Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 21

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 21
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bourne 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 of acquisition. Our results of operations may also be affected by national, regional and local economic conditions, as well as macroeconomic conditions, which are at times subject to volatility and uncertainty such as the recent market volatility as a result of changes in tariff policies. 

    Operational Highlights

    Same store property highlights for the three months ended March 31, 2025 include:

•For our 17,312 same property multifamily units for the three months ended March 31, 2025 as compared to the prior period:

◦occupancy increased to 95.0% from 93.9% 

◦net operating income increased by 4.0% 

◦total revenues increased by 2.6%

•For our 10,367 same property affordable rate multifamily units for the three months ended March 31, 2025 as compared to the prior period:

◦occupancy was down 1.1% to 93.5%  

◦net operating income increased by 5.5%

◦total revenues increased by 5.3%

•For 3.8 million square feet of same property office real estate for the three months ended March 31, 2025 as compared to the prior period:

◦occupancy decreased 1.6% to 91.3%

◦net operating income increased by 0.6% 

◦total revenues increased by 0.5% 

•Investment Transactions

◦Consolidated Portfolio:

▪(i) Acquired an industrial development site in the United Kingdom for $48 million, which we expect to recapitalize with a