Kennedy-Wilson Holdings, Inc. reported a net loss attributable to common shareholders of $40.8 million for the first quarter of 2025, a significant decline from a net income of $26.9 million in the same period of 2024. The company's total revenue for the quarter was $128.3 million, down from $136.4 million year-over-year. This decrease was primarily attributed to the absence of hotel income following the sale of the Shelbourne hotel in early 2024, as well as lower gains from real estate sales. The company recorded a loss of $0.8 million on the sale of real estate, contrasting sharply with a gain of $106.4 million in the prior year.
In terms of operational metrics, Kennedy-Wilson's rental income remained relatively stable at $97.3 million, compared to $97.4 million in the previous year. The company’s investment management fees increased by 17% to $25.0 million, reflecting growth in its investment management platform. However, total expenses decreased to $106.8 million from $114.1 million, driven by lower compensation and related expenses, as well as reduced general and administrative costs. The company’s Adjusted EBITDA for the quarter was $98.2 million, a decline from $203.2 million in the same quarter of 2024.
Kennedy-Wilson's total assets increased to $7.16 billion as of March 31, 2025, up from $6.96 billion at the end of 2024. The company’s cash and cash equivalents rose to $356.6 million, compared to $217.5 million at the end of the previous year. The increase in total assets was supported by a rise in real estate values and the company’s ongoing investment activities, including the acquisition of an industrial development site in the UK for $48 million.
The company continues to focus on its strategic growth initiatives, particularly in the rental housing sector, which includes both market-rate and affordable units. As of March 31, 2025, Kennedy-Wilson managed approximately $28.6 billion in Real Estate Assets Under Management (AUM), reflecting a 17% increase from the previous year. The company also reported a total of 64,782 multifamily units in which it holds ownership interests or finances. Looking ahead, Kennedy-Wilson anticipates continued growth in its investment management platform and aims to capitalize on opportunities in high-growth markets across the U.S., U.K., and Ireland.
About Kennedy-Wilson Holdings, Inc.
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