Unsecured Bonds	$	522.8	$	506.4

(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $1.5 million, respectively.

KWE issued senior unsecured notes for an aggregate principal amount of (€550 million) (the "KWE Notes"). The KWE Notes were issued at a discount with an annual fixed coupon of 3.25%, and mature in November 2025.  KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets and has designated the KWE Notes as a net investment hedge under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the year ended December 31, 2023, Kennedy Wilson recognized a gain of $11.6 million in accumulated other comprehensive income due to the weakening of the euro against the GBP during the period. During the year ended December 31, 2022, KWE launched a cash tender offer for up to €150.0 million in aggregate nominal amount of the KWE Notes and accepted all of the €75.0 million (approximately $80.3 million, based on December 31, 2022 rates) in aggregate nominal amount of KWE Notes validly tendered pursuant to the tender offer for a purchase price equal to 82% of the nominal amount of the KWE Notes, which resulted in a gain on extinguishment of debt of $13.9 million.

The trust deed that governs the bonds contain various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges. The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed). The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).

As of December 31, 2023, KWE was in compliance with these financial covenants.

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KWE UNSECURED BONDS

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

KWE UNSECURED BONDS

KW UNSECURED DEBT

The following table details KW unsecured debt as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Credit Facility	$	150.4	$	282.0
Senior Notes(1)	1,803.1		1,803.5
KW Unsecured Debt	1,953.5		2,085.5
Unamortized loan fees	(19.2)		(22.9)
Total KW Unsecured Debt	$	1,934.3	$	2,062.6

(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2023 and December 31, 2022 was $3.1 million and $3.5 million, respectively.

Borrowings Under Credit Facilities

The Company, through its wholly-owned subsidiary, Kennedy-Wilson, Inc. (the "Borrower"), has a $500 million unsecured revolving credit facility (the "Second A&R Facility"). Loans under the Second A&R Facility bear interest at a rate equal to Secured Overnight Financing Rate ("SOFR") plus 1% plus between 1.75% and 2.50%, depending on the consolidated leverage ratio as of the applicable measurement date. The Second A&R Facility has a maturity date of September 25, 2024. Subject to certain conditions precedent and at the Borrower's option, the maturity date of the Second A&R Facility may be extended by six months. The Company intends to refinance or extend the Second A&R Facility before its maturity.

The Second A&R Facility has certain covenants as set forth in that certain Second Amended and Restated Credit Agreement, dated as of March 25, 2020 (the "Credit Agreement") that, among other things, limit the Company and certain of its subsidiaries’ ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. The Credit Agreement

requires the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter, (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.70 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended, (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,700,000,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of March 25, 2020, measured as of the last day of each fiscal quarter, (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter, (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $299,000,000, (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million.

As of December 31, 2023, the Company was in compliance with all financial covenant calculations. The obligations of the Borrower pursuant to the Credit Agreement are guaranteed by the Company and certain wholly-owned subsidiaries of the Company.

As of December 31, 2023, the Company had $150.4 million outstanding on the Second A&R Facility with $349.6 million available to be drawn.

The average outstanding borrowings under credit facilities was $204.7 million during the year ended December 31, 2023.

Senior Notes

On February 11, 2021, Kennedy-Wilson, Inc., as issuer, issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “2029 notes”) and $500.0 million aggregate principal amount of 5.000% senior notes due 2031 (the “2031 notes” and, together with the 2029 notes, the “initial notes”). On March 15, 2021, Kennedy-Wilson, Inc. issued an additional $100 million aggregate principal of the 2029 notes and an additional $100 million of the 2031 notes. These additional notes were issued as "additional notes" under the indentures pursuant to which Kennedy Wilson previously issued 2029 notes and the 2031 notes. On August 23, 2021, Kennedy-Wilson, Inc. issued $600.0 million aggregate principal amount of 4.750% senior notes due 2030 (the "2030 notes" and, together with the 2029 notes and the 2031 notes, the "notes"). The notes are senior, unsecured obligations of Kennedy Wilson and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of Kennedy Wilson.

The notes accrue interest at a rate of 4.750% (in the case of the 2029 notes), 4.750% (in the case of the 2030 notes) and 5.000% (in the case of the 2031 notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 notes and 2031 notes and March 1, 2022 for the 2030 notes. The notes will mature on March 1, 2029 (in the case of the 2029 notes), February 1, 2030 (in case of 2030 notes) and March 1, 2031 (in the case of the 2031 notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), Kennedy Wilson may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 notes and 2031 notes) and September 1, 2024 (for 2030 notes), Kennedy Wilson may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require Kennedy Wilson to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

    As of December 31, 2020, Kennedy Wilson, Inc. had $1.2 billion of 5.875% Senior Notes due 2024 (the "2024 notes"). On January 27, 2021 the Company announced a tender offer for up to $1.0 billion aggregate principal amount of outstanding 2024 notes. On February 9, 2021, $576.9 million aggregate principal amount of the 2024 notes were tendered. As a result of the tender offer the Company recognized $14.8 million of loss on early extinguishment of debt due to the tender premium and the proportionate write off of capitalized loan fees and debt discount associated with the bonds retired as part of

the tender offer. On April 1, 2021 the Company redeemed the remaining $573.1 million of the 2024 notes using cash on hand from the proceeds of the 2029 notes and 2031 notes. As a result of the redemption the Company recognized an additional $11.7 million of loss on early extinguishment of debt during the year ended December 31, 2021.

The indentures governing the notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indentures governing the notes limit the ability of Kennedy Wilson and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of December 31, 2023, the maximum balance sheet leverage ratio was 1.22 to 1.00. See Note 18 for the guarantor and non-guarantor financial statements.

As of December 31, 2023, the Company was in compliance with all financial covenants.

KWE UNSECURED BONDS

The following table details the KWE unsecured bonds as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
KWE Euro Medium Term Note Programme(1)	$	523.3	$	507.1
Unamortized loan fees	(0.5)		(0.7)
Total KWE Unsecured Bonds	$	522.8	$	506.4

(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $1.5 million, respectively.

KWE issued senior unsecured notes for an aggregate principal amount of (€550 million) (the "KWE Notes"). The KWE Notes were issued at a discount with an annual fixed coupon of 3.25%, and mature in November 2025.  KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets and has designated the KWE Notes as a net investment hedge under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the year ended December 31, 2023, Kennedy Wilson recognized a gain of $11.6 million in accumulated other comprehensive income due to the weakening of the euro against the GBP during the period. During the year ended December 31, 2022, KWE launched a cash tender offer for up to €150.0 million in aggregate nominal amount of the KWE Notes and accepted all of the €75.0 million (approximately $80.3 million, based on December 31, 2022 rates) in aggregate nominal amount of KWE Notes validly tendered pursuant to the tender offer for a purchase price equal to 82% of the nominal amount of the KWE Notes, which resulted in a gain on extinguishment of debt of $13.9 million.

The trust deed that governs the bonds contain various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges. The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed). The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).

As of December 31, 2023, KWE was in compliance with these financial covenants.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

Related party revenue is fees and other income received from investments in which the Company has an ownership interest, excluding amounts eliminated in consolidation discussed below. Kennedy Wilson earned related party fees of $61.9 million, $45.2 million and $35.3 million for the periods ended December 31, 2023, 2022 and 2021, respectively.

The Company provides investment and property management and other property related services on properties in which it also has an ownership interest. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest. During the years ended December 31, 2023, 2022 and 2021 fees of $0.3 million, $0.4 million and $0.8 million, respectively, were eliminated in consolidation.

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INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The table below represents a geographical breakdown of book (loss) income before the (benefit from) provision for income taxes:

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Domestic	$	(238.8)	$	88.5	$	447.6
Foreign	(97.9)		49.6		14.9
Total	$	(336.7)	$	138.1	$	462.5

The U.S. and foreign components of provision for income taxes consisted of the following components. However, it is not reflective of the cash tax results of the Company.

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Federal
Current	$	—	$	—	$	—
Deferred	(66.0)		3.6		94.4
	(66.0)		3.6		94.4
State
Current	0.7		0.3		(0.2)
Deferred	0.8		11.3		9.1
	1.5		11.6		8.9
Foreign
Current	9.9		17.6		14.2
Deferred	(0.7)		3.4		8.7
	9.2		21.0		22.9
Total	$	(55.3)	$	36.2	$	126.2

A reconciliation of the statutory federal income tax rate of 21% with Kennedy Wilson’s effective income tax rate is as follows:

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Tax computed at the statutory rate	$	(70.7)	$	29.0	$	97.1
Domestic permanent differences, primarily disallowed executive compensation	8.7		7.8		8.1
Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom	1.9		1.7		8.2
Effect of foreign operations, net of foreign tax credit	11.2		(8.8)		7.4
Noncontrolling interests	(5.1)		(1.1)		(2.6)
State income taxes, net of federal benefit	(7.8)		2.8		7.0
Other	6.5		4.8		1.0
(Benefit from) provision for income taxes	$	(55.3)	$	36.2	$	126.2

Cumulative tax effects of temporary differences are shown below at December 31, 2023 and 2022:

	Year ended December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Foreign currency translation	$	4.8	$	5.0
Net operating loss carryforward and credits	178.0		152.0
Depreciation and amortization	69.4		51.5
Investment basis difference	89.6		90.7
Stock option expense	1.7		2.0
Hedging transactions	15.5		10.0
Lease liability	0.1		0.1
Accrued reserves	7.9		9.5
Total deferred tax assets	367.0		320.8
Valuation allowance	(283.3)		(265.9)
Net deferred tax assets	83.7		54.9
Deferred tax liabilities:
Investment basis and reserve differences	304.1		344.9
Right of use asset	—		0.1
Prepaid expenses and other	3.7		3.7
Capitalized interest	0.1		1.0
Total deferred tax liabilities	307.9		349.7
Deferred tax liability, net	$	(224.2)	$	(294.8)

During 2019, the United Kingdom enacted a Finance Act, which introduced a new capital gain tax for non-UK resident investors who dispose of UK real estate. The new capital gain tax law became effective on April 6, 2019. Beginning on this date, non-UK resident investors are subject to UK tax on gains arising from the direct and indirect dispositions of UK real estate held for investment purposes. Transitional provisions allowed for rebasing of UK real estate values to fair market value as of April 5, 2019 ("UK Basis Step-Up"). Accordingly, only gains arising from property value increases after April 5, 2019 are subject to tax. The step-up led to a higher tax basis relative to the carrying value of the UK real estate, thus resulting in a UK deferred tax asset of $107.0 million. The realizability of this deferred tax asset is dependent on future disposition of real estate at a fair market value in excess of appraised value as of April 5, 2019. Given uncertainties surrounding Brexit and its potential impact on future real estate values, the Company concluded that the U.K. deferred tax asset did not meet the more likely than not threshold of being realizable. Therefore, a full valuation allowance was recorded against the UK deferred tax asset. As the economic environment in the UK real estate market is still uncertain and highly depended on numerous general economic

factors, including but not limited to rising interest rates, foreign currency fluctuations, inflation, etc, the Company has maintained a full valuation allowance against its UK Basis Step-Up deferred tax asset. During fiscal year 2023, the valuation allowance on the UK Basis Step-Up increased to $156.2 million, primarily due to current year depreciation expense.

During March 2018, Kennedy Wilson elected to treat KWE as a partnership for U.S. tax purposes retroactive to December 29, 2017. Due to unrealized foreign exchange losses not yet deductible for tax purposes and the consideration paid to acquire the non-controlling interests in KWE exceeding the book carrying value of the non-controlling interests in KWE, the Company’s tax basis in KWE exceeded its book carrying value at December 29, 2017, and every period thereafter. Prior to the election to treat KWE as a partnership, KWE was taxed as a controlled foreign corporation. As a controlled foreign corporation, the Company was precluded from recognizing a deferred tax asset for its tax basis in excess of book carrying value for its investment in KWE as the excess tax basis from the investment was not expected to reverse in the foreseeable future. However, as a result of the conversion of KWE to a partnership for U.S. tax purposes, the Company was required to record a deferred tax asset for its investment in KWE. As of December 31, 2018, the Company recorded a $98.3 million deferred tax asset related to its excess tax basis over book carrying value for its investment in KWE. As a significant portion of the excess tax basis would only reverse upon a strengthening of foreign currencies or upon a disposition of KWE, the Company determined that a valuation allowance of $98.3 million was required for the tax basis that was in excess of the Company’s carrying value for its investment in KWE as it did not meet the more likely than not recognition threshold. During the years ended December 31, 2021, 2020 and 2019, a portion of the excess tax basis over book basis in KWE reversed as a result of lower tax gains on sales of real estate. During the year ended December 31, 2023, the Company's excess tax basis over book basis in KWE decreased due to unrealized foreign currency gains that has no tax basis. During the year ended December 31, 2022, the Company's excess tax basis over book basis in KWE increased due to unrealized foreign currency losses that are not currently deductible for tax. As of December 31, 2023, Kennedy Wilson’s excess tax basis in KWE and the related valuation allowance were $74.6 million and $73.2 million, respectively.

As of December 31, 2023, Kennedy Wilson had federal, California and other state net operating losses of $47.5 million, $100.8 million, and $19.8 million, respectively. The entirety of the $47.5 million federal net operating loss carryforwards were generated after December 31, 2017 and do not expire. However, such losses are only eligible to offset 80% of taxable income in a given year. California net operating losses begin to expire in 2034. As of December 31, 2023, Kennedy Wilson had $197.4 million of foreign net operating loss carryforwards, which have no expiration date. The Company has foreign tax credit carryforwards of $100.5 million, of which $0.1 million begin to expire in December 2024.

The Company's valuation allowance on deferred tax assets increased by $17.4 million in 2023 and increased by $8.8 million in 2022. The increase in the valuation allowance during 2023 primarily relates to additional valuation allowance recorded on the Company's UK Basis Step-Up deferred tax asset as a result of depreciation. The increase in the 2022 valuation allowance principally relates to remeasuring the UK Basis Step Up deferred tax asset from 19% to 25%.

In June 2021, the Company received a notification of a general tax inquiry being conducted by the Spanish tax authorities for several of its Spanish entities for tax years 2016 and 2017. As a result of the Spanish tax inquiry, management has reassessed the Company’s prior Spanish tax filing positions and the need to accrue additional taxes. Based on this reassessment, the Company believes that no additional Spanish tax accruals are required.

Kennedy Wilson’s federal and state income tax returns remain open to examination for the years 2020 through 2022 and 2019 through 2022, respectively. However, due to the existence of prior year loss carryovers, the IRS may examine any tax years for which the carryovers are used to offset future taxable income. Our foreign subsidiaries’ tax returns remain open to examination for the years 2019 through 2022. The Spanish loss carryovers may be subject to tax examination for a period of 10 years from the period in which such losses were generated.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

CAPITAL COMMITMENTS—As of December 31, 2023 and 2022, the Company has unfunded capital commitments of $187.7 million and $246.6 million to its joint ventures under the respective operating agreements. It also has commitments of $87.7 million and $17.7 million as of December 31, 2023 and 2022 to its loan platform. In addition to the unfunded capital commitments on its joint venture investments, the Company has $68.7 million of equity commitments relating on consolidated and unconsolidated development projects as of December 31, 2023. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of the Company's capital commitment obligations.

LITIGATION—Kennedy Wilson is currently a defendant in certain routine litigation arising in the ordinary course of business. It is the opinion of management and legal counsel that the outcome of these actions will not have a material effect on the financial statements taken as a whole.

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STOCK COMPENSATION AND OTHER RELATED PLANS

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK COMPENSATION AND OTHER RELATED PLANS

STOCK COMPENSATION AND OTHER RELATED PLANS

The Company maintains a shareholder-approved equity participation plan (the “Second Amended and Restated Plan”) under which shares of common stock are reserved for issuance pursuant to grants of restricted stock and other awards to officers, employees, non-employee directors and consultants. The Second Amended and Restated Plan also allows for share recycling on net settled restricted stock awards, restricted stock unit awards, performance unit awards and performance share awards. Named Executive Officers ("NEO") participate in the Second Amended and Restated Plan. During the years ended December 31, 2023, 2022 and 2021, the compensation committee of the board of directors approved the total grant of 3.4 million shares of performance-based restricted stock units, 2.8 million shares of performance-based restricted stock units and 2.4 million shares of performance-based restricted stock units and 0.1 million shares of performance-based restricted shares of Company common stock, respectively, subject to vesting based on the Company’s total shareholder return (the “TSR restricted awards”), performance-based restricted shares of Company common stock or performance-based restricted stock units covering Company common stock subject to vesting based on the Company’s return on equity (the “ROE awards”), and time-based restricted shares of Company common stock or time-based restricted stock units covering Company common stock (the “time-based awards”) (collectively, the “awards”), under the Second Amended and Restated Plan. Up to 100% of the TSR awards will be eligible to vest based on the Company's total shareholder return relative to the MSCI World Real Estate Index during a three-year performance period (subject to continued employment through the vesting date), with the actual number of shares subject to such TSR awards that vest and cease to be subject to restrictions with respect to the performance period determined by multiplying (i) the total number of shares subject to the TSR award by (ii) the applicable vesting percentage (which is determined based on the level of the Company's relative total shareholder return attained during the performance period). Up to one-third of the ROE awards will be eligible to vest with respect to each Company fiscal year of the performance period (each, a “performance year”) to the extent that the Company satisfies the return on equity goals for such performance year (subject to continued employment through the vesting date). One-third of the time-based awards will vest on each of the first three anniversaries of the grant date, subject to continued employment through the vesting date. Stock-based compensation expense is based on the fair values on the date of grant for the ROE awards and time-based awards. Certain ROE awards and time-based awards were granted with a three-year sale restriction period upon vesting. Due to the lack of marketability of these shares with the three-year sale restriction period upon vesting, a 12.5% discount was applied to the grant price of these shares when computing stock compensation expense. The fair value of the TSR awards are estimated using a Monte Carlo simulation. As of December 31, 2023, there was $24.6 million of unrecognized compensation cost for the Second Amended and Restated Plan related to unvested shares which will vest over the next three years.

Upon vesting, the restricted stock granted to employees discussed directly above is net share-settled to cover the withholding tax.  Shares that vested during the years ended December 31, 2023, 2022 and 2021 were net-share settled such that the Company withheld shares with values equivalent to the employees’ minimum statutory obligations for the applicable income and other employment taxes, and remitted the cash to the appropriate taxing authorities.  The total shares withheld during the years ended December 31, 2023, 2022 and 2021 were 781,303 shares, 834,911 shares, and 967,536 shares respectively, and were valued based on the Company’s closing stock price on the respective vesting dates. During the years ended December 31, 2023, 2022 and 2021, total payments for the employees’ tax obligations to the taxing authorities were $13.4 million, $18.6 million, and $20.5 million respectively. These figures are reflected as a financing activity on the accompanying consolidated statements of cash flows. 

During the years ended December 31, 2023, 2022 and 2021, Kennedy Wilson recognized $34.5 million, $29.0 million, and $28.7 million, respectively, of compensation expense related to the vesting of restricted common stock and is included in compensation and related expense in the accompanying consolidated statements of income.

The following table sets forth activity under the Amended and Restated Plan, the First Amended and Restated Plan, and the Second Amended and Restated Plan for the Company's fiscal years ending December 31, 2023, 2022 and 2021:

	Shares
Nonvested at December 31, 2021	1,314,106
Granted	1,221,362
Vested	(834,910)
Forfeited	—
Nonvested at December 31, 2022	1,700,558
Granted	961,045
Vested	(781,303)
Forfeited	(267,031)
Nonvested at December 31, 2023	1,613,269

Non-NEO Deferred Compensation Program and Performance Allocation Sharing Program

The Company maintains a deferred compensation program for certain employees of the Company (the “Deferred Compensation Program”). The named executive officers of the Company are not participants of the Deferred Compensation Program. The compensation committee of the Company’s board of directors approves an amount annually to be allocated to certain employees of the Company in the United States and in Europe. The amount allocated to each employee vests ratably over a three-year vesting period, subject to continued employment with the Company. Prior to 2022, half of the allocated amount was tied specifically to the performance and value of the Company’s common stock at the time of each vesting (“Bonus Units”). Beginning in 2022, the entire amount allocated to each employee consisted of Bonus Units. Under the Deferred Compensation Program, at the time of each vesting, the employees receive an amount equal to either the dividend yield of the Company’s common stock or the actual amount of dividends paid on the Company common stock (in the case of Bonus Units) during the immediately preceding year on the amount that is subject to such vesting. During the years ended December 31, 2023, 2022 and 2021 the Company recognized compensation expense of $8.2 million, $9.2 million and $11.8 million, respectively, under the Deferred Compensation Program.

The Company also maintains a performance allocation sharing program for certain employees of the Company (the “Performance Allocation Sharing Program”). The named executive officers of the Company are not participants of the Performance Allocation Sharing Program. The compensation committee of the Company’s board of directors approved, reserved and authorized executive management to issue up to thirty-five percent (35%) of any performance allocation earned by certain commingled funds and separate account investments to be allocated to certain non-NEO employees of the Company, sixty percent of the award to each employee vests ratably over four years and the remaining forty percent vests upon the consummation of a liquidity event of the investment whereby the Company actually receives cash performance allocations from its partner. The full performance allocation earned by the Company will be recorded to income from unconsolidated investments and the amount allocated to employees is recorded as performance allocation expense. During the years ended December 31, 2023, 2022 and 2021 the Company recognized $(15.1) million, $(4.3) million and $42.0 million, respectively, of performance allocation compensation to employees.

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EQUITY

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

EQUITY

EQUITY

Preferred Stock

On June 16, 2023, the Company announced the issuance of its $200 million perpetual preferred stock to Fairfax. Under the terms of the agreement, Fairfax purchased $200 million in cumulative perpetual preferred stock carrying a 6.00% annual dividend rate and 7-year warrants for approximately 12.3 million common shares with an initial exercise price of $16.21 per share.

On March 8, 2022, the Company announced the issuance of its $300 million cumulative perpetual preferred stock, in addition to approximately 13 million of its warrants to affiliates of Fairfax. Under the terms of the agreements, Fairfax purchased $300 million in cumulative perpetual preferred stock carrying a 4.75% annual dividend rate and approximately 13 million 7-year warrants, which are initially convertible to the same number of common shares with and an initial exercise price of $23.00 per share.

Both perpetual preferred stock issuances are treated as permanent equity.

At-the-Market Equity Offering Program

In May 2022, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which it may issue and sell shares of the Company’s common stock having an aggregate gross sales price of up to $200.0 million in amounts as the Company may determine from time to time. During the year ended December 31, 2023, the Company issued 1,690,743 shares for $29.8 million, net of issuance costs, under its ATM Program.

The Company has no obligation to sell any of such shares under its ATM Program. Actual sales will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of its common stock, the Company's determination of the appropriate sources of funding for the Company, and potential uses of funding available.

Common Stock Repurchase Program

On March 20, 2018, the Company announced that its board of directors authorized a $250.0 million stock repurchase program. Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise, with the amount and timing of repurchases dependent on market conditions and subject to the Company’s discretion. On November 4, 2020, the Company's board of directors authorized an expansion of its existing $250 million share repurchase plan to $500 million.

During the year ended December 31, 2023, Kennedy Wilson repurchased and retired 666,701 shares for $7.5 million. During the year ended December 31, 2022, Kennedy Wilson repurchased and retired 551,162 shares for $12.6 million under the previous stock repurchase program.

Generally, upon vesting, the restricted stock granted to employees is net share-settled such that the Company will withhold shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes, and remit the cash to the appropriate taxing authorities. See Note 14 for more detail.

Dividend Distributions

Kennedy Wilson declared and paid the following cash dividends on its common stock:

(Dollars in millions)	Year Ended December 31, 2023				Year Ended December 31, 2022
	Declared		Paid		Declared		Paid
Preferred Stock	$	38.0	$	35.5	$	28.9	$	25.9
Common Stock(1)	133.6		136.0		132.3		134.6

(1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.

Taxability of Dividends

Earnings and profits, which determine the taxability of distributions to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition, compensation expense, derivative investments and the basis of depreciable assets and estimated useful lives used to compute depreciation.

The Company's dividends related to its common stock will be classified for U.S. federal income tax purposes as follows:

Record Date	Payment Date	Distributions Per Share		Ordinary Dividends		Return of Capital
12/30/2022	1/5/2023	$	0.2400	$	—	$	0.2400
3/31/2023	4/6/2023	0.2400		—		0.2400
6/30/2023	7/6/2023	0.2400		—		0.2400
9/29/2023	10/5/2023	0.2400		—		0.2400
	Totals	$	0.9600	$	—	$	0.9600

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in each component of accumulated other comprehensive loss ("AOCI"), net of taxes:

(Dollars in millions)	Foreign Currency Translation		Foreign Currency Derivative Contracts		Interest Rate Swaps		Total Accumulated Other Comprehensive Loss(1)
Balance at December 31, 2022	$	(156.9)	$	82.0	$	3.2	$	(71.7)
Unrealized gains (losses), arising during the period	32.3		(10.2)		—		22.1
Taxes on unrealized (gains) losses, arising during the period	(0.2)		4.7		—		4.5
Noncontrolling interest	(0.9)		—		—		(0.9)
Balance at December 31, 2023	$	(125.7)	$	76.5	$	3.2	$	(46.0)

(1) Excludes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.

