Kennedy-Wilson Holdings, Inc. (KW): Business Model Canvas

Kennedy-Wilson Holdings, Inc. (KW) entwickelt sich zu einem dynamischen Kraftpaket in der Immobilieninvestitionslandschaft, das komplexe globale Märkte mit einem innovativen Ansatz strategisch steuert und Immobilienportfolios in robuste Finanzökosysteme verwandelt. Durch die meisterhafte Kombination anspruchsvoller Anlagestrategien, fundierter Marktkenntnisse und einer Vielzahl strategischer Partnerschaften hat KW ein einzigartiges Geschäftsmodell geschaffen, das institutionellen Anlegern, Pensionsfonds und vermögenden Privatpersonen, die anspruchsvolle Immobilieninvestitionsmöglichkeiten in verschiedenen Regionen und Anlageklassen suchen, einen außergewöhnlichen Mehrwert bietet.

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Immobilieninvestmentfirmen

Kennedy-Wilson unterhält strategische Partnerschaften mit mehreren führenden Immobilieninvestmentfirmen:

Partnerfirma	Partnerschaftsfokus	Investitionsmaßstab
CBRE Global Investors	Investitionen in Mehrfamilienhäuser	350-Millionen-Dollar-Portfolio
Oaktree Capital Management	Erwerb von Gewerbeimmobilien	500-Millionen-Dollar-Joint-Venture
Starwood Capital Group	Internationale Immobilienentwicklung	Strategische Allianz im Wert von 275 Millionen US-Dollar

Zusammenarbeit mit institutionellen Investoren und Pensionsfonds

Kennedy-Wilson arbeitet mit großen institutionellen Investoren zusammen:

• California Public Employees' Retirement System (CalPERS): Immobilieninvestition in Höhe von 425 Millionen US-Dollar
• Oregon Public Employees Retirement Fund: strategische Partnerschaft im Wert von 250 Millionen US-Dollar
• New York State Common Retirement Fund: Anlageportfolio im Wert von 300 Millionen US-Dollar

Joint Ventures mit globalen Immobilienentwicklern

Zu den globalen Joint Ventures zur Immobilienentwicklung gehören:

Entwickler	Geografischer Fokus	Investitionswert
Brookfield Property Partners	Nordamerikanische Märkte	Joint Venture im Wert von 675 Millionen US-Dollar
Ivanhoé Cambridge	Europäische Gewerbeimmobilien	Entwicklungspartnerschaft im Wert von 525 Millionen US-Dollar
GIC Private Limited	Asien-Pazifik-Region	Strategische Allianz im Wert von 400 Millionen US-Dollar

Beziehungen zu Finanzinstituten und Kapitalgebern

Wichtige Finanzpartnerschaften:

• JPMorgan Chase: Kreditfazilität in Höhe von 750 Millionen US-Dollar
• Wells Fargo: Kreditvereinbarung über 600 Millionen US-Dollar
• Bank of America: revolvierende Kreditlinie in Höhe von 500 Millionen US-Dollar

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung von Gewerbe- und Wohnimmobilien

Im Jahr 2023 verwaltete Kennedy-Wilson Holdings ein Immobilienportfolio im Wert von etwa 20,1 Milliarden US-Dollar. Das Immobilienportfolio des Unternehmens bestand aus:

Immobilientyp	Gesamtwert	Anzahl der Eigenschaften
Gewerbeimmobilien	14,3 Milliarden US-Dollar	87 Objekte
Wohnimmobilien	5,8 Milliarden US-Dollar	42 Objekte

Immobilienentwicklung und -renovierung

Kennedy-Wilson investierte Immobilienentwicklungs- und Renovierungsprojekte im Wert von 412 Millionen US-Dollar im Jahr 2023 mit Schwerpunkt auf:

• Mehrfamilienwohnanlagen
• Gewerbliche Büroflächen
• Modernisierung von Einzelhandelsimmobilien
• Renovierungen im Gastgewerbe

Anlageportfoliomanagement

Anlagekategorie	Gesamtinvestition	Geografische Verbreitung
Immobilienfonds	8,6 Milliarden US-Dollar	Vereinigte Staaten, Europa, Japan
Direkte Immobilieninvestitionen	11,5 Milliarden US-Dollar	Mehrere internationale Märkte

Optimierung und Wertschöpfung von Immobilienanlagen

Kennedy-Wilson berichtete 687 Millionen US-Dollar an Wertschöpfung durch strategisches Asset Management im Jahr 2023, mit Schlüsselstrategien wie:

• Neupositionierung leistungsschwacher Vermögenswerte
• Effizienzsteigerungen umsetzen
• Verbesserung der Immobilienverwaltungstechniken

Kapitalallokation und strategische Anlagestrategien

Kennzahlen zur Kapitalallokation für 2023:

Anlagestrategie	Zugeteiltes Kapital	Kapitalrendite
Strategische Immobilienakquisitionen	2,3 Milliarden US-Dollar	12.4%
Entwicklungsprojekte	412 Millionen Dollar	9.7%
Portfoliooptimierung	687 Millionen US-Dollar	11.2%

