Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 267

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 267
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 before depreciation and amortization(1.5)(1.3)(5.4)(0.8)(0.9)Adjusted Net (Loss) Income(1)$(0.7)$70.5 $5.3 $85.4 $47.0 

(1)  See "Non-GAAP Measures and Certain Definitions" for definitions and discussion of Adjusted Net Income.

59

Net Operating Income

2025YTDConsolidated PortfolioCo-Investment PortfolioNet (loss) income  $(29.6)$11.4 Less: Benefit from income taxes(4.9)— Less: Income from unconsolidated investments(11.4)— Add: Loss on sale of real estate, net(1)0.8 — Add: Interest expense61.4 32.1 Add: Other loss5.2 6.1 Less: Sale of real estate(1)— (16.6)Less: Investment management(25.0)— Less: Other(0.2)— Less: Loans(5.8)— Add: Carried interests— 8.2 Add: Cost of real estate sold(1)— 17.7 Add: Compensation and related26.9 — Less: Carried interests expense(2.7)— Add: General and administrative 10.4 — Add: Depreciation and amortization 34.1 0.9 Add: Fair value adjustments— (8.6)Less: NCI adjustments(2.2)— Net Operating Income$57.0 $51.2 

(1) The Company’s joint ventures in its Co-Investment business segment predominantly acquire and hold and may ultimately dispose of operating properties which are presented by the Company as net gain or loss on disposition under ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”) because the disposition is not considered an “output of the entity’s ordinary activities.” Certain joint ventures in the same business segment, however, dispose of non-operating properties (such as land and condominiums) from time-to-time, and such sales are an “output of the entity’s ordinary activities” under Topic 606. Accordingly the sale of such real estate is presented by the Company on a gross basis (sale of real estate and cost of real estate sold), and, therefore, the portion of the same that is not attributable to the Company’s ownership