Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 136

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 136
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ated Portfolio are typically large high-quality properties with high replacement costs. Office assets in our Co-Investment Portfolio range from suburban office buildings to office buildings located in central business districts of major cities. Some of our offices consist of flex space for medical lab work or light industrial use and many of our offices focus on tenants in the tech sector.   

    Our retail portfolio consists of approximately 2.6 million square feet of primarily suburban shopping centers located in the United Kingdom as well as Dublin and Western United States.

Residential, Hotel and Other

    In certain cases, we may pursue for-sale housing acquisition opportunities, including land for entitlements, finished lots, urban infill housing sites and partially finished and finished housing projects. 

    As of March 31, 2025, we held 19 investments that are primarily comprised of 1,069 residential acres located in Hawaii and the Western United States and are primarily invested through our Co-Investment Portfolio.  These investments are in various stages of completion, ranging from securing the proper entitlements on land positions to sales of units/lots. As of March 31, 2025, these investments had a Gross Asset Value of $256.0 million, and includes our investment in Kohanaiki a private club and residential community located in Kona, Hawaii. We have $98.0 million equity value in Kohanaiki which represents a 55% ownership interest. In addition to our ownership interest, we manage the Kohanaiki asset and develop residential lots and homes for sale.

We also hold ownership interests in the five-star, Rosewood flagged Kona Village Resort that consists of 150 rooms in Kona, Hawaii and which sits in our Co-Investment Portfolio. After we fully redeveloped the project over seven years, we fully opened the Kona Village Resort in July 2023. We currently expect the property to stabilize in 2026. We have $248.1 million equity value which represents an ownership interest of 50% in the Kona Village Resort.

We have a minority ownership interest in Zonda, a technology based real estate business that offers residential construction data providing insights and solutions for leaders in the home building industry.  We account for our ownership interest at fair value and it is included within our unconsolidated investments. 

    This group also includes our investment in liquid non-real estate investments which include investment funds that hold marketable securities and private equity investments.  

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Development and Redevelopment

    We have neared