Company: KW
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001408100-25-000117
Chunk: 8

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 8
---
 certain non-recurring income and expenses. The analysis only includes Office and Multifamily properties, where applicable. To derive an appropriate measure of operating performance across the comparable periods, we remove 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 our ownership share in our consolidated and unconsolidated properties. Our management evaluates the performance of the operating properties we own and manages using a “same property” analysis because the population of properties in this analysis is consistent from period to period, which allows our management and investors to analyze (i) our ongoing business operations and (ii) the revenues and expenses directly associated with owning and operating our 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 we do. Please also see “ Management’s Discussion and Analysis of Financial Condition and Results of Operations - Certain Non-GAAP Measures and Reconciliations ” for a reconciliation of “same property” results to the most comparable measure reported under GAAP.

<div align='center'>iii</div>

# PART I

### FINANCIAL INFORMATION

## Item 1.

### Financial Statements (Unaudited)

#### Kennedy-Wilson Holdings, Inc.

### Consolidated Balance Sheets
<div align='center'>(Unaudited)

(Dollars in millions, except share and per share amounts)</div>

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |     |   | March 31, 
      2025 |     |   | December 31, 
         2024 |
|:------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|----------:|:----|:--|-------------:|
| Assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |     |   |           |     |   |              |
| Cash and cash equivalents                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |     | $ |     356.6 |     | $ |        217.5 |
| Accounts receivable, net (including $11.5 and $12.4 of related party)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |     |   |      35.0 |     |   |         38.7 |
| Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $995.6