Kennedy-Wilson | 10-Q: FY2025 Q3 Revenue: USD 116.4 M

LB filings
2025.11.07 21:34
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Revenue: As of FY2025 Q3, the actual value is USD 116.4 M.

EPS: As of FY2025 Q3, the actual value is USD -0.15, beating the estimate of USD -0.1761.

EBIT: As of FY2025 Q3, the actual value is USD 51.2 M.

Consolidated Portfolio

  • Rental Revenue: $87.2 million for the three months ended September 30, 2025, and $277.8 million for the nine months ended September 30, 2025.
  • Gain on Sale of Real Estate, Net: $11.1 million for the three months ended September 30, 2025, and $65.4 million for the nine months ended September 30, 2025.
  • Rental Expenses: $34.7 million for the three months ended September 30, 2025, and $108.2 million for the nine months ended September 30, 2025.
  • Compensation and Related Expenses: $6.9 million for the three months ended September 30, 2025, and $21.4 million for the nine months ended September 30, 2025.
  • General and Administrative Expenses: $2.2 million for the three months ended September 30, 2025, and $9.1 million for the nine months ended September 30, 2025.
  • Other Loss: $2.1 million for the three months ended September 30, 2025, and $4.0 million for the nine months ended September 30, 2025.
  • Segment Adjusted EBITDA: $50.9 million for the three months ended September 30, 2025, and $194.0 million for the nine months ended September 30, 2025.

Co-Investment Portfolio

  • Investment Management Fees: $23.4 million for the three months ended September 30, 2025, and $84.8 million for the nine months ended September 30, 2025.
  • Loan Revenue: $5.7 million for the three months ended September 30, 2025, and $17.2 million for the nine months ended September 30, 2025.
  • Income from Unconsolidated Investments: $70.6 million for the three months ended September 30, 2025, and $149.0 million for the nine months ended September 30, 2025.
  • Compensation and Related Expenses: $12.7 million for the three months ended September 30, 2025, and $36.9 million for the nine months ended September 30, 2025.
  • Carried Interests Compensation: $3.0 million for the three months ended September 30, 2025, and -$0.3 million for the nine months ended September 30, 2025.
  • General and Administrative Expenses: $3.7 million for the three months ended September 30, 2025, and $12.6 million for the nine months ended September 30, 2025.
  • Other Loss: $0.7 million for the three months ended September 30, 2025, and $3.5 million for the nine months ended September 30, 2025.
  • Segment Adjusted EBITDA: $79.7 million for the three months ended September 30, 2025, and $198.6 million for the nine months ended September 30, 2025.

Future Outlook and Strategy

  • Core Business Focus: The company aims to continue growing its investment management platform, which generated $84.8 million in asset management fees during the nine months ended September 30, 2025, representing a 23% growth over the same period in 2024.
  • Non-Core Business: The company plans to divest non-core assets, as evidenced by the sale of three non-core assets during the three months ended September 30, 2025, generating $32 million in total sales and $23 million in cash.
  • Priority: The company is focused on recapitalizing its joint ventures to lower ownership percentages and increase cash generation, as seen in the recapitalization of a multifamily portfolio and a Southern California multifamily community, generating significant cash for the company.
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