Certain statements in this presentation constitute forward-looking statements. All statements that address expectations or projections about the future, including
statements about operating performance, market position, industry trends, general economic conditions, expected expenditures and financial results, are
forward-looking statements. Some of the forward-looking statements may be identified by words like “expects”, "anticipates", "plans", "intends", "projects",
"indicates" and similar expressions. Any statements contained herein that are not statements of historical fact are forward-looking statements. These statements
are not guarantees of future performance and involve a number of risks, uncertainties and assumptions. Accordingly, actual results or the performance of
Kennedy-Wilson Holdings, Inc. (the “Company”) or its subsidiaries may differ significantly, positively or negatively, from forward-looking statements made herein.
Unanticipated events and circumstances are likely to occur. Factors that might cause such differences include, but are not limited to, the risks that the
Company’s business strategy and plans may not receive the level of market acceptance anticipated; disruptions in general economic and business conditions,
particularly in geographic areas where our business may be concentrated; the continued volatility and disruption of the capital and credit markets, higher interest
rates, higher loan costs, less desirable loan terms, and a reduction in the availability of mortgage loans and mezzanine financing, all of which could increase
costs and could limit our ability to acquire additional real estate assets; continued high levels of, or increases in, unemployment and a general slowdown in
commercial activity; our leverage and ability to refinance existing indebtedness or incur additional indebtedness; an increase in our debt service obligations; our
ability to generate a sufficient amount of cash from operations to satisfy working capital requirements and to service our existing and future indebtedness; our
ability to achieve improvements in operating efficiency; foreign currency fluctuations; adverse changes in the securities markets; our ability to retain our senior
management and attract and retain qualified and experienced employees; our ability to attract new user and investor clients; our ability to retain major clients and
renew related contracts; trends in the use of large, full-service commercial real estate providers; changes in tax laws in the United States, Europe or Japan that
reduce or eliminate our deductions or other tax benefits; future acquisitions may not be available at favorable prices or with advantageous terms and conditions;
and costs relating to the acquisition of assets we may acquire could be higher than anticipated.
THE INFORMATION WITH RESPECT TO THE PROJECTIONS PRESENTED HEREIN IS BASED ON A NUMBER OF ASSUMPTIONS ABOUT FUTURE
EVENTS AND IS SUBJECT TO SIGNIFICANT ECONOMIC AND COMPETITIVE UNCERTAINTY AND OTHER CONTINGENCIES, NONE OF WHICH CAN BE
PREDICTED WITH ANY CERTAINTY AND SOME OF WHICH ARE BEYOND THE COMPANY’S CONTROL. THERE CAN BE NO ASSURANCES THAT THE
PROJECTIONS WILL BE REALIZED, AND ACTUAL RESULTS MAY BE HIGHER OR LOWER THAN THOSE INDICATED. NEITHER THE COMPANY NOR
ANY OF THEIR RESPECTIVE SECURITYHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, ADVISORS OR AFFILIATES, OR ANY REPRESENTATIVES
OR AFFILIATES OF THE FOREGOING, ASSUMES RESPONSIBILITY FOR THE ACCURACY OF THE PROJECTIONS PRESENTED HEREIN.

Kennedy Wilson is a vertically integrated global real estate investment and services company founded in 1977

Approximately $18 billion of real estate and real estate-related assets under management(2) in the U.S., Europe and Japan(3)

New York Stock Exchange (NYSE:KW) listed company; equity market cap of approximately $3.0 billion(1)

Employs more than 450 professionals in 25 offices throughout the U.S., United Kingdom, Ireland, Spain, Jersey and Japan and
work with over 4,000 operating associates(2)

In February 2014, Kennedy Wilson launched the IPO of Kennedy Wilson Europe Real Estate Plc (LSE:KWE). As of March 31,
2015 Kennedy Wilson owns approximately 16% of KWE’s total share capital. In addition, Kennedy Wilson externally manages
KWE and is entitled to receive certain management and performance fees.

