1,110.00p

Share price at 14:28

Glossary

A

Adjusted earnings

EPRA earnings adding back the performance fee expense

Adjusted earnings per share

Adjusted earnings divided by the weighted average number of ordinary shares in issue during the period

Adjusted NAV per share

Adjusted Net Asset Value divided by the number of shares at the period end

Adjusted Net Asset Value (NAV)

EPRA NAV deducting the feeds accounted for in the share-based payments reserve

Annualised net operating income (NOI)

Annualised contracted rental income, hotel earnings and loan portfolio interest income, less an estimate of annual direct property-related expenses

B

Basic earnings per share (EPS)

Profit after taxation attributable to owners of the Company divided by the weighted average number of ordinary shares in issue during the period

Book value

The amount at which assets and liabilities are reported in the financial statements

E

EPRA

European Public Real Estate Association

EPRA earnings

Profit after taxation excluding investment and development property revaluations and gains/losses on disposals, changes in the fair value of financial instruments and associated close-out costs and their related taxation

EPRA earnings per share

EPRA earnings divided by the weighted average number of ordinary shares in issue during the period

EPRA net asset value (NAV)

Net asset value adjusted to include properties and other investment interests at fair value and to exclude certain items not expected to be realised in a long-term investment property business model such as the fair value of financial derivatives and deferred taxes on property valuation surpluses

EPRA NAV per share

EPRA NAV divided by the number of shares at the period end

EPRA net initial yield

Annualised rental income based on the cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the portfolio value, (adding notional purchaser's costs)

EPRA NNNAV

EPRA NAV adjusted to reflect the fair value of financial instruments, debt and deferred taxation

EPRA occupancy

ERV of portfolio which is let divided by ERV of the whole portfolio, excluding loans, hotels and development properties

EPRA topped-up net initial yield

Current annualised rental income topped-up for contracted uplifts such as step-ups, unexpired rent-free periods and other lease incentives

Estimated rental value (ERV)

External valuers’ opinion as to the rent at which space could be let in the market based on conditions prevailing at the date of valuation

EURIBOR

Euro Interbank Offer Rate

G

Gross annual rent

The annualised contracted rent adjusted for the inclusion of rent subject to rent-free periods

Group

The Company and its subsidiary undertakings from time to time

I

IFRS

International Financial Reporting Standards, as adopted by the European Union

Investment Manager Group

The Investment Manager and certain of its affiliates in Europe (all of whom are members of the KW group of companies in Europe)

K

Kennedy Wilson (KW)

Kennedy-Wilson Holdings, Inc. together with one or more of its group companies (including those in Europe)

KWE or the Company

Kennedy Wilson Europe Real Estate Plc

L

LIBOR

The London Interbank Offered Rate

Loan to value (LTV)

Loan to value is the ratio of net debt (gross debt less cash) to the total portfolio value (value of investment and development properties, loans secured by real estate and hotels)

M

Market value

Market value is determined by the Group’s external valuers, in accordance with the RICS Valuation Standards, as an opinion of the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing

N

Net rental income

Rental income is as reported in the income statement, on an accruals basis, and adjusted for the spreading of lease incentives over the term certain of the lease in accordance with SIC 15 less direct property-related expenses.

T

Total accounting return

Percentage growth in Adjusted NAV per share plus Dividend per share, divided by opening period Adjusted NAV per share

W

Weighted average interest rate (WAIR)

The Group's interest rate across all drawn facilities weighted by all drawn debt at the period end

Weighted average unexpired lease term (WAULT)

The weighted average lease term remaining to first break across the portfolio weighted by contracted rental income, excluding loans, hotels, development and residential properties

Y

Yield on cost

The estimated annual NOI at the date of purchase divided by the purchase price using actual purchaser's costs