Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 89

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 89
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•Generated $1.7 billion of cash from asset sales and loan repayments (our share of which was $520 million) and redeployed capital to pay down indebtedness and to consummate new investment opportunities 

•Grew Fee-Bearing Capital by 5%  to a record $8.8 billion

•Repaid €175 million of KWE Notes and $45 million net pay down on the Company's credit facility

For the year ended December 31, 2024, we had net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $76.5 million as compared to a net loss of $341.8 million for the same period in 2023. For the year ended December 31, 2024 we had Adjusted EBITDA of $539.7 million as compared to $189.8 million for the same period in 2023. These results include $213 million and $473 million of non-cash expenses for the years ended December 31, 2024 and 2023, respectively, which primarily consist of depreciation and amortization and changes in fair values. For the year ended December 31, 2024, as described above, we recognized higher investment management fees and interest income primarily driven from our debt investment platform.  These increases were offset by lower levels of NOI from hotel operations as we sold the Shelbourne hotel during the first quarter of 2024.  

In our Co-Investment portfolio, we had $29.9 million of realized operating results, $32.6 million realized gain on sale of an unconsolidated investment that was not accounted for at fair value and recorded non-cash unrealized fair value and carried interests declines of $56.0 million during the year ended December 31, 2024 as compared to $40.8 million of realized operating results and $293.6 million of non-cash unrealized fair value and carried interest declines during the same period in 2023. During the year ended December 31, 2024, we had non-cash unrealized fair value losses and carried interests write downs primarily relating to (i) lower fair values with respect to office properties in the Western United States, Ireland and United Kingdom due to lower market assumptions of vacancy and rental growth with respect to the same; and (ii) the reversal of previously accrued interests with respect to the assets described in (i) above that are located in the Western United States.  Such