Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Segment Reporting Information, by Segment

The following tables summarize income activity by segment and corporate for the three and nine months ended September 30, 2024 and 2023 and balance sheet data as of September 30, 2024 and December 31, 2023:


	Three Months Ended September 30, 2024

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	97.8	$	—	$	—	$	97.8
Investment management fees	—		21.6		—		21.6
Loans	—		7.6		—		7.6
Other	—		—		0.5		0.5
Total revenue	97.8		29.2		0.5		127.5

Loss from unconsolidated investments
Principal co-investments	—		(3.9)		—		(3.9)
Carried interests	—		(16.4)		—		(16.4)
Loss from unconsolidated investments	—		(20.3)		—		(20.3)

Gain on sale of real estate, net	6.2		—		—		6.2

Expenses
Rental	39.0		—		—		39.0
Compensation and related	7.6		12.0		10.4		30.0
Carried interests compensation	—		(5.5)		—		(5.5)
General and administrative	3.7		4.5		2.0		10.2
Depreciation and amortization	36.9		—		—		36.9
Total expenses	87.2		11.0		12.4		110.6
Interest expense	(41.3)		—		(25.6)		(66.9)
Loss on extinguishment of debt	(0.3)		—		—		(0.3)
Other loss	(3.3)		(1.5)		(8.3)		(13.1)
(Provision for) benefit from income taxes	(2.7)		—		13.4		10.7
Net loss	(30.8)		(3.6)		(32.4)		(66.8)
Net loss attributable to noncontrolling interests	0.2		—		—		0.2
Preferred dividends	—		—		(10.8)		(10.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(30.6)	$	(3.6)	$	(43.2)	$	(77.4)


	Nine Months Ended September 30, 2024

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	293.0	$	—	$	—	$	293.0
Hotel	9.3		—		—		9.3
Investment management fees	—		69.0		—		69.0
Loans	—		23.7		—		23.7
Other	—		—		0.9		0.9
Total revenue	302.3		92.7		0.9		395.9

Loss from unconsolidated investments
Principal co-investments	—		—		—		—
Carried interests	—		(45.1)		—		(45.1)
Loss from unconsolidated investments	—		(45.1)		—		(45.1)

Gain on sale of real estate, net	112.8		—		—		112.8

Expenses
Rental	113.2		—		—		113.2
Hotel	7.6		—		—		7.6
Compensation and related	25.1		34.1		30.2		89.4
Carried interests compensation	—		(15.5)		—		(15.5)
General and administrative	10.8		11.9		5.3		28.0
Depreciation and amortization	112.2		—		—		112.2
Total expenses	268.9		30.5		35.5		334.9
Interest expense	(120.6)		—		(74.8)		(195.4)
Loss on extinguishment of debt	(0.5)		—		—		(0.5)
Other (loss) income	(0.3)		(10.0)		4.3		(6.0)
(Provision for) benefit from income taxes	(17.1)		—		12.9		(4.2)
Net income (loss)	7.7		7.1		(92.2)		(77.4)
Net loss attributable to noncontrolling interests	0.4		—		—		0.4
Preferred dividends	—		—		(32.6)		(32.6)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	8.1	$	7.1	$	(124.8)	$	(109.6)


	Three Months Ended September 30, 2023

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	102.4	$	—	$	—	$	102.4
Hotel	16.6		—		—		16.6
Investment management fees	—		15.5		—		15.5
Loans	—		8.6		—		8.6
Other	—		—		0.7		0.7
Total revenue	119.0		24.1		0.7		143.8

Loss from unconsolidated investments
Principal co-investments	—		(56.1)		—		(56.1)
Carried interests	—		(17.9)		—		(17.9)
Loss from unconsolidated investments	—		(74.0)		—		(74.0)

Gain on sale of real estate, net	30.4		—		—		30.4

Expenses
Rental	38.4		—		—		38.4
Hotel	9.8		—		—		9.8
Compensation and related	13.2		5.5		12.4		31.1
Carried interests compensation	—		(6.0)		—		(6.0)
General and administrative	4.8		1.9		1.7		8.4
Depreciation and amortization	38.8		—		—		38.8
Total expenses	105.0		1.4		14.1		120.5
Interest expense	(40.8)		—		(23.4)		(64.2)
Other (loss) income	(4.9)		(2.5)		8.1		0.7
Benefit from income taxes	0.7		—		19.0		19.7
Net loss	(0.6)		(53.8)		(9.7)		(64.1)
Net income attributable to noncontrolling interests	(17.3)		—		—		(17.3)
Preferred dividends	—		—		(10.8)		(10.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(17.9)	$	(53.8)	$	(20.5)	$	(92.2)


	Nine Months Ended September 30, 2023

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	315.6	$	—	$	—	$	315.6
Hotel	42.7		—		—		42.7
Investment management fees	—		45.6		—		45.6
Loans	—		17.0		—		17.0
Other	—		—		1.6		1.6
Total revenue	358.3		62.6		1.6		422.5

Loss from unconsolidated investments
Principal co-investments	—		(33.4)		—		(33.4)
Carried interests	—		(36.3)		—		(36.3)
Loss from unconsolidated investments	—		(69.7)		—		(69.7)

Gain on sale of real estate, net	138.6		—		—		138.6

Expenses
Rental	113.7		—		—		113.7
Hotel	27.4		—		—		27.4
Compensation and related	36.4		24.0		38.3		98.7
Carried interests compensation	—		(5.5)		—		(5.5)
General and administrative	12.7		7.6		5.2		25.5
Depreciation and amortization	118.3		—		—		118.3
Total expenses	308.5		26.1		43.5		378.1
Interest expense	(119.0)		—		(73.5)		(192.5)
Loss on extinguishment of debt	(1.6)		—		—		(1.6)
Other income (loss)	7.1		(2.5)		17.4		22.0
(Provision for) benefit from income taxes	(7.3)		—		20.6		13.3
Net income (loss)	67.6		(35.7)		(77.4)		(45.5)
Net income attributable to noncontrolling interests	(21.4)		—		—		(21.4)
Preferred dividends	—		—		(27.1)		(27.1)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	46.2	$	(35.7)	$	(104.5)	$	(94.0)


(Dollars in millions)	September 30, 2024		December 31, 2023
Total assets
Consolidated	$	5,020.5	$	5,196.3
Co-investment	2,301.0		2,316.3
Corporate	122.7		199.5
Total assets	$	7,444.2	$	7,712.1