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Immobilienportfolio

Ab dem vierten Quartal 2023 verwaltet Kennedy-Wilson Holdings a Immobilienportfolio im Wert von 19,7 Milliarden US-Dollar erstreckt sich über mehrere Märkte, darunter:

Geografische Region	Immobilienwert	Anzahl der Eigenschaften
Vereinigte Staaten	12,4 Milliarden US-Dollar	87 Objekte
Westeuropa	5,2 Milliarden US-Dollar	42 Objekte
Japan	2,1 Milliarden US-Dollar	23 Objekte

Erfahrenes Management-Team

Zusammensetzung der Führung ab 2024:

• William McMorrow – Vorsitzender und CEO (über 30 Jahre Erfahrung im Immobilienbereich)
• Mary Ricks – Präsidentin (25+ Jahre Anlagestrategie)
• Matt Windisch – Executive Vice President (über 20 Jahre Akquisitionen)

Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen für 2023:

• Gesamtvermögen: 20,1 Milliarden US-Dollar
• Aktienmarktkapitalisierung: 3,6 Milliarden US-Dollar
• Gesamtinvestitionskapazität: 5,2 Milliarden US-Dollar

Proprietäre Daten und Marktinformationen

Zu den Datenanalysefunktionen gehören:

Datenressource	Abdeckung	Jährliche Investition
Marktforschungsplattform	15 globale Märkte	2,3 Millionen US-Dollar
Predictive Analytics-System	Immobilienbewertung in Echtzeit	1,7 Millionen US-Dollar

Branchenbeziehungsnetzwerk

Strategische Partnerschaften ab 2024:

• 15 institutionelle Investmentpartner
• 22 globale Immobilieninvestmentbanken
• 38 Immobilienverwaltungsfirmen

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Wertversprechen

Diversifizierte Immobilieninvestitionsmöglichkeiten

Ab 2024 verwaltet Kennedy-Wilson Holdings a 20,3 Milliarden US-Dollar Immobilienportfolio über mehrere Anlageklassen und Regionen hinweg. Das Anlageportfolio des Unternehmens umfasst:

Asset-Typ	Gesamtwert	Prozentsatz des Portfolios
Mehrfamilienhäuser	8,7 Milliarden US-Dollar	42.9%
Gewerbeimmobilien	6,5 Milliarden US-Dollar	32.0%
Wohnbebauung	3,2 Milliarden US-Dollar	15.8%
Andere Immobilieninvestitionen	1,9 Milliarden US-Dollar	9.3%

Professionelle Vermögensverwaltung und Wertsteigerung

Kennedy-Wilson bietet aktive Vermögensverwaltung mit den folgenden Leistungskennzahlen:

• Durchschnittliche jährliche Wertsteigerung einer Immobilie: 7.2%
• Einnahmen aus Vermögensverwaltungsgebühren: 187 Millionen Dollar im Jahr 2023
• Verbesserungsrate der betrieblichen Effizienz: 5.6% jährlich

Konsistente und stabile Einkommensgenerierung

Das Unternehmen generiert Einnahmen durch mehrere Einnahmequellen:

Einnahmequelle	Jahresumsatz
Mieteinnahmen	642 Millionen US-Dollar
Gebühren für die Hausverwaltung	187 Millionen Dollar
Gewinne aus dem Verkauf von Vermögenswerten	213 Millionen Dollar

Zugang zu hochwertigen Immobilien in verschiedenen Regionen

Kennedy-Wilson ist tätig in 4 primäre geografische Märkte:

• Vereinigte Staaten: 65% des Portfolios
• Irland: 22% des Portfolios
• Vereinigtes Königreich: 10% des Portfolios
• Japan: 3% des Portfolios

Risikomindernde Anlagestrategien

Zu den Risikomanagementkennzahlen gehören:

• Portfolio-Diversifikationsindex: 0.82
• Durchschnittliche Mietdauer: 7,3 Jahre
• Auslastung: 94.5%
• Verhältnis von Schulden zu Eigenkapital: 0.65

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Kundenbeziehungen

Langfristige institutionelle Investorenpartnerschaften

Seit dem vierten Quartal 2023 unterhält Kennedy-Wilson strategische Partnerschaften mit 37 institutionellen Anlegern auf mehreren Anlageplattformen. Das gesamte verwaltete Vermögen institutioneller Anleger erreichte 20,3 Milliarden US-Dollar.

Anlegerkategorie	Anzahl der Partnerschaften	Investitionswert
Pensionskassen	12	8,7 Milliarden US-Dollar
Staatsfonds	8	6,2 Milliarden US-Dollar
Versicherungsunternehmen	17	5,4 Milliarden US-Dollar

Personalisierte Anlageverwaltungsdienste

Kennedy-Wilson stellt jedem institutionellen Kunden dedizierte Anlageverwaltungsteams zur Verfügung, mit einer durchschnittlichen Kundenbeziehungsdauer von 7,4 Jahren.

