Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 280

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 280
---
 fourth quarter of 2025. There can be no assurance that the Company and its partners will complete the Transaction in part or at all. The Property Portfolio consists of a total of 5,056 units across fifteen completed assets and, when completed, an additional 1,008 units across three assets that have been capitalized with equity partner and debt financing and are currently under construction. Toll’s current aggregate equity ownership interest in the Property Portfolio is approximately 37% and the assets comprising the Property Portfolio are located throughout the United States. Upon acquisition of the Property Portfolio, the Company will earn development and construction management fees and carried interest opportunities under Toll’s existing partnership arrangements for certain of the assets that are held in joint ventures with various partners. The Transaction Pipeline currently consists of ownership interests in three land positions as well as a future development pipeline including 26 separate purchase agreements to acquire land positions and three late-stage pursuit properties throughout strategic markets in the United States. Upon closing the Transaction, the Company currently expects to own (i) between approximately 5% to 10% of the ownership interest in the Property Portfolio and (ii) approximately 95% of the ownership interest in the Transaction Pipeline and would look to capitalize these Transaction Pipeline opportunities going forward with equity capital from partners and construction loans (with the Company’s ownership interests in these opportunities ultimately expected to be between approximately 5% to 20%).In addition, as part of the Transaction, the Company and Toll will enter into an asset management agreement whereby the Company will manage certain multifamily and student housing properties that will continue to be owned, in whole or in part, by Toll (the “Toll Assets”) after the Transaction is completed. The Company will earn customary asset management fees, development and construction management fees, disposition fees and potential success fees and financing fees under the terms of the asset management agreement. The Company has also agreed to extend employment offers to current Toll employees that have been identified as part of Toll’s apartment development platform. These employees, including the executive leadership that currently leads Toll’s apartment development platform, would join the Company upon the closing of the Transaction and would continue to manage the Property Portfolio and the Toll Assets as well as further grow and scale the Company’s rental housing development platform.On October 3, 2025, the Company completed the redemption of all of its €300 million outstanding euro-denominated 3.25% notes due November 2025 issued by Kennedy Wilson Europe Real Estate Limited, a wholly-owned subsidiary of Kennedy Wilson. Subsequent to September 30,