The local currencies for the Company's interests in foreign operations include the euro and the British pound sterling. The related amounts on our balance sheets are translated into U.S. dollars at the exchange rates at the respective financial statement date, while amounts on our statements of income are translated at the average exchange rates during the respective period. Unrealized gains on foreign currency translation is a result of the strengthening of the euro and British pound sterling against the U.S. dollar during the year ended December 31, 2023.

In order to manage currency fluctuations, Kennedy Wilson entered into currency derivative contracts to manage its exposure to currency fluctuations between its functional currency (U.S. dollar) and the functional currency (Euro and GBP) of certain of its wholly-owned and consolidated subsidiaries. See Note 5 for a more detailed discussion of Kennedy Wilson's currency derivative contracts.

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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed after adjusting the numerator and denominator of the basic earnings per share computation for the effects of all potentially dilutive common shares. The dilutive effect of non-vested stock issued under share‑based compensation plans is computed using the treasury stock method. The dilutive effect of the cumulative preferred stock is computed using the if‑converted method.

The following is a summary of the elements used in calculating basic and diluted income per share for the years ended December 31, 2023, 2022 and 2021:

	Year ended December 31,
(Dollars in millions, except share amounts and per share data)	2023		2022		2021
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(341.8)	$	64.8	$	313.2
Weighted-average shares outstanding for basic	138,930,517		136,900,875		138,552,058
(Loss) income per share - basic	$	(2.46)	$	0.47	$	2.26
Weighted average shares outstanding for diluted	138,930,517		138,567,534		140,132,435
(Loss) income per share - diluted	$	(2.46)	$	0.47	$	2.24

There was a total of 42,977,012, 26,958,511 and 13,572,590 during the years ended December 31, 2023, 2022 and 2021, respectively, potentially dilutive securities were not included in the diluted weighted average shares as they were anti-dilutive. Potentially anti-dilutive securities include preferred stock and unvested restricted stock grants.

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SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

Segments

The Company's operations are defined by two business segments: its Consolidated investment portfolio (the "Consolidated Portfolio") and its Co-Investment Portfolio:

•Consolidated Portfolio consists of the investments that the Company has made in real estate and real estate-related assets and consolidates on its balance sheet. The Company typically wholly-owns the assets in its Consolidated Portfolio.

•Co-Investment Portfolio consists of (i) the co-investments that the Company has made in real estate and real estate-related assets, including loans secured by real estate, through the commingled funds and joint ventures that it manages; (ii) the fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) performance allocations that it earns on its fee bearing capital. The Company typically owns a 5% to 50% ownership interest in the assets in its Co-Investment Portfolio.

In addition to the Company's two primary business segments the Company's Corporate segment includes, among other things, corporate overhead.    

Consolidated Portfolio

Consolidated Portfolio is a permanent capital vehicle focused on maximizing property cash flow. These assets are primarily wholly-owned and tend to have longer hold periods and the Company targets investments with accretive asset management opportunities. The Company typically focuses on multifamily and office assets in the Western United States and commercial assets in the United Kingdom and Ireland within this segment.

Co-Investment Portfolio

Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that we have made through the commingled funds and joint ventures that we manage; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) performance allocations that we earn on our fee bearing capital The Company utilizes different platforms in the Co-Investment Portfolio segment depending on the asset and risk return profiles.

No single third-party client accounted for 10% or more of Kennedy Wilson's revenue during any period presented in these financial statements.

The following tables summarize the income and expense activity by segment for the years ended December 31, 2023, 2022 and 2021 and total assets as of December 31, 2023 and 2022.

	Year Ended December 31, 2023
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	415.3	$	—	$	—	$	415.3
Hotel	57.1		—		—		57.1
Investment management fees	—		61.9		—		61.9
Loans	—		26.1		—		26.1
Other	—		—		2.2		2.2
Total revenue	472.4		88.0		2.2		562.6
Loss from unconsolidated investments
Principal co-investments	—		(188.5)		—		(188.5)
Performance allocations	—		(64.3)		—		(64.3)
Loss from unconsolidated investments	—		(252.8)		—		(252.8)
Gain on sale of real estate, net	127.6		—		—		127.6
Expenses
Rental	152.6		—		—		152.6
Hotel	37.9		—		—		37.9
Compensation and related	42.7		39.0		57.7		139.4
Performance allocation compensation	—		(15.1)		—		(15.1)
General and administrative	15.5		12.7		7.5		35.7
Depreciation and amortization	157.8		—		—		157.8
Total expenses	406.5		36.6		65.2		508.3
Interest expense	(162.0)		—		(97.2)		(259.2)
Loss on early extinguishment of debt	(1.6)		—		—		(1.6)
Other income (loss)	2.3		(7.0)		(0.3)		(5.0)
(Provision for) benefit from income taxes	(9.6)		—		64.9		55.3
Net income (loss)	22.6		(208.4)		(95.6)		(281.4)
Net income attributable to noncontrolling interests	(22.4)		—		—		(22.4)
Preferred dividends	—		—		(38.0)		(38.0)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	0.2	$	(208.4)	$	(133.6)	$	(341.8)

	Year Ended December 31, 2022
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	434.9	$	—	$	—	$	434.9
Hotel	46.9		—		—		46.9
Investment management fees	—		44.8		—		44.8
Loans	—		11.7		—		11.7
Other	—		—		1.7		1.7
Total revenue	481.8		56.5		1.7		540.0
Income from unconsolidated investments
Principal co-investments	—		199.5		—		199.5
Performance allocations	—		(21.1)		—		(21.1)
Income from unconsolidated investments	—		178.4		—		178.4
Gain on sale of real estate, net	103.7		—		—		103.7
Expenses
Rental	151.2		—		—		151.2
Hotel	29.5		—		—		29.5
Compensation and related	41.5		44.6		54.2		140.3
Performance allocation compensation	—		(4.3)		—		(4.3)
General and administrative	14.7		14.8		7.7		37.2
Depreciation and amortization	172.9		—		—		172.9
Total expenses	409.8		55.1		61.9		526.8
Interest expense	(128.2)		—		(92.6)		(220.8)
Gain on extinguishment of debt	27.5		—		—		27.5
Other income	20.8		—		15.3		36.1
Provision for income taxes	(21.0)		—		(15.2)		(36.2)
Net income (loss)	74.8		179.8		(152.7)		101.9
Net income attributable to noncontrolling interests	(8.2)		—		—		(8.2)
Preferred dividends	—		—		(28.9)		(28.9)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	66.6	$	179.8	$	(181.6)	$	64.8

	Year Ended December 31, 2021
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	390.5	$	—	$	—	$	390.5
Hotel	17.1		—		—		17.1
Investment management fees	—		35.3		—		35.3
Loans	—		8.6		—		8.6
Other	—		—		2.1		2.1
Total revenue	407.6		43.9		2.1		453.6
Income from unconsolidated investments
Principal co-investments	—		271.1		—		271.1
Performance allocations	—		117.9		—		117.9
Income from unconsolidated investments	—		389.0		—		389.0
Gain on sale of real estate, net	412.7		—		—		412.7
Expenses
Rental	132.7		—		—		132.7
Hotel	12.7		—		—		12.7
Compensation and related	60.4		40.4		61.8		162.6
Performance allocation compensation	—		42.0		—		42.0
General and administrative	18.5		8.5		6.3		33.3
Depreciation and amortization	166.3		—		—		166.3
Total expenses	390.6		90.9		68.1		549.6
Interest expense	(119.1)		—		(73.3)		(192.4)
Loss on extinguishment of debt	(19.2)		—		(26.5)		(45.7)
Other loss	(4.7)		—		(0.3)		(5.0)
Provision for income taxes	(23.0)		—		(103.2)		(126.2)
Net income (loss)	263.7		342.0		(269.3)		336.4
Net income attributable to noncontrolling interests	(6.0)		—		—		(6.0)
Preferred dividends	—		—		(17.2)		(17.2)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	257.7	$	342.0	$	(286.5)	$	313.2

	December 31,
(Dollars in millions)	2023		2022
Assets
Consolidated	$	5,196.3	$	5,684.1
Co-investment	2,316.3		2,387.5
Corporate	199.5		200.2
Total assets	$	7,712.1	$	8,271.8

	December 31,
(Dollars in millions)	2023		2022		2021
Expenditures for long lived assets
Investments	$	(217.2)	$	(569.1)	$	(1,271.0)

Geographic Information

The revenue shown in the table below is allocated based upon the region in which services are performed.

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
United States	$	334.1	$	317.5	$	278.1
Europe	228.5		222.5		175.5
Total revenue	$	562.6	$	540.0	$	453.6

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GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

Guarantor and Nonguarantor Financial Statements [Abstract]

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

The following consolidating financial information and condensed consolidating financial information includes:

(1) Condensed consolidating balance sheets as of December 31, 2023 and 2022, respectively; consolidating statements of income for the years ended December 31, 2023, 2022 and 2021, respectively; of (a) Kennedy-Wilson Holdings, Inc. on an unconsolidated basis as the parent (and guarantor), (b) Kennedy-Wilson, Inc., as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) Kennedy-Wilson Holdings, Inc. on a consolidated basis; and

(2) Elimination entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent guarantor, with Kennedy-Wilson, Inc. and its guarantor and non-guarantor subsidiaries

Kennedy Wilson owns 100% of all of the guarantor subsidiaries, and, as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of December 31, 2023 or 2022 and for the years ended December 31, 2023, 2022 or 2021.

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2023 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	73.3	$	99.4	$	141.0	$	—	$	313.7
Accounts receivable	—		0.9		22.0		34.4		—		57.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net	—		—		1,522.3		3,315.0		—		4,837.3
Unconsolidated investments	—		14.6		652.0		1,402.5		—		2,069.1
Investments in and advances to consolidated subsidiaries	1,800.4		3,938.2		2,511.6		—		(8,250.2)		—
Other assets	—		59.4		51.6		76.5		—		187.5
Loan purchases and originations, net	—		0.7		214.8		31.7		—		247.2
Total assets	$	1,800.4	$	4,087.1	$	5,073.7	$	5,001.1	$	(8,250.2)	$	7,712.1
Liabilities
Accounts payable	—		0.5		6.0		11.4		—		17.9
Accrued expenses and other liabilities	45.3		351.9		91.5		109.1		—		597.8
Mortgage debt	—		—		1,038.0		1,802.9		—		2,840.9
KW unsecured debt	—		1,934.3		—		—		—		1,934.3
KWE unsecured bonds	—		—		—		522.8		—		522.8
Total liabilities	45.3		2,286.7		1,135.5		2,446.2		—		5,913.7
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,755.1		1,800.4		3,938.2		2,511.6		(8,250.2)		1,755.1
Noncontrolling interests	—		—		—		43.3		—		43.3
Total equity	1,755.1		1,800.4		3,938.2		2,554.9		(8,250.2)		1,798.4
Total liabilities and equity	$	1,800.4	$	4,087.1	$	5,073.7	$	5,001.1	$	(8,250.2)	$	7,712.1

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2022 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	91.5	$	59.6	$	288.2	$	—	$	439.3
Accounts receivable	—		0.1		18.2		22.5		—		40.8
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net	—		—		1,656.8		3,531.3		—		5,188.1
Unconsolidated investments	—		15.9		698.6		1,523.6		—		2,238.1
Investments in and advances to consolidated subsidiaries	2,009.0		4,289.3		2,850.0		—		(9,148.3)		—
Other assets	—		85.7		50.5		79.9		—		216.1
Loan purchases and originations	—		5.8		111.6		32.0		—		149.4
Total assets	$	2,009.0	$	4,488.3	$	5,445.3	$	5,477.5	$	(9,148.3)	$	8,271.8
Liabilities
Accounts payable	$	—	$	0.5	$	4.0	$	11.7	$	—	$	16.2
Accrued expenses and other liabilities	45.0		416.2		76.5		120.5		—		658.2
Mortgage debt	—		—		1,075.5		1,942.5		—		3,018.0
KW unsecured debt	—		2,062.6		—		—		—		2,062.6
KWE unsecured bonds	—		—		—		506.4				506.4
Total liabilities	45.0		2,479.3		1,156.0		2,581.1		—		6,261.4
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,964.0		2,009.0		4,289.3		2,850.0		(9,148.3)		1,964.0
Noncontrolling interests	—		—		—		46.4		—		46.4
Total equity	1,964.0		2,009.0		4,289.3		2,896.4		(9,148.3)		2,010.4
Total liabilities and equity	$	2,009.0	$	4,488.3	$	5,445.3	$	5,477.5	$	(9,148.3)	$	8,271.8

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	0.2	$	239.6	$	322.8	$	—	$	562.6
Total loss from unconsolidated investments	—		—		(110.5)		(142.3)		—		(252.8)
Gain on sale of real estate, net	—		—		98.8		28.8		—		127.6
Total expenses	35.1		82.1		158.5		232.6		—		508.3
Loss from consolidated subsidiaries	(246.7)		(131.5)		(147.5)		—		525.7		—
Interest expense	—		(97.2)		(45.0)		(117.0)		—		(259.2)
Loss on early extinguishment of debt	—		—		(2.0)		0.4		—		(1.6)
Other income (loss)	0.4		(0.9)		(6.4)		1.9		—		(5.0)
Loss before benefit from (provision for) income taxes	(281.4)		(311.5)		(131.5)		(138.0)		525.7		(336.7)
Benefit from (provision for) income taxes	—		64.8		—		(9.5)		—		55.3
Net loss	(281.4)		(246.7)		(131.5)		(147.5)		525.7		(281.4)
Net income attributable to the noncontrolling interests	—		—		—		(22.4)		—		(22.4)
Preferred dividends	(38.0)		—		—		—		—		(38.0)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(319.4)	$	(246.7)	$	(131.5)	$	(169.9)	$	525.7	$	(341.8)

CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2022 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenues	$	—	$	0.2	$	225.1	$	314.7	$	—	$	540.0
Income from unconsolidated investments	—		1.1		12.0		165.3		—		178.4
Gain on sale of real estate, net	—		—		68.1		35.6		—		103.7
Total expenses	29.0		92.7		172.5		232.6		—		526.8
Income from consolidated subsidiaries	130.8		314.4		230.7		—		(675.9)		—
Interest expense	—		(92.6)		(41.8)		(86.4)				(220.8)
(Loss) gain on early extinguishment of debt	—		—		(1.6)		29.1		—		27.5
Other income (loss)	0.1		15.6		(1.3)		21.7				36.1
Income before provision for income taxes	101.9		146.0		318.7		247.4		(675.9)		138.1
Provision for income taxes	—		(15.2)		(4.3)		(16.7)		—		(36.2)
Net income	101.9		130.8		314.4		230.7		(675.9)		101.9
Net income attributable to the noncontrolling interests	—		—		—		(8.2)		—		(8.2)
Preferred dividends	(28.9)		—		—		—		—		(28.9)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	73.0	$	130.8	$	314.4	$	222.5	$	(675.9)	$	64.8

CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries (1)		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	0.3	$	208.8	$	244.5	$	—	$	453.6
Income from unconsolidated investments	—		3.2		99.0		286.8				389.0
Gain on sale of real estate, net	—		(1.7)		129.6		284.8		—		412.7
Total expenses	31.8		108.1		214.8		194.9		—		549.6
Income from consolidated subsidiaries	368.2		676.8		508.7		—		(1,553.7)		—
Interest expense	—		(73.3)		(43.3)		(75.8)		—		(192.4)
Loss on early extinguishment of debt	—		(26.5)		(0.6)		(18.6)		—		(45.7)
Other income (loss)	—		0.7		(1.2)		(4.5)		—		(5.0)
Income before provision for income taxes	336.4		471.4		686.2		522.3		(1,553.7)		462.6
Provision for income taxes	—		(103.2)		(9.4)		(13.6)		—		(126.2)
Net income	336.4		368.2		676.8		508.7		(1,553.7)		336.4
Net loss attributable to the noncontrolling interests	—		—		—		(6.0)		—		(6.0)
Preferred dividends	(17.2)		—		—		—		—		(17.2)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	319.2	$	368.2	$	676.8	$	502.7	$	(1,553.7)	$	313.2

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Subsequent to December 31, 2023, the Company has drawn an additional $75.0 million on its revolving line of credit. The Company has $274.6 million still available to draw on its revolving line of credit.

Subsequent to December 31, 2023, the Company sold a wholly-owned retail asset in the UK and is under separate agreements to sell one wholly-owned Irish hotel asset, one wholly-owned office asset in the Pacific Northwest and one wholly-owned retail asset in the UK for a total sales price of approximately $340 million. If completed, these sales will generate cash to the Company of approximately $240 million (after debt repayments of $90 million) and total expected GAAP gains on sale in excess of $100 million. There can be no assurance that the Company will close the sales under contract in part or at all.

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Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Kennedy-Wilson Holdings, Inc.

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2023

(Dollars in millions)				Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Balance at December 31, 2023(1)
Description	Region	Encumbrances		Land		Building & Improvements		Improvements		Land		Building & Improvements		Total(2)		Accumulated Depreciation		Depreciable Life in Years	Date of Construction	Date Acquired(3)
Commercial
Office	Southern California	$	35.0	$	11.2	$	18.5	$	34.8	$	11.5	$	54.3	$	65.8	$	(11.7)	39 years	1955/1981/1982	2013
Commercial portfolio	United Kingdom	—		16.6		3.9		5.9		1.3		16.3		17.6		(3.9)		39 years	Various	2014
Commercial portfolio	United Kingdom	—		34.3		208.2		9.9		19.8		160.1		179.9		(45.9)		39 years	Various	2014
Office	Ireland	65.5		8.2		102.6		—		6.6		83.2		89.8		(19.8)		39 years	2003	2014
Retail	Ireland	50.9		52.8		49.7		21.6		42.4		60.0		102.4		(10.8)		39 years	1966/2005	2014
Office	Ireland	57.3		20.4		73.8		6.1		16.6		65.9		82.5		(17.2)		39 years	1980	2014
Office	United Kingdom	181.1		85.3		232.0		28.0		78.0		214.8		292.8		(66.0)		39 years	2003	2014
Retail	United Kingdom	—		6.2		109.5		8.0		4.8		92.0		96.8		(22.4)		39 years	2010	2014
Office	Southern California	22.3		31.8		60.6		26.8		31.8		87.3		119.1		(22.3)		39 years	1982	2015
Office	Southern California	28.6		11.6		36.5		5.8		11.6		42.3		53.9		(11.4)		39 years	1968	2015
Office	Southern California	35.0		20.7		47.9		26.1		20.7		53.9		74.6		(13.8)		39 years	1982	2015
Commercial portfolio	United Kingdom	48.0		61.3		127.0		4.8		30.7		66.1		96.8		(16.4)		39 years	Various	2015
Office portfolio	United Kingdom	—		19.0		41.2		18.9		21.0		44.0		65.0		(7.0)		39 years	Various	2015
Retail	Spain	37.7		27.1		46.2		13.0		29.3		62.9		92.2		(11.7)		39 years	1995	2015
Office portfolio	Italy	—		24.8		70.1		0.6		30.0		85.4		115.4		(17.1)		39 years	Various	2015
Office portfolio	United Kingdom	63.7		32.1		70.4		6.8		28.2		68.6		96.8		(14.2)		39 years	Various	2016
Office	Ireland	38.6		4.2		64.0		2.8		4.1		64.1		68.2		(12.3)		39 years	2009	2016
Office	Pacific Northwest	77.0		30.6		106.0		3.6		30.6		109.6		140.2		(18.2)		39 years	1999/2001	2017
Office	Ireland	16.4		4.9		18.5		8.4		4.5		25.6		30.1		(3.5)		39 years	1841	2017
Office	Ireland	54.8		11.0		—		2.0		10.4		54.3		64.7		(2.5)		39 years	1840/2000	2017
Office	Northern California	60.3		23.5		57.3		8.7		23.5		66.0		89.5		(7.0)		39 years	2000	2019
Office	United Kingdom	124.3		71.2		177.9		—		65.3		163.1		228.4		(10.2)		39 years	2019	2021
Office	United Kingdom	40.5		25.3		54.8		4.2		23.8		55.7		79.5		(2.7)		39 years	2001/2007	2021
Office	United Kingdom	52.4		25.5		74.1		5.1		24.2		75.2		99.4		(3.5)		39 years	2004	2022
Office	Ireland	54.3		0.5		3.4		52.0		0.5		61.6		62.1		(2.2)		39 years	Various	2015
Multifamily
366-unit asset	Mountain West	77.8		9.1		36.3		15.5		9.1		51.9		61.0		(22.6)		39 years	2000	2012
1,008-unit asset	Northern California	175.0		62.3		152.5		30.5		62.3		183.0		245.3		(54.6)		39 years	1988	2015
460-unit asset	Southern California	79.4		13.2		53.0		9.6		13.2		62.6		75.8		(17.8)		39 years	1988	2015

204-unit asset	Mountain West	32.5	2.0	17.6	5.0	2.0	22.7	24.7	(6.5)	39 years	1999	2016
168-unit asset	Mountain West	10.9	1.8	13.1	4.6	1.8	17.7	19.5	(5.4)	39 years	1992	2016
386-unit asset	Southern California	66.0	—	81.4	9.9	—	91.3	91.3	(21.3)	39 years	2002	2016
310-unit asset	Southern California	26.1	0.6	—	—	88.8	—	88.8	—	39 years	N/A	2018
300-unit asset	Mountain West	39.0	4.8	29.2	7.2	4.8	36.4	41.2	(8.1)	39 years	1995	2017
210-unit asset	Pacific Northwest	44.5	11.0	46.7	1.6	11.0	48.3	59.3	(8.4)	39 years	2007	2017
172-unit asset	Mountain West	29.4	0.2	—	—	65.7	—	65.7	—	39 years	N/A	2018
264-unit asset	Pacific Northwest	23.6	6.4	44.9	7.0	6.4	51.9	58.3	(10.1)	39 years	1997	2017
343-unit asset	Pacific Northwest	84.0	26.8	107.4	1.7	26.8	109.1	135.9	(17.4)	39 years	2016	2017
179-unit asset	Pacific Northwest	33.2	11.9	47.4	2.3	11.9	49.7	61.6	(8.3)	39 years	2013	2017
88-unit asset	Mountain West	8.6	2.6	10.4	2.1	2.6	12.6	15.2	(2.8)	39 years	1988	2018
492-unit asset	Mountain West	59.1	15.8	63.2	9.1	15.8	72.4	88.2	(14.3)	39 years	1985	2018
66-unit asset	Mountain West	8.0	0.8	—	0.1	0.7	9.3	10.0	(0.8)	39 years	2021	2018
89-unit asset	Mountain West	17.7	2.1	—	0.1	2.0	21.5	23.5	(0.7)	39 years	N/A	2018
188-unit asset	Mountain West	13.5	4.9	19.7	9.1	4.9	28.8	33.7	(6.2)	39 years	1985	2018
120-unit asset	Mountain West	32.3	5.7	—	0.7	1.9	38.3	40.2	(3.3)	39 years	2021	2018
277-unit asset	Mountain West	62.2	4.0	—	6.7	2.7	55.2	57.9	(7.0)	39 years	2021	2019
10-unit asset	Mountain West	—	—	—	—	—	2.3	2.3	(0.2)	39 years	2021	2019
260-unit asset	Mountain West	39.0	13.4	53.6	3.6	13.4	57.2	70.6	(5.1)	39 years	2014	2020
280-unit asset	Mountain West	39.6	13.3	53.2	0.3	13.3	53.5	66.8	(3.7)	39 years	2019	2021
Land	Mountain West	—	—	—	—	6.7	—	6.7	—	39 years	N/A	2021
344-unit asset	Mountain West	39.2	13.0	52.1	5.4	13.0	57.5	70.5	(4.3)	39 years	1985	2021
240-unit asset	Mountain West	36.9	4.6	—	—	22.8	35.6	58.4	(0.5)	39 years	N/A	2021
240-unit asset	Mountain West	45.1	11.1	44.2	1.1	11.1	45.9	57.0	(3.2)	39 years	2020	2021
160-unit asset	Mountain West	13.9	4.5	18.0	0.4	4.5	18.5	23.0	(1.3)	39 years	1990/1998	2021
332-unit asset	Mountain West	76.2	26.7	106.9	3.4	26.7	110.2	136.9	(6.8)	39 years	2002	2021
383-unit asset	Pacific Northwest	115.0	38.3	153.0	8.4	38.2	161.4	199.6	(9.9)	39 years	2002/2008	2021
164-unit asset	Pacific Northwest	43.0	14.8	59.1	0.3	14.8	59.5	74.3	(3.4)	39 years	2020	2021
528-unit asset	Mountain West	102.0	31.1	124.4	6.8	31.1	131.2	162.3	(7.3)	39 years	1989/1990	2021
210-unit asset	Mountain West	36.4	8.0	—	—	53.3	—	53.3	—	39 years	N/A	2021
350-unit asset	Mountain West	64.9	33.2	132.6	5.6	33.2	138.2	171.4	(6.2)	39 years	1985	2022
404-unit asset	Mountain West	61.6	29.6	118.3	2.1	29.6	120.4	150.0	(5.3)	39 years	1996	2022
356-unit asset	Mountain West	41.0	20.8	83.1	4.5	20.8	87.6	108.4	(3.9)	39 years	1995/2008	2022
260-unit asset	Mountain West	34.3	15.7	62.6	1.5	15.6	64.1	79.7	(2.4)	39 years	2013	2022

Hotel
Hotel	Ireland	—		54.0		114.3		35.0		45.9		134.5		180.4		(48.9)		39 years	1824/2005	2014
Development
Land	United Kingdom			4.2		—		0.1		3.8		0.4		4.2		—		N/A	N/A	2018
Office	Ireland	—		1.2		0.9		0.9		1.2		0.9		2.1		—		N/A	N/A	2020
Multifamily	Southern California	—		6.0		—		5.1		6.5		5.1		11.6		—		N/A	N/A	2015
Office	Ireland	—		—		9.6		—		—		11.4		11.4		(0.4)		39 years	1980	2022
3 Lots	Hawaii	—		16.5		—		—		16.5		—		16.5		—		N/A	N/A	2020
Land	Hawaii	—		0.7		—		—		0.7		—		0.7		—		N/A	1912	2010
Grand Total		$	2,854.6	$	1,206.8	$	3,762.8	$	511.2	$	1,328.3	$	4,190.4	$	5,518.7	$	(702.1)

(1) The tax basis of all the properties in aggregate totaled $4,512.9 million.

