Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 242

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 242
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 as compared to the prior period:

◦occupancy increased to 95.0% from 93.9% 

◦net operating income increased by 4.0% 

◦total revenues increased by 2.6%

•For our 10,367 same property affordable rate multifamily units for the three months ended March 31, 2025 as compared to the prior period:

◦occupancy was down 1.1% to 93.5%  

◦net operating income increased by 5.5%

◦total revenues increased by 5.3%

•For 3.8 million square feet of same property office real estate for the three months ended March 31, 2025 as compared to the prior period:

◦occupancy decreased 1.6% to 91.3%

◦net operating income increased by 0.6% 

◦total revenues increased by 0.5% 

•Investment Transactions

◦Consolidated Portfolio:

▪(i) Acquired an industrial development site in the United Kingdom for $48 million, which we expect to recapitalize with a partner; (ii) Sold non-core office asset for $9 million. The dispositions generated $9 million of cash to KW and a gain on sale of $2 million.

◦Co-Investment Portfolio:

▪Acquired two multifamily properties in the Mountain West and an industrial property in the Pacific Northwest for $107 million. KW has a 12.9% ownership interest in these acquisitions. Acquired an additional site for our UK single family platform.

▪Originated $724.1 million in new construction loans, completed $371.3 million in additional fundings on existing loans, and realized $526.8 million in repayments, the Company’s share of which were $18.1 million, $10.3 million and $24.1 million respectively. 

47

    Foreign Exchange - Results of Operations

    A significant portion of our investments are located outside of the United States and denominated in foreign currencies.  In order to reduce the impact of foreign currency exchange rates we hedge some of our exposure.  However we typically do not hedge future operations or cash flows and, therefore, changes in foreign currency rates will have an impact on our results of operations.  We have included the table below to illustrate the impact these fluctuations have had on our revenues, net income and Adjusted EBIT