Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 185

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 185
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5 Other13.1 25.0 Other Assets$141.0 $187.5 Depreciation and amortization expense related to the above depreciable assets were $6.9 million, $8.8 million, and $10.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.Right of use asset, netThe Company, as a lessee, has three office leases and two ground leases, which qualify as operating leases, with remaining lease terms of two to 235 years.  The payments associated with office space leases have been discounted using the Company's incremental borrowing rate which is based on collateralized interest rates in the market and risk profile of the associated lease.  For ground leases the rate implicit in the lease was used to determine the right of use asset.   The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:

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Table of ContentsKennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements—(continued)December 31, 2024 2023 and 2022

(Dollars in millions)MinimumRental Payments2025$1.0 20261.3 20271.3 20281.3 20291.3 Thereafter29.1 Total undiscounted rental payments35.3 Less imputed interest(26.7)Right of use asset$8.6 Rental expense was $1.1 million, $0.7 million, and $0.6 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in general and administrative expense on the accompanying consolidated statements of operations.

NOTE 8—MORTGAGE DEBT

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2024 and 2023:(Dollars in millions)Carrying amount of mortgage debt as of December 31,(1)Mortgage Debt by Product TypeRegion20242023Multifamily(1)Western U.S.$1,664.9 $1,711.0 Commercial(1)United Kingdom434.3 509.9 Commercial Western U.S.209.4 258.2 Commercial(1)I