Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 305

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 305
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 months ended September 30, 2024:

◦occupancy remained flat at 95.1%  

◦net operating income increased by 3.2% 

◦total revenues increased by 2.1% 

•For our 10,825 same property affordable rate multifamily units for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

◦occupancy was down 0.9% to 93.5%  

◦net operating income increased by 0.2%

◦total revenues increased by 2.3%

•For 3.1 million square feet of same property office real estate for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024:

◦occupancy decreased to 90.0% from 94.4% 

◦net operating income decreased by 4.9%

◦total revenues decreased by 1.1% 

•Investment Transactions

◦Consolidated Portfolio:

•Sold three (3) non-core assets: a wholly-owned, 88-unit multifamily property located in the Mountain West, an office property in Italy and a UK retail asset for a combined total of $32 million. These non-core asset sales generated $23 million of cash and a gain on sale of $11 million to KW.

◦Co-Investment Portfolio:

•Completed $253.1 million in gross real estate acquisitions, which, the Company holds an 14.1% ownership interest.

•Completed recapitalization of a multifamily portfolio consisting of nine (9) properties, totaling 2,809 units, reducing the Company's ownership from 51% to 10% and generating  $138 million of cash to the Company. Additionally, the Company completed a recapitalization of a 687-unit Southern California multifamily community, reducing the Company's ownership from 51% to 10% through a new joint venture, generating $17 million of cash to the Company.

•Originated $603.4 million in new construction loans, completed $505.8 million in additional fundings on existing loans, and realized $155.7 million in repayments, the Company’s share of which were $15.1 million, $14.8 million and $7.9 million respectively

    Foreign Exchange - Results of Operations

    A significant portion of our investments are located outside of