Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 187

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 187
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2024: March 31,December 31,(Dollars in millions)20252024Land$1,018.7 $979.6 Buildings3,587.4 3,548.7 Building improvements476.4 466.9 In-place lease values249.7 244.3 5,332.2 5,239.5 Less accumulated depreciation and amortization(995.6)(949.1)Real estate and acquired in place lease values, net of accumulated depreciation and amortization$4,336.6 $4,290.4     Real property, including land, buildings, and building improvements are included in real estate and are generally stated at cost.  Buildings and building improvements are depreciated on a straight-line method over their estimated lives not to exceed 40 years.  Acquired in-place lease values are recorded at their estimated fair value and amortized over their respective weighted-average lease term which was 7.2 years at March 31, 2025.    Consolidated Acquisitions    The purchase of property is recorded to land, buildings, building improvements, and intangible lease value (including the value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any) based on their respective estimated relative fair values.  The purchase price generally approximates the fair value of the properties as acquisitions are transacted with willing third-party sellers. During the three months ended March 31, 2025, Kennedy Wilson spent $25.7 million for the consolidated acquisition of an industrial development in the United Kingdom.    Gain on Sale of Real Estate, Net During the three months ended March 31, 2025, Kennedy Wilson recognized loss on sale of real estate, net of $0.8 million. This includes gain on sale of a non-core commercial asset in the United Kingdom for $2.3 million, which is offset with an impairment loss of $3.1 million relating to the expected sale of  non-core Italian office assets that the Company has received an offer to sell.  During the three months ended March 31, 2024, Kennedy Wilson recognized gains on sale of real estate, net of $106.4 million.  These gains were primarily due to (i) the Company's sale of the Shelbourne hotel located in Dublin, Ireland, resulting in a gain of $99.1 million; (ii) the sale