Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 243

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 243
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DA by applying the relevant exchange rates for the prior period.  Please refer to the Currency Risk - Foreign Currencies section in Item 3 for a discussion of risks relating to foreign currency and our hedging strategy and the "Other Comprehensive Income" section below for a discussion of the balance sheet impact of foreign currency movements on our results of operations.  

Three Months Ended March 31, 2025(dollars in millions)ConsolidatedCo-InvestmentTotalRevenues$0.2 — %$0.1 — %$0.3 — %Net (loss) income  (4.3)(11)%7.5 19 %3.2 8 %Adjusted EBITDA(4.2)(4)%7.6 7 %3.4 3 %Three Months Ended March 31, 2024(dollars in millions)ConsolidatedCo-InvestmentTotalRevenues$(0.2)— %$— — %$(0.2)— %Net (loss) income1.6 6 %1.3 4 %2.9 10 %Adjusted EBITDA1.4 1 %1.2 — %2.6 1 %

    Consolidated Portfolio Segment

Rental income was flat at $97.3 million for the three months ended March 31, 2025 as compared to $97.4 million for the same period in 2024.  The $0.1 million decrease is 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 three months ended March 31, 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).

(Loss) gain on sale of real estate, net was a loss of $0.8 million for the three months ended March 31, 2025 compared to $106.4 million during the same period in 2024.  The loss recognized during the three months ended March 31, 2025 was due to a $3.1 million impairment on Italian office assets that the Company is currently marketing for sale.  The impairment loss was offset by a gain of $