Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 306

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 306
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-Wilson Holdings, Inc. common shareholders for the six months ended June 30, 2025 as compared to the same period in 2024, was primarily due to (i) the sales in the first quarter of 2024 generated higher gains on sale compared to the current period; (ii) lower NOI from hotel operations due to the sale of the Shelbourne hotel in the prior period; and (iii) fair value losses on interest rate derivatives that were recorded during the current period.  These were offset by (i) higher investment management fees relating to a one-time development completion fee related to the completion of a Southern California development project, acquisition fee associated with a multifamily asset in Seattle with a new partner and increased acquisition fees in our construction loan business due to more loan closings; and (ii) fair value gains on real estate and foreign exchange movements unconsolidated investments in the current period compared to fair value losses and higher reversals of carried interest accruals in the prior period.   

    Segment Adjusted EBITDA was $262.0 million and $281.4 million for the six months ended June 30, 2025 and 2024, respectively. 

    Our consolidated results of operations often are impacted from, among other things, property acquisitions, dispositions, and stabilization of development and redevelopment projects. The results of operations of any acquired properties are included in our financial statements as of the date of acquisition. Our results of operations may also be affected by national, regional and local economic conditions, as well as macroeconomic conditions, which are at times subject to volatility and uncertainty such as the recent market volatility as a result of changes in tariff policies. 

    Operational Highlights

    Same store property highlights for the six months ended June 30, 2025 include:

•For our 16,911 same property multifamily units for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024:

◦occupancy increased to 95.0% from 94.4% 

◦net operating income increased by 3.6% 

◦total revenues increased by 2.3%

•For our 10,367 same property affordable rate multifamily units for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024:

◦occupancy was down 1.2% to 93.6