Company: KW
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001408100-25-000117
Chunk: 79

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 79
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 |       | -26.7 |
| Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)       |     |                                   |       |     |                |       |     |       | -32.2 |
| Income from unconsolidated investments excluded from Segment EBITDA                                              |     |                                   |       |     |                |       |     |       |   1.9 |
| Net income                                                                                                       |     |                                   |       |     |                |       |     |       |  37.7 |
| Net loss attributable to noncontrolling interests                                                                |     |                                   |       |     |                |       |     |       |   0.1 |
| Preferred dividends                                                                                              |     |                                   |       |     |                |       |     |       | -10.9 |
| Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders                                     |     |                                   |       |     |                |       |     | $     |  26.9 |

(1) See "Non-GAAP Measures and Certain Definitions" section for definitions and discussion of Adjusted EBITDA

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Financial Highlights

GAAP net loss to common shareholders was $40.8 million and $26.9 million for the three months ended March 31, 2025 and 2024, respectively. The decrease in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the three months ended March 31, 2025 as compared to the same period in 2024, was primarily due to (i) the sale of the Shelbourne hotel in first quarter of 2024 with comparatively reduced sales activity in the current period; (ii) the sale of an office building that is part of a larger office park in Issaquah, Washington; (iii) lower NOI from hotel operations due to the sale of the Shelbourne hotel in the prior period; and (iv) fair value losses on interest rate derivatives that were recorded during the current period.

Segment EBITDA was $107.3 million and $199.5 million for the three months ended March 31, 2025 and 2024, respectively.

Our consolidated results of operations often are impacted from, among other things, property acquisitions, dispositions, and stabilization of development and redevelopment projects. The results of operations of any acquired properties are included in our financial statements as of the date