Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 191

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 191
---
    In addition to our management of investments in the Co-Investment Portfolio, we have ownership interests in the properties that sit within our Co-Investment Portfolio.  The table below represents a breakout of the amounts within income from unconsolidated investments which represents our share of underlying property investments in the Co-Investment Portfolio assets for the nine months ended September 30, 2025 and 2024:

65

Nine Months Ended September 30,20252024RevenueRental$230.3 $215.8 Hotel27.7 21.2 Sale of real estate31.3 42.3 Total revenue289.3 279.3 Fair value/other adjustments(1.5)(22.4)Carried interests(1.4)(45.1)Gain on sale of real estate, net17.1 — ExpensesRental74.7 70.6 Hotel26.8 26.6 Cost of real estate sold30.3 39.9 Depreciation and amortization2.8 2.9 Total expenses134.6 140.0 Interest expense(100.5)(98.6)Other loss(22.7)(17.9)Provision for income taxes— (0.4)Income (loss) from unconsolidated investments$45.7 $(45.1)    

The increase in income from unconsolidated investments is primarily due to the following:

Operating performance

The increase in income from unconsolidated investments related to the following items: (i) the recapitalization of a 687-unit Southern California multifamily community that the Company did not account for at fair value, reducing the Company's ownership from 51% to 10% through a new joint venture and resulting in $17.0 million of cash and a gain on sale of real estate, net of $17.1 million; (ii) increase in rental operations due to the growth of our Co-Investment Portfolio; and (iii) improved hotel operations at Kona Village as the property continues to progress towards.  These increases were offset by interest expense due to the increase in assets in the Co-Investment portfolio.    

Fair Value

During the nine months ended September 30, 2025, the Company recorded fair value decreases (i) fair value losses associated with the recapitalization of a multifamily portfolio consisting of nine (9) properties, totaling 2,