Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 241

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 241
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 on early extinguishment of debt0.3 Other income, corporate9.6 Provision for income taxes(26.7)Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)(32.2)Income from unconsolidated investments excluded from Segment EBITDA1.9 Net income37.7 Net loss attributable to noncontrolling interests0.1 Preferred dividends(10.9)Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders$26.9 

(1) See "Non-GAAP Measures and Certain Definitions" section for definitions and discussion of Adjusted EBITDA

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Financial Highlights

    GAAP net loss to common shareholders was $40.8 million and $26.9 million for the three months ended March 31, 2025 and 2024, respectively.  The decrease in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the three months ended March 31, 2025 as compared to the same period in 2024, was primarily due to (i) the sale of the Shelbourne hotel in first quarter of 2024 with comparatively reduced sales activity in the current period; (ii) the sale of an office building that is part of a larger office park in Issaquah, Washington; (iii) lower NOI from hotel operations due to the sale of the Shelbourne hotel in the prior period; and (iv) fair value losses on interest rate derivatives that were recorded during the current period.  

    Segment EBITDA was $107.3 million and $199.5 million for the three months ended March 31, 2025 and 2024, respectively. 

    Our consolidated results of operations often are impacted from, among other things, property acquisitions, dispositions, and stabilization of development and redevelopment projects. The results of operations of any acquired properties are included in our financial statements as of the date of acquisition. Our results of operations may also be affected by national, regional and local economic conditions, as well as macroeconomic conditions, which are at times subject to volatility and uncertainty such as the recent market volatility as a result of changes in tariff policies. 

    Operational Highlights

    Same store property highlights for the three months ended March 31, 2025 include:

•For our 17,312 same property multifamily units for the three months ended March 31, 2025