Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 111

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 111
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The purchase of property is recorded to land, buildings, building improvements, and intangible lease value (including the value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any) based on their respective estimated relative fair values.  The purchase price generally approximates the fair value of the properties as acquisitions are transacted with willing third-party sellers. During the six months ended June 30, 2025, Kennedy Wilson spent $25.7 million for the consolidated acquisition of an industrial development in the United Kingdom.    Gain on Sale of Real Estate, Net During the six months ended June 30, 2025, Kennedy Wilson recognized gain on sale of real estate, net of $54.3 million. This includes gain on sale of (i) the sale of 90% equity interest and deconsolidation of a wholly-owned multifamily property, which generated $39.5 million in cash and a gain of  $32.2 million; (ii) the sale of non-core office assets in Ireland, Italy and the United Kingdom for a gain of $21.7 million; and (iii) the contribution of three wholly-owned, vacant land parcels in Hawaii to its residential development joint venture.  The lots that were contributed to the Company's residential development joint venture had a fair value of $20.0 million and generated a $3.5 million gain on sale of real estate, net due to the deconsolidation and was treated as a non-cash contribution to the joint venture.   These gains were offset with a loss of $3.0 million on an Italian office asset.   During the six months ended June 30, 2024, Kennedy Wilson recognized gains on sale of real estate, net of $106.6 million.  These gains were primarily due to (i) the Company's sale of the Shelbourne hotel located in Dublin, Ireland, resulting in a gain of $99.1 million; (ii) the sale of a building that is a part of a larger office park resulting in a gain of $21.6 million; and (iii) the remainder of gain on sale of real estate relates to the sale of non-core retail in the United Kingdom. The gain on sale of real estate, net includes an impairment loss of $14.2 million relating to non-core office and retail buildings in the United Kingdom and Spain that were marketed for sale during such period.

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