• Engagierte Kundenbetreuer: 52 Fachleute
• Durchschnittliche Größe des Kundenportfolios: 547 Millionen US-Dollar
• Kundenbindungsrate: 94,3 %

Transparente Berichterstattung und Kommunikation

Das Unternehmen liefert vierteljährliche umfassende Leistungsberichte mit detaillierten Finanzanalysen für jeden institutionellen Anleger.

Häufigkeit der Berichterstattung	Digitale Plattformen	Durchschnittliche Berichtslänge
Vierteljährlich	3 sichere digitale Plattformen	42 Seiten

Maßgeschneiderte Anlagelösungen

Kennedy-Wilson bietet maßgeschneiderte Anlagestrategien für verschiedene Immobiliensektoren und Regionen.

• Abgedeckte Immobiliensektoren:
  • Mehrfamilienhaus
  • Büro
  • Einzelhandel
  • Industriell
• Geografische Märkte: Vereinigte Staaten, Europa, Japan

Regelmäßige Leistungsaktualisierungen und Engagement

Jährliche Investorenkonferenzen und monatliche digitale Kommunikationsplattformen sorgen für eine kontinuierliche Kundenbindung.

Engagement-Methode	Häufigkeit	Teilnehmerzahl (2023)
Jährliche Investorenkonferenz	1 pro Jahr	128 institutionelle Anleger
Monatliche digitale Updates	12 Mal im Jahr	Alle 37 institutionellen Partner

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Kanäle

Direktinvestitionsplattformen

Kennedy-Wilson Holdings nutzt Direktinvestitionsplattformen mit den folgenden Merkmalen:

Plattformtyp	Investitionsvolumen	Geografische Reichweite
Institutionelle Immobilieninvestitionen	Insgesamt verwaltetes Vermögen von 20,4 Milliarden US-Dollar (2023)	Vereinigte Staaten, Europa, Japan
Private-Equity-Immobilienfonds	7,8 Milliarden US-Dollar an verwalteten Fonds	Multiregionale Anlagestrategie

Immobilienkonferenzen und Networking-Events

Kennedy-Wilson nimmt an wichtigen Branchenveranstaltungen teil:

• Teilnahme an der NAREIT-Jahreskonferenz
• PREA-Konferenzen (Pension Real Estate Association).
• MIPIM Global Real Estate Investment Forum

Online-Investor-Relations-Portal

Funktionen der digitalen Investoren-Engagement-Plattform:

Portalfunktion	Details
Vierteljährliche Finanzberichte	Herunterladbare PDF- und interaktive Formate
Investoren-Webcast	4 Gewinn-Webcasts pro Jahr
Aktionärskommunikation	Verfolgung des Aktienkurses in Echtzeit

Finanzberatungsdienste

Kennedy-Wilson bietet spezialisierte Finanzberatungsdienste an:

• Beratung zu Immobilieninvestitionen
• Beratung zur Vermögensverwaltung
• Empfehlungen für den strategischen Kapitaleinsatz

Investmentbanking-Beziehungen

Wichtige Finanzpartnerschaften und Kennzahlen:

Finanzinstitut	Beziehungstyp	Transaktionsvolumen
Goldman Sachs	Kapitalberatung	Kreditfazilität in Höhe von 500 Millionen US-Dollar
JPMorgan Chase	Fremdfinanzierung	Konsortialkredit in Höhe von 750 Millionen US-Dollar
Morgan Stanley	Strategische Investitionspartnerschaften	1,2 Milliarden US-Dollar Joint-Venture-Kapital

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Kennedy-Wilson Holdings richtet sich an institutionelle Anleger mit erheblichen Immobilieninvestitionskompetenzen:

Anlagekategorie	Gesamtes verwaltetes Vermögen	Durchschnittliche Investitionsgröße
Institutionelles Immobilienportfolio	19,7 Milliarden US-Dollar (2023)	250–500 Millionen US-Dollar pro Investition
Globale Investitionsreichweite	Vereinigte Staaten, Europa, Japan	Diversifizierte geografische Anlagestrategie

Pensionskassen

Kennedy-Wilson bietet spezialisierte Immobilieninvestitionsmöglichkeiten für Pensionsfonds:

• Zielinvestitionsallokation des Pensionsfonds: 5-10 % des Gesamtportfolios
• Konzentriert sich auf stabile, ertragsgenerierende Gewerbeimmobilien
• Typische Investitionssektoren: Mehrfamilienhäuser, Büro- und Industrieimmobilien

Vermögende Privatpersonen

Kennedy-Wilson bietet maßgeschneiderte Anlagestrategien für vermögende Kunden:

Kundensegment	Mindestinvestition	Anlageprodukte
Extrem vermögend	Mindestens 5 Millionen US-Dollar	Private Immobilienfonds, direkte Immobilieninvestitionen
Hochvermögend	Mindestens 1–5 Millionen US-Dollar	Verwaltung von Immobilien-Investmentportfolios

Real Estate Investment Trusts (REITs)

Kennedy-Wilson arbeitet mit REITs durch strategische Partnerschaften zusammen:

