Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 127

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 127
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 our stabilized multifamily portfolio which saw same-store occupancy grow by 0.6% to 94.6%, same-property revenue growth of 3.1%, and same-property NOI growth of 4.3% 

For the three months ended March 31, 2025, we had net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $40.8 million as compared to a net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $26.9 million for the same period in 2024.  These results include $37 million and $61 million of non-cash expenses for the three months ended March 31, 2025 and March 31, 2024, respectively, which primarily consist of depreciation and amortization and changes in fair value (gain of $0.7 million and loss of $14.5 million, respectively).  For the three months ended March 31, 2025 we had Adjusted EBITDA of $98.2 million as compared to $203.2 million for the same period in 2024. 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.  These factors that contributed to the resulting 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, were offset by a $18.1 million increase in the Company’s income from unconsolidated investments as a result of lower fair value declines on unconsolidated investments and an increase in investment management fees due to the growth of our investment management platform. 

Recently announced tariffs in the United States have contributed to significant and ongoing uncertainty and volatility of debt and equity markets. There is significant uncertainty as to the outcome of ongoing global trade negotiations, the extent of retaliatory measures taken by other countries and