(2) Excludes acquired in place lease values.

(3) For assets that were consolidated the date acquired represents when the asset was presented as real estate not when initially acquired by Kennedy Wilson.

Changes in real estate for the years ended December 31, 2023, 2022 and 2021 were as follows:

	For the year ended December 31,
(Dollars in millions)	2023		2022		2021
Balance at the beginning of period	$	5,775.3	$	5,567.3	$	5,207.7
Additions during the period:
Other acquisitions	—		167.6		137.3
Improvements	218.6		604.2		1,110.4
Foreign currency	90.9		(226.0)		(91.8)
Deductions during the period:
Cost of real estate sold	(566.1)		(337.8)		(796.3)
Balance at close of period	$	5,518.7	$	5,775.3	$	5,567.3

Changes in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 were as follows:

	For the year ended December 31,
(Dollars in millions)	2023		2022		2021
Balance at the beginning of period	$	619.6	$	564.0	$	551.8
Additions during the period:
Depreciation expense	136.5		133.8		30.9
Deductions during the period:
Dispositions	(66.5)		(50.8)		(11.1)
Foreign currency	12.5		(27.4)		(7.6)
Balance at close of period	$	702.1	$	619.6	$	564.0

See accompanying report of independent registered public accounting firm.

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Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV - Mortgage Loans on Real Estate

Schedule IV—Mortgage Loans on Real Estate

December 31, 2023

Type of Loan (dollars in millions)	Description/Location	Interest Rates(1)	Maturity Date(2)	Payment Terms(3)	Principal Amount		Carrying Amount(4)
Construction Loans
Construction Loans less than 3% of the carrying amount of total loans
Construction Loans	Multifamily/Diversified	S +3.85% - 6.40%	2025 - 2028	I/O	$	86.5	$	82.3
Construction Loans	Student Housing/Diversified	S +4.95% - 5.76%	2025 - 2027	I/O	13.7		13.3
Construction Loans	Hotel/Diversified	S+ 4.90% - 6.31%	2025 -2028	I/O	8.0		7.7
Construction Loans	Other/Diversified	S+4.85% - 7.40%	2024 -2027	I/O	6.9		6.4
Construction Loans	Industrial/Diversified	S + 5.40% - 5.76%	2025 -2027	I/O	3.8		3.6
Total Construction Loans					$	118.9	$	113.3
Bridge Loans
Bridge Loans greater than 3% of the carrying amount of total loans
Bridge Loan	Retail/Southern California	3.50%	2024	I/O	$	14.3	$	14.3
Bridge Loan	Office/Northern California	6.88%	2025	I/O	8.7		8.7
Bridge Loan	Office/Southern California	S + 5.60%	2027	I/O	8.1		8.1
Bridge Loan	Multifamily/Colorado	4.75%	2028	I/O	7.7		7.7
Bridge Loans less than 3% of the carrying amount of total loans
Bridge Loans	Office+Multifamily/Diversified	3.50% - 13.00%	2024 - 2033	I/O	24.1		24.1
Bridge Loans	Hotel/Diversified	S + 6.30% - 8.36%	2027 - 2028	I/O	23.6		23.6
Bridge Loans	Office/Diversified	S +3.36% - 5.75%	2024 -2027	I/O	14.4		14.4
Bridge Loans	Multifamily/Diversified	S +5.85% - 7.75%	2026 -2027	I/O	12.4		12.4
Bridge Loans	Retail/Diversified	S + 5.60% -6.46%	2024 -2027	I/O	11.6		11.6
Bridge Loans	Other/Diversified	S + 2.81% + 5.85%	2024 -2028	I/O	7.3		7.3
Total Bridge Loans					$	132.2	$	132.2
Other Loans
Other Loans greater than 3% of the carrying amount of total loans
Other Loan	Retail/Montana	6.00%	2027	I/O	$	8.0	$	8.0
Other Loans less than 3% of the carrying amount of total loans
Other Loans	Diversified/Southern California	4.25% - S + 2.50%	2024 -2027	P,I	0.7		0.7
Total Other Loans					$	8.7	$	8.7
Total Loans					$	259.8	$	254.2
CECL Reserve					—		(7.0)
Total Loans, net					$	259.8	$	247.2

(1)The Company's variable rate loans are based off Term SOFR and expressed as spread over the Term SOFR rate.

(2)Maturity date assumes all extension options are exercised, if applicable

(3)I/O = interest only until final maturity unless otherwise noted. P,I = amortizing loan with principal and interest payments

(4)Represents the Company's share of loans in its debt business.

For the years ended December 31, 2023 and 2022, the loan portfolio activity was as follows:

($ in millions)	Amortized Cost		Allowance for Credit Losses		Carrying Value
Balance at December 31, 2021	$	130.3	$	—	$	130.3
Originations and fundings	50.2		—		50.2
Proceeds from sales and repayments	(31.1)		—		(31.1)
Accretion of loan discount and other amortization, net	0.6		—		0.6
Foreign exchange movements	(0.6)		—		(0.6)
Balance at December 31, 2022	149.4		—		149.4
Originations and fundings	43.8		—		43.8
Construction loan portfolio acquisition	115.6		—		115.6
Construction loan portfolio acquisition discount	(9.2)		—		(9.2)
Proceeds from sales and repayments	(48.9)		—		(48.9)
Accretion of loan discount and other amortization, net	3.5		—		3.5
Provision for credit losses	—		(7.0)		(7.0)
Balance at December 31, 2023	$	254.2	$	(7.0)	$	247.2

XML

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION — The consolidated financial statements include the accounts of Kennedy Wilson and voting interest entities which it controls. All intercompany balances and transactions have been eliminated in consolidation. In addition, Kennedy Wilson evaluates its relationships with other entities to identify whether they are variable interest entities ("VIE") as defined by Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Subtopic 810, Consolidation, and to assess whether it is the primary beneficiary of such entities. In determining whether Kennedy Wilson is the primary beneficiary of a VIE, qualitative and quantitative factors are considered, including, but not limited to: the amount and characteristics of Kennedy Wilson's investment; the obligation or likelihood for Kennedy Wilson to provide financial support; Kennedy Wilson's ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of Kennedy Wilson.

The Company determines the appropriate accounting method with respect to all investments that are not VIEs based on the control-based framework (controlled entities are consolidated) provided by the consolidation guidance in ASC Subtopic 810. The Company accounts for joint ventures where it is deemed that the Company does not have control through the equity method of accounting while joint ventures that the Company controls are consolidated in Kennedy Wilson's financial statements.

USE OF ESTIMATES

USE OF ESTIMATES — The preparation of the accompanying consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosure about contingent assets and liabilities, and reported amounts of revenues and expenses. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in those estimates will be reflected in the financial statements in future periods.

REVENUE RECOGNITION

REVENUE RECOGNITION — Revenue consists of rental and hotel income, management fees, leasing and commission fees, loan interest income and sales of real estate. ASC Topic 606, Revenue from Contracts with Customers, is a five-step model to recognize revenue from customer contracts. The model identifies the contract, any separate performance obligations in the contract, determines the transaction price, allocates the transaction price and recognizes revenue when the performance obligations are satisfied. Management has concluded that, with the exception of performance allocations, the nature of the Company's revenue streams is such that the requirements are generally satisfied at the time that the fee becomes receivable.

Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases in accordance with ASC Topic 842, Leases.

Hotel income is earned when rooms are occupied or goods and services have been delivered or rendered.

Management fees are primarily comprised of investment management fees. Investment management fees are earned from limited partners of funds, co-investments, or separate accounts and are generally based on a fixed percentage of committed capital or net asset value. The Company provides investment management on investments it also has an ownership interest in. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest.

Investment management fees include acquisition, arrangement and disposition fees. Acquisition, arrangement and disposition fees are earned for identifying and closing investments on behalf of investors and are based on a fixed percentage of the acquisition or disposition price, as applicable. Acquisition and disposition fees are recognized upon the successful completion of an acquisition or disposition after all required services have been performed.

Loan income from investments in performing loans which Kennedy Wilson originates or acquires are recognized at the stated interest rate plus any amortization of premiums/discounts or fees earned on the loans. Loan income from investments in loans acquired at a discount are recognized using the effective interest method. When a loan or loans are acquired with deteriorated credit quality primarily for the rewards of collateral ownership, such loans are accounted for as loans until Kennedy Wilson is in possession of the collateral. However, accrual of income is not recorded during the conversion period under ASC Subtopic 310-30-25, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Income is recognized to the extent that cash is received from the loan. The Company has evaluated its loan portfolio under ASC Subtopic 326, Financial Instruments – Credit Losses. for current expected credit losses ("CECL") reserves. CECL reserves reflect the Company's current estimate of potential credit losses related to loans included in the Company's consolidated balance sheets. Changes to the CECL reserve are recognized through the Company's consolidated statements of operations. While ASC Subtopic 326 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions.

Sales of real estate are recognized when title to the real property passes to the buyer and there is no continuing involvement in the real property. Under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, the Company recognizes the entire gain attributed to contributions of real estate properties to unconsolidated entities.

Property services fees are earned from the Company's auction sales and marketing business. In the case of auction and real estate sales commissions, the revenue is generally recognized when escrow closes. In accordance with the guidelines established for Reporting Revenue Gross as a Principal versus Net as an Agent in ASC Topic 606, Kennedy Wilson records commission revenues and expenses on a gross basis. Of the criteria listed in ASC Topic 606, Kennedy Wilson is the primary obligor in the transaction, does not have inventory risk, performs all or part of the service and has wide latitude in establishing the price of services rendered and discretion in selection of agents and determination of service specifications.

REAL ESTATE ACQUISITIONS

REAL ESTATE ACQUISITIONS — The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests ("NCI"). Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized as part of the real estate acquired.

The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach.

The Company is involved in all stages of real estate ownership, including development. Once a project is in development, consistent with ASC Topic 360 Property Plant, and Equipment, costs including interest and real estate taxes and associated costs directly related to the project under development, are capitalized. During the predevelopment period of a probable project and the period in which a project is under construction, the Company capitalizes all direct and indirect costs associated with planning, developing, and constructing the project. Once a project is constructed and deemed substantially complete and ready for occupancy, carrying costs, such as real estate taxes, interest and associated costs, are expensed as incurred.

UNCONSOLIDATED INVESTMENTS

UNCONSOLIDATED INVESTMENTS — Kennedy Wilson has a number of joint venture interests that were formed to acquire, manage, and/or sell real estate. Investments in unconsolidated investments are accounted for under the equity method of accounting as Kennedy Wilson can exercise significant influence, but does not have the ability to control the

unconsolidated investment. An investment in an unconsolidated investment is recorded at its initial investment and is increased or decreased by Kennedy Wilson’s share of income or loss, plus additional contributions and less distributions. A decline in the value of an unconsolidated investment that is other than temporary is recognized when evidence indicates that such a decline has occurred in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures.

Kennedy Wilson elected the fair value option for 72 investments in unconsolidated investment entities ("FV Option" investments). Due to the nature of these investments, Kennedy Wilson elected to record these investments at fair value in order to report the change in value in the underlying investments in the results of its current operations.

Additionally, Kennedy Wilson records its investments in certain commingled funds it manages and sponsors (the "Funds") that are investment companies under the ASC Topic 946, Financial Services - Investment Companies, based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect their investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in their earnings.

Performance allocations or carried interest are allocated to the general partner, special limited partner or asset manager of Kennedy Wilson's real estate funds based on the cumulative performance of the fund and are subject to preferred return thresholds of the limited partners. At the end of each reporting period, Kennedy Wilson calculates the performance allocation that would be due as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as performance allocation to reflect either (a) positive performance resulting in an increase in the performance allocation to the general partner or asset manager or (b) negative performance that would cause the amount due to Kennedy Wilson to be less than the amount previously recognized as income from unconsolidated investments, resulting in a negative adjustment to performance allocations to the general partner or asset manager. As of December 31, 2023, the Company has $77.3 million of accrued performance allocations recorded to unconsolidated investments that are subject to future adjustments based on the underlying performance of investments. During the year ended December 31, 2023, the Company did not collect any performance allocations. During the years ended December 31, 2022 and 2021, the Company collected $6.8 million and $9.6 million of performance allocations.

The Company has concluded that performance allocations to the Company from equity method investments, based on cumulative performance to-date, represent carried interests. Consequently, in following the guidance set forth in ASC Topic 606 and ASC Topic 323, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of income.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS — Kennedy Wilson accounts for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recognized or disclosed at fair value in the financial statements on a recurring basis under the provisions of ASC Topic 820, Fair Value Measurement. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When estimating fair value in the absence of an orderly transaction between market participants, valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate and the investments in debt securities are valued, in part, based on third party valuations and management estimates also using an income approach. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS — The estimated fair value of financial instruments is determined using available market information and appropriate valuation methodologies. Considerable judgment, is necessary, however, to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.

DISTRIBUTIONS FROM UNCONSOLIDATED INVESTMENTS

DISTRIBUTIONS FROM UNCONSOLIDATED INVESTMENTS — The Company utilizes the nature of distributions approach and distributions are reported under operating cash flow unless the facts and circumstances of a specific distribution clearly indicate that it is a return of capital (e.g., a liquidating dividend or distribution of the proceeds from unconsolidated investments' sale of assets), in which case it is reported as an investing activity.  This enables Kennedy Wilson to look to the nature and source of the distribution received and classify it appropriately between operating and investing activities on the statement of cash flows based upon the source.

FOREIGN CURRENCIES

FOREIGN CURRENCIES — The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income.

Investment level debt is generally incurred in local currencies. Fluctuations in foreign exchanges rates may have a significant impact on the results of the Company's operations. In order to manage the effect of these fluctuations, the Company enters into hedging transactions, in the form of currency derivative contracts, that are designed to reduce its book equity exposure to foreign currencies. KWE has also entered into currency derivative contracts to manage its exposure to euro to British pound currency fluctuations.

DERIVATIVE INSTRUMENTS AND HEDING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES — Kennedy Wilson has derivatives to reduce its exposure to foreign currencies. All derivative instruments are recognized as either assets or liabilities in the balance sheet at their respective fair values. For derivatives designated in hedging relationships, changes in fair value of cash flow hedges or net investment hedges are recognized in accumulated other comprehensive income, to the extent the derivative is effective at offsetting the changes in the item being hedged until the hedged item affects earnings.

Fluctuations in foreign exchanges rates may have a significant impact on the Company's results of operations. In order to manage the potential exposure from adverse changes in foreign exchange rates arising from the Company’s net investments in foreign operations, the Company may enter into currency derivative contracts to hedge all or portions of the net investments in the Company’s non-U.S. dollar denominated foreign operations.

GOODWILL

GOODWILL — Goodwill results from the difference between the purchase price and the fair value of net assets acquired based upon the purchase method of accounting for business combinations. In accordance with ASC Subtopic 350-20, Accounting for Intangibles - Goodwill and Other, goodwill is reviewed for impairment on an annual basis. The Company performs its annual review of impairment at year end and when a triggering event occurs between annual year end reviews.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS — Cash and cash equivalents consist of cash and all highly liquid investments purchased with maturities of three months or less. Cash and cash equivalents are invested in institutions insured by government agencies. Certain accounts contain balances in excess of the insured limits. Kennedy Wilson's operations and financial position are affected by fluctuations in currency exchange rates between the euro and British pound sterling against the U.S. Dollar. As of December 31, 2023, 2022, and 2021 we have $69.6 million, $21.4 million, and $24.2 million, respectively, 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 loans in the newly acquired Construction Loan Portfolio (as defined herein) on behalf of the borrowers under such loans. These reserves typically relate to interest, tax, insurance and future capital expenditures at the properties and on our loan investments.

LONG-LIVED ASSETS

LONG-LIVED ASSETS — Kennedy Wilson reviews its long-lived assets (excluding goodwill) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Subtopic 360-10, Property, Plant and Equipment. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in gain on sale of real estate, net in the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are presented separately in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated. The assets and liabilities of the assets to be disposed of are classified as held for sale and would be presented separately in the appropriate asset and liability sections of the consolidated balance sheets.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE — Accounts receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK — Financial instruments that subject Kennedy Wilson to credit risk consist primarily of accounts and notes receivable, cash equivalents and derivative instruments. Credit risk is generally diversified due to the large number of entities composing Kennedy Wilson’s customer base and their geographic dispersion throughout the United States, the United Kingdom, Ireland, Spain and Italy. Kennedy Wilson performs ongoing credit evaluations of its customers and debtors.

EARNINGS PER SHARE

EARNINGS PER SHARE — Basic earnings per share is computed based upon the weighted average number of shares of common stock outstanding during the periods presented. Diluted earnings per share is computed based upon the weighted average number of shares of common stock and potentially dilutive securities outstanding during the periods presented. The dilutive impact of potentially dilutive securities includes convertible securities, and unvested stock which were outstanding during the period. Unvested stock are calculated by the “treasury stock” method and the convertible securities under the "if converted" method.

COMPREHENSIVE INCOME (LOSS)

COMPREHENSIVE INCOME (LOSS) — Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). In the accompanying consolidated balance sheets, accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains (losses) on derivative instruments.

REPURCHASE OF EQUITY INSTRUMENTS

REPURCHASE OF EQUITY INSTRUMENTS — Upon the decision to retire repurchased equity instruments, Kennedy Wilson records the retirement as a reduction to additional paid in capital for the amount that shares were initially issued at with the excess paid recorded to retained earnings.

SHARE-BASED PAYMENT ARRANGEMENTS

SHARE-BASED PAYMENT ARRANGEMENTS — Kennedy Wilson accounts for its share-based payment arrangements under the provisions of ASC Subtopic 718-10, Compensation - Stock Compensation. Compensation cost for employee service received in exchange for an award of equity instruments is based on the grant-date fair value of the share-based award that is ultimately settled in equity of Kennedy Wilson. The cost of employee services is recognized over the period during which an employee provides service in exchange for the share-based payment award. Share-based payment arrangements with only services conditions that vest ratably over the requisite service period are recognized on the straight-line basis and performance awards that vest ratably are recognized on a tranche by tranche basis over the performance period.

INCOME TAXES

INCOME TAXES — Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In accordance with accounting for uncertainty in ASC Subtopic 740-10, Income Taxes, Kennedy Wilson recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Kennedy Wilson records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses on the consolidated statements of operations.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS — Noncontrolling interests are reported within equity as a separate component of Kennedy Wilson's equity in accordance with ASC Subtopic 810-10. Revenues, expenses, gains, losses, net income or loss, and other comprehensive income are reported in the consolidated statements of operations at the consolidated amounts and net income and comprehensive income attributable to noncontrolling interests are separately stated.

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company’s annual periods beginning December 15, 2024, with early adoption permitted, and

should be applied either prospectively or retrospectively. The Company is currently evaluating this guidance and the impact it may have on the Company’s consolidated financial statements.

On November 27, 2023, the FASB issued an ASU to require the disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss. Public entities will be required to provide this disclosure quarterly. In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources. Pursuant to this ASU, the footnotes to the Company's consolidated financial statements will include incremental disclosures related to our reportable segments, including the disclosures about the Company's CODM’s review of its consolidated net income, the profit/loss measure of the Company's segments. The new guidance is effective for annual reporting periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are evaluating the disclosure requirements related to the new standard.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued in response to the SEC’s final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure requirements that the SEC believed were duplicative, overlapping, or outdated, and to align the requirements in the Codification with the SEC’s disclosure requirements. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. The Company does not expect the adoption of ASU 2023-06 to have a material impact on our consolidated financial statements and related disclosures.

The FASB did not issue any other ASUs during the year ended December 31, 2023 that the Company expects to be applicable and have a material impact on the Company's financial statements.

RECLASSIFICATIONS

RECLASSIFICATIONS—Certain balances included in prior year's financial statements have been reclassified to conform to the current year's presentation.

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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE (Tables)

12 Months Ended

Dec. 31, 2023

Real Estate [Abstract]

Schedule of Investments in Consolidated Real Estate Properties

The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Land	$	1,328.3	$	1,319.2
Buildings	3,679.1		3,961.9
Building improvements	511.3		494.2
Acquired in-place lease values	276.4		295.0
	5,795.1		6,070.3
Less accumulated depreciation and amortization	(957.8)		(882.2)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	$	4,837.3	$	5,188.1

(Dollars in millions)		Gain on sale of real estate
Year ended December 31,	Description	Consolidated		NCI		Net of NCI
2023	Primarily due to the sale of a 49% equity interest in two multifamily properties in the Western United States that were previously wholly-owned and controlled by the Company and the sale of a wholly-owned office property in the United Kingdom.	$	127.6	$	(21.9)	$	105.7
2022	Primarily due to the sale of a 49% equity interest in a multifamily property in Western United States that was previously wholly-owned and controlled by the Company and the sale of a wholly-owned office property in the United Kingdom	103.7		(1.0)		102.7
2021	Primarily due to the sale of a 49% equity interest in nine multifamily properties in Western United States that were previously wholly-owned and controlled by the Company and the sale of 19 office properties in the United Kingdom, one multifamily property in Western United States, three retail properties in Western United States and an office property in Western United States	412.7		(5.4)		407.3

Schedule of Business Acquisitions

During the year ended December 31, 2022, Kennedy Wilson acquired the following consolidated properties, which were treated as asset acquisitions:

(Dollars in millions)		Purchase Price Allocation at Acquisition(1)
Location	Description	Land		Building		Acquired in-place lease values(2)		Investment debt		KWH Shareholders' Equity
Western U.S.	Four multifamily properties	$	99.2	$	396.6	$	1.4	$	203.4	$	293.8
United Kingdom	Office building	25.5		74.1		6.9		—		106.5
		$	124.7	$	470.7	$	8.3	$	203.4	$	400.3

(1) Excludes net other assets.

(2) Above- and below-market leases are included in other assets and accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheets.

Schedule of Minimum Lease Payments

The following table summarizes the minimum lease payments due from the Company's tenants on leases with lease periods greater than one year at December 31, 2023:

(Dollars in millions)	Minimum
	Rental Revenues(1)
2024	$	134.1
2025	124.4
2026	104.5
2027	83.1
2028	68.7
Thereafter	181.9
Total	$	696.7

(1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.

