Kennedy-Wilson Holdings, Inc.KW
Kennedy-Wilson Holdings, Inc. Segments Disclosure
SEGMENT INFORMATION
Segments
The Company's operations are defined by two business segments: its Consolidated investment portfolio (the "Consolidated Portfolio") and its Co-Investment Portfolio:
•Consolidated Portfolio consists of the investments that the Company has made in real estate and real estate-related assets and consolidates on its balance sheet. The Company typically wholly-owns the assets in its Consolidated Portfolio.
•Co-Investment Portfolio consists of the co-investments that the Company has made in real estate and real estate-related assets, including loans secured by real estate, through the commingled funds and joint ventures that it manages. The Company typically owns a 5% to 50% ownership interest in the assets in its Co-Investment Portfolio. It also includes the fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees) that the Company earns on its fee bearing capital as well as the potential for carried interests.
In addition to the Company's two primary business segments the Company's has among other things, corporate overhead and unsecured corporate debt and preferred stock that is not allocated to either of its segments.
The chief operating decision makers who have been identified for the purposes of the reportable segments listed above are the Chief Executive Officer, President and Chief Financial Officer collectively the ("CODM"). They are regularly provided operating results of the Company's reportable segments. These operating results include key operating metrics which inform the CODM's decisions regarding allocation of resources and assessment of the Company's overall operational performance. The key operating metric that the CODM utilize to evaluate the segments is earnings before interest, taxes, depreciation and amortization, which is further adjusted to add back non-cash share based compensation ("Adjusted EBITDA"). The Company has included a reconciliation of Adjusted EBITDA to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders in the tables below.
No single third-party client accounted for 10% or more of the Company's revenue during any period presented in these financial statements.
Consolidated Portfolio
Consolidated Portfolio is a permanent capital vehicle focused on maximizing property cash flow. These assets are primarily wholly-owned and tend to have longer hold periods and the Company targets investments with accretive asset management opportunities. The Company typically focuses on multifamily and office assets in the Western United States and office assets in the United Kingdom and Ireland within this segment.
Co-Investment Portfolio
Co-Investment Portfolio consists of the co-investments in real estate and real estate-related assets, including loans secured by real estate, that the Company has made through the commingled funds and joint ventures that it manages. The Company utilizes different platforms in the Co-Investment Portfolio segment depending on the asset and risk return profiles.
In addition, the Company manages real estate assets and loans for the Company's equity partner. In the Company's capacity as manager it earns fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees) and carried interests.
The following tables summarize the income and expense activity by segment for the years ended December 31, 2025, 2024 and 2023 and total assets as of December 31, 2025 and 2024.
| Year Ended December 31, 2025 | ||||||||||||||||||||
| (Dollars in millions) | Consolidated | Co-Investments | Total | |||||||||||||||||
| Segment Revenue | ||||||||||||||||||||
| Rental | $ | 362.7 | $ | — | $ | 362.7 | ||||||||||||||
| Investment management fees | — | 115.2 | 115.2 | |||||||||||||||||
| Loans | — | 22.3 | 22.3 | |||||||||||||||||
| Total segment revenue | 362.7 | 137.5 | 500.2 | |||||||||||||||||
| Income from unconsolidated investments | ||||||||||||||||||||
| Principal co-investments | — | 144.6 | 144.6 | |||||||||||||||||
| Carried interests | — | (1.8) | (1.8) | |||||||||||||||||
| Company's share of interest, depreciation, and taxes included in income from unconsolidated investments | — | 137.2 | 137.2 | |||||||||||||||||
| Income from unconsolidated investments | — | 280.0 | 280.0 | |||||||||||||||||
| Gain on sale of real estate, net | 94.7 | — | 94.7 | |||||||||||||||||
| Segment Expenses | ||||||||||||||||||||
