0001408100-22-000063.txt : 20220331 0001408100-22-000063.hdr.sgml : 20220331 20220331161810 ACCESSION NUMBER: 0001408100-22-000063 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 18 CONFORMED PERIOD OF REPORT: 20211231 FILED AS OF DATE: 20220331 DATE AS OF CHANGE: 20220331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Kennedy-Wilson Holdings, Inc. CENTRAL INDEX KEY: 0001408100 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 260508760 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-33824 FILM NUMBER: 22792810 BUSINESS ADDRESS: STREET 1: 151 S EL CAMINO DR CITY: BEVERLY HILLS STATE: CA ZIP: 90212 BUSINESS PHONE: 310-887-6400 MAIL ADDRESS: STREET 1: 151 S EL CAMINO DR CITY: BEVERLY HILLS STATE: CA ZIP: 90212 FORMER COMPANY: FORMER CONFORMED NAME: Prospect Acquisition Corp DATE OF NAME CHANGE: 20070727 10-K/A 1 kw-20211231.htm 10-K/A kw-20211231
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Amendment No.1
to
Form 10-K/A
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             
Commission file number: 001-33824
Kennedy-Wilson Holdings, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware26-0508760
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
151 S El Camino Drive
Beverly Hills, CA 90212
(Address of principal executive offices)

(310) 887-6400
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
______________________________________________________________________
Title of Each ClassTrading Symbol(s)Name of Each Exchange on which Registered
Common Stock, $.0001 par valueKWNYSE
Securities registered pursuant to Section 12(g) of the Act: None
______________________________________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    
Yes   No  
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes      No  
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes      No  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report  

Based on the last sale at the close of business on June 30, 2021, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was approximately $2,184,053,671.
The number of shares of common stock outstanding as of February 24, 2022 was 137,874,895.

DOCUMENTS INCORPORATED BY REFERENCE
Part III of this report incorporates certain information by reference from the registrant’s definitive proxy statement for the annual meeting of stockholders to be held on or around June 9, 2022, which proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2021.

EXPLANATORY NOTE

Kennedy-Wilson Holdings, Inc., a Delaware corporation (the “Company”), is filing this Amendment No. 1 (this “Amendment”) to its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was originally filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2022 (the “Original Report”), to amend Item 15 of the Original Report and include separate financial statements of KW-G Multifamily Venture 1, LLC, as required pursuant to Rule 3-09 of Regulation S-X under the Securities Exchange Act of 1934.

Other than as set forth herein, this Amendment does not affect any other parts of, or exhibits to, the Original Report, and those unaffected parts or exhibits are not included in this Amendment. This Amendment continues to speak as of the date of the Original Report, and the Company has not updated the disclosure contained in this Amendment or the Original Report to reflect events that have occurred since the filing of the Original Report. Accordingly, this Amendment should be read in conjunction with the Company's other filings with the SEC since the filing of the Original Report.


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PART IV

Item 15.        Exhibits and Financial Statement Schedules
(a) The following documents are filed as part of this annual report:

(1)    Financial Statements. The consolidated financial statements of the Company, as listed in Item 8 of the Original Report, are included in Item 8 of the Original Report

(2)    Financial Statement Schedules. The financial statement schedules of the Company, as listed in Item 8 of the Original Report, are included in Item 8 of the Original Report.

(3)    Exhibits. See the Exhibit List beginning of page 5 of this Amendment.

(b)     Exhibits. The exhibits listed on the Exhibit Index set forth below on page 6 are filed as part of, or are incorporated by reference into, this annual report on Form 10-K.

(c)     Financial Statements Required by Rule 3-09 of Regulation S-X. The financial statements required by Rule 3-09 of Regulation S-X under the Securities Exchange Act of 1934, as amended, are filed as schedules to this report and are incorporated by reference into this Item 15.
 









































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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on the 31th day of March 2022.

KENNEDY -WILSON HOLDINGS, INC.,
a Delaware corporation

By: /s/ WILLIAM J. MCMORROW
William J. McMorrow
Chief Executive Officer


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EXHIBIT INDEX
Exhibit
No.
DescriptionLocation
3.1Filed as Exhibit 3.1 to Registrant’s Current Report on Form 8-K (File No.: 001-33824) filed June 19, 2014.
3.2Filed as Exhibit 3.1 to Registrant’s Current Report on Form 8-K (001-33824) filed February 5, 2018.
3.3Filed as Exhibit 3.3 to Registrants Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019
4.1Filed as an Exhibit to the Registrant's Registration Statement on Amendment no. 1 to Form 8-A (File No.: 333-145110) filed on November 16, 2009 and incorporated by reference herein.
4.2

Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 12, 2014
4.3

Filed as Exhibit 4.2 to Registrant’s Current Report on Form 8-K (001-33824) filed March 26, 2014.
4.4

Filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021

4.5

Filed as Exhibit 4.3 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021

4.6

Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021.
4.7

Filed as Exhibit 4.2 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021.
4.8

Filed as Exhibit 4.2 to Registrant’s Current Report on Form 8-K (001-33824) filed August 23, 2021.
4.9Filed as Exhibit 4.2 to Registrants Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019.
4.10Filed as Exhibit 4.16 to Registrant's Annual Report on Form 10-K (001-33824) filed February 28, 2020.
10.1†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.