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UNCONSOLIDATED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Joint Ventures by Investment Type and Geographic Location and Financial Information

The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2023:

(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	820.9	$	71.6	$	253.0	$	96.2	$	156.2	$	1,397.9
Ireland	313.8		158.7		—		5.4		—		477.9
United Kingdom	—		139.8		—		31.5		22.0		193.3
Total	$	1,134.7	$	370.1	$	253.0	$	133.1	$	178.2	$	2,069.1

The following table details the Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2022:

(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	857.6	$	89.2	$	195.9	$	158.3	$	169.1	$	1,470.1
Ireland	378.1		176.7		—		8.0		—		562.8
United Kingdom	—		138.7		—		36.3		30.2		205.2
Total	$	1,235.7	$	404.6	$	195.9	$	202.6	$	199.3	$	2,238.1

Summarized financial information is provided below:

	VHH				MF Seed Portfolio
	December 31,				December 31,
(Dollars in millions)	2023		2022		2023		2022
Cash and cash equivalents	$	44.0	$	37.0	$	10.0	$	12.4
Accounts receivable	3.7		4.4		1.2		2.0
Real estate	2,054.9		1,802.7		898.6		970.5
Other	0.3		2.0		1.8		1.1
Total assets	$	2,102.9	$	1,846.1	$	911.6	$	986.0
Liabilities
Accounts payable and accrued expenses	$	21.1	$	17.6	$	6.8	$	5.4
Mortgage debt	1,417.4		1,180.6		439.7		448.7
Total liabilities	1,438.5		1,198.2		446.5		454.1
Equity
Kennedy Wilson - investment in unconsolidated investment	285.9		271.8		246.6		291.9
Partners	378.5		376.1		218.5		240.0
Total equity	664.4		647.9		465.1		531.9
Total liabilities and equity	$	2,102.9	$	1,846.1	$	911.6	$	986.0

	VHH						MF Seed Portfolio
(Dollars in millions)	Year Ended December 31,						Year Ended December 31,
	2023		2022		2021		2023		2022		2021
Rental income	$	154.6	$	131.0	$	114.7	$	68.4	$	64.8	$	31.6
Unrealized fair value gains (losses)	114.4		270.7		77.4		(80.7)		56.1		140.6
Rental expenses	(52.1)		(41.0)		(34.8)		(26.9)		(21.1)		(8.5)
Interest expense	(52.0)		(45.6)		(37.5)		(18.0)		(17.6)		(8.2)
Other expense	(8.2)		—		(0.1)		(2.2)		(4.1)		(11.8)
Net income (loss)	156.7		315.1		119.7		(59.4)		78.1		143.7
(Income) loss attributable to partner	(93.7)		(195.3)		(78.3)		30.4		(33.0)		(54.8)
Income (loss) from unconsolidated investment	$	63.0	$	119.8	$	41.4	$	(29.0)	$	45.1	$	88.9

Schedule of Cash Distributions by Investment Type and Geographic Location

The following table details cash distributions by investment type and geographic location for the year ended December 31, 2023:

	Multifamily				Commercial				Funds				Residential and Other				Total
(Dollars in millions)	Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing
Western U.S.	$	36.1	$	74.2	$	9.4	$	—	$	4.8	$	4.1	$	0.7	$	3.0	$	51.0	$	81.3
Ireland	8.3		—		9.1		—		—		—		—		—		17.4		—
United Kingdom	—		—		—		—		—		11.1		0.8		—		0.8		11.1
Total	$	44.4	$	74.2	$	18.5	$	—	$	4.8	$	15.2	$	1.5	$	3.0	$	69.2	$	92.4

Schedule of Income (Loss) from Unconsolidated Investments

The following table presents income from unconsolidated investments recognized by Kennedy Wilson during the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
Income from unconsolidated investments - operating performance	$	40.8	$	80.2	$	60.7
Income from unconsolidated investments - realized gains from cost basis investments	—		4.7		—
(Loss) income from unconsolidated investments - unrealized and realized fair value (losses) gains	(229.3)		114.6		213.5
Income from unconsolidated investments - realized losses and impairment	—		—		(3.1)
Principal co-investments	(188.5)		199.5		271.1
(Loss) income from unconsolidated investments - performance allocation	(64.3)		(21.1)		117.9
(Loss) income from unconsolidated investments	$	(252.8)	$	178.4	$	389.0

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2023:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
Unconsolidated investments	$	—	$	—	$	1,927.0	$	1,927.0
Net currency derivative contracts	—		(23.7)		—		(23.7)
Total	$	—	$	(23.7)	$	1,927.0	$	1,903.3

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2022:

(Dollars in millions)	Level 1		Level 2		Level 3		Total
Unconsolidated investments	$	—	$	—	$	2,093.7	$	2,093.7
Net currency derivative contracts	—		7.0		—		7.0
Total	$	—	$	7.0	$	2,093.7	$	2,100.7

Schedule of Investments in Joint Ventures Held at Fair Value

The following table summarizes the Company's investments in unconsolidated investments held at fair value by type:

(Dollars in millions)	December 31, 2023		December 31, 2022
FV Option	$	1,793.9	$	1,891.1
Funds	133.1		202.6
Total	$	1,927.0	$	2,093.7

Schedule of Changes in Level 3 Investments

The following table presents changes in Level 3 investments, investments in investment companies and investments in joint ventures that elected the fair value option, for the years ended December 31:

(Dollars in millions)	2023		2022		2021
Beginning balance	$	2,093.7	$	1,794.8	$	1,136.5
Unrealized and realized gains, including performance allocations	111.5		274.4		390.0
Unrealized and realized losses	(377.4)		(114.1)		(5.0)
Contributions	168.8		348.1		273.8
Distributions	(143.9)		(188.9)		(144.3)
Foreign exchange	25.0		(55.8)		(28.4)
Other	49.3		35.2		172.2
Ending balance	$	1,927.0	$	2,093.7	$	1,794.8

Schedule of Range of Input

The table below describes the range of inputs used as of December 31, 2023 for real estate assets:

		Estimated Rates Used For
		Capitalization Rates	Discount Rates
Multifamily	Income approach - discounted cash flow	5.70% — 7.50%	7.30% — 11.00%
	Income approach - direct capitalization	4.30% — 5.80%	N/A
Office	Income approach - discounted cash flow	5.20% — 7.50%	7.50% — 9.30%
	Income approach - direct capitalization	4.50% — 9.30%	N/A
Industrial	Income approach - discounted cash flow	5.00% —6.30%	6.30% — 7.80%
	Income approach - direct capitalization	4.10% — 9.00%	N/A
Retail	Income approach - discounted cash flow	6.50%	8.30%
Hotel	Income approach - discounted cash flow	6.00%	8.30%

Schedule of Currency Forward Contracts and Currency Option Contract

The table below details the currency forward contracts and currency option contracts Kennedy Wilson had as of December 31, 2023:

(Dollars in millions)				December 31, 2023				Year Ended December 31, 2023
Currency Hedged	Underlying Currency	Notional		Hedge Asset		Hedge Liability		Change in Unrealized (Losses) Gains			Recognized Losses		Interest Expense		Cash Paid
Outstanding
EUR	USD	€	287.5	$	2.5	$	(18.1)	$	(0.4)		$	(12.1)	$	4.3	$	—
EUR(1)	GBP	€	40.0	—		(0.4)		(1.3)			—		—		—
EUR(1)(2)	GBP	€	475.0	—		—		11.6			—		—		—
GBP	USD	£	475.0	10.8		(18.5)		(22.0)			(5.4)		1.9		—
Total Outstanding				13.3		(37.0)		(12.1)			(17.5)		6.2		—
Settled
GBP	USD			—		—		1.9			—		0.1		(2.1)
Total Settled				—		—		1.9			—		0.1		(2.1)
Total				$	13.3	$	(37.0)	$	(10.2)	(3)	$	(17.5)	$	6.3	$	(2.1)

(1) Hedge is held by KWE on its wholly-owned subsidiaries.

(2) Relates to KWE's Euro Medium Term Note. See discussion in Note 10.

(3) Excludes deferred tax expense of $4.7 million.

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OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets

Other assets consist of the following:

	December 31,
(Dollars in millions)	2023		2022
Straight line rent receivable	$	45.8	$	42.2
Interest rate caps and swaps	29.0		41.0
Goodwill	23.9		23.9
Hedge assets	13.3		34.3
Prepaid expenses	13.1		12.7
Deferred taxes, net	10.0		9.4
Leasing commissions, net of accumulated amortization of $13.4 and $11.1 at December 31, 2023 and 2022, respectively	9.0		9.4
Right of use asset, net	8.9		12.2
Furniture and equipment net of accumulated depreciation of $30.8 and $29.4 at December 31, 2023 and 2022, respectively	7.0		13.4
Above-market leases, net of accumulated amortization of $42.4 and $53.0 at December 31, 2023 and 2022, respectively	2.5		3.9
Other	25.0		13.7
Other Assets	$	187.5	$	216.1

Schedule of Lessee, Operating Lease, Liability, Maturity

The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:

(Dollars in millions)	Minimum
	Rental Payments
2024	$	1.1
2025	1.0
2026	1.3
2027	1.4
2028	1.3
Thereafter	31.1
Total undiscounted rental payments	37.2
Less imputed interest	(28.3)
Right of Use Asset	$	8.9

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MORTGAGE DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Mortgage Loans Payable

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2023 and 2022:

(Dollars in millions)		Carrying amount of mortgage debt as of December 31,(1)
Mortgage Debt by Product Type	Region	2023		2022
Multifamily(1)	Western U.S.	$	1,711.0	$	1,692.9
Commercial(1)	United Kingdom	509.9		637.4
Commercial	Western U.S.	258.2		296.6
Commercial(1)	Ireland	337.8		370.7
Commercial	Spain	37.7		36.9
Mortgage debt (excluding loan fees)(1)		2,854.6		3,034.5
Unamortized loan fees		(13.7)		(16.5)
Total Mortgage Debt		$	2,840.9	$	3,018.0

(1) The mortgage debt payable balances include unamortized debt discount. Debt discount represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $0.6 million, respectively.

Schedule of Maturities of Mortgage Loans and Notes Payable

The aggregate maturities of mortgage loans including amortization and effects of any extension options as of December 31, 2023 are as follows:

(Dollars in millions)	Aggregate Maturities
2024(1)	$	150.0
2025	201.6
2026	616.7
2027	411.3
2028	342.4
Thereafter	1,133.6
	2,855.6
Unamortized debt discount	(1.0)
Unamortized loan fees	(13.7)
Total Mortgage Debt	$	2,840.9

(1) The Company expects to repay the amounts maturing in the next twelve months with new mortgage loans, cash generated from operations, existing cash balances, proceeds from dispositions of real estate investments, or as necessary, with borrowings on the Company's Second A&R Facility.

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KW UNSECURED DEBT (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt KW Unsecured Debt

The following table details KW unsecured debt as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Credit Facility	$	150.4	$	282.0
Senior Notes(1)	1,803.1		1,803.5
KW Unsecured Debt	1,953.5		2,085.5
Unamortized loan fees	(19.2)		(22.9)
Total KW Unsecured Debt	$	1,934.3	$	2,062.6

(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2023 and December 31, 2022 was $3.1 million and $3.5 million, respectively.

The following table details the KWE unsecured bonds as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
KWE Euro Medium Term Note Programme(1)	$	523.3	$	507.1
Unamortized loan fees	(0.5)		(0.7)
Total KWE Unsecured Bonds	$	522.8	$	506.4

(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $1.5 million, respectively.

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KWE UNSECURED BONDS (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of KWE Bonds

The following table details KW unsecured debt as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
Credit Facility	$	150.4	$	282.0
Senior Notes(1)	1,803.1		1,803.5
KW Unsecured Debt	1,953.5		2,085.5
Unamortized loan fees	(19.2)		(22.9)
Total KW Unsecured Debt	$	1,934.3	$	2,062.6

(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of December 31, 2023 and December 31, 2022 was $3.1 million and $3.5 million, respectively.

The following table details the KWE unsecured bonds as of December 31, 2023 and 2022:

	December 31,
(Dollars in millions)	2023		2022
KWE Euro Medium Term Note Programme(1)	$	523.3	$	507.1
Unamortized loan fees	(0.5)		(0.7)
Total KWE Unsecured Bonds	$	522.8	$	506.4

(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized loan discount as of December 31, 2023 and 2022 was $1.0 million and $1.5 million, respectively.

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The table below represents a geographical breakdown of book (loss) income before the (benefit from) provision for income taxes:

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Domestic	$	(238.8)	$	88.5	$	447.6
Foreign	(97.9)		49.6		14.9
Total	$	(336.7)	$	138.1	$	462.5

Schedule of (Benefit from) Provision for Income Taxes

The U.S. and foreign components of provision for income taxes consisted of the following components. However, it is not reflective of the cash tax results of the Company.

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Federal
Current	$	—	$	—	$	—
Deferred	(66.0)		3.6		94.4
	(66.0)		3.6		94.4
State
Current	0.7		0.3		(0.2)
Deferred	0.8		11.3		9.1
	1.5		11.6		8.9
Foreign
Current	9.9		17.6		14.2
Deferred	(0.7)		3.4		8.7
	9.2		21.0		22.9
Total	$	(55.3)	$	36.2	$	126.2

Schedule of Reconciliation of the Statutory Federal Income Tax Rate

A reconciliation of the statutory federal income tax rate of 21% with Kennedy Wilson’s effective income tax rate is as follows:

	Year ended December 31,
(Dollars in millions)	2023		2022		2021
Tax computed at the statutory rate	$	(70.7)	$	29.0	$	97.1
Domestic permanent differences, primarily disallowed executive compensation	8.7		7.8		8.1
Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom	1.9		1.7		8.2
Effect of foreign operations, net of foreign tax credit	11.2		(8.8)		7.4
Noncontrolling interests	(5.1)		(1.1)		(2.6)
State income taxes, net of federal benefit	(7.8)		2.8		7.0
Other	6.5		4.8		1.0
(Benefit from) provision for income taxes	$	(55.3)	$	36.2	$	126.2

Schedule of Deferred Tax Assets and Liabilities

Cumulative tax effects of temporary differences are shown below at December 31, 2023 and 2022:

	Year ended December 31,
(Dollars in millions)	2023		2022
Deferred tax assets:
Foreign currency translation	$	4.8	$	5.0
Net operating loss carryforward and credits	178.0		152.0
Depreciation and amortization	69.4		51.5
Investment basis difference	89.6		90.7
Stock option expense	1.7		2.0
Hedging transactions	15.5		10.0
Lease liability	0.1		0.1
Accrued reserves	7.9		9.5
Total deferred tax assets	367.0		320.8
Valuation allowance	(283.3)		(265.9)
Net deferred tax assets	83.7		54.9
Deferred tax liabilities:
Investment basis and reserve differences	304.1		344.9
Right of use asset	—		0.1
Prepaid expenses and other	3.7		3.7
Capitalized interest	0.1		1.0
Total deferred tax liabilities	307.9		349.7
Deferred tax liability, net	$	(224.2)	$	(294.8)

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STOCK COMPENSATION AND OTHER RELATED PLANS (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Activity under the New Equity Plan

The following table sets forth activity under the Amended and Restated Plan, the First Amended and Restated Plan, and the Second Amended and Restated Plan for the Company's fiscal years ending December 31, 2023, 2022 and 2021:

	Shares
Nonvested at December 31, 2021	1,314,106
Granted	1,221,362
Vested	(834,910)
Forfeited	—
Nonvested at December 31, 2022	1,700,558
Granted	961,045
Vested	(781,303)
Forfeited	(267,031)
Nonvested at December 31, 2023	1,613,269

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EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Dividends Declared and Paid

Kennedy Wilson declared and paid the following cash dividends on its common stock:

(Dollars in millions)	Year Ended December 31, 2023				Year Ended December 31, 2022
	Declared		Paid		Declared		Paid
Preferred Stock	$	38.0	$	35.5	$	28.9	$	25.9
Common Stock(1)	133.6		136.0		132.3		134.6

(1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.

The Company's dividends related to its common stock will be classified for U.S. federal income tax purposes as follows:

Record Date	Payment Date	Distributions Per Share		Ordinary Dividends		Return of Capital
12/30/2022	1/5/2023	$	0.2400	$	—	$	0.2400
3/31/2023	4/6/2023	0.2400		—		0.2400
6/30/2023	7/6/2023	0.2400		—		0.2400
9/29/2023	10/5/2023	0.2400		—		0.2400
	Totals	$	0.9600	$	—	$	0.9600

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in each component of accumulated other comprehensive loss ("AOCI"), net of taxes:

(Dollars in millions)	Foreign Currency Translation		Foreign Currency Derivative Contracts		Interest Rate Swaps		Total Accumulated Other Comprehensive Loss(1)
Balance at December 31, 2022	$	(156.9)	$	82.0	$	3.2	$	(71.7)
Unrealized gains (losses), arising during the period	32.3		(10.2)		—		22.1
Taxes on unrealized (gains) losses, arising during the period	(0.2)		4.7		—		4.5
Noncontrolling interest	(0.9)		—		—		(0.9)
Balance at December 31, 2023	$	(125.7)	$	76.5	$	3.2	$	(46.0)

(1) Excludes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.

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EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Share

The following is a summary of the elements used in calculating basic and diluted income per share for the years ended December 31, 2023, 2022 and 2021:

	Year ended December 31,
(Dollars in millions, except share amounts and per share data)	2023		2022		2021
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(341.8)	$	64.8	$	313.2
Weighted-average shares outstanding for basic	138,930,517		136,900,875		138,552,058
(Loss) income per share - basic	$	(2.46)	$	0.47	$	2.26
Weighted average shares outstanding for diluted	138,930,517		138,567,534		140,132,435
(Loss) income per share - diluted	$	(2.46)	$	0.47	$	2.24

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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Income and Expense Activity by Segment

The following tables summarize the income and expense activity by segment for the years ended December 31, 2023, 2022 and 2021 and total assets as of December 31, 2023 and 2022.

	Year Ended December 31, 2023
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	415.3	$	—	$	—	$	415.3
Hotel	57.1		—		—		57.1
Investment management fees	—		61.9		—		61.9
Loans	—		26.1		—		26.1
Other	—		—		2.2		2.2
Total revenue	472.4		88.0		2.2		562.6
Loss from unconsolidated investments
Principal co-investments	—		(188.5)		—		(188.5)
Performance allocations	—		(64.3)		—		(64.3)
Loss from unconsolidated investments	—		(252.8)		—		(252.8)
Gain on sale of real estate, net	127.6		—		—		127.6
Expenses
Rental	152.6		—		—		152.6
Hotel	37.9		—		—		37.9
Compensation and related	42.7		39.0		57.7		139.4
Performance allocation compensation	—		(15.1)		—		(15.1)
General and administrative	15.5		12.7		7.5		35.7
Depreciation and amortization	157.8		—		—		157.8
Total expenses	406.5		36.6		65.2		508.3
Interest expense	(162.0)		—		(97.2)		(259.2)
Loss on early extinguishment of debt	(1.6)		—		—		(1.6)
Other income (loss)	2.3		(7.0)		(0.3)		(5.0)
(Provision for) benefit from income taxes	(9.6)		—		64.9		55.3
Net income (loss)	22.6		(208.4)		(95.6)		(281.4)
Net income attributable to noncontrolling interests	(22.4)		—		—		(22.4)
Preferred dividends	—		—		(38.0)		(38.0)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	0.2	$	(208.4)	$	(133.6)	$	(341.8)

	Year Ended December 31, 2022
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	434.9	$	—	$	—	$	434.9
Hotel	46.9		—		—		46.9
Investment management fees	—		44.8		—		44.8
Loans	—		11.7		—		11.7
Other	—		—		1.7		1.7
Total revenue	481.8		56.5		1.7		540.0
Income from unconsolidated investments
Principal co-investments	—		199.5		—		199.5
Performance allocations	—		(21.1)		—		(21.1)
Income from unconsolidated investments	—		178.4		—		178.4
Gain on sale of real estate, net	103.7		—		—		103.7
Expenses
Rental	151.2		—		—		151.2
Hotel	29.5		—		—		29.5
Compensation and related	41.5		44.6		54.2		140.3
Performance allocation compensation	—		(4.3)		—		(4.3)
General and administrative	14.7		14.8		7.7		37.2
Depreciation and amortization	172.9		—		—		172.9
Total expenses	409.8		55.1		61.9		526.8
Interest expense	(128.2)		—		(92.6)		(220.8)
Gain on extinguishment of debt	27.5		—		—		27.5
Other income	20.8		—		15.3		36.1
Provision for income taxes	(21.0)		—		(15.2)		(36.2)
Net income (loss)	74.8		179.8		(152.7)		101.9
Net income attributable to noncontrolling interests	(8.2)		—		—		(8.2)
Preferred dividends	—		—		(28.9)		(28.9)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	66.6	$	179.8	$	(181.6)	$	64.8

	Year Ended December 31, 2021
(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	390.5	$	—	$	—	$	390.5
Hotel	17.1		—		—		17.1
Investment management fees	—		35.3		—		35.3
Loans	—		8.6		—		8.6
Other	—		—		2.1		2.1
Total revenue	407.6		43.9		2.1		453.6
Income from unconsolidated investments
Principal co-investments	—		271.1		—		271.1
Performance allocations	—		117.9		—		117.9
Income from unconsolidated investments	—		389.0		—		389.0
Gain on sale of real estate, net	412.7		—		—		412.7
Expenses
Rental	132.7		—		—		132.7
Hotel	12.7		—		—		12.7
Compensation and related	60.4		40.4		61.8		162.6
Performance allocation compensation	—		42.0		—		42.0
General and administrative	18.5		8.5		6.3		33.3
Depreciation and amortization	166.3		—		—		166.3
Total expenses	390.6		90.9		68.1		549.6
Interest expense	(119.1)		—		(73.3)		(192.4)
Loss on extinguishment of debt	(19.2)		—		(26.5)		(45.7)
Other loss	(4.7)		—		(0.3)		(5.0)
Provision for income taxes	(23.0)		—		(103.2)		(126.2)
Net income (loss)	263.7		342.0		(269.3)		336.4
Net income attributable to noncontrolling interests	(6.0)		—		—		(6.0)
Preferred dividends	—		—		(17.2)		(17.2)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	257.7	$	342.0	$	(286.5)	$	313.2

	December 31,
(Dollars in millions)	2023		2022
Assets
Consolidated	$	5,196.3	$	5,684.1
Co-investment	2,316.3		2,387.5
Corporate	199.5		200.2
Total assets	$	7,712.1	$	8,271.8

	December 31,
(Dollars in millions)	2023		2022		2021
Expenditures for long lived assets
Investments	$	(217.2)	$	(569.1)	$	(1,271.0)

Schedule of Geographic Information

The revenue shown in the table below is allocated based upon the region in which services are performed.