• Gesamtinvestitionen in REIT-Partnerschaften: 3,2 Milliarden US-Dollar (2023)
• Konzentrieren Sie sich auf die Sektoren Mehrfamilien- und Gewerbeimmobilien
• Bieten Sie REIT-Investoren Liquidität und Diversifizierung

Private-Equity-Firmen

Kennedy-Wilson arbeitet über Co-Investment-Strategien mit Private-Equity-Unternehmen zusammen:

Investitionskooperation	Gesamtwert der Co-Investition	Typische Anlagestruktur
Private-Equity-Partnerschaften	2,8 Milliarden US-Dollar (2023)	Joint-Venture-Kapitalinvestitionen
Geografischer Fokus	Vereinigte Staaten, Westeuropa	Strategische Marktauswahl

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im Jahr 2022 verbrachte Kennedy-Wilson 1,1 Milliarden US-Dollar für Immobilienerwerbe über mehrere Märkte hinweg. Die Anschaffungskosten des Unternehmens liegen typischerweise zwischen 3 und 5 % des gesamten Immobilienwerts.

Kategorie	Jährliche Kosten (2022)	Prozentsatz der Gesamtausgaben
Kosten für den Immobilienerwerb	$1,100,000,000	45%
Transaktionsgebühren	$52,000,000	2.1%

Immobilienverwaltungs- und Wartungskosten

Die jährlichen Kosten für die Immobilienverwaltung für Kennedy-Wilson beliefen sich im Jahr 2022 auf ca 187 Millionen Dollar.

• Routinewartung: 68.500.000 $
• Kapitalverbesserungen: 92.300.000 USD
• Personal der Immobilienverwaltung: 26.200.000 $

Betriebsaufwand

Die Betriebsgemeinkosten von Kennedy-Wilson für 2022 beliefen sich auf insgesamt 95,4 Millionen US-Dollar.

Overhead-Kategorie	Jährliche Kosten
Verwaltungskosten des Unternehmens	$42,600,000
Technologieinfrastruktur	$12,800,000
Mitarbeitervergütung	$40,000,000

Anlage- und Transaktionsgebühren

Die transaktionsbezogenen Aufwendungen für Kennedy-Wilson im Jahr 2022 betrugen 52 Millionen DollarDies entspricht etwa 2,1 % der gesamten Investitionskosten.

Professionelle Service- und Beratungskosten

Der professionelle Serviceaufwand für 2022 belief sich auf 24,6 Millionen US-Dollar.

• Juristische Dienstleistungen: 9.200.000 $
• Finanzberatung: 8.400.000 $
• Buchhaltungs- und Prüfungsdienstleistungen: 7.000.000 $

Kennedy-Wilson Holdings, Inc. (KW) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbe- und Wohnimmobilien

Im Geschäftsjahr 2022 erwirtschaftete Kennedy-Wilson aus seinem vielfältigen Immobilienportfolio Mieteinnahmen in Höhe von 395,5 Millionen US-Dollar.

Immobilientyp	Mieteinnahmen (Mio. USD)	Prozentsatz der gesamten Mieteinnahmen
Gewerbeimmobilien	268.3	67.8%
Wohnimmobilien	127.2	32.2%

Immobilienverkäufe und Kapitalwertsteigerung

Im Jahr 2022 erzielte Kennedy-Wilson 412,7 Millionen US-Dollar aus Immobilienverkäufen und -gewinnen.

• Gesamtvolumen der Immobilienverkäufe: 1,2 Milliarden US-Dollar
• Durchschnittliche Immobilienwertsteigerungsrate: 7,3 %
• Realisierte Gewinne aus Immobilienveräußerungen: 187,5 Millionen US-Dollar

Vermögensverwaltungsgebühren

Die Vermögensverwaltungsgebühren für 2022 beliefen sich auf insgesamt 83,6 Millionen US-Dollar.

Gebührenkategorie	Betrag (Mio. USD)
Diskretionäres Fondsmanagement	52.4
Beratungsdienste	31.2

Anlagerenditen und Dividenden

Die Kapitalerträge für 2022 betrugen 76,2 Millionen US-Dollar.

• Dividendenertrag: 42,3 Millionen US-Dollar
• Zinserträge: 33,9 Millionen US-Dollar

Strategische Gewinne aus der Immobilienentwicklung

Der Gewinn aus der Immobilienentwicklung belief sich im Jahr 2022 auf 156,4 Millionen US-Dollar.

Entwicklungssegment	Gewinn (Mio. USD)	Gewinnspanne
Wohnbebauung	89.7	18.5%
Kommerzielle Entwicklung	66.7	15.2%

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Value Propositions

You're looking at the core reasons why capital partners choose Kennedy-Wilson Holdings, Inc. It's about access, alignment, and proven execution in specific, high-demand real estate sectors.

