Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 102

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 102
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 of the underlying real estate approximates the loan balance.    

For the three months ended March 31, 2025 and 2024, the Company recorded a $0.5 million and $5.6 million credit loss reserve, respectively, in other income.  See Note 2 for more detail on CECL reserves.  

18

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

NOTE 7—OTHER ASSETS, NET

    Other assets consist of the following: (Dollars in millions)March 31, 2025December 31, 2024Straight line rent receivable$41.4 $40.5 Goodwill23.9 23.9 Interest rate caps and swaps10.6 12.9 Prepaid expenses16.7 14.0 Hedge assets1.8 4.9 Deferred taxes, net6.6 7.0 Right of use asset, net10.0 10.1 Leasing commissions, net of accumulated amortization of $14.3 and $13.5 at March 31, 2025 and December 31, 2024, respectively7.9 7.9 Furniture and equipment net of accumulated depreciation of $20.7 and $21.7 at March 31, 2025 and December 31, 2024, respectively3.9 5.3 Above-market leases, net of accumulated amortization of $40.1 and $38.5 at March 31, 2025 and December 31, 2024, respectively1.2 1.4 Other15.1 13.1 Other Assets, net$139.1 $141.0 Right of use asset, net    The Company, as a lessee, has five office leases and two ground leases, which qualify as operating leases, with remaining lease terms of 1 to 234 years.  The payments associated with office space leases have been discounted using the Company's incremental borrowing rate which is based on collateralized interest rates in the market and risk profile of the associated lease.  For ground leases the rate implicit in the lease was used to determine the right of use asset.       The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in