Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 6

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 6
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 of credit.

•Originated $1,237.1 million ($30.9 million at our share) of new senior construction loans through our debt investment platform.

•Generated total investment management fees of $36.4 million, an increase of 39% from the first quarter of 2024, including a $7 million development completion fee related to the completion of a development project.

•Continued to see strength in our stabilized multifamily portfolio which saw same-property revenue growth of 2.9% and same-property NOI growth of 3.5%.

For the three months ended June 30, 2025, we had net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders of $6.4 million as compared to $59.1 million for the same period in 2024.  These results include $49.8 million and $62.9 million of non-cash items for the three 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 $34.5 million and $36.4 million and fair value decrease of $8.9 million and  $20.6 million, respectively).  For the three months ended June 30, 2025 we had Adjusted EBITDA of $147.1 million as compared to $79.3 million for the same period in 2024. The increase in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the three months ended June 30, 2025 as compared to the same period in 2024, was primarily due to (i) the recapitalization and deconsolidation of a 1,008 unit wholly-owned multifamily property in which the Company's ownership was reduced from 100% to 10%, (ii) the sale of two non-core office buildings in Ireland with minimal sales activity in the prior period; (iii) higher investment management fees relating to a development completion fee related to the completion of a Southern California multifamily development project and an increase in acquisition fees in our construction loan business due to more loan closings compared to the prior period; and (iv) fair value gains on real estate and foreign exchange movements within unconsolidated 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