| Rental | 140.9 | — | 140.9 | |||||||||||||||||
| Compensation and related | 32.1 | 57.1 | 89.2 | |||||||||||||||||
| Carried interests compensation | — | (0.3) | (0.3) | |||||||||||||||||
| General and administrative | 11.6 | 18.0 | 29.6 | |||||||||||||||||
| Other loss | 2.8 | 4.1 | 6.9 | |||||||||||||||||
Other segment items (1) | 25.2 | (0.3) | 24.9 | |||||||||||||||||
| Total segment expenses | 212.6 | 78.6 | 291.2 | |||||||||||||||||
| Segment Adjusted EBITDA | $ | 244.8 | $ | 338.9 | $ | 583.7 | ||||||||||||||
| Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders | ||||||||||||||||||||
| Other revenue | 0.8 | |||||||||||||||||||
| Compensation and related, corporate | (47.0) | |||||||||||||||||||
| General and administrative, corporate | (6.8) | |||||||||||||||||||
| Depreciation and amortization | (133.0) | |||||||||||||||||||
| Interest expense | (239.6) | |||||||||||||||||||
| Loss on early extinguishment of debt | (2.3) | |||||||||||||||||||
| Other loss | (6.1) | |||||||||||||||||||
| Provision for income taxes | (13.6) | |||||||||||||||||||
| Company's share of interest, depreciation, and taxes included in income from unconsolidated investments | (137.2) | |||||||||||||||||||
| EBITDA adjustments to NCI | 24.9 | |||||||||||||||||||
| Net income | 23.8 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (19.1) | |||||||||||||||||||
| Preferred dividends | (43.5) | |||||||||||||||||||
| Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | (38.8) | ||||||||||||||||||
(1)Includes fees eliminated in consolidation between Consolidated and Co-Investments segments and noncontrolling interests ("NCI") items such as net (income) loss to noncontrolling interests and EBITDA adjustments associated with NCI
| Year Ended December 31, 2024 | ||||||||||||||||||||
| (Dollars in millions) | Consolidated | Co-Investments | Total | |||||||||||||||||
| Segment Revenue | ||||||||||||||||||||
| Rental | $ | 390.6 | $ | — | $ | 390.6 | ||||||||||||||
| Hotel | 9.3 | — | 9.3 | |||||||||||||||||
| Investment management fees | — | 98.9 | 98.9 | |||||||||||||||||
| Loans | — | 31.2 | 31.2 | |||||||||||||||||
| Total segment revenue | 399.9 | 130.1 | 530.0 | |||||||||||||||||
| Income from unconsolidated investments | ||||||||||||||||||||
| Principal co-investments | — | 56.2 | 56.2 | |||||||||||||||||
| Carried interests | — | (49.7) | (49.7) | |||||||||||||||||
| Company's share of interest, depreciation, and taxes included in income from unconsolidated investments | — | 135.4 | 135.4 | |||||||||||||||||
| Income from unconsolidated investments | — | 141.9 | 141.9 | |||||||||||||||||
| Gain on sale of real estate, net | 160.1 | — | 160.1 | |||||||||||||||||
| Expenses | ||||||||||||||||||||
| Rental | 150.0 | — | 150.0 | |||||||||||||||||
| Hotel | 7.6 | — | 7.6 | |||||||||||||||||
| Compensation and related | 39.4 | 49.1 | 88.5 | |||||||||||||||||
| Carried interests compensation | — | (16.6) | (16.6) | |||||||||||||||||
| General and administrative | 14.9 | 16.7 | 31.6 | |||||||||||||||||
| Other (income) loss | (1.0) | 11.0 | 10.0 | |||||||||||||||||
Other segment items (1) | 7.8 | (0.9) | 6.9 | |||||||||||||||||
| Total expenses | 218.7 | 59.3 | 278.0 | |||||||||||||||||
| Segment Adjusted EBITDA | $ | 341.3 | $ | 212.7 | $ | 554.0 | ||||||||||||||
| Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders | ||||||||||||||||||||
| Other revenue | 1.4 | |||||||||||||||||||
| Compensation and related, corporate | (46.3) | |||||||||||||||||||
| General and administrative, corporate | (7.2) | |||||||||||||||||||
| Depreciation and amortization | (148.3) | |||||||||||||||||||
| Interest expense | (261.1) | |||||||||||||||||||
| Loss on early extinguishment of debt | (1.7) | |||||||||||||||||||
| Other income | 14.2 | |||||||||||||||||||
| Provision for income taxes | (10.2) | |||||||||||||||||||
| Company's share of interest, depreciation, and taxes included in income from unconsolidated investments | (135.4) | |||||||||||||||||||
| EBITDA adjustments to NCI | 6.9 | |||||||||||||||||||
| Net loss | (33.7) | |||||||||||||||||||
| Net loss attributable to noncontrolling interests | 0.7 | |||||||||||||||||||
| Preferred dividends | (43.5) | |||||||||||||||||||
| Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | (76.5) | ||||||||||||||||||
(1)Includes fees eliminated in consolidation between Consolidated and Co-Investments segments and noncontrolling interests ("NCI") items such as net (income) loss to noncontrolling interests and EBITDA adjustments associated with NCI