Kennedy Wilson generates meaningful proprietary deal flow from its vertically-integrated platform

The Company operates through two complementary business units:
•
Fully integrated investments platform
•
Focused on direct real estate investments
including through commingled funds and joint
ventures/separate accounts
•
Access to proprietary acquisition opportunities
through services business as well as longstanding relationships with financial institutions
•
•
Includes investment and property management
services for third-party owners and Companysponsored investments, real estate auction and
conventional sales and research services
•
Generates off-market deal flow through a vast
network of relationships
•
Assets under management(2) include over 68
million sq. ft. of properties and other assets for
the Company, institutional clients and individual
investors in the U.S., Europe and Japan
As of March 31, 2015, our investment account
is $1.6 billion which represents a 32%
ownership in our $9.5 billion portfolio(4)
(1)
(2)
(3)
(4)
Based on share price as of March 31, 2015. Excludes $2,672.7 million of investment debt.
As defined on page 19.
As of March 31, 2015.
Portfolio at book value.
Kennedy-Wilson Holdings (NYSE:KW)(1)
KW Ownership (2)
Multifamily
Commercial
Loans
Residential &
Other
Hotels
45%
27%
22%
34%
56%
UK
Ireland 5%
16%
UK
6%
UK 1%
Japan Ireland
15% 8%
Ireland
11%
Geography (3)
Western US
46%
Western US
76%
Ireland
21%
UK
42%
UK
29%
Western US
50%
Western US
79%
Ireland
65%
Western US
29%
Japan
1%
Description
20,070 units
Services
(4)
17.1M Sq. Ft.
$1.0 billion UPB
• 174 Lots
• 3,496 Acres
• 611 Residential Units
• 975 Hotel Rooms
• 715 Acres
Investment Management, Property Services, Auction & Conventional Sales, Research
(1)
(2)
(3)
(4)
Information as of March 31, 2015. Includes investments made and held directly by Kennedy Wilson Europe Real Estate PLC (LSE:KWE). KW owns 16.0% of KWE’s total share capital.
Weighted average ownership excluding promoted interest. Reflects KW’s 16.0% ownership of KWE’s total share capital as of March 31, 2015.
Calculated based on KW Investment Account.
Of the 20,070 multifamily units, 9,364 units are consolidated and 10,706 units are held through unconsolidated joint ventures.
$ amounts are in millions
Assets Under Management
20,000
Adjusted EBITDA(1)
18,100
15,000
11,800
318
350
300
12,700 14,800
250
200
10,000
5,600
6,988
159
150
100
5,000
50
0
31
55
70
2010
2011
97
0
2009
2010
2011
2012
2013
2014
2009
22% growth in 2014
2012
2013
100% growth in 2014
Total Assets
Investment Account
7,000
6,332
2,000
1,667
6,000
1,500
5,000
4,000
2,000
1,000
1,192
909
1,000
3,000
336
488
793
1,284
2014
583
1,799
500
0
212
364
0
2009
2010
2011
2012
2013
2014
2009
250% growth in 2014
2011
2012
40% growth in 2014
2014: A Record Year in Every Category
CAGR represents the compounded annual growth rate.
(1)
2010
See page 21 for reconciliation of Adjusted EBITDA.
2013
2014
Investment
Level(2)
Kennedy Wilson
(1)
(2)
(3)
(4)
Total Assets
Total Equity
Q1-2015 YTD
Total Revenue
Q1-2015 YTD
Adjusted EBITDA(3)
$9.5B
$4.7B
$450.7M
$163.6M
Total Assets
Total Equity (4)
Q1-2015 YTD
Total Revenue
Q1-2015 YTD
Adjusted EBITDA(3)
$6.7B
$3.1B
$137.7M
$53.7M
Information as of March 31, 2015.
See page 23 for investment level estimated balance sheet and page 24 for investment level estimated income statement.
See page 20 for reconciliation of Net Income to Adjusted EBITDA. See page 19 for definitions of Consolidated EBITDA and Adjusted EBITDA. See page 24 for reconciliation of Investment Level Net Income to
Investment Level Adjusted EBITDA.
Includes $1,056.0 million of shareholder’s equity and $2,007.2 million of noncontrolling interests.
Multifamily
11.3%
12.0%
9.7%
10.0%
8.0%
8.2%
7.4%
7.1%
5.2%
6.0%
4.0%
2.0%
0.3%
0.3%
0.1%
0.0%
2013
2014
Occupancy Growth
Revenue Growth
Q1-2015
NOI Growth
Commercial
18.0%
16.7%
16.0%
13.5%
14.0%
12.0%
10.0%
8.0%
6.0%
6.3%
5.4%
3.8%
4.0%
1.1% 0.9% 0.7%
2.0%
2.1%
0.0%
2013
Occupancy Growth
Note: Commercial properties that are vacant or undergoing lease up are excluded from the same property analysis.
