Kennedy-Wilson Holdings, Inc. (KW): Business Model Canvas [Jan-2025 Mis à jour]

Kennedy-Wilson Holdings, Inc. (KW) apparaît comme une puissance dynamique dans le paysage des investissements immobiliers, naviguant stratégiquement des marchés mondiaux complexes avec une approche innovante qui transforme les portefeuilles immobiliers en écosystèmes financiers robustes. En mélangeant magistralement des stratégies d'investissement sophistiquées, une intelligence du marché profond et une gamme diversifiée de partenariats stratégiques, KW a conçu un modèle commercial unique qui offre une valeur exceptionnelle aux investisseurs institutionnels, aux fonds de retraite et aux particuliers fortunés à la recherche de possibilités d'investissement immobilier sophistiqué dans l'immobilier sophistiqué sur plusieurs géographies et classes d'actifs.

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les sociétés d'investissement immobilier

Kennedy-Wilson maintient des partenariats stratégiques avec plusieurs sociétés d'investissement immobilier éminentes:

Entreprise partenaire	Focus de partenariat	Échelle d'investissement
CBRE Investisseurs mondiaux	Investissements résidentiels multifamiliaux	Portfolio de 350 millions de dollars
Oaktree Capital Management	Acquisitions immobilières commerciales	Coentreprise de 500 millions de dollars
Starwood Capital Group	Développement immobilier international	Alliance stratégique de 275 millions de dollars

Collaboration avec les investisseurs institutionnels et les fonds de retraite

Kennedy-Wilson collabore avec les principaux investisseurs institutionnels:

• Système de retraite des employés publics de Californie (CALPERS): 425 millions de dollars d'investissement immobilier
• Oregon Public Employees Retirement Fund: 250 millions de dollars de partenariat stratégique
• Fonds de retraite commun de l'État de New York: portefeuille d'investissement de 300 millions de dollars

Coentreprises avec des promoteurs immobiliers mondiaux

Les coentreprises mondiales de développement immobilier comprennent:

Promoteur	Focus géographique	Valeur d'investissement
Brookfield Property Partners	Marchés nord-américains	Joint de coentreprise de 675 millions de dollars
Ivanhoé Cambridge	Propriétés commerciales européennes	Partenariat de développement de 525 millions de dollars
GIC Private Limited	Région Asie-Pacifique	Alliance stratégique de 400 millions de dollars

Relations avec les institutions financières et les fournisseurs de capitaux

Partenariats financiers clés:

• JPMorgan Chase: 750 millions de dollars facilité de crédit
• Wells Fargo: arrangement de prêt de 600 millions de dollars
• Bank of America: Ligne de crédit renouvelable de 500 millions de dollars

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: Activités clés

Acquérir et gérer l'immobilier commercial et résidentiel

En 2023, Kennedy-Wilson Holdings a géré un portefeuille immobilier évalué à environ 20,1 milliards de dollars. Le portefeuille immobilier de la société comprenait:

Type de propriété	Valeur totale	Nombre de propriétés
Immobilier commercial	14,3 milliards de dollars	87 propriétés
Immobilier résidentiel	5,8 milliards de dollars	42 propriétés

Développement et rénovation immobilières

Kennedy-Wilson a investi 412 millions de dollars en projets de développement immobilier et de rénovation En 2023, en vous concentrant sur:

• Complexes résidentiels multifamiliaux
• Espaces de bureau commerciaux
• Mises à niveau de la propriété au détail
• Rénovations du secteur de l'hôtellerie

Gestion du portefeuille d'investissement

Catégorie d'investissement	Investissement total	Propagation géographique
Fonds immobiliers	8,6 milliards de dollars	États-Unis, Europe, Japon
Investissements immobiliers directs	11,5 milliards de dollars	Plusieurs marchés internationaux

Optimisation des actifs immobiliers et création de valeur

Kennedy-Wilson a rapporté 687 millions de dollars de création de valeur Grâce à la gestion stratégique des actifs en 2023, avec des stratégies clés, notamment:

• Repositionnement des actifs sous-performants
• Mise en œuvre d'améliorations d'efficacité
• Améliorer les techniques de gestion immobilière

Attribution d'allocation des capitaux et stratégies d'investissement stratégique

Mesures d'allocation des capitaux pour 2023:

Stratégie d'investissement	Capital alloué	Retour sur investissement
Acquisitions immobilières stratégiques	2,3 milliards de dollars	12.4%
Projets de développement	412 millions de dollars	9.7%
Optimisation du portefeuille	687 millions de dollars	11.2%

Kennedy-Wilson Holdings, Inc. (KW) - Modèle commercial: Ressources clés

Portefeuille immobilier étendu

Au quatrième trimestre 2023, Kennedy-Wilson Holdings gère un Portfolio immobilier de 19,7 milliards de dollars couvrant plusieurs marchés, notamment:

Région géographique	Valeur de propriété	Nombre de propriétés
États-Unis	12,4 milliards de dollars	87 propriétés
Europe occidentale	5,2 milliards de dollars	42 propriétés
Japon	2,1 milliards de dollars	23 propriétés

Équipe de gestion expérimentée

Composition du leadership à partir de 2024:

• William McMorrow - Président et chef de la direction (plus de 30 ans d'expérience immobilière)
• Mary Ricks - Président (25 ans et plus de stratégie d'investissement)
• Matt Windisch - Vice-président exécutif (acquisitions de plus de 20 ans)

Capacités de capital financier et d'investissement

Mesures financières pour 2023:

• Actifs totaux: 20,1 milliards de dollars
• Capitalisation du marché des actions: 3,6 milliards de dollars
• Capacité d'investissement totale: 5,2 milliards de dollars

Données propriétaires et intelligence du marché

Les capacités d'analyse des données comprennent:

Ressource de données	Couverture	Investissement annuel
Plateforme d'études de marché	15 marchés mondiaux	2,3 millions de dollars
Système d'analyse prédictif	Évaluation de la propriété en temps réel	1,7 million de dollars

Réseau de relations de l'industrie

Partenariats stratégiques à partir de 2024:

• 15 partenaires d'investissement institutionnels
• 22 banques d'investissement immobilier mondiales
• 38 entreprises de gestion immobilière

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: propositions de valeur

Opportunités d'investissement immobilier diversifiées

En 2024, Kennedy-Wilson Holdings gère un 20,3 milliards de dollars Portfolio immobilier dans plusieurs classes d'actifs et géographies. Le portefeuille d'investissement de la société comprend:

Type d'actif	Valeur totale	Pourcentage de portefeuille
Propriétés multifamiliales	8,7 milliards de dollars	42.9%
Immobilier commercial	6,5 milliards de dollars	32.0%
Développement résidentiel	3,2 milliards de dollars	15.8%
Autres investissements immobiliers	1,9 milliard de dollars	9.3%

Gestion professionnelle des actifs et amélioration de la valeur

Kennedy-Wilson fournit Gestion active des actifs avec les mesures de performance suivantes:

• Appréciation moyenne annuelle de la valeur de la propriété: 7.2%
• Revenus de frais de gestion des actifs: 187 millions de dollars en 2023
• Taux d'amélioration de l'efficacité opérationnelle: 5.6% annuellement

Génération de revenus cohérente et stable

L'entreprise génère des revenus grâce à plusieurs sources de revenus:

Source de revenu	Revenus annuels
Revenus de location	642 millions de dollars
Frais de gestion immobilière	187 millions de dollars
Gains de vente d'actifs	213 millions de dollars

Accès à l'immobilier de haute qualité dans différentes géographies

Kennedy-Wilson fonctionne dans 4 marchés géographiques primaires:

• États-Unis: 65% du portefeuille
• Irlande: 22% du portefeuille
• Royaume-Uni: 10% du portefeuille
• Japon: 3% du portefeuille

Stratégies d'investissement atténuées au risque

Les mesures de gestion des risques comprennent:

• Indice de diversification du portefeuille: 0.82
• Durée de location moyenne: 7,3 ans
• Taux d'occupation: 94.5%
• Ratio dette / capital-investissement: 0.65

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: relations avec les clients

Partenariats d'investisseurs institutionnels à long terme

Au quatrième trimestre 2023, Kennedy-Wilson maintient des partenariats stratégiques avec 37 investisseurs institutionnels sur plusieurs plateformes d'investissement. Les actifs totaux des investisseurs institutionnels sous gestion ont atteint 20,3 milliards de dollars.

