v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Aug. 04, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-33824  
Entity Registrant Name Kennedy-Wilson Holdings, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0508760  
Entity Address, Address Line One 151 S El Camino Drive  
Entity Address, City or Town Beverly Hills  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90212  
City Area Code 310  
Local Phone Number 887-6400  
Title of 12(b) Security Common stock, $.0001 par value  
Trading Symbol KW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   137,899,795
Entity Central Index Key 0001408100  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Assets    
Cash and cash equivalents $ 309.1 $ 217.5
Accounts receivable, net (including $19.0 and $12.4 of related party) 42.0 38.7
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $963.5 and $949.1) 4,078.8 4,290.4
Unconsolidated investments (including $1,829.6 and $1,884.4 at fair value) 2,034.7 2,042.4
Loan purchases and originations, net of allowance for credit losses 209.9 231.1
Other assets, net 122.4 141.0
Total assets [1] 6,796.9 6,961.1
Liabilities    
Accounts payable 8.9 10.8
Accrued expenses and other liabilities 569.4 529.4
Total liabilities [1] 5,200.6 5,325.1
Equity    
Preferred stock 789.7 789.7
Common stock, $0.0001 par value per share, 200,000,000 authorized, 137,899,795 and 137,442,778 shares issued and outstanding as of June 30, 2025 and December 31, 2024 0.0 0.0
Additional paid-in capital 1,711.9 1,712.8
Accumulated deficit (569.5) (493.7)
Accumulated other comprehensive loss (369.1) (407.6)
Total Kennedy-Wilson Holdings, Inc. shareholders' equity 1,563.0 1,601.2
Noncontrolling interests 33.3 34.8
Total equity 1,596.3 1,636.0
Total liabilities and equity 6,796.9 6,961.1
Mortgage debt    
Liabilities    
Long-term debt 2,385.2 2,597.2
KW unsecured debt    
Liabilities    
Long-term debt 1,884.4 1,877.9
KWE unsecured bonds    
Liabilities    
Long-term debt $ 352.7 $ 309.8
[1] The assets and liabilities as of June 30, 2025 include $109.6 million (including cash held by consolidated investments of $10.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $76.8 million) and $0.0 million (including investment debt of $(1.0) million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.
v3.25.2
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Related party accounts receivable, net $ 42.0 $ 38.7
Accumulated depreciation and amortization of real estate and acquired in place lease values 963.5 949.1
Fair value of unconsolidated investments $ 1,829.6 $ 1,884.4
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 137,899,795 137,442,778
Common stock, shares outstanding (in shares) 137,899,795 137,442,778
Assets from VIEs [1] $ 6,796.9 $ 6,961.1
Cash held by consolidated investments from VIEs 309.1 217.5
Real estate and acquired in place lease values, net of accumulated depreciation and amortization from VIEs 4,078.8 4,290.4
Liabilities from VIEs [1] 5,200.6 5,325.1
Variable Interest Entity, Primary Beneficiary    
Assets from VIEs 109.6 169.3
Cash held by consolidated investments from VIEs 10.1 4.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization from VIEs 76.8 128.7
Liabilities from VIEs 0.0 49.6
Variable Interest Entity, Primary Beneficiary | Investment Debt    
Investment debt from VIEs $ 1.0 $ 50.0
Series A Cumulative Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Preferred stock, shares outstanding (in shares) 300,000 300,000
Series B Cumulative Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Preferred stock, shares outstanding (in shares) 300,000 300,000
Series C Cumulative Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, liquidation preference (in dollars per share) $ 1,000 $ 1,000
Preferred stock, shares outstanding (in shares) 200,000 200,000
Related Party    
Related party accounts receivable, net $ 19.0 $ 12.4
[1] The assets and liabilities as of June 30, 2025 include $109.6 million (including cash held by consolidated investments of $10.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $76.8 million) and $0.0 million (including investment debt of $(1.0) million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.
v3.25.2
Consolidated Statements of Operations - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Total revenue $ 135.7 $ 132.0 $ 264.0 $ 268.4
(Loss) income from unconsolidated investments        
Principal co-investments 1.8 (5.8) 21.4 3.9
Carried interests (2.0) (12.3) (10.2) (28.7)
Total (loss) income from unconsolidated investments (0.2) (18.1) 11.2 (24.8)
Gain on sale of real estate, net 55.1 0.2 54.3 106.6
Expenses        
Carried interests compensation (0.6) (4.5) (3.3) (10.0)
General and administrative 8.8 9.5 19.2 17.8
Depreciation and amortization 34.5 36.4 68.6 75.3
Total expenses 110.4 110.2 217.2 224.3
Interest expense (62.5) (63.8) (123.9) (128.5)
Loss on early extinguishment of debt (2.1) (0.5) (2.1) (0.2)
Other (loss) income (5.6) 0.3 (10.8) 7.1
Income (loss) before (provision for) benefit from income taxes 10.0 (60.1) (24.5) 4.3
(Provision for) benefit from income taxes (4.4) 11.8 0.5 (14.9)
Net income (loss) 5.6 (48.3) (24.0) (10.6)
Net (income) loss attributable to the noncontrolling interests (1.1) 0.1 (1.4) 0.2
Preferred dividends (10.9) (10.9) (21.8) (21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (6.4) $ (59.1) $ (47.2) $ (32.2)
Basic loss (income) per share        
Loss (income) per share (in dollars per share) $ (0.05) $ (0.43) $ (0.34) $ (0.23)
Weighted average shares outstanding (in shares) 138,144,013 137,588,910 137,946,790 138,142,769
Diluted loss (income) per share        
Loss (income) per share (in dollars per share) $ (0.05) $ (0.43) $ (0.34) $ (0.23)
Weighted average shares outstanding (in shares) 138,144,013 137,588,910 137,946,790 138,142,769
Dividends declared per common share (in dollars per share) $ 0.12 $ 0.12 $ 0.24 $ 0.36
Investment Management Fees, Related Party        
Revenue        
Total revenue $ 24.8 $ 16.6 $ 40.6 $ 31.0
Rental        
Revenue        
Total revenue 93.3 97.8 190.6 195.2
Expenses        
Compensation and related, corporate 35.4 37.0 73.5 74.2
Hotel        
Revenue        
Total revenue 0.0 0.0 0.0 9.3
Expenses        
Compensation and related, corporate 0.0 0.0 0.0 7.6
Investment management fees        
Revenue        
Total revenue 36.4 26.1 61.4 47.4
Loan        
Revenue        
Total revenue 5.7 8.0 11.5 16.1
Other        
Revenue        
Total revenue 0.3 0.1 0.5 0.4
Compensation and related        
Expenses        
Compensation and related, corporate $ 32.3 $ 31.8 $ 59.2 $ 59.4
v3.25.2
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Related party investment management fees $ 135.7 $ 132.0 $ 264.0 $ 268.4
Share-based compensation 6.5 6.0 12.8 11.2
Investment Management Fees, Related Party        
Related party investment management fees $ 24.8 $ 16.6 $ 40.6 $ 31.0
v3.25.2
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 5.6 $ (48.3) $ (24.0) $ (10.6)
Other comprehensive income (loss), net of tax:        
Unrealized foreign currency translation gain (loss) 59.7 (2.8) 86.3 (20.3)
Amounts reclassified from AOCI 3.0 0.0 3.0 5.1
Unrealized foreign currency derivative contracts (loss) gain (37.1) 5.2 (49.0) 15.1
Total other comprehensive income (loss) for the period 25.6 2.4 40.3 (0.1)
Comprehensive income (loss) 31.2 (45.9) 16.3 (10.7)
Comprehensive (income) loss attributable to noncontrolling interests (2.6) 0.2 (3.1) 0.3
Comprehensive income (loss) attributable to Kennedy-Wilson Holdings, Inc. $ 28.6 $ (45.7) $ 13.2 $ (10.4)
v3.25.2
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Preferred Stock
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Loss
Noncontrolling Interests
Balance at beginning of period, preferred stock (in shares) at Dec. 31, 2023   800,000          
Balance at beginning of period at Dec. 31, 2023 $ 1,798.4 $ 789.9 $ 0.0 $ 1,718.6 $ (349.0) $ (404.4) $ 43.3
Balance at beginning of period, common stock (in shares) at Dec. 31, 2023     138,727,521        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Restricted stock grants (RSG) (in shares)     379,188        
Shares retired due to RSG vesting (in shares)     (129,011)        
Shares retired due to RSG vesting (1.6)     (1.6)      
Shares retired due to common stock repurchase program (in shares)     (1,551,955)        
Shares retired due to common stock repurchase program (13.3)     (27.5) 14.2    
Issuance of common stock, net of issuance costs (0.1)     (0.1)      
Share-based compensation 11.2     11.2      
Other comprehensive income (loss):              
Unrealized foreign currency translation gain (loss), net of tax (15.0)         (14.9) (0.1)
Unrealized foreign currency derivative contract gain (loss), net of tax 14.9         14.9  
Common stock dividends (49.6)       (49.6)    
Preferred stock dividends (21.8)       (21.8)    
Net income (loss) (10.6)       (10.4)   (0.2)
Contributions from noncontrolling interests 0.1           0.1
Distributions to noncontrolling interests (2.2)           (2.2)
Balance at end of period, preferred stock (in shares) at Jun. 30, 2024   800,000          
Balance at end of period at Jun. 30, 2024 1,710.4 $ 789.9 $ 0.0 1,700.6 (416.6) (404.4) 40.9
Balance at end of period, common stock (in shares) at Jun. 30, 2024     137,425,743        
Balance at beginning of period, preferred stock (in shares) at Mar. 31, 2024   800,000          
Balance at beginning of period at Mar. 31, 2024 1,784.9 $ 789.9 $ 0.0 1,706.5 (347.1) (406.7) 42.3
Balance at beginning of period, common stock (in shares) at Mar. 31, 2024     138,095,244        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares retired due to common stock repurchase program (in shares)     (669,501)        
Shares retired due to common stock repurchase program (5.8)     (11.9) 6.1    
Share-based compensation 6.0     6.0      
Other comprehensive income (loss):              
Unrealized foreign currency translation gain (loss), net of tax (2.9)         (2.9)  
Unrealized foreign currency derivative contract gain (loss), net of tax 5.2         5.2  
Common stock dividends (16.5)       (16.5)    
Preferred stock dividends (10.9)       (10.9)    
Net income (loss) (48.3)       (48.2)   (0.1)
Contributions from noncontrolling interests 0.1           0.1
Distributions to noncontrolling interests (1.4)           (1.4)
Balance at end of period, preferred stock (in shares) at Jun. 30, 2024   800,000          
Balance at end of period at Jun. 30, 2024 1,710.4 $ 789.9 $ 0.0 1,700.6 (416.6) (404.4) 40.9
Balance at end of period, common stock (in shares) at Jun. 30, 2024     137,425,743        
Balance at beginning of period, preferred stock (in shares) at Dec. 31, 2024   800,000          
Balance at beginning of period at Dec. 31, 2024 $ 1,636.0 $ 789.7 $ 0.0 1,712.8 (493.7) (407.6) 34.8
Balance at beginning of period, common stock (in shares) at Dec. 31, 2024 137,442,778   137,442,778        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Restricted stock grants (RSG) (in shares)     1,562,956        
Shares retired due to RSG vesting (in shares)     (712,446)        
Shares retired due to RSG vesting $ (6.7)     (6.7)      
Shares retired due to common stock repurchase program (in shares)     (393,493)        
Shares retired due to common stock repurchase program (2.5)     (7.0) 4.5    
Share-based compensation 12.8     12.8      
Other comprehensive income (loss):              
Unrealized foreign currency translation gain (loss), net of tax 89.5         87.7 1.8
Unrealized foreign currency derivative contract gain (loss), net of tax (49.2)         (49.2)  
Common stock dividends (33.1)       (33.1)    
Preferred stock dividends (21.8)       (21.8)    
Net income (loss) (24.0)       (25.4)   1.4
Distributions to noncontrolling interests (4.7)           (4.7)
Balance at end of period, preferred stock (in shares) at Jun. 30, 2025   800,000          
Balance at end of period at Jun. 30, 2025 $ 1,596.3 $ 789.7 $ 0.0 1,711.9 (569.5) (369.1) 33.3
Balance at end of period, common stock (in shares) at Jun. 30, 2025 137,899,795   137,899,795        
Balance at beginning of period, preferred stock (in shares) at Mar. 31, 2025   800,000          
Balance at beginning of period at Mar. 31, 2025 $ 1,592.2 $ 789.7 $ 0.0 1,712.4 (551.1) (393.0) 34.2
Balance at beginning of period, common stock (in shares) at Mar. 31, 2025     138,293,288        
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Shares retired due to common stock repurchase program (in shares)     (393,493)        
Shares retired due to common stock repurchase program (2.5)     (7.0) 4.5    
Share-based compensation 6.5     6.5      
Other comprehensive income (loss):              
Unrealized foreign currency translation gain (loss), net of tax 62.9         61.2 1.7
Unrealized foreign currency derivative contract gain (loss), net of tax (37.3)         (37.3)  
Common stock dividends (16.5)       (16.5)    
Preferred stock dividends (10.9)       (10.9)    
Net income (loss) 5.6       4.5   1.1
Distributions to noncontrolling interests (3.7)           (3.7)
Balance at end of period, preferred stock (in shares) at Jun. 30, 2025   800,000          
Balance at end of period at Jun. 30, 2025 $ 1,596.3 $ 789.7 $ 0.0 $ 1,711.9 $ (569.5) $ (369.1) $ 33.3
Balance at end of period, common stock (in shares) at Jun. 30, 2025 137,899,795   137,899,795        
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (24.0) $ (10.6)
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Gain on sale of real estate, net (54.3) (106.6)
Depreciation and amortization 68.6 75.3
Above/below market and straight-line rent amortization (0.3) (0.8)
Uncollectible lease income 0.7 1.5
Accretion of discount on loans receivable (1.2) (2.1)
Provision for credit losses 3.1 8.5
Benefit from deferred income taxes (5.0) (2.3)
Amortization of deferred loan costs 5.7 4.3
Amortization of discount and accretion of premium on issuance of senior notes and mortgage debt 6.0 (3.2)
Unrealized net loss on derivatives 8.3 0.5
(Income) loss from unconsolidated investments (11.2) 24.8
Operating distributions from unconsolidated investments 31.2 29.4
Deferred compensation 1.1 (5.7)
Share-based compensation 12.8 11.2
Change in assets and liabilities:    
Accounts receivable (4.0) 13.1
Other assets 1.7 (6.7)
Accounts payable, accrued expenses and other liabilities (49.1) 0.5
Net cash (used in) provided by operating activities (9.9) 31.1
Cash flows from investing activities:    
Proceeds from collection of loans receivable 32.9 15.3
Issuance and acquisition of loans receivable, net of discounts (26.0) (21.0)
Net proceeds from sale of consolidated real estate 423.9 330.6
Purchases of real estate (25.7) (7.4)
Capital expenditures to real estate (20.4) (88.7)
Premiums paid on derivative contracts (2.1) (0.6)
Distributions from unconsolidated investments 167.3 4.8
Contributions to unconsolidated investments (87.8) (59.4)
Net cash provided by investing activities 462.1 173.6
Cash flows from financing activities:    
Borrowings under line of credit 170.0 100.0
Repayment of line of credit (178.7) (75.0)
Borrowings under mortgage debt 3.6 97.6
Repayment of mortgage debt (304.0) (167.9)
Payment of deferred loan costs (0.3) (0.6)
Repurchase and retirement of common stock (9.2) (14.8)
Proceeds from issuance of common stock, net of issuance costs 0.0 (0.1)
Common dividends paid (34.9) (67.2)
Preferred dividends paid (21.8) (21.8)
Contributions from noncontrolling interests 0.0 0.1
Loan receivable proceeds received from equity partners 15.6 0.0
Distributions to noncontrolling interests (4.7) (2.2)
Net cash used in financing activities (364.4) (151.9)
Effect of currency exchange rate changes on cash and cash equivalents 3.8 0.0
Net change in cash and cash equivalents [1] 91.6 52.8
Cash and cash equivalents, beginning of period 217.5 313.7
Cash and cash equivalents, end of period 309.1 366.5
Supplemental cash flow information:    
Interest [2],[3] 112.2 119.7
Income taxes 0.1 2.1
Cash received from consolidated and unconsolidated asset sales and loan repayments, net 533.9 261.3
Cash received on interest rate hedges 9.6 23.0
Supplemental disclosure of non-cash investing and financing activities:    
Accrued capital expenditures 1.8 1.9
Common dividends declared but not paid on common stock 16.5 16.5
Preferred dividends declared but not paid on preferred stock $ 9.2 $ 9.2
[1] See discussion of non-cash effects in the supplemental cash flow information.
[2] $0.5 million and $0.5 million attributable to noncontrolling interests for the six months ended June 30, 2025 and 2024, respectively.
[3] Excludes $4.5 million of capitalized interest for the six months ended June 30, 2024. There was no capitalized interest for the six months ended June 30, 2025
v3.25.2
Consolidated Statements of Cash Flows (Parenthetical)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Interest attributable to noncontrolling interest $ 0.5 $ 0.5  
Interest, capitalized 0.0 4.5  
Fair value of lots 964.2   $ 979.6
Gain on sale of properties 54.3 $ 106.6  
Increase in unconsolidated investments $ 14.4    
Wholly-owned Vacant Parcels in Hawii      
Number of real estate properties | property 3    
Fair value of lots $ 20.0    
Gain on sale of properties 3.5    
Debt Redemption      
Restricted cash $ 113.2   $ 103.6
v3.25.2
BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Kennedy-Wilson Holdings, Inc. (“KWH,” NYSE: KW), a Delaware corporation and its wholly owned and consolidated subsidiaries (collectively the "Company" or "Kennedy Wilson"), is a real estate investment company that invests in high growth markets across the United States ("U.S."), the United Kingdom ("UK") and Ireland. With an objective of generating strong long-term risk-adjusted returns for its shareholders and partners and drawing on over three decades of experience in identifying opportunities and building value through various market cycles, in its markets, the Company focuses on (i) investing in the rental housing sector (both market rate and affordable units) and industrial properties; and (ii) originating, managing and servicing real estate loans (primarily senior construction loans secured by high quality multifamily and student housing properties that are being developed by institutional sponsors throughout the United States). The Company's operations are defined by two business segments; its Consolidated Portfolio and Co-Investment Portfolio. Investment activities in the Consolidated Portfolio primarily involve ownership of multifamily assets. The Co-Investment Portfolio consists of (i) the co-investments in real estate and real estate-related assets, including loans secured by real estate, that the Company has made through its commingled funds and joint ventures that it manages; (ii) fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees); and (iii) carried interests.
    Kennedy Wilson's unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") may have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures are adequate to make their presentation not misleading. In the Company's opinion, all adjustments, consisting of only normal and recurring items, necessary for a fair presentation of the results of operations for the three and six months ended June 30, 2025 and 2024 have been included. The results of operations for these periods are not necessarily indicative of results that might be expected for the full year ending December 31, 2025. For further information, your attention is directed to the footnote disclosures found in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Throughout these unaudited interim consolidated financial statements “Kennedy Wilson” is referenced, which is defined as the Company and its subsidiaries that are consolidated in its financial statements under U.S. GAAP.  All intercompany balances and transactions have been eliminated in consolidation.
     In addition, throughout these unaudited interim consolidated financial statements, “equity partners” is referred to, which is defined as both the non-wholly owned subsidiaries that are consolidated in the Company's financial statements under U.S. GAAP and third-party equity partners. 
    Kennedy Wilson evaluates its relationships with other entities to identify whether they are variable interest entities ("VIEs") as defined in the Accounting Standards Codification ("ASC") Subtopic 810-10, Consolidation, as amended by Accounting Standards Update ("ASU") 2015-02, Consolidation (Topic 810) - Amendments to the Consolidation Analysis, and to assess whether it is the primary beneficiary of such entities. If the determination is made that Kennedy Wilson is the primary beneficiary, then that entity is included in the consolidated financial statements in accordance with the ASC Subtopic 810-10.
    The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosure about contingent assets and liabilities, and reported amounts of revenues and expenses. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS
    REVENUE RECOGNITION — Revenue consists of rental and hotel income, management fees, leasing and commission fees, loan interest income and sales of real estate. ASC Topic 606, Revenue from Contracts with Customers, is a five step model to recognize revenue from customer contracts. The model identifies the contract, any separate performance obligations in the contract, determines the transaction price, allocates the transaction price and recognizes revenue when the performance obligations are satisfied. Management has concluded that, with the exception of carried interests and loan interest income, the nature of the Company's revenue streams is such that the requirements are generally satisfied at the time that the fee becomes receivable.
    Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases in accordance with ASC Topic 842, Leases.
Hotel income is earned when rooms are occupied or goods and services have been delivered or rendered. The Company sold its only consolidated hotel in the first quarter of 2024 and had no subsequent activity for consolidated hotel income.
    Investment management fees are earned from limited partners of funds, co-investments, or separate accounts and are generally based on a fixed percentage of committed capital or net asset value. The Company provides investment management services on investments it also has an ownership interest in. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest.
    Investment management fees include acquisition, arrangement and disposition fees. Acquisition, arrangement and disposition fees are earned for identifying and closing investments on behalf of investors and are based on a fixed percentage of the acquisition or disposition price, as applicable. Acquisition and disposition fees are recognized upon the successful completion of an acquisition or disposition after all required services have been performed.
Loan income from investments in performing loans which Kennedy Wilson originates or acquires are recognized at the stated interest rate plus any amortization of premiums/discounts or fees earned on the loans. Loan income from investments in loans acquired at a discount are recognized using the effective interest method. When a loan or loans are acquired with deteriorated credit quality primarily for the rewards of collateral ownership, such loans are accounted for as loans until Kennedy Wilson is in possession of the collateral. However, accrual of income is not recorded during the conversion period under ASC Subtopic 310-30-25, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Income is recognized to the extent that cash is received from the loan. The Company has evaluated its loan portfolio under ASC Subtopic 326, Financial Instruments - Credit Losses. for current expected credit losses ("CECL") reserves. CECL reserves reflect the Company's current estimate of potential credit losses related to loans included in the Company's consolidated balance sheets. Changes to the CECL reserve are recognized through the Company's consolidated statements of operations. While ASC Subtopic 326 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions.
Sales of real estate are recognized when title to the real property passes to the buyer and there is no continuing involvement in the real property. Under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, the Company recognizes the entire gain attributed to contributions of real estate properties to unconsolidated entities.
    REAL ESTATE ACQUISITIONS—The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests ("NCI"). Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized as part of the real estate acquired.
    The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach.
The Company is involved in all stages of real estate ownership, including development. Once a project is in development, consistent with ASC Topic, 360 Property Plant, and Equipment, costs including interest and real estate taxes and associated costs directly related to the project under development, are capitalized. During the predevelopment period of a probable project and the period in which a project is under construction, the Company capitalizes all direct and indirect costs associated with planning, developing, and constructing the project. Once a project is constructed and deemed substantially complete and ready for occupancy, carrying costs, such as real estate taxes, interest and associated costs, are expensed as incurred.
UNCONSOLIDATED INVESTMENTS—The Company has a number of joint venture interests that were formed to acquire, manage, and/or sell real estate. Investments in unconsolidated investments are accounted for under the equity method of accounting as the Company can exercise significant influence, but does not have the ability to control the unconsolidated investment. An investment in an unconsolidated investment is recorded at its initial investment and is increased or decreased by the Company’s share of income or loss, plus additional contributions and less distributions. A decline in the value of an unconsolidated investment that is other than temporary is recognized when evidence indicates that such a decline has occurred in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures.

