Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 253

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 8
Chunk 253
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 estimated costs and amounts of cash to complete projects reflected in the table below represent management's current expectations and the total costs incurred to date include the land costs of these projects.

The table below describes the market rate development or redevelopment projects that the Company is undergoing or considering, and excludes the affordable and/or age-restricted multifamily units that it is developing in its VHH platform and its residential investments ($ in millions). 

If CompletedCurrentLocationTypeInvestmentStatusEst. Completion Date(1)Est. Stabilization DateMF Units KW Est.Total Cost(4)KW Costs Incurred(5)KW Est. Costs to Complete(2)Mountain WestMultifamilyCloudveilUnder Construction2025202628845.826 20 Pacific NorthwestMultifamilyBendIn PlanningTBDTBDTBDTBD22 TBDTotal288 $45.8 $48 $20 

Note:  The table above excludes minority-interest development projects and one development project where the scope is still being explored 

(1)  The actual completion date for projects is subject to several factors, many of which are not within our control.  Accordingly, the projects identified may not be completed when expected, or at all.

(2)    Figures shown in this column are an estimate of KW's remaining costs to develop to completion or to complete the entitlement process, as applicable, as of March 31, 2025. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing.  These figures are budgeted costs and are subject to change.  There is no guarantee that the Company will be able to secure the project-level debt financing that is assumed in the figures above.  If the Company is unable to secure such financing, the amount of capital that the Company will have to invest to complete the projects above may significantly increase.   KW cost to complete differs from KW share total capitalization as the latter includes costs that have already been incurred to date while the former relates to future estimated costs.  

(3) Estimated foreign exchange rates are €1.00 = $1.08 USD, and £1.00 = $1.29 USD, related to NOI.

(4) Includes land costs.

Unstabilized and Value Add Capital Expenditure Programs

    We currently have seven assets that comprise 1.4 million commercial square feet, 232 multifamily units that are currently unstabilized and are undergoing various stages of lease up,