Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 244

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 244
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2.3 million relating to the sale of a non-core office asset in the United Kingdom.  The gain recognized during the three months ended March 31, 2024 relates to the sale of the Shelbourne hotel which resulted in a gain of $99.1 million; (ii) the sale of a building that is part of a larger office park which resulted in a gain of $21.6 million; and (iii) the remainder of gain on sale of real estate relates to the sale of non-core retail in the United Kingdom. The gain on sale of real estate, net includes an impairment loss of $14.3 million relating to non-core office and retail buildings in the United Kingdom and Spain that were marketed for sale during such period.

    Rental expenses increased slightly to $38.1 million for the three months ended March 31, 2025 as compared to $37.2 million for the three months ended March 31, 2024. Similar to rental income decreases from properties that had been sold or deconsolidated offset by development properties that have been stabilized.  Slight increase also from inflationary factors.    

    Hotel expenses was $7.6 million for the three months ended March 31, 2024 with no comparable activity in the current period due to the sale of the Shelbourne hotel in the first quarter of 2024.  

    Compensation expense was $5.8 million for the three months ended March 31, 2025 as compared to $9.7 million for the three months ended March 31, 2024 due to lower discretionary and deferred compensation accruals in the current period.   

General and administrative expenses were $3.3 million for the three months ended March 31, 2025 as compared to $3.8 million for the three months ended March 31, 2024. While general and administrative expenses were up overall for the year, the consolidated segment decreased, as there was a lower allocation of corporate expenses to the Consolidated segment in the current period due to the growth of the Co-Investments segment. 

Other loss was $0.4 million for the three months ended March 31, 2025 as compared to other income of $2.7 million for the three months ended March 31, 2024. We had mark to market fair value decreases of $1.1 million on the Company's undesignated interest rate caps