Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 110

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 110
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 the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed).  The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).  As of March 31, 2025, KWE was in compliance with these covenants.

NOTE 11—EQUITY

At-the-Market Equity Offering ProgramIn May 2022, the Company established an at-the-market equity offering program (the “ATM Program”) pursuant to which it could issue and sell shares of the Company’s common stock having an aggregate gross sales price of up to $200.0 million in amounts and at times as the Company determines from time to time.  During the three months ended March 31, 2025, the Company did not issue any shares under the ATM Program and as of March 31, 2025, the Company had $169.9 million of capacity remaining.  The ATM program expired on May 5, 2025. Dividend Distributions    Kennedy Wilson declared and paid the following cash distributions on its preferred and common stock:Three Months Ended March 31, 2025Three Months Ended March 31, 2024(Dollars in millions)DeclaredPaidDeclaredPaidPreferred Stock$10.9 $10.9 $10.9 $10.9 Common Stock(1)16.6 18.3 33.1 34.1 (1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.    Share-based Compensation        During each of the three months ended March 31, 2025 and 2024, Kennedy Wilson recognized $6.3 million and $5.2 million of compensation expense related to the amortization of grant date fair values of restricted stock grants.   Common Stock Repurchase Program    On November 4, 2020, the Company's board of directors authorized an expansion of its existing $250.0 million share repurchase plan to $500 million.  Repurchases under the program may be