| Year Ended December 31, 2023 | ||||||||||||||||||||
| (Dollars in millions) | Consolidated | Co-Investments | Total | |||||||||||||||||
| Segment Revenue | ||||||||||||||||||||
| Rental | $ | 415.3 | $ | — | $ | 415.3 | ||||||||||||||
| Hotel | 57.1 | — | 57.1 | |||||||||||||||||
| Investment management fees | — | 61.9 | 61.9 | |||||||||||||||||
| Loans | — | 26.1 | 26.1 | |||||||||||||||||
| Total segment revenue | 472.4 | 88.0 | 560.4 | |||||||||||||||||
| Loss from unconsolidated investments | ||||||||||||||||||||
| Principal co-investments | — | (188.5) | (188.5) | |||||||||||||||||
| Carried interests | — | (64.3) | (64.3) | |||||||||||||||||
Company's share of Interest, Depreciation, and Taxes included in income from unconsolidated investments(1) | — | 102.4 | 102.4 | |||||||||||||||||
| Loss from unconsolidated investments | — | (150.4) | (150.4) | |||||||||||||||||
| Gain on sale of real estate, net | 127.6 | — | 127.6 | |||||||||||||||||
| Segment Expenses | ||||||||||||||||||||
| Rental | 152.6 | — | 152.6 | |||||||||||||||||
| Hotel | 37.9 | — | 37.9 | |||||||||||||||||
| Compensation and related | 42.7 | 39.0 | 81.7 | |||||||||||||||||
| Carried interests compensation | — | (15.1) | (15.1) | |||||||||||||||||
| General and administrative | 15.5 | 12.7 | 28.2 | |||||||||||||||||
| Other (income) loss | (2.3) | 7.0 | 4.7 | |||||||||||||||||
Other segment items (1) | 29.3 | (0.3) | 29.0 | |||||||||||||||||
| Total segment expenses | 275.7 | 43.3 | 319.0 | |||||||||||||||||
| Segment Adjusted EBITDA | $ | 324.3 | $ | (105.7) | $ | 218.6 | ||||||||||||||
| Reconciliation of Segment Adjusted EBITDA to Net Income attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders | ||||||||||||||||||||
| Other revenue | 2.2 | |||||||||||||||||||
| Compensation and related, corporate | (57.7) | |||||||||||||||||||
| General and administrative, corporate | (7.5) | |||||||||||||||||||
| Depreciation and amortization | (157.8) | |||||||||||||||||||
| Interest expense | (259.2) | |||||||||||||||||||
| Loss on early extinguishment of debt | (1.6) | |||||||||||||||||||
| Other loss | (0.3) | |||||||||||||||||||
| Benefit from income taxes | 55.3 | |||||||||||||||||||
| Company's share of interest, depreciation, and taxes included in income from unconsolidated investments | (102.4) | |||||||||||||||||||
| EBITDA adjustments to NCI | 29.0 | |||||||||||||||||||
| Net loss | (281.4) | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (22.4) | |||||||||||||||||||
| Preferred dividends | (38.0) | |||||||||||||||||||
| Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | (341.8) | ||||||||||||||||||
(1)Includes fees eliminated in consolidation between Consolidated and Co-Investments segments and noncontrolling interests ("NCI") items such as net (income) loss to noncontrolling interests and EBITDA adjustments associated with NCI
The table below reconciles segment revenue to total revenue for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, | ||||||||||||||||||||
| (Dollars in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Segment revenue | $ | 500.2 | $ | 530.0 | $ | 560.4 | ||||||||||||||
| Other revenue | 0.8 | 1.4 | 2.2 | |||||||||||||||||
| Total consolidated revenue | $ | 501.0 | $ | 531.4 | $ | 562.6 | ||||||||||||||
| December 31, | |||||||||||
| (Dollars in millions) | 2025 | 2024 | |||||||||
| Assets | |||||||||||
| Consolidated | $ | 4,200.4 | $ | 4,591.6 | |||||||
| Co-investment | 2,251.0 | 2,273.5 | |||||||||
| Corporate | 171.1 | 96.0 | |||||||||
| Total assets | $ | 6,622.5 | $ | 6,961.1 | |||||||
| December 31, | ||||||||||||||||||||
| (Dollars in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| Expenditures for long lived assets | ||||||||||||||||||||
| Investments | $ | (165.9) | $ | (148.2) | $ | (217.2) | ||||||||||||||
Geographic Information
The revenue shown in the table below is allocated based upon the region in which services are performed.
| Year Ended December 31, | ||||||||||||||||||||
| (Dollars in millions) | 2025 | 2024 | 2023 | |||||||||||||||||
| United States | $ | 355.0 | $ | 368.0 | $ | 334.1 | ||||||||||||||
| Europe | 146.0 | 163.4 | 228.5 | |||||||||||||||||
| Total revenue | $ | 501.0 | $ | 531.4 | $ | 562.6 | ||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 22, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.