The Company records its investments in certain commingled funds it manages and sponsors (the “Funds”) based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect the Company's investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in their earnings. The Funds are investment companies under the ASC Topic 946, Financial Services - Investment Companies.

In addition, the Company elected the fair value option for 72 investments in unconsolidated co-investment entities. These 72 co-investments are structured as limited liability companies and limited partnerships with one partner and function under a collaborative decision-making structure and the Company owns a weighted average ownership of approximately 38% of the equity investment in such co-investment investments. The Company elected to record these 72 co-investments at fair value in order to report the change in value in the underlying investments in the results of its current operations in a fashion consistent with its investments in certain commingled funds, as described above.

The Company has adopted an ownership model for carried interests representing allocations to the Company from equity method investments, based on cumulative performance to-date. Consequently, in accordance with the guidance set forth in ASC Topic 606 and ASC Topic 323, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of income as “carried interests”. Carried interests are allocated to the Company under the Funds and such co-investment investments based on the cumulative performance of the venture and are subject to preferred return thresholds of the partners. In the case of the Funds, these carried interests represent an allocation relating to the performance of investment management services, whereas for the unconsolidated investments that the fair value election was selected they represent returns for the performance of the underlying investments in the co-investment investments structures subject to collaborative decision-making.

At the end of each reporting period, the Company calculates the carried interest that would be due as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interests to reflect either (a) positive performance resulting in an increase in the carried interest to the general partner or asset manager or (b) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as income from unconsolidated investments, resulting in a negative adjustment to carried interests to the general partner or asset manager. As of June 30, 2025 and December 31, 2024, the Company has $17.4 million and $27.6 million of accrued carried interests recorded to unconsolidated investments that are subject to future adjustments based on the underlying performance of investments. The amount of the Company’s non-cash carried interest accrual adjustments recorded from its Funds and the 72 co-investments for the six months ended June 30, 2025 and 2024 are as follows:

Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in millions)
2025
2024
20252024
Funds$(0.2)$(10.7)$(5.5)$(25.6)
Co-investments(1.8)(1.6)(4.7)(3.1)
Total$(2.0)$(12.3)$(10.2)$(28.7)
Carried interests compensation is recorded in the same period that the related carried interests are recorded and can be reversed during periods when there is a reversal of carried interests that were previously recorded. As of June 30, 2025 and December 31, 2024, the Company has $4.0 million and $7.1 million, respectively of accrued carried interests compensation recorded to accrued expenses and other liabilities that are subject to future adjustments based on the underlying performance of investments. The Company did not pay any carried interest compensation for any of the periods presented.         
    FAIR VALUE MEASUREMENTS — Kennedy Wilson accounts for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recorded or disclosed at fair value in the financial statements on a recurring basis under the provisions of ASC Topic 820, Fair Value Measurement. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When estimating fair value in the absence of an orderly transaction between market participants, valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate and the investments in debt securities are valued, in part, based on third party valuations and management estimates also using an income approach. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.
    FAIR VALUE OF FINANCIAL INSTRUMENTS — The estimated fair value of financial instruments is determined using available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.

    FOREIGN CURRENCIES — The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income.
    Investment level debt is generally incurred in local currencies. Fluctuations in foreign exchange rates may have a significant impact on the results of the Company's operations. In order to manage currency fluctuations, Kennedy Wilson entered into currency derivative contracts to manage its exposure to currency fluctuations between its functional currency (U.S. dollar) and the functional currency (euro and the British pound) of certain of its wholly-owned and consolidated subsidiaries. KWE has also entered into currency derivative contracts to manage its exposure to euro to British pound currency fluctuations. See Note 5 for a more detailed discussion of Kennedy Wilson's currency derivative contracts.
LONG-LIVED ASSETS — Kennedy Wilson reviews its long-lived assets (excluding goodwill) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Subtopic 360-10, Property, Plant and Equipment. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. If certain criteria are met, assets to be disposed of are presented separately in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. The assets and liabilities of the assets to be disposed of are classified as held for sale and would be presented separately in the appropriate asset and liability sections of the balance sheet.
    RECENT ACCOUNTING PRONOUNCEMENTS
    For information regarding accounting standards that the Company adopted during the periods presented, see note 2 of the notes to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Company did not adopt any new accounting standards during the six months ended June 30, 2025.
    In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company is evaluating the impact that ASU 2023-09 will have on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and interim
periods within fiscal years beginning after December 15, 2027 with early adoption permitted. These requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company is evaluating the impact that ASU 2024-03 will have on our consolidated financial statement disclosures.
v3.25.2
REAL ESTATE AND IN-PLACE LEASE VALUE
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
REAL ESTATE AND IN-PLACE LEASE VALUE REAL ESTATE AND IN-PLACE LEASE VALUE
    The following table summarizes Kennedy Wilson's investment in consolidated real estate properties at June 30, 2025 and December 31, 2024:
 June 30,December 31,
(Dollars in millions)20252024
Land$964.2 $979.6 
Buildings3,419.0 3,548.7 
Building improvements408.7 466.9 
In-place lease values250.4 244.3 
5,042.3 5,239.5 
Less accumulated depreciation and amortization(963.5)(949.1)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization$4,078.8 $4,290.4 
    Real property, including land, buildings, and building improvements are included in real estate and are generally stated at cost. Buildings and building improvements are depreciated on a straight-line method over their estimated lives not to exceed 40 years.

Acquired in-place lease values are recorded at their estimated fair value and amortized over their respective weighted-average lease term which was 7.3 years at June 30, 2025.
    Consolidated Acquisitions    
The purchase of property is recorded to land, buildings, building improvements, and intangible lease value (including the value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any) based on their respective estimated relative fair values. The purchase price generally approximates the fair value of the properties as acquisitions are transacted with willing third-party sellers.
During the six months ended June 30, 2025, Kennedy Wilson spent $25.7 million for the consolidated acquisition of an industrial development in the United Kingdom.
    Gain on Sale of Real Estate, Net
During the six months ended June 30, 2025, Kennedy Wilson recognized gain on sale of real estate, net of $54.3 million. This includes gain on sale of (i) the sale of 90% equity interest and deconsolidation of a wholly-owned multifamily property, which generated $39.5 million in cash and a gain of $32.2 million; (ii) the sale of non-core office assets in Ireland, Italy and the United Kingdom for a gain of $21.7 million; and (iii) the contribution of three wholly-owned, vacant land parcels in Hawaii to its residential development joint venture. The lots that were contributed to the Company's residential development joint venture had a fair value of $20.0 million and generated a $3.5 million gain on sale of real estate, net due to the deconsolidation and was treated as a non-cash contribution to the joint venture. These gains were offset with a loss of $3.0 million on an Italian office asset.
During the six months ended June 30, 2024, Kennedy Wilson recognized gains on sale of real estate, net of $106.6 million. These gains were primarily due to (i) the Company's sale of the Shelbourne hotel located in Dublin, Ireland, resulting in a gain of $99.1 million; (ii) the sale of a building that is a part of a larger office park resulting in a gain of $21.6 million; and (iii) the remainder of gain on sale of real estate relates to the sale of non-core retail in the United Kingdom. The gain on sale of real estate, net includes an impairment loss of $14.2 million relating to non-core office and retail buildings in the United Kingdom and Spain that were marketed for sale during such period.
Leases
The Company leases its operating properties to customers under agreements that are classified as operating leases. The total minimum lease payments provided for under the leases are recognized on a straight-line basis over the lease term unless circumstances indicate revenue should be recognized on a cash basis. The majority of the Company's rental expenses, including common area maintenance and real estate taxes and insurance on commercial properties, are recovered from the Company's tenants. The Company records amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The reimbursements are recognized in rental income in the consolidated statements of operations as the Company is the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk.
    The following table summarizes the minimum lease payments due from the Company's customers on leases with lease periods greater than one year at June 30, 2025:
(Dollars in millions)Minimum
Rental Revenues(1)
2025 (remainder)$58.3 
2026106.1 
202795.8 
202882.9 
202966.1 
Thereafter121.7 
Total$530.9 
(1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.
v3.25.2
UNCONSOLIDATED INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
UNCONSOLIDATED INVESTMENTS UNCONSOLIDATED INVESTMENTS
    Kennedy Wilson has a number of joint venture interests including commingled funds and separate accounts, generally ranging from 5% to 50%, that were formed to acquire, manage, develop, service and/or sell real estate. Kennedy Wilson has significant influence over these entities, but not control. Accordingly, these investments are accounted for under the equity method. In many of these investments, Kennedy Wilson earns customary fees in its role as asset manager which are recorded to investment management fees on the statement of operations.
Joint Venture and Fund Holdings
The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of June 30, 2025:
(Dollars in millions)MultifamilyCommercialHotelFundsResidential and OtherTotal
Western U.S.$838.0 $87.8 $122.3 $70.8 $201.8 $1,320.7 
Ireland342.4 144.2 — 5.1 — 491.7 
United Kingdom14.7 168.9 — 29.9 8.8 222.3 
Total$1,195.1 $400.9 $122.3 $105.8 $210.6 $2,034.7 
    The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2024:
(Dollars in millions)MultifamilyCommercialHotelFundsResidential and OtherTotal
Western U.S.$856.0 $74.1 $249.7 $63.4 $183.3 $1,426.5 
Ireland279.2 125.1 — 4.9 — 409.2 
United Kingdom7.7 154.2 — 28.4 16.4 206.7 
Total$1,142.9 $353.4 $249.7 $96.7 $199.7 $2,042.4 
    During the six months ended June 30, 2025, the change in unconsolidated investments primarily relates to $102.2 million of contributions to new and existing unconsolidated investments primarily for capital calls for new investments in one of its commingled funds in the Western United States and additional acquisitions of single family homes in our United Kingdom single family rental home platform. We also had contributions to European office assets to pay down mortgage debt and to fund operations during lease up. There were $198.5 million of distributions from unconsolidated investments, $11.2 million of losses from unconsolidated investments (which includes fair value movements), and a $58.4 million increase related to foreign exchange movements and $34.2 million related to other items, which was primarily due to the Company (i) completing a deed-in-lieu transaction on a bridge loan on a retail center located in the South Bay area in Southern California that is now treated as an unconsolidated investment in the underlying real estate in which the Company's share of the loan was $14.4 million and (ii) making a contribution of three wholly-owned, vacant parcels to its residential development joint venture that have a fair value of $20.0 million. Please see below for additional details.
    As of June 30, 2025 and December 31, 2024, $1,829.6 million and $1,884.4 million, respectively, of unconsolidated investments were accounted for under fair value. See Note 5 for more detail.
Distributions from Joint Ventures
    The following table details cash distributions by investment type and geographic location for the six months ended June 30, 2025:
MultifamilyCommercialFundsResidential, Hotel and OtherTotal
(Dollars in millions)OperatingInvestingOperatingInvestingOperatingInvestingOperatingInvestingOperatingInvesting
Western U.S.$18.6 $27.6 $4.5 $— $0.3 $1.1 $0.6 $131.2 $24.0 $159.9 
Ireland3.0 0.1 2.6 — — — — — 5.6 0.1 
United Kingdom— — — 1.1 — 0.5 7.3 1.6 7.3 
Total$21.6 $27.7 $7.1 $— $1.4 $1.1 $1.1 $138.5 $31.2 $167.3 
Operating distributions resulted from operating cash flow generated by the joint venture investments that have been distributed to the Company. Investing distributions related to: (i) recapitalization of a portion of the Company's interest in Kona Village, (ii) receipt of excess proceeds from multifamily properties that were refinanced, (iii) the payoff of a loan in the Company's European debt platform and (iv) the redemption of our interests in certain hedge funds.
Income (Loss) from Unconsolidated Investments
    The following table presents (loss) income from unconsolidated investments recorded by Kennedy Wilson during the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Income from unconsolidated investments - operating performance$8.9 $6.0 $19.6 $13.8 
(Loss) income from unconsolidated investments - fair value(7.1)(11.8)1.8 (9.9)
Loss from unconsolidated investments - carried interests Funds(0.2)(10.7)(5.5)(25.6)
Loss from unconsolidated investments - carried interests co-investments(1.8)(1.6)(4.7)(3.1)
$(0.2)$(18.1)$11.2 $(24.8)
    
The increase in income from unconsolidated investments related to the following items: (i) increase in rental operations due to the growth of our Co-Investment Portfolio and (ii) improved hotel operations at Kona Village as the property moves closer towards stabilization. These increases were offset by lower gains on sale of homes at Kohanaiki and higher interest expense due to higher mortgage balances from the increase in investments in the Co-Investment Portfolio.

During the six months ended June 30, 2025, the Company recorded fair value increases with respect to: (i) non-cash fair value gains on multifamily assets in Western United States and Ireland from increased NOI at the properties, (ii)VHH due to increases in NOI and (iii) foreign exchange gains, net of hedges as the euro and GBP increased in value in relation to the dollar in the current period. These fair value increases were offset by (i) fair value decreases at an Irish office asset as its lease-up period pushes out and decreases in expected market rents, (ii) fair value decreases on certain U.S. office assets, (iii) fair value decreases associated with certain lower cost mortgages as these move closer to their respective maturity dates and (iv) costs associated with originating new mortgages.

During the six months ended June 30, 2025, the Company recorded a $5.5 million decrease in the accrual for carried interests in our Funds primarily related to the fair value decreases that we recorded with respect to a delayed disposition of office assets in one of our Western United States commingled funds and a $4.7 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of June 30, 2025, the Company’s net accrued carried interests receivable totaled $17.4 million.

During the six months ended June 30, 2024, the Company recorded fair value decreases with respect to: (i) certain office properties located in Ireland, United States and the United Kingdom due to a lower market assumptions of vacancy and rental growth and (ii) non-cash fair value losses on mortgage debt as previous non-cash fair value gains were unwound as certain loans moved closer to maturity dates. These fair value decreases were offset by a non-cash fair value gain with respect to our minority ownership interest in Zonda, a technology based real estate residential housing advisory business that offers construction data providing insights and solutions for leaders in the home building industry, as a result of Zonda's recent completion of a merger transaction.

During the six months ended June 30, 2024, the Company recorded a $25.6 million decrease in the accrual for carried interests in our Funds primarily related to the fair value decreases that we recorded with respect to one of our Western United States commingled funds (as discussed above) and $3.1 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of June 30, 2024, the Company’s net accrued carried interests receivable totaled $48.6 million.

Vintage Housing Holdings

    As of June 30, 2025 and December 31, 2024, the carrying value of the Company's investment in VHH was $343.3 million and $333.9 million, respectively. For the six months ended June 30, 2025, VHH had distributions of $5.7 million and equity income pickup of $14.5 million, which included $8.9 million relating to fair value adjustments. The increase in the current period primarily relates to increased NOI at the properties. As of June 30, 2025, VHH totaled 12,695 units including 1,870 units under development.
Capital Commitments
    As of June 30, 2025, Kennedy Wilson had unfulfilled capital commitments totaling $227.8 million to eight of its unconsolidated joint ventures, including $40.3 million relating to the Funds, under their respective operating agreements. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of such capital commitment obligations.
v3.25.2
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION
    The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of June 30, 2025:
(Dollars in millions)Level 1Level 2Level 3Total
Unconsolidated investments$— $— $1,829.6 $1,829.6 
Net currency derivative contracts— (58.7)— (58.7)
Total$— $(58.7)$1,829.6 $1,770.9 
    The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2024:
(Dollars in millions)Level 1Level 2Level 3Total
Unconsolidated investments$— $— $1,884.4 $1,884.4 
Net currency derivative contracts— (1.2)— (1.2)
Total$— $(1.2)$1,884.4 $1,883.2 
Unconsolidated Investments    
    Kennedy Wilson elected to use the fair value option for 72 unconsolidated co-investments to more accurately reflect the timing of the value created in the underlying investments and report those results in current operations. Kennedy Wilson's investment balance in the FV Option investments was $1,723.8 million and $1,787.7 million at June 30, 2025 and December 31, 2024, respectively, which is included in unconsolidated investments in the accompanying balance sheets.
    Additionally, Kennedy Wilson records its investments in its Funds based upon the net assets that would be allocated to its interests in the Funds, assuming the Funds were to liquidate their investments at fair value as of the reporting date. Kennedy Wilson’s investment balance in the Funds was $105.8 million and $96.7 million at June 30, 2025 and December 31, 2024, respectively, which is included in unconsolidated investments in the accompanying consolidated balance sheets. See Note 4 for more information on the fluctuations for these investments.
As of June 30, 2025, there were cumulative fair value gains on investments held of $264.9 million.
    In estimating fair value of real estate held by the Funds and the 72 FV Option investments, the Company considers significant unobservable inputs to be the capitalization and discount rates.
The following table presents changes in Level 3 investments in Funds and FV Options for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Beginning balance$1,911.1 $1,918.9 $1,884.4 $1,927.0 
Unrealized and realized gains16.6 15.4 49.3 56.1 
Unrealized and realized losses(32.3)(40.3)(62.6)(91.3)
Contributions45.9 31.1 64.4 59.0 
Distributions(164.8)(13.5)(183.5)(26.5)
Foreign exchange52.8 2.4 77.6 (9.6)
Other0.3 — — (0.7)
Ending balance$1,829.6 $1,914.0 $1,829.6 $1,914.0 
Unobservable Inputs for Real Estate

The Company accounts for a number of unconsolidated investments under fair value, the accuracy of estimating fair value cannot be determined with precision and cannot be substantiated by comparison to quoted prices in active markets and
may not be realized in a current sale or immediate settlement of the asset or liability. Recently, there has also been a lack of liquidity in the capital markets as well as limited transactions which has had impact on the inputs associated with fair values. Additionally, there are inherent uncertainties in any fair value measurement technique, and changes in the underlying assumptions used, including market-derived estimated capitalization rates, discount rates, liquidity risks, and estimates of future cash flows could significantly affect the fair value measurement amounts. All valuations of real estate involve subjective judgments.

Ongoing macroeconomic conditions, such as, but not limited to, uncertainty and volatility of debt and equity markets driven by changing tariff policies, elevated levels of inflation and interest rates, banks' ability and willingness to lend, and other financial institutions and the ongoing military conflicts around the world, continue to fuel recessionary fears and create volatility in our business results and operations. Any prolonged downturn in the financial markets or a recession, either globally or locally in the United States or in other countries in which we conduct business, could impact the fair value of investments held by the Company. As a result of the rapid development, fluidity and uncertainty surrounding these situations, the Company expects that information with respect to fair value measurement may change, potentially significantly, going forward and may not be indicative of the actual impact on our business, operations, cash flows and financial condition for the six months ended June 30, 2025 and future periods.
In determining estimated fair market values, the Company utilizes two approaches to value real estate, a discounted cash flow analysis and direct capitalization approach.
Discounted cash flow models estimate future cash flows from a buyer's perspective (including terminal values) and compute a present value using a market discount rate. The holding period in the analysis is typically 10 years. This is consistent with how market participants often estimate values in connection with buying real estate but these holding periods can be shorter depending on the life of the structure an investment is held within. The cash flows include a projection of the net sales proceeds at the end of the holding period, computed using a market reversionary capitalization rate. For our investment in VHH the Company fair values its general partner ("GP") interests net cash flows utilizing a levered discount rate.
Under the direct capitalization approach, the Company applies a market derived estimated capitalization rate to current and future income streams with appropriate adjustments for tenant vacancies or rent-free periods. These estimated capitalization rates and future income streams are derived from comparable property and leasing transactions and are considered to be key inputs in the valuation.
Other factors that the Company takes into account under both approaches may include transaction structuring efficiencies, tenancy details, planning, building and environmental factors that might affect the property.
The Company also utilizes valuations from independent real estate appraisal firms on some of its investments ("appraised valuations"), with certain investment structures requiring appraised valuations periodically (typically annually). All appraised valuations are reviewed and approved by the Company.
The Company's investment in Zonda that is accounted for at fair value and is valued using a multiple on trailing twelve month EBITDA.
The table below describes the range of unobservable inputs for real estate assets as of June 30, 2025:
Estimated Rates Used for
Capitalization RatesDiscount Rates
Multifamily - AffordableIncome approach - discounted cash flow
6.25% —7.00%
8.25% — 9.00%
Multifamily - Affordable GP interestIncome approach - discounted cash flowN/A
17.00% — 18.50%
Multifamily - Market RateIncome approach - direct capitalization
4.50% — 6.90%
N/A
OfficeIncome approach - discounted cash flow
5.20% — 8.00%
7.50% — 9.50%
Income approach - direct capitalization
5.30% — 10.70%
N/A
Industrial Income approach - discounted cash flow
5.00% — 6.30%
6.30% — 7.80%
Income approach - direct capitalization
4.00% — 9.00%
N/A
HotelIncome approach - discounted cash flow
6.00%
8.30%
    In valuing indebtedness, the Company considers significant inputs such as the term of the debt, value of collateral, credit quality of investment entities and market interest rates and spreads as well as market loan-to-value ratios relative to the Company's debt instruments. The credit spreads used by Kennedy Wilson to value floating rate indebtedness range from 2.00% to 3.80%, while the market rates used to value fixed rate indebtedness range from 3.90% to 9.30%.
    There is no active secondary market for the Company's development projects and no readily available market value given the uncertainty of the amount and timing of future cash flows. Accordingly, determination of fair value of its development projects requires judgment and extensive use of estimates. Therefore, the Company typically uses investment cost as the estimated fair value until future cash flows become more predictable. Additionally, the fair value of its development projects may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Company may ultimately realize. If the Company were required to liquidate an investment in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the currently assigned valuations.
Currency Derivative Contracts
    Kennedy Wilson uses foreign currency derivative contracts such as forward contracts and options to manage its foreign currency risk exposure against the effects of a portion of its certain non-U.S. dollar denominated currency net investments. Foreign currency options are valued using a variant of the Black-Scholes model tailored for currency derivatives and the foreign currency forward contracts are valued based on the difference between the contract rate and the forward rate at maturity of the underlying currency applied to the notional value in the underlying currency discounted at a market rate for similar risks. Although the Company has determined that the majority of the inputs used to value its currency derivative contracts fall within Level 2 of the fair value hierarchy, the counterparty risk adjustments associated with the currency derivative contracts utilize Level 3 inputs. However, as of June 30, 2025, Kennedy Wilson assessed the significance of the impact of the counterparty valuation adjustments on the overall valuation of its derivative positions and determined that the counterparty valuation adjustments are not significant to the overall valuation of its derivative. As a result, the Company has determined that its derivative valuation in its entirety be classified in Level 2 of the fair value hierarchy.
     Changes in fair value are recorded in other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income as the portion of the currency forward and option contracts used to hedge currency exposure of its certain consolidated subsidiaries qualifies as a net investment hedge under ASC Topic 815, Derivatives and Hedging. Changes in fair value on hedges associated with investments that are held at fair value are recorded through principal co-investments within income from unconsolidated investments. The Company has elected to amortize the spot to forward difference ("forward points") to interest expense over the contractual life of the hedges. On hedges associated with fair value investments the forward point amortization to interest expense is recorded as a component of principal co-investments.
    The fair value of the currency derivative contracts held as of June 30, 2025 and December 31, 2024 are included in other assets, net for hedge assets and included in accrued expenses and other liabilities for hedge liabilities on the accompanying consolidated balance sheets.
    The table below details the currency derivative contracts Kennedy Wilson held as of June 30, 2025 and the activity during the six months ended June 30, 2025.
(Dollars, Euros and British Pound Sterling in millions)June 30, 2025Six Months Ended June 30, 2025
Currency HedgedUnderlying CurrencyNotionalHedge AssetsHedge LiabilitiesOCI (Losses) Gains Income Statement Losses Interest ExpenseCash Paid
Outstanding
EURUSD€155.0 $— $23.5 $(1.0)$(18.8)$0.7 $— 
EUR(1)
GBP€40.0 0.5 — 1.1 — — — 
EUR(1)(2)
GBP€300.0 — — (13.5)— — — 
EUR(3)
GBP€95.0 — — (8.6)— — — 
GBPUSD£410.0 — 35.7 (35.6)(5.1)0.2 — 
Total Outstanding0.5 59.2 (57.6)(23.9)0.9 — 
Settled
GBPUSD— — (1.1)— — (2.1)
Total Settled— — (1.1)— — (2.1)
Total $0.5 $59.2 $(58.7)
(4)
$(23.9)$0.9 $(2.1)
(1) Hedge is held by KWE on its wholly-owned subsidiaries.
(2) Relates to KWE's Euro Medium Term Note. See discussion in Note 10.
(3) Relates to amount outstanding denominated in euro on the Company's revolving line of credit
(4) Excludes deferred tax benefit of $9.7 million.

