Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 309

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 309
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-Investment Portfolio.  The table below represents a breakout of the amounts within income from unconsolidated investments which represents our share of underlying property investments in the Co-Investment Portfolio assets for the three months ended September 30, 2025 and 2024:

Three Months Ended September 30,20252024RevenueRental$78.3 $73.9 Hotel 6.9 8.6 Sale of real estate14.7 12.5 Total revenue99.9 95.0 Fair value/other adjustments(2.6)(10.4)Carried interests8.8 (16.4)Gain on sale of real estate, net17.1— ExpensesRental25.9 24.1 Hotel7.1 9.3 Cost of real estate sold12.6 13.7 Depreciation and amortization1.0 1.0 Total expenses46.6 48.1 Interest expense(35.1)(34.1)Other loss(7.0)(6.1)Provision for income taxes— (0.2)Loss from unconsolidated investments$34.5 $(20.3)

The increase in income from unconsolidated investments is primarily due to the following:

Operating performance

The increase in income from unconsolidated investments related to the following items: (i) the recapitalization of a 687-unit Southern California multifamily community that the Company did not account for at fair value, reducing the 

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Company's ownership from 51% to 10% through a new joint venture and resulting in $17 million of cash and a gain on sale of real estate, net of $17.1 million; (ii) increase in rental operations due to the growth of our Co-Investment Portfolio (iii) improved hotel operations at Kona Village as the property continues to progress towards stabilization; and (iv) improved results on sale of homes at Kohanaiki. These increases were offset by interest expense due to the increase in assets in the Co-Investment portfolio.    

Fair Value

During the three months ended September 30, 2025, the Company recorded fair value decreases with respect to the recapitalization of a multifamily portfolio consisting of nine (9) properties, totaling 2,809 units, reducing the Company's ownership from 51% to 10% which resulted in a fair value loss of $28.