Exhibit 12.1

Kennedy-Wilson Holdings, Inc.

Statement of Computation of Earnings to Combined Fixed Charges and Preferred Dividends

	Six Months Ended			Year Ended December 31,
	June 30, 2013			2012			2011			2010			2009			2008
Earnings:
Pre-tax income from continuing operations before adjustment for income or loss from equity investees:
- Income (loss) before (provision for) benefit from income taxes	$	(6,312,000	)	$	6,841,000		$	5,121,000		$	10,212,000		$	(13,618,000	)	$	1,272,000
- Equity in earnings from real estate ventures		11,576,000			(21,527,000	)		(12,507,000	)		(10,548,000	)		(8,019,000	)		(10,097,000	)
		5,264,000			(14,686,000	)		(7,386,000	)
											(336,000	)		(21,637,000	)		(8,825,000	)
Adjustments:
Fixed charges		25,806,000			32,960,000			24,737,000			9,412,000			14,751,000			10,781,000
Distributed income of equity investees		12,782,000			30,432,000			3,567,000			5,931,000			514,000			294,000
Interest capitalized		(804,000	)		(2,258,000	)		(2,716,000	)		(790,000	)		0			(999,000	)
Total earnings	$	43,048,000		$	46,448,000		$	18,202,000		$	14,217,000		$	(6,372,000	)	$	1,251,000
Fixed charges:
Interest
- Expensed	$	23,963,000		$	28,595,000		$	20,507,000		$	7,634,000		$	13,174,000		$	8,596,000
- Capitalized		804,000			2,258,000			2,716,000			790,000			0			999,000
Amortization related to indebtedness		1,061,000			1,205,000			812,000			262,000			917,000			658,000
Amortization of premiums and discounts		(542,000	)		5,000			41,000
Estimated interest within rental expense		520,000			897,000			661,000			726,000			660,000			528,000
Total fixed charges		25,806,000			32,960,000			24,737,000			9,412,000			14,751,000			10,781,000
Preferred stock dividends		4,072,000			8,144,000			8,744,000			4,558,000			—			—
Total combined fixed charges and preferred stock dividends	$	29,878,000			41,104,000		$	33,481,000		$	13,970,000		$	14,751,000		$	10,781,000
Ratio of earnings to fixed charges		1.67			1.41			n/a			1.51			n/a			n/a
Amount of deficiency		—			—		$	6,535,000			—		$	21,123,000		$	9,530,000
Ratio of earnings to combined fixed charges and preferred stock dividends		1.44			1.13			n/a			1.02			n/a			n/a
Amount of deficiency		—			—		$	15,279,000			—		$	21,123,000		$	9,530,000