Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 186

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 186
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.  The $4.6 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 six months ended June 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 $54.3 million for the six months ended June 30, 2025 compared to $106.6 million during the same period in 2024.  The gain on sale of real estate, net during the six months ended June 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 non-core office assets in Ireland, Italy and the United Kingdom.  These transactions dispositions $132.0 million of cash to KW and a gain on sale of $54.6 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 six months ended June 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 of a larger office park which resulted in a gain of $21.6 million; and (iii) the remainder of gain on sale of real estate relates to the sale of non-core retail in the United Kingdom. The gain on sale of real estate, net includes an impairment loss of $14.2 million relating to non-core office and retail buildings in the United Kingdom and Spain that were marketed for sale during such period.

    Rental expenses decreased slightly to $73.5 million for the six months ended June 30, 2025 as compared to $74.2 million for the six months ended June 30, 2024. Similar to rental income decreases from properties that had been sold or deconsolidated offset by development properties that have been stabilized.  

    Hotel expenses was $7.6 million for the six months