    The amounts recorded through other comprehensive income (loss) will remain in accumulated other comprehensive income (loss) until the underlying investments that they were hedging are substantially liquidated by Kennedy Wilson. The Company recognized a $0.4 million gain on a foreign currency hedge that was associated with the sale of office buildings in Ireland during the six months ended June 30, 2025.
The currency derivative contracts discussed above are offset by foreign currency translation of the Company's foreign net assets. For the six months ended June 30, 2025, Kennedy Wilson had a gross foreign currency translation gain on its net assets of $89.0 million. As of June 30, 2025, the Company has hedged 96% of the net asset carrying value of its euro denominated investments and 86% of the net asset carrying value of its GBP denominated investments. See Note 11 for a complete discussion on other comprehensive income including currency derivative contracts and foreign currency translations.

Interest Rate Derivatives

    The Company has interest rate swaps and caps to hedge its exposure to rising interest rates. Changes in the value of interest rate swaps and caps that are undesignated are recorded to other income and had fair value losses of $2.6 million for the six months ended June 30, 2025. Some of the Company's unconsolidated investments have interest rate caps, which resulted in a $1.3 million loss recorded in principal co-investments. Changes in the value of interest rate swaps and caps that are undesignated are recorded to other income and had fair value gains of $12.8 million for the six months ended June 30, 2024. Some of the Company's unconsolidated investments have interest rate caps, which resulted in a $3.2 million gain through principal co-investments for the six months ended June 30, 2024.
Fair Value of Financial Instruments
    The carrying amounts of cash and cash equivalents, accounts receivable including related party receivables, accounts payable, accrued expenses and other liabilities, accrued salaries and benefits, and deferred and accrued income taxes approximate fair value due to their short-term maturities. The carrying value of loans (excluding related party loans as they are presumed not to be an arm’s length transaction) approximates fair value as the terms are similar to loans with similar characteristics available in the market.
    Debt liabilities are accounted for at face value plus net unamortized debt premiums/discounts and any fair value adjustments as part of business combinations. The fair value as of June 30, 2025 and December 31, 2024 for the mortgage debt, Kennedy Wilson unsecured debt, and KWE unsecured bonds were estimated to be approximately $4.4 billion and $4.5 billion, respectively, based on a comparison of the yield that would be required in a current transaction, taking into consideration the risk of the underlying collateral and the Company's credit risk to the current yield of a similar security, compared to their carrying value of $4.6 billion and $4.8 billion at June 30, 2025 and December 31, 2024, respectively. The inputs used to value the Company's mortgage debt, Kennedy Wilson unsecured debt, and KWE unsecured bonds are based on observable inputs for similar assets and quoted prices in markets that are not active and are therefore determined to be Level 2 inputs.
v3.25.2
LOANS
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
LOANS LOANS
The Company's global debt platform consists of two portfolios: the Company's construction lending portfolio, which was established with the acquisition of the Construction Loan Portfolio from a bank in the second quarter of 2023 and the Company's bridge loan portfolio.
Within its construction loan portfolio, the Company focuses on originating senior loans to high quality sponsors secured primarily by new market-rate apartment or student housing properties across the United States. The current outstanding balance of commitments totals $2.8 billion (Kennedy Wilson share of $119.0 million). As of June 30, 2025, Kennedy Wilson had unfulfilled capital commitments totaling $145.8 million to our loan portfolio.
The Company's bridge loan portfolio includes loans secured by multifamily, office, retail, industrial and hotel assets in the Western United States and United Kingdom. It also includes certain mezzanine loans that are fixed rate with maturities of 5 to 10 years and are secured by office or multifamily properties in the Western United States.
The Company has loan purchases and originations outstanding of $209.9 million and $231.1 million at June 30, 2025 and December 31, 2024, respectively. For the three and six months ended June 30, 2025 the Company had loan income of $5.7 million and $11.5 million, respectively, and for the three and six months ended June 30, 2024 the Company had loan income of $8.0 million and $16.1 million, respectively. The Company had $19.0 million and $34.8 million of investment management fees which includes base management fees and origination fees for the three and six months ended June 30, 2025, respectively, as compared to $15.9 million and $29.2 million for the three and six months ended June 30, 2024, respectively. The decline in the loan balance and interest income is primarily due to the Company taking a lower ownership percentage in newer loans. The Company's lower ownership interest however, leads to higher investment management fees as the Company receives higher fees as it increases the amount of assets under management. The Company also completed a deed-in-lieu transaction on a retail asset in its bridge loan portfolio that had a $14.4 million loan balance at the Company's share. The Company did not recognize any gain or loss as the fair value of the underlying real estate approximated the loan balance.
For the three and six months ended June 30, 2025, the Company recorded a $2.6 million and $3.1 million credit loss reserve, and for the three and six months ended June 30, 2024, the Company recorded a $3.0 million and $8.5 million credit loss reserve, respectively, in other income. See Note 2 for more detail on CECL reserves.
v3.25.2
OTHER ASSETS, NET
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
OTHER ASSETS, NET OTHER ASSETS, NET
    Other assets consist of the following: 
(Dollars in millions)June 30, 2025December 31, 2024
Straight line rent receivable$36.1 $40.5 
Goodwill23.9 23.9 
Interest rate caps and swaps7.3 12.9 
Prepaid expenses10.2 14.0 
Hedge assets0.5 4.9 
Deferred taxes, net6.2 7.0 
Right of use asset, net10.1 10.1 
Leasing commissions, net of accumulated amortization of $15.3 and $13.5 at June 30, 2025 and December 31, 2024, respectively
7.9 7.9 
Furniture and equipment net of accumulated depreciation of $21.7 and $21.7 at June 30, 2025 and December 31, 2024, respectively
3.9 5.3 
Above-market leases, net of accumulated amortization of $40.4 and $38.5 at June 30, 2025 and December 31, 2024, respectively
1.1 1.4 
Other15.2 13.1 
Other assets, net$122.4 $141.0 

Right of use asset, net

    The Company, as a lessee, has five office leases and two ground leases, which qualify as operating leases, with remaining lease terms of 1 to 234 years. The payments associated with office space leases have been discounted using the Company's incremental borrowing rate which is based on collateralized interest rates in the market and risk profile of the associated lease. For ground leases the rate implicit in the lease was used to determine the right of use asset.

    The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:
(Dollars in millions)Minimum
Rental Payments
2025 (remainder)$0.6 
20261.5 
20271.4 
20281.4 
20291.4 
Thereafter31.8 
Total undiscounted rental payments38.1 
Less imputed interest(28.0)
Right of use asset, net$10.1 
v3.25.2
MORTGAGE DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
MORTGAGE DEBT MORTGAGE DEBT
    The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of June 30, 2025 and December 31, 2024:
(Dollars in millions)
Carrying amount of
mortgage debt as of (1)
Mortgage Debt by Product TypeRegionJune 30, 2025December 31, 2024
Multifamily(1)
Western U.S.$1,493.2 $1,664.9 
Commercial(1)
United Kingdom477.1 434.3 
Commercial(1)
Ireland209.2 209.4 
Commercial Western U.S.217.6 303.1 
Mortgage debt (excluding loan fees)(1)
2,397.1 2,611.7 
Unamortized loan fees(11.9)(14.5)
Total Mortgage Debt$2,385.2 $2,597.2 
(1) The mortgage debt balances include unamortized debt discount. Debt discount represents the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized as an increase of interest expense for discounts and a reduction of interest expense for premiums over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized loan discount as of June 30, 2025 and December 31, 2024 was $1.3 million and $1.4 million, respectively.
    The Company's consolidated mortgage debt had a weighted average interest rate of 4.94% per annum as of June 30, 2025 and 4.84% as of December 31, 2024. Including the impact of the interest rate hedging strategy deployed by the Company through the use of interest rate caps and swaps, the weighted average effective interest rate is 4.6% as of June 30, 2025 and December 31, 2024. Additionally, the Company has recorded fair value movements and interest expense savings as the value of the interest rate caps and swaps have increased with rising interest rates. See Interest Rate Caps and Swaps in Note 5 for more detail. As of June 30, 2025, 67% of Kennedy Wilson's property level debt was fixed rate, 32% was floating rate with interest caps and swaps and 1% was floating rate without interest caps and swaps, compared to 70% of Kennedy Wilson's consolidated property level debt was fixed rate, 27% was floating rate with interest caps and swaps and 2% was floating rate without interest caps and swaps, as of December 31, 2024. The weighted average strike price on caps and maturity of Kennedy Wilson's variable rate mortgage debt is 3.16% and approximately 0.8 years, respectively, as of June 30, 2025.
Mortgage Loan Maturities
    The aggregate maturities of mortgage loans as of June 30, 2025 including amortization and the effects of any extension options. In certain cases, extension options will only be granted after meeting certain lender loan covenants.
(Dollars in millions)Aggregate Maturities
2025 (remainder)(1)
$93.1 
2026418.3 
2027355.6 
2028345.4 
2029204.3 
Thereafter981.7 
2,398.4 
Unamortized debt discount(1.3)
Unamortized loan fees(11.9)
Total Mortgage Debt$2,385.2 
(1) The Company is actively negotiating loan extensions and refinances with lenders on these loans.
    As of June 30, 2025, the Company was in compliance with all financial mortgage debt covenants. On August 6, 2025, a $60.0 million property-level, non-recourse loan, secured by a wholly-owned office building in Northern California, matured. The Company is in discussions with lender regarding a loan modification and/or extension.
v3.25.2
KW UNSECURED DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
KW UNSECURED DEBT KW UNSECURED DEBT
    The following table details KW unsecured debt as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
Credit facility$102.4 $98.3 
Senior notes(1):
2029 Notes601.2 601.3 
2030 Notes600.0 600.0 
2031 Notes601.3 601.4 
KW unsecured debt1,904.9 1,901.0 
Unamortized loan fees(20.5)(23.1)
Total KW Unsecured Debt$1,884.4 $1,877.9 
(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt issued and is amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of June 30, 2025 and December 31, 2024 was $2.5 million and $2.7 million, respectively.

Borrowings Under Credit Facilities

    On September 12, 2024, the Kennedy-Wilson, Inc., a wholly-owned subsidiary of the Company (the "Borrower"), the Company and certain of the Company's subsidiaries entered into that certain Third Amended and Restated Credit Agreement (the "Credit Agreement", and the $550 million revolving line of credit thereunder, the "Third A&R Facility") with Bank of America, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto. Loans under the Third A&R Facility bear interest at a rate equal to Daily SOFR or Term SOFR plus an applicable rate between 1.75% and 2.75%, depending on the consolidated leverage ratio as of the applicable measurement date. The Third A&R Facility has a maturity date of September 12, 2027 and has two six-month extension options.
    The Third A&R Facility has certain covenants as set forth in the Credit Agreement that, among other things, limit the Company and certain of its subsidiaries’ ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. The Credit Agreement requires the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter; (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.60 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended; (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,844,222,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of September 12, 2024, measured as of the last day of each fiscal quarter; (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter; (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $313,054,000, measured as of the last day of each fiscal quarter; (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million. As of June 30, 2025, the Company was in compliance with these covenants.
    As of June 30, 2025, the Third A&R Facility had $102.4 million outstanding with $447.6 million available to be drawn.
    The average outstanding borrowings under the Third A&R Facility was $144.4 million during the six months ended June 30, 2025.
Senior Notes
On February 11, 2021, Kennedy-Wilson, Inc. ("KWI"), as issuer, issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “2029 notes”) and $500.0 million aggregate principal amount of 5.000% senior notes due 2031 (the “2031 notes” and, together with the 2029 notes, the “initial notes”). On March 15, 2021, KWI issued an additional $100 million aggregate principal of the 2029 notes and an additional $100 million of the 2031 notes. These additional notes were issued as "additional notes" under the indentures pursuant to which KWI previously issued 2029 notes and the 2031 notes. On August 23, 2021, KWI issued $600.0 million aggregate principal amount of 4.750% senior notes due 2030 (the "2030 notes"). The notes are senior, unsecured obligations of KWI and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of KWI.

The notes accrue interest at a rate of 4.750% (in the case of the 2029 notes), 4.750% (in the case of the 2030 notes) and 5.000% (in the case of the 2031 notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 notes and 2031 notes and March 1, 2022 for the 2030 notes. The notes will mature on March 1, 2029 (in the case of the 2029 notes), February 1, 2030 (in the case of 2030 notes) and March 1, 2031 (in the case of the 2031 notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), KWI may redeem the notes of the applicable series, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), KWI may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 notes and 2031 notes) and September 1, 2024 (for 2030 notes), KWI may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require KWI to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
The indentures governing the 2031 notes, 2030 notes, and 2029 notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indenture governing the 2031 notes, 2030 notes, and 2029 notes limit the ability of KWI and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of June 30, 2025, the maximum balance sheet leverage ratio was 1.24 to 1.00. See Note 15 for the guarantor and non-guarantor financial statements.
    As of June 30, 2025, the Company was in compliance with all financial covenants.
KWE UNSECURED BONDS
    The following table details KWE unsecured bonds as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
KWE Euro Medium Term Note Programme(1)
$352.8 $310.0 
Unamortized loan fees(0.1)(0.2)
Total KWE Unsecured Bonds$352.7 $309.8 
(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized discount as of June 30, 2025 and December 31, 2024 was $0.2 million and $0.5 million, respectively.
    As of June 30, 2025, KWE has senior unsecured notes for an aggregate principal amount of approximately $353.0 million (based on June 30, 2025 rates) (€300 million) (the "KWE Notes"). The KWE Notes were issued at a discount and have a carrying value of $352.8 million, with an annual fixed coupon of 3.25% and mature in November 2025.  As KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets, KWE designated the KWE Notes as net
investment hedges under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the six months ended June 30, 2025, Kennedy Wilson recorded a loss of $13.5 million in other comprehensive income due to the strengthening of the euro against the GBP during the period. The Company intends to repay the KWE Notes through a combination of cash on hand, proceeds from asset sales and its unsecured credit facility.
    The trust deed that governs the bonds contains various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges. The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed). The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).
As of June 30, 2025, KWE was in compliance with these covenants.
v3.25.2
KWE UNSECURED BONDS
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
KWE UNSECURED BONDS KW UNSECURED DEBT
    The following table details KW unsecured debt as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
Credit facility$102.4 $98.3 
Senior notes(1):
2029 Notes601.2 601.3 
2030 Notes600.0 600.0 
2031 Notes601.3 601.4 
KW unsecured debt1,904.9 1,901.0 
Unamortized loan fees(20.5)(23.1)
Total KW Unsecured Debt$1,884.4 $1,877.9 
(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt issued and is amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of June 30, 2025 and December 31, 2024 was $2.5 million and $2.7 million, respectively.

Borrowings Under Credit Facilities

    On September 12, 2024, the Kennedy-Wilson, Inc., a wholly-owned subsidiary of the Company (the "Borrower"), the Company and certain of the Company's subsidiaries entered into that certain Third Amended and Restated Credit Agreement (the "Credit Agreement", and the $550 million revolving line of credit thereunder, the "Third A&R Facility") with Bank of America, N.A., as administrative agent, and the lenders and letter of credit issuers party thereto. Loans under the Third A&R Facility bear interest at a rate equal to Daily SOFR or Term SOFR plus an applicable rate between 1.75% and 2.75%, depending on the consolidated leverage ratio as of the applicable measurement date. The Third A&R Facility has a maturity date of September 12, 2027 and has two six-month extension options.
    The Third A&R Facility has certain covenants as set forth in the Credit Agreement that, among other things, limit the Company and certain of its subsidiaries’ ability to incur additional indebtedness, pay dividends or make distributions to stockholders, repurchase capital stock or debt, make investments, sell assets or subsidiary stock, create or permit liens, engage in transactions with affiliates, enter into sale/leaseback transactions, issue subsidiary equity and enter into consolidations or mergers. The Credit Agreement requires the Company to maintain (i) a maximum consolidated leverage ratio (as defined in the Credit Agreement) of not greater than 65%, measured as of the last day of each fiscal quarter; (ii) a minimum fixed charge coverage ratio (as defined in the Credit Agreement) of not less than 1.60 to 1.00, measured as of the last day of each fiscal quarter for the period of four full fiscal quarters then ended; (iii) a minimum consolidated tangible net worth equal to or greater than the sum of $1,844,222,000 plus an amount equal to fifty percent (50%) of net equity proceeds received by the Company after the date of the most recent financial statements that are available as of September 12, 2024, measured as of the last day of each fiscal quarter; (iv) a maximum recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to consolidated tangible net worth as of the measurement date multiplied by 1.5, measured as of the last day of each fiscal quarter; (v) a maximum secured recourse leverage ratio (as defined in the Credit Agreement) of not greater than an amount equal to 3.5% of consolidated total asset value (as defined in the Credit Agreement) and $313,054,000, measured as of the last day of each fiscal quarter; (vi) a maximum adjusted secured leverage ratio (as defined in the Credit Agreement) of not greater than 55%, measured as of the last day of each fiscal quarter, and (vii) liquidity (as defined in the Credit Agreement) of at least $75.0 million. As of June 30, 2025, the Company was in compliance with these covenants.
    As of June 30, 2025, the Third A&R Facility had $102.4 million outstanding with $447.6 million available to be drawn.
    The average outstanding borrowings under the Third A&R Facility was $144.4 million during the six months ended June 30, 2025.
Senior Notes
On February 11, 2021, Kennedy-Wilson, Inc. ("KWI"), as issuer, issued $500.0 million aggregate principal amount of 4.750% senior notes due 2029 (the “2029 notes”) and $500.0 million aggregate principal amount of 5.000% senior notes due 2031 (the “2031 notes” and, together with the 2029 notes, the “initial notes”). On March 15, 2021, KWI issued an additional $100 million aggregate principal of the 2029 notes and an additional $100 million of the 2031 notes. These additional notes were issued as "additional notes" under the indentures pursuant to which KWI previously issued 2029 notes and the 2031 notes. On August 23, 2021, KWI issued $600.0 million aggregate principal amount of 4.750% senior notes due 2030 (the "2030 notes"). The notes are senior, unsecured obligations of KWI and are guaranteed by Kennedy-Wilson Holdings, Inc. and certain subsidiaries of KWI.

The notes accrue interest at a rate of 4.750% (in the case of the 2029 notes), 4.750% (in the case of the 2030 notes) and 5.000% (in the case of the 2031 notes) per annum, payable semi-annually in arrears on March 1 and September 1 of each year, beginning on September 1, 2021 for the 2029 notes and 2031 notes and March 1, 2022 for the 2030 notes. The notes will mature on March 1, 2029 (in the case of the 2029 notes), February 1, 2030 (in the case of 2030 notes) and March 1, 2031 (in the case of the 2031 notes), in each case unless earlier repurchased or redeemed. At any time prior to March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), KWI may redeem the notes of the applicable series, in whole or in part, at a redemption price equal to 100% of their principal amount, plus an applicable “make-whole” premium and accrued and unpaid interest, if any, to the redemption date. At any time and from time to time on or after March 1, 2024 (in the case of the 2029 notes), September 1, 2024 (in the case of the 2030 notes) or March 1, 2026 (in the case of the 2031 notes), KWI may redeem the notes of the applicable series, in whole or in part, at specified redemption prices set forth in the indenture governing the notes of the applicable series, plus accrued and unpaid interest, if any, to the redemption date. In addition, prior to March 1, 2024 (for 2029 notes and 2031 notes) and September 1, 2024 (for 2030 notes), KWI may redeem up to 40% of the notes of either series from the proceeds of certain equity offerings. No sinking fund will be provided for the notes. Upon the occurrence of certain change of control or termination of trading events, holders of the notes may require KWI to repurchase their notes for cash equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.
The indentures governing the 2031 notes, 2030 notes, and 2029 notes contain various restrictive covenants, including, among others, limitations on the Company's ability and the ability of certain of the Company's subsidiaries to incur or guarantee additional indebtedness, make restricted payments, pay dividends or make any other distributions from restricted subsidiaries, redeem or repurchase capital stock, sell assets or subsidiary stocks, engage in transactions with affiliates, create or permit liens, enter into sale/leaseback transactions, and enter into consolidations or mergers. The indenture governing the 2031 notes, 2030 notes, and 2029 notes limit the ability of KWI and its restricted subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the new indebtedness, the maximum balance sheet leverage ratio (as defined in the indenture) is greater than 1.50 to 1.00, subject to certain exceptions. As of June 30, 2025, the maximum balance sheet leverage ratio was 1.24 to 1.00. See Note 15 for the guarantor and non-guarantor financial statements.
    As of June 30, 2025, the Company was in compliance with all financial covenants.
KWE UNSECURED BONDS
    The following table details KWE unsecured bonds as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
KWE Euro Medium Term Note Programme(1)
$352.8 $310.0 
Unamortized loan fees(0.1)(0.2)
Total KWE Unsecured Bonds$352.7 $309.8 
(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized discount as of June 30, 2025 and December 31, 2024 was $0.2 million and $0.5 million, respectively.
    As of June 30, 2025, KWE has senior unsecured notes for an aggregate principal amount of approximately $353.0 million (based on June 30, 2025 rates) (€300 million) (the "KWE Notes"). The KWE Notes were issued at a discount and have a carrying value of $352.8 million, with an annual fixed coupon of 3.25% and mature in November 2025.  As KWE invested proceeds from the KWE Notes to fund equity investments in euro denominated assets, KWE designated the KWE Notes as net
investment hedges under ASC Topic 815. Subsequent fluctuations in foreign currency rates that impact the carrying value of the KWE Notes are recorded to accumulated other comprehensive income. During the six months ended June 30, 2025, Kennedy Wilson recorded a loss of $13.5 million in other comprehensive income due to the strengthening of the euro against the GBP during the period. The Company intends to repay the KWE Notes through a combination of cash on hand, proceeds from asset sales and its unsecured credit facility.
    The trust deed that governs the bonds contains various restrictive covenants for KWE, including, among others, limitations on KWE’s and its material subsidiaries’ ability to provide certain negative pledges. The trust deed limits the ability of KWE and its subsidiaries to incur additional indebtedness if, on the date of such incurrence and after giving effect to the incurrence of the new indebtedness, (1) KWE’s consolidated net indebtedness (as defined in the trust deed) would exceed 60% of KWE’s total assets (as calculated pursuant to the terms of the trust deed); and (2) KWE’s consolidated secured indebtedness (as defined in the trust deed) would exceed 50% of KWE’s total assets (as calculated pursuant to the terms of the trust deed). The trust deed also requires KWE, as of each reporting date, to maintain an interest coverage ratio (as defined in the trust deed) of at least 1.50 to 1.00 and have unencumbered assets of no less than 125% of its unsecured indebtedness (as defined in the trust deed).
As of June 30, 2025, KWE was in compliance with these covenants.
v3.25.2
EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
EQUITY EQUITY
Dividend Distributions    

