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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
  
(Mark One)                        
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
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)
Registrant’s telephone number, including area code:
(310) 887-6400

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $.0001 par valueKWNYSE
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, a smaller reporting company or an emerging growth company.
(See definition of “large accelerated filer," "accelerated filer," "smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act). (Check one):
Large accelerated filer  Accelerated filer
Non-accelerated filer  Smaller reporting company
Emerging growth company


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No
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.     
The number of shares of common stock outstanding as of November 2, 2022 was 137,790,768.


Index
 



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 operating 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. These risks and uncertainties may include the risks and uncertainties described elsewhere in this report and other filings with the Securities and Exchange Commission (the “SEC”), including the Item 1A. “Risk Factors” section of this quarterly report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2021. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed in our filings with the SEC. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
Non-GAAP Measures and Certain Definitions

    In addition to the results reported in accordance with U.S. generally accepted accounting principles ("GAAP") included within this report, Kennedy Wilson has provided certain information, which includes non-GAAP financial measures (including Adjusted EBITDA, Adjusted Net Income and Net Operating Income, as defined below). Such information is reconciled to its closest GAAP measure in accordance with the rules of the SEC, and such reconciliations are included within this report. These measures may contain cash and non-cash gains and expenses and gains and losses from the sale of real-estate related investments. Consolidated non-GAAP measures discussed throughout this report contain income or losses attributable to non-controlling interests. Management believes that these non-GAAP financial measures are useful to both management and Kennedy Wilson's shareholders in their analysis of the business and operating performance of the Company. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-GAAP financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies.
    “Adjusted EBITDA” represents net income before interest expense, loss on early extinguishment of debt, our share of interest expense included in unconsolidated investments, depreciation and amortization, our share of depreciation and amortization included in investments in unconsolidated investments, provision for (benefit from) income taxes, our share of taxes include in unconsolidated investments, share-based compensation and excluding EBITDA attributable to noncontrolling interests.  Please also 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. Our management uses Adjusted EBITDA to analyze our business because it adjusts net income for items we believe do not accurately reflect the nature of our business going forward or that relate to non-cash compensation expense or noncontrolling interests. Such items may vary for different companies for reasons unrelated to overall operating performance. Additionally, we believe Adjusted EBITDA is useful to investors to assist them in getting a more accurate picture of our results from operations. However, Adjusted EBITDA is not a recognized measurement under GAAP and when analyzing our operating performance, readers should use Adjusted EBITDA in addition to, and not as an alternative for, net income as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow for our management’s discretionary use, as it does not remove all non-cash items or consider certain cash requirements such as tax and debt service payments. The amount shown for Adjusted EBITDA also differs from the amount calculated under similarly titled definitions in our debt instruments, which are further adjusted to reflect certain other cash and non-cash charges and are used to determine compliance with financial covenants and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. 
    “Adjusted Net Income” represents net income (loss) before depreciation and amortization, our 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
i

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.
“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. Cap rates discussed in this report only include data from income-producing properties. We calculate cap rates based on information that is supplied to us 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 our financial statements prepared in accordance with GAAP. In addition, cap rates represent historical performance and are not a guarantee of future 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 NOI that is generated from the properties that we have an ownership interest in and are held in our Co-investments 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 we have an ownership interest in and are held in our 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 promoted interest, if applicable.
"Gross Asset Value” refers to the gross carrying value of assets, before debt, depreciation and amortization, and net of noncontrolling interests.
“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.  
    "Net operating income" or " NOI” is a non-GAAP measure representing the income produced by a property calculated by deducting certain property expenses from property revenues. Our management uses net operating income to assess and compare the performance of our properties and to estimate their fair value. Net operating income does not include the effects of depreciation or amortization or gains or losses from the sale of properties because the effects of those items do not necessarily represent the actual change in the value of our properties resulting from our value-add initiatives or changing market conditions. Our management believes that net operating income reflects the core revenues and costs of operating our properties and is better suited to evaluate trends in occupancy and lease rates. Please also see "Management's Discussion and Analysis of Financial Condition and Results of Operations - Certain Non-GAAP Measures and Reconciliations" for a reconciliation of NOI 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 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.