	Year Ended December 31,
(Dollars in millions)	2023		2022		2021
United States	$	334.1	$	317.5	$	278.1
Europe	228.5		222.5		175.5
Total revenue	$	562.6	$	540.0	$	453.6

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GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Guarantor and Nonguarantor Financial Statements [Abstract]

Schedule of Condensed Consolidating Balance Sheet

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2023 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	73.3	$	99.4	$	141.0	$	—	$	313.7
Accounts receivable	—		0.9		22.0		34.4		—		57.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net	—		—		1,522.3		3,315.0		—		4,837.3
Unconsolidated investments	—		14.6		652.0		1,402.5		—		2,069.1
Investments in and advances to consolidated subsidiaries	1,800.4		3,938.2		2,511.6		—		(8,250.2)		—
Other assets	—		59.4		51.6		76.5		—		187.5
Loan purchases and originations, net	—		0.7		214.8		31.7		—		247.2
Total assets	$	1,800.4	$	4,087.1	$	5,073.7	$	5,001.1	$	(8,250.2)	$	7,712.1
Liabilities
Accounts payable	—		0.5		6.0		11.4		—		17.9
Accrued expenses and other liabilities	45.3		351.9		91.5		109.1		—		597.8
Mortgage debt	—		—		1,038.0		1,802.9		—		2,840.9
KW unsecured debt	—		1,934.3		—		—		—		1,934.3
KWE unsecured bonds	—		—		—		522.8		—		522.8
Total liabilities	45.3		2,286.7		1,135.5		2,446.2		—		5,913.7
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,755.1		1,800.4		3,938.2		2,511.6		(8,250.2)		1,755.1
Noncontrolling interests	—		—		—		43.3		—		43.3
Total equity	1,755.1		1,800.4		3,938.2		2,554.9		(8,250.2)		1,798.4
Total liabilities and equity	$	1,800.4	$	4,087.1	$	5,073.7	$	5,001.1	$	(8,250.2)	$	7,712.1

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2022 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Assets
Cash and cash equivalents	$	—	$	91.5	$	59.6	$	288.2	$	—	$	439.3
Accounts receivable	—		0.1		18.2		22.5		—		40.8
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net	—		—		1,656.8		3,531.3		—		5,188.1
Unconsolidated investments	—		15.9		698.6		1,523.6		—		2,238.1
Investments in and advances to consolidated subsidiaries	2,009.0		4,289.3		2,850.0		—		(9,148.3)		—
Other assets	—		85.7		50.5		79.9		—		216.1
Loan purchases and originations	—		5.8		111.6		32.0		—		149.4
Total assets	$	2,009.0	$	4,488.3	$	5,445.3	$	5,477.5	$	(9,148.3)	$	8,271.8
Liabilities
Accounts payable	$	—	$	0.5	$	4.0	$	11.7	$	—	$	16.2
Accrued expenses and other liabilities	45.0		416.2		76.5		120.5		—		658.2
Mortgage debt	—		—		1,075.5		1,942.5		—		3,018.0
KW unsecured debt	—		2,062.6		—		—		—		2,062.6
KWE unsecured bonds	—		—		—		506.4				506.4
Total liabilities	45.0		2,479.3		1,156.0		2,581.1		—		6,261.4
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,964.0		2,009.0		4,289.3		2,850.0		(9,148.3)		1,964.0
Noncontrolling interests	—		—		—		46.4		—		46.4
Total equity	1,964.0		2,009.0		4,289.3		2,896.4		(9,148.3)		2,010.4
Total liabilities and equity	$	2,009.0	$	4,488.3	$	5,445.3	$	5,477.5	$	(9,148.3)	$	8,271.8

Schedule of Condensed Consolidating Statement of Income

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2023 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	0.2	$	239.6	$	322.8	$	—	$	562.6
Total loss from unconsolidated investments	—		—		(110.5)		(142.3)		—		(252.8)
Gain on sale of real estate, net	—		—		98.8		28.8		—		127.6
Total expenses	35.1		82.1		158.5		232.6		—		508.3
Loss from consolidated subsidiaries	(246.7)		(131.5)		(147.5)		—		525.7		—
Interest expense	—		(97.2)		(45.0)		(117.0)		—		(259.2)
Loss on early extinguishment of debt	—		—		(2.0)		0.4		—		(1.6)
Other income (loss)	0.4		(0.9)		(6.4)		1.9		—		(5.0)
Loss before benefit from (provision for) income taxes	(281.4)		(311.5)		(131.5)		(138.0)		525.7		(336.7)
Benefit from (provision for) income taxes	—		64.8		—		(9.5)		—		55.3
Net loss	(281.4)		(246.7)		(131.5)		(147.5)		525.7		(281.4)
Net income attributable to the noncontrolling interests	—		—		—		(22.4)		—		(22.4)
Preferred dividends	(38.0)		—		—		—		—		(38.0)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(319.4)	$	(246.7)	$	(131.5)	$	(169.9)	$	525.7	$	(341.8)

CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2022 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenues	$	—	$	0.2	$	225.1	$	314.7	$	—	$	540.0
Income from unconsolidated investments	—		1.1		12.0		165.3		—		178.4
Gain on sale of real estate, net	—		—		68.1		35.6		—		103.7
Total expenses	29.0		92.7		172.5		232.6		—		526.8
Income from consolidated subsidiaries	130.8		314.4		230.7		—		(675.9)		—
Interest expense	—		(92.6)		(41.8)		(86.4)				(220.8)
(Loss) gain on early extinguishment of debt	—		—		(1.6)		29.1		—		27.5
Other income (loss)	0.1		15.6		(1.3)		21.7				36.1
Income before provision for income taxes	101.9		146.0		318.7		247.4		(675.9)		138.1
Provision for income taxes	—		(15.2)		(4.3)		(16.7)		—		(36.2)
Net income	101.9		130.8		314.4		230.7		(675.9)		101.9
Net income attributable to the noncontrolling interests	—		—		—		(8.2)		—		(8.2)
Preferred dividends	(28.9)		—		—		—		—		(28.9)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	73.0	$	130.8	$	314.4	$	222.5	$	(675.9)	$	64.8

CONDENSED CONSOLIDATING STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 (Dollars in millions)
	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries (1)		Non-guarantor Subsidiaries		Elimination		Consolidated Total
Total revenue	$	—	$	0.3	$	208.8	$	244.5	$	—	$	453.6
Income from unconsolidated investments	—		3.2		99.0		286.8				389.0
Gain on sale of real estate, net	—		(1.7)		129.6		284.8		—		412.7
Total expenses	31.8		108.1		214.8		194.9		—		549.6
Income from consolidated subsidiaries	368.2		676.8		508.7		—		(1,553.7)		—
Interest expense	—		(73.3)		(43.3)		(75.8)		—		(192.4)
Loss on early extinguishment of debt	—		(26.5)		(0.6)		(18.6)		—		(45.7)
Other income (loss)	—		0.7		(1.2)		(4.5)		—		(5.0)
Income before provision for income taxes	336.4		471.4		686.2		522.3		(1,553.7)		462.6
Provision for income taxes	—		(103.2)		(9.4)		(13.6)		—		(126.2)
Net income	336.4		368.2		676.8		508.7		(1,553.7)		336.4
Net loss attributable to the noncontrolling interests	—		—		—		(6.0)		—		(6.0)
Preferred dividends	(17.2)		—		—		—		—		(17.2)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	319.2	$	368.2	$	676.8	$	502.7	$	(1,553.7)	$	313.2

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ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	2

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) investment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of investments electing fair value option | investment	72
Accrued performance allocations	$ 77,300,000
Fees receivable	0	$ 6,800,000	$ 9,600,000
Payment of performance fees	0	1,200,000
Goodwill impairment loss	0	0	0
Restricted cash	69,600,000	$ 21,400,000	$ 24,200,000
Accrued Liabilities And Other Liabilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accrued performance allocations	$ 22,800,000

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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Schedule of Investments in Consolidated Real Estate Properties (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 1,328.3	$ 1,319.2
Buildings	3,679.1	3,961.9
Building improvements	511.3	494.2
Acquired in-place lease values	276.4	295.0
Real estate investment, at cost	5,795.1	6,070.3
Less accumulated depreciation and amortization	(957.8)	(882.2)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	$ 4,837.3	$ 5,188.1

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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Impairment of real estate	$ 28.6	$ 13.3	$ 20.9
Gain (loss) on sale of real estate	127.6	103.7	412.7
Deconsolidation, gain (loss)	48.4
Net proceeds from sale of consolidated real estate	$ 383.9	$ 325.9	$ 486.4
Wholly-Owned, Multifamily Properties
Real Estate Properties [Line Items]
Equity interest sold, percentage	49.00%
Ownership interest percentage	51.00%
Montiavo
Real Estate Properties [Line Items]
Equity interest sold, percentage		49.00%
Ownership interest percentage		51.00%
Deconsolidation, gain (loss)		$ 56.7
Net proceeds from sale of consolidated real estate		30.2
MF Portfolio Joint Venture
Real Estate Properties [Line Items]
Equity interest sold, percentage			49.00%
Ownership interest percentage			51.00%
Deconsolidation, gain (loss)			$ 332.0
Net proceeds from sale of consolidated real estate			166.4
Multifamily
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	$ 79.5
Number of lots | property	2
Western United States Property
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	$ 15.1
Consolidated Multifamily
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	37.6
Consolidated Multifamily | Parent
Real Estate Properties [Line Items]
Gain (loss) on sale of real estate	$ 20.1
Leases, Acquired-in-Place
Real Estate Properties [Line Items]
Weighted-average lease term	5 years 3 months 18 days
Buildings, Building Improvements and Acquired In-Place Lease Values
Real Estate Properties [Line Items]
Depreciation	$ 148.9	$ 162.7	$ 151.3
Maximum | Building and Building Improvements
Real Estate Properties [Line Items]
Estimated useful life	40 years

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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Schedule of Consolidated Acquisitions (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) property
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land	$ 124.7
Building	470.7
Acquired in-place lease values	8.3
Investment debt	203.4
KWH Shareholders' Equity	$ 400.3
Multifamily | Western U.S.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Number of properties acquired | property	4
Land	$ 99.2
Building	396.6
Acquired in-place lease values	1.4
Investment debt	203.4
KWH Shareholders' Equity	293.8
Office building | United Kingdom
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Land	25.5
Building	74.1
Acquired in-place lease values	6.9
Investment debt	0.0
KWH Shareholders' Equity	$ 106.5

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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Schedule of Gains on Real Estate, Net (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property
Real Estate [Line Items]
Gain on sale of real estate, net | $	$ 127.6	$ 103.7	$ 412.7
NCI | $	(21.9)	(1.0)	(5.4)
Net of NCI | $	$ 105.7	$ 102.7	$ 407.3
Multifamily | Western U.S.
Real Estate [Line Items]
Number of real estate properties sold			1
Multifamily, Wholly-Owned | Western U.S.
Real Estate [Line Items]
Number of real estate properties sold	2		9
Office | United Kingdom
Real Estate [Line Items]
Number of real estate properties sold			19
Retail | Western U.S.
Real Estate [Line Items]
Number of real estate properties sold			3
Wholly-Owned, Multifamily Properties
Real Estate [Line Items]
Equity interest sold, percentage	49.00%
Wholly-Owned, Multifamily Properties | Western U.S.
Real Estate [Line Items]
Equity interest sold, percentage	49.00%	49.00%	49.00%

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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE - Schedule of Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Real Estate [Abstract]
2024	$ 134.1
2025	124.4
2026	104.5
2027	83.1
2028	68.7
Thereafter	181.9
Total	$ 696.7

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UNCONSOLIDATED INVESTMENTS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property fund jointVenture	Dec. 31, 2022 USD ($) asset	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Payments to acquire interest in joint venture	$ 167,400,000
Proceeds from equity method investments	161,600,000
Deconsolidation, gain (loss)	48,400,000
Income (loss) from unconsolidated investments,	(252,800,000)
Fair value losses	(229,300,000)	$ 114,600,000	$ 213,500,000
Income (loss) from unconsolidated investments, other	24,000,000
Unconsolidated investments	1,927,000,000	2,093,700,000
Accrued expenses and other liabilities	4,900,000	(8,000,000.0)	(24,600,000)
Performance allocations	(64,300,000)	(21,100,000)	117,900,000
Payment of performance fees	0	1,200,000
Loss from unconsolidated investments	(252,800,000)	178,400,000	389,000,000.0
Proceeds from investment, recurring monthly distributions	92,400,000	157,100,000	82,800,000
Gain (loss) on sale of real estate	$ 127,600,000	103,700,000	412,700,000
Number of joint ventures with unfulfilled capital commitments | jointVenture	8
Unfunded Capital Commitments To Joint Ventures
Schedule of Equity Method Investments [Line Items]
Other commitment	$ 187,700,000	$ 246,600,000
Equity Method Investments Closed-End Funds
Schedule of Equity Method Investments [Line Items]
Unfunded capital commitments	$ 73,500,000
Number of closed-end funds | fund	4
Development Project Equity Commitments
Schedule of Equity Method Investments [Line Items]
Unfunded capital commitments	$ 68,700,000
Vintage Housing Holdings
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property	1
Multifamily In Fund VI
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property	1
Multifamily In Europe Fund II
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | property	1
Multifamily
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate	$ 79,500,000
Multifamily | Western U.S.
Schedule of Equity Method Investments [Line Items]
Number of real estate properties sold | asset		2
Western United States Property
Schedule of Equity Method Investments [Line Items]
Gain (loss) on sale of real estate	15,100,000
Fair Value, Recurring
Schedule of Equity Method Investments [Line Items]
Unconsolidated investments	1,927,000,000	$ 2,093,700,000
Social Impact Real Estate Fund Manager
Schedule of Equity Method Investments [Line Items]
Write off of investments	$ 5,000,000
Co-Working Office Building
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	10.00%
Vintage Housing Holdings
Schedule of Equity Method Investments [Line Items]
Increase (decrease) in fair value of investment	$ 51,500,000
Investments in joint ventures	285,900,000	272,300,000
Loss from unconsolidated investments	63,000,000.0	119,800,000	$ 41,400,000
Proceeds from investment	59,100,000
Proceeds from investment, recurring monthly distributions	9,700,000
Proceeds from investment, paid developer fees at conversion	3,200,000
Proceeds from investment, sales and refinance	46,200,000
Joint Venture | Equity Method Investments
Schedule of Equity Method Investments [Line Items]
Accrued expenses and other liabilities	$ (64,300,000)	(21,100,000)
Joint Venture | Equity Method Investments | Western U.S.
Schedule of Equity Method Investments [Line Items]
Performance allocations		$ 6,800,000
Minimum | Various Comingled Funds And Separate Accounts
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	5.00%
Maximum | Various Comingled Funds And Separate Accounts
Schedule of Equity Method Investments [Line Items]
Ownership interest percentage	50.00%

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UNCONSOLIDATED INVESTMENTS - Schedule of Joint Ventures (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	$ 2,069.1	$ 2,238.1
Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	1,134.7	1,235.7
Commercial
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	370.1	404.6
Hotel
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	253.0	195.9
Funds
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	133.1	202.6
Residential and Other
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	178.2	199.3
Western U.S.
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	1,397.9	1,470.1
Western U.S. | Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	820.9	857.6
Western U.S. | Commercial
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	71.6	89.2
Western U.S. | Hotel
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	253.0	195.9
Western U.S. | Funds
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	96.2	158.3
Western U.S. | Residential and Other
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	156.2	169.1
Ireland
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	477.9	562.8
Ireland | Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	313.8	378.1
Ireland | Commercial
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	158.7	176.7
Ireland | Hotel
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	0.0	0.0
Ireland | Funds
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	5.4	8.0
Ireland | Residential and Other
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	0.0	0.0
United Kingdom
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	193.3	205.2
United Kingdom | Multifamily
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	0.0	0.0
United Kingdom | Commercial
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	139.8	138.7
United Kingdom | Hotel
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	0.0	0.0
United Kingdom | Funds
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	31.5	36.3
United Kingdom | Residential and Other
Schedule of Equity Method Investments [Line Items]
Investments in joint ventures	$ 22.0	$ 30.2

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UNCONSOLIDATED INVESTMENTS - Schedule of Cash Distributions by Investment Type and Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Operating	$ 69.2
Investing	92.4	$ 157.1	$ 82.8
Multifamily
Schedule of Equity Method Investments [Line Items]
Operating	44.4
Investing	74.2
Commercial
Schedule of Equity Method Investments [Line Items]
Operating	18.5
Investing	0.0
Funds
Schedule of Equity Method Investments [Line Items]
Operating	4.8
Investing	15.2
Residential and Other
Schedule of Equity Method Investments [Line Items]
Operating	1.5
Investing	3.0
Western U.S.
Schedule of Equity Method Investments [Line Items]
Operating	51.0
Investing	81.3
Western U.S. | Multifamily
Schedule of Equity Method Investments [Line Items]
Operating	36.1
Investing	74.2
Western U.S. | Commercial
Schedule of Equity Method Investments [Line Items]
Operating	9.4
Investing	0.0
Western U.S. | Funds
Schedule of Equity Method Investments [Line Items]
Operating	4.8
Investing	4.1
Western U.S. | Residential and Other
Schedule of Equity Method Investments [Line Items]
Operating	0.7
Investing	3.0
Ireland
Schedule of Equity Method Investments [Line Items]
Operating	17.4
Investing	0.0
Ireland | Multifamily
Schedule of Equity Method Investments [Line Items]
Operating	8.3
Investing	0.0
Ireland | Commercial
Schedule of Equity Method Investments [Line Items]
Operating	9.1
Investing	0.0
Ireland | Funds
Schedule of Equity Method Investments [Line Items]
Operating	0.0
Investing	0.0
Ireland | Residential and Other
Schedule of Equity Method Investments [Line Items]
Operating	0.0
Investing	0.0
United Kingdom
Schedule of Equity Method Investments [Line Items]
Operating	0.8
Investing	11.1
United Kingdom | Multifamily
Schedule of Equity Method Investments [Line Items]
Operating	0.0
Investing	0.0
United Kingdom | Commercial
Schedule of Equity Method Investments [Line Items]
Operating	0.0
Investing	0.0
United Kingdom | Funds
Schedule of Equity Method Investments [Line Items]
Operating	0.0
Investing	11.1
United Kingdom | Residential and Other
Schedule of Equity Method Investments [Line Items]
Operating	0.8
Investing	$ 0.0

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UNCONSOLIDATED INVESTMENTS - Schedule of Income (Loss) from Unconsolidated Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Income from unconsolidated investments - operating performance	$ 40.8	$ 80.2	$ 60.7
Income from unconsolidated investments - realized gains from cost basis investments	0.0	4.7	0.0
(Loss) income from unconsolidated investments - unrealized and realized fair value (losses) gains	(229.3)	114.6	213.5
Income from unconsolidated investments - realized losses and impairment	0.0	0.0	(3.1)
Principal co-investments	(188.5)	199.5	271.1
(Loss) income from unconsolidated investments - performance allocation	(64.3)	(21.1)	117.9
Total (loss) income from unconsolidated investments	$ (252.8)	$ 178.4	$ 389.0

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UNCONSOLIDATED INVESTMENTS - Schedule of Summarized Financial Data (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents		$ 313.7	$ 439.3
Accounts receivable		57.3	40.8
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		4,837.3	5,188.1
Other assets		187.5	216.1
Total assets	[1]	7,712.1	8,271.8
Liabilities
Total liabilities	[1]	5,913.7	6,261.4
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		1,755.1	1,964.0
Partners		43.3	46.4
Total equity		1,798.4	2,010.4	$ 1,803.9	$ 1,672.7
Total liabilities and equity		7,712.1	8,271.8
Interest expense		(259.2)	(220.8)	(192.4)
Other (loss) income		(5.0)	36.1	(5.0)
Net (loss) income		(281.4)	101.9	336.4
(Income) loss attributable to partner		22.4	8.2	6.0
Total (loss) income from unconsolidated investments		(252.8)	178.4	389.0
VHH
Equity
Unrealized fair value gains (losses)		114.4	270.7	77.4
Interest expense		(52.0)	(45.6)	(37.5)
Other (loss) income		(8.2)	0.0	(0.1)
(Income) loss attributable to partner		(93.7)	(195.3)	(78.3)
Total (loss) income from unconsolidated investments		63.0	119.8	41.4
MF Seed Portfolio
Equity
Unrealized fair value gains (losses)		(80.7)	56.1	140.6
Interest expense		(18.0)	(17.6)	(8.2)
Other (loss) income		(2.2)	(4.1)	(11.8)
(Income) loss attributable to partner		30.4	(33.0)	(54.8)
Total (loss) income from unconsolidated investments		(29.0)	45.1	88.9
Rental
Equity
Rental expenses		(152.6)	(151.2)	(132.7)
Rental | VHH
Equity
Total revenue		154.6	131.0	114.7
Rental expenses		(52.1)	(41.0)	(34.8)
Rental | MF Seed Portfolio
Equity
Total revenue		68.4	64.8	31.6
Rental expenses		(26.9)	(21.1)	(8.5)
VHH
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents		44.0	37.0
Accounts receivable		3.7	4.4
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		2,054.9	1,802.7
Other assets		0.3	2.0
Total assets		2,102.9	1,846.1
Liabilities
Accounts payable and accrued expenses		21.1	17.6
Mortgage debt		1,417.4	1,180.6
Total liabilities		1,438.5	1,198.2
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		285.9	271.8
Partners		378.5	376.1
Total equity		664.4	647.9
Total liabilities and equity		2,102.9	1,846.1
Net (loss) income		156.7	315.1	119.7
MF Seed Portfolio
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents		10.0	12.4
Accounts receivable		1.2	2.0
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		898.6	970.5
Other assets		1.8	1.1
Total assets		911.6	986.0
Liabilities
Accounts payable and accrued expenses		6.8	5.4
Mortgage debt		439.7	448.7
Total liabilities		446.5	454.1
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		246.6	291.9
Partners		218.5	240.0
Total equity		465.1	531.9
Total liabilities and equity		911.6	986.0
Net (loss) income		$ (59.4)	$ 78.1	$ 143.7

[1] The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2022 include $169.8 million (including cash held by consolidated investments of $6.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $137.8 million) and $82.4 million (including investment debt of $51.2 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	$ 1,927.0	$ 2,093.7
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	1,927.0	2,093.7
Total	1,903.3	2,100.7
Recurring | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	(23.7)	7.0
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	0.0	0.0
Total	0.0	0.0
Recurring | Level 1 | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	0.0	0.0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	0.0	0.0
Total	(23.7)	7.0
Recurring | Level 2 | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	(23.7)	7.0
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unconsolidated investments	1,927.0	2,093.7
Total	1,927.0	2,093.7
Recurring | Level 3 | Currency Derivative Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net currency derivative contracts	$ 0.0	$ 0.0

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) year property investment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of investments electing fair value option | investment	72
FV Option	$ 1,793.9	$ 1,891.1
Funds	133.1	$ 202.6
Deconsolidation, gain (loss)	$ 48.4
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Equity method investments, principal investments	Equity method investments, principal investments
Unrealized gains (losses), arising during the period	$ 22.1
Equity method investments, principal investments	(188.5)	$ 199.5	$ 271.1
Other comprehensive income	0.9
Reported Value Measurement
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt, fair value	5,300.0	5,600.0
Interest Rate Swap
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Equity method investments, principal investments	(5.2)	16.9
Other comprehensive income		1.1
Interest Rate Swap | Designated as Hedging Instrument
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair value gains	5.9	42.4
Foreign Currency Translation
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unrealized gains (losses), arising during the period	32.3
Other comprehensive income	$ 0.9
Foreign Currency Translation | Euro
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of debt hedged	97.00%
Foreign Currency Translation | GBP
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Percentage of debt hedged	95.00%
Currency Derivative Contracts and Interest Rate Swaps | Interest Rate Swap
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Unrealized gains (losses), arising during the period	$ 0.0
Fair value gains		7.4
Other comprehensive income	$ 0.0
Measurement Input, Holding Period | Valuation Technique, Discounted Cash Flow
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input | year	10
Measurement Input, Credit Spread | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0200
Measurement Input, Credit Spread | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0460
Measurement Input, Fixed Rate | Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0490
Measurement Input, Fixed Rate | Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Measurement input	0.0930
Level 3
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Change in unrealized gain (losses) on level 3 investments	$ (178.2)	120.8
Level 2 | Estimate of Fair Value Measurement
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Long-term debt, fair value	$ 4,800.0	5,000.0
MF Seed Portfolio
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Deconsolidation, gain (loss)			$ 178.8
Montiavo
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Deconsolidation, gain (loss)		$ 31.9
Equity interest sold, percentage		49.00%
Multifamily
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of lots | property	2
Multifamily | MF Seed Portfolio
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of lots | property	2
Number of asset | property			9
Multifamily Recapitalized To Vintage Housing Holdings | MF Seed Portfolio
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Number of lots | property	1

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Investments in Joint Ventures Held at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FV Option	$ 1,793.9	$ 1,891.1
Funds	133.1	202.6
Total	$ 1,927.0	$ 2,093.7

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Changes in Level 3 Investments (Details) - Equity Method Investments - Recurring - Level 3 - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,093.7	$ 1,794.8	$ 1,136.5
Unrealized and realized gains, including performance allocations	111.5	274.4	390.0
Unrealized and realized losses	(377.4)	(114.1)	(5.0)
Contributions	168.8	348.1	273.8
Distributions	(143.9)	(188.9)	(144.3)
Foreign exchange	25.0	(55.8)	(28.4)
Other	49.3	35.2	172.2
Ending balance	$ 1,927.0	$ 2,093.7	$ 1,794.8

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Range of Input (Details) - Level 3	Dec. 31, 2023
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Multifamily | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0570
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Multifamily | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0750
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Office | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0520
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Office | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0750
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Industrial | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0500
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Industrial | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0630
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Retail
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0650
Capitalization Rates | Valuation Technique, Discounted Cash Flow | Hotel
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0600
Capitalization Rates | Valuation Technique, Direct Capitalization | Multifamily | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0430
Capitalization Rates | Valuation Technique, Direct Capitalization | Multifamily | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0580
Capitalization Rates | Valuation Technique, Direct Capitalization | Office | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0450
Capitalization Rates | Valuation Technique, Direct Capitalization | Office | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0930
Capitalization Rates | Valuation Technique, Direct Capitalization | Industrial | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0410
Capitalization Rates | Valuation Technique, Direct Capitalization | Industrial | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0900
Discount Rates | Valuation Technique, Discounted Cash Flow | Multifamily | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0730
Discount Rates | Valuation Technique, Discounted Cash Flow | Multifamily | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1100
Discount Rates | Valuation Technique, Discounted Cash Flow | Office | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0750
Discount Rates | Valuation Technique, Discounted Cash Flow | Office | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0930
Discount Rates | Valuation Technique, Discounted Cash Flow | Industrial | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0630
Discount Rates | Valuation Technique, Discounted Cash Flow | Industrial | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0780
Discount Rates | Valuation Technique, Discounted Cash Flow | Retail
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0830
Discount Rates | Valuation Technique, Discounted Cash Flow | Hotel
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0830

