Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 157

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 157
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consolidated investments in the current period compared to fair value losses and higher reversals of carried interest accruals in the prior period.

Year to Date Highlights

During the six months ended June 30, 2025, we achieved the following:

•Originated $1,961.2 million ($49.0 million at our share) of new senior construction loans through our debt investment platform

•Generated total investment management fees of $61.4 million, an increase of 29.5% from the first six months of 2024

•Continued to see strength in our stabilized multifamily portfolio which saw same-store occupancy grow by 0.1% to 94.6%, same-property revenue growth of 3.0%, and same-property NOI growth of 3.9% 

•Acquired an industrial development site in the United Kingdom for $48 million, which we expect to recapitalize with a partner in Consolidated portfolio and six multifamily properties in the Mountain West and an industrial property in the Pacific Northwest for $493.7 million. KW has a 12.1% ownership interest in these acquisitions in the Co-Investment Portfolio.  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