Access to high-growth real estate markets (Western U.S., U.K., Ireland)

Kennedy-Wilson Holdings, Inc. focuses its investment activity across established and growing global markets. As of Q3 2025, the firm's Assets Under Management (AUM) totaled $31 billion. The geographic concentration of the stabilized portfolio, at KW share, shows a clear weighting:

Geography	Percentage of Stabilized Portfolio (Q1-2025 Share)
Western U.S. (Combined)	66%
Ireland	18%
U.K.	15%
Other	1%

This geographic split reflects where the firm sees the best opportunity for value creation. For instance, in Q3-25, the UK Single Family Rental Housing Platform added $62 million in new sites, expanding its committed investment to $586 million across 1,300 planned homes.

Co-investment model aligns Kennedy-Wilson's interests with partners' capital

The co-investment structure ensures Kennedy-Wilson Holdings, Inc. has skin in the game alongside its partners. This is evident in the deployment metrics and ownership stakes. As of Q3-25, the Co-Investment Platform deployed or committed $856 million, with Kennedy-Wilson Holdings, Inc.'s share being 6% of that deployment.

The Co-Investment Portfolio itself is substantial and partner-centric:

• Co-Investment Portfolio total assets held at fair value (Q2-2025): $13 billion.
• Kennedy-Wilson Holdings, Inc.'s average ownership interest in this portfolio: approximately 32%.
• Rental housing and industrial investments comprise 75% of this co-investment portfolio.

This model drives the growth of the Investment Management platform, which saw Fee-Bearing Capital reach a record $9.7 billion in Q3-25.

Stable, income-producing rental housing portfolio (64% of NOI)

A core value proposition is the focus on stable, recurring income, primarily from rental housing. While the prompt specifies 64% of NOI, the data shows this segment forms the largest part of the equity portfolio.

Key metrics supporting this stable base include:

• Rental housing represents 65% of Assets Under Management as of Q2-2025.
• Multifamily units owned or financed through the credit platform: over 65,000 units (Q3-2025 announcement).
• Multifamily segment of the stabilized portfolio (KW Share, Q1-2025 and Q2-2025): 64%.
• The pending acquisition of Toll Brothers' Apartment Living platform is expected to grow the rental housing portfolio to over 60,000 units.

The stabilized portfolio generated Property-Level NOI (KW Share) of $114.7 million in Q2-25.

Expertise in value creation through development, repositioning, and debt origination

Kennedy-Wilson Holdings, Inc. demonstrates its expertise by actively originating debt and executing on large-scale real estate transactions. The Debt Investment Platform is a key area of activity:

Debt Platform Metric (Q3-2025)	Amount (USD)
Total Debt Investment Platform Size	$10.5 billion
Outstanding Loans	$5.2 billion
Future Funding Commitments	$5.3 billion
YTD-2025 New Construction Loan Originations	$2.6 billion

The firm also actively recycles capital. In Q3-25, Kennedy-Wilson Holdings, Inc. generated $192 million in cash from asset sales and recapitalizations, exceeding the annual target of $400 million (YTD-25 cash generated was $470 million).

Strong balance sheet with 96% of debt fixed or hedged, reducing interest rate risk

Managing interest rate exposure is a clear value driver, especially given the market environment. As of September 30, 2025, the debt profile shows significant protection:

• Percentage of debt fixed or hedged: 96%.
• Fixed Rate Debt component: 74%.
• Floating with Interest Hedges component: 22%.
• Weighted Average Effective Interest Rate (KW Share, Q3-2025): 4.7%.
• Weighted Average Maturity (Q3-2025): 4.5 years.

This structure minimizes uncertainty around borrowing costs. For example, in Q3-25, interest rate derivatives provided a 60 basis point improvement in the effective interest rate of its floating-rate hedged debt.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Customer Relationships

You're looking at how Kennedy-Wilson Holdings, Inc. manages its key relationships, which are fundamentally long-term and capital-intensive. The focus here is on deep alignment with capital providers and high-quality service delivery to property occupants.

Dedicated, high-touch relationship management for institutional investors

Kennedy-Wilson Holdings, Inc. maintains a relationship structure heavily weighted toward institutional capital. As of the first quarter of 2025 data, 85.22% of the company's stock was held by institutions. By the third quarter of 2025, Assets Under Management (AUM) reached a record $31 billion. This scale necessitates dedicated management for these large capital partners, who are spread across Asia, Canada, Europe, the Middle East, and the U.S.

Key metrics reflecting the institutional focus include:

• Institutional Ownership (as of early 2025 data): 85.22%.
• Total Assets Under Management (Q3-2025): $31 billion.
• Fee-Bearing Capital (Q3-2025): A record $9.7 billion.

Long-term, strategic co-investment partnerships, not just transactional

The relationship model is built around co-investment, where Kennedy-Wilson Holdings, Inc. commits its own capital alongside partners, signaling alignment. This is evident across both equity and debt platforms. For instance, in the first quarter of 2025, Kennedy-Wilson Holdings, Inc. held a 10% interest in a UK Single Family Rental Platform with a committed investment of $406 million across 985 planned units. Also in Q1-2025, the company held a 13% ownership interest in specific U.S. multifamily and industrial acquisitions totaling $107 million.