Kennedy Wilson declared and paid the following cash distributions on its preferred and common stock:

Six Months Ended June 30, 2025Six Months Ended June 30, 2024
(Dollars in millions)DeclaredPaidDeclaredPaid
Preferred Stock$21.8 $21.8 $21.8 $21.8 
Common Stock(1)
33.1 34.9 49.6 67.2 
(1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.
    Share-based Compensation    
    During each of the six months ended June 30, 2025 and 2024, Kennedy Wilson recognized $12.8 million and $11.2 million of compensation expense related to the amortization of grant date fair values of restricted stock grants.
Common Stock Repurchase Program
    On November 4, 2020, the Company's board of directors authorized an expansion of its existing $250.0 million share repurchase plan to $500 million. Repurchases under the program may be made in the open market, in privately negotiated transactions, through the net settlement of the Company’s restricted stock grants or otherwise, with the amount and timing of repurchases dependent on market conditions and subject to the company’s discretion. 
    During the six months ended June 30, 2025, Kennedy Wilson repurchased 393,493 shares on the open market for $2.5 million under the stock repurchase program. During the six months ended June 30, 2024, Kennedy Wilson repurchased and retired 1,551,955 shares on the open market for $$13.3 million under the stock repurchase program.
    Generally, upon vesting, the restricted stock granted to employees is net share-settled such that the Company will withhold shares with value equivalent to the employees’ minimum statutory obligation for the applicable income and other employment taxes and remit the cash to the appropriate taxing authorities. The restricted shares that vested during six months ended June 30, 2025 and 2024 were net-share settled. The total shares withheld during the six months ended June 30, 2025 and 2024 were 712,446 shares and 129,011 shares, respectively. During the six months ended June 30, 2025 and 2024, total payments for the employees’ tax obligations to the taxing authorities for the shares which were net-share settled were $6.7 million and $1.6 million, respectively. These activities are reflected as a financing activity within Kennedy Wilson's consolidated statements of cash flows.
    Accumulated Other Comprehensive (Loss) Income
    The following table summarizes the changes in each component of accumulated other comprehensive (loss) income, net of taxes from December 31, 2024 to June 30, 2025:

(Dollars in millions)Foreign Currency TranslationCurrency Derivative Contracts Interest Rate Swaps
Total Accumulated Other Comprehensive Loss(1)
Balance at December 31, 2024$(156.6)$105.8 $1.6 $(49.2)
Unrealized gains (losses), arising during the period89.0 (58.7)— 30.3 
Amounts reclassified out of AOCI during the period, gross2.3 (0.4)— 1.9 
Amounts reclassified out of AOCI during the period, tax0.9 0.2 — 1.1 
Deferred taxes on unrealized (gains) losses, arising during the period(2.7)9.7 — 7.0 
Noncontrolling interests(1.7)— — (1.7)
Balance at June 30, 2025$(68.8)$56.6 $1.6 $(10.6)
(1) Excludes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.
v3.25.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic (loss) income per share is computed by dividing net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share is computed after adjusting the numerator and denominator of the basic earnings per share computation for the effects of all potentially dilutive common shares. The dilutive effect of non-vested stock issued under share‑based compensation plans is computed using the treasury stock method. The dilutive effect of the cumulative preferred stock is computed using the if‑converted method.
     The following is a summary of the elements used in calculating basic and diluted loss per share for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in millions, except share and per share amounts)2025202420252024
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(6.4)$(59.1)$(47.2)$(32.2)
Weighted average shares outstanding for basic 138,144,013 137,588,910 137,946,790 138,142,769 
Basic loss per basic share$(0.05)$(0.43)$(0.34)$(0.23)
Weighted average shares outstanding for diluted(1)
138,144,013 137,588,910 137,946,790 138,142,769 
Diluted loss per diluted share$(0.05)$(0.43)$(0.34)$(0.23)
(1)For the three months ended June 30, 2025 and 2024, a total of 39,036,361 and 39,989,932 potentially dilutive securities, respectively, have not been included in the diluted weighted average shares as they are anti-dilutive. For the six months ended June 30, 2025 and 2024, a total of 40,207,143 and 40,160,889 potentially dilutive securities, respectively, have not been included in the diluted weighted average shares as they are anti-dilutive.
v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Segment Presentation
    The Company evaluates its reportable segments in accordance with the guidance of ASC Topic 280, Segment Reporting, which aligns with how the business is being run and evaluated by the chief operating decision makers.
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 5-50% 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 ("CODM") who have been identified for the purposes of the reportable segments listed above are the Chief Executive Officer, President, and Chief Financial Officer. 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 utilizes to evaluate the segments is earnings before interest, taxes, depreciation and amortization, which is further adjusted to add back non-cash share based compensation ("Segment Adjusted EBITDA"). The Company has included a reconciliation of Segment Adjusted EBITDA to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders in the tables below.
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 income activity by segment for the three and six months ended June 30, 2025 and 2024 and balance sheet data as of June 30, 2025 and December 31, 2024:
Three Months Ended June 30, 2025
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$93.3 $— $93.3 
Investment management fees— 36.4 36.4 
Loans— 5.7 5.7 
Total segment revenue93.3 42.1 135.4 
Income from unconsolidated investments
Principal co-investments— 1.8 1.8 
Carried interests— (2.0)(2.0)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
34.2 34.2 
Income from unconsolidated investments— 34.0 34.0 
Gain on sale of real estate, net55.1 — 55.1 
Segment Expenses
Rental35.4 — 35.4 
Compensation and related8.7 12.6 21.3 
Carried interests compensation — (0.6)(0.6)
General and administrative3.6 3.7 7.3 
Other loss 1.5 2.2 3.7 
Other segment items(1)
2.8 (0.1)2.7 
Total segment expenses52.0 17.8 69.8 
Segment Adjusted EBITDA96.4 58.3 154.7 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue0.3 
Compensation and related, corporate(11.0)
General and administrative, corporate(1.5)
Depreciation and amortization(34.5)
Interest expense(62.5)
Loss on early extinguishment of debt(2.1)
Other income, corporate(1.9)
Provision for income taxes(4.4)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(34.2)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA2.7 
Net income5.6 
Net income attributable to noncontrolling interests(1.1)
Preferred dividends(10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(6.4)
(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
Six Months Ended June 30, 2025
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$190.6 $— $190.6 
Investment management fees— 61.4 61.4 
Loans— 11.5 11.5 
Total segment revenue190.6 72.9 263.5 
Income from unconsolidated investments
Principal co-investments— 21.4 21.4 
Carried interests— (10.2)(10.2)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
— 67.2 67.2 
Income from unconsolidated investments— 78.4 78.4 
Gain on sale of real estate, net54.3 — 54.3 
Segment Expenses
Rental73.5 — 73.5 
Compensation and related14.5 24.2 38.7 
Carried interests compensation — (3.3)(3.3)
General and administrative6.9 8.9 15.8 
Other loss1.9 2.8 4.7 
Other segment items(1)
5.0 (0.2)4.8 
Total segment expenses101.8 32.4 134.2 
Segment Adjusted EBITDA143.1 118.9 262.0 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue0.5 
Compensation and related, corporate(20.5)
General and administrative, corporate(3.4)
Depreciation and amortization(68.6)
Interest expense(123.9)
Loss on early extinguishment of debt(2.1)
Other loss, corporate(6.1)
Benefit from income taxes0.5 
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(67.2)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA4.8 
Net loss(24.0)
Net income attributable to noncontrolling interests(1.4)
Preferred dividends(21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(47.2)
(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
Three Months Ended June 30, 2024
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$97.8 $— $97.8 
Investment management fees— 26.1 26.1 
Loans— 8.0 8.0 
Total segment revenue97.8 34.1 131.9 
Income from unconsolidated investments
Principal co-investments— (5.8)(5.8)
Carried interests— (12.3)(12.3)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
— 34.3 34.3 
Income from unconsolidated investments— 16.2 16.2 
Gain on sale of real estate, net0.2 — 0.2 
Segment Expenses
Rental37.0 — 37.0 
Compensation and related7.8 14.0 21.8 
Carried interests compensation — (4.5)(4.5)
General and administrative3.3 4.5 7.8 
Other (income) loss (0.5)3.2 2.7 
Other segment items(1)
2.0 (0.4)1.6 
Total segment expenses49.6 16.8 66.4 
Segment Adjusted EBITDA48.4 33.5 81.9 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Other revenue0.1 
Compensation and related, corporate(10.0)
General and administrative, corporate(1.7)
Depreciation and amortization(36.4)
Interest expense(63.8)
Loss on early extinguishment of debt(0.5)
Other income, corporate3.0 
Benefit from income taxes11.8 
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(34.3)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA1.6 
Net (loss) income(48.3)
Net loss attributable to noncontrolling interests0.1 
Preferred dividends(10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(59.1)
(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
Six Months Ended June 30, 2024
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$195.2 $— $195.2 
Hotel9.3 — 9.3 
Investment management fees— 47.4 47.4 
Loans— 16.1 16.1 
Total segment revenue204.5 63.5 268.0 
Income from unconsolidated investments
Principal co-investments— 3.9 3.9 
Carried interests— (28.7)(28.7)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
— 66.5 66.5 
Income from unconsolidated investments— 41.7 41.7 
Gain on sale of real estate, net106.6 — 106.6 
Segment Expenses
Rental74.2 — 74.2 
Hotel7.6 — 7.6 
Compensation and related17.5 22.1 39.6 
Carried interests compensation — (10.0)(10.0)
General and administrative7.1 7.4 14.5 
Other (income) loss (3.0)8.5 5.5 
Other segment items(1)
3.9 (0.4)3.5 
Total segment expenses107.3 27.6 134.9 
Segment Adjusted EBITDA203.8 77.6 281.4 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue0.4 
Compensation and related, corporate(19.8)
General and administrative, corporate(3.3)
Depreciation and amortization(75.3)
Interest expense(128.5)
Loss on early extinguishment of debt(0.2)
Other income, corporate12.6 
Provision for income taxes(14.9)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(66.5)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA3.5 
Net loss(10.6)
Net loss attributable to noncontrolling interests0.2 
Preferred dividends(21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(32.2)
(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
(Dollars in millions)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Segment revenue$135.4 $131.9 $263.5 $268.0 
Other revenue0.3 0.1 0.5 0.4 
Total consolidated revenue$135.7 $132.0 $264.0 $268.4 

(Dollars in millions)
June 30, 2025
December 31, 2024
Total assets
Consolidated$4,411.1 $4,591.6 
Co-investment2,244.6 2,273.5 
Non-segment141.2 96.0 
Total assets$6,796.9 $6,961.1 
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
    The Company derives a significant portion of its income from the rental and sale of real property. As a result, a substantial portion of its foreign earnings is subject to U.S. taxation under certain provisions of the Internal Revenue Code of 1986, as amended ("IRC"), applicable to controlled foreign corporations (known as the "Subpart F rules"). In determining the quarterly provisions for income taxes, the Company calculates income tax expense based on actual year-to-date income and statutory tax rates. The year-to-date income tax expense reflects the impact of foreign operations and income allocated to noncontrolling interests which is generally not subject to corporate tax.
    During the six months ended June 30, 2025, the Company generated pre-tax book loss of $24.5 million related to its global operations and recorded a tax benefit of $0.5 million. The tax benefit for the period is below the U.S. statutory tax rate. Significant items impacting the quarterly tax provision include: tax charges associated with non-deductible executive compensation under IRC Section 162(m) and increase in valuation allowance against the Company’s deferred tax asset on the outside basis difference of its investment in KWE.
    On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S. which contains a broad range of tax reform provisions affecting businesses. The Company is evaluating the full effect of the legislation on its effective tax rate and financial statements.
v3.25.2
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS
 6 Months Ended
Jun. 30, 2025
Guarantor and Nonguarantor Financial Statements [Abstract]  
GUARANTOR AND NON-GARANTOR FINANCIAL STATEMENTS GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS
    The following consolidating financial information and condensed consolidating financial information include:
    (1) Condensed consolidating balance sheets as of June 30, 2025 and December 31, 2024; consolidating statements of operations for the three and six months ended June 30, 2025 and 2024, of (a) Kennedy-Wilson Holdings, Inc., as the parent, (b) Kennedy-Wilson, Inc., as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) Kennedy-Wilson Holdings, Inc. on a consolidated basis; and
    (2) Elimination of entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent, with Kennedy-Wilson, Inc. and its guarantor and non-guarantor subsidiaries.
    Kennedy Wilson owns 100% of all of the guarantor subsidiaries, and, as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the three and six months ended June 30, 2025 or 2024.
ParentKennedy-Wilson, Inc.
Guarantor Subsidiaries
Non-guarantor SubsidiariesEliminationConsolidated Total
Assets
Cash and cash equivalents$— $86.6 $133.7 $88.8 $— $309.1 
Accounts receivable — 0.7 27.1 14.2 — 42.0 
Real estate and acquired in place lease values, net of accumulated depreciation and amortization— — 1,177.3 2,901.5 — 4,078.8 
Unconsolidated investments— 9.6 588.0 1,437.1 — 2,034.7 
Investments in and advances to consolidated subsidiaries1,588.9 3,661.5 2,393.2 — (7,643.6)— 
Loan purchases and originations, net of allowance for credit losses— 0.4 186.9 22.6 — 209.9 
Other assets, net— 35.8 51.9 34.7 — 122.4 
Total assets$1,588.9 $3,794.6 $4,558.1 $4,498.9 $(7,643.6)$6,796.9 
Liabilities and equity
Liabilities
Accounts payable$— $0.4 $2.9 $5.6 $— $8.9 
Accrued expenses and other liabilities25.9 320.9 101.7 120.9 — 569.4 
Mortgage debt— — 792.0 1,593.2 — 2,385.2 
KW unsecured debt— 1,884.4 — — — 1,884.4 
KWE unsecured bonds— — — 352.7 — 352.7 
Total liabilities25.9 2,205.7 896.6 2,072.4 — 5,200.6 
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity1,563.0 1,588.9 3,661.5 2,393.2 (7,643.6)1,563.0 
Noncontrolling interests— — — 33.3 — 33.3 
Total equity1,563.0 1,588.9 3,661.5 2,426.5 (7,643.6)1,596.3 
Total liabilities and equity$1,588.9 $3,794.6 $4,558.1 $4,498.9 $(7,643.6)$6,796.9 
ParentKennedy-Wilson, Inc.
Guarantor Subsidiaries
Non-guarantor SubsidiariesEliminationConsolidated Total
Assets
Cash and cash equivalents$— $36.7 $103.4 $77.4 $— $217.5 
Accounts receivable— — 22.2 16.5 — 38.7 
Real estate and acquired in place lease values, net of accumulated depreciation and amortization— — 1,394.7 2,895.7 — 4,290.4 
Unconsolidated investments— 14.2 679.6 1,348.6 — 2,042.4 
Investments in and advances to consolidated subsidiaries1,628.8 3,726.8 2,339.9 — (7,695.5)— 
Loan purchases and originations, net of allowance for credit losses— 0.4 201.7 29.0 — 231.1 
Other assets, net— 44.8 50.9 45.3 — 141.0 
Total assets$1,628.8 $3,822.9 $4,792.4 $4,412.5 $(7,695.5)$6,961.1 
Liabilities
Accounts payable$— $1.0 $2.5 $7.3 $— 10.8 
Accrued expense and other liabilities27.6 315.2 96.6 90.0 — 529.4 
Mortgage debt— — 966.5 1,630.7 — 2,597.2 
KW unsecured debt— 1,877.9 — — — 1,877.9 
KWE unsecured bonds— — 309.8 — 309.8 
Total liabilities27.6 2,194.1 1,065.6 2,037.8 — 5,325.1 
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity1,601.2 1,628.8 3,726.8 2,339.9 (7,695.5)1,601.2 
Noncontrolling interests— — — 34.8 — 34.8 
Total equity1,601.2 1,628.8 3,726.8 2,374.7 (7,695.5)1,636.0 
Total liabilities and equity$1,628.8 $3,822.9 $4,792.4 $4,412.5 $(7,695.5)$6,961.1 
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2025
(Dollars in millions)
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $75.9 $59.8 $— $135.7 
Income (loss) from unconsolidated investments— 0.3 (11.9)11.4 — (0.2)
Gain on sale of real estate, net— — 35.7 19.4 — 55.1 
Total expenses6.5 16.9 42.8 44.2 — 110.4 
Income from consolidated subsidiaries12.2 59.1 18.1 — (89.4)— 
Interest expense— (26.1)(11.4)(25.0)— (62.5)
Loss on early extinguishment of debt— — (1.9)(0.2)— (2.1)
Other loss— (1.8)(2.2)(1.6)— (5.6)
Income before provision for income taxes  5.7 14.6 59.5 19.6 (89.4)10.0 
Provision for income taxes— (2.5)(0.4)(1.5)— (4.4)
Net income5.7 12.1 59.1 18.1 (89.4)5.6 
Net income attributable to the noncontrolling interests— — — (1.1)— (1.1)
Preferred dividends(10.9)— — — — (10.9)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders     $(5.2)$12.1 $59.1 $17.0 $(89.4)$(6.4)
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2025
(Dollars in millions)
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $141.2 $122.8 $— $264.0 
Income (loss) from unconsolidated investments— 1.7 (19.0)28.5 — 11.2 
Gain on sale of real estate, net— — 35.7 18.6 — 54.3 
Total expenses12.8 31.2 82.2 91.0 — 217.2 
(Loss) income from consolidated subsidiaries(11.1)72.0 24.8 — (85.7)— 
Interest expense— (51.7)(22.7)(49.5)— (123.9)
Loss on early extinguishment of debt— — (1.9)(0.2)— (2.1)
Other loss— (6.0)(2.8)(2.0)— (10.8)
(Loss) income before benefit from (provision for) income taxes  (23.9)(15.2)73.1 27.2 (85.7)(24.5)
Benefit from (provision for) income taxes— 4.0 (1.1)(2.4)— 0.5 
Net (loss) income (23.9)(11.2)72.0 24.8 (85.7)(24.0)
Net income attributable to the noncontrolling interests— — — (1.4)— (1.4)
Preferred dividends(21.8)— — — — (21.8)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders     $(45.7)$(11.2)$72.0 $23.4 $(85.7)$(47.2)
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE THREE MONTHS ENDED JUNE 30, 2024
(Dollars in millions)
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $69.4 $62.6 $— $132.0 
Income (loss) from unconsolidated investments— 0.1 (8.5)(9.7)— (18.1)
Gain on sale of real estate, net— — — 0.2 — 0.2 
Total expenses6.0 18.9 39.5 45.8 — 110.2 
(Loss) income from consolidated subsidiaries(42.5)(15.9)(22.4)— 80.8 — 
Interest expense— (24.4)(10.6)(28.8)— (63.8)
Loss on early extinguishment of debt— — — (0.5)— (0.5)
Other income (loss)0.2 2.7 (4.1)1.5 — 0.3 
Loss before benefit from (provision for) income taxes  (48.3)(56.4)(15.7)(20.5)80.8 (60.1)
Benefit from (provision for) income taxes— 13.9 (0.2)(1.9)— 11.8 
Net loss(48.3)(42.5)(15.9)(22.4)80.8 (48.3)
Net loss attributable to the noncontrolling interests— — — 0.1 — 0.1 
Preferred dividends(10.9)— — — — (10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders   $(59.2)$(42.5)$(15.9)$(22.3)$80.8 $(59.1)
CONSOLIDATING STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2024
(Dollars in millions)
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $132.3 $136.1 $— $268.4 
Income (loss) from unconsolidated investments— 0.4 (18.5)(6.7)— (24.8)
Gain on sale of real estate, net— 0.8 21.6 84.2 — 106.6 
Total expenses11.2 33.7 76.6 102.8 — 224.3 
Income from consolidated subsidiaries0.3 70.2 43.0 — (113.5)— 
Interest expense— (49.2)(21.3)(58.0)— (128.5)
Gain (loss) on early extinguishment of debt— — 0.3 (0.5)— (0.2)
Other income (loss)0.3 12.3 (10.2)4.7 — 7.1 
(Loss) income before provision for income taxes  (10.6)0.8 70.6 57.0 (113.5)4.3 
Provision for income taxes— (0.5)(0.4)(14.0)— (14.9)
Net (loss) income(10.6)0.3 70.2 43.0 (113.5)(10.6)
Net loss attributable to the noncontrolling interests— — — 0.2 — 0.2 
Preferred dividends(21.8)— — — — (21.8)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders   $(32.4)$0.3 $70.2 $43.2 $(113.5)$(32.2)
v3.25.2
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
The Company announced a full redemption of its €300 million outstanding euro-denominated 3.25% notes due November 2025 issued by Kennedy Wilson Europe Real Estate Limited, a wholly-owned subsidiary of Kennedy Wilson. The redemption will be completed on October 3, 2025 and funded using cash proceeds from its previously announced asset sale program, existing liquidity, and/or borrowings under its revolving credit facility. On that date, the Company will pay the full redemption amount comprising the outstanding principal together with all accrued and unpaid interest.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION — Revenue consists of rental and hotel income, management fees, leasing and commission fees, loan interest income and sales of real estate. ASC Topic 606, Revenue from Contracts with Customers, is a five step model to recognize revenue from customer contracts. The model identifies the contract, any separate performance obligations in the contract, determines the transaction price, allocates the transaction price and recognizes revenue when the performance obligations are satisfied. Management has concluded that, with the exception of carried interests and loan interest income, the nature of the Company's revenue streams is such that the requirements are generally satisfied at the time that the fee becomes receivable.
    Rental income from operating leases is generally recognized on a straight-line basis over the terms of the leases in accordance with ASC Topic 842, Leases.
Hotel income is earned when rooms are occupied or goods and services have been delivered or rendered. The Company sold its only consolidated hotel in the first quarter of 2024 and had no subsequent activity for consolidated hotel income.
    Investment management fees are earned from limited partners of funds, co-investments, or separate accounts and are generally based on a fixed percentage of committed capital or net asset value. The Company provides investment management services on investments it also has an ownership interest in. Fees earned on consolidated properties are eliminated in consolidation and fees on unconsolidated investments are eliminated for the portion that relate to the Company's ownership interest.
    Investment management fees include acquisition, arrangement and disposition fees. Acquisition, arrangement and disposition fees are earned for identifying and closing investments on behalf of investors and are based on a fixed percentage of the acquisition or disposition price, as applicable. Acquisition and disposition fees are recognized upon the successful completion of an acquisition or disposition after all required services have been performed.
Loan income from investments in performing loans which Kennedy Wilson originates or acquires are recognized at the stated interest rate plus any amortization of premiums/discounts or fees earned on the loans. Loan income from investments in loans acquired at a discount are recognized using the effective interest method. When a loan or loans are acquired with deteriorated credit quality primarily for the rewards of collateral ownership, such loans are accounted for as loans until Kennedy Wilson is in possession of the collateral. However, accrual of income is not recorded during the conversion period under ASC Subtopic 310-30-25, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality. Income is recognized to the extent that cash is received from the loan. The Company has evaluated its loan portfolio under ASC Subtopic 326, Financial Instruments - Credit Losses. for current expected credit losses ("CECL") reserves. CECL reserves reflect the Company's current estimate of potential credit losses related to loans included in the Company's consolidated balance sheets. Changes to the CECL reserve are recognized through the Company's consolidated statements of operations. While ASC Subtopic 326 does not require any particular method for determining the CECL reserve, it does specify the reserve should be based on relevant information about past events, including historical loss experience, current portfolio and market conditions.
Sales of real estate are recognized when title to the real property passes to the buyer and there is no continuing involvement in the real property. Under ASC Subtopic 610-20, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets, the Company recognizes the entire gain attributed to contributions of real estate properties to unconsolidated entities.
REAL ESTATE ACQUISITIONS REAL ESTATE ACQUISITIONS—The purchase price of acquired properties is recorded to land, buildings and building improvements and intangible lease value (value of above-market and below-market leases, acquired in-place lease values, and tenant relationships, if any). The ownership of the other interest holders in consolidated subsidiaries is reflected as noncontrolling interests ("NCI"). Real estate is recorded based on cumulative costs incurred and allocated based on relative fair value. Acquisition fees and expenses associated with the acquisition of properties determined to be business combinations are expensed as incurred. Acquisition fees and expenses associated with transactions determined to be asset acquisitions are capitalized as part of the real estate acquired.
    The valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate is valued, in part, based on third party valuations and management estimates also using an income approach.
The Company is involved in all stages of real estate ownership, including development. Once a project is in development, consistent with ASC Topic, 360 Property Plant, and Equipment, costs including interest and real estate taxes and associated costs directly related to the project under development, are capitalized. During the predevelopment period of a probable project and the period in which a project is under construction, the Company capitalizes all direct and indirect costs associated with planning, developing, and constructing the project. Once a project is constructed and deemed substantially complete and ready for occupancy, carrying costs, such as real estate taxes, interest and associated costs, are expensed as incurred.
UNCONSOLIDATED INVESTMENTS
UNCONSOLIDATED INVESTMENTS—The Company has a number of joint venture interests that were formed to acquire, manage, and/or sell real estate. Investments in unconsolidated investments are accounted for under the equity method of accounting as the Company can exercise significant influence, but does not have the ability to control the unconsolidated investment. An investment in an unconsolidated investment is recorded at its initial investment and is increased or decreased by the Company’s share of income or loss, plus additional contributions and less distributions. A decline in the value of an unconsolidated investment that is other than temporary is recognized when evidence indicates that such a decline has occurred in accordance with ASC Topic 323, Investments - Equity Method and Joint Ventures.