“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.

ii

"Pro-Rata" represents Kennedy Wilson's share calculated by using our proportionate economic ownership of each asset in our portfolio. Please also refer to the pro-rata financial data in our supplemental financial information.
"Real Estate Assets under Management" ("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.
    “Same property” refers to multifamily and office properties in which Kennedy Wilson has an ownership interest during the entire span of both periods being compared. The same property information presented throughout this report excludes non-recurring expenses. This analysis excludes properties that are either under development or undergoing lease up as part of our asset management strategy as well as minority-held investments.     
iii

PART I
FINANCIAL INFORMATION
 
Item 1.Financial Statements (Unaudited)

Kennedy-Wilson Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
(Dollars in millions, except share and per share amounts)
September 30,
2022
December 31,
2021
Assets
Cash and cash equivalents$420.3 $524.8 
Accounts receivable, net (including $13.5 and $14.2 of related party)
38.1 36.1 
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $823.5 and $838.1)
5,076.7 5,059.8 
Unconsolidated investments (including $1,981.3 and $1,794.8 at fair value)
2,130.3 1,947.6 
Other assets, net275.4 177.9 
Loan purchases and originations143.7 130.3 
Total assets(1)
$8,084.5 $7,876.5 
Liabilities
Accounts payable$10.9 $18.6 
Accrued expenses and other liabilities603.0 619.1 
Mortgage debt3,011.2 2,959.8 
KW unsecured debt1,979.8 1,852.3 
KWE unsecured bonds536.4 622.8 
Total liabilities(1)
6,141.3 6,072.6 
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 September 30, 2022 and December 31, 2021 and Series B cumulative preferred Stock, $0.0001 par value, 1,000 per share liquidation preference, 1,000,000 shares authorized, 300,000 shares outstanding as of September 30, 2022.
592.5 295.2 
Common stock, $0.0001 par value per share, 200,000,000 authorized, 137,790,768 and 137,955,479 shares issued and outstanding as of September 30, 2022 and December 31, 2021
  
Additional paid-in capital1,672.3 1,679.6 
Retained earnings132.5 192.4 
 Accumulated other comprehensive loss(470.9)(389.6)
Total Kennedy-Wilson Holdings, Inc. shareholders' equity1,926.4 1,777.6 
Noncontrolling interests16.8 26.3 
Total equity1,943.2 1,803.9 
Total liabilities and equity$8,084.5 $7,876.5 


(1) The assets and liabilities as of September 30, 2022 include $164.9 million (including cash held by consolidated investments of $12.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.6 million) and $110.6 million (including mortgage debt of $105.3 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2021 include $189.6 million (including cash held by consolidated investments of $11.5 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $152.8 million) and $129.2 million (including mortgage debt of $103.3 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.
1

