Kennedy-Wilson Holdings, Inc. reported a net loss attributable to common shareholders of $38.8 million for the fiscal year ending December 31, 2025, a significant improvement from a loss of $76.5 million in 2024. The company’s total revenue for the year was $501.0 million, down from $531.4 million in the previous year. The decline in revenue was primarily attributed to lower rental income, which decreased to $362.7 million from $390.6 million, reflecting the impact of asset sales and deconsolidation of properties. However, investment management fees increased by 16% to $115.2 million, driven by growth in the company’s Co-Investment Portfolio.
In terms of operational metrics, Kennedy-Wilson managed $36.4 billion in assets under management (AUM) as of December 31, 2025, marking a 30% increase from $28.0 billion in 2024. This growth was bolstered by the acquisition of Toll Brothers' Apartment Living platform, which added over $5 billion in AUM and expanded the company’s development capabilities. The company also reported a total of 84,834 multifamily units under management, with a weighted average occupancy rate of 94% across its stabilized multifamily portfolio.
The company’s strategic developments included the completion of $1.9 billion in gross acquisitions and $3.6 billion in loan investments during the year. Kennedy-Wilson also executed a total of $1.4 billion in gross dispositions, which included the sale of non-core assets. The company’s investment management platform generated $115.2 million in asset management fees, reflecting a 16% increase from the previous year, indicating a strong performance in managing third-party capital.
Looking ahead, Kennedy-Wilson has entered into a merger agreement with Kona Bidco, LLC, which is expected to take the company private. The transaction is anticipated to close in the second quarter of 2026, subject to customary closing conditions, including stockholder approval. The company’s management expressed optimism about the future, citing ongoing investments in high-growth markets and a focus on enhancing its rental housing and industrial property portfolios. However, the company also acknowledged potential risks related to macroeconomic conditions, including inflation and interest rate fluctuations, which could impact its financial performance and operational strategies.
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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