Kennedy-Wilson Holdings, Inc. reported a net income of $13.7 million for the first quarter of 2026, a significant recovery from a net loss of $40.8 million in the same period last year. The company’s total revenue for the quarter was $117.2 million, down from $128.3 million in the prior year, primarily due to a decrease in rental income, which fell to $84.8 million from $97.3 million. The decline in rental revenue was attributed to asset sales and deconsolidation of properties, although this was partially offset by stabilization of recently completed developments and rental growth in properties held over the period.
In terms of operational metrics, Kennedy-Wilson's Adjusted EBITDA increased to $141.8 million, up from $98.2 million year-over-year. The company also reported a notable increase in income from unconsolidated investments, which rose to $58.5 million from $11.4 million in the previous year. This increase was driven by growth in co-investments and fair value gains on multifamily properties. The company’s total assets increased to $6.85 billion as of March 31, 2026, compared to $6.62 billion at the end of 2025, reflecting strategic acquisitions and investments.
Strategically, Kennedy-Wilson expanded its portfolio by acquiring the remaining 50% interest in an office building in Dublin, Ireland, for $18.3 million, resulting in a $15.6 million acquisition-related gain. The company also completed the acquisition of two multifamily development assets for $21.8 million. These acquisitions are part of a broader strategy to enhance its rental housing platform, which now includes 78,778 multifamily units across the U.S., U.K., and Ireland.
The company’s operational performance indicators showed a slight decrease in occupancy rates for its same-property multifamily units, which fell to 94.9% from 95.3%. However, net operating income for these properties increased by 0.2%. Kennedy-Wilson's employee headcount remained stable at 324, supporting its management of approximately $36 billion in real estate assets under management. Looking ahead, the company anticipates continued growth in its investment management platform and is focused on executing its capital recycling plan while navigating ongoing macroeconomic challenges, including inflation and interest rate fluctuations.
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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