2014
Revenue Growth
Q1-2015
NOI Growth
Investment Management
Q1 2015 YTD
Adjusted Fees (2)
Invested
Capital (3)
Square Feet
Under
Management
AUM(4)
Q1 2015 YTD
Services
EBITDA(5)
(1)
(2)
(3)
(4)
(5)
$19.8M
Invested
Capital
KW
$1.6B
3rd
Party
$3.1B
$4.7B
68M square feet
Approx. $18B
$12.8M
Information as of March 31, 2015.
Includes fees eliminated in consolidation and KW share of fees in unconsolidated service businesses.
Represents total investment level equity on which we earn fee income.
As defined on page 19.
See page 22 for calculation of Services EBITDA.
Property Services &
Research
Q1 2015 YTD
Adjusted Fees (2)
$7.3M
Acquisitions
•
KW – Closed $173 million to date
•
KWE – Closed $820 million to date. KW currently owns 16.2% of KWE total share capital
KW under contract to acquire a 62% equity interest in Vintage Housing Holdings
•
Entered into contract to acquire a 62% interest in a 30 property (5,485 units) multifamily portfolio for approximately $86 million which we
currently expect to close in the second quarter.
•
Properties are primarily located in the Pacific Northwest and California and based on our acquisition diligence, we estimated annualized NOI of
$32 million during 2014.
•
Company’s purchase values the portfolio at approximately $486 million.
•
Upon completion of this transaction and other multifamily deals under contract, our global multifamily unit count will be over 25,000 units.
KW to earn approximately $70 million in pre-tax profit upon sale of Japanese Multifamily Portfolio
•
Entered into agreements to sell all of our equity interests in 50 multifamily buildings, totaling 2,410 units, located throughout Japan for 58.5
billion JPY (approximately $487.9 million).
•
Company expects to receive pre-tax net proceeds of between $105.0 million and $110.0 million, which represents a pre-tax profit of between
$70 million - $75 million.
•
Company expects to invest approximately $7 million to retain approximately 5% of the equity interests in the portfolio. In addition, we will enter
into an asset management agreement with the purchaser to provide asset management services for an initial term of three years.
Villas at Holly
Centennial, Colorado
(1)
Information through May 6, 2015.
Aviva Portfolio (Travelodge)
London, United Kingdom
Corporate Campus East
Bellevue, Washington
Investment
Level
Units
Annualized
NOI (3)
Average
Leased %
20,070(2)
$221.2M
95.0%
Investment Level Same Property(5) – 15,684 units included
Investment
Account
KW
$522.7M
KW
Ownership
%(4)
45%
Quarter ended
March 31,
2015
2014
%
Average % Leased
94.9%
94.6%
0.3%
Total Revenues
$66.1M
$61.1M
8.2%
NOI
$44.5M
$40.0M
11.3%
Geography by
Equity Invested
UK 1%
Japan Ireland
15% 8%
Western US
76%
Alliance
Dublin
(1)
(2)
(3)
(4)
(5)
Information as of March 31, 2015. Includes investments made and held directly by Kennedy Wilson Europe Real Estate PLC (LSE:KWE). KW owns 16.0% of KWE’s total share capital.
Of the 20,070 multifamily units, 9,364 units are consolidated and 10,706 units are held through unconsolidated joint ventures.
Represents NOI for the month ended March 31, 2015 on an annualized basis.
Weighted average ownership excluding promoted interest. Reflects KW’s 16.0% ownership of KWE’s total share capital as of March 31, 2015.
Percentage changes are based on whole numbers while revenues and net operating income are shown in millions.
The Pointe
Washington
Investment
Level
KW
Rentable
Square Feet
Annualized
NOI (2)
Average
Occupancy %
17.1M
$261.3M
89.8%
Investment
Account
KW
Ownership
%(3)
$533.4M
27%
Investment Level Same Property(4) –7.6M square feet
Quarter ended
March 31,
2015
2014
%
Average % Leased
89.2%
87.4%
2.1%
Total Revenues
$40.9M
$39.4M
3.8%
NOI
$30.6M
$28.8M
6.3%
Geography by Equity
Invested
Ireland
11%
Western US
46%
UK
42%
Japan
1%
The Rock
United Kingdom
(1)
(2)
(3)
(4)
Stadium Gateway
Anaheim, California
Information as of March 31, 2015. Includes investments made and held directly by Kennedy Wilson Europe Real Estate PLC (LSE:KWE). KW owns 16.0% of KWE’s total share capital.
