Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 93

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 93
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 year; and (ii) higher levels of non-cash unrealized fair value gains and lower levels of write downs on carried interests on our investments in our Co-Investment Portfolio as compared to the prior year.  Please see "Co-Investment Portfolio Segment" below for a discussion of the fair value movements during the current and prior periods.

Operational Highlights

Same property highlights for the year ended December 31, 2024 include:

•For our 17,279 same property market rate multifamily units for the year ended December 31, 2024 as compared to the prior period:

◦occupancy increased 95% from 94%    

◦net operating income (net effective) increased 3% 

◦total revenues increased 3% 

•For our 9,157 same property affordable rate multifamily units for the year ended December 31, 2024 as compared to the prior period:

◦occupancy increased 0.4% to 95%     

◦net operating income (net effective) increased 6% 

◦total revenues increased 6%

•For our 3.5 million square feet of same property office real estate for the year ended December 31, 2024 as compared to the prior period: 

◦occupancy remained flat at 94%

◦net operating income (net effective) increased 2%

◦total revenues increased 2%

•Investment Transactions for the year ended December 31, 2024 include:

◦Consolidated Portfolio:

▪Recognized $160.1 million of gain on sale of real estate, net which generated $367 million in cash to us.  The major sales included: (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 which resulted in a gain of $56.1 million; (iii) the sale of a building in an office campus which had 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 was a realized loss relating to the sale of non-core retail in the United Kingdom and Spain. The gain on sale