The Company records its investments in certain commingled funds it manages and sponsors (the “Funds”) based upon the net assets that would be allocated to its interests in the Funds assuming the Funds were to liquidate their investments at fair value as of the reporting date. Thus, the Funds reflect the Company's investments at fair value, with unrealized gains and losses resulting from changes in fair value reflected in their earnings. The Funds are investment companies under the ASC Topic 946, Financial Services - Investment Companies.

In addition, the Company elected the fair value option for 72 investments in unconsolidated co-investment entities. These 72 co-investments are structured as limited liability companies and limited partnerships with one partner and function under a collaborative decision-making structure and the Company owns a weighted average ownership of approximately 38% of the equity investment in such co-investment investments. The Company elected to record these 72 co-investments at fair value in order to report the change in value in the underlying investments in the results of its current operations in a fashion consistent with its investments in certain commingled funds, as described above.

The Company has adopted an ownership model for carried interests representing allocations to the Company from equity method investments, based on cumulative performance to-date. Consequently, in accordance with the guidance set forth in ASC Topic 606 and ASC Topic 323, these allocations are included as a component of the total income from unconsolidated investments in the accompanying consolidated statements of income as “carried interests”. Carried interests are allocated to the Company under the Funds and such co-investment investments based on the cumulative performance of the venture and are subject to preferred return thresholds of the partners. In the case of the Funds, these carried interests represent an allocation relating to the performance of investment management services, whereas for the unconsolidated investments that the fair value election was selected they represent returns for the performance of the underlying investments in the co-investment investments structures subject to collaborative decision-making.
At the end of each reporting period, the Company calculates the carried interest that would be due as if the fair value of the underlying investments were realized as of such date, irrespective of whether such amounts have been realized. As the fair value of underlying investments varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interests to reflect either (a) positive performance resulting in an increase in the carried interest to the general partner or asset manager or (b) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as income from unconsolidated investments, resulting in a negative adjustment to carried interests to the general partner or asset manager.Carried interests compensation is recorded in the same period that the related carried interests are recorded and can be reversed during periods when there is a reversal of carried interests that were previously recorded.
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS — Kennedy Wilson accounts for fair value measurements of financial assets and financial liabilities and for fair value measurements of non-financial items that are recorded or disclosed at fair value in the financial statements on a recurring basis under the provisions of ASC Topic 820, Fair Value Measurement. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When estimating fair value in the absence of an orderly transaction between market participants, valuations of real estate are based on management estimates of the real estate assets using income and market approaches. The indebtedness securing the real estate and the investments in debt securities are valued, in part, based on third party valuations and management estimates also using an income approach. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS — The estimated fair value of financial instruments is determined using available market information and appropriate valuation methodologies. Considerable judgment is necessary, however, to interpret market data and develop the related estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material impact on the estimated fair value amounts.
FOREIGN CURRENCIES FOREIGN CURRENCIES — The financial statements of Kennedy Wilson's subsidiaries located outside the United States are measured using the local currency as this is their functional currency. The assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date, and income and expenses are translated at the average monthly rate. The foreign currencies include the euro and the British pound sterling. Cumulative translation adjustments, to the extent not included in cumulative net income, are included in the consolidated statement of equity as a component of accumulated other comprehensive income.
    Investment level debt is generally incurred in local currencies. Fluctuations in foreign exchange rates may have a significant impact on the results of the Company's operations. In order to manage currency fluctuations, Kennedy Wilson entered into currency derivative contracts to manage its exposure to currency fluctuations between its functional currency (U.S. dollar) and the functional currency (euro and the British pound) of certain of its wholly-owned and consolidated subsidiaries. KWE has also entered into currency derivative contracts to manage its exposure to euro to British pound currency fluctuations. See Note 5 for a more detailed discussion of Kennedy Wilson's currency derivative contracts.
LONG-LIVED ASSETS LONG-LIVED ASSETS — Kennedy Wilson reviews its long-lived assets (excluding goodwill) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with ASC Subtopic 360-10, Property, Plant and Equipment. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. If certain criteria are met, assets to be disposed of are presented separately in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell and are no longer depreciated. The assets and liabilities of the assets to be disposed of are classified as held for sale and would be presented separately in the appropriate asset and liability sections of the balance sheet.
RECENT ACCOUNTING PRONOUNCEMENTS RECENT ACCOUNTING PRONOUNCEMENTS
    For information regarding accounting standards that the Company adopted during the periods presented, see note 2 of the notes to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Company did not adopt any new accounting standards during the six months ended June 30, 2025.
    In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid and will be effective for annual periods beginning after December 15, 2024. The new requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company is evaluating the impact that ASU 2023-09 will have on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This guidance is effective for fiscal years beginning after December 15, 2026, and interim
periods within fiscal years beginning after December 15, 2027 with early adoption permitted. These requirements should be applied on a prospective basis with an option to apply them retrospectively. The Company is evaluating the impact that ASU 2024-03 will have on our consolidated financial statement disclosures.
SEGMENT PRESENTATION
Segment Presentation
    The Company evaluates its reportable segments in accordance with the guidance of ASC Topic 280, Segment Reporting, which aligns with how the business is being run and evaluated by the chief operating decision makers.
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Carried Interest The amount of the Company’s non-cash carried interest accrual adjustments recorded from its Funds and the 72 co-investments for the six months ended June 30, 2025 and 2024 are as follows:
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in millions)
2025
2024
20252024
Funds$(0.2)$(10.7)$(5.5)$(25.6)
Co-investments(1.8)(1.6)(4.7)(3.1)
Total$(2.0)$(12.3)$(10.2)$(28.7)
The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of June 30, 2025:
(Dollars in millions)MultifamilyCommercialHotelFundsResidential and OtherTotal
Western U.S.$838.0 $87.8 $122.3 $70.8 $201.8 $1,320.7 
Ireland342.4 144.2 — 5.1 — 491.7 
United Kingdom14.7 168.9 — 29.9 8.8 222.3 
Total$1,195.1 $400.9 $122.3 $105.8 $210.6 $2,034.7 
    The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2024:
(Dollars in millions)MultifamilyCommercialHotelFundsResidential and OtherTotal
Western U.S.$856.0 $74.1 $249.7 $63.4 $183.3 $1,426.5 
Ireland279.2 125.1 — 4.9 — 409.2 
United Kingdom7.7 154.2 — 28.4 16.4 206.7 
Total$1,142.9 $353.4 $249.7 $96.7 $199.7 $2,042.4 
v3.25.2
REAL ESTATE AND IN-PLACE LEASE VALUE (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Investment in Consolidated Real Estate Properties The following table summarizes Kennedy Wilson's investment in consolidated real estate properties at June 30, 2025 and December 31, 2024:
 June 30,December 31,
(Dollars in millions)20252024
Land$964.2 $979.6 
Buildings3,419.0 3,548.7 
Building improvements408.7 466.9 
In-place lease values250.4 244.3 
5,042.3 5,239.5 
Less accumulated depreciation and amortization(963.5)(949.1)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization$4,078.8 $4,290.4 
Schedule of Minimum Lease Payments The following table summarizes the minimum lease payments due from the Company's customers on leases with lease periods greater than one year at June 30, 2025:
(Dollars in millions)Minimum
Rental Revenues(1)
2025 (remainder)$58.3 
2026106.1 
202795.8 
202882.9 
202966.1 
Thereafter121.7 
Total$530.9 
(1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.
v3.25.2
UNCONSOLIDATED INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Schedule of Joint Ventures by Investment Type and Geographic Location The amount of the Company’s non-cash carried interest accrual adjustments recorded from its Funds and the 72 co-investments for the six months ended June 30, 2025 and 2024 are as follows:
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in millions)
2025
2024
20252024
Funds$(0.2)$(10.7)$(5.5)$(25.6)
Co-investments(1.8)(1.6)(4.7)(3.1)
Total$(2.0)$(12.3)$(10.2)$(28.7)
The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of June 30, 2025:
(Dollars in millions)MultifamilyCommercialHotelFundsResidential and OtherTotal
Western U.S.$838.0 $87.8 $122.3 $70.8 $201.8 $1,320.7 
Ireland342.4 144.2 — 5.1 — 491.7 
United Kingdom14.7 168.9 — 29.9 8.8 222.3 
Total$1,195.1 $400.9 $122.3 $105.8 $210.6 $2,034.7 
    The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2024:
(Dollars in millions)MultifamilyCommercialHotelFundsResidential and OtherTotal
Western U.S.$856.0 $74.1 $249.7 $63.4 $183.3 $1,426.5 
Ireland279.2 125.1 — 4.9 — 409.2 
United Kingdom7.7 154.2 — 28.4 16.4 206.7 
Total$1,142.9 $353.4 $249.7 $96.7 $199.7 $2,042.4 
Schedule of Joint Venture Cash Distributions by Investment Type and Geographic Location The following table details cash distributions by investment type and geographic location for the six months ended June 30, 2025:
MultifamilyCommercialFundsResidential, Hotel and OtherTotal
(Dollars in millions)OperatingInvestingOperatingInvestingOperatingInvestingOperatingInvestingOperatingInvesting
Western U.S.$18.6 $27.6 $4.5 $— $0.3 $1.1 $0.6 $131.2 $24.0 $159.9 
Ireland3.0 0.1 2.6 — — — — — 5.6 0.1 
United Kingdom— — — 1.1 — 0.5 7.3 1.6 7.3 
Total$21.6 $27.7 $7.1 $— $1.4 $1.1 $1.1 $138.5 $31.2 $167.3 
Schedule of (Loss) Income from Unconsolidated Investments The following table presents (loss) income from unconsolidated investments recorded by Kennedy Wilson during the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Income from unconsolidated investments - operating performance$8.9 $6.0 $19.6 $13.8 
(Loss) income from unconsolidated investments - fair value(7.1)(11.8)1.8 (9.9)
Loss from unconsolidated investments - carried interests Funds(0.2)(10.7)(5.5)(25.6)
Loss from unconsolidated investments - carried interests co-investments(1.8)(1.6)(4.7)(3.1)
$(0.2)$(18.1)$11.2 $(24.8)
v3.25.2
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of June 30, 2025:
(Dollars in millions)Level 1Level 2Level 3Total
Unconsolidated investments$— $— $1,829.6 $1,829.6 
Net currency derivative contracts— (58.7)— (58.7)
Total$— $(58.7)$1,829.6 $1,770.9 
    The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2024:
(Dollars in millions)Level 1Level 2Level 3Total
Unconsolidated investments$— $— $1,884.4 $1,884.4 
Net currency derivative contracts— (1.2)— (1.2)
Total$— $(1.2)$1,884.4 $1,883.2 
Schedule of Changes in Level 3 Investments
The following table presents changes in Level 3 investments in Funds and FV Options for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,Six Months Ended June 30,
(Dollars in millions)2025202420252024
Beginning balance$1,911.1 $1,918.9 $1,884.4 $1,927.0 
Unrealized and realized gains16.6 15.4 49.3 56.1 
Unrealized and realized losses(32.3)(40.3)(62.6)(91.3)
Contributions45.9 31.1 64.4 59.0 
Distributions(164.8)(13.5)(183.5)(26.5)
Foreign exchange52.8 2.4 77.6 (9.6)
Other0.3 — — (0.7)
Ending balance$1,829.6 $1,914.0 $1,829.6 $1,914.0 
Schedule of Range of Unobservable Inputs for Real Estate Assets
The table below describes the range of unobservable inputs for real estate assets as of June 30, 2025:
Estimated Rates Used for
Capitalization RatesDiscount Rates
Multifamily - AffordableIncome approach - discounted cash flow
6.25% —7.00%
8.25% — 9.00%
Multifamily - Affordable GP interestIncome approach - discounted cash flowN/A
17.00% — 18.50%
Multifamily - Market RateIncome approach - direct capitalization
4.50% — 6.90%
N/A
OfficeIncome approach - discounted cash flow
5.20% — 8.00%
7.50% — 9.50%
Income approach - direct capitalization
5.30% — 10.70%
N/A
Industrial Income approach - discounted cash flow
5.00% — 6.30%
6.30% — 7.80%
Income approach - direct capitalization
4.00% — 9.00%
N/A
HotelIncome approach - discounted cash flow
6.00%
8.30%
Schedule of Currency Derivative Contracts The table below details the currency derivative contracts Kennedy Wilson held as of June 30, 2025 and the activity during the six months ended June 30, 2025.
(Dollars, Euros and British Pound Sterling in millions)June 30, 2025Six Months Ended June 30, 2025
Currency HedgedUnderlying CurrencyNotionalHedge AssetsHedge LiabilitiesOCI (Losses) Gains Income Statement Losses Interest ExpenseCash Paid
Outstanding
EURUSD€155.0 $— $23.5 $(1.0)$(18.8)$0.7 $— 
EUR(1)
GBP€40.0 0.5 — 1.1 — — — 
EUR(1)(2)
GBP€300.0 — — (13.5)— — — 
EUR(3)
GBP€95.0 — — (8.6)— — — 
GBPUSD£410.0 — 35.7 (35.6)(5.1)0.2 — 
Total Outstanding0.5 59.2 (57.6)(23.9)0.9 — 
Settled
GBPUSD— — (1.1)— — (2.1)
Total Settled— — (1.1)— — (2.1)
Total $0.5 $59.2 $(58.7)
(4)
$(23.9)$0.9 $(2.1)
(1) Hedge is held by KWE on its wholly-owned subsidiaries.
(2) Relates to KWE's Euro Medium Term Note. See discussion in Note 10.
(3) Relates to amount outstanding denominated in euro on the Company's revolving line of credit
(4) Excludes deferred tax benefit of $9.7 million.
v3.25.2
OTHER ASSETS, NET (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets Other assets consist of the following: 
(Dollars in millions)June 30, 2025December 31, 2024
Straight line rent receivable$36.1 $40.5 
Goodwill23.9 23.9 
Interest rate caps and swaps7.3 12.9 
Prepaid expenses10.2 14.0 
Hedge assets0.5 4.9 
Deferred taxes, net6.2 7.0 
Right of use asset, net10.1 10.1 
Leasing commissions, net of accumulated amortization of $15.3 and $13.5 at June 30, 2025 and December 31, 2024, respectively
7.9 7.9 
Furniture and equipment net of accumulated depreciation of $21.7 and $21.7 at June 30, 2025 and December 31, 2024, respectively
3.9 5.3 
Above-market leases, net of accumulated amortization of $40.4 and $38.5 at June 30, 2025 and December 31, 2024, respectively
1.1 1.4 
Other15.2 13.1 
Other assets, net$122.4 $141.0 
Schedule of Future Minimum Rental Payments for Operating Leases The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:
(Dollars in millions)Minimum
Rental Payments
2025 (remainder)$0.6 
20261.5 
20271.4 
20281.4 
20291.4 
Thereafter31.8 
Total undiscounted rental payments38.1 
Less imputed interest(28.0)
Right of use asset, net$10.1 
v3.25.2
MORTGAGE DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Mortgage Debt The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of June 30, 2025 and December 31, 2024:
(Dollars in millions)
Carrying amount of
mortgage debt as of (1)
Mortgage Debt by Product TypeRegionJune 30, 2025December 31, 2024
Multifamily(1)
Western U.S.$1,493.2 $1,664.9 
Commercial(1)
United Kingdom477.1 434.3 
Commercial(1)
Ireland209.2 209.4 
Commercial Western U.S.217.6 303.1 
Mortgage debt (excluding loan fees)(1)
2,397.1 2,611.7 
Unamortized loan fees(11.9)(14.5)
Total Mortgage Debt$2,385.2 $2,597.2 
(1) The mortgage debt balances include unamortized debt discount. Debt discount represents the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized as an increase of interest expense for discounts and a reduction of interest expense for premiums over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized loan discount as of June 30, 2025 and December 31, 2024 was $1.3 million and $1.4 million, respectively.
Schedule of Aggregate Maturities of Mortgage Loans The aggregate maturities of mortgage loans as of June 30, 2025 including amortization and the effects of any extension options. In certain cases, extension options will only be granted after meeting certain lender loan covenants.
(Dollars in millions)Aggregate Maturities
2025 (remainder)(1)
$93.1 
2026418.3 
2027355.6 
2028345.4 
2029204.3 
Thereafter981.7 
2,398.4 
Unamortized debt discount(1.3)
Unamortized loan fees(11.9)
Total Mortgage Debt$2,385.2 
(1) The Company is actively negotiating loan extensions and refinances with lenders on these loans.
v3.25.2
KW UNSECURED DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt KW Unsecured Debt The following table details KW unsecured debt as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
Credit facility$102.4 $98.3 
Senior notes(1):
2029 Notes601.2 601.3 
2030 Notes600.0 600.0 
2031 Notes601.3 601.4 
KW unsecured debt1,904.9 1,901.0 
Unamortized loan fees(20.5)(23.1)
Total KW Unsecured Debt$1,884.4 $1,877.9 
(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt issued and is amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of June 30, 2025 and December 31, 2024 was $2.5 million and $2.7 million, respectively.
The following table details KWE unsecured bonds as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
KWE Euro Medium Term Note Programme(1)
$352.8 $310.0 
Unamortized loan fees(0.1)(0.2)
Total KWE Unsecured Bonds$352.7 $309.8 
(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized discount as of June 30, 2025 and December 31, 2024 was $0.2 million and $0.5 million, respectively.
v3.25.2
KWE UNSECURED BONDS (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of KW Unsecured Bonds The following table details KW unsecured debt as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
Credit facility$102.4 $98.3 
Senior notes(1):
2029 Notes601.2 601.3 
2030 Notes600.0 600.0 
2031 Notes601.3 601.4 
KW unsecured debt1,904.9 1,901.0 
Unamortized loan fees(20.5)(23.1)
Total KW Unsecured Debt$1,884.4 $1,877.9 
(1) The senior notes balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt issued and is amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized debt premium as of June 30, 2025 and December 31, 2024 was $2.5 million and $2.7 million, respectively.
The following table details KWE unsecured bonds as of June 30, 2025 and December 31, 2024:
(Dollars in millions)June 30, 2025December 31, 2024
KWE Euro Medium Term Note Programme(1)
$352.8 $310.0 
Unamortized loan fees(0.1)(0.2)
Total KWE Unsecured Bonds$352.7 $309.8 
(1) The KWE unsecured bonds balances include unamortized debt discounts. Debt discounts represent the difference between the fair value of debt at issuance and the principal value of debt and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The net unamortized discount as of June 30, 2025 and December 31, 2024 was $0.2 million and $0.5 million, respectively.
v3.25.2
EQUITY (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Dividends Declared and Paid
Kennedy Wilson declared and paid the following cash distributions on its preferred and common stock:

