Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 177

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 177
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 3 %

Three Months Ended September 30, 2024(dollars in millions)ConsolidatedCo-InvestmentTotalRevenues$0.7 1 %$— — %$0.7 1 %Net (loss) income(6.3)(8)%2.7 3 %(3.6)(5)%Adjusted EBITDA(5.6)(8)%2.8 4 %(2.8)(4)%

Consolidated Portfolio Segment

    Rental income was $87.2 million for the three months ended September 30, 2025 as compared to $97.8 million for the same period in 2024. The $10.6 million decrease is primarily due to asset sales the majority of which were non-core assets in Europe and the Western United States, as well as deconsolidations of multifamily properties as a result of asset recapitalizations that resulted in the Company not maintaining sole control of the investments and the investments moving to our investment management business and our Co-Investment Portfolio segment.  These decreases have been offset by certain multifamily developments that have been completed and are now operating properties.

Gain on sale of real estate, net was $11.1 million for the three months ended September 30, 2025 as compared to $6.2 million during the same period in 2024.  The gain on sale of real estate, net during the three months ended September 30, 2025 was due to the sale of a wholly-owned multifamily property in Utah and non-core commercial assets in the United Kingdom and Italy.  

    Rental expenses was $34.7 million for the three months ended September 30, 2025 as compared to $39.0 million for the three months ended September 30, 2024.  The decrease is due to asset sales as discussed above.      

Compensation and related expenses decreased to $6.9 million for three months ended September 30, 2025 as compared to $7.6 million for the three months ended September 30, 2024 due to lower discretionary compensation accrual in the current period.

General and administrative expenses decreased to $2.2 million for three months ended September 30, 2025 as compared to $3.7 million for the three months ended September 30, 2024 due to lower travel and IT costs in the current period.    

Other loss