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FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Currency Forward Contracts and Currency Option Contract (Details) € in Millions, £ in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
Derivative [Line Items]
Interest Expense	$ 259.2	$ 220.8	$ 192.4
Designated as Hedging Instrument | Foreign Currency Derivative Contracts | Level 2
Derivative [Line Items]
Hedge Asset	13.3
Hedge Liability	(37.0)
Change in Unrealized (Losses) Gains	(10.2)
Recognized Losses	(17.5)
Cash Paid	(2.1)
Deferred tax expense	4.7
Designated as Hedging Instrument | Foreign Currency Derivative Contracts | Level 2 | Interest Expense
Derivative [Line Items]
Interest Expense	6.3
Designated as Hedging Instrument | Derivatives Outstanding | Level 2
Derivative [Line Items]
Hedge Asset	13.3
Hedge Liability	(37.0)
Change in Unrealized (Losses) Gains	(12.1)
Recognized Losses	(17.5)
Cash Paid	0.0
Designated as Hedging Instrument | Derivatives Outstanding | Level 2 | Interest Expense
Derivative [Line Items]
Interest Expense	6.2
Designated as Hedging Instrument | Foreign Exchange Contract, One
Derivative [Line Items]
Notional | €				€ 287.5
Designated as Hedging Instrument | Foreign Exchange Contract, One | Level 2
Derivative [Line Items]
Hedge Asset	2.5
Hedge Liability	(18.1)
Change in Unrealized (Losses) Gains	(0.4)
Recognized Losses	(12.1)
Cash Paid	0.0
Designated as Hedging Instrument | Foreign Exchange Contract, One | Level 2 | Interest Expense
Derivative [Line Items]
Interest Expense	4.3
Designated as Hedging Instrument | Foreign Exchange Contract, Two | KWE
Derivative [Line Items]
Notional | €				40.0
Designated as Hedging Instrument | Foreign Exchange Contract, Two | Level 2 | KWE
Derivative [Line Items]
Hedge Asset	0.0
Hedge Liability	(0.4)
Change in Unrealized (Losses) Gains	(1.3)
Recognized Losses	0.0
Cash Paid	0.0
Designated as Hedging Instrument | Foreign Exchange Contract, Two | Level 2 | KWE | Interest Expense
Derivative [Line Items]
Interest Expense	0.0
Designated as Hedging Instrument | Foreign Exchange Contract, Three | KWE
Derivative [Line Items]
Notional | €				€ 475.0
Designated as Hedging Instrument | Foreign Exchange Contract, Three | Level 2 | KWE
Derivative [Line Items]
Hedge Asset	0.0
Hedge Liability	0.0
Change in Unrealized (Losses) Gains	11.6
Recognized Losses	0.0
Cash Paid	0.0
Designated as Hedging Instrument | Foreign Exchange Contract, Three | Level 2 | KWE | Interest Expense
Derivative [Line Items]
Interest Expense	0.0
Designated as Hedging Instrument | Foreign Exchange Contract, Four
Derivative [Line Items]
Notional | £					£ 475.0
Designated as Hedging Instrument | Foreign Exchange Contract, Four | Level 2
Derivative [Line Items]
Hedge Asset	10.8
Hedge Liability	(18.5)
Change in Unrealized (Losses) Gains	(22.0)
Recognized Losses	(5.4)
Cash Paid	0.0
Designated as Hedging Instrument | Foreign Exchange Contract, Four | Level 2 | Interest Expense
Derivative [Line Items]
Interest Expense	1.9
Designated as Hedging Instrument | Derivative Settled | Level 2
Derivative [Line Items]
Hedge Asset	0.0
Hedge Liability	0.0
Change in Unrealized (Losses) Gains	1.9
Recognized Losses	0.0
Cash Paid	(2.1)
Designated as Hedging Instrument | Derivative Settled | Level 2 | Interest Expense
Derivative [Line Items]
Interest Expense	0.1
Designated as Hedging Instrument | Foreign Exchange Contract, Six | Level 2
Derivative [Line Items]
Hedge Asset	0.0
Hedge Liability	0.0
Change in Unrealized (Losses) Gains	1.9
Recognized Losses	0.0
Cash Paid	(2.1)
Designated as Hedging Instrument | Foreign Exchange Contract, Six | Level 2 | Interest Expense
Derivative [Line Items]
Interest Expense	$ 0.1

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LOANS (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Committed capital, gross	$ 3,700.0	$ 4,100.0
Percentage of purchase price and future funding obligations		5.00%
Committed capital		$ 2,400.0
Percentage discount on gross commitment	4.50%	4.50%
Loan purchases and originations, net	$ 247.2	$ 247.2	$ 149.4
Loan income		562.6	540.0	$ 453.6
CECL loan reserve		7.0	0.0	0.0
Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Loan income		26.1	11.7	$ 8.6
Loan Platform Commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Other commitment	$ 87.7	87.7	$ 17.7
Kennedy Wilson
Financing Receivable, Allowance for Credit Loss [Line Items]
Committed capital		$ 118.9

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OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Other Assets [Abstract]
Straight line rent receivable	$ 45.8	$ 42.2
Goodwill	23.9	23.9
Prepaid expenses	13.1	12.7
Deferred taxes, net	10.0	9.4
Leasing commissions, net of accumulated amortization of $13.4 and $11.1 at December 31, 2023 and 2022, respectively	9.0	9.4
Right of use asset, net	$ 8.9	$ 12.2
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Other	$ 25.0	$ 13.7
Other Assets	187.5	216.1
Accumulated amortization, leasing commission	13.4	11.1
Accumulated depreciation, depletion and amortization, property, plant, and equipment	30.8	29.4
Accumulated amortization, above-market leases	42.4	53.0
Above Market Leases
Other Assets [Abstract]
Above-market leases, net of accumulated amortization of $42.4 and $53.0 at December 31, 2023 and 2022, respectively	2.5	3.9
Furniture and Equipment
Other Assets [Abstract]
Furniture and equipment net of accumulated depreciation of $30.8 and $29.4 at December 31, 2023 and 2022, respectively	7.0	13.4
Interest rate caps and swaps
Other Assets [Abstract]
Interest rate caps and swaps / Hedge assets	29.0	41.0
Hedge assets
Other Assets [Abstract]
Interest rate caps and swaps / Hedge assets	$ 13.3	$ 34.3

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OTHER ASSETS - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) lease	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate [Line Items]
Depreciation and amortization expense | $	$ 8.8	$ 10.2	$ 14.5
Rental expense | $	$ 0.7	$ 0.6	$ 0.7
Minimum
Real Estate [Line Items]
Remaining lease term	2 years
Maximum
Real Estate [Line Items]
Remaining lease term	235 years
Loans
Real Estate [Line Items]
Number of leases | lease	3
Land
Real Estate [Line Items]
Number of leases | lease	2

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OTHER ASSETS - Schedule of Future Minimum Rental Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
2024	$ 1.1
2025	1.0
2026	1.3
2027	1.4
2028	1.3
Thereafter	31.1
Total undiscounted rental payments	37.2
Less imputed interest	(28.3)
Right of Use Asset	$ 8.9
Interest Rates	Accrued expenses and other liabilities

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MORTGAGE DEBT - Schedule of Mortgage Debt (Details) - Mortgage debt - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	$ 2,854.6	$ 3,034.5
Unamortized loan fees	(13.7)	(16.5)
Total debt	2,840.9	3,018.0
Unamortized discount (premium)	1.0	0.6
Multifamily | Western U.S.
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	1,711.0	1,692.9
Commercial | Western U.S.
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	258.2	296.6
Commercial | United Kingdom
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	509.9	637.4
Commercial | Ireland
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	337.8	370.7
Commercial | Spain
Debt Instrument [Line Items]
Mortgage debt (excluding loan fees)	$ 37.7	$ 36.9

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MORTGAGE DEBT - Mortgage Debt, Additional Information (Details) - loan	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Number of existing mortgages refinanced	5
Number of investments with loans deconsolidated	3
Mortgage debt
Debt Instrument [Line Items]
Weighted-average interest rate of investment debt	5.10%	4.12%
Percent of property level debt with fixed rate	65.00%	65.00%
Percent of property level debt with floating rate and interest caps	35.00%	27.00%
Percent of property level debt with floating rate, without interest caps	0.00%	8.00%

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MORTGAGE DEBT - Schedule of Maturities (Details) - Mortgage debt - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 150.0
2025	201.6
2026	616.7
2027	411.3
2028	342.4
Thereafter	1,133.6
Long-term debt, gross	2,855.6
Unamortized debt discount	(1.0)
Unamortized loan fees	(13.7)	$ (16.5)
Total debt	$ 2,840.9	$ 3,018.0

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KW UNSECURED DEBT - Schedule of Unsecured Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
KW unsecured debt
Debt Instrument [Line Items]
KWE Euro Medium Term Note Programme	$ 1,953.5	$ 2,085.5
Unamortized loan fees	(19.2)	(22.9)
Total debt	1,934.3	2,062.6
Unamortized debt premium	3.1	3.5
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
KWE Euro Medium Term Note Programme	150.4	282.0
Senior Notes
Debt Instrument [Line Items]
KWE Euro Medium Term Note Programme	$ 1,803.1	$ 1,803.5

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KW UNSECURED DEBT - Borrowings Under Credit Facilities (Details) - Line of Credit - Revolving Credit Facility - USD ($)		12 Months Ended
	Mar. 25, 2020	Dec. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Debt outstanding		$ 150,400,000	$ 282,000,000.0
A&R Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 500,000,000
Maturity of extension		6 months
Maximum consolidated leverage ratio	65.00%
Minimum fixed charge coverage ratio	1.70
Fixed charge coverage ratio measurement period	12 months
Minimum tangible net worth	$ 1,700,000,000
Covenant, percent of new equity offerings	50.00%
Maximum recourse leverage multiplier	1.5
Maximum secured recourse leverage ratio	3.50%
Maximum liquidity value	$ 299,000,000
Maximum adjusted secured leverage ratio	55.00%
Minimum liquidity value	$ 75,000,000
Debt outstanding		$ 150,400,000
Remaining borrowing capacity		349,600,000
Average outstanding amount		$ 204,700,000
A&R Facility | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
A&R Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
A&R Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%

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KW UNSECURED DEBT - Senior Notes (Details)				12 Months Ended
	Apr. 01, 2021 USD ($)	Feb. 11, 2021 USD ($)	Feb. 09, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 23, 2021 USD ($)	Mar. 15, 2021 USD ($)	Jan. 27, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ 1,600,000	$ (27,500,000)	$ 45,700,000
Senior Notes
Debt Instrument [Line Items]
Maximum balance sheet leverage ratio		1.50		1.22
4.75% Senior Notes Due 2029 and 5% Senior Notes Due 2031 | Senior Notes
Debt Instrument [Line Items]
Redemption percentage of principal		100.00%
Redemption percentage of debt option		40.00%
4.75% Senior Notes Due 2029 and 5% Senior Notes Due 2031 | Senior Notes | Maximum
Debt Instrument [Line Items]
Redemption percentage of principal		101.00%
4.75% Senior Notes Due 2029 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 500,000,000						$ 100,000,000
Interest rate		4.75%
Loss on extinguishment of debt			$ 14,800,000			$ 11,700,000
Amount of extinguishment of debt	$ 573,100,000
5% Senior Notes Due 2031 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount		$ 500,000,000						$ 100,000,000
Interest rate		5.00%
Senior Notes Due 2030 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount							$ 600,000,000
Interest rate							4.75%
5.875% Senior Notes Due 2024 | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount										$ 1,200,000,000
Interest rate										5.875%
Repurchased face amount									$ 1,000,000,000
Total repurchase amount			$ 576,900,000

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KWE UNSECURED BONDS - Schedule of KWE Unsecured Bonds (Details) - KWE unsecured bonds - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 522.8	$ 506.4
Unamortized debt discount	1.0	1.5
KWE
Debt Instrument [Line Items]
Unamortized loan fees	(0.5)	(0.7)
Total debt	522.8	506.4
KWE | KWE Euro Medium Term Note Programme
Debt Instrument [Line Items]
KWE Euro Medium Term Note Programme	$ 523.3	$ 507.1

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KWE UNSECURED BONDS - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
(Loss) gain on early extinguishment of debt	$ (1.6)		$ 27.5		$ (45.7)
KWE | Foreign Exchange Contract, Three | Level 2 | Designated as Hedging Instrument
Debt Instrument [Line Items]
Change in Unrealized (Losses) Gains	$ 11.6
KWE unsecured bonds | KWE
Debt Instrument [Line Items]
Maximum percentage of total assets	60.00%	60.00%
Maximum ratio of consolidated secured indebtedness to total assets	50.00%	50.00%
Minimum interest coverage ratio	1.50	1.50
Minimum ratio of unencumbered assets to unsecured indebtedness	125.00%	125.00%
KWE unsecured bonds | KWE | KWE Notes
Debt Instrument [Line Items]
Proceeds from issuance of debt | €		€ 550,000,000
KWE unsecured bonds | KWE | KWE Euro Medium Term Note Programme
Debt Instrument [Line Items]
Proceeds from issuance of debt			$ 80.3	€ 75,000,000
Annual fixed coupon rate	3.25%	3.25%
Aggregate principal amount | €				€ 150,000,000
Percentage of par value			82.00%	82.00%
(Loss) gain on early extinguishment of debt			$ 13.9

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RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Total revenue	$ 562.6	$ 540.0	$ 453.6
Elimination
Related Party Transaction [Line Items]
Total revenue	0.0	0.0	0.0
Elimination | Management Service
Related Party Transaction [Line Items]
Total revenue	0.3	0.4	0.8
Related Party
Related Party Transaction [Line Items]
Total revenue	$ 61.9	$ 45.2	$ 35.3

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INCOME TAXES - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic	$ (238.8)	$ 88.5	$ 447.6
Foreign	(97.9)	49.6	14.9
Total	$ (336.7)	$ 138.1	$ 462.5

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INCOME TAXES - Schedule of (Benefit from) Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current	$ 0.0	$ 0.0	$ 0.0
Deferred	(66.0)	3.6	94.4
Total federal tax expense (benefit)	(66.0)	3.6	94.4
State
Current	0.7	0.3	(0.2)
Deferred	0.8	11.3	9.1
Total state tax expense (benefit)	1.5	11.6	8.9
Foreign
Current	9.9	17.6	14.2
Deferred	(0.7)	3.4	8.7
Total foreign tax expense (benefit)	9.2	21.0	22.9
(Benefit from) provision for income taxes	$ (55.3)	$ 36.2	$ 126.2

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INCOME TAXES - Reconciliation of the Statutory Federal Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory rate	21.00%
Income Tax Expense (Benefit), Continuing Operations, Income Tax Reconciliation [Abstract]
Tax computed at the statutory rate	$ (70.7)	$ 29.0	$ 97.1
Domestic permanent differences, primarily disallowed executive compensation	8.7	7.8	8.1
Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom	1.9	1.7	8.2
Effect of foreign operations, net of foreign tax credit	11.2	(8.8)	7.4
Noncontrolling interests	(5.1)	(1.1)	(2.6)
State income taxes, net of federal benefit	(7.8)	2.8	7.0
Other	6.5	4.8	1.0
(Benefit from) provision for income taxes	$ (55.3)	$ 36.2	$ 126.2

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INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Foreign currency translation	$ 4.8	$ 5.0
Net operating loss carryforward and credits	178.0	152.0
Depreciation and amortization	69.4	51.5
Investment basis difference	89.6	90.7
Stock option expense	1.7	2.0
Hedging transactions	15.5	10.0
Lease liability	0.1	0.1
Accrued reserves	7.9	9.5
Total deferred tax assets	367.0	320.8
Valuation allowance	(283.3)	(265.9)
Net deferred tax assets	83.7	54.9
Deferred tax liabilities:
Investment basis and reserve differences	304.1	344.9
Right of use asset	0.0	0.1
Prepaid expenses and other	3.7	3.7
Capitalized interest	0.1	1.0
Total deferred tax liabilities	307.9	349.7
Deferred tax liability, net	$ (224.2)	$ (294.8)

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INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Apr. 05, 2019	Dec. 31, 2018
Operating Loss Carryforwards [Line Items]
Deferred tax asset	$ 367.0	$ 320.8
Valuation allowance	283.3	265.9
Increase (decrease) in valuation on deferred tax assets	17.4	$ 8.8
KWE
Operating Loss Carryforwards [Line Items]
Valuation allowance	73.2			$ 98.3
Foreign partnership investment basis difference	74.6			$ 98.3
Her Majesty's Revenue and Customs (HMRC)
Operating Loss Carryforwards [Line Items]
Deferred tax asset			$ 107.0
Valuation allowance	156.2
Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	47.5
State and Local Jurisdiction | California
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	100.8
State and Local Jurisdiction | Other States
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	19.8
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	197.4
Tax credit	100.5
Operating loss carryforwards due to expire	$ 0.1

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COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Unfunded Capital Commitments To Joint Ventures
Other Commitments [Line Items]
Other commitment	$ 187.7	$ 246.6
Loan Platform Commitments
Other Commitments [Line Items]
Other commitment	87.7	$ 17.7
Development Project Equity Commitments
Other Commitments [Line Items]
Other commitment	$ 68.7

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STOCK COMPENSATION AND OTHER RELATED PLANS - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		961,045	1,221,362
Share-based payment arrangement, expense		$ 34.5	$ 29.0	$ 28.7
Performance allocation compensation		$ (15.1)	(4.3)	42.0
Performance fees retained, percent		35.00%
Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance allocation compensation		$ 8.2	9.2	11.8
Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance allocation compensation		$ (15.1)	$ (4.3)	$ 42.0
Year One | Deferred Profit Sharing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		60.00%
Vesting period		4 years
Year Two | Deferred Bonus
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liquidity percentage		40.00%
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares paid for tax withholding for share-based compensation (in shares)		781,303	834,911	967,536
Payments related to tax withholding for share-based compensation		$ 13.4	$ 18.6	$ 20.5
Share-based payment arrangement, expense		$ 34.5	$ 29.0	$ 28.7
2017 Amended and Restated Plan | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years	3 years
Postvesting restriction period	3 years
Discount for postvesting restrictions, percent	12.50%
Unrecognized compensation cost related to unvested restricted shares		$ 24.6
Unvested shares period for recognition		3 years
2017 Amended and Restated Plan | Performance Shares | MSCI Index Relative Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		100.00%
2017 Amended and Restated Plan | Performance Shares, Restricted Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		3,400,000	2,800,000	2,400,000
2017 Amended and Restated Plan | Performance Shares, Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				100,000
2017 Amended and Restated Plan | Restricted Stock, Return on Equity | Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
2017 Amended and Restated Plan | Restricted Stock, Return on Equity | Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
2017 Amended and Restated Plan | Restricted Stock, Return on Equity | Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
2017 Amended and Restated Plan | Restricted Stock, Time-Based | Year One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
2017 Amended and Restated Plan | Restricted Stock, Time-Based | Year Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%
2017 Amended and Restated Plan | Restricted Stock, Time-Based | Year Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	33.33%

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STOCK COMPENSATION AND OTHER RELATED PLANS - Schedule of Activity under the New Equity Plan (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Shares:
Nonvested at beginning of period (in shares)	1,700,558	1,314,106
Granted (in shares)	961,045	1,221,362
Vested (in shares)	(781,303)	(834,910)
Forfeited (in shares)	(267,031)	0
Nonvested at end of period (in shares)	1,613,269	1,700,558

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EQUITY - Preferred Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jun. 16, 2023	Mar. 08, 2022
Class of Stock [Line Items]
Warrants term	7 years	7 years
Number of shares issued in transaction (in shares)	12.3	13.0
Exercise price of warrants (in USD per share)	$ 16.21	$ 23.00
Private Placement
Class of Stock [Line Items]
Annual dividend rate	6.00%	4.75%
Preferred Stock | Private Placement
Class of Stock [Line Items]
Considerations received on issuance of stock	$ 200	$ 300

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EQUITY - At-the-Market Equity Offering Program (Details) - ATM Program - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	May 31, 2022
Class of Stock [Line Items]
Maximum receivable amount		$ 200.0
Sale of stock, shares issued (in shares)	1,690,743
Sale of stock, considerations received, net of issuance costs	$ 29.8

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EQUITY - Common Stock Repurchase Program (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 03, 2020	Mar. 20, 2018
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 500,000,000	$ 250,000,000
Shares retired due to common stock repurchase program	$ 7,500,000	$ 12,600,000	$ 62,700,000
Common Stock
Class of Stock [Line Items]
Shares retired due to common stock repurchase program (in shares)	666,701	551,162	2,824,665
Shares retired due to common stock repurchase program	$ 7,500,000	$ 12,600,000

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EQUITY - Schedule of Dividend Distributions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Declared
Preferred Stock	$ 38.0	$ 28.9	$ 17.2
Common Stock	133.6	132.3	125.8
Paid
Preferred Stock	35.5	25.9	17.2
Common Stock	$ 136.0	$ 134.6	$ 123.5

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EQUITY - Schedule of Taxability of Dividends (Details) - $ / shares					12 Months Ended
	Oct. 05, 2023	Jul. 06, 2023	Apr. 06, 2023	Jan. 05, 2023	Dec. 31, 2023
Equity [Abstract]
Distributions Per Share (in dollars per share)	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.9600
Ordinary Dividends (in dollars per share)	0	0	0	0	0
Return of Capital (in dollars per share)	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.2400	$ 0.9600

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EQUITY - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 2,010.4	$ 1,803.9
Unrealized gains (losses), arising during the period	22.1
Taxes on unrealized (gains) losses, arising during the period	4.5
Noncontrolling interest	(0.9)
Balance at end of period	1,798.4	2,010.4
Accumulated other comprehensive loss	(404.4)	(430.1)
Interest Rate Swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Noncontrolling interest		(1.1)
Total Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(71.7)
Balance at end of period	(46.0)	(71.7)
Foreign Currency Translation
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(156.9)
Unrealized gains (losses), arising during the period	32.3
Taxes on unrealized (gains) losses, arising during the period	(0.2)
Noncontrolling interest	(0.9)
Balance at end of period	(125.7)	(156.9)
Currency Derivative Contracts and Interest Rate Swaps | Foreign Currency Derivative Contracts
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	82.0
Unrealized gains (losses), arising during the period	(10.2)
Taxes on unrealized (gains) losses, arising during the period	4.7
Noncontrolling interest	0.0
Balance at end of period	76.5	82.0
Currency Derivative Contracts and Interest Rate Swaps | Interest Rate Swaps
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	3.2
Unrealized gains (losses), arising during the period	0.0
Taxes on unrealized (gains) losses, arising during the period	0.0
Noncontrolling interest	0.0
Balance at end of period	3.2	$ 3.2
Noncontrolling Interest Holders
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Accumulated other comprehensive loss	$ (358.4)

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EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$ (341.8)	$ 64.8	$ 313.2
Weighted average shares outstanding for basic (in shares)	138,930,517	136,900,875	138,552,058
(Loss) income per share - basic (in dollars per share)	$ (2.46)	$ 0.47	$ 2.26
Weighted average shares outstanding for diluted (in shares)	138,930,517	138,567,534	140,132,435
(Loss) income per share - diluted (in dollars per share)	$ (2.46)	$ 0.47	$ 2.24
Potentially dilutive securities (in shares)	42,977,012	26,958,511	13,572,590

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SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting Information [Line Items]
Number of operating segments	2
Minimum
Segment Reporting Information [Line Items]
Average ownership interest in investments	5.00%
Maximum
Segment Reporting Information [Line Items]
Average ownership interest in investments	50.00%