Six Months Ended June 30, 2025Six Months Ended June 30, 2024
(Dollars in millions)DeclaredPaidDeclaredPaid
Preferred Stock$21.8 $21.8 $21.8 $21.8 
Common Stock(1)
33.1 34.9 49.6 67.2 
(1) The difference between declared and paid is the amount accrued on the consolidated balance sheets.
Schedule of Accumulated Other Comprehensive (Loss) Income The following table summarizes the changes in each component of accumulated other comprehensive (loss) income, net of taxes from December 31, 2024 to June 30, 2025:
(Dollars in millions)Foreign Currency TranslationCurrency Derivative Contracts Interest Rate Swaps
Total Accumulated Other Comprehensive Loss(1)
Balance at December 31, 2024$(156.6)$105.8 $1.6 $(49.2)
Unrealized gains (losses), arising during the period89.0 (58.7)— 30.3 
Amounts reclassified out of AOCI during the period, gross2.3 (0.4)— 1.9 
Amounts reclassified out of AOCI during the period, tax0.9 0.2 — 1.1 
Deferred taxes on unrealized (gains) losses, arising during the period(2.7)9.7 — 7.0 
Noncontrolling interests(1.7)— — (1.7)
Balance at June 30, 2025$(68.8)$56.6 $1.6 $(10.6)
(1) Excludes $358.4 million of inception to date accumulated other comprehensive losses associated with noncontrolling interest holders of KWE that the Company was required to record as part of the KWE Transaction in October 2017.
v3.25.2
EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The following is a summary of the elements used in calculating basic and diluted loss per share for the three and six months ended June 30, 2025 and 2024:
Three Months Ended June 30,
Six Months Ended June 30,
(Dollars in millions, except share and per share amounts)2025202420252024
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(6.4)$(59.1)$(47.2)$(32.2)
Weighted average shares outstanding for basic 138,144,013 137,588,910 137,946,790 138,142,769 
Basic loss per basic share$(0.05)$(0.43)$(0.34)$(0.23)
Weighted average shares outstanding for diluted(1)
138,144,013 137,588,910 137,946,790 138,142,769 
Diluted loss per diluted share$(0.05)$(0.43)$(0.34)$(0.23)
(1)For the three months ended June 30, 2025 and 2024, a total of 39,036,361 and 39,989,932 potentially dilutive securities, respectively, have not been included in the diluted weighted average shares as they are anti-dilutive. For the six months ended June 30, 2025 and 2024, a total of 40,207,143 and 40,160,889 potentially dilutive securities, respectively, have not been included in the diluted weighted average shares as they are anti-dilutive.
v3.25.2
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following tables summarize income activity by segment for the three and six months ended June 30, 2025 and 2024 and balance sheet data as of June 30, 2025 and December 31, 2024:
Three Months Ended June 30, 2025
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$93.3 $— $93.3 
Investment management fees— 36.4 36.4 
Loans— 5.7 5.7 
Total segment revenue93.3 42.1 135.4 
Income from unconsolidated investments
Principal co-investments— 1.8 1.8 
Carried interests— (2.0)(2.0)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
34.2 34.2 
Income from unconsolidated investments— 34.0 34.0 
Gain on sale of real estate, net55.1 — 55.1 
Segment Expenses
Rental35.4 — 35.4 
Compensation and related8.7 12.6 21.3 
Carried interests compensation — (0.6)(0.6)
General and administrative3.6 3.7 7.3 
Other loss 1.5 2.2 3.7 
Other segment items(1)
2.8 (0.1)2.7 
Total segment expenses52.0 17.8 69.8 
Segment Adjusted EBITDA96.4 58.3 154.7 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue0.3 
Compensation and related, corporate(11.0)
General and administrative, corporate(1.5)
Depreciation and amortization(34.5)
Interest expense(62.5)
Loss on early extinguishment of debt(2.1)
Other income, corporate(1.9)
Provision for income taxes(4.4)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(34.2)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA2.7 
Net income5.6 
Net income attributable to noncontrolling interests(1.1)
Preferred dividends(10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(6.4)
(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
Six Months Ended June 30, 2025
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$190.6 $— $190.6 
Investment management fees— 61.4 61.4 
Loans— 11.5 11.5 
Total segment revenue190.6 72.9 263.5 
Income from unconsolidated investments
Principal co-investments— 21.4 21.4 
Carried interests— (10.2)(10.2)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
— 67.2 67.2 
Income from unconsolidated investments— 78.4 78.4 
Gain on sale of real estate, net54.3 — 54.3 
Segment Expenses
Rental73.5 — 73.5 
Compensation and related14.5 24.2 38.7 
Carried interests compensation — (3.3)(3.3)
General and administrative6.9 8.9 15.8 
Other loss1.9 2.8 4.7 
Other segment items(1)
5.0 (0.2)4.8 
Total segment expenses101.8 32.4 134.2 
Segment Adjusted EBITDA143.1 118.9 262.0 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue0.5 
Compensation and related, corporate(20.5)
General and administrative, corporate(3.4)
Depreciation and amortization(68.6)
Interest expense(123.9)
Loss on early extinguishment of debt(2.1)
Other loss, corporate(6.1)
Benefit from income taxes0.5 
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(67.2)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA4.8 
Net loss(24.0)
Net income attributable to noncontrolling interests(1.4)
Preferred dividends(21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(47.2)
(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
Three Months Ended June 30, 2024
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$97.8 $— $97.8 
Investment management fees— 26.1 26.1 
Loans— 8.0 8.0 
Total segment revenue97.8 34.1 131.9 
Income from unconsolidated investments
Principal co-investments— (5.8)(5.8)
Carried interests— (12.3)(12.3)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
— 34.3 34.3 
Income from unconsolidated investments— 16.2 16.2 
Gain on sale of real estate, net0.2 — 0.2 
Segment Expenses
Rental37.0 — 37.0 
Compensation and related7.8 14.0 21.8 
Carried interests compensation — (4.5)(4.5)
General and administrative3.3 4.5 7.8 
Other (income) loss (0.5)3.2 2.7 
Other segment items(1)
2.0 (0.4)1.6 
Total segment expenses49.6 16.8 66.4 
Segment Adjusted EBITDA48.4 33.5 81.9 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. Common Shareholders
Other revenue0.1 
Compensation and related, corporate(10.0)
General and administrative, corporate(1.7)
Depreciation and amortization(36.4)
Interest expense(63.8)
Loss on early extinguishment of debt(0.5)
Other income, corporate3.0 
Benefit from income taxes11.8 
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(34.3)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA1.6 
Net (loss) income(48.3)
Net loss attributable to noncontrolling interests0.1 
Preferred dividends(10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(59.1)
(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
Six Months Ended June 30, 2024
(Dollars in millions)ConsolidatedCo-InvestmentsTotal
Segment Revenue
Rental$195.2 $— $195.2 
Hotel9.3 — 9.3 
Investment management fees— 47.4 47.4 
Loans— 16.1 16.1 
Total segment revenue204.5 63.5 268.0 
Income from unconsolidated investments
Principal co-investments— 3.9 3.9 
Carried interests— (28.7)(28.7)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
— 66.5 66.5 
Income from unconsolidated investments— 41.7 41.7 
Gain on sale of real estate, net106.6 — 106.6 
Segment Expenses
Rental74.2 — 74.2 
Hotel7.6 — 7.6 
Compensation and related17.5 22.1 39.6 
Carried interests compensation — (10.0)(10.0)
General and administrative7.1 7.4 14.5 
Other (income) loss (3.0)8.5 5.5 
Other segment items(1)
3.9 (0.4)3.5 
Total segment expenses107.3 27.6 134.9 
Segment Adjusted EBITDA203.8 77.6 281.4 
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
Other revenue0.4 
Compensation and related, corporate(19.8)
General and administrative, corporate(3.3)
Depreciation and amortization(75.3)
Interest expense(128.5)
Loss on early extinguishment of debt(0.2)
Other income, corporate12.6 
Provision for income taxes(14.9)
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments(1)
(66.5)
Income from unconsolidated investments excluded from Segment Adjusted EBITDA3.5 
Net loss(10.6)
Net loss attributable to noncontrolling interests0.2 
Preferred dividends(21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders$(32.2)
(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
(Dollars in millions)Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Segment revenue$135.4 $131.9 $263.5 $268.0 
Other revenue0.3 0.1 0.5 0.4 
Total consolidated revenue$135.7 $132.0 $264.0 $268.4 