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in millions, except share and per share amounts)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Revenue
Rental$110.9 $96.1 $324.4 $279.7 
Hotel14.0 6.2 33.2 9.2 
Investment management fees (includes $11.2, $9.2, $33.5, $25.4 of related party fees)
11.2 9.2 33.5 25.4 
Property services fees 0.5 0.5 1.3 1.7 
Loan and other3.0 2.4 8.0 6.2 
Total revenue139.6 114.4 400.4 322.2 
Income (loss) from unconsolidated investments
Principal co-investments30.3 96.8 147.9 151.9 
Performance allocations(18.0)46.3 0.5 62.0 
Total income from unconsolidated investments12.3 143.1 148.4 213.9 
Gain on sale of real estate, net37.0 15.0 50.8 417.0 
Expenses
Rental38.6 32.4 110.7 97.8 
Hotel8.6 3.7 20.5 7.8 
Compensation and related26.5 30.4 82.0 98.4 
Share-based compensation7.3 6.9 21.7 21.9 
Performance allocation compensation(6.6)2.9 3.2 3.2 
General and administrative9.2 8.9 26.5 24.7 
Depreciation and amortization46.1 39.2 132.7 125.3 
Total expenses129.7 124.4 397.3 379.1 
Interest expense(57.1)(45.3)(160.8)(141.4)
Loss on early extinguishment of debt(1.3) (2.4)(38.6)
Other income (loss)36.7 0.3 46.1 (3.7)
Income before provision for income taxes37.5 103.1 85.2 390.3 
Provision for income taxes(13.9)(30.6)(22.5)(98.2)
Net income23.6 72.5 62.7 292.1 
Net loss (income) attributable to the noncontrolling interests0.7 (2.3)0.5 (3.5)
Preferred dividends(7.9)(4.3)(21.0)(12.9)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders$16.4 $65.9 $42.2 $275.7 
Basic earnings per share
Earnings per share$0.12 $0.48 $0.31 $1.98 
Weighted average shares outstanding136,840,874 138,934,754 136,832,102 138,989,733 
Diluted earnings per share
Earnings per share$0.12 $0.47 $0.31 $1.96 
Weighted average shares outstanding137,078,495 139,437,126 137,136,352 140,565,582 
Dividends declared per common share$0.24 $0.22 $0.72 $0.66 

See accompanying notes to consolidated financial statements.
2

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Comprehensive (Loss) Income
(Unaudited)
(Dollars in millions)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income $23.6 $72.5 $62.7 $292.1 
Other comprehensive (loss) income, net of tax:
Unrealized foreign currency translation loss(61.4)(28.4)(149.7)(51.4)
Amounts reclassified out of AOCI during the period(0.8) (0.8)2.2 
Unrealized foreign currency derivative contracts gain29.9 16.6 60.0 46.0 
Unrealized gain on interest rate swaps1.3 0.3 5.2 2.0 
Total other comprehensive loss for the period(31.0)(11.5)(85.3)(1.2)
Comprehensive (loss) income (7.4)61.0 (22.6)290.9 
Comprehensive loss (income) attributable to noncontrolling interests2.3 (1.5)4.5 (2.4)
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.$(5.1)$59.5 $(18.1)$288.5 

See accompanying notes to consolidated financial statements.

3

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Equity
(Unaudited)
(Dollars in millions, except share amounts)
Three Months Ended September 30, 2022
 Preferred StockCommon StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
Noncontrolling Interests 
SharesAmountSharesAmountTotal
Balance at June 30, 2022600,000 $593.2 137,790,768 $ $1,665.3 $149.2 $(441.5)$24.2 $1,990.4 
Preferred stock issuance costs (0.7)— — —  — — (0.7)
At-the-market equity offering program costs— — — — (0.3)— — — (0.3)
Share based compensation— — — — 7.3 — — — 7.3 
Other comprehensive (loss) income:
Unrealized foreign currency translation loss, net of tax— — — — — — (59.8)(1.6)(61.4)
Unrealized foreign currency derivative contract gain, net of tax— — — — — — 29.9 — 29.9 
Unrealized gain on interest rate swaps, net of tax— — — — — — 0.5 — 0.5 
Common stock dividends— — — — — (33.1)— — (33.1)
Preferred stock dividends— — — — — (7.9)— — (7.9)
Net income (loss)— — — — — 24.3 — (0.7)23.6 
Contributions from noncontrolling interests— — — — — — — 4.2 4.2 
Distributions to noncontrolling interests— — — — — — — (9.3)(9.3)
Balance at September 30, 2022600,000 $592.5 137,790,768 $ $1,672.3 $132.5 $(470.9)$16.8 $1,943.2 
4