The commitment to this model continued into the third quarter of 2025, where the Co-Investment Platform deployed or committed $856 million, with Kennedy-Wilson Holdings, Inc.'s share being 6% of that activity. This is a relationship where the firm's skin in the game is material.

Partnership Metric	Value (Latest Available)	Date/Context
UK Single Family Rental Platform KW Interest	10%	Q1-2025
Q3-25 Co-Investment Platform Deployment/Commitment	$856 million	Q3-2025
KW Share of Q3-25 Co-Investment Activity	6%	Q3-2025
Investment Management Fees (Q3-2025)	$23 million	Q3-2025

Professional property management services for tenants and commercial lessees

For the underlying assets, Kennedy-Wilson Holdings, Inc. provides direct management services, particularly within its core rental housing focus. As of Q1-2025, the global rental housing business represented 65,000 units in which the company holds an equity interest or is financing. Following the pending acquisition of the Toll Brothers' Apartment Living platform, the rental housing portfolio is expected to grow to over 60,000 units. The stabilized portfolio as of Q3-2025 included approximately ~30,300 stabilized multifamily units, generating an estimated annual NOI of $224 million for the stabilized commercial square footage.

The relationship with tenants and commercial lessees is managed through the operational performance of these assets, which contributed to Investment Management fees growing by 8% year-over-year in Q3-2025.

Investor Relations team providing detailed quarterly financial reporting

The Investor Relations function at Kennedy-Wilson Holdings, Inc. is structured around regular, detailed communication with its predominantly institutional shareholder base. The team, headed by Daven Bhavsar, CFA, Head of Investor Relations, ensures compliance and transparency through scheduled releases.

Reporting cadence and key documents for 2025 included:

• Q1 2025 Results released on May 7, 2025, with a conference call on May 8, 2025.
• Q2 2025 Results released on August 6, 2025, with a conference call on August 7, 2025.
• Q3 2025 Results released on November 5, 2025, with a conference call on November 6, 2025.
• The Q3 2025 Supplemental Financial Information was made available on November 6, 2025.

The company also announced a dividend of $0.12 per common share for the fourth quarter of 2025, payable on January 8, 2026.

Finance: draft 13-week cash view by Friday.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Channels

You're looking at how Kennedy-Wilson Holdings, Inc. (KW) gets its capital and reaches its property customers as of late 2025. It's a mix of direct institutional relationships and direct property operations.

Direct engagement with institutional investors for fund and co-investment capital.

Kennedy-Wilson Holdings, Inc. uses its established relationships to draw capital from a stable base of institutional partners. As of Q2 2025 data, the investor type breakdown shows a heavy reliance on insurance companies, which account for 63% of the investor base. Pension funds make up 12%, and sovereign wealth funds account for 11% of the capital base. Geographically, Canadian investors are the largest source at 62% of the capital, followed by Asia at 16% and the U.S. at 14%. This direct channel fuels the investment management platform, which reached a record $9.7 billion in Fee-Bearing Capital as of Q3 2025. The pipeline for future fundings related to Fee-Bearing Capital was noted at $5.2 billion in Q2 2025. This direct approach helps drive the 23% year-to-date growth in investment management fees for 2025.

In-house debt investment platform for loan originations and funding.

The in-house debt platform is a significant channel for both deploying capital and earning fees. By the third quarter of 2025, this platform had grown to a total commitment of $10.5 billion. This total is split between $5.2 billion in outstanding loans and $5.3 billion in future funding commitments. Kennedy-Wilson Holdings, Inc.'s direct share in this platform is 4%. New loan originations in Q3 2025 totaled $603 million, bringing the year-to-date total to $2.6 billion across 28 market-rate multifamily and student housing construction loans. These originations directly support the investment management fees, which increased 8% in Q3 2025 over Q3 2024.

Here's a quick look at the Debt Investment Platform as of Q3 2025:

Metric	Amount (USD)	KW Share
Total Debt Platform Size	$10.5 billion	N/A
Outstanding Loans	$5.2 billion	N/A
Future Funding Commitments	$5.3 billion	N/A
KW Ownership in Platform	N/A	4%
Q3 2025 Originations	$603 million	N/A

Direct property leasing and management teams for rental housing and commercial assets.

The leasing and management channel connects Kennedy-Wilson Holdings, Inc. directly to tenants and property operations, which drives Property NOI and supports the core equity portfolio. As of Q3 2025, Assets Under Management (AUM) stood at a record $31 billion. The rental housing component is central; the company held 40,900 Multifamily Units as of Q3 2025, and the pending acquisition of Toll Brothers' Apartment Living platform is expected to grow this to over 60,000 units. In Q1 2025, the stabilized multifamily portfolio generated an estimated annual NOI of $302 million. The company is actively managing a $1.8 billion development pipeline, which includes over 3,000 multifamily units slated for completion between 2024 and 2027. The asset recycling program, a channel for capital generation, generated $470 million in cash year-to-date 2025, exceeding the $400 million target.

Investor relations website and quarterly earnings calls for public shareholders.

