Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 168

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 168
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 their estimated lives not to exceed 40 years.  Acquired in-place lease values are recorded at their estimated fair value and amortized over their respective weighted-average lease term which was 7.2 years at December 31, 2024.Depreciation and amortization expense on buildings, building improvements and acquired in-place lease values for the years ended December 31, 2024, 2023 and 2022 was $141.4 million, $148.9 million and $162.7 million, respectively.Consolidated AcquisitionsThe 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 third-party willing sellers after arms-length negotiations. During the years ended December 31, 2024 and 2023, Kennedy Wilson did not acquire any consolidated properties.  The Company initially acquired the first asset in its United Kingdom single family rental unit platform while its partner was completing due diligence.  This asset was subsequently sold into this new platform during the year ended  December 31, 2024 and is accounted for as an unconsolidated investment.  Gains on Sale of Real Estate, NetDuring the year ended December 31, 2024, Kennedy Wilson recognized gains on sale of real estate, net of $160.1 million. These gains were primarily due to (i) the Company's sale of the Shelbourne Hotel, which resulted in a gain of $99.1 million; (ii) the sale of a wholly-owned multifamily asset in Western United States for a gain of $56.1 million; (iii) the sale of a building in an office campus, which resulted in a gain of $21.6 million; (iv) the deconsolidation of a previously wholly-owned multifamily property as a result of our sale of 90% of the ownership interest to a new partner which resulted in a gain of $8.1 million; and (v) the remainder of gain on sale of real estate, net relates to the sale of non-core retail assets in the United Kingdom and Spain which resulted in loss on sale in addition to impairments referenced below. During the year ended December 31, 2023, Kennedy Wilson recognized gains on sale