Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 288

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 8
Chunk 288
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2024. The increase in net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders for the three months ended September 30, 2025 as compared to the same period in 2024, was primarily due to (i) The recapitalization of the multifamily community in Southern California that generated a gain of $17.4 million; (ii) improved operating pickups on assets in our co-investments portfolio; (iii) increase in carried interest accruals in the current period as compared to reversals of carried interest accruals in the prior period.  

Year to Date Highlights

During the nine months ended September 30, 2025, we achieved the following:

•Originated $2.6 billion ($64.1 million at our share) of new senior construction loans through our debt investment platform

•Generated total investment management fees of $84.8 million, an increase of 22.9% from the first nine months of 2024

•Continued to see strength in our stabilized multifamily portfolio which saw same-store occupancy grow by 0.1% to 94.7%, same-property revenue growth of 2.4%, and same-property NOI growth of 3.0% 

•Acquired an industrial development site in the United Kingdom for $48 million, which we expect to recapitalize with a partner in our Consolidated portfolio and, in the United States, we acquired six multifamily properties in the Mountain West and an industrial property in the Pacific Northwest for $682.8 million. KW has a 13.0% ownership interest in these acquisitions in the Co-Investment Portfolio. Additionally, we acquired three additional sites for our UK single family platform.

•Cash Generation: Recapitalization of (i) a wholly-owned multifamily property located in Northern California, which generated $39.5 million in cash and a gain of $32.2 million to the Company and resulted in KW's ownership interest decreasing from 100% to 10%; (ii) 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; and (iii) 687-unit Southern California multifamily community, reducing the Company's ownership from 51% to 10% through a new joint venture and resulting in $17 million of cash to the Company.  

•Sold five (5) non-core assets