Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 7

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 of 22.9% from the first nine months of 2024

•Continued to see strength in our stabilized multifamily portfolio which saw same-store occupancy grow by 0.1% to 94.7%, same-property revenue growth of 2.4%, and same-property NOI growth of 3.0% 

•Acquired an industrial development site in the United Kingdom for $48 million, which we expect to recapitalize with a partner in our Consolidated portfolio and, in the United States, we acquired six multifamily properties in the Mountain West and an industrial property in the Pacific Northwest for $682.8 million. KW has a 13.0% ownership interest in these acquisitions in the Co-Investment Portfolio. Additionally, we acquired three additional sites for our UK single family platform.

•Cash Generation: Recapitalization of (i) a wholly-owned multifamily property located in Northern California, which generated $39.5 million in cash and a gain of $32.2 million to the Company and resulted in KW's ownership interest decreasing from 100% to 10%; (ii) a multifamily portfolio consisting of nine (9) properties, totaling 2,809 units, reducing the Company's ownership from 51% to 10% and generating  $138 million of cash to the Company; and (iii) 687-unit Southern California multifamily community, reducing the Company's ownership from 51% to 10% through a new joint venture and resulting in $17 million of cash to the Company.  

•Sold five (5) non-core assets consisting of: a wholly-owned, 88-unit multifamily property in the Mountain West, office assets in Ireland, Italy and the United Kingdom and residential lots in Hawaii for a combined total of $248 million. These dispositions generated $111.6 million of cash to KW and a gain on sale of $26.2 million.

45

For the nine months ended September 30, 2025, we had net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $68.4 million as compared to $109.6 million for the same period in 2024. These results include $122.8 million and $180.6 million of non-cash expenses for the nine months ended September 30, 2025 and September 30, 2024, respectively, which primarily consist of depreciation and amortization and changes in fair value (depreciation and