Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 33

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 33
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)General and administrative, corporate(3.3)Depreciation and amortization(75.3)Interest expense(128.5)Loss on early extinguishment of debt(0.2)Other income, corporate12.6 Provision for income taxes(14.9)Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)(66.5)Income from unconsolidated investments excluded from Segment Adjusted EBITDA3.5 Net income(10.6)Net loss attributable to noncontrolling interests0.2 Preferred dividends(21.8)Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(32.2)

62

Financial Highlights

    GAAP net loss to common shareholders was $47.2 million and $32.2 million for the six months ended June 30, 2025 and 2024, respectively.  The decrease in net income attributable to Kennedy-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