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SEGMENT INFORMATION - Schedule of Income and Expense Activity by Segment (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Total revenue		$ 562.6	$ 540.0	$ 453.6
Principal co-investments		(188.5)	199.5	271.1
Performance allocations		(64.3)	(21.1)	117.9
Total (loss) income from unconsolidated investments		(252.8)	178.4	389.0
Gain on sale of real estate, net		127.6	103.7	412.7
Expenses
Performance allocation compensation		(15.1)	(4.3)	42.0
General and administrative		35.7	37.2	33.3
Depreciation and amortization		157.8	172.9	166.3
Total expenses		508.3	526.8	549.6
Non-operating income (expense)
Interest expense		(259.2)	(220.8)	(192.4)
(Loss) gain on early extinguishment of debt		(1.6)	27.5	(45.7)
Other (loss) income		(5.0)	36.1	(5.0)
(Provision for) benefit from income taxes		55.3	(36.2)	(126.2)
Net (loss) income		(281.4)	101.9	336.4
Net income attributable to the noncontrolling interests		(22.4)	(8.2)	(6.0)
Preferred dividends		(38.0)	(28.9)	(17.2)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders		(341.8)	64.8	313.2
Assets
Total assets	[1]	7,712.1	8,271.8
Expenditures for long lived assets
Investments		(217.2)	(569.1)	(1,271.0)
Rental
Revenue
Total revenue		415.3	434.9	390.5
Expenses
Cost of goods and services		152.6	151.2	132.7
Hotel
Revenue
Total revenue		57.1	46.9	17.1
Expenses
Cost of goods and services		37.9	29.5	12.7
Investment management fees
Revenue
Total revenue		61.9	44.8	35.3
Loans
Revenue
Total revenue		26.1	11.7	8.6
Other
Revenue
Total revenue		2.2	1.7	2.1
Compensation and related
Expenses
Cost of goods and services		139.4	140.3	162.6
Operating Segments | Consolidated
Revenue
Total revenue		472.4	481.8	407.6
Principal co-investments		0.0	0.0	0.0
Performance allocations		0.0	0.0	0.0
Total (loss) income from unconsolidated investments		0.0	0.0	0.0
Gain on sale of real estate, net		127.6	103.7	412.7
Expenses
Performance allocation compensation		0.0	0.0	0.0
General and administrative		15.5	14.7	18.5
Depreciation and amortization		157.8	172.9	166.3
Total expenses		406.5	409.8	390.6
Non-operating income (expense)
Interest expense		(162.0)	(128.2)	(119.1)
(Loss) gain on early extinguishment of debt		(1.6)	27.5	(19.2)
Other (loss) income		2.3	20.8	(4.7)
(Provision for) benefit from income taxes		(9.6)	(21.0)	(23.0)
Net (loss) income		22.6	74.8	263.7
Net income attributable to the noncontrolling interests		(22.4)	(8.2)	(6.0)
Preferred dividends		0.0	0.0	0.0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders		0.2	66.6	257.7
Assets
Total assets		5,196.3	5,684.1
Operating Segments | Consolidated | Rental
Revenue
Total revenue		415.3	434.9	390.5
Expenses
Cost of goods and services		152.6	151.2	132.7
Operating Segments | Consolidated | Hotel
Revenue
Total revenue		57.1	46.9	17.1
Expenses
Cost of goods and services		37.9	29.5	12.7
Operating Segments | Consolidated | Investment management fees
Revenue
Total revenue		0.0	0.0	0.0
Operating Segments | Consolidated | Loans
Revenue
Total revenue		0.0	0.0	0.0
Operating Segments | Consolidated | Other
Revenue
Total revenue		0.0	0.0	0.0
Operating Segments | Consolidated | Compensation and related
Expenses
Cost of goods and services		42.7	41.5	60.4
Operating Segments | Co-Investments
Revenue
Total revenue		88.0	56.5	43.9
Principal co-investments		(188.5)	199.5	271.1
Performance allocations		(64.3)	(21.1)	117.9
Total (loss) income from unconsolidated investments		(252.8)	178.4	389.0
Gain on sale of real estate, net		0.0	0.0	0.0
Expenses
Performance allocation compensation		(15.1)	(4.3)	42.0
General and administrative		12.7	14.8	8.5
Depreciation and amortization		0.0	0.0	0.0
Total expenses		36.6	55.1	90.9
Non-operating income (expense)
Interest expense		0.0	0.0	0.0
(Loss) gain on early extinguishment of debt		0.0	0.0	0.0
Other (loss) income		(7.0)	0.0	0.0
(Provision for) benefit from income taxes		0.0	0.0	0.0
Net (loss) income		(208.4)	179.8	342.0
Net income attributable to the noncontrolling interests		0.0	0.0	0.0
Preferred dividends		0.0	0.0	0.0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders		(208.4)	179.8	342.0
Assets
Total assets		2,316.3	2,387.5
Operating Segments | Co-Investments | Rental
Revenue
Total revenue		0.0	0.0	0.0
Expenses
Cost of goods and services		0.0	0.0	0.0
Operating Segments | Co-Investments | Hotel
Revenue
Total revenue		0.0	0.0	0.0
Expenses
Cost of goods and services		0.0	0.0	0.0
Operating Segments | Co-Investments | Investment management fees
Revenue
Total revenue		61.9	44.8	35.3
Operating Segments | Co-Investments | Loans
Revenue
Total revenue		26.1	11.7	8.6
Operating Segments | Co-Investments | Other
Revenue
Total revenue		0.0	0.0	0.0
Operating Segments | Co-Investments | Compensation and related
Expenses
Cost of goods and services		39.0	44.6	40.4
Corporate
Revenue
Total revenue		2.2	1.7	2.1
Principal co-investments		0.0	0.0	0.0
Performance allocations		0.0	0.0	0.0
Total (loss) income from unconsolidated investments		0.0	0.0	0.0
Gain on sale of real estate, net		0.0	0.0	0.0
Expenses
Performance allocation compensation		0.0	0.0	0.0
General and administrative		7.5	7.7	6.3
Depreciation and amortization		0.0	0.0	0.0
Total expenses		65.2	61.9	68.1
Non-operating income (expense)
Interest expense		(97.2)	(92.6)	(73.3)
(Loss) gain on early extinguishment of debt		0.0	0.0	(26.5)
Other (loss) income		(0.3)	15.3	(0.3)
(Provision for) benefit from income taxes		64.9	(15.2)	(103.2)
Net (loss) income		(95.6)	(152.7)	(269.3)
Net income attributable to the noncontrolling interests		0.0	0.0	0.0
Preferred dividends		(38.0)	(28.9)	(17.2)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders		(133.6)	(181.6)	(286.5)
Assets
Total assets		199.5	200.2
Corporate | Rental
Revenue
Total revenue		0.0	0.0	0.0
Expenses
Cost of goods and services		0.0	0.0	0.0
Corporate | Hotel
Revenue
Total revenue		0.0	0.0	0.0
Expenses
Cost of goods and services		0.0	0.0	0.0
Corporate | Investment management fees
Revenue
Total revenue		0.0	0.0	0.0
Corporate | Loans
Revenue
Total revenue		0.0	0.0	0.0
Corporate | Other
Revenue
Total revenue		2.2	1.7	2.1
Corporate | Compensation and related
Expenses
Cost of goods and services		$ 57.7	$ 54.2	$ 61.8

[1] The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2022 include $169.8 million (including cash held by consolidated investments of $6.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $137.8 million) and $82.4 million (including investment debt of $51.2 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

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SEGMENT INFORMATION - Schedule of Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 562.6	$ 540.0	$ 453.6
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	334.1	317.5	278.1
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 228.5	$ 222.5	$ 175.5

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GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS - Schedule of Condensed Consolidating Balance Sheet (Details) - USD ($) $ in Millions		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents		$ 313.7	$ 439.3
Accounts receivable		57.3	40.8
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		4,837.3	5,188.1
Unconsolidated investments		2,069.1	2,238.1
Investments in and advances to consolidated subsidiaries		0.0	0.0
Other assets		187.5	216.1
Loan purchases and originations, net		247.2	149.4
Total assets	[1]	7,712.1	8,271.8
Liabilities
Accounts payable		17.9	16.2
Accrued expenses and other liabilities		597.8	658.2
Total liabilities	[1]	5,913.7	6,261.4
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		1,755.1	1,964.0
Noncontrolling interests		43.3	46.4
Total equity		1,798.4	2,010.4	$ 1,803.9	$ 1,672.7
Total liabilities and equity		7,712.1	8,271.8
Mortgage debt
Liabilities
Debt		2,840.9	3,018.0
KW unsecured debt
Liabilities
Debt		1,934.3	2,062.6
KWE unsecured bonds
Liabilities
Debt		522.8	506.4
Reportable Legal Entities | Parent
Assets
Cash and cash equivalents		0.0	0.0
Accounts receivable		0.0	0.0
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		0.0	0.0
Unconsolidated investments		0.0	0.0
Investments in and advances to consolidated subsidiaries		1,800.4	2,009.0
Other assets		0.0	0.0
Loan purchases and originations, net		0.0	0.0
Total assets		1,800.4	2,009.0
Liabilities
Accounts payable		0.0	0.0
Accrued expenses and other liabilities		45.3	45.0
Total liabilities		45.3	45.0
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		1,755.1	1,964.0
Noncontrolling interests		0.0	0.0
Total equity		1,755.1	1,964.0
Total liabilities and equity		1,800.4	2,009.0
Reportable Legal Entities | Parent | Mortgage debt
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Parent | KW unsecured debt
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Parent | KWE unsecured bonds
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Kennedy-Wilson, Inc.
Assets
Cash and cash equivalents		73.3	91.5
Accounts receivable		0.9	0.1
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		0.0	0.0
Unconsolidated investments		14.6	15.9
Investments in and advances to consolidated subsidiaries		3,938.2	4,289.3
Other assets		59.4	85.7
Loan purchases and originations, net		0.7	5.8
Total assets		4,087.1	4,488.3
Liabilities
Accounts payable		0.5	0.5
Accrued expenses and other liabilities		351.9	416.2
Total liabilities		2,286.7	2,479.3
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		1,800.4	2,009.0
Noncontrolling interests		0.0	0.0
Total equity		1,800.4	2,009.0
Total liabilities and equity		4,087.1	4,488.3
Reportable Legal Entities | Kennedy-Wilson, Inc. | Mortgage debt
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Kennedy-Wilson, Inc. | KW unsecured debt
Liabilities
Debt		1,934.3	2,062.6
Reportable Legal Entities | Kennedy-Wilson, Inc. | KWE unsecured bonds
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Guarantor Subsidiaries
Assets
Cash and cash equivalents		99.4	59.6
Accounts receivable		22.0	18.2
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		1,522.3	1,656.8
Unconsolidated investments		652.0	698.6
Investments in and advances to consolidated subsidiaries		2,511.6	2,850.0
Other assets		51.6	50.5
Loan purchases and originations, net		214.8	111.6
Total assets		5,073.7	5,445.3
Liabilities
Accounts payable		6.0	4.0
Accrued expenses and other liabilities		91.5	76.5
Total liabilities		1,135.5	1,156.0
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		3,938.2	4,289.3
Noncontrolling interests		0.0	0.0
Total equity		3,938.2	4,289.3
Total liabilities and equity		5,073.7	5,445.3
Reportable Legal Entities | Guarantor Subsidiaries | Mortgage debt
Liabilities
Debt		1,038.0	1,075.5
Reportable Legal Entities | Guarantor Subsidiaries | KW unsecured debt
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Guarantor Subsidiaries | KWE unsecured bonds
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Non-guarantor Subsidiaries
Assets
Cash and cash equivalents		141.0	288.2
Accounts receivable		34.4	22.5
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		3,315.0	3,531.3
Unconsolidated investments		1,402.5	1,523.6
Investments in and advances to consolidated subsidiaries		0.0	0.0
Other assets		76.5	79.9
Loan purchases and originations, net		31.7	32.0
Total assets		5,001.1	5,477.5
Liabilities
Accounts payable		11.4	11.7
Accrued expenses and other liabilities		109.1	120.5
Total liabilities		2,446.2	2,581.1
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		2,511.6	2,850.0
Noncontrolling interests		43.3	46.4
Total equity		2,554.9	2,896.4
Total liabilities and equity		5,001.1	5,477.5
Reportable Legal Entities | Non-guarantor Subsidiaries | Mortgage debt
Liabilities
Debt		1,802.9	1,942.5
Reportable Legal Entities | Non-guarantor Subsidiaries | KW unsecured debt
Liabilities
Debt		0.0	0.0
Reportable Legal Entities | Non-guarantor Subsidiaries | KWE unsecured bonds
Liabilities
Debt		522.8	506.4
Elimination
Assets
Cash and cash equivalents		0.0	0.0
Accounts receivable		0.0	0.0
Real estate and acquired in place lease values, net of accumulated depreciation and amortization, net		0.0	0.0
Unconsolidated investments		0.0	0.0
Investments in and advances to consolidated subsidiaries		(8,250.2)	(9,148.3)
Other assets		0.0	0.0
Loan purchases and originations, net		0.0	0.0
Total assets		(8,250.2)	(9,148.3)
Liabilities
Accounts payable		0.0	0.0
Accrued expenses and other liabilities		0.0	0.0
Total liabilities		0.0	0.0
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity		(8,250.2)	(9,148.3)
Noncontrolling interests		0.0	0.0
Total equity		(8,250.2)	(9,148.3)
Total liabilities and equity		(8,250.2)	(9,148.3)
Elimination | Mortgage debt
Liabilities
Debt		0.0	0.0
Elimination | KW unsecured debt
Liabilities
Debt		0.0	0.0
Elimination | KWE unsecured bonds
Liabilities
Debt		$ 0.0

[1] The assets and liabilities as of December 31, 2023 include $154.9 million (including cash held by consolidated investments of $3.6 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $121.8 million) and $101.4 million (including investment debt of $54.9 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2022 include $169.8 million (including cash held by consolidated investments of $6.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $137.8 million) and $82.4 million (including investment debt of $51.2 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.

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GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS - Schedule of Condensed Consolidating Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Condensed Financial Statements, Captions [Line Items]
Total revenue	$ 562.6	$ 540.0	$ 453.6
Total loss from unconsolidated investments	(252.8)	178.4	389.0
Gain on sale of real estate, net	127.6	103.7	412.7
Total expenses	508.3	526.8	549.6
Loss from consolidated subsidiaries	0.0	0.0	0.0
Interest expense	(259.2)	(220.8)	(192.4)
(Loss) gain on early extinguishment of debt	(1.6)	27.5	(45.7)
Other income (loss)	(5.0)	36.1	(5.0)
(Loss) income before benefit from (provision for) income taxes	(336.7)	138.1	462.6
Benefit from (provision for) income taxes	55.3	(36.2)	(126.2)
Net (loss) income	(281.4)	101.9	336.4
Net income attributable to the noncontrolling interests	(22.4)	(8.2)	(6.0)
Preferred dividends	(38.0)	(28.9)	(17.2)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(341.8)	64.8	313.2
Reportable Legal Entities | Parent
Condensed Financial Statements, Captions [Line Items]
Total revenue	0.0	0.0	0.0
Total loss from unconsolidated investments	0.0	0.0	0.0
Gain on sale of real estate, net	0.0	0.0	0.0
Total expenses	35.1	29.0	31.8
Loss from consolidated subsidiaries	(246.7)	130.8	368.2
Interest expense	0.0	0.0	0.0
(Loss) gain on early extinguishment of debt	0.0	0.0	0.0
Other income (loss)	0.4	0.1	0.0
(Loss) income before benefit from (provision for) income taxes	(281.4)	101.9	336.4
Benefit from (provision for) income taxes	0.0	0.0	0.0
Net (loss) income	(281.4)	101.9	336.4
Net income attributable to the noncontrolling interests	0.0	0.0	0.0
Preferred dividends	(38.0)	(28.9)	(17.2)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(319.4)	73.0	319.2
Reportable Legal Entities | Kennedy-Wilson, Inc.
Condensed Financial Statements, Captions [Line Items]
Total revenue	0.2	0.2	0.3
Total loss from unconsolidated investments	0.0	1.1	3.2
Gain on sale of real estate, net	0.0	0.0	(1.7)
Total expenses	82.1	92.7	108.1
Loss from consolidated subsidiaries	(131.5)	314.4	676.8
Interest expense	(97.2)	(92.6)	(73.3)
(Loss) gain on early extinguishment of debt	0.0	0.0	(26.5)
Other income (loss)	(0.9)	15.6	0.7
(Loss) income before benefit from (provision for) income taxes	(311.5)	146.0	471.4
Benefit from (provision for) income taxes	64.8	(15.2)	(103.2)
Net (loss) income	(246.7)	130.8	368.2
Net income attributable to the noncontrolling interests	0.0	0.0	0.0
Preferred dividends	0.0	0.0	0.0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(246.7)	130.8	368.2
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenue	239.6	225.1	208.8
Total loss from unconsolidated investments	(110.5)	12.0	99.0
Gain on sale of real estate, net	98.8	68.1	129.6
Total expenses	158.5	172.5	214.8
Loss from consolidated subsidiaries	(147.5)	230.7	508.7
Interest expense	(45.0)	(41.8)	(43.3)
(Loss) gain on early extinguishment of debt	(2.0)	(1.6)	(0.6)
Other income (loss)	(6.4)	(1.3)	(1.2)
(Loss) income before benefit from (provision for) income taxes	(131.5)	318.7	686.2
Benefit from (provision for) income taxes	0.0	(4.3)	(9.4)
Net (loss) income	(131.5)	314.4	676.8
Net income attributable to the noncontrolling interests	0.0	0.0	0.0
Preferred dividends	0.0	0.0	0.0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(131.5)	314.4	676.8
Reportable Legal Entities | Non-guarantor Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Total revenue	322.8	314.7	244.5
Total loss from unconsolidated investments	(142.3)	165.3	286.8
Gain on sale of real estate, net	28.8	35.6	284.8
Total expenses	232.6	232.6	194.9
Loss from consolidated subsidiaries	0.0	0.0	0.0
Interest expense	(117.0)	(86.4)	(75.8)
(Loss) gain on early extinguishment of debt	0.4	29.1	(18.6)
Other income (loss)	1.9	21.7	(4.5)
(Loss) income before benefit from (provision for) income taxes	(138.0)	247.4	522.3
Benefit from (provision for) income taxes	(9.5)	(16.7)	(13.6)
Net (loss) income	(147.5)	230.7	508.7
Net income attributable to the noncontrolling interests	(22.4)	(8.2)	(6.0)
Preferred dividends	0.0	0.0	0.0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	(169.9)	222.5	502.7
Elimination
Condensed Financial Statements, Captions [Line Items]
Total revenue	0.0	0.0	0.0
Total loss from unconsolidated investments	0.0	0.0
Gain on sale of real estate, net	0.0	0.0	0.0
Total expenses	0.0	0.0	0.0
Loss from consolidated subsidiaries	525.7	(675.9)	(1,553.7)
Interest expense	0.0		0.0
(Loss) gain on early extinguishment of debt	0.0	0.0	0.0
Other income (loss)	0.0		0.0
(Loss) income before benefit from (provision for) income taxes	525.7	(675.9)	(1,553.7)
Benefit from (provision for) income taxes	0.0	0.0	0.0
Net (loss) income	525.7	(675.9)	(1,553.7)
Net income attributable to the noncontrolling interests	0.0	0.0	0.0
Preferred dividends	0.0	0.0	0.0
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$ 525.7	$ (675.9)	$ (1,553.7)

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SUBSEQUENT EVENTS (Details) $ in Millions	2 Months Ended	12 Months Ended
	Feb. 22, 2024 USD ($) property	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property
Subsequent Event [Line Items]
Borrowings under line of credit/term loan		$ 50.0	$ 528.4	$ 314.3
Gain (loss) on sale of real estate		127.6	$ 103.7	$ 412.7
Office building | United Kingdom
Subsequent Event [Line Items]
Number of real estate properties sold | property				19
Revolving Credit Facility | A&R Facility | Line of Credit
Subsequent Event [Line Items]
Remaining borrowing capacity		$ 349.6
Subsequent Event
Subsequent Event [Line Items]
Sales price of real estate properties sold	$ 340.0
Cash proceeds from sale of real estate properties, net	240.0
Debt repayments	90.0
Gain (loss) on sale of real estate	$ 100.0
Subsequent Event | Hotel | Ireland
Subsequent Event [Line Items]
Number of real estate properties sold | property	1
Subsequent Event | Office building | Pacific Northwest
Subsequent Event [Line Items]
Number of real estate properties sold | property	1
Subsequent Event | Retail | United Kingdom
Subsequent Event [Line Items]
Number of real estate properties sold | property	1
Subsequent Event | Revolving Credit Facility | A&R Facility | Line of Credit
Subsequent Event [Line Items]
Borrowings under line of credit/term loan	$ 75.0
Remaining borrowing capacity	$ 274.6

