Kennedy-Wilson Holdings, Inc. Releases Q3 2024 10-Q Report

Kennedy-Wilson Holdings, Inc., a global real estate investment company, has released its Form 10-Q report for the third quarter of 2024. The report provides a detailed overview of the company's financial performance and operational activities, highlighting key metrics and strategic initiatives.

Financial Highlights

• Total Revenue: $395.9 million, reflecting a decrease from $422.5 million in the same period last year, primarily due to lower rental and hotel revenues.
• Net Loss: $(77.4) million, compared to $(45.5) million in the prior year, driven by higher interest expenses and losses from unconsolidated investments.
• Net Loss Attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders: $(109.6) million, compared to $(94.0) million in the previous year.
• Basic Loss Per Share: $(0.79), compared to $(0.67) in the prior year, indicating a decline in earnings per share.
• Diluted Loss Per Share: $(0.79), consistent with the basic loss per share, reflecting no dilution effect.

Business Highlights

• Revenue Segments: Kennedy-Wilson reported revenue from various segments including rental income, hotel income, investment management fees, and loan income. The rental segment generated $97.8 million for the three months ended September 30, 2024, while investment management fees contributed $21.6 million during the same period.
• Geographical Performance: The company has significant operations in the Western U.S., Ireland, and the United Kingdom. In the Western U.S., Kennedy-Wilson's joint ventures include multifamily, commercial, and hotel investments totaling $1,408.8 million. In Ireland, investments are primarily in multifamily and commercial properties, totaling $453.0 million.
• Sales Units: As of September 30, 2024, Kennedy-Wilson operated 62 properties with 9,928 units and 5.7 million square feet under management. The company also has three properties under development or lease-up.
• New Production Launches: During the nine months ended September 30, 2024, Kennedy-Wilson acquired certain rental properties in the United Kingdom for $16.6 million, indicating an expansion in their property portfolio.
• Future Outlook: Kennedy-Wilson is focused on growing its investment management and co-investment platform by investing in high-growth markets across the U.S., UK, and Ireland. The company aims to generate strong long-term risk-adjusted returns by focusing on rental housing and industrial properties.

SEC Filing: Kennedy-Wilson Holdings, Inc. Releases Q3 2024 [ NYSE:KW ] - 10-Q - Nov. 07, 2024