Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 146

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 146
---
 to $37.2 million for the three months ended March 31, 2024. Similar to rental income decreases from properties that had been sold or deconsolidated offset by development properties that have been stabilized.  Slight increase also from inflationary factors.    

    Hotel expenses was $7.6 million for the three months ended March 31, 2024 with no comparable activity in the current period due to the sale of the Shelbourne hotel in the first quarter of 2024.  

    Compensation expense was $5.8 million for the three months ended March 31, 2025 as compared to $9.7 million for the three months ended March 31, 2024 due to lower discretionary and deferred compensation accruals in the current period.   

General and administrative expenses were $3.3 million for the three months ended March 31, 2025 as compared to $3.8 million for the three months ended March 31, 2024. While general and administrative expenses were up overall for the year, the consolidated segment decreased, as there was a lower allocation of corporate expenses to the Consolidated segment in the current period due to the growth of the Co-Investments segment. 

Other loss was $0.4 million for the three months ended March 31, 2025 as compared to other income of $2.7 million for the three months ended March 31, 2024. We had mark to market fair value decreases of $1.1 million on the Company's undesignated interest rate caps and swap contracts for the three months ended March 31, 2025 as compared to $3.4 million 

48

increases in the prior period.  The three months ended March 31, 2025 also had a $0.4 million gain on sale of some furniture and fixtures. 

The following items are not in Segment EBITDA above for Consolidated portfolio but are in net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders:

Depreciation and amortization decreased to $34.1 million during the three months ended March 31, 2025 as compared to $38.9 million for the three months ended March 31, 2024 as a result of the Company being a net seller of assets over the last year.

Interest expense was $35.8 million during the three months ended March 31, 2025 as