Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 298

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 298
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 million during the same period in 2024.  The gain on sale of real estate, net during the three months ended June 30, 2025 was due to (i) recapitalized and deconsolidated 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 dispositions generated $123.1 million of cash to KW and a gain on sale of $52.4 million. 

    Rental expenses was $35.4 million for the three months ended June 30, 2025 as compared to $37.0 million for the three months ended June 30, 2024.  The decrease is due to asset sales as discussed above.      

Compensation and related expenses increased to $8.7 million for three months ended June 30, 2025 as compared to $7.8 million for the three months ended June 30, 2024 due to higher allocations of overhead expenses to the Consolidated segment as there were higher gains on sale of real estate, net in the current period.

General and administrative expenses increased to $3.6 million for three months ended June 30, 2025 as compared to $3.3 million for the three months ended June 30, 2024 due to higher allocations of overhead expenses to the Consolidated segment as discussed above.    

Other loss was $1.5 million for the three months ended June 30, 2025 as compared to other income of $0.5 million for the three months ended June 30, 2024. We recorded mark to market fair value losses of $1.1 million on undesignated interest rate caps and swap contracts associated with consolidated investments held in the current period, primarily at KWE. We received $2.6 million in cash payments on these derivatives during the three months ended June 30, 2025.  We entered into these undesignated contracts to hedge against rising interest rates.  We also had realized foreign exchange losses of $0.7 million for the three months ended June 30, 2025. Other income for the three months ended June 30, 2024 was due to mark to market fair value gains of $1.7 million and received $4.7 million in cash payments. We also had realized foreign exchange losses of $1.