Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 8

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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 and receive investment management fees. Our separate account platforms have defined investment parameters such as asset types, leverage and return profiles and expected hold periods.  As of March 31, 2025, our weighted average ownership interest in the various joint ventures that we manage was 44%.     

Commingled funds

    We currently have four closed-end funds that we manage and through which we receive investment management fees and potentially carried interests. We focus on sourcing investors in the U.S., Europe, Japan and Middle East and target investments in the U.S. and Europe with respect to our commingled funds. Each of our funds have, among other things, defined investment guidelines, investment hold periods and target returns. Currently our U.S.-based funds focus on value-add properties in the U.S. that have an expected hold period of 5 to 7 years. Our European fund focuses on value-add commercial properties in the United Kingdom, Ireland and Spain that also have expected hold periods of 5 to 7 years.  As of March 31, 2025, our weighted average ownership interest in the commingled funds that we manage was 13%. 

VHH

      Through our Vintage Housing Holdings ("VHH") partnership we acquire and develop income and age restricted properties. See a detailed discussion of this business in the Multifamily section below.

    Investment Types

    The following are the product types we invest in through our Consolidated Portfolio and Co-Investment Portfolio segments: 

    Rental Housing

    We pursue multifamily acquisition opportunities where we can unlock value through a myriad of strategies, including institutional management, asset rehabilitation, repositioning and recapitalization. We focus primarily on apartments in supply-constrained, infill markets.

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As of March 31, 2025, our global rental housing portfolio consisted of 38,285 units and 901 single family housing units.

TotalConsolidatedCo-InvestmentsMultifamily units - market rate units(1)26,019 9,258 16,761 Multifamily units - affordable rate units(1)12,695 — 12,695 Single family housing units985 — 985 

(1) Includes 2,390 units that are under development or undergoing lease up.

Our largest Western United States multifamily regions are the Mountain West region (which includes our investments in Idaho, Utah, Nevada, Arizona and New Mexico) and the Pacific Northwest (prim