Kennedy-Wilson Holdings, Inc. reported a net loss attributable to common shareholders of $76.5 million for the fiscal year ending December 31, 2024, a significant improvement from a net loss of $341.8 million in 2023. The company’s revenue for the year was $531.4 million, down from $562.6 million in the previous year. The decline in revenue was primarily attributed to lower hotel income following the sale of the Shelbourne hotel, which generated $57.1 million in revenue in 2023. However, the company saw a substantial increase in investment management fees, which rose by 60% to $98.9 million, driven by growth in its real estate debt business.
In terms of operational metrics, Kennedy-Wilson's total assets decreased to approximately $6.96 billion as of December 31, 2024, down from $7.71 billion in 2023. The company managed $28.0 billion in real estate assets under management (AUM), reflecting a 14% increase from $24.5 billion in the prior year. This growth was fueled by new loan commitments and acquisitions, although it was partially offset by asset sales and fair value losses in its Co-Investment portfolio. The company’s employee count remained stable at 246, with operations spanning across the United States, the United Kingdom, and Ireland.
Strategically, Kennedy-Wilson completed $797.6 million in gross acquisitions and originated $3.5 billion in new senior construction loans during 2024. The company also executed a total of $1.2 billion in gross dispositions, which included the sale of non-core assets. The firm’s focus on the rental housing sector, particularly multifamily and affordable units, continues to shape its investment strategy, with a significant portion of its portfolio now concentrated in these areas. The company also launched a new joint venture targeting single-family rental housing in the UK, further diversifying its investment approach.
Looking ahead, Kennedy-Wilson expressed optimism about its growth trajectory, citing a resilient demand for rental housing amid ongoing economic challenges. The company anticipates that the reduction in interest rates by the Federal Reserve will improve liquidity and support commercial real estate transaction volumes. However, it remains cautious about potential market volatility and the impact of macroeconomic conditions on its operations and investment performance. The firm is committed to maintaining a strong liquidity position and leveraging its extensive market experience to navigate future challenges effectively.
About Kennedy-Wilson Holdings, Inc.
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