Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 297

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 297
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 hedge some of our exposure.  However, we typically do not hedge future operations or cash flows and, therefore, changes in foreign currency rates will have an impact on our results of operations.  We have included the table below to illustrate the impact these fluctuations have had on our revenues, net income and Adjusted EBITDA by applying the relevant exchange rates for the prior period.  Please refer to the Currency Risk - Foreign Currencies section in Item 3 for a discussion of risks relating to foreign currency and our hedging strategy and the "Other Comprehensive Income" section below for a discussion of the balance sheet impact of foreign currency movements on our results of operations.  

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Three Months Ended June 30, 2025(dollars in millions)ConsolidatedCo-InvestmentTotalRevenues$2.1 2 %$0.2 — %$2.3 2 %Net (loss) income — — %14.8 231 %14.8 231 %Adjusted EBITDA2.0 1 %16.5 12 %18.5 13 %

Three Months Ended June 30, 2024(dollars in millions)ConsolidatedCo-InvestmentTotalRevenues$(0.2)— %$— — %$(0.2)— %Net (loss) income(0.8)(1)%1.9 3 %1.1 2 %Adjusted EBITDA(1.0)(1)%1.7 2 %0.7 1 %

Consolidated Portfolio Segment

    Rental income was $93.3 million for the three months ended June 30, 2025 as compared to $97.8 million for the same period in 2024.  The $4.5 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 in the prior year 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 $55.1 million for the three months ended June 30, 2025 as compared to $0.2