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10.2†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.3†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.4†Filed as an Exhibit to Amendment No. 2 to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on October 23, 2009 and incorporated by reference herein.
10.5†Filed as an Exhibit to Amendment No. 2 to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on October 23, 2009 and incorporated by reference herein.
10.6†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.7†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.8†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.9†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.10†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.11†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.12†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.13†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.


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10.14†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.15†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.16†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.17†Filed as Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4/A (file No.: 333-162116) filed on October 23, 2009
10.18†Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed August 8, 2014
10.19†Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018
10.20†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.21†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.22†Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
10.23†Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed August 8, 2014
10.24†Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed August 14, 2018
10.25†Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018
10.26†Filed as Exhibit to the Registrant's Current Report on Form 8-K (File No.: 001-33824) filed January 30, 2012.
10.27†Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed June 19, 2014.
10.28†


Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed June 16, 2017.
10.29†

Filed as Exhibit 10.114 to Registrant’s Annual Report on Form 10-K filed March 12, 2013.


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10.30†

Filed as Exhibit 10.115 to Registrant’s Annual Report on Form 10-K filed March 12, 2013.
10.31†

Filed as Exhibit 10.116 to Registrant’s Annual Report on Form 10-K filed March 12, 2013.
10.32†

Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed July 18, 2014.
10.33†

Filed as Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed August 8, 2014
10.34†

Filed as an Exhibit to the Registrant's Current Report on Form 8-K (File No.: 001-33824) filed October 16, 2015
10.35†Filed as Exhibit 10.3 to Registrant’s Current Report on Form 8-K (001-33824) filed November 21, 2017
10.36†Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed November 21, 2017
10.37†Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (001-33824) filed November 21, 2017
10.38†Filed as Exhibit 10.30 to Registrant's Annual Report on Form 10-K (001-33824) filed February 27, 2018
10.39†Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed December 30, 2014.
10.40†Filed as Exhibit 10.4 to Registrant’s Current Report on Form 8-K (001-33824) filed October 31, 2018.
10.41†

Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (001-33824) filed December 30, 2014.
10.42†

Filed as Exhibit 10.5 to Registrant’s Current Report on Form 8-K (001-33824) filed October 31, 2018
10.43†

Filed as Exhibit 10.3 to Registrant’s Current Report on Form 8-K (001-33824) filed December 30, 2014
10.44†Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018.
10.45†Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed August 28, 2015.
10.46†Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (001-33824) filed August 28, 2015.
10.47†Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019
10.48†Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019


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10.49†Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019
10.50Filed as Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 10, 2017.
10.51Filed as Exhibit 10.1 to Registrant’s Quarterly Report on Form 8-K (001-33824) filed October 20, 2017.
10.52Filed as Exhibit 10.43 to Registrant's Annual Report on Form 10-K (001-33824) filed February 27, 2018
10.53Filed as Exhibit 10.1 to Registrants Current Report on Form 8-K (File No 001-33824) filed October 18, 2019.
10.54Filed as Exhibit 10.54 to Registrant's Annual Report on Form 10-K (001-33824) filed February 28, 2020.
10.55Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed March 26, 2020.
10.56Filed as Exhibit 10.56 to Registrant's Annual Report on Form 10-K (001-33824) filed February 26, 2021.
10.57Filed as Exhibit 10.1 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed November 4, 2021.
21Filed with Original Report
23.1Filed with Original Report
23.2Filed herewith.
24.1Filed with Original Report
31.1Filed herewith.
31.2Filed herewith.
32.1Filed herewith.
32.2Filed herewith.
101The following materials from Kennedy-Wilson Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2021 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets (ii) the Consolidated Statements of Operations and Comprehensive (Loss) Income (iii) the Consolidated Statements of Equity (iv) the Consolidated Statements of Cash Flows (v) related notes to those financial statements and (vi) Schedule III - Real Estate and Accumulated Depreciation.Filed with Original Report
__________
†    Management Contract, Compensation Plan or Agreement.
(c) Financial Statement Schedules. Reference is made to Item 15(a)(2) above.