Catégorie d'investisseurs	Nombre de partenariats	Valeur d'investissement
Fonds de pension	12	8,7 milliards de dollars
Fonds de richesse souverain	8	6,2 milliards de dollars
Compagnies d'assurance	17	5,4 milliards de dollars

Services de gestion des investissements personnalisés

Kennedy-Wilson fournit des équipes de gestion des investissements dédiées à chaque client institutionnel, avec une durée moyenne de la relation client de 7,4 ans.

• Gestionnaires des relations dédiées: 52 professionnels
• Taille moyenne du portefeuille des clients: 547 millions de dollars
• Taux de rétention de la clientèle: 94,3%

Représentation et communication transparentes

La société livre Rapports de performance complets trimestriels avec des analyses financières détaillées à chaque investisseur institutionnel.

Fréquence de rapport	Plates-formes numériques	Durée moyenne du rapport
Trimestriel	3 plateformes numériques sécurisées	42 pages

Solutions d'investissement sur mesure

Kennedy-Wilson propose des stratégies d'investissement personnalisées dans plusieurs secteurs immobiliers et géographies.

• Secteurs immobiliers couverts:
  • Multifamilial
  • Bureau
  • Vente au détail
  • Industriel
• Marchés géographiques: États-Unis, Europe, Japon

Mises à jour régulières des performances et engagement

Les conférences annuelles des investisseurs et les plateformes de communication numérique mensuelles garantissent l'engagement cohérent des clients.

Méthode d'engagement	Fréquence	Compte de participants (2023)
Conférence annuelle sur les investisseurs	1 par an	128 investisseurs institutionnels
Mises à jour numériques mensuelles	12 fois par an	Tous les 37 partenaires institutionnels

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: canaux

Plates-formes d'investissement direct

Kennedy-Wilson Holdings utilise des plateformes d'investissement directes avec les caractéristiques suivantes:

Type de plate-forme	Volume d'investissement	Portée géographique
Investissements immobiliers institutionnels	20,4 milliards de dollars d'actifs totaux sous gestion (2023)	États-Unis, Europe, Japon
Fonds immobiliers de capital-investissement	7,8 milliards de dollars de fonds gérés	Stratégie d'investissement multirégionale

Conférences immobilières et événements de réseautage

Kennedy-Wilson participe à des événements clés de l'industrie:

• Participation annuelle de la conférence annuelle de Nareit
• Conférences PREA (Real Estate Association)
• Forum d'investissement immobilier mondial MIPIM

Portail des relations avec les investisseurs en ligne

Caractéristiques de la plate-forme d'engagement des investisseurs numériques:

Caractéristique du portail	Détails
Rapports financiers trimestriels	PDF téléchargeable et formats interactifs
Webdiffusion des investisseurs	4 webdiffusions sur les gains par an
Communication des actionnaires	Suivi du cours des actions en temps réel

Services de conseil financier

Kennedy-Wilson fournit des services de conseil financier spécialisés:

• Conseil des investissements immobiliers
• Avis de gestion des actifs
• Recommandations stratégiques de déploiement des capitaux

Relations de banque d'investissement

Partenariats financiers et paramètres clés:

Institution financière	Type de relation	Volume de transaction
Goldman Sachs	Avis en capital	Facilité de crédit de 500 millions de dollars
JPMorgan Chase	Financement de la dette	Prêt syndiqué de 750 millions de dollars
Morgan Stanley	Partenariats d'investissement stratégiques	Capital de coentreprise de 1,2 milliard de dollars

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Kennedy-Wilson Holdings cible les investisseurs institutionnels avec des capacités d'investissement immobilier importantes:

Catégorie d'investissement	Total des actifs sous gestion	Taille moyenne de l'investissement
Portefeuille immobilier institutionnel	19,7 milliards de dollars (2023)	250 à 500 millions de dollars par investissement
Reach d'investissement mondial	États-Unis, Europe, Japon	Stratégie d'investissement géographique diversifiée

Fonds de pension

Kennedy-Wilson offre des opportunités d'investissement immobilier spécialisées pour les fonds de pension:

• Attribution des investissements des fonds de pension cible: 5-10% du portefeuille total
• Axé sur les actifs immobiliers commerciaux stables et générateurs de revenus
• Secteurs d'investissement typiques: Multi-Family, Office, propriétés industrielles

Individus à haute nette

Kennedy-Wilson propose des stratégies d'investissement sur mesure pour les clients à haute teneur:

