Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 90

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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11

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

tenants. The Company records amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The reimbursements are recognized in rental income in the consolidated statements of operations as the Company is the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk.    The following table summarizes the minimum lease payments due from the Company's customers on leases with lease periods greater than one year at March 31, 2025:(Dollars in millions)MinimumRental Revenues(1)2025 (remainder)$114.0 2026107.5 202795.4 202880.6 202964.3 Thereafter132.7 Total$594.5 (1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.

NOTE 4—UNCONSOLIDATED INVESTMENTS

    Kennedy Wilson has a number of joint venture interests including commingled funds and separate accounts, generally ranging from 5% to 50%, that were formed to acquire, manage, develop, service and/or sell real estate.  Kennedy Wilson has significant influence over these entities, but not control.  Accordingly, these investments are accounted for under the equity method.  In many of these investments, Kennedy Wilson earns customary fees in its role as asset manager which are recorded to investment management fees on the statement of operations.Joint Venture and Fund HoldingsThe following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of March 31, 2025:(Dollars in millions)MultifamilyCommercialHotelFundsResidential and OtherTotalWestern U.S.$859.4 $87.9 $248.1 $63.0 $177.1 $1,435.5 Ireland301.5 128.3 — 5.0 — 434.8 United Kingdom9.5 159.4 — 29.1 16.4 214.4 Total$1,170.4 $375.6 $248.1 $97.1 $193.5 $2,084.7     The following table details