(Dollars in millions)
June 30, 2025
December 31, 2024
Total assets
Consolidated$4,411.1 $4,591.6 
Co-investment2,244.6 2,273.5 
Non-segment141.2 96.0 
Total assets$6,796.9 $6,961.1 
v3.25.2
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Guarantor and Nonguarantor Financial Statements [Abstract]  
Schedule of Condensed Consolidating Balance Sheet
ParentKennedy-Wilson, Inc.
Guarantor Subsidiaries
Non-guarantor SubsidiariesEliminationConsolidated Total
Assets
Cash and cash equivalents$— $86.6 $133.7 $88.8 $— $309.1 
Accounts receivable — 0.7 27.1 14.2 — 42.0 
Real estate and acquired in place lease values, net of accumulated depreciation and amortization— — 1,177.3 2,901.5 — 4,078.8 
Unconsolidated investments— 9.6 588.0 1,437.1 — 2,034.7 
Investments in and advances to consolidated subsidiaries1,588.9 3,661.5 2,393.2 — (7,643.6)— 
Loan purchases and originations, net of allowance for credit losses— 0.4 186.9 22.6 — 209.9 
Other assets, net— 35.8 51.9 34.7 — 122.4 
Total assets$1,588.9 $3,794.6 $4,558.1 $4,498.9 $(7,643.6)$6,796.9 
Liabilities and equity
Liabilities
Accounts payable$— $0.4 $2.9 $5.6 $— $8.9 
Accrued expenses and other liabilities25.9 320.9 101.7 120.9 — 569.4 
Mortgage debt— — 792.0 1,593.2 — 2,385.2 
KW unsecured debt— 1,884.4 — — — 1,884.4 
KWE unsecured bonds— — — 352.7 — 352.7 
Total liabilities25.9 2,205.7 896.6 2,072.4 — 5,200.6 
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity1,563.0 1,588.9 3,661.5 2,393.2 (7,643.6)1,563.0 
Noncontrolling interests— — — 33.3 — 33.3 
Total equity1,563.0 1,588.9 3,661.5 2,426.5 (7,643.6)1,596.3 
Total liabilities and equity$1,588.9 $3,794.6 $4,558.1 $4,498.9 $(7,643.6)$6,796.9 
ParentKennedy-Wilson, Inc.
Guarantor Subsidiaries
Non-guarantor SubsidiariesEliminationConsolidated Total
Assets
Cash and cash equivalents$— $36.7 $103.4 $77.4 $— $217.5 
Accounts receivable— — 22.2 16.5 — 38.7 
Real estate and acquired in place lease values, net of accumulated depreciation and amortization— — 1,394.7 2,895.7 — 4,290.4 
Unconsolidated investments— 14.2 679.6 1,348.6 — 2,042.4 
Investments in and advances to consolidated subsidiaries1,628.8 3,726.8 2,339.9 — (7,695.5)— 
Loan purchases and originations, net of allowance for credit losses— 0.4 201.7 29.0 — 231.1 
Other assets, net— 44.8 50.9 45.3 — 141.0 
Total assets$1,628.8 $3,822.9 $4,792.4 $4,412.5 $(7,695.5)$6,961.1 
Liabilities
Accounts payable$— $1.0 $2.5 $7.3 $— 10.8 
Accrued expense and other liabilities27.6 315.2 96.6 90.0 — 529.4 
Mortgage debt— — 966.5 1,630.7 — 2,597.2 
KW unsecured debt— 1,877.9 — — — 1,877.9 
KWE unsecured bonds— — 309.8 — 309.8 
Total liabilities27.6 2,194.1 1,065.6 2,037.8 — 5,325.1 
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity1,601.2 1,628.8 3,726.8 2,339.9 (7,695.5)1,601.2 
Noncontrolling interests— — — 34.8 — 34.8 
Total equity1,601.2 1,628.8 3,726.8 2,374.7 (7,695.5)1,636.0 
Total liabilities and equity$1,628.8 $3,822.9 $4,792.4 $4,412.5 $(7,695.5)$6,961.1 
Schedule of Consolidating Statement of Operations
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $75.9 $59.8 $— $135.7 
Income (loss) from unconsolidated investments— 0.3 (11.9)11.4 — (0.2)
Gain on sale of real estate, net— — 35.7 19.4 — 55.1 
Total expenses6.5 16.9 42.8 44.2 — 110.4 
Income from consolidated subsidiaries12.2 59.1 18.1 — (89.4)— 
Interest expense— (26.1)(11.4)(25.0)— (62.5)
Loss on early extinguishment of debt— — (1.9)(0.2)— (2.1)
Other loss— (1.8)(2.2)(1.6)— (5.6)
Income before provision for income taxes  5.7 14.6 59.5 19.6 (89.4)10.0 
Provision for income taxes— (2.5)(0.4)(1.5)— (4.4)
Net income5.7 12.1 59.1 18.1 (89.4)5.6 
Net income attributable to the noncontrolling interests— — — (1.1)— (1.1)
Preferred dividends(10.9)— — — — (10.9)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders     $(5.2)$12.1 $59.1 $17.0 $(89.4)$(6.4)
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $141.2 $122.8 $— $264.0 
Income (loss) from unconsolidated investments— 1.7 (19.0)28.5 — 11.2 
Gain on sale of real estate, net— — 35.7 18.6 — 54.3 
Total expenses12.8 31.2 82.2 91.0 — 217.2 
(Loss) income from consolidated subsidiaries(11.1)72.0 24.8 — (85.7)— 
Interest expense— (51.7)(22.7)(49.5)— (123.9)
Loss on early extinguishment of debt— — (1.9)(0.2)— (2.1)
Other loss— (6.0)(2.8)(2.0)— (10.8)
(Loss) income before benefit from (provision for) income taxes  (23.9)(15.2)73.1 27.2 (85.7)(24.5)
Benefit from (provision for) income taxes— 4.0 (1.1)(2.4)— 0.5 
Net (loss) income (23.9)(11.2)72.0 24.8 (85.7)(24.0)
Net income attributable to the noncontrolling interests— — — (1.4)— (1.4)
Preferred dividends(21.8)— — — — (21.8)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders     $(45.7)$(11.2)$72.0 $23.4 $(85.7)$(47.2)
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $69.4 $62.6 $— $132.0 
Income (loss) from unconsolidated investments— 0.1 (8.5)(9.7)— (18.1)
Gain on sale of real estate, net— — — 0.2 — 0.2 
Total expenses6.0 18.9 39.5 45.8 — 110.2 
(Loss) income from consolidated subsidiaries(42.5)(15.9)(22.4)— 80.8 — 
Interest expense— (24.4)(10.6)(28.8)— (63.8)
Loss on early extinguishment of debt— — — (0.5)— (0.5)
Other income (loss)0.2 2.7 (4.1)1.5 — 0.3 
Loss before benefit from (provision for) income taxes  (48.3)(56.4)(15.7)(20.5)80.8 (60.1)
Benefit from (provision for) income taxes— 13.9 (0.2)(1.9)— 11.8 
Net loss(48.3)(42.5)(15.9)(22.4)80.8 (48.3)
Net loss attributable to the noncontrolling interests— — — 0.1 — 0.1 
Preferred dividends(10.9)— — — — (10.9)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders   $(59.2)$(42.5)$(15.9)$(22.3)$80.8 $(59.1)
ParentKennedy-Wilson, Inc.Guarantor SubsidiariesNon-guarantor SubsidiariesEliminationConsolidated Total
Total revenue$— $— $132.3 $136.1 $— $268.4 
Income (loss) from unconsolidated investments— 0.4 (18.5)(6.7)— (24.8)
Gain on sale of real estate, net— 0.8 21.6 84.2 — 106.6 
Total expenses11.2 33.7 76.6 102.8 — 224.3 
Income from consolidated subsidiaries0.3 70.2 43.0 — (113.5)— 
Interest expense— (49.2)(21.3)(58.0)— (128.5)
Gain (loss) on early extinguishment of debt— — 0.3 (0.5)— (0.2)
Other income (loss)0.3 12.3 (10.2)4.7 — 7.1 
(Loss) income before provision for income taxes  (10.6)0.8 70.6 57.0 (113.5)4.3 
Provision for income taxes— (0.5)(0.4)(14.0)— (14.9)
Net (loss) income(10.6)0.3 70.2 43.0 (113.5)(10.6)
Net loss attributable to the noncontrolling interests— — — 0.2 — 0.2 
Preferred dividends(21.8)— — — — (21.8)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders   $(32.4)$0.3 $70.2 $43.2 $(113.5)$(32.2)
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
USD ($)
investment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Number of investments electing fair value option | investment 72    
Accrued carried interests $ 17,400,000 $ 48,600,000 $ 27,600,000
Carried interest compensation payments 0 $ 0  
Accrued Expenses and Other Liabilities      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Accrued carried interests $ 4,000,000   $ 7,100,000
Co-investments      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Ownership interest percentage 38.00%    
v3.25.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS - Schedule of Carried Interest (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]        
Carried interests $ (2.0) $ (12.3) $ (10.2) $ (28.7)
Funds        
Schedule of Equity Method Investments [Line Items]        
Carried interests (0.2) (10.7) (5.5) (25.6)
Co-investments        
Schedule of Equity Method Investments [Line Items]        
Carried interests $ (1.8) $ (1.6) $ (4.7) $ (3.1)
v3.25.2
REAL ESTATE AND IN-PLACE LEASE VALUE - Schedule of Investment in Consolidated Real Estate Properties (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Real Estate [Abstract]    
Land $ 964.2 $ 979.6
Buildings 3,419.0 3,548.7
Building improvements 408.7 466.9
In-place lease values 250.4 244.3
Real estate, gross 5,042.3 5,239.5
Less accumulated depreciation and amortization (963.5) (949.1)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization $ 4,078.8 $ 4,290.4
v3.25.2
REAL ESTATE AND IN-PLACE LEASE VALUE - Additional Information (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Real Estate [Line Items]      
Payment for acquisition of an industrial development $ 25.7 $ 7.4  
Gain (loss) on sale of properties 54.3 106.6  
Generated cash from recapitalization of property 423.9 330.6  
Fair value of lots 964.2   $ 979.6
Impairment loss   14.2  
Industrial Development      
Real Estate [Line Items]      
Payment for acquisition of an industrial development 25.7    
Multifamily      
Real Estate [Line Items]      
Gain (loss) on sale of properties $ 32.2    
Equity interest sold 90.00%    
Generated cash from recapitalization of property $ 39.5    
Office Assets in Ireland, Italy and UK      
Real Estate [Line Items]      
Gain (loss) on sale of properties 21.7    
Wholly-owned Vacant Parcels in Hawii      
Real Estate [Line Items]      
Gain (loss) on sale of properties $ 3.5    
Number of real estate properties | property 3    
Fair value of lots $ 20.0    
Italian Office Building      
Real Estate [Line Items]      
Gain (loss) on sale of properties $ (3.0)    
Shelbourne Hotel      
Real Estate [Line Items]      
Gain (loss) on sale of properties   99.1  
Building      
Real Estate [Line Items]      
Gain (loss) on sale of properties   $ 21.6  
Leases, Acquired-in-Place      
Real Estate [Line Items]      
Weighted average lease term 7 years 3 months 18 days    
Building and Building Improvements | Maximum      
Real Estate [Line Items]      
Estimated lives of buildings and building improvements 40 years    
v3.25.2
REAL ESTATE AND IN-PLACE LEASE VALUE - Schedule of Minimum Lease Payments (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Real Estate [Abstract]  
2025 (remainder) $ 58.3
2026 106.1
2027 95.8
2028 82.9
2029 66.1
Thereafter 121.7
Total $ 530.9
v3.25.2
UNCONSOLIDATED INVESTMENTS - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
unit
property
fund
Jun. 30, 2024
USD ($)
fund
Jun. 30, 2025
USD ($)
unit
jointVenture
property
fund
Jun. 30, 2024
USD ($)
fund
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]          
Contributions to unconsolidated investments     $ 102.2    
Distributions from unconsolidated investments     198.5    
Income (loss) from unconsolidated investments     11.2    
Increase (decrease) related to foreign exchange movements     58.4    
Increase (decrease) related to other items     34.2    
Increase in unconsolidated investments     14.4    
Fair value of lots $ 964.2   964.2   $ 979.6
Unconsolidated investments 1,829.6   1,829.6   1,884.4
(Loss) income from unconsolidated investments - carried interests (2.0) $ (12.3) (10.2) $ (28.7)  
Net accrued carried interests receivable 17.4 48.6 17.4 48.6 27.6
Distributions     31.2    
Equity income pickup (0.2) (18.1) $ 11.2 (24.8)  
Number of joint ventures with unfulfilled capital commitments | jointVenture     8    
Western U.S.          
Schedule of Equity Method Investments [Line Items]          
Distributions     $ 24.0    
Funds          
Schedule of Equity Method Investments [Line Items]          
(Loss) income from unconsolidated investments - carried interests (0.2) (10.7) (5.5) (25.6)  
Distributions     1.4    
Funds | Western U.S.          
Schedule of Equity Method Investments [Line Items]          
Distributions     0.3    
Co-investments          
Schedule of Equity Method Investments [Line Items]          
(Loss) income from unconsolidated investments - carried interests (1.8) $ (1.6) (4.7) $ (3.1)  
Equity Method Investments          
Schedule of Equity Method Investments [Line Items]          
Unfunded capital commitments 227.8   227.8    
Equity Method Investments Closed-End Funds          
Schedule of Equity Method Investments [Line Items]          
Unfunded capital commitments 40.3   40.3    
Recurring          
Schedule of Equity Method Investments [Line Items]          
Unconsolidated investments $ 1,829.6   $ 1,829.6   1,884.4
Fully-owned lots          
Schedule of Equity Method Investments [Line Items]          
Number of real estate properties | property 3   3    
Fair value of lots $ 20.0   $ 20.0    
Various Comingled Funds And Separate Accounts | Minimum          
Schedule of Equity Method Investments [Line Items]          
Ownership interest percentage 5.00%   5.00%    
Various Comingled Funds And Separate Accounts | Maximum          
Schedule of Equity Method Investments [Line Items]          
Ownership interest percentage 50.00%   50.00%    
Joint Venture | Western U.S.          
Schedule of Equity Method Investments [Line Items]          
Number of commingled funds | fund 1 1 1 1  
VHH          
Schedule of Equity Method Investments [Line Items]          
Carrying value of investment $ 343.3   $ 343.3   $ 333.9
Distributions     5.7    
Equity income pickup     14.5    
Fair value adjustments     $ 8.9    
Number of investment units | unit 12,695   12,695    
Number of investment units under development | unit 1,870   1,870    
v3.25.2
UNCONSOLIDATED INVESTMENTS - Schedule of Joint Ventures by Investment Type and Geographic Location (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures $ 2,034.7 $ 2,042.4
Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 1,320.7 1,426.5
Ireland    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 491.7 409.2
United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 222.3 206.7
Multifamily    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 1,195.1 1,142.9
Multifamily | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 838.0 856.0
Multifamily | Ireland    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 342.4 279.2
Multifamily | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 14.7 7.7
Commercial    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 400.9 353.4
Commercial | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 87.8 74.1
Commercial | Ireland    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 144.2 125.1
Commercial | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 168.9 154.2
Hotel    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 122.3 249.7
Hotel | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 122.3 249.7
Hotel | Ireland    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 0.0 0.0
Hotel | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 0.0 0.0
Funds    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 105.8 96.7
Funds | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 70.8 63.4
Funds | Ireland    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 5.1 4.9
Funds | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 29.9 28.4
Residential and Other    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 210.6 199.7
Residential and Other | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 201.8 183.3
Residential and Other | Ireland    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures 0.0 0.0
Residential and Other | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Investments in joint ventures $ 8.8 $ 16.4
v3.25.2
UNCONSOLIDATED INVESTMENTS - Schedule of Joint Venture Cash Distributions by Investment Type and Geographic Location (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]    
Operating $ 31.2  
Investing 167.3 $ 4.8
Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Operating 24.0  
Investing 159.9  
Ireland    
Schedule of Equity Method Investments [Line Items]    
Operating 5.6  
Investing 0.1  
United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Operating 1.6  
Investing 7.3  
Multifamily    
Schedule of Equity Method Investments [Line Items]    
Operating 21.6  
Investing 27.7  
Multifamily | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Operating 18.6  
Investing 27.6  
Multifamily | Ireland    
Schedule of Equity Method Investments [Line Items]    
Operating 3.0  
Investing 0.1  
Multifamily | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Operating 0.0  
Investing 0.0  
Commercial    
Schedule of Equity Method Investments [Line Items]    
Operating 7.1  
Investing 0.0  
Commercial | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Operating 4.5  
Investing 0.0  
Commercial | Ireland    
Schedule of Equity Method Investments [Line Items]    
Operating 2.6  
Investing 0.0  
Commercial | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Operating  
Investing 0.0  
Funds    
Schedule of Equity Method Investments [Line Items]    
Operating 1.4  
Investing 1.1  
Funds | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Operating 0.3  
Investing 1.1  
Funds | Ireland    
Schedule of Equity Method Investments [Line Items]    
Operating 0.0  
Investing 0.0  
Funds | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Operating 1.1  
Investing 0.0  
Residential, Hotel and Other    
Schedule of Equity Method Investments [Line Items]    
Operating 1.1  
Investing 138.5  
Residential, Hotel and Other | Western U.S.    
Schedule of Equity Method Investments [Line Items]    
Operating 0.6  
Investing 131.2  
Residential, Hotel and Other | Ireland    
Schedule of Equity Method Investments [Line Items]    
Operating 0.0  
Investing 0.0  
Residential, Hotel and Other | United Kingdom    
Schedule of Equity Method Investments [Line Items]    
Operating 0.5  
Investing $ 7.3  
v3.25.2
UNCONSOLIDATED INVESTMENTS - Schedule of (Loss) Income from Unconsolidated Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]        
Income from unconsolidated investments - operating performance $ 8.9 $ 6.0 $ 19.6 $ 13.8
(Loss) income from unconsolidated investments - fair value (7.1) (11.8) 1.8 (9.9)
Loss from unconsolidated investments - carried interests (2.0) (12.3) (10.2) (28.7)
Total (loss) income from unconsolidated investments (0.2) (18.1) 11.2 (24.8)
Funds        
Schedule of Equity Method Investments [Line Items]        
Loss from unconsolidated investments - carried interests (0.2) (10.7) (5.5) (25.6)
Co-investments        
Schedule of Equity Method Investments [Line Items]        
Loss from unconsolidated investments - carried interests $ (1.8) $ (1.6) $ (4.7) $ (3.1)
v3.25.2
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Fair Value Measurements (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unconsolidated investments $ 1,829.6 $ 1,884.4
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unconsolidated investments 1,829.6 1,884.4
Total 1,770.9 1,883.2
Recurring | Currency Derivative Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net currency derivative contracts (58.7) (1.2)
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unconsolidated investments 0.0 0.0
Total 0.0 0.0
Recurring | Level 1 | Currency Derivative Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net currency derivative contracts 0.0 0.0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unconsolidated investments 0.0 0.0
Total (58.7) (1.2)
Recurring | Level 2 | Currency Derivative Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net currency derivative contracts (58.7) (1.2)
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Unconsolidated investments 1,829.6 1,884.4
Total 1,829.6 1,884.4
Recurring | Level 3 | Currency Derivative Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Net currency derivative contracts $ 0.0 $ 0.0
v3.25.2
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Additional Information (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
year
investment
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
year
investment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Number of investments electing fair value option | investment 72   72    
Fair value option $ 1,723.8   $ 1,723.8   $ 1,787.7
Alternative investment 105.8   105.8   96.7
Cumulative fair value gains 1,829.6   1,829.6   1,884.4
Gain on foreign currency hedge     (1.9)    
Unrealized gains (losses), arising during the period     30.3    
Principal co-investments 1.8 $ (5.8) 21.4 $ 3.9  
Reported Value Measurement          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Long-term debt fair value 4,600.0   4,600.0   4,800.0
Level 2 | Estimate of Fair Value Measurement          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Long-term debt fair value $ 4,400.0   4,400.0   $ 4,500.0
Foreign Currency Translation          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Gain on foreign currency hedge     (2.3)    
Unrealized gains (losses), arising during the period     $ 89.0    
Euro          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Percentage of asset carrying values hedged 96.00%   96.00%    
GBP          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Percentage of asset carrying values hedged 86.00%   86.00%    
Currency Derivative Contracts | Ireland Office Building          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Gain on foreign currency hedge     $ 0.4    
Interest Rate Swaps and Caps | Not Designated as Hedging Instrument          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Gain on derivatives     2.6 12.8  
Interest Rate Swaps          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Principal co-investments     $ 1.3 $ 3.2  
Measurement Input, Expected Term | Income approach - discounted cash flow          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Measurement inputs | year 10   10    
Credit Spread | Minimum          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Measurement inputs 0.0200   0.0200    
Credit Spread | Maximum          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Measurement inputs 0.0380   0.0380    
Measurement Input, Market Rate | Minimum          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Measurement inputs 0.0390   0.0390    
Measurement Input, Market Rate | Maximum          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Measurement inputs 0.0930   0.0930    
Investments Held          
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]          
Cumulative fair value gains $ 264.9   $ 264.9    
v3.25.2
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Changes in Level 3 Investments (Details) - Recurring - Level 3 - Equity Method Investments - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance $ 1,911.1 $ 1,918.9 $ 1,884.4 $ 1,927.0
Unrealized and realized gains 16.6 15.4 49.3 56.1
Unrealized and realized losses (32.3) (40.3) (62.6) (91.3)
Contributions 45.9 31.1 64.4 59.0
Distributions (164.8) (13.5) (183.5) (26.5)
Foreign exchange 52.8 2.4 77.6 (9.6)
Other 0.3 0.0 0.0 (0.7)
Ending balance $ 1,829.6 $ 1,914.0 $ 1,829.6 $ 1,914.0
v3.25.2
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Range of Unobservable Inputs for Real Estate Assets (Details) - Level 3
Jun. 30, 2025
Capitalization Rates | Income approach - discounted cash flow | Multifamily - Affordable | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0625
Capitalization Rates | Income approach - discounted cash flow | Multifamily - Affordable | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0700
Capitalization Rates | Income approach - discounted cash flow | Office | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0520
Capitalization Rates | Income approach - discounted cash flow | Office | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0800
Capitalization Rates | Income approach - discounted cash flow | Industrial | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0500
Capitalization Rates | Income approach - discounted cash flow | Industrial | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0630
Capitalization Rates | Income approach - discounted cash flow | Hotel  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0600
Capitalization Rates | Income approach - direct capitalization | Multifamily - Market Rate | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0450
Capitalization Rates | Income approach - direct capitalization | Multifamily - Market Rate | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0690
Capitalization Rates | Income approach - direct capitalization | Office | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0530
Capitalization Rates | Income approach - direct capitalization | Office | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.1070
Capitalization Rates | Income approach - direct capitalization | Industrial | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0400
Capitalization Rates | Income approach - direct capitalization | Industrial | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0900
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0825
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0900
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable GP interest | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.1700
Discount Rates | Income approach - discounted cash flow | Multifamily - Affordable GP interest | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.1850
Discount Rates | Income approach - discounted cash flow | Office | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0750
Discount Rates | Income approach - discounted cash flow | Office | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0950
Discount Rates | Income approach - discounted cash flow | Industrial | Minimum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0630
Discount Rates | Income approach - discounted cash flow | Industrial | Maximum  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0780
Discount Rates | Income approach - discounted cash flow | Hotel  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Measurement inputs 0.0830
v3.25.2
FAIR VALUE MEASUREMENTS AND THE FAIR VALUE OPTION - Schedule of Currency Derivative Contracts (Details) - 6 months ended Jun. 30, 2025 - Designated as Hedging Instrument
€ in Millions, £ in Millions, $ in Millions
USD ($)
EUR (€)
USD ($)
GBP (£)
Currency Derivative Contracts | Level 2        
Derivative [Line Items]        
Hedge Assets     $ 0.5  
Hedge Liabilities     59.2  
OCI (Losses) Gains $ (58.7)      
Income Statement Losses (23.9)      
Interest Expense 0.9      
Cash Paid (2.1)      
Deferred tax benefit 9.7      
Derivatives Outstanding | Level 2        
Derivative [Line Items]        
Hedge Assets     0.5  
Hedge Liabilities     59.2  
OCI (Losses) Gains (57.6)      
Income Statement Losses (23.9)      
Interest Expense 0.9      
Cash Paid 0.0      
Foreign Exchange Contract, One        
Derivative [Line Items]        
Notional | €   € 155.0    
Foreign Exchange Contract, One | Level 2        
Derivative [Line Items]        
Hedge Assets     0.0  
Hedge Liabilities     23.5  
OCI (Losses) Gains (1.0)      
Income Statement Losses (18.8)      
Interest Expense 0.7      
Cash Paid 0.0      
Foreign Exchange Contract, Two | KWE        
Derivative [Line Items]        
Notional | €   40.0    
Foreign Exchange Contract, Two | Level 2 | KWE        
Derivative [Line Items]        
Hedge Assets     0.5  
Hedge Liabilities     0.0  
OCI (Losses) Gains 1.1      
Income Statement Losses 0.0      
Interest Expense 0.0      
Cash Paid 0.0      
Foreign Exchange Contract, Three | KWE        
Derivative [Line Items]        
Notional | €   300.0    
Foreign Exchange Contract, Three | Level 2 | KWE        
Derivative [Line Items]        
Hedge Assets     0.0  
Hedge Liabilities     0.0  
OCI (Losses) Gains (13.5)      
Income Statement Losses 0.0      
Interest Expense 0.0      
Cash Paid 0.0      
Foreign Exchange Contract, Four | KWE        
Derivative [Line Items]        
Notional | €   € 95.0    
Foreign Exchange Contract, Four | Level 2 | KWE        
Derivative [Line Items]        
Hedge Assets     0.0  
Hedge Liabilities     0.0  
OCI (Losses) Gains (8.6)      
Income Statement Losses 0.0      
Interest Expense 0.0      
Cash Paid 0.0      
Foreign Exchange Contract, Five        
Derivative [Line Items]        
Notional | £       £ 410.0
Foreign Exchange Contract, Five | Level 2        
Derivative [Line Items]        
Hedge Assets     0.0  
Hedge Liabilities     35.7  
OCI (Losses) Gains (35.6)      
Income Statement Losses (5.1)      
Interest Expense 0.2      
Cash Paid 0.0      
Derivative Settled | Level 2        
Derivative [Line Items]        
Hedge Assets     0.0  
Hedge Liabilities     0.0  
OCI (Losses) Gains (1.1)      
Income Statement Losses 0.0      
Interest Expense 0.0      
Cash Paid (2.1)      
Foreign Exchange Contract, Six | Level 2        
Derivative [Line Items]        
Hedge Assets     0.0  
Hedge Liabilities     $ 0.0  
OCI (Losses) Gains (1.1)      
Income Statement Losses 0.0      
Interest Expense 0.0      
Cash Paid $ (2.1)      
v3.25.2
LOANS (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
portfolio
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
portfolio
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]          
Number of portfolios included in global debt investment platform | portfolio 2   2    
Committed capital     $ 2,800.0    
Unfulfilled capital commitments $ 145.8   145.8    
Loan purchases and originations 209.9   209.9   $ 231.1
Loan income 135.7 $ 132.0 264.0 $ 268.4  
Investment management fees 19.0 15.9 34.8 29.2  
Foreclosed portfolio balance 14.4   14.4    
CECL loan reserve 2.6 3.0 3.1 8.5  
Loan          
Financing Receivable, Allowance for Credit Loss [Line Items]          
Loan income $ 5.7 $ 8.0 $ 11.5 $ 16.1  
Fixed Rate Mezzanine Loan | Minimum          
Financing Receivable, Allowance for Credit Loss [Line Items]          
Maturity of loans     5 years    
Fixed Rate Mezzanine Loan | Maximum          
Financing Receivable, Allowance for Credit Loss [Line Items]          
Maturity of loans     10 years    
Kennedy Wilson          
Financing Receivable, Allowance for Credit Loss [Line Items]          
Committed capital     $ 119.0    
v3.25.2
OTHER ASSETS, NET - Schedule of Other Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other Assets [Abstract]    
Straight line rent receivable $ 36.1 $ 40.5
Goodwill 23.9 23.9
Prepaid expenses 10.2 14.0
Deferred taxes, net 6.2 7.0
Right of use asset, net 10.1 10.1
Leasing commissions, net of accumulated amortization of $15.3 and $13.5 at June 30, 2025 and December 31, 2024, respectively 7.9 7.9
Other 15.2 13.1
Other assets, net 122.4 141.0
Accumulated amortization of leasing commissions 15.3 13.5
Above Market Leases    
Other Assets [Abstract]    
Above-market leases, net of accumulated amortization of $40.4 and $38.5 at June 30, 2025 and December 31, 2024, respectively 1.1 1.4
Accumulated amortization of above-market leases 40.4 38.5
Furniture and Equipment    
Other Assets [Abstract]    
Furniture and equipment net of accumulated depreciation of $21.7 and $21.7 at June 30, 2025 and December 31, 2024, respectively 3.9 5.3
Accumulated depreciation of furniture and equipment 21.7 21.7
Interest rate caps and swaps    
Other Assets [Abstract]    
Interest rate caps and swaps / Hedge assets 7.3 12.9
Hedge assets    
Other Assets [Abstract]    
Interest rate caps and swaps / Hedge assets $ 0.5 $ 4.9
v3.25.2
OTHER ASSETS, NET - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
lease
Minimum  
Real Estate [Line Items]  
Remaining lease term 1 year
Maximum  
Real Estate [Line Items]  
Remaining lease term 234 years
Office  
Real Estate [Line Items]  
Number of leases 5
Ground  
Real Estate [Line Items]  
Number of leases 2
v3.25.2
OTHER ASSETS, NET - Schedule of Future Minimum Rental Payments (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
2025 (remainder) $ 0.6
2026 1.5
2027 1.4
2028 1.4
2029 1.4
Thereafter 31.8
Total undiscounted rental payments 38.1
Less imputed interest (28.0)
Right of use asset, net $ 10.1
v3.25.2