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KW-G MULTIFAMILY VENTURE 1, LLC
(A Delaware Limited Liability Company)

Table of Contents

Page
Independent Auditors’ Report - KPMG (PCAOB ID 185)     1

Consolidated Financial Statements:

Consolidated Statement of Assets, Liabilities, and Net Assets     3

Consolidated Schedule of Investments     4

Consolidated Statement of Operations     5

Consolidated Statement of Changes in Net Assets     6

Consolidated Statement of Cash Flows     7

Notes to Consolidated Financial Statements     8

















Independent Auditors’ Report

To the Partners
KW-G Multifamily Venture I, LLC:

Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of KW-G Multifamily Venture 1, LLC and its subsidiaries (the Fund), which comprise the consolidated statement of assets, liabilities, and net assets, including the consolidated schedule of investments, as of December 31, 2021, and the related consolidated statements of operations, changes in net assets, and cash flows for the period from June 25, 2021 (Inception) through December 31, 2021, and the related notes to the consolidated financial statements.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, and the results of its operations, changes in net assets, and its cash flows for the period from June 25, 2021 (Inception) through December 31, 2021 in accordance with U.S. generally accepted accounting principles.

Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Fund and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of Management for the Consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern for one year after the date that the consolidated financial statements are issued.

Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with GAAS, we:

Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
1




Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Fund's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

/s/ KPMG LLP
Los Angeles, California
March 31, 2022
2




KW-G MULTIFAMILY VENTURE 1, LLC
(A Delaware Limited Liability Company)
Consolidated Statement of Assets, Liabilities, and Net Assets
December 31, 2021

Assets
Real estate and improvements, at fair value (cost of $804,827,389 as of December 31, 2021)$943,500,000 
Cash and cash equivalents7,291,604 
Restricted cash3,553,766 
Tenant receivables 2,411,926 
Prepaid expenses and other assets1,516,006 
Total assets$958,273,302 
Liabilities and Net Assets
Notes payable, at fair value457,030,279 
Accounts payable and accrued expenses 3,052,557 
Security deposits and prepaid rent2,139,833 
Total liabilities462,222,669 
Net assets496,050,633 
Total liabilities and net assets$958,273,302 

See accompanying notes to consolidated financial statements
3




KW-G MULTIFAMILY VENTURE 1, LLC
(A Delaware Limited Liability Company)
Consolidated Schedule of Investments
December 31, 2021

PropertyLocationUnitsCostFair Value% Net assets
AlpineSalt Lake City, UT222 $56,980,100 $67,300,000 13.6 %
ApexTacoma, WA209 44,895,930 56,100,000 11.3 %
AryaTualatin, OR408 104,421,207 130,000,000 26.2 %
Bella SonomaFife, WA280 78,799,049 88,500,000 17.8 %
FoothillSalt Lake City, UT450 120,349,825 146,100,000 29.5 %
Harrington SquareRenton, WA217 69,927,238 75,500,000 15.2 %
Kirker CreekPittsburg, CA542 172,512,162 180,000,000 36.3 %
Townhomes at Lost CanyonSanta Clarita, CA157 78,716,805 90,200,000 18.2 %
Whitewater ParkBoise, ID324 78,225,073 109,800,000 22.1 %
Total2,809 $804,827,389 $943,500,000 190.2 %

See accompanying notes to consolidated financial statements
4




KW-G MULTIFAMILY VENTURE 1, LLC
(A Delaware Limited Liability Company)
Consolidated Statement of Operations
Period from June 25, 2021 (Inception) through December 31, 2021

Investment income:
Rent$28,302,866 
Other income3,264,757 
Total investment income31,567,623 
Expenses:
Transaction related costs8,273,077 
Interest expense8,170,575 
Property taxes3,194,432 
Repairs and maintenance1,937,651 
Utilities1,881,774 
General and administrative1,660,582 
Asset management fees1,104,233 
Marketing and promotion 787,490 
Insurance784,310 
Property management fees693,623 
Other expenses11,860 
Total expenses28,499,607 
Net investment income3,068,016 
Unrealized gains:
Unrealized gain on real estate and improvements138,672,611 
Unrealized gain on notes payable1,902,999 
Unrealized gain on interest rate cap15,963 
Unrealized gains140,591,573 
Increase in net assets resulting from operations$143,659,589 

See accompanying notes to consolidated financial statements
5




KW-G MULTIFAMILY VENTURE 1, LLC
(A Delaware Limited Liability Company)
Consolidated Statement of Changes in Net Assets
Period from June 25, 2021 (Inception) through December 31, 2021

