Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 307

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 307
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%  

◦net operating income increased by 5.1%

◦total revenues increased by 5.8%

•For 3.3 million square feet of same property office real estate for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024:

◦occupancy was flat at 91.9%

◦net operating income increased by (4.0)% 

◦total revenues increased by (2.1)% 

•Investment Transactions

◦Consolidated Portfolio:

▪(i) Acquired an industrial development site in the United Kingdom for $48 million, which we expect to recapitalize with a partner; (ii) recapitalized and deconsolidated a 1,008 unit wholly-owned multifamily property which reduced the Company’s ownership interests in the asset to 10%; and (iii) sold non-core office assets in Ireland, Italy and the United Kingdom. These transactions dispositions $132.0 million of cash to KW and a gain on sale of $54.6 million

◦Co-Investment Portfolio:

63

▪Acquired six multifamily properties in the Mountain West and an industrial property in the Pacific Northwest for $493.7 million. KW has a weighted-average 12.1% ownership interest in these acquisitions.  Acquired three additional sites for our UK single family platform.

▪Originated $1,961.2 million in new construction loans, completed $802.7 million in additional fundings on existing loans, and realized $802.7 million in repayments, the Company’s share of which were $49.0 million, $26.3 million and $39.8 million respectively. 

    Foreign Exchange - Results of Operations

    A significant portion of our investments are located outside of the United States and denominated in foreign currencies.  In order to reduce the impact of foreign currency exchange rates we hedge some of our exposure.  However we typically do not hedge future operations or cash flows and, therefore, changes in foreign currency rates will have an impact on our results of operations.  We have included the table below to illustrate the impact these fluctuations have had on our revenues, net income and Adjusted EBITDA by applying the relevant exchange rates for the prior period.  Please refer to the Currency Risk - Foreign Currencies section in Item 3 for a discussion of risks relating to foreign currency and our hedging strategy and the "