Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 23

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 2
Chunk 23
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10 %Adjusted EBITDA1.4 1 %1.2 — %2.6 1 %

    Consolidated Portfolio Segment

Rental income was flat at $97.3 million for the three months ended March 31, 2025 as compared to $97.4 million for the same period in 2024.  The $0.1 million decrease is the sale and deconsolidation of consolidation of assets which was offset by the stabilization of recently completed developments as well as rental growth of properties held period over period.  

    Hotel income was $9.3 million three months ended March 31, 2024 with no comparable activity in the current period as we sold the Shelbourne hotel in the first quarter of 2024 (which was our only hotel in our Consolidated Portfolio).

(Loss) gain on sale of real estate, net was a loss of $0.8 million for the three months ended March 31, 2025 compared to $106.4 million during the same period in 2024.  The loss recognized during the three months ended March 31, 2025 was due to a $3.1 million impairment on Italian office assets that the Company is currently marketing for sale.  The impairment loss was offset by a gain of $2.3 million relating to the sale of a non-core office asset in the United Kingdom.  The gain recognized during the three months ended March 31, 2024 relates to the sale of the Shelbourne hotel which resulted in a gain of $99.1 million; (ii) the sale of a building that is part of a larger office park which resulted in a gain of $21.6 million; and (iii) the remainder of gain on sale of real estate relates to the sale of non-core retail in the United Kingdom. The gain on sale of real estate, net includes an impairment loss of $14.3 million relating to non-core office and retail buildings in the United Kingdom and Spain that were marketed for sale during such period.

    Rental expenses increased slightly to $38.1 million for the three months ended March 31, 2025 as compared to $37.2 million for the three months ended March 31, 2024. Similar to rental income decreases from properties that had been sold or deconsolidated offset by development properties that have been stabilized.  Slight increase also from inflationary factors.    

    Hotel