Company: KW
Filing Date: 2025-03-03
Form Type: 424B3
Source: 0001408100-25-000092
Chunk: 71

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-03
Form: 424B3
Chunk 71
---
-core retail and residential properties in the Western United States, United Kingdom, Ireland, and Spain. These sales generated total cash proceeds of $267.8 million during the year ended December 31, 2023. These gains are net of $28.6 million of impairments relating to retail assets in the United Kingdom, Ireland and the Western United States that have been identified for sale.

Rental expenses decreased to $150.0 million for the year ended December 31, 2024 as compared to $152.6 million for the year ended December 31, 2023. The decrease is due to sales of properties as discussed above which were offset by inflationary increases on items like payroll, utilities and insurance.

Hotel expenses decreased to $7.6 million for the year ended December 31, 2024 as compared to $37.9 million for the year ended December 31, 2023 due to the sale of the Shelbourne hotel in the first quarter of 2024.

<div align='center'>39</div>

Compensation and related expenses decreased to $39.4 million for the year ended December 31, 2024 as compared to $42.7 million for the year ended December 31, 2023 due to a lower allocation of corporate expenses to the Consolidated segment in the current period due to the growth of the Co-Investments segment.

General and administrative expenses decreased to $14.9 million for year the ended December 31, 2024 as compared to $15.5 million for the year ended December 31, 2023. While general and administrative expenses were slightly higher overall for the Company during the year ended December 31, 2024 as compared to the prior periods, 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 income was $1.0 million for the year ended December 31, 2024 as compared to $2.3 million for the year ended December 31, 2023. The difference period-over-period was primarily attributed to: (i) mark to market fair value losses of $14.0 million on the Company's undesignated interest rate caps and swap contracts for the year ended December 31, 2024 as compared to $18.3 million in the prior period; (ii) $18.5 million of cash proceeds received during the year ended December 31, 2024 on interest rate caps