Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 90

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 90
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 fair value losses were offset by a $30.4 million fair value increase on our minority investment in Zonda which closed a merger transaction during the first quarter of 2024. This transaction led to cost synergy opportunities and increase in earnings in that business. Operating results in our Co-Investments Portfolio declined due to losses at recently completed development projects as we work towards stabilizing operations and occupancy. The properties were not in service in the year ended December 31, 2023 and any costs associated with the properties were capitalized as they were still under development during such period.

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Table of Contents

Results of Operations 

The following tables summarize our results of operations by segment for the years ended December 31, 2024 and 2023 and is intended to be helpful in understanding the year over year explanations following the tables.

Our results of operations for 2023 and 2022 can be found under Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, which is incorporated by reference herein to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the SEC on February 22, 2024, and is available on the SEC’s website at www.sec.gov and our Investor Relations website at www.ir.kennedywilson.com (this website address is not intended to function as a hyperlink, and the information contained in, or accessible from, our website is not intended to be part of this filing).

Year Ended December 31, 2024(Dollars in millions)ConsolidatedCo-InvestmentsTotalSegment RevenueRental$390.6 $— $390.6 Hotel9.3 — 9.3 Investment management fees— 98.9 98.9 Loans— 31.2 31.2 Total segment revenue399.9 130.1 530.0 Income from unconsolidated investmentsPrincipal co-investments— 56.2 56.2 Carried interests— (49.7)(49.7)Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments— 135.4 135.4 Income from unconsolidated investments— 141.9 141.9 Gain on sale of real estate, net160.1 — 160.1 Segment ExpensesRental150.0 — 150.0 Hotel7