Represents NOI for the month ended March 31, 2015 on an annualized basis.
Weighted average ownership excluding promoted interest. Reflects KW’s 16.0% ownership of KWE’s total share capital as of March 31, 2015.
Percentage changes are based on whole numbers while revenues and net operating income are shown in millions. Excludes data related to commercial properties that are either vacant or undergoing lease up.
Investment
Level
Initial
UPB (2)
Total
Collections
Current
UPB
$1,966.1M
$560.6M
$1,045.5M
Investment
Account
KW
Ownership
%(3)
Geography by Equity
Invested
Ireland
21%
KW
$155.3M
22%
UK
29%
Western US
50%
(1)
(2)
(3)
Information as of March 31, 2015. Includes investments made and held directly by Kennedy Wilson Europe Real Estate PLC (LSE:KWE). KW owns 16.0% of KWE’s total share capital.
Unpaid principal balance of loan portfolios that are not fully resolved.
Excludes promoted interest. Reflects KW’s 16.0% ownership of KWE’s total share capital as of March 31, 2015.
# of
Investments
Hotel
Rooms
Total
Acres
5
975
715
Investment
Level
KW
Investment
Account
Geography by Equity
Invested
KW
Ownership
%(2)
Ireland
65%
KW
$139.6M
The Ritz Carlton Lake Tahoe
Lake Tahoe, California
(1)
(2)
56%
UK
6%
Western US
29%
Fairmont St. Andrews
St. Andrews, Scotland
Information as of March 31, 2015. Includes investments made and held directly by Kennedy Wilson Europe Real Estate PLC (LSE:KWE). KW owns 16.0% of KWE’s total share capital.
Weighted average ownership excluding promoted interest. Reflects KW’s 16.0% ownership of KWE’s total share capital as of March 31, 2015.
The Shelbourne Hotel
Dublin, Ireland
Investment
Level
KW
# of
Investments
Total
Units
Total
Acres
Finished
Lots
25
174
3,496
611
KW
Investment
Account
KW
Ownership
%(2)
$180.7M
34%
State Street Site
Dublin, Ireland
(1)
(2)
Geography by Equity
Invested
UK
Ireland 5%
16%
Western US
79%
Kohanaiki
Kona, Hawaii
Information as of March 31, 2015. Includes investments made and held directly by Kennedy Wilson Europe Real Estate PLC (LSE:KWE). KW owns 16.0% of KWE’s total share capital.
Weighted average ownership excluding promoted interest. Reflects KW’s 16.0% ownership of KWE’s total share capital as of March 31, 2015.
Clancy Quay
Dublin, Ireland
Asset Mix (3)
Geography(3)
0.2%
12%
25.4%
74.4%
88%
Loan Portfolios
Real estate assets
United Kingdom
Ireland
Spain
Combined acquisitions since IPO exceed £2 billion ($3 billion)(1)
(4)
•
As of March 31, 2015, Kennedy Wilson owns 16.0% of the
share capital of KWE
•
Weighted average unexpired lease term of 8.2 years
across the property portfolios
•
A wholly-owned subsidiary serves as KWE's external
manager, in which capacity we are entitled to receive
certain management and performance fees
•
Property portfolio occupancy of 94.8%
•
Acquired over £2 billion ($3 billion)
properties and four loan portfolios
•
Annualized NOI as reported by KWE of approximately
£131 million ($200 million)
(1)
in investments in 250
(2)
(1)
(2)
(3)
(4)
(5)
As of March 31, 2015.
As of March 31, 2015. Includes property portfolio net rental income, hotel EBITDA and loan portfolio interest income.
All charts calculated by market value. Sector split excludes loan portfolios.
Weighted average unexpired lease term is to first break, weighted by net rental income; excluding hotels and residential.
Occupancy excluding hotels, weighted by estimated rental values (ERVs).
(5)
Location
•
Seattle and surrounding areas
Description
•
Own interests in 15 properties consisting of 5,216 units purchased in 13 transactions
Total Floor Area
(Sq. Ft.)
•
4.6 million sq. ft.
Update
•
Portfolio currently generates approximately $46 million of annualized NOI (1)
•
Huge demand for apartments due to big increase in job growth in the technology and life sciences
industry
•
Limited apartment supply currently resulting in rental growth opportunity
(1)
Represents NOI for the three months ended March 31, 2015 on an annualized basis.