KW-G Multifamily Venture 1 Manager, LLCKW-G Blocker, LLCTotal
Net assets, June 25, 2021 (Inception)$— $— $— 
Change in net assets resulting from operations:
Net investment income1,564,688 1,503,328 3,068,016 
Unrealized gain on real estate and improvements70,723,032 67,949,579 138,672,611 
Unrealized gain on notes payable970,529 932,470 1,902,999 
Unrealized gain on interest rate cap8,141 7,822 15,963 
Increase in net assets resulting from operations73,266,390 70,393,199 143,659,589 
Cumulative potential incentive allocation through December 31, 202115,614,639 (15,614,639)— 
Change in net assets resulting from capital transactions:
Contributions181,744,132 174,616,912 356,361,044 
Distributions (2,024,700)(1,945,300)(3,970,000)
Increase in net assets resulting from capital transactions195,334,071 157,056,973 352,391,044 
Increase in net assets268,600,461 227,450,172 496,050,633 
Net assets, December 31, 2021$268,600,461 $227,450,172 $496,050,633 

See accompanying notes to consolidated financial statements
6




KW-G MULTIFAMILY VENTURE 1, LLC
(A Delaware Limited Liability Company)
Consolidated Statement of Cash flows
Period from June 25, 2021 (Inception) through December 31, 2021

Cash flows from operating activities:
Increase in net assets resulting from operations$143,659,589 
Adjustments to reconcile increase in net assets resulting from operations to net cash provided by operating activities:
Unrealized gain on real estate and improvements(138,672,611)
Unrealized gain on notes payable(1,902,999)
Unrealized gain on interest rate cap(15,963)
Changes in operating assets and liabilities:
Tenant receivables(2,411,926)
Prepaid expenses and other assets(674,307)
Accounts payable and accrued expenses 2,175,819 
Other liabilities124,918 
Net cash provided by operating activities 2,282,520 
Cash flows from investing activities:
Cash and restricted cash from Contribution Transaction18,742,076 
Improvements to real estate(4,827,389)
Net cash provided by investing activities 13,914,687 
Cash flows from financing activities:
Distributions to Members(3,970,000)
Principal payments on mortgage loans(1,381,837)
Net cash used in financing activities(5,351,837)
Net change in cash and cash equivalents and restricted cash10,845,370 
Cash and cash equivalents and restricted cash, beginning of period— 
Cash and cash equivalents and restricted cash, end of period$10,845,370 
Supplemental disclosure of cash flow information:
Cash paid for interest$6,812,208 

See accompanying notes to consolidated financial statements





Supplemental disclosure of non cash transactions

Accrual for additions to real estate and improvements$215,499 
Contribution Transaction:
Real estate and improvements, at fair value800,000,000 
Notes payable, at fair value460,315,117 
Initial capital contributions356,361,044 
Other working capital 2,065,917 

7




KW-G MULTIFAMILY VENTURE I, LLC
(A Delaware Limited Liability Company)
Notes to Consolidated Financial Statements
December 31, 2021

(1) Organization

KW-G Multifamily Venture 1, LLC (the “Company”) is a Delaware limited liability company formed on June 25, 2021 (Inception) between KW-G Multifamily Venture 1 Manager, LLC (“KW”) and KW-G Blocker, LLC (“G-Blocker”). The Company is owned 51% by KW and 49% by G-Blocker. The Company was formed for the purpose of acquiring, developing, owning, and operating multifamily real estate assets located in the United States. The Company shall continue in full force and effect until June 25, 2031, or until dissolution prior thereto pursuant to the provisions of section 10.1 of the Company’s Limited Liability Company Agreement (the “Operating Agreement”).

In connection with the formation of the Company, KW and G-Blocker entered into a Membership Interest Purchase and Sale Agreement (the “MIPA”) on June 25, 2021. Under the MIPA, KW, the owner of a 100% interest in nine multifamily properties (the “Properties”), sold a 49% interest in the Properties to G-Blocker in exchange for $166,455,593, including the assumption of debt. Immediately following the closing of the sale, KW and G-Blocker contributed their interests in the Properties into the Company and agreed to initial capital balances of $181,744,132 for KW's 51% ownership interest and $174,616,912 for G-Blocker's 49% ownership interest (the "Contribution Transaction"). The agreed upon value of the Properties was $800,000,000, and as part of the transaction the Company assumed $460,315,117 of debt that was secured by the Properties. The Properties and their locations are stated on the consolidated schedule of investments.

On July 12, 2021, the Company established nine wholly-owned subsidiaries intended to be treated as real estate investment trusts (the “REITs’). Simultaneously, the Company contributed each of the Properties into one of the REITs in exchange for 100% of the Common Units as defined by the Contribution Agreement of each of the REITs. In January 2022, the REITs admitted preferred members to meet the minimum number of investors required to quality as real estate investment trusts.

(2) Summary of Significant Accounting Policies
(a)    Basis of Accounting
The Company has determined that it has the attributes of an investment company. As a result of this determination, the Company has concluded that it is appropriate to record its real estate investments at fair value consistent with the measurement principles for investment companies under the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services-Investment Companies.