Segment client	Investissement minimum	Produits d'investissement
Ultra-netteur	5 millions de dollars minimum	Fonds immobiliers privés, investissements immobiliers directs
Netteur élevée	1 à 5 millions de dollars minimum	Portefeuilles d'investissement immobilier gérés

Trusts de placement immobilier (FPI)

Kennedy-Wilson collabore avec les FPI par des partenariats stratégiques:

• Investissements totaux de partenariat RPE: 3,2 milliards de dollars (2023)
• Concentrez-vous sur les secteurs immobiliers multifamiliaux et commerciaux
• Fournir des liquidités et une diversification pour les investisseurs du REIT

Sociétés de capital-investissement

Kennedy-Wilson s'engage avec les sociétés de capital-investissement par le biais de stratégies de co-investissement:

Collaboration d'investissement	Valeur totale de co-investissement	Structure d'investissement typique
Partenariats de capital-investissement	2,8 milliards de dollars (2023)	Investissements en actions de coentreprise
Focus géographique	États-Unis, Europe occidentale	Sélection du marché stratégique

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2022, Kennedy-Wilson a passé 1,1 milliard de dollars sur les acquisitions de biens sur plusieurs marchés. Les coûts d'acquisition de la Société se situent généralement entre 3 et 5% de la valeur totale de la propriété.

Catégorie	Coût annuel (2022)	Pourcentage des dépenses totales
Frais d'acquisition immobilière	$1,100,000,000	45%
Frais de transaction	$52,000,000	2.1%

Coûts de gestion et de maintenance immobilières

Les dépenses annuelles de gestion des biens pour Kennedy-Wilson en 2022 étaient approximativement 187 millions de dollars.

• Entretien de routine: 68 500 000 $
• Améliorations en capital: 92 300 000 $
• Personnel de gestion immobilière: 26 200 000 $

Frais généraux opérationnels

Les frais généraux opérationnels de Kennedy-Wilson pour 2022 ont totalisé 95,4 millions de dollars.

Catégorie aérienne	Coût annuel
Frais administratifs d'entreprise	$42,600,000
Infrastructure technologique	$12,800,000
Compensation des employés	$40,000,000

Frais d'investissement et de transaction

Les dépenses liées aux transactions pour Kennedy-Wilson en 2022 étaient 52 millions de dollars, représentant environ 2,1% du total des coûts d'investissement.

Frais de service professionnel et de conseil

Les dépenses de service professionnel pour 2022 sont équipées de 24,6 millions de dollars.

• Services juridiques: 9 200 000 $
• Conseil financier: 8 400 000 $
• Services de comptabilité et d'audit: 7 000 000 $

Kennedy-Wilson Holdings, Inc. (KW) - Modèle d'entreprise: Strots de revenus

Revenus locatifs provenant de propriétés commerciales et résidentielles

Pour l'exercice 2022, Kennedy-Wilson a généré 395,5 millions de dollars de revenus de location à partir de son portefeuille de biens divers.

Type de propriété	Revenu locatif ($ m)	Pourcentage du total des revenus de location
Propriétés commerciales	268.3	67.8%
Propriétés résidentielles	127.2	32.2%

Ventes immobilières et appréciation du capital

En 2022, Kennedy-Wilson a réalisé 412,7 millions de dollars provenant des ventes de biens et des gains.

• Volume total des ventes de propriétés: 1,2 milliard de dollars
• Taux d'appréciation moyenne de la propriété: 7,3%
• Gains réalisés des dispositions de propriété: 187,5 millions de dollars

Frais de gestion des actifs

Les frais de gestion des actifs pour 2022 ont totalisé 83,6 millions de dollars.

Catégorie de frais	Montant ($ m)
Gestion des fonds discrétionnaires	52.4
Services consultatifs	31.2

Rendements et dividendes d'investissement

Le revenu de placement pour 2022 était de 76,2 millions de dollars.

• Revenu du dividende: 42,3 millions de dollars
• Revenu des intérêts: 33,9 millions de dollars

Bénéfices stratégiques de développement immobilier

Les bénéfices de développement immobilier en 2022 ont atteint 156,4 millions de dollars.

Segment de développement	Bénéfice ($ m)	Marge bénéficiaire
Développement résidentiel	89.7	18.5%
Développement commercial	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.