XML

Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Millions	Dec. 31, 2023 USD ($) Unit lot property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 2,854.6
Initial Cost
Land	1,206.8
Building & Improvements	3,762.8
Costs Capitalized Subsequent to Acquisition
Improvements	511.2
Gross Balance at December 31, 2020
Land	1,328.3
Building & Improvements	4,190.4
Total	5,518.7	$ 5,775.3	$ 5,567.3	$ 5,207.7
Accumulated Depreciation	(702.1)	$ (619.6)	$ (564.0)	$ (551.8)
Aggregate tax basis of all properties	$ 4,512.9
Multifamily
Gross Balance at December 31, 2020
Number of lots | property	2
Southern California | Commercial | Office, Constructed 1955, 1981, 1982
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 35.0
Initial Cost
Land	11.2
Building & Improvements	18.5
Costs Capitalized Subsequent to Acquisition
Improvements	34.8
Gross Balance at December 31, 2020
Land	11.5
Building & Improvements	54.3
Total	65.8
Accumulated Depreciation	$ (11.7)
Depreciable Life in Years	39 years
Southern California | Commercial | Office 1, Constructed 1982
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 22.3
Initial Cost
Land	31.8
Building & Improvements	60.6
Costs Capitalized Subsequent to Acquisition
Improvements	26.8
Gross Balance at December 31, 2020
Land	31.8
Building & Improvements	87.3
Total	119.1
Accumulated Depreciation	$ (22.3)
Depreciable Life in Years	39 years
Southern California | Commercial | Office, Constructed 1968
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 28.6
Initial Cost
Land	11.6
Building & Improvements	36.5
Costs Capitalized Subsequent to Acquisition
Improvements	5.8
Gross Balance at December 31, 2020
Land	11.6
Building & Improvements	42.3
Total	53.9
Accumulated Depreciation	$ (11.4)
Depreciable Life in Years	39 years
Southern California | Commercial | Office 2, Constructed 1982
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 35.0
Initial Cost
Land	20.7
Building & Improvements	47.9
Costs Capitalized Subsequent to Acquisition
Improvements	26.1
Gross Balance at December 31, 2020
Land	20.7
Building & Improvements	53.9
Total	74.6
Accumulated Depreciation	$ (13.8)
Depreciable Life in Years	39 years
Southern California | Multifamily | 460 Unit Asset, Constructed 1988
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 79.4
Initial Cost
Land	13.2
Building & Improvements	53.0
Costs Capitalized Subsequent to Acquisition
Improvements	9.6
Gross Balance at December 31, 2020
Land	13.2
Building & Improvements	62.6
Total	75.8
Accumulated Depreciation	$ (17.8)
Depreciable Life in Years	39 years
Number of units | Unit	460
Southern California | Multifamily | 386 Unit Asset, Constructed 2002
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 66.0
Initial Cost
Land	0.0
Building & Improvements	81.4
Costs Capitalized Subsequent to Acquisition
Improvements	9.9
Gross Balance at December 31, 2020
Land	0.0
Building & Improvements	91.3
Total	91.3
Accumulated Depreciation	$ (21.3)
Depreciable Life in Years	39 years
Number of units | Unit	386
Southern California | Multifamily | 310 Unit Multifamily
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 26.1
Initial Cost
Land	0.6
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	88.8
Building & Improvements	0.0
Total	88.8
Accumulated Depreciation	$ 0.0
Depreciable Life in Years	39 years
Number of units | Unit	310
Southern California | Development | Multifamily, Acquired 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	6.0
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	5.1
Gross Balance at December 31, 2020
Land	6.5
Building & Improvements	5.1
Total	11.6
Accumulated Depreciation	0.0
United Kingdom | Commercial | Commercial Portfolio 1, Acquired 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0.0
Initial Cost
Land	16.6
Building & Improvements	3.9
Costs Capitalized Subsequent to Acquisition
Improvements	5.9
Gross Balance at December 31, 2020
Land	1.3
Building & Improvements	16.3
Total	17.6
Accumulated Depreciation	$ (3.9)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Commercial Portfolio 2, Acquired 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	34.3
Building & Improvements	208.2
Costs Capitalized Subsequent to Acquisition
Improvements	9.9
Gross Balance at December 31, 2020
Land	19.8
Building & Improvements	160.1
Total	179.9
Accumulated Depreciation	$ (45.9)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Office, Constructed 2003
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 181.1
Initial Cost
Land	85.3
Building & Improvements	232.0
Costs Capitalized Subsequent to Acquisition
Improvements	28.0
Gross Balance at December 31, 2020
Land	78.0
Building & Improvements	214.8
Total	292.8
Accumulated Depreciation	$ (66.0)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Retail, Constructed 2010
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	6.2
Building & Improvements	109.5
Costs Capitalized Subsequent to Acquisition
Improvements	8.0
Gross Balance at December 31, 2020
Land	4.8
Building & Improvements	92.0
Total	96.8
Accumulated Depreciation	$ (22.4)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Commercial Portfolio, Acquired 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 48.0
Initial Cost
Land	61.3
Building & Improvements	127.0
Costs Capitalized Subsequent to Acquisition
Improvements	4.8
Gross Balance at December 31, 2020
Land	30.7
Building & Improvements	66.1
Total	96.8
Accumulated Depreciation	$ (16.4)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Office Portfolio, Acquired 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	19.0
Building & Improvements	41.2
Costs Capitalized Subsequent to Acquisition
Improvements	18.9
Gross Balance at December 31, 2020
Land	21.0
Building & Improvements	44.0
Total	65.0
Accumulated Depreciation	$ (7.0)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Office Portfolio, Acquired 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 63.7
Initial Cost
Land	32.1
Building & Improvements	70.4
Costs Capitalized Subsequent to Acquisition
Improvements	6.8
Gross Balance at December 31, 2020
Land	28.2
Building & Improvements	68.6
Total	96.8
Accumulated Depreciation	$ (14.2)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Office, Constructed 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 124.3
Initial Cost
Land	71.2
Building & Improvements	177.9
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	65.3
Building & Improvements	163.1
Total	228.4
Accumulated Depreciation	$ (10.2)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Office, Constructed 2001 And 2007
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 40.5
Initial Cost
Land	25.3
Building & Improvements	54.8
Costs Capitalized Subsequent to Acquisition
Improvements	4.2
Gross Balance at December 31, 2020
Land	23.8
Building & Improvements	55.7
Total	79.5
Accumulated Depreciation	$ (2.7)
Depreciable Life in Years	39 years
United Kingdom | Commercial | Office, Constructed 2004
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 52.4
Initial Cost
Land	25.5
Building & Improvements	74.1
Costs Capitalized Subsequent to Acquisition
Improvements	5.1
Gross Balance at December 31, 2020
Land	24.2
Building & Improvements	75.2
Total	99.4
Accumulated Depreciation	$ (3.5)
Depreciable Life in Years	39 years
United Kingdom | Development | Land Acquired 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances
Initial Cost
Land	4.2
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.1
Gross Balance at December 31, 2020
Land	3.8
Building & Improvements	0.4
Total	4.2
Accumulated Depreciation	0.0
Ireland | Commercial | Office, Constructed 2003
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	65.5
Initial Cost
Land	8.2
Building & Improvements	102.6
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	6.6
Building & Improvements	83.2
Total	89.8
Accumulated Depreciation	$ (19.8)
Depreciable Life in Years	39 years
Ireland | Commercial | Retail, Constructed 1966 And 2005
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 50.9
Initial Cost
Land	52.8
Building & Improvements	49.7
Costs Capitalized Subsequent to Acquisition
Improvements	21.6
Gross Balance at December 31, 2020
Land	42.4
Building & Improvements	60.0
Total	102.4
Accumulated Depreciation	$ (10.8)
Depreciable Life in Years	39 years
Ireland | Commercial | Office 1, Constructed 1980
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 57.3
Initial Cost
Land	20.4
Building & Improvements	73.8
Costs Capitalized Subsequent to Acquisition
Improvements	6.1
Gross Balance at December 31, 2020
Land	16.6
Building & Improvements	65.9
Total	82.5
Accumulated Depreciation	$ (17.2)
Depreciable Life in Years	39 years
Ireland | Commercial | Office, Constructed 2009
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 38.6
Initial Cost
Land	4.2
Building & Improvements	64.0
Costs Capitalized Subsequent to Acquisition
Improvements	2.8
Gross Balance at December 31, 2020
Land	4.1
Building & Improvements	64.1
Total	68.2
Accumulated Depreciation	$ (12.3)
Depreciable Life in Years	39 years
Ireland | Commercial | Office, Constructed 1841
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 16.4
Initial Cost
Land	4.9
Building & Improvements	18.5
Costs Capitalized Subsequent to Acquisition
Improvements	8.4
Gross Balance at December 31, 2020
Land	4.5
Building & Improvements	25.6
Total	30.1
Accumulated Depreciation	$ (3.5)
Depreciable Life in Years	39 years
Ireland | Commercial | Office, Constructed 1840 and 2000
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 54.8
Initial Cost
Land	11.0
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	2.0
Gross Balance at December 31, 2020
Land	10.4
Building & Improvements	54.3
Total	64.7
Accumulated Depreciation	$ (2.5)
Depreciable Life in Years	39 years
Ireland | Commercial | Office, Acquired 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 54.3
Initial Cost
Land	0.5
Building & Improvements	3.4
Costs Capitalized Subsequent to Acquisition
Improvements	52.0
Gross Balance at December 31, 2020
Land	0.5
Building & Improvements	61.6
Total	62.1
Accumulated Depreciation	$ (2.2)
Depreciable Life in Years	39 years
Ireland | Hotel | Hotel, Constructed 1824 And 2005
Initial Cost
Land	$ 54.0
Building & Improvements	114.3
Costs Capitalized Subsequent to Acquisition
Improvements	35.0
Gross Balance at December 31, 2020
Land	45.9
Building & Improvements	134.5
Total	180.4
Accumulated Depreciation	$ (48.9)
Depreciable Life in Years	39 years
Ireland | Development | Office, Acquired 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	1.2
Building & Improvements	0.9
Costs Capitalized Subsequent to Acquisition
Improvements	0.9
Gross Balance at December 31, 2020
Land	1.2
Building & Improvements	0.9
Total	2.1
Accumulated Depreciation	0.0
Ireland | Development | Office 2, Constructed 1980
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0.0
Initial Cost
Land	0.0
Building & Improvements	9.6
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	0.0
Building & Improvements	11.4
Total	11.4
Accumulated Depreciation	$ (0.4)
Depreciable Life in Years	39 years
Spain | Commercial | Retail, Constructed 1995
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 37.7
Initial Cost
Land	27.1
Building & Improvements	46.2
Costs Capitalized Subsequent to Acquisition
Improvements	13.0
Gross Balance at December 31, 2020
Land	29.3
Building & Improvements	62.9
Total	92.2
Accumulated Depreciation	$ (11.7)
Depreciable Life in Years	39 years
Italy | Commercial | Office Portfolio, Acquired 2015
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	24.8
Building & Improvements	70.1
Costs Capitalized Subsequent to Acquisition
Improvements	0.6
Gross Balance at December 31, 2020
Land	30.0
Building & Improvements	85.4
Total	115.4
Accumulated Depreciation	$ (17.1)
Depreciable Life in Years	39 years
Pacific Northwest | Commercial | Office, Constructed 1999 and 2001
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 77.0
Initial Cost
Land	30.6
Building & Improvements	106.0
Costs Capitalized Subsequent to Acquisition
Improvements	3.6
Gross Balance at December 31, 2020
Land	30.6
Building & Improvements	109.6
Total	140.2
Accumulated Depreciation	$ (18.2)
Depreciable Life in Years	39 years
Pacific Northwest | Multifamily | 210 Unit Asset, Constructed 2007
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 44.5
Initial Cost
Land	11.0
Building & Improvements	46.7
Costs Capitalized Subsequent to Acquisition
Improvements	1.6
Gross Balance at December 31, 2020
Land	11.0
Building & Improvements	48.3
Total	59.3
Accumulated Depreciation	$ (8.4)
Depreciable Life in Years	39 years
Number of units | Unit	210
Pacific Northwest | Multifamily | 264 Unit Asset, Constructed 1997
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 23.6
Initial Cost
Land	6.4
Building & Improvements	44.9
Costs Capitalized Subsequent to Acquisition
Improvements	7.0
Gross Balance at December 31, 2020
Land	6.4
Building & Improvements	51.9
Total	58.3
Accumulated Depreciation	$ (10.1)
Depreciable Life in Years	39 years
Number of units | Unit	264
Pacific Northwest | Multifamily | 343 Unit Asset, Constructed 2016
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 84.0
Initial Cost
Land	26.8
Building & Improvements	107.4
Costs Capitalized Subsequent to Acquisition
Improvements	1.7
Gross Balance at December 31, 2020
Land	26.8
Building & Improvements	109.1
Total	135.9
Accumulated Depreciation	$ (17.4)
Depreciable Life in Years	39 years
Number of units | Unit	343
Pacific Northwest | Multifamily | 179 Unit Asset, Constructed 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 33.2
Initial Cost
Land	11.9
Building & Improvements	47.4
Costs Capitalized Subsequent to Acquisition
Improvements	2.3
Gross Balance at December 31, 2020
Land	11.9
Building & Improvements	49.7
Total	61.6
Accumulated Depreciation	$ (8.3)
Depreciable Life in Years	39 years
Number of units | Unit	179
Pacific Northwest | Multifamily | 383 Unit Asset, Constructed 2002 And 2008
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 115.0
Initial Cost
Land	38.3
Building & Improvements	153.0
Costs Capitalized Subsequent to Acquisition
Improvements	8.4
Gross Balance at December 31, 2020
Land	38.2
Building & Improvements	161.4
Total	199.6
Accumulated Depreciation	$ (9.9)
Depreciable Life in Years	39 years
Number of units | Unit	383
Pacific Northwest | Multifamily | 164 Unit Asset, Constructed 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 43.0
Initial Cost
Land	14.8
Building & Improvements	59.1
Costs Capitalized Subsequent to Acquisition
Improvements	0.3
Gross Balance at December 31, 2020
Land	14.8
Building & Improvements	59.5
Total	74.3
Accumulated Depreciation	$ (3.4)
Depreciable Life in Years	39 years
Number of units | Unit	164
Northern California | Commercial | Office, Constructed 2000
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 60.3
Initial Cost
Land	23.5
Building & Improvements	57.3
Costs Capitalized Subsequent to Acquisition
Improvements	8.7
Gross Balance at December 31, 2020
Land	23.5
Building & Improvements	66.0
Total	89.5
Accumulated Depreciation	$ (7.0)
Depreciable Life in Years	39 years
Northern California | Multifamily | 1008 Unit Asset, Constructed 1988
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 175.0
Initial Cost
Land	62.3
Building & Improvements	152.5
Costs Capitalized Subsequent to Acquisition
Improvements	30.5
Gross Balance at December 31, 2020
Land	62.3
Building & Improvements	183.0
Total	245.3
Accumulated Depreciation	$ (54.6)
Depreciable Life in Years	39 years
Number of units | Unit	1,008
Mountain West | Multifamily | 366 Unit Asset, Constructed 2000
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 77.8
Initial Cost
Land	9.1
Building & Improvements	36.3
Costs Capitalized Subsequent to Acquisition
Improvements	15.5
Gross Balance at December 31, 2020
Land	9.1
Building & Improvements	51.9
Total	61.0
Accumulated Depreciation	$ (22.6)
Depreciable Life in Years	39 years
Number of units | Unit	366
Mountain West | Multifamily | 204 Unit Asset, Constructed 1999
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 32.5
Initial Cost
Land	2.0
Building & Improvements	17.6
Costs Capitalized Subsequent to Acquisition
Improvements	5.0
Gross Balance at December 31, 2020
Land	2.0
Building & Improvements	22.7
Total	24.7
Accumulated Depreciation	$ (6.5)
Depreciable Life in Years	39 years
Number of units | Unit	204
Mountain West | Multifamily | 168 Unit Asset, Constructed 1992
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 10.9
Initial Cost
Land	1.8
Building & Improvements	13.1
Costs Capitalized Subsequent to Acquisition
Improvements	4.6
Gross Balance at December 31, 2020
Land	1.8
Building & Improvements	17.7
Total	19.5
Accumulated Depreciation	$ (5.4)
Depreciable Life in Years	39 years
Number of units | Unit	168
Mountain West | Multifamily | 300 Unit Asset, Constructed 1995
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39.0
Initial Cost
Land	4.8
Building & Improvements	29.2
Costs Capitalized Subsequent to Acquisition
Improvements	7.2
Gross Balance at December 31, 2020
Land	4.8
Building & Improvements	36.4
Total	41.2
Accumulated Depreciation	$ (8.1)
Depreciable Life in Years	39 years
Number of units | Unit	300
Mountain West | Multifamily | 172 Unit Asset, Acquired 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 29.4
Initial Cost
Land	0.2
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	65.7
Building & Improvements	0.0
Total	65.7
Accumulated Depreciation	$ 0.0
Depreciable Life in Years	39 years
Number of units | Unit	172
Mountain West | Multifamily | 88 Unit Asset, Constructed 1988
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8.6
Initial Cost
Land	2.6
Building & Improvements	10.4
Costs Capitalized Subsequent to Acquisition
Improvements	2.1
Gross Balance at December 31, 2020
Land	2.6
Building & Improvements	12.6
Total	15.2
Accumulated Depreciation	$ (2.8)
Depreciable Life in Years	39 years
Number of units | Unit	88
Mountain West | Multifamily | 492 Unit Asset, Constructed 1985
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 59.1
Initial Cost
Land	15.8
Building & Improvements	63.2
Costs Capitalized Subsequent to Acquisition
Improvements	9.1
Gross Balance at December 31, 2020
Land	15.8
Building & Improvements	72.4
Total	88.2
Accumulated Depreciation	$ (14.3)
Depreciable Life in Years	39 years
Number of units | Unit	492
Mountain West | Multifamily | 66 Unit Asset, Constructed 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 8.0
Initial Cost
Land	0.8
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.1
Gross Balance at December 31, 2020
Land	0.7
Building & Improvements	9.3
Total	10.0
Accumulated Depreciation	$ (0.8)
Depreciable Life in Years	39 years
Number of units | Unit	66
Mountain West | Multifamily | 89 Unit Asset, Acquired 2018
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 17.7
Initial Cost
Land	2.1
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.1
Gross Balance at December 31, 2020
Land	2.0
Building & Improvements	21.5
Total	23.5
Accumulated Depreciation	$ (0.7)
Depreciable Life in Years	39 years
Number of units | Unit	89
Mountain West | Multifamily | 188 Unit Asset, Constructed 1985
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13.5
Initial Cost
Land	4.9
Building & Improvements	19.7
Costs Capitalized Subsequent to Acquisition
Improvements	9.1
Gross Balance at December 31, 2020
Land	4.9
Building & Improvements	28.8
Total	33.7
Accumulated Depreciation	$ (6.2)
Depreciable Life in Years	39 years
Number of units | Unit	188
Mountain West | Multifamily | 120 Unit Asset, Constructed 2001
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 32.3
Initial Cost
Land	5.7
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.7
Gross Balance at December 31, 2020
Land	1.9
Building & Improvements	38.3
Total	40.2
Accumulated Depreciation	$ (3.3)
Depreciable Life in Years	39 years
Number of units | Unit	120
Mountain West | Multifamily | 277 Unit Asset, Constructed 2001
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 62.2
Initial Cost
Land	4.0
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	6.7
Gross Balance at December 31, 2020
Land	2.7
Building & Improvements	55.2
Total	57.9
Accumulated Depreciation	$ (7.0)
Depreciable Life in Years	39 years
Number of units | Unit	277
Mountain West | Multifamily | 10 Unit Asset, Constructed 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	0.0
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	0.0
Building & Improvements	2.3
Total	2.3
Accumulated Depreciation	$ (0.2)
Depreciable Life in Years	39 years
Number of units | Unit	10
Mountain West | Multifamily | 260 Unit Asset, Constructed 2014
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39.0
Initial Cost
Land	13.4
Building & Improvements	53.6
Costs Capitalized Subsequent to Acquisition
Improvements	3.6
Gross Balance at December 31, 2020
Land	13.4
Building & Improvements	57.2
Total	70.6
Accumulated Depreciation	$ (5.1)
Depreciable Life in Years	39 years
Number of units | Unit	260
Mountain West | Multifamily | 280 Unit Asset, Constructed 2019
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39.6
Initial Cost
Land	13.3
Building & Improvements	53.2
Costs Capitalized Subsequent to Acquisition
Improvements	0.3
Gross Balance at December 31, 2020
Land	13.3
Building & Improvements	53.5
Total	66.8
Accumulated Depreciation	$ (3.7)
Depreciable Life in Years	39 years
Number of units | Unit	280
Mountain West | Multifamily | Land, Acquired 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	0.0
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	6.7
Building & Improvements	0.0
Total	6.7
Accumulated Depreciation	$ 0.0
Depreciable Life in Years	39 years
Mountain West | Multifamily | 344 Unit Asset, Constructed 1985
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 39.2
Initial Cost
Land	13.0
Building & Improvements	52.1
Costs Capitalized Subsequent to Acquisition
Improvements	5.4
Gross Balance at December 31, 2020
Land	13.0
Building & Improvements	57.5
Total	70.5
Accumulated Depreciation	$ (4.3)
Depreciable Life in Years	39 years
Number of units | Unit	344
Mountain West | Multifamily | 240 Unit Asset, Acquired 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 36.9
Initial Cost
Land	4.6
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	22.8
Building & Improvements	35.6
Total	58.4
Accumulated Depreciation	$ (0.5)
Depreciable Life in Years	39 years
Number of units | Unit	240
Mountain West | Multifamily | 240 Unit Asset, Constructed 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 45.1
Initial Cost
Land	11.1
Building & Improvements	44.2
Costs Capitalized Subsequent to Acquisition
Improvements	1.1
Gross Balance at December 31, 2020
Land	11.1
Building & Improvements	45.9
Total	57.0
Accumulated Depreciation	$ (3.2)
Depreciable Life in Years	39 years
Number of units | Unit	240
Mountain West | Multifamily | 160 Unit Asset, Constructed 1990 And 1998
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 13.9
Initial Cost
Land	4.5
Building & Improvements	18.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.4
Gross Balance at December 31, 2020
Land	4.5
Building & Improvements	18.5
Total	23.0
Accumulated Depreciation	$ (1.3)
Depreciable Life in Years	39 years
Number of units | Unit	160
Mountain West | Multifamily | 332 Unit Asset, Constructed 2002
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 76.2
Initial Cost
Land	26.7
Building & Improvements	106.9
Costs Capitalized Subsequent to Acquisition
Improvements	3.4
Gross Balance at December 31, 2020
Land	26.7
Building & Improvements	110.2
Total	136.9
Accumulated Depreciation	$ (6.8)
Depreciable Life in Years	39 years
Number of units | Unit	332
Mountain West | Multifamily | 528 Unit Asset, Constructed 1989 And 1990
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 102.0
Initial Cost
Land	31.1
Building & Improvements	124.4
Costs Capitalized Subsequent to Acquisition
Improvements	6.8
Gross Balance at December 31, 2020
Land	31.1
Building & Improvements	131.2
Total	162.3
Accumulated Depreciation	$ (7.3)
Depreciable Life in Years	39 years
Number of units | Unit	528
Mountain West | Multifamily | 210 Unit Asset, Acquired 2021
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 36.4
Initial Cost
Land	8.0
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	53.3
Building & Improvements	0.0
Total	53.3
Accumulated Depreciation	$ 0.0
Depreciable Life in Years	39 years
Number of units | Unit	210
Mountain West | Multifamily | 350 Unit Asset, Constructed 1985
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 64.9
Initial Cost
Land	33.2
Building & Improvements	132.6
Costs Capitalized Subsequent to Acquisition
Improvements	5.6
Gross Balance at December 31, 2020
Land	33.2
Building & Improvements	138.2
Total	171.4
Accumulated Depreciation	$ (6.2)
Depreciable Life in Years	39 years
Number of units | Unit	350
Mountain West | Multifamily | 404 Unit Asset, Constructed 1996
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 61.6
Initial Cost
Land	29.6
Building & Improvements	118.3
Costs Capitalized Subsequent to Acquisition
Improvements	2.1
Gross Balance at December 31, 2020
Land	29.6
Building & Improvements	120.4
Total	150.0
Accumulated Depreciation	$ (5.3)
Depreciable Life in Years	39 years
Number of units | Unit	404
Mountain West | Multifamily | 356 Unit Asset, Constructed 1995 And 2008
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 41.0
Initial Cost
Land	20.8
Building & Improvements	83.1
Costs Capitalized Subsequent to Acquisition
Improvements	4.5
Gross Balance at December 31, 2020
Land	20.8
Building & Improvements	87.6
Total	108.4
Accumulated Depreciation	$ (3.9)
Depreciable Life in Years	39 years
Number of units | Unit	356
Mountain West | Multifamily | 260 Unit Asset, Constructed 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 34.3
Initial Cost
Land	15.7
Building & Improvements	62.6
Costs Capitalized Subsequent to Acquisition
Improvements	1.5
Gross Balance at December 31, 2020
Land	15.6
Building & Improvements	64.1
Total	79.7
Accumulated Depreciation	$ (2.4)
Depreciable Life in Years	39 years
Number of units | Unit	260
Hawaii | Development | Three Lots, Acquired 2020
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	16.5
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	16.5
Building & Improvements	0.0
Total	16.5
Accumulated Depreciation	$ 0.0
Number of lots | lot	3
Hawaii | Land
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0.0
Initial Cost
Land	0.7
Building & Improvements	0.0
Costs Capitalized Subsequent to Acquisition
Improvements	0.0
Gross Balance at December 31, 2020
Land	0.7
Building & Improvements	0.0
Total	0.7
Accumulated Depreciation	$ 0.0

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Schedule III - Real Estate and Accumulated Depreciation - Changes in Real Estate Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at the beginning of period	$ 5,775.3	$ 5,567.3	$ 5,207.7
Additions during the period:
Other acquisitions		167.6	137.3
Improvements	218.6	604.2	1,110.4
Foreign currency	90.9	(226.0)	(91.8)
Deductions during the period:
Cost of real estate sold	(566.1)	(337.8)	(796.3)
Balance at close of period	$ 5,518.7	$ 5,775.3	$ 5,567.3

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Schedule III - Real Estate and Accumulated Depreciation - Changes in Accumulated Depreciation Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at the beginning of period	$ 619.6	$ 564.0	$ 551.8
Additions during the period:
Depreciation expense	136.5	133.8	30.9
Deductions during the period:
Dispositions	(66.5)	(50.8)	(11.1)
Foreign currency	12.5	(27.4)	(7.6)
Balance at close of period	$ 702.1	$ 619.6	$ 564.0

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Schedule IV - Mortgage Loans on Real Estate - Investment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 259.8
Carrying Amount	254.2	$ 149.4	$ 130.3
CECL Reserve	(7.0)
Total Loans, net	247.2
Construction Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	118.9
Carrying Amount	113.3
Construction Loans | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	86.5
Carrying Amount	$ 82.3
Construction Loans | Multifamily | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.85%
Construction Loans | Multifamily | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.40%
Construction Loans | Student Housing
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 13.7
Carrying Amount	$ 13.3
Construction Loans | Student Housing | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.95%
Construction Loans | Student Housing | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.76%
Construction Loans | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 8.0
Carrying Amount	$ 7.7
Construction Loans | Hotel | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.90%
Construction Loans | Hotel | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.31%
Construction Loans | Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 6.9
Carrying Amount	$ 6.4
Construction Loans | Other | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.85%
Construction Loans | Other | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	7.40%
Construction Loans | Industrial
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 3.8
Carrying Amount	$ 3.6
Construction Loans | Industrial | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.40%
Construction Loans | Industrial | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.76%
Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 132.2
Carrying Amount	$ 132.2
Bridge Loans greater than 3% of the carrying amount of total loans | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.75%
Principal Amount	$ 7.7
Carrying Amount	$ 7.7
Bridge Loans greater than 3% of the carrying amount of total loans | Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.50%
Principal Amount	$ 14.3
Carrying Amount	$ 14.3
Bridge Loans greater than 3% of the carrying amount of total loans | Office building | Northern California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.88%
Principal Amount	$ 8.7
Carrying Amount	8.7
Bridge Loans greater than 3% of the carrying amount of total loans | Office building | Southern California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	8.1
Carrying Amount	$ 8.1
Bridge Loans greater than 3% of the carrying amount of total loans | Office building | Secured Overnight Financing Rate (SOFR) | Southern California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.60%
Bridge Loans less than 3% of the carrying amount of total loans | Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 12.4
Carrying Amount	$ 12.4
Bridge Loans less than 3% of the carrying amount of total loans | Multifamily | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.85%
Bridge Loans less than 3% of the carrying amount of total loans | Multifamily | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	7.75%
Bridge Loans less than 3% of the carrying amount of total loans | Hotel
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 23.6
Carrying Amount	$ 23.6
Bridge Loans less than 3% of the carrying amount of total loans | Hotel | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.30%
Bridge Loans less than 3% of the carrying amount of total loans | Hotel | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	8.36%
Bridge Loans less than 3% of the carrying amount of total loans | Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 7.3
Carrying Amount	$ 7.3
Bridge Loans less than 3% of the carrying amount of total loans | Other | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	2.81%
Bridge Loans less than 3% of the carrying amount of total loans | Other | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.85%
Bridge Loans less than 3% of the carrying amount of total loans | Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 11.6
Carrying Amount	$ 11.6
Bridge Loans less than 3% of the carrying amount of total loans | Retail | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.60%
Bridge Loans less than 3% of the carrying amount of total loans | Retail | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.46%
Bridge Loans less than 3% of the carrying amount of total loans | Office building
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 14.4
Carrying Amount	$ 14.4
Bridge Loans less than 3% of the carrying amount of total loans | Office building | Secured Overnight Financing Rate (SOFR) | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.36%
Bridge Loans less than 3% of the carrying amount of total loans | Office building | Secured Overnight Financing Rate (SOFR) | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	5.75%
Bridge Loans less than 3% of the carrying amount of total loans | Office Building And Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 24.1
Carrying Amount	$ 24.1
Bridge Loans less than 3% of the carrying amount of total loans | Office Building And Multifamily | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	3.50%
Bridge Loans less than 3% of the carrying amount of total loans | Office Building And Multifamily | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	13.00%
Other Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal Amount	$ 8.7
Carrying Amount	$ 8.7
Other Loans | Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	6.00%
Principal Amount	$ 8.0
Carrying Amount	$ 8.0
Other Loans | Diversified Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	4.25%
Principal Amount	$ 0.7
Carrying Amount	$ 0.7
Other Loans | Diversified Property | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rates	2.50%

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Schedule IV - Mortgage Loans on Real Estate - Investment Rollforward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning balance	$ 149.4	$ 130.3
Originations and fundings	43.8	50.2
Construction loan portfolio acquisition	115.6
Construction loan portfolio acquisition discount	(9.2)
Proceeds from sales and repayments	(48.9)	(31.1)
Accretion of loan discount and other amortization, net	3.5	0.6
Foreign exchange movements		(0.6)
Ending balance	254.2	$ 149.4
CECL Reserve	(7.0)
Total Loans, net	$ 247.2