Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 133

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 133
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 Depreciation 148.3 3.9 157.8 3.2 172.9 3.8 Less: Fair value adjustments— 9.8 — 233.7 — (110.2)Less: NCI adjustments(8.1)— (7.6)— (6.9)— Net Operating Income$234.2 $190.5 $274.3 $168.3 $294.2 $157.6 

(1) The Company’s joint ventures in its Co-Investment business segment predominantly acquire and hold and may ultimately dispose of operating properties which are presented by the Company as net gain or loss on disposition under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) because the disposition is not considered an “output of the entity’s ordinary activities.” Certain joint ventures in the same business segment, however, dispose of non-operating properties (such as land and condominiums) from time-to-time, and such sales are an “output of the entity’s ordinary activities” under Topic 606. Accordingly the sale of such real estate is presented by the Company on a gross basis (sale of real estate and cost of real estate sold), and, therefore, the portion of the same that is not attributable to the Company’s ownership share is excluded from Co-Investment NOI.

57

Years Ended December 31,20212020Consolidated PortfolioCo-Investment PortfolioConsolidated PortfolioCo-Investment PortfolioNet income$336.4 $389.0 $107.8 $81.0 Add: Provision for income taxes126.2 — 43.6 1.0 Less: Income from unconsolidated investments(389.0)— (81.0)— Less: (Gain) loss on sale of real estate, net(1)(412.7)3.1 (338.0)11.5 Add: Interest expense192.4 40.0 201.9 33.1 Add: Loss on extinguishment of debt45.7 — 9.3 — Add: Other loss5.0 17.9 2.3 13.7 Less: Sale of real estate(1)— (39.5)— (11.5)Less: Interest income(8.6)— (3.1)— Less: Investment management and property services(