Company: KW
Filing Date: 2025-03-31
Form Type: 10-K/A
Source: 0001408100-25-000099
Chunk: 17

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-03-31
Form: 10-K/A
Chunk 17
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 months). Rent includes base rent and operating expense reimbursements. Rental payments received in advance are deferred until earned. All leases of the properties are operating leases.

The Company also earns asset management fees on equity method investments that are recognized as the fees are earned.

Interest income from notes receivable is recognized based on effective interest rate of loans.

(m) Expenses

Expenses include all costs incurred by the Company in connection with the management, operation, maintenance, and repair of the real estate projects and are expensed as incurred.

(n) Leases

The Company has operating leases for certain properties. The Company records a right of use asset, included in other assets, net on the consolidated balance sheets, and a corresponding lease liability, included in accrued expenses on the consolidated balance sheets, representing the present value of future minimum lease payments in accordance with FASB ASC 842, Leases (Topic 842) . Rent expense is recognized on a straight-line basis over the term of the lease.

#### Table of Contents
(3) Real Estate and Improvements

The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2024 and 2023:

|                                                               |     | December 31, |        2024 |     |   |        2023 |
|:--------------------------------------------------------------|:----|:-------------|------------:|:----|:--|------------:|
| Land                                                          |     | $            |  11,579,684 |     | $ |  14,487,903 |
| Land improvements                                             |     |              |  14,297,732 |     |   |  14,159,693 |
| Buildings and improvements                                    |     |              | 155,073,883 |     |   | 154,737,119 |
| Furniture, fixtures and equipment                             |     |              |  10,408,329 |     |   |   9,921,333 |
|                                                               |     |              | 191,359,628 |     |   | 193,306,048 |
| Less accumulated depreciation and amortization                |     |              | -92,961,141 |     |   | -89,076,473 |
| Real estate, net of accumulated depreciation and amortization |     | $            |  98,398,487 |     | $ | 104,229,575 |

The Company generally sells interests of consolidated properties to tax credit investors. When a property is