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. All references to authoritative accounting literature in the Company’s consolidated financial statements are referred in accordance with the FASB’s ASC.

(b)    Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated.

(c)    Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(d)    Cash and Cash Equivalents and Restricted Cash
The Company maintain its cash in federally insured banking institutions. The balances at these institutions, at times, exceed the federally insured limits and as a result there is a concentration of credit risk related to the amounts in excess of the federally insured limits. No losses have been experienced related to these excess balances. The Company considers all highly liquid, short‑term investments with an original maturity of three months or less when purchased to be cash equivalents.

Restricted cash consists of reserves and holdbacks held by the lenders for the mortgage loans secured by the Properties.

8




KW-G MULTIFAMILY VENTURE I, LLC
(A Delaware Limited Liability Company)
Notes to Consolidated Financial Statements
December 31, 2021


The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated statements of assets, liabilities, and net assets that sum to the total of the same such amounts shown in the consolidated statements of cash flows as of December 31, 2021:
Cash and cash equivalents$7,291,604 
Restricted cash3,553,766 
Total cash and cash equivalents and restricted cash shown in the consolidated statements of cash flows$10,845,370 

(e)     Fair Value Measurements
The Company measures the fair value of its real estate and improvements and mortgage loans in accordance with ASC Topic 820, Fair Value Measurement. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the exit price) in an orderly transaction between market participants at the measurement date. Investments measured and reported at fair value are classified and disclosed in one of the following three categories:

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that the Companies have the ability to access.
Level 2 – Valuations based on quoted prices in less active, dealer or broker markets. Fair values are primarily obtained from third‑party pricing services for identical or comparable assets or liabilities.
Level 3 – Valuations derived from other valuation methodologies, including pricing models, discounted cash flow models, and similar techniques, and not based on market, exchange, dealer, or broker‑traded transactions. Level 3 valuations incorporate certain assumptions and projections that are not observable in the market and require significant judgment in determining the fair value assigned to such assets or liabilities.

The fair value of real estate and improvements is generally based on the income approach using a discounted cash flow analysis. Such an analysis for real estate includes projecting net cash flows from a buyer’s perspective and computing the present value of the cash flows using a market discount rate. The holding period utilized in the analysis is typically ten years, consistent with how market participants often estimate values in connection with buying and selling real estate. The cash flows include a projection of the net sales proceeds at the end of this holding period, computed using market reversionary capitalization rates and projected cash flows from the property for the year following the holding period. The valuation of real estate and improvements is considered within Level 3 in the fair value hierarchy.

Changes in fair value of real estate and improvements are reflected as unrealized gains or losses in the consolidated statement of operations. Unrealized gains or losses are reclassified to realized gains or losses upon the receipt of sales proceeds or liquidation of real estate and improvements. In instances of partial realization on real estate and improvements, the cost basis is generally relieved or credited according to the ratio of cost to fair value, and partial realized gain or loss may be recognized.

The Company capitalizes all direct costs incurred related to the acquisition of and additions to real estate and improvements and those associated with the acquisition of tenants, such as leasing commissions and tenant improvements. Capitalized costs included in the cost basis of real estate and improvements are the following costs: land, building, building improvements, tenant improvements, leasing commissions, direct acquisition costs, construction in progress, and furniture, fixtures and equipment. Ordinary repairs and maintenance are expensed as incurred.

No provision is made for depreciation on the cost of real estate projects; however, the effects of actual physical deterioration or obsolescence, if any, are taken into consideration in the application of the methods used in estimating fair value.

The Company elected the fair value option under ASC 825, Financial Instruments, to record notes payable at fair value on a recurring basis. Notes payable are recorded at fair value at each period end with changes in fair value being recorded to unrealized gain on notes payable on the accompanying consolidated statement of operations.

9




KW-G MULTIFAMILY VENTURE I, LLC
(A Delaware Limited Liability Company)
Notes to Consolidated Financial Statements
December 31, 2021

In valuing notes payable the Company considers significant inputs to be the term of the debt, value of collateral, market loan-to-value ratios, market interest rates and spreads, and credit quality of investment entities. The valuation of notes payable is considered within Level 2 in the fair value hierarchy.

Interest rate caps are stated at fair value, which are determined using a pricing model that incorporates market observable inputs for interest rate curves and unobservable inputs for credit spreads. The valuation of interest rate caps is considered within Level 2 in the fair value hierarchy.


(f)    Accounts Receivable
Accounts receivable are recorded at the contractual amount as determined by the underlying agreements and do not bear interest. The Company recognizes revenue to the extent that amounts are probable that substantially all rental income will be collected.