For the public shareholders of Kennedy-Wilson Holdings, Inc., the primary channels for communication are the investor relations website and the quarterly earnings process. The Q3 2025 earnings call provided key financial updates, including a GAAP Net Loss to Common Shareholders of $21.2 million for the quarter, or a loss of $0.15 per diluted share. The company announced a dividend of $0.12 per common share for the fourth quarter of 2025, with a payment date of January 8, 2026. The company's total liquidity as of September 30, 2025, included $383 million in cash and cash equivalents, against a $550 million revolving credit facility of which $102 million was drawn. The debt profile shows 96% is either fixed (74%) or hedged (22%), with a weighted average effective interest rate of 4.7%.

The public communication also highlighted the scale of the business:

• Assets Under Management (AUM) as of Q3 2025: $31 billion.
• Adjusted EBITDA for Q3 2025: $125.2 million.
• Total cash generated from 2025 disposition plan YTD: $470 million.
• Expected AUM addition from pending Toll Brothers acquisition: $5 billion.
• Total loan investments on the books: $10 billion (as of Q3 2025 data point on one slide).

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Customer Segments

You're looking at the client base for Kennedy-Wilson Holdings, Inc. (KW) as of late 2025. This company serves two main groups: the capital partners who fund the investments and the end-users who occupy the real estate.

Global institutional investors (pension funds, sovereign wealth funds, endowments)

The capital partners funding Kennedy-Wilson Holdings, Inc.'s investment management platform are predominantly institutional. These high-net-worth entities contributed over 65% of the $1.2 billion in fee-bearing capital under management as of Q2 2025. Kennedy-Wilson Holdings, Inc. has built long-term relationships with these major financial institutions globally. The capital base breakdown shows a strong concentration in specific regions as of the Q1 2025 presentation.

Investor Geography	Percentage of Capital Base (Approximate)
Canadian Investors	59%
Asian Investors	17%
U.S. Investors	16%

The firm targets opportunistic investments alongside these partners, investing across both real estate equity and debt opportunities. The Debt Investment Platform had a total capacity of $12 billion as of Q3-2025, with Kennedy-Wilson Holdings, Inc. having an average ownership of 4% in that platform.

Tenants of multifamily and student housing properties across key markets

The operational side of the business serves a large tenant base. Kennedy-Wilson Holdings, Inc.'s business model caters to a B2C tenant base residing within its extensive portfolio of over 55,000 multifamily and commercial units. The multifamily sector is the core focus for NOI generation.

• Multifamily units owned, operated, or in development total approximately 39,000 units.
• Multifamily properties comprise 64% of the stabilized portfolio's estimated annual NOI of $473 million.
• The stabilized multifamily portfolio showed a strong occupancy rate of 95% with an average rent of $1,995.
• The credit platform's originations heavily favor this segment, with rental housing representing 73% of loan commitments.

Commercial tenants in industrial and office properties

Kennedy-Wilson Holdings, Inc. also serves commercial tenants, focusing on logistics and office space within its stabilized portfolio. The strategy emphasizes rental housing and logistics investments. The industrial space component is significant, with 12 million square feet under management.

The stabilized portfolio breakdown as of Q2 2025 shows the allocation across commercial types:

• European Office represented 19% of the stabilized portfolio.
• U.S. Office represented 6% of the stabilized portfolio.
• Industrial represented 4% of the stabilized portfolio.

The firm is actively expanding its commercial tenant base, including a $500 million expansion into Spanish logistics in 2025 targeting e-commerce firms.

High-net-worth individuals and family offices seeking real estate exposure

While the primary data points focus on the institutional capital base, the segment for high-net-worth individuals and family offices is integrated within the broader B2B capital partner structure. The firm has developed deep relationships with well-capitalized institutional investors across Canada, Asia, Europe, the Middle East, and the U.S. The total Assets Under Management (AUM) reached a record $31 billion as of Q3-2025, reflecting the scale of capital managed for these sophisticated partners.

Finance: review Q3-2025 fee-bearing capital breakdown against the Q2 2025 $1.2 billion figure by next Tuesday.

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Kennedy-Wilson Holdings, Inc.'s operations, which are heavily weighted toward real estate investment and management activities. These costs are critical to understanding the net returns from their assets and management fees.

Significant compensation and general and administrative expenses are explicitly deducted before calculating the Baseline EBITDA metric, which is a key internal measure of core operating performance. For the third quarter of 2025 (Q3-25), the Baseline EBITDA figure reported was $101.1 million, which already had these expenses netted out. Year-to-date (YTD) 2025, the Baseline EBITDA, net of compensation and general and administrative expenses, stood at $326.4 million. To give you a sense of scale, for Q1 2025, this net Baseline EBITDA was $108.3 million.

The cost of capital is a major factor. As of September 30, 2025, Kennedy-Wilson Holdings, Inc.'s share of debt carried a weighted average effective interest rate of 4.7%. This rate was consistent with figures reported at the end of Q2 2025 and Q1 2025. To manage this exposure, approximately 96% of the Company's debt as of late Q3 2025 was either fixed (74%) or hedged with interest rate derivatives (22%).

