Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 280

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 280
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 Acquired three additional sites for our UK single family platform.

•Recapitalization of Bella Vista which generated $39.5 million in cash and a gain of $32.2 million and sold non-core office assets in Ireland, Italy and the United Kingdom and residential lots in Hawaii for $216 million. The dispositions generated $92.5 million of cash to KW and a gain on sale of $22.4 million.

For the six months ended June 30, 2025, we had net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $47.2 million as compared to $32.2 million for the same period in 2024. These results include $86.8 million and $116.6 million of non-cash expenses for the six months ended June 30, 2025 and June 30, 2024, respectively, which primarily consist of depreciation and amortization and changes in fair value (depreciation and amortization of $68.6 million and $75.3 million and fair value decreases of $5.8 million and $30.7 million, respectively).  For the six months ended June 30, 2025 we had Adjusted EBITDA of $245.3 million as compared to $282.5 million for the same period in 2024.  The decrease in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the six months ended June 30, 2025 as compared to the same period in 2024, was primarily due to (i) the sale of the Shelbourne hotel in first quarter of 2024 and the sale of an office building that is part of a larger office park in Issaquah, Washington which led to higher gains on sales than the sales activity in the current period as discussed above; (ii) lower NOI from hotel operations due to the sale of the Shelbourne hotel in the prior period and (iii) lower interest income on loans we own less of newly originated loans in our debt investment business. These factors that contributed to the resulting decrease in net income attributable to Kennedy-Wilson Holdings, Inc. 

45

common shareholders for the six months ended June 30, 2025 as compared to the same period in 2024, were offset by a $36.0 million positive changes in the Company’s income from unconsolidated investments as a result of lower fair value decreases in the current period and lower carried interests