(g)    Derivative Instruments and Hedging Activities
The Company records all derivative financial instruments on the consolidated statement of assets, liabilities and net assets at fair value as of the reporting date. The resulting changes in the derivatives’ fair values are included in earnings as a part of unrealized gain on interest rate cap on the consolidated statement of operations. The Company’s objective in using interest rate derivatives are to add stability to interest expense, and manage its exposure to interest rate movements and, therefore, manage its cash outflows as they relate to the underlying debt instrument. The Company uses interest rate caps as part of its interest rate risk management strategy relating to its variable rate debt instruments.

(h)    Income Taxes
The Company is not subject to federal or state income taxes. Income or loss is allocated to the members and included in their respective income tax returns. Under applicable federal and state income tax rules, limited liability companies are generally not subject to income taxes and upon filing of their initial tax returns, the REITs will elect to be taxed as real estate investment trusts under Section 856 through 860 of the Internal Revenue Code of 1986 (the “Code”). To quality as real estate investment trusts, the REITs must distribute annually at least 90% of their adjusted taxable income, as defined in the Code, to its shareholders and satisfy certain other organizational and operating requirements. If the REITs fail to qualify as real estate investment trusts in any taxable year, they will be subject to federal income taxes on its taxable income at regular corporate rates and may not be able to qualify as real estate investment trusts for subsequent taxable years. The Company believes that the REITs have met all of the real estate investment trust distribution and technical requirements for the period from June 25, 2021 (Inception) through December 31, 2021, and was not subject to any federal income taxes.

In accordance with ASC Topic 740, Income Taxes, the Company periodically evaluate its tax positions, including its status as pass‑through entities, to evaluate whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits as of December 31, 2021. Based on the Company’s evaluation, there are no uncertain tax positions or open examinations. Accordingly, no provision or liability for income taxes is included in the accompanying consolidated financial statements.

(i)    Revenue Recognition
Revenues from tenants are recorded when due from tenants and are recognized monthly as they are earned, which generally approximates a straight-line basis. Apartment units are rented under short-term leases (generally, lease terms of nine to twelve months). Rent includes base rent and operating expense reimbursements.

(j)    Expenses
Expenses include all costs incurred by the Company in connection with the management, operation, maintenance, and repair of the real estate projects and are expensed as incurred.



10




KW-G MULTIFAMILY VENTURE I, LLC
(A Delaware Limited Liability Company)
Notes to Consolidated Financial Statements
December 31, 2021

(k)    Recent Accounting Pronouncements
In March 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-04, Reference Rate Reform (Topic 848), which provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The ASU is effective as of March 12, 2020, through December 31, 2022. The Company has not yet adopted any of the optional expedients or exceptions as of December 31, 2021, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve.

(3) Real Estate and Improvements, at Fair Value
The valuations of the Company’s real estate and improvements include estimates that utilize unobservable inputs that are significant to the overall valuation and are therefore categorized as Level 3 valuations. The following table summarizes the changes in real estate and improvements during the years ended December 31, 2021:


Balance as of June 25, 2021 (Inception)$— 
Net unrealized gain on real estate and improvements138,672,611 
Additions to real estate at contribution date fair value800,000,000 
Improvements to real estate4,827,389 
Balance as of December 31, 2021$943,500,000 

The Properties held by the Company had terminal capitalization rates ranging from 3.84% to 4.53% and discount rates ranging from 6.34% to 6.96%.

The significant unobservable inputs used in the fair value measurement of the Companies’ real estate and improvements are the selection of certain investment rates (discount rate and terminal capitalization rate). Significant increases (decreases) in either of those inputs in isolation would result in significantly lower (higher) fair value measurements, respectively.

(4) Derivatives
The Company entered into an interest rate cap transaction with an unrelated major financial institution. The Company uses the interest rate cap in order to reduce the effect of interest rate fluctuations or risk of certain real estate investment’s interest expense on variable rate debt. The Company is exposed to credit risk in the event of non-performance by the counterparty to this financial instrument. Management believes the risk of loss due to non-performance to be minimal.

The interest rate cap has a notional amount of $14,300,000, matures on July 1, 2024, and effectively caps LIBOR at 4.00%. The fair value of the interest rate cap was $15,963 as of December 31, 2021 and is included in prepaid expenses and other assets on the accompanying consolidated statement of assets, liabilities, and net assets.

(5) Members’ Equity
(a) Distributions
Distributions of net cash flow shall initially be made to the members based on the percentage of their contributed capital. The initial amount apportioned to the members shall be distributed as follows:

(i)    First, to the members, on a pari passu basis, pro rata in accordance with their respective ownership interests, until the members have received cumulative distributions equal to the sum of their aggregate unreturned capital contributions and results in each member having achieved an internal rate of return equal to 7.5%.

