Kennedy-Wilson Holdings, Inc. reported a net loss attributable to common shareholders of $21.2 million for the third quarter of 2025, a significant improvement from a loss of $77.4 million in the same period last year. The company’s total revenue for the quarter was $116.4 million, down from $127.5 million in the prior year, primarily due to a decrease in rental income, which fell to $87.2 million from $97.8 million. The decline in rental revenue was attributed to asset sales and deconsolidations of multifamily properties, offset by gains from the sale of real estate, which increased to $11.1 million from $6.2 million year-over-year.
For the nine months ended September 30, 2025, Kennedy-Wilson reported a net loss of $68.4 million, compared to a loss of $109.6 million for the same period in 2024. Total revenue for the nine-month period was $380.4 million, down from $395.9 million. The decrease in revenue was influenced by lower rental income and a significant drop in gains on the sale of real estate, which totaled $65.4 million compared to $112.8 million in the previous year. The company’s Adjusted EBITDA for the nine months increased to $370.5 million, reflecting a 6% rise from $348.9 million in 2024.
Operationally, Kennedy-Wilson has focused on expanding its investment management platform, which generated $84.8 million in fees for the nine months, a 22.9% increase from the previous year. The company also reported a total of 71,364 multifamily units under management, with a notable increase in same-property net operating income (NOI) of 3.0% for the nine-month period. The company’s total assets decreased to $6.7 billion as of September 30, 2025, down from $7.0 billion at the end of 2024, largely due to asset sales and deconsolidations.
Strategically, Kennedy-Wilson has been active in the market, completing significant transactions including the recapitalization of several multifamily properties, which reduced its ownership stakes but generated substantial cash inflows. The company also announced plans to acquire Toll Brothers' apartment development platform for approximately $347 million, which is expected to close in the fourth quarter of 2025. This acquisition will enhance Kennedy-Wilson's presence in the multifamily sector and is anticipated to contribute to future revenue growth.
Looking ahead, Kennedy-Wilson remains cautious about macroeconomic conditions, including inflation and interest rate volatility, which could impact its operations and investment strategies. The company is focused on maintaining compliance with its debt covenants and managing its capital structure effectively to support ongoing growth initiatives.
About Kennedy-Wilson Holdings, Inc.
Kennedy Wilson is a real estate investment and management company specializing in rental housing, multifamily, affordable housing, industrial, office, retail, and hospitality properties across the U.S., U.K., and Ireland. It focuses on acquiring, developing, repositioning, and managing high-quality assets to generate stable cash flows and long-term value. The firm leverages deep industry relationships, active asset management, and a diversified platform to deliver risk-adjusted returns for shareholders and partners.
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