EXTERIOR PAINT AND SIGNAGE
BEFORE
Asset Management
Value Add
AFTER
ANNUALIZED NOI
AT PURCHASE
CURRENT NOI
ANNUALIZED(1)
$1.7M
$2.4M
UNIT INTERIORS
BEFORE

Merritt on 3rd is a 178-unit multifamily property located in Oakland, CA

KW purchased the property in October 2012.

Since acquisition, our asset management team have made accomplished
significant value add initiatives including:
›
Extensive re-branding
›
Leasing office expansion and renovation
›
Ongoing interior unit renovation program
›
Upgraded fitness center and Club Room
(1)
Represents NOI for the month ended March 31, 2015 on an annualized basis.
AFTER
DEFINITIONS
Assets under Management (“AUM”): The term “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. The Company’s AUM is principally intended to reflect the extent of its presence in the real estate market,
not the basis for determining its management fees. The Company’s AUM consists of the total estimated fair value of the real estate properties and
other real estate related assets either owned by third parties, controlled by the Company or held by joint ventures and other entities in which the
Company’s sponsored funds or investment vehicles and client accounts have invested. Committed (but unfunded) capital from investors in the
Company’s sponsored funds is not included in the AUM. The estimated value of development properties is included at estimated completion cost.
Operating Associates: The term “operating associates” generally refers to individuals that are employed by or affiliated with third-party
consultants, contractors, property managers or other service providers that the Company manages and oversees on a day-to-day basis with
respect to its investments and services businesses.
Consolidated EBITDA: The term “Consolidated EBITDA" represents net income before noncontrolling interest income, interest expense, the
Company’s share of interest expense included in income from investments in unconsolidated investments, depreciation and amortization, the
Company’s share of depreciation and amortization included in income from unconsolidated investments, loss on early extinguishment of
corporate debt and income taxes.
Adjusted EBITDA: The term “Adjusted EBITDA" represents Consolidated EBITDA as defined above, adjusted to exclude merger related
expenses, share based compensation expense and EBITDA attributable to noncontrolling interests
($ in millions)
Three months ended March 31,
2015
Net (loss) income
$
2014
(4.3)
$
49.9
Non-GAAP adjustments:
Add back:
Interest expense-investment
19.4
5.3
Interest expense-corporate
13.0
10.5
6.4
11.0
Kennedy Wilson's share of interest expense inluded in unconsolidated investments
Depreciation and amortization
Kennedy Wilson’s share of depreciation and amortization included in unconsolidated investments
(Benefit from) provision for income taxes
14.8
8.8
71.8
Share-based compensation
EBITDA attributable to noncontrolling interests (1)
(1) $28.2 million and $2.7 million of depreciation, amortization, and interest f or the three months ended March 31, 2015 and 2014, respectiv ely .
7.3
8.8
(8.1)
Consolidated EBITDA(1)
Add back (less):
Adjusted EBITDA(1)
36.6
$
107.6
7.3
1.7
(25.4)
(40.1)
53.7
$
69.2
($ in millions)
Net income
2009
$ (9.7)
For the Years Ended December 31,
2012
2011
2010
6.7
$
7.5
$
6.5
$
$
2013
13.9
$
2014
90.1
Non-GAAP adjustments:
Add back:
Interest expense
Early extinguishment of corporate debt
Kennedy Wilson's share of interest expense inluded in unconsolidated investments
Depreciation and amortization
Kennedy Wilson’s share of depreciation and amortization included in unconsolidated investments
13.2
7.6
20.6
28.6
51.7
103.4
-
4.8
-
-
-
27.3
10.5
13.8
23.5
29.5
45.0
35.5
1.1
1.6
2.8
4.9
17.4
104.5
7.5
10.1
13.9
22.6
46.7
47.1
Consolidated EBITDA
(0.2)
(2.0)
3.7
(4.0)
(Benefit from) provision for income taxes
2.9
32.4
18.6
48.1
66.3
92.1
177.6
440.3
16.1
2.2
-
-
-
-
Add back (less):
Merger related expenses, including compensation related and general and administrative
Share-based compensation
EBITDA attributable to noncontrolling interests
Adjusted EBITDA
$
7.5
2.3
8.1
5.1
8.1
(5.7)
(3.0)
(1.1)
(2.8)
(26.0)
97.4
$ 159.1
31.3
$
55.4
$
70.3
$
15.8
(138.3)
$ 317.8
(1) Prior to 2014, the Company’s Adjusted EBITDA metric w as comparable to the Company’s current Consolidated EBITDA metric as it w as calculated as Consolidated EBITDA, adjusted to solely exclude merger
related expenses and share based compensation expense. Beginning 2014, as noncontrolling interests became more significant on the Company’s consolidated balance sheet primarily due to the consolidation of
KWE’s results on the Company’s financial statements, the Company determined that it w as appropriate to supplement Consolidated EBITDA w ith a new or revised metric. Adjusted EBITDA show n above is calculated
as Consolidated EBITDA, adjusted to exclude merger related expenses, share based compensation expense and EBITDA attributable to noncontrolling interests. As set forth in the reconciliation table above, EBITDA
attributable to noncontrolling interests for the years ended December 31, 2009, 2010, 2011, 2012, 2013 and 2014 w ere, $5.7 million, $3.0 million, $1.1 million, $2.8 million, $26.0 million, and $138.3 million, respectively.