(ii)    Second, to the members, on a pari passu basis, 85% to the members pro rata in accordance with their respective ownership interests and 15% to KW until the cumulative amount distributed results in each member having achieved an internal rate of return equal to 10%.
11




KW-G MULTIFAMILY VENTURE I, LLC
(A Delaware Limited Liability Company)
Notes to Consolidated Financial Statements
December 31, 2021

(iii)    Third, to the members, on a pari passu basis, 80% to the members pro rata in accordance with their respective ownership interests and 20% to KW until the cumulative amount distributed results in each member having achieved an internal rate of return equal to 12%.

(iv)    Fourth, to the members on a pari passu basis, 75% to the members pro rata in accordance with their respective ownership interests and 25% to KW.

(b) Income allocations
Net income or losses are allocated to the members pro rata in proportion to their respective ownership interests. The potential incentive allocation recorded on the consolidated statement of changes in net assets represents KW’s allocation of such income, gains and losses, calculated as if all investments were sold and the Company was fully liquidated at fair value determined at the end of the reporting period. As of December 31, 2021, KW’s net assets account reflects such potential incentive allocation of $15,614,639.

(6) Notes Payable, at Fair Value
As of December 31, 2021, notes payable, at fair value on the accompanying consolidated statements of assets, liabilities, and net assets consist of the following:

PropertyLenderPrincipal BalanceFair Value Gain (Loss)Notes Payable, at Fair ValueInterest RateMaturity DateTerms
AlpineFannie Mae$28,800,000 $1,201,000 $30,001,000 4.28 %11/29/2028IO, PP
ApexFannie Mae19,275,372 302,000 19,577,372 3.86 %4/1/2026PP
AryaFreddie Mac60,400,000 496,000 60,896,000 3.59 %12/1/2026PP
Bella SonomaFannie Mae35,927,279 112,000 36,039,279 3.59 %12/1/2025PP
FoothillFannie Mae84,000,000 (2,141,000)81,859,000 3.04 %7/1/2031IO, PP
Harrington SquareFannie Mae45,120,000 (1,150,000)43,970,000 3.04 %7/1/2031IO, PP
Kirker CreekFannie Mae73,810,430 485,000 74,295,430 3.78 %7/1/2024PP
Kirker CreekFannie Mae13,677,198 (139,000)13,538,198 LIBOR + 2.8%7/1/2024PP
Townhouses at Lost CanyonFannie Mae42,923,000 333,000 43,256,000 3.63 %9/1/2026IO, PP
Whitewater ParkFannie Mae55,000,000 (1,402,000)53,598,000 3.04 %7/1/2031IO, PP
Total$458,933,279 $(1,903,000)$457,030,279 

IO = Interest only
PP = Prepayment penalty applicable

Principal payments on the notes payable are as follows:

2022$3,961,053 
20234,296,465 
202487,049,175 
202536,086,399 
2026114,620,187 
Thereafter212,920,000 
Total$458,933,279 


12




KW-G MULTIFAMILY VENTURE I, LLC
(A Delaware Limited Liability Company)
Notes to Consolidated Financial Statements
December 31, 2021

(7) Related‑Party Transactions
The Operating Agreement provides for KW to manage the assets of the Company. The Company will pay an annual asset management fee to KW equal to 0.6% per annum of Average Aggregate Actively Invested Capital as defined in the Operating Agreement.

The Company has also entered into various property management agreements (the “Property Management Agreements”) with KW Multi-Family Management Group, LLC (the “Property Manager”), an affiliate of KW, to manage the operations of the Properties. Under this arrangement, the Property Manager is paid a property management fee ranging from 2.00% - 2.50% of Gross Revenue of the Property as defined by the Property Management Agreements and reimbursements for all costs and expenses incurred in the hiring of on-site employees.

Costs and expenses incurred related to such services for the period from June 25, 2021 (Inception) through December 31, 2021, consist of the following:

Asset management$1,104,233 
Property management693,623 
Total$1,797,856 

Asset management and property management fees are included on the accompanying consolidated statements of operations. As of December 31, 2021, amounts payable to related parties totaled $534,542 and are included in accounts payable and accrued expenses on the accompanying consolidated statement of assets, liabilities, and net assets.

(8) Financial Highlights
The internal rate of return (IRR) of the Company, net of all fees and incentive allocations to the Company is 97% from June 25, 2021 (Inception) through December 31, 2021.

The IRR was computed based on quarterly compounding periods of the cash inflows (capital contributions), outflows (cash distributions), and the ending net assets as of the end of the year (residual value) of the Company’s capital account as of December 31, 2021.

