Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 279

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 279
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30, 2024, respectively, which primarily consist of depreciation and amortization and changes in fair value (depreciation and amortization of $34.5 million and $36.4 million and fair value decrease of $8.9 million and  $20.6 million, respectively).  For the three months ended June 30, 2025 we had Adjusted EBITDA of $147.1 million as compared to $79.3 million for the same period in 2024. The increase in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the three months ended June 30, 2025 as compared to the same period in 2024, was primarily due to (i) the recapitalization and deconsolidation of a 1,008 unit wholly-owned multifamily property in which the Company's ownership was reduced from 100% to 10%, (ii) the sale of two non-core office buildings in Ireland with minimal sales activity in the prior period; (iii) higher investment management fees relating to a development completion fee related to the completion of a Southern California multifamily development project and an increase in acquisition fees in our construction loan business due to more loan closings compared to the prior period; and (iv) fair value gains on real estate and foreign exchange movements within unconsolidated investments in the current period compared to fair value losses and higher reversals of carried interest accruals in the prior period.

Year to Date Highlights

During the six months ended June 30, 2025, we achieved the following:

•Originated $1,961.2 million ($49.0 million at our share) of new senior construction loans through our debt investment platform

•Generated total investment management fees of $61.4 million, an increase of 29.5% from the first six months of 2024

•Continued to see strength in our stabilized multifamily portfolio which saw same-store occupancy grow by 0.1% to 94.6%, same-property revenue growth of 3.0%, and same-property NOI growth of 3.9% 

•Acquired an industrial development site in the United Kingdom for $48 million, which we expect to recapitalize with a partner in Consolidated portfolio and six multifamily properties in the Mountain West and an industrial property in the Pacific Northwest for $493.7 million. KW has a 12.1% ownership interest in these acquisitions in the Co-Investment Portfolio.