Company: KW
Filing Date: 2025-07-02
Form Type: 8-K
Source: 0001408100-25-000137
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Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-07-02
Form: 8-K
Item: Item 8.01
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Item 8.01 Other Events

Update on Transactional Activity

Strategic Asset Recycling Plan and Unsecured Debt Reduction Update

During the quarter ended June 30, 2025, in addition to certain other sales and recapitalizations that were completed during the quarter, Kennedy-Wilson Holdings, Inc., a Delaware corporation (the "Company") completed the: (i) sale of two office buildings in Dublin, Ireland (which the Company had a weighted average ownership interest of 81%), (ii) sale of a wholly-owned office building located in Italy, and (iii) sale of a wholly-owned multifamily property built in 1988 and located in Richmond, CA (of which the Company maintained a 10% ownership interest in and will manage and earn customary fees (including carried interests) going forward). Including the previously announced completion of a recapitalization transaction with respect to a hotel property that the Company owns through a joint venture and other asset sales and recapitalization transactions completed by the Company during the quarter ended June 30, 2025, the Company received a total of approximately $250 million of cash (compared to the previously announced target of $200 million for the quarter under its strategic asset recycling plan) and generated a gain of approximately $45 million to $50 million from such completed sales and recapitalizations (which does not include the impact of non-cash fair value or other adjustments that may be recorded by the Company for the quarter unrelated to these transactions). As previously announced, proceeds received by the Company under its strategic asset recycling plan will primarily be used to reduce the Company’s unsecured debt. During the quarter ended June 30, 2025, the Company reduced the amount outstanding under the Company’s corporate line of credit by approximately $170 million.

Investment Activity Update

During the quarter ended June 30, 2025, the Company's investment management platform acquired a total of four multifamily properties located in the Mountain West and Pacific Northwest for a total purchase price of approximately $387 million in separate transactions. The Company invested a total of approximately $17 million and its weighted average ownership in these investments is 12%. In addition, the Company’s UK single family rental housing joint venture acquired two development sites with a total of 192 planned single family rental housing units for a total purchase price of approximately $102 million. The Company owns a 10% ownership interest in this joint venture. The Company earns customary asset management fees and carried interests in its role as asset manager under these investment vehicles.

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