Ratio to average G-Blocker's capital:
Net investment income0.5 %
Total expenses8.5 %
Potential incentive allocation to KW9.1 %
Total expenses and potential incentive allocation17.6 %

(9) Subsequent Events
In preparing these consolidated financial statements, the Companies have evaluated subsequent events and transactions for potential recognition or disclosure through March 31, 2022, the date these consolidated financial statements were available to be issued. No other events were identified requiring disclosure to the financial statements.

EX-23.2 2 a202110k-aexhibit232.htm CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Document

Exhibit 23.2
Consent of Independent Auditors
We consent to the incorporation by reference in the registration statements (No. 333-174742, No. 333-175002, No. 333-175559, No. 333-184752, No. 333-192059 and No. 333-235472) on Form S-3, the registration statement (No. 333-235473) on Form S-3/A, the registration statements (No. 333-164928, No. 333-182269, No. 333-218829, No. 333-197492, No. 333-229348 and No. 333-232097) on Form S-8, and the registration statement (No. 333-164926) on Form S-1/A of Kennedy-Wilson Holdings, Inc. our report dated March 31, 2022, with respect to the consolidated financial statements of KW-G Multifamily Venture 1, LLC.

/s/ KPMG
Los Angeles, California
March 31, 2022


EX-31.1 3 kw2021123110kaexhibit311.htm CERTIFICATION PURSUANT TO RULE 13A-14(A) Document

EXHIBIT 31.1
Certification of Chief Executive Officer
RULE 13a-14(a)/15d-14(a) CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, William J. McMorrow, certify that:
1.I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2021 as amended by this Amendment No.1 to Form 10-K of Kennedy-Wilson Holdings, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 31, 2022
 
/s/ William J. McMorrow
William J. McMorrow
Chief Executive Officer and Chairman

EX-31.2 4 kw2021123110kaexhibit312.htm CERTIFICATION PURSUANT TO RULE 13A-14(A) Document

EXHIBIT 31.2
Certification of Chief Financial Officer
RULE 13a-14(a)/15d-14(a) CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Justin Enbody, certify that:
1.I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2021 as amended by this Amendment No.1 to Form 10-K of Kennedy-Wilson Holdings, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 31, 2022
 
/s/JUSTIN ENBODY 
Justin Enbody
Chief Financial Officer

EX-32.1 5 kw2021123110kaexhibit321.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.1
Certification of Chief Executive Officer
Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
(18 U.S.C. Section 1350)
In connection with the Annual Report of Kennedy-Wilson Holdings, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2021, as filed with the Securities and Exchange Commission on February 25, 2022, as amended by Amendment No. 1 to Form 10-K of the Company, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, William J. McMorrow, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.
 
Date:March 31, 2022/s/ WILLIAM J. MCMORROW
 
William J. McMorrow
Chief Executive Officer
The foregoing certification is being furnished solely to accompany the Report pursuant to 18. U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities Exchange Commission or its staff upon request.


EX-32.2 6 kw2021123110kaexhibit322.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 Document

EXHIBIT 32.2
Certification of Chief Financial Officer
Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
(18 U.S.C. Section 1350)
In connection with the Annual Report of Kennedy-Wilson Holdings, Inc. (the “Company”) on Form 10-K for the period ended December 31, 2021, as filed with the Securities and Exchange Commission on February 25, 2022, as amended by Amendment No. 1 to Form 10-K of the Company, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Justin Enbody, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
In witness whereof, the undersigned has executed and delivered this certificate as of the date set forth opposite his signature below.
 
Date:March 31, 2022 /s/ JUSTIN ENBODY 
  
Justin Enbody
Chief Financial Officer
The foregoing certification is being furnished solely to accompany the Report pursuant to 18. U.S.C. Section 1350, and is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing. A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities Exchange Commission or its staff upon request.


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12 Months Ended
Dec. 31, 2021
Feb. 24, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K/A    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-33824    
Entity Registrant Name Kennedy-Wilson Holdings, Inc.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 26-0508760    
Entity Address, Address Line One 151 S El Camino Drive    
Entity Address, City or Town Beverly Hills,    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 90212    
City Area Code 310    
Local Phone Number 887-6400    
Title of 12(b) Security Common Stock, $.0001 par value    
Trading Symbol KW    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
ICFR Auditor Attestation Flag true    
Entity Public Float     $ 2,184,053,671
Entity Common Stock, Shares Outstanding   137,874,895  
Documents Incorporated by Reference Part III of this report incorporates certain information by reference from the registrant’s definitive proxy statement for the annual meeting of stockholders to be held on or around June 9, 2022, which proxy statement will be filed no later than 120 days after the close of the registrant’s fiscal year ended December 31, 2021.    
Entity Central Index Key 0001408100    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Audit Information
12 Months Ended
Dec. 31, 2021
Auditor Information [Abstract]  
Auditor Name KPMG LLP
Auditor Location Los Angeles, California
Auditor Firm ID 185
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