Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 37

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 37
---
 $3.0 million relating to non-core office building in Italy that was marketed for sale during such period. The gain recognized during the nine months ended September 30, 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; (iii) the sale of a 90% interest and deconsolidation of a multifamily property and recognized a gain of $8.1 million; and (iv) 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 $14.2 million relating to non-core office and retail buildings in the United Kingdom and Spain that were marketed for sale during such period.

64

    Rental expenses decreased to $108.2 million for the nine months ended September 30, 2025 as compared to $113.2 million for the nine months ended September 30, 2024. Similar to rental income decreases from properties that had been sold or deconsolidated offset by development properties that have been stabilized.  

    Hotel expenses was $7.6 million for the nine months ended September 30, 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 $21.4 million for the nine months ended September 30, 2025 as compared to $25.1 million for the nine months ended September 30, 2024 due to lower discretionary and deferred compensation accruals in the current period.   

General and administrative expenses were $9.1 million for the nine months ended September 30, 2025 as compared to $10.8 million for the nine months ended September 30, 2024 which was driven by reduced travel and IT costs. 

Other loss was $4.0 million for the nine months ended September 30, 2025 as compared to other loss of $0.3 million for the nine months ended September 30, 2024. We had mark to market fair value decreases of $1.6 million on the Company's undesignated interest rate caps and swap contracts for the nine months ended September 30,