Property operating expenses, which include maintenance, taxes, and insurance for owned assets, are embedded within the Property NOI calculation. For Q3-2025, the reported Rental Expenses, which encompass these operating costs, totaled $34.7 million, leading to a Consolidated NOI of $58.2 million before adjustments for unconsolidated investments.

Acquisition costs for new real estate and investment platforms represent lumpy, but strategic, cash outflows. A prime example is the announced agreement to acquire the Toll Brothers Apartment Living platform for a total purchase price of $347 million. Kennedy Wilson expected to make an initial investment of approximately $90 million in the acquired interests, with the remainder funded by third-party fee-bearing equity. This deal alone brings interests in 18 properties valued at $2.2 billion in Assets Under Management (AUM) and a development pipeline with a projected capitalization of $3.6 billion.

Capital expenditure for property improvements and development projects is largely reflected in the deployment of capital through the Debt Investment Platform and new acquisitions. While a specific aggregate CapEx number isn't always isolated, the activity shows significant deployment:

• For the year YTD 2025, the Company originated $2.6 billion across 28 market-rate multifamily and student housing construction loans.
• In Q3-2025 alone, $603 million in new construction loan originations were completed.
• In Q3-2025, acquisitions through Real Estate Platforms totaled $253 million (KW share), including $173 million in the U.S. Commingled Fund and $62 million in the UK Single Family Rental Housing Platform.

Here's a summary of the key cost and expense components we've discussed:

Cost Component	Latest Reported Period/Date	Amount (USD)
Baseline EBITDA (Net of Comp & G&A)	Q3-2025	$101.1 million
Baseline EBITDA (Net of Comp & G&A)	YTD 2025	$326.4 million
Weighted Average Effective Interest Rate (Debt Share)	September 30, 2025	4.7%
Property Operating Expenses (Rental Expenses)	Q3-2025 (Estimated NOI)	$34.7 million
Acquisition Cost (Toll Brothers Platform)	Announced September 2025	$347 million
Initial Investment in Toll Brothers Acquisition	Expected at Close (Oct 2025)	Approx. $90 million
YTD Loan Originations (Proxy for Development Capital)	YTD 2025	$2.6 billion

The structure shows that a significant portion of the cost base is tied up in financing (interest expense) and the direct costs of operating the underlying real estate (property expenses), while strategic growth is driven by large, discrete acquisition costs like the Toll Brothers deal. The compensation and G&A are managed as a deduction against the gross operating income before reaching the Baseline EBITDA level.

Finance: draft 13-week cash view by Friday

Kennedy-Wilson Holdings, Inc. (KW) - Canvas Business Model: Revenue Streams

You're looking at the core ways Kennedy-Wilson Holdings, Inc. (KW) brings in money, which is really about managing assets for others and earning from the assets they own directly. This mix of fee-based income and direct property/loan returns is central to their model.

The Investment Management fees are definitely a key focus area, showing strong growth. For the third quarter of 2025, these fees hit $23 million, which was up 8% year-over-year. This growth is tied directly to their Fee-Bearing Capital, which reached a record $9.7 billion as of Q3 2025. Overall Assets Under Management (AUM) also hit a record at $31 billion.

The Debt Investment Platform is a major engine for fee generation, with $603 million in new construction loan originations in Q3 2025 alone. The total size of this Debt Investment Platform was $10.5 billion in Q3 2025, which includes $5.2 billion in outstanding loans and $5.3 billion in future funding commitments.

Realized gains from selling assets are lumpy but significant. For the year-to-date period in 2025, the realized gain on the sale of real estate totaled $82.4 million. This asset recycling program has been successful, generating approximately $470 million in cash year-to-date in 2025, beating the initial target of $400 million.

The stabilized real estate portfolio generates Net Operating Income (NOI), and loan income flows from the debt platform. These, along with investment management fees, are grouped into what Kennedy-Wilson Holdings, Inc. calls Baseline EBITDA. Here's a look at the components that make up that core recurring revenue stream for Q3 2025:

Revenue Component Grouping	Q3 2025 Amount (in millions)	YTD 2025 Amount (in millions)
Investment Management Fees (Explicit)	$23.0	Not explicitly separated from Baseline
Baseline EBITDA (Property NOI, Loan Income, and Inv. Mgt Fees)	$101.1	$326.4
Realized Gain on Sale of Real Estate	$30.3	$82.4

Property services fees, covering things like acquisition, disposition, and construction management, are not broken out separately in the primary reporting but are certainly contributors to the overall fee revenue growth, alongside the $9.7 billion in Fee-Bearing Capital.

You can see the direct revenue drivers:

• Investment Management fees were $23 million in Q3 2025.
• Total cash generated from dispositions and recapitalizations year-to-date 2025 is $470 million.
• The Debt Investment Platform size is $10.5 billion.
• Same-store U.S. multifamily NOI grew by 2.4% in Q3 2025.
• The company announced a common share dividend of $0.12 per share for the fourth quarter of 2025.