Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 188

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 188
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5)— %27.6 7 %26.1 7 %Nine Months Ended September 30, 2024(dollars in millions)ConsolidatedCo-InvestmentTotalRevenues$0.1 — %$(0.1)— %$— — %Net (loss) income(5.2)(5)%6.2 6 %1.0 1 %Segment Adjusted EBITDA(5.1)(1)%5.8 1 %0.7 — %

    Consolidated Portfolio Segment

Rental income decreased to $277.8 million for the nine months ended September 30, 2025 as compared to $293.0 million for the same period in 2024.  The $15.2 million decrease is due to the sale and deconsolidation of consolidation of assets which was offset by the stabilization of recently completed developments as well as rental growth of properties held period over period.  

    Hotel income was $9.3 million nine months ended September 30, 2024 with no comparable activity in the current period as we sold the Shelbourne hotel in the first quarter of 2024 (which was our only hotel in our Consolidated Portfolio).

Gain on sale of real estate, net was a loss of $65.4 million for the nine months ended September 30, 2025 compared to $112.8 million during the same period in 2024. The gain on sale of real estate, net during the nine months ended September 30, 2025 was due to (i) recapitalizing and deconsolidation of a 1,008 unit wholly-owned multifamily property which reduced the Company’s ownership interests in the asset to 10%; and (ii) sold a wholly-owned 88-unit multifamily property located in the Mountain West and non-core office assets in Ireland, Italy and the United Kingdom. These transactions dispositions $155.0 million of cash to KW and a gain on sale of $65.4 million. The gain on sale of real estate, net includes an impairment loss of $3.0 million relating to non-core office building in Italy that was marketed for sale during such period. The gain recognized during the nine months ended September 30, 2024 relates to the sale of the Shelbourne hotel which resulted in a gain of $99.1 million; (ii) the sale of a building that is part