Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 93

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 93
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 2025 and 2024, respectively. The increase in GAAP net income to common shareholders is primarily due to higher gain on sale of real estate, net and improvements in fair value fluctuations in the current period.

Segment Adjusted EBITDA was $130.6 million and $80.5 million for the three months ended September 30, 2025 and 2024, respectively.

Operational Highlights

Same store property highlights for the three months ended September 30, 2025 include:

• For our 16,813 same property market rate multifamily units for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

◦ occupancy remained flat at 95.1%

◦ net operating income increased by 3.2%

◦ total revenues increased by 2.1%

• For our 10,825 same property affordable rate multifamily units for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

◦ occupancy was down 0.9% to 93.5%

◦ net operating income increased by 0.2%

◦ total revenues increased by 2.3%

• For 3.1 million square feet of same property office real estate for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

◦ occupancy decreased to 90.0% from 94.4%

◦ net operating income decreased by 4.9%

◦ total revenues decreased by 1.1%

• Investment Transactions

◦ Consolidated Portfolio:

• Sold three (3) non-core assets: a wholly-owned, 88-unit multifamily property located in the Mountain West, an office property in Italy and a UK retail asset for a combined total of $32 million. These non-core asset sales generated $23 million of cash and a gain on sale of $11 million to KW.

◦ Co-Investment Portfolio:

• Completed $253.1 million in gross real estate acquisitions, which, the Company holds an 14.1% ownership interest.

• Completed recapitalization of a multifamily portfolio consisting of nine (9) properties, totaling 2,809 units, reducing the Company's ownership from 51% to 10% and generating $138 million of cash to the Company. Additionally, the Company completed a recapitalization of a