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Equity
(Unaudited)
(Dollars in millions, except share amounts)
Three Months Ended September 30, 2021
 Preferred StockCommon StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
Noncontrolling Interests 
SharesAmountSharesAmountTotal
Balance at June 30, 2021300,000 $295.2 140,763,243 $ $1,719.5 $165.4 $(382.9)$30.6 $1,827.8 
Shares retired due to common stock repurchase program— — (1,160,000)— (20.6)(4.4)— — (25.0)
Share based compensation— — — — 6.9 — — — 6.9 
Other comprehensive (loss) income:
Unrealized foreign currency translation loss, net of tax— — — — — — (27.7)(0.7)(28.4)
Unrealized foreign currency derivative contract gain, net of tax— — — — — — 16.6 — 16.6 
Unrealized gain on interest rate swaps, net of tax— — — — — — 0.3 — 0.3 
Common stock dividends— — — — — (30.6)— — (30.6)
Preferred stock dividends— — — — — (4.3)— — (4.3)
Net income— — — — — 70.2 — 2.3 72.5 
Contributions from noncontrolling interests— — — — — — — 0.5 0.5 
Distributions to noncontrolling interests— — — — — — — (3.4)(3.4)
Incentive allocation to noncontrolling interests— — — — (3.8)— — 3.8  
Balance at September 30, 2021300,000 $295.2 139,603,243 $ $1,702.0 $196.3 $(393.7)$33.1 $1,832.9 
5

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Equity
(Unaudited)
(Dollars in millions, except share amounts)
Nine Months Ended September 30, 2022
 Preferred StockCommon StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
Noncontrolling Interests 
SharesAmountSharesAmountTotal
Balance at December 31, 2021300,000 $295.2 137,955,479 $ $1,679.6 $192.4 $(389.6)$26.3 $1,803.9 
Preferred stock issuance300,000 297.3 — — —  — — 297.3 
At-the-market equity offering program costs— — — — (0.7)— — — (0.7)
Restricted stock grants (RSG) — — 1,221,362 — — — — — — 
Shares retired due to RSG vesting— — (796,756)— (18.6)— — — (18.6)
Shares retired due to common stock repurchase program— — (589,317)— (9.7)(2.9)— — (12.6)
Share based compensation— — — — 21.7 — — — 21.7 
Other comprehensive (loss) income:
Unrealized foreign currency translation loss, net of tax— — — — — — (145.7)(4.0)(149.7)
Unrealized foreign currency derivative contract gain, net of tax— — — — — — 60.0 — 60.0 
Unrealized gain on interest rate swaps, net of tax— — — — — — 4.4 — 4.4 
Common stock dividends— — — — — (99.2)— — (99.2)
Preferred stock dividends— — — — — (21.0)— — (21.0)
Net income (loss)— — — — — 63.2 — (0.5)62.7 
Contributions from noncontrolling interests— — — — — — — 5.6 5.6 
Distributions to noncontrolling interests— — — — — — — (10.6)(10.6)
Balance at September 30, 2022600,000 $592.5 137,790,768 $ $1,672.3 $132.5 $(470.9)$16.8 $1,943.2 


















6

Kennedy-Wilson Holdings, Inc.
Consolidated Statements of Equity
(Unaudited)
(Dollars in millions, except share amounts)
Nine Months Ended September 30, 2021
 Preferred StockCommon StockAdditional
Paid-in Capital
Retained Earnings Accumulated
Other
Comprehensive Loss
Noncontrolling Interests 
(Dollars in millions, except share amounts)SharesAmountSharesAmountTotal
Balance at December 31, 2020300,000 $295.2 141,365,323 $ $1,725.2 $17.7 $(393.6)$28.2 $1,672.7 
Shared Forfeited— — (237,588)— — — — — — 
Restricted stock grants (RSG) — — 619,945 — — — — — — 
Shares retired due to RSG vesting— — (967,536)— (20.5)— — — (20.5)
Shares retired due to common stock repurchase program— — (1,176,901)— (20.8)(4.4)— — (25.2)
Share based compensation— — — — 21.9 — — — 21.9 
Other comprehensive income (loss):
Unrealized foreign currency translation loss, net of tax— — — — — — (48.6)(1.0)(49.6)
Unrealized foreign currency derivative contract gain, net of tax— — — — — — 45.9 — 45.9 
Unrealized gain on interest rate swaps, net of tax— — — — — — 2.6 — 2.6 
Common stock dividends— — — — — (92.7)— — (92.7)
Preferred stock dividends— — — —