($ in millions)
Three Months Ended March 31,
2015
2014
Services
Net income
$
Add back:
Kennedy Wilson's share of interest expense inclded in unconsolidated
investments
Kennedy Wilson's share of depreciation and amortization included in
unconsolidated investments
Operating expenses attributable to noncontrolling interests
Fees eliminated in consolidation
Adjusted EBITDA
3.5
$
0.2
0.4
0.7
0.7
1.4
-
7.0
$
3.0
12.8
1.6
$
5.7
The following estimated investment level balance sheets represents the estimated combined balance sheets of consolidated investments and
investments in which Kennedy Wilson has an ownership interest:(2)
($ in millions)
March 31,
December 31,
2015
2014
Assets
Cash and cash equivalents
$
Real estate and acquired in place lease values, net of accumulated depreciation and amortization
Loans Purchases and originations
Other assets
Total assets
$
572.5
$
839.9
7,922.1
7,410.8
553.0
464.8
488.9
9,536.5
$
425.0
9,140.5
Liabilities and equity
Liabilities
Accounts payable, accrued expenses and other liabilities
Investment Debt
Total liabilities
284.7
196.4
4,545.6
4,112.7
4,830.3
4,309.1
Equity
Total equity
Total liabilities and equity
$
4,706.2
9,536.5
$
4,831.4
9,140.5
(1) Kennedy Wilson's Investment Level Estimated Balance Sheets are solely provided to depict the overall size and scope of the operations of the investment portfolio in which Kennedy Wilson has an ownership interest. The Investment Level Estimated
Balance Sheets do not include third party assets that Kennedy Wilson manages and in which Kennedy Wilson does not have an ownership interest. Please also refer to Kennedy Wilson's Consolidated Balance Sheets in the earnings release for its balance
sheets prepared in accordance with U.S. GAAP.
(2) The Company has an approximate 32% ownership in our $9.5 billion investment portfolio as of M arch 31, 2015.
The following estimated investment level income statements represent the estimated combined income statements of consolidated investments
and investments in which Kennedy Wilson has an ownership interest:
Three Months Ended March 31,
2015
2014
($ in millions)
Revenue
Rental
$
Hotel
Sale of real estate
Loans and other
Total revenue
172.9
$
141.6
23.4
9.3
227.3
40.6
27.1
20.0
450.7
211.5
65.9
53.8
Operating expenses
Rental and other
Hotel
Cost of real estate sold
Depreciation and amortization
21.6
8.5
179.1
33.1
59.6
46.9
Total operating expenses
326.2
142.3
Net operating income
124.5
69.2
Interest expense
(39.8)
(38.4)
Other non-operating expenses
(29.1)
(17.0)
8.6
84.2
Non-operating income (expense)
Acquisition related gain
Net income
$
64.2
$
98.0
$
59.6
$
46.9
$
163.6
$
183.3
Add back:
Depreciation and amortization
Interest expense
Investment level EBITDA
39.8
38.4
(1) Kennedy Wilson's Investment Level Estimated Income Statements are solely provided to depict the overall size and scope of the operations of the investment portfolio in which Kennedy Wilson has an
ownership interest. The Investment Level Estimated Income Statements does not include third party assets that Kennedy Wilson manages and does not have an ownership interest. Please also refer to Kennedy
Wilson's Consolidated Statements of Operations in the earnings release for its unaudited statements of operations prepared in accordance with U.S. GAAP.