MORTGAGE DEBT - Schedule of Mortgage Debt (Details) - Mortgage debt - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Mortgage debt (excluding loan fees) $ 2,397.1 $ 2,611.7
Unamortized loan fees (11.9) (14.5)
Total Debt 2,385.2 2,597.2
Unamortized discount (premium) 1.3 1.4
Multifamily | Western U.S.    
Debt Instrument [Line Items]    
Mortgage debt (excluding loan fees) 1,493.2 1,664.9
Commercial | Western U.S.    
Debt Instrument [Line Items]    
Mortgage debt (excluding loan fees) 217.6 303.1
Commercial | United Kingdom    
Debt Instrument [Line Items]    
Mortgage debt (excluding loan fees) 477.1 434.3
Commercial | Ireland    
Debt Instrument [Line Items]    
Mortgage debt (excluding loan fees) $ 209.2 $ 209.4
v3.25.2
MORTGAGE DEBT - Additional Information (Details) - USD ($)
$ in Millions
Aug. 06, 2025
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Weighted-average interest rate   4.60% 4.60%
Mortgage debt      
Debt Instrument [Line Items]      
Weighted-average interest rate   4.94% 4.84%
Percent of property level debt with fixed rate   67.00% 70.00%
Percent of property level debt with floating rate and interest caps   32.00% 27.00%
Percent of property level debt with floating rate and without interest caps   1.00% 2.00%
Weighted average cap strike price   3.16%  
Maturity of debt   9 months 18 days  
Mortgage debt | Property-Level Loan, Secured By Northern California Office Building | Subsequent Event      
Debt Instrument [Line Items]      
Value of non-recourse loan matured $ 60.0    
v3.25.2
MORTGAGE DEBT - Schedule of Aggregate Maturities of Mortgage Loans (Details) - Mortgage debt - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
2025 (remainder) $ 93.1  
2026 418.3  
2027 355.6  
2028 345.4  
2029 204.3  
Thereafter 981.7  
Long-term debt, gross 2,398.4  
Unamortized debt discount (1.3) $ (1.4)
Unamortized loan fees (11.9) (14.5)
Total Debt $ 2,385.2 $ 2,597.2
v3.25.2
KW UNSECURED DEBT - Schedule of Unsecured Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
KW unsecured debt    
Debt Instrument [Line Items]    
Debt (excluding loan fees) $ 1,904.9 $ 1,901.0
Unamortized loan fees (20.5) (23.1)
Total Debt 1,884.4 1,877.9
Unamortized debt premium 2.5 2.7
Credit facility | Revolving Credit Facility    
Debt Instrument [Line Items]    
Debt (excluding loan fees)   98.3
Senior notes | 2029 Notes    
Debt Instrument [Line Items]    
Debt (excluding loan fees) 601.2 601.3
Senior notes | 2030 Notes    
Debt Instrument [Line Items]    
Debt (excluding loan fees) 600.0 600.0
Senior notes | 2031 Notes    
Debt Instrument [Line Items]    
Debt (excluding loan fees) $ 601.3 $ 601.4
v3.25.2
KW UNSECURED DEBT - Borrowings Under Credit Facilities (Details) - Line of Credit - Revolving Credit Facility
 6 Months Ended
Sep. 12, 2024
USD ($)
option
Mar. 25, 2020
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Line of Credit Facility [Line Items]        
Mortgage debt (excluding loan fees)       $ 98,300,000
A&R Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity $ 550,000,000      
Number of extension options | option 2      
Term of extension options 6 months      
Maximum consolidated leverage ratio 65.00%      
Minimum fixed charge coverage ratio 1.60      
Fixed charge coverage ratio, measurement period   12 months    
Minimum tangible net worth $ 1,844,222,000      
Covenant, percent of new equity offerings 50.00%      
Maximum recourse leverage ratio 1.5      
Maximum secured recourse leverage ratio 3.50%      
Maximum liquidity value $ 313,054,000      
Maximum adjusted secured leverage ratio 55.00%      
Minimum liquidity value $ 75,000,000.0      
Mortgage debt (excluding loan fees)     $ 102,400,000  
Remaining borrowing capacity     447,600,000  
Average outstanding amount     $ 144,400,000  
A&R Facility | Minimum        
Line of Credit Facility [Line Items]        
Basis spread on variable rate 1.75%      
A&R Facility | Maximum        
Line of Credit Facility [Line Items]        
Basis spread on variable rate 2.75%      
v3.25.2
KW UNSECURED DEBT - Senior Notes (Details) - Senior Notes
Feb. 11, 2021
USD ($)
Jun. 30, 2025
Aug. 23, 2021
USD ($)
Mar. 15, 2021
USD ($)
Debt Instrument [Line Items]        
Maximum balance sheet leverage ratio 1.50 1.24    
4.75% Senior Notes Due 2029 and 5% Senior Notes Due 2031        
Debt Instrument [Line Items]        
Redemption price percentage 100.00%      
Redemption option percentage 40.00%      
4.75% Senior Notes Due 2029 and 5% Senior Notes Due 2031 | Maximum        
Debt Instrument [Line Items]        
Redemption price percentage 101.00%      
2029 Notes        
Debt Instrument [Line Items]        
Aggregate principal amount of debt $ 500,000,000.0     $ 100,000,000
Interest rate 4.75%      
2031 Notes        
Debt Instrument [Line Items]        
Aggregate principal amount of debt $ 500,000,000.0     $ 100,000,000
Interest rate 5.00%      
2030 Notes        
Debt Instrument [Line Items]        
Aggregate principal amount of debt     $ 600,000,000  
Interest rate     4.75%  
v3.25.2
KWE UNSECURED BONDS - Schedule of KWE Unsecured Bonds (Details) - KWE unsecured bonds - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total Debt $ 352.7 $ 309.8
Unamortized debt discount 0.2 0.5
KWE    
Debt Instrument [Line Items]    
Unamortized loan fees (0.1) (0.2)
Total Debt 352.7 309.8
KWE | KWE Euro Medium Term Note Programme    
Debt Instrument [Line Items]    
Mortgage debt (excluding loan fees) $ 352.8 $ 310.0
v3.25.2
KWE UNSECURED BONDS - Additional Information (Details) - KWE
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Level 2 | Designated as Hedging Instrument | Foreign Exchange Contract, Three      
Debt Instrument [Line Items]      
OCI (Losses) Gains $ (13.5)    
KWE unsecured bonds      
Debt Instrument [Line Items]      
Maximum percentage of total assets 60.00% 60.00%  
Maximum ratio of consolidated secured indebtedness to total assets 50.00% 50.00%  
Minimum interest coverage ratio 1.50 1.50  
Minimum ratio of unencumbered assets to unsecured indebtedness 125.00% 125.00%  
KWE unsecured bonds | KWE Euro Medium Term Note Programme      
Debt Instrument [Line Items]      
Aggregate principal amount of debt $ 353.0 € 300,000,000  
Mortgage debt (excluding loan fees) $ 352.8   $ 310.0
Annual fixed coupon rate 3.25% 3.25%  
v3.25.2
EQUITY - Schedule of Dividends Declared and Paid (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Declared        
Preferred Stock $ 10.9 $ 10.9 $ 21.8 $ 21.8
Common Stock $ 16.5 $ 16.5 33.1 49.6
Paid        
Preferred Stock     21.8 21.8
Common Stock     $ 34.9 $ 67.2
v3.25.2
EQUITY - Share-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity [Abstract]        
Share-based compensation expense $ 6.5 $ 6.0 $ 12.8 $ 11.2
v3.25.2
EQUITY - Common Stock Repurchase Program (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Nov. 04, 2020
Nov. 03, 2020
Equity, Class of Treasury Stock [Line Items]            
Authorized amount of stock to repurchase         $ 500,000,000 $ 250,000,000.0
Value of stock repurchased and retired $ 2,500,000 $ 5,800,000 $ 2,500,000 $ 13,300,000    
Restricted Stock            
Equity, Class of Treasury Stock [Line Items]            
Shares withheld (in shares)     712,446 129,011    
Payments for employee tax obligations     $ 6,700,000 $ 1,600,000    
Common Stock            
Equity, Class of Treasury Stock [Line Items]            
Shares repurchased and retired (in shares) 393,493 669,501 393,493 1,551,955    
v3.25.2
EQUITY - Schedule of Accumulated Other Comprehensive (Loss) Income (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at beginning of period $ 1,636.0
Unrealized gains (losses), arising during the period 30.3
Amounts reclassified out of AOCI during the period, gross 1.9
Amounts reclassified out of AOCI during the period, tax 1.1
Deferred taxes on unrealized (gains) losses, arising during the period 7.0
Noncontrolling interests (1.7)
Balance at end of period 1,596.3
Total Accumulated Other Comprehensive Income Loss  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at beginning of period (49.2)
Balance at end of period (10.6)
Foreign Currency Translation  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at beginning of period (156.6)
Unrealized gains (losses), arising during the period 89.0
Amounts reclassified out of AOCI during the period, gross 2.3
Amounts reclassified out of AOCI during the period, tax 0.9
Deferred taxes on unrealized (gains) losses, arising during the period (2.7)
Noncontrolling interests (1.7)
Balance at end of period (68.8)
Currency Derivative Contracts and Interest Rate Swaps | Currency Derivative Contracts  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at beginning of period 105.8
Unrealized gains (losses), arising during the period (58.7)
Amounts reclassified out of AOCI during the period, gross (0.4)
Amounts reclassified out of AOCI during the period, tax 0.2
Deferred taxes on unrealized (gains) losses, arising during the period 9.7
Noncontrolling interests 0.0
Balance at end of period 56.6
Currency Derivative Contracts and Interest Rate Swaps | Interest Rate Swaps  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at beginning of period 1.6
Unrealized gains (losses), arising during the period 0.0
Amounts reclassified out of AOCI during the period, gross 0.0
Amounts reclassified out of AOCI during the period, tax 0.0
Deferred taxes on unrealized (gains) losses, arising during the period 0.0
Noncontrolling interests 0.0
Balance at end of period 1.6
Noncontrolling Interest Holders  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at end of period $ (358.4)
v3.25.2
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (6.4) $ (59.1) $ (47.2) $ (32.2)
Weighted average shares outstanding for basic (in shares) 138,144,013 137,588,910 137,946,790 138,142,769
Basic loss per basic share (in dollars per share) $ (0.05) $ (0.43) $ (0.34) $ (0.23)
Weighted average shares outstanding for diluted (in shares) 138,144,013 137,588,910 137,946,790 138,142,769
Diluted loss per diluted share (in dollars per share) $ (0.05) $ (0.43) $ (0.34) $ (0.23)
Potentially dilutive securities (in shares) 39,036,361 39,989,932 40,207,143 40,160,889
v3.25.2
SEGMENT INFORMATION - Additional Information (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting Information [Line Items]  
Number of business segments 2
Minimum  
Segment Reporting Information [Line Items]  
Average ownership interest in investments 5.00%
Maximum  
Segment Reporting Information [Line Items]  
Average ownership interest in investments 50.00%
v3.25.2
SEGMENT INFORMATION - Schedule of Income and Expense Activity by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Revenue          
Total segment revenue $ 135.4 $ 131.9 $ 263.5 $ 268.0  
Income from unconsolidated investments          
Principal co-investments 1.8 (5.8) 21.4 3.9  
Carried interests (2.0) (12.3) (10.2) (28.7)  
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments 34.2 34.3 67.2 66.5  
Total income (loss) from unconsolidated investments 34.0 16.2 78.4 41.7  
Gain on sale of real estate, net 55.1 0.2 54.3 106.6  
Segment Expenses          
Carried interests compensation (0.6) (4.5) (3.3) (10.0)  
General and administrative 7.3 7.8 15.8 14.5  
Other (income) loss 3.7 2.7 4.7 5.5  
Other segment items 2.7 1.6 4.8 3.5  
Total segment expenses 69.8 66.4 134.2 134.9  
Segment Adjusted EBITDA 154.7 81.9 262.0 281.4  
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Total revenue 135.7 132.0 264.0 268.4  
General and administrative 8.8 9.5 19.2 17.8  
Depreciation and amortization (34.5) (36.4) (68.6) (75.3)  
Interest expense (62.5) (63.8) (123.9) (128.5)  
Loss on early extinguishment of debt (2.1) (0.5) (2.1) (0.2)  
(Provision for) benefit from income taxes (4.4) 11.8 0.5 (14.9)  
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments (34.2) (34.3) (67.2) (66.5)  
Income from unconsolidated investments excluded from Segment Adjusted EBITDA 2.7 1.6 4.8 3.5  
Net income (loss) 5.6 (48.3) (24.0) (10.6)  
Net (income) loss attributable to the noncontrolling interests (1.1) 0.1 (1.4) 0.2  
Preferred dividends (10.9) (10.9) (21.8) (21.8)  
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders (6.4) (59.1) (47.2) (32.2)  
Revenue          
Total segment revenue 135.4 131.9 263.5 268.0  
Total consolidated revenue 135.7 132.0 264.0 268.4  
Total assets          
Total assets [1] 6,796.9   6,796.9   $ 6,961.1
Rental          
Segment Revenue          
Total segment revenue 93.3 97.8 190.6 195.2  
Segment Expenses          
Cost of goods and services 35.4 37.0 73.5 74.2  
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Total revenue 93.3 97.8 190.6 195.2  
Compensation and related, corporate 35.4 37.0 73.5 74.2  
Revenue          
Total segment revenue 93.3 97.8 190.6 195.2  
Total consolidated revenue 93.3 97.8 190.6 195.2  
Hotel          
Segment Revenue          
Total segment revenue       9.3  
Segment Expenses          
Cost of goods and services       7.6  
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Total revenue 0.0 0.0 0.0 9.3  
Compensation and related, corporate 0.0 0.0 0.0 7.6  
Revenue          
Total segment revenue       9.3  
Total consolidated revenue 0.0 0.0 0.0 9.3  
Investment management fees          
Segment Revenue          
Total segment revenue 36.4 26.1 61.4 47.4  
Revenue          
Total segment revenue 36.4 26.1 61.4 47.4  
Loan          
Segment Revenue          
Total segment revenue 5.7 8.0 11.5 16.1  
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Total revenue 5.7 8.0 11.5 16.1  
Revenue          
Total segment revenue 5.7 8.0 11.5 16.1  
Total consolidated revenue 5.7 8.0 11.5 16.1  
Compensation and related          
Segment Expenses          
Cost of goods and services 21.3 21.8 38.7 39.6  
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Compensation and related, corporate 32.3 31.8 59.2 59.4  
Other          
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Total revenue 0.3 0.1 0.5 0.4  
Revenue          
Total consolidated revenue 0.3 0.1 0.5 0.4  
Operating Segments | Consolidated          
Segment Revenue          
Total segment revenue 93.3 97.8 190.6 204.5  
Income from unconsolidated investments          
Principal co-investments 0.0 0.0 0.0 0.0  
Carried interests 0.0 0.0 0.0 0.0  
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments 0.0 0.0 0.0  
Total income (loss) from unconsolidated investments 0.0 0.0 0.0 0.0  
Gain on sale of real estate, net 55.1 0.2 54.3 106.6  
Segment Expenses          
Carried interests compensation 0.0 0.0 0.0 0.0  
General and administrative 3.6 3.3 6.9 7.1  
Other (income) loss 1.5 (0.5) 1.9 (3.0)  
Other segment items 2.8 2.0 5.0 3.9  
Total segment expenses 52.0 49.6 101.8 107.3  
Segment Adjusted EBITDA 96.4 48.4 143.1 203.8  
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments 0.0 0.0 0.0  
Revenue          
Total segment revenue 93.3 97.8 190.6 204.5  
Total assets          
Total assets 4,411.1   4,411.1   4,591.6
Operating Segments | Consolidated | Rental          
Segment Revenue          
Total segment revenue 93.3 97.8 190.6 195.2  
Segment Expenses          
Cost of goods and services 35.4 37.0 73.5 74.2  
Revenue          
Total segment revenue 93.3 97.8 190.6 195.2  
Operating Segments | Consolidated | Hotel          
Segment Revenue          
Total segment revenue       9.3  
Segment Expenses          
Cost of goods and services       7.6  
Revenue          
Total segment revenue       9.3  
Operating Segments | Consolidated | Investment management fees          
Segment Revenue          
Total segment revenue 0.0 0.0 0.0 0.0  
Revenue          
Total segment revenue 0.0 0.0 0.0 0.0  
Operating Segments | Consolidated | Loan          
Segment Revenue          
Total segment revenue 0.0 0.0 0.0 0.0  
Revenue          
Total segment revenue 0.0 0.0 0.0 0.0  
Operating Segments | Consolidated | Compensation and related          
Segment Expenses          
Cost of goods and services 8.7 7.8 14.5 17.5  
Operating Segments | Co-Investments          
Segment Revenue          
Total segment revenue 42.1 34.1 72.9 63.5  
Income from unconsolidated investments          
Principal co-investments 1.8 (5.8) 21.4 3.9  
Carried interests (2.0) (12.3) (10.2) (28.7)  
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments 34.2 34.3 67.2 66.5  
Total income (loss) from unconsolidated investments 34.0 16.2 78.4 41.7  
Gain on sale of real estate, net 0.0 0.0 0.0 0.0  
Segment Expenses          
Carried interests compensation (0.6) (4.5) (3.3) (10.0)  
General and administrative 3.7 4.5 8.9 7.4  
Other (income) loss 2.2 3.2 2.8 8.5  
Other segment items (0.1) (0.4) (0.2) (0.4)  
Total segment expenses 17.8 16.8 32.4 27.6  
Segment Adjusted EBITDA 58.3 33.5 118.9 77.6  
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Company's share of interest, depreciation, and taxes included in income from unconsolidated investments (34.2) (34.3) (67.2) (66.5)  
Revenue          
Total segment revenue 42.1 34.1 72.9 63.5  
Total assets          
Total assets 2,244.6   2,244.6   2,273.5
Operating Segments | Co-Investments | Rental          
Segment Revenue          
Total segment revenue 0.0 0.0 0.0 0.0  
Segment Expenses          
Cost of goods and services 0.0 0.0 0.0 0.0  
Revenue          
Total segment revenue 0.0 0.0 0.0 0.0  
Operating Segments | Co-Investments | Hotel          
Segment Revenue          
Total segment revenue       0.0  
Segment Expenses          
Cost of goods and services       0.0  
Revenue          
Total segment revenue       0.0  
Operating Segments | Co-Investments | Investment management fees          
Segment Revenue          
Total segment revenue 36.4 26.1 61.4 47.4  
Revenue          
Total segment revenue 36.4 26.1 61.4 47.4  
Operating Segments | Co-Investments | Loan          
Segment Revenue          
Total segment revenue 5.7 8.0 11.5 16.1  
Revenue          
Total segment revenue 5.7 8.0 11.5 16.1  
Operating Segments | Co-Investments | Compensation and related          
Segment Expenses          
Cost of goods and services 12.6 14.0 24.2 22.1  
Non-segment          
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
General and administrative (1.5) (1.7) (3.4) (3.3)  
Other income (loss), corporate (1.9) 3.0 (6.1) 12.6  
Total assets          
Total assets 141.2   141.2   $ 96.0
Non-segment | Compensation and related          
Reconciliation of Segment Adjusted EBITDA to net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders          
Compensation and related, corporate $ (11.0) $ (10.0) $ (20.5) $ (19.8)  
[1] The assets and liabilities as of June 30, 2025 include $109.6 million (including cash held by consolidated investments of $10.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $76.8 million) and $0.0 million (including investment debt of $(1.0) million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Pre-tax book income (loss) $ 10.0 $ (60.1) $ (24.5) $ 4.3
Tax expense (benefit) $ 4.4 $ (11.8) $ (0.5) $ 14.9
v3.25.2
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS - Schedule of Condensed Consolidating Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets            
Cash and cash equivalents $ 309.1   $ 217.5      
Accounts receivable 42.0   38.7      
Real estate and acquired in place lease values, net of accumulated depreciation and amortization 4,078.8   4,290.4      
Unconsolidated investments 2,034.7   2,042.4      
Investments in and advances to consolidated subsidiaries 0.0   0.0      
Loan purchases and originations, net of allowance for credit losses 209.9   231.1      
Other assets, net 122.4   141.0      
Total assets [1] 6,796.9   6,961.1      
Liabilities            
Accounts payable 8.9   10.8      
Accrued expenses and other liabilities 569.4   529.4      
Total liabilities [1] 5,200.6   5,325.1      
Equity            
Kennedy-Wilson Holdings, Inc. shareholders' equity 1,563.0   1,601.2      
Noncontrolling interests 33.3   34.8      
Total equity 1,596.3 $ 1,592.2 1,636.0 $ 1,710.4 $ 1,784.9 $ 1,798.4
Total liabilities and equity 6,796.9   6,961.1      
Mortgage debt            
Liabilities            
Long-term debt 2,385.2   2,597.2      
KW unsecured debt            
Liabilities            
Long-term debt 1,884.4   1,877.9      
KWE unsecured bonds            
Liabilities            
Long-term debt 352.7   309.8      
Reportable Legal Entities | Parent            
Assets            
Cash and cash equivalents 0.0   0.0      
Accounts receivable 0.0   0.0      
Real estate and acquired in place lease values, net of accumulated depreciation and amortization 0.0   0.0      
Unconsolidated investments 0.0   0.0      
Investments in and advances to consolidated subsidiaries 1,588.9   1,628.8      
Loan purchases and originations, net of allowance for credit losses 0.0   0.0      
Other assets, net 0.0   0.0      
Total assets 1,588.9   1,628.8      
Liabilities            
Accounts payable 0.0   0.0      
Accrued expenses and other liabilities 25.9   27.6      
Total liabilities 25.9   27.6      
Equity            
Kennedy-Wilson Holdings, Inc. shareholders' equity 1,563.0   1,601.2      
Noncontrolling interests 0.0   0.0      
Total equity 1,563.0   1,601.2      
Total liabilities and equity 1,588.9   1,628.8      
Reportable Legal Entities | Parent | Mortgage debt            
Liabilities            
Long-term debt 0.0   0.0      
Reportable Legal Entities | Parent | KW unsecured debt            
Liabilities            
Long-term debt 0.0   0.0      
Reportable Legal Entities | Parent | KWE unsecured bonds            
Liabilities            
Long-term debt 0.0        
Reportable Legal Entities | Kennedy-Wilson, Inc.            
Assets            
Cash and cash equivalents 86.6   36.7      
Accounts receivable 0.7   0.0      
Real estate and acquired in place lease values, net of accumulated depreciation and amortization 0.0   0.0      
Unconsolidated investments 9.6   14.2      
Investments in and advances to consolidated subsidiaries 3,661.5   3,726.8      
Loan purchases and originations, net of allowance for credit losses 0.4   0.4      
Other assets, net 35.8   44.8      
Total assets 3,794.6   3,822.9      
Liabilities            
Accounts payable 0.4   1.0      
Accrued expenses and other liabilities 320.9   315.2      
Total liabilities 2,205.7   2,194.1      
Equity            
Kennedy-Wilson Holdings, Inc. shareholders' equity 1,588.9   1,628.8      
Noncontrolling interests 0.0   0.0      
Total equity 1,588.9   1,628.8      
Total liabilities and equity 3,794.6   3,822.9      
Reportable Legal Entities | Kennedy-Wilson, Inc. | Mortgage debt            
Liabilities            
Long-term debt 0.0   0.0      
Reportable Legal Entities | Kennedy-Wilson, Inc. | KW unsecured debt            
Liabilities            
Long-term debt 1,884.4   1,877.9      
Reportable Legal Entities | Kennedy-Wilson, Inc. | KWE unsecured bonds            
Liabilities            
Long-term debt 0.0   0.0      
Reportable Legal Entities | Guarantor Subsidiaries            
Assets            
Cash and cash equivalents 133.7   103.4      
Accounts receivable 27.1   22.2      
Real estate and acquired in place lease values, net of accumulated depreciation and amortization 1,177.3   1,394.7      
Unconsolidated investments 588.0   679.6      
Investments in and advances to consolidated subsidiaries 2,393.2   2,339.9      
Loan purchases and originations, net of allowance for credit losses 186.9   201.7      
Other assets, net 51.9   50.9      
Total assets 4,558.1   4,792.4      
Liabilities            
Accounts payable 2.9   2.5      
Accrued expenses and other liabilities 101.7   96.6      
Total liabilities 896.6   1,065.6      
Equity            
Kennedy-Wilson Holdings, Inc. shareholders' equity 3,661.5   3,726.8      
Noncontrolling interests 0.0   0.0      
Total equity 3,661.5   3,726.8      
Total liabilities and equity 4,558.1   4,792.4      
Reportable Legal Entities | Guarantor Subsidiaries | Mortgage debt            
Liabilities            
Long-term debt 792.0   966.5      
Reportable Legal Entities | Guarantor Subsidiaries | KW unsecured debt            
Liabilities            
Long-term debt 0.0   0.0      
Reportable Legal Entities | Guarantor Subsidiaries | KWE unsecured bonds            
Liabilities            
Long-term debt 0.0   0.0      
Reportable Legal Entities | Non-guarantor Subsidiaries            
Assets            
Cash and cash equivalents 88.8   77.4      
Accounts receivable 14.2   16.5      
Real estate and acquired in place lease values, net of accumulated depreciation and amortization 2,901.5   2,895.7      
Unconsolidated investments 1,437.1   1,348.6      
Investments in and advances to consolidated subsidiaries 0.0   0.0      
Loan purchases and originations, net of allowance for credit losses 22.6   29.0      
Other assets, net 34.7   45.3      
Total assets 4,498.9   4,412.5      
Liabilities            
Accounts payable 5.6   7.3      
Accrued expenses and other liabilities 120.9   90.0      
Total liabilities 2,072.4   2,037.8      
Equity            
Kennedy-Wilson Holdings, Inc. shareholders' equity 2,393.2   2,339.9      
Noncontrolling interests 33.3   34.8      
Total equity 2,426.5   2,374.7      
Total liabilities and equity 4,498.9   4,412.5      
Reportable Legal Entities | Non-guarantor Subsidiaries | Mortgage debt            
Liabilities            
Long-term debt 1,593.2   1,630.7      
Reportable Legal Entities | Non-guarantor Subsidiaries | KW unsecured debt            
Liabilities            
Long-term debt 0.0   0.0      
Reportable Legal Entities | Non-guarantor Subsidiaries | KWE unsecured bonds            
Liabilities            
Long-term debt 352.7   309.8      
Elimination            
Assets            
Cash and cash equivalents 0.0   0.0      
Accounts receivable 0.0   0.0      
Real estate and acquired in place lease values, net of accumulated depreciation and amortization 0.0   0.0      
Unconsolidated investments 0.0   0.0      
Investments in and advances to consolidated subsidiaries (7,643.6)   (7,695.5)      
Loan purchases and originations, net of allowance for credit losses 0.0   0.0      
Other assets, net 0.0   0.0      
Total assets (7,643.6)   (7,695.5)      
Liabilities            
Accounts payable 0.0   0.0      
Accrued expenses and other liabilities 0.0   0.0      
Total liabilities 0.0   0.0      
Equity            
Kennedy-Wilson Holdings, Inc. shareholders' equity (7,643.6)   (7,695.5)      
Noncontrolling interests 0.0   0.0      
Total equity (7,643.6)   (7,695.5)      
Total liabilities and equity (7,643.6)   (7,695.5)      
Elimination | Mortgage debt            
Liabilities            
Long-term debt 0.0   0.0      
Elimination | KW unsecured debt            
Liabilities            
Long-term debt 0.0   0.0      
Elimination | KWE unsecured bonds            
Liabilities            
Long-term debt $ 0.0   $ 0.0      
[1] The assets and liabilities as of June 30, 2025 include $109.6 million (including cash held by consolidated investments of $10.1 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $76.8 million) and $0.0 million (including investment debt of $(1.0) million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2024 include $169.3 million (including cash held by consolidated investments of $4.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $128.7 million) and $49.6 million (including investment debt of $50.0 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.
v3.25.2
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS - Schedule of Consolidating Statement of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Condensed Financial Statements, Captions [Line Items]        
Total revenue $ 135.7 $ 132.0 $ 264.0 $ 268.4
Income (loss) from unconsolidated investments (0.2) (18.1) 11.2 (24.8)
Gain on sale of real estate, net 55.1 0.2 54.3 106.6
Total expenses 110.4 110.2 217.2 224.3
(Loss) income from consolidated subsidiaries 0.0 0.0 0.0 0.0
Interest expense (62.5) (63.8) (123.9) (128.5)
Gain (loss) on early extinguishment of debt (2.1) (0.5) (2.1) (0.2)
Other (loss) income (5.6) 0.3 (10.8) 7.1
Income (loss) before (provision for) benefit from income taxes 10.0 (60.1) (24.5) 4.3
(Provision for) benefit from income taxes (4.4) 11.8 0.5 (14.9)
Net income (loss) 5.6 (48.3) (24.0) (10.6)
Net (income) loss attributable to the noncontrolling interests (1.1) 0.1 (1.4) 0.2
Preferred dividends (10.9) (10.9) (21.8) (21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders (6.4) (59.1) (47.2) (32.2)
Reportable Legal Entities | Parent        
Condensed Financial Statements, Captions [Line Items]        
Total revenue 0.0 0.0 0.0 0.0
Income (loss) from unconsolidated investments 0.0 0.0 0.0 0.0
Gain on sale of real estate, net 0.0 0.0 0.0 0.0
Total expenses 6.5 6.0 12.8 11.2
(Loss) income from consolidated subsidiaries 12.2 (42.5) (11.1) 0.3
Interest expense 0.0 0.0 0.0 0.0
Gain (loss) on early extinguishment of debt 0.0 0.0 0.0 0.0
Other (loss) income 0.0 0.2 0.0 0.3
Income (loss) before (provision for) benefit from income taxes 5.7 (48.3) (23.9) (10.6)
(Provision for) benefit from income taxes 0.0 0.0 0.0 0.0
Net income (loss) 5.7 (48.3) (23.9) (10.6)
Net (income) loss attributable to the noncontrolling interests 0.0 0.0 0.0 0.0
Preferred dividends (10.9) (10.9) (21.8) (21.8)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders (5.2) (59.2) (45.7) (32.4)
Reportable Legal Entities | Kennedy-Wilson, Inc.        
Condensed Financial Statements, Captions [Line Items]        
Total revenue 0.0 0.0 0.0 0.0
Income (loss) from unconsolidated investments 0.3 0.1 1.7 0.4
Gain on sale of real estate, net 0.0 0.0 0.0 0.8
Total expenses 16.9 18.9 31.2 33.7
(Loss) income from consolidated subsidiaries 59.1 (15.9) 72.0 70.2
Interest expense (26.1) (24.4) (51.7) (49.2)
Gain (loss) on early extinguishment of debt 0.0 0.0 0.0 0.0
Other (loss) income (1.8) 2.7 (6.0) 12.3
Income (loss) before (provision for) benefit from income taxes 14.6 (56.4) (15.2) 0.8
(Provision for) benefit from income taxes (2.5) 13.9 4.0 (0.5)
Net income (loss) 12.1 (42.5) (11.2) 0.3
Net (income) loss attributable to the noncontrolling interests 0.0 0.0 0.0 0.0
Preferred dividends 0.0 0.0 0.0 0.0
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders 12.1 (42.5) (11.2) 0.3
Reportable Legal Entities | Guarantor Subsidiaries        
Condensed Financial Statements, Captions [Line Items]        
Total revenue 75.9 69.4 141.2 132.3
Income (loss) from unconsolidated investments (11.9) (8.5) (19.0) (18.5)
Gain on sale of real estate, net 35.7 0.0 35.7 21.6
Total expenses 42.8 39.5 82.2 76.6
(Loss) income from consolidated subsidiaries 18.1 (22.4) 24.8 43.0
Interest expense (11.4) (10.6) (22.7) (21.3)
Gain (loss) on early extinguishment of debt (1.9) 0.0 (1.9) 0.3
Other (loss) income (2.2) (4.1) (2.8) (10.2)
Income (loss) before (provision for) benefit from income taxes 59.5 (15.7) 73.1 70.6
(Provision for) benefit from income taxes (0.4) (0.2) (1.1) (0.4)
Net income (loss) 59.1 (15.9) 72.0 70.2
Net (income) loss attributable to the noncontrolling interests 0.0 0.0 0.0 0.0
Preferred dividends 0.0 0.0 0.0 0.0
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders 59.1 (15.9) 72.0 70.2
Reportable Legal Entities | Non-guarantor Subsidiaries        
Condensed Financial Statements, Captions [Line Items]        
Total revenue 59.8 62.6 122.8 136.1
Income (loss) from unconsolidated investments 11.4 (9.7) 28.5 (6.7)
Gain on sale of real estate, net 19.4 0.2 18.6 84.2
Total expenses 44.2 45.8 91.0 102.8
(Loss) income from consolidated subsidiaries 0.0 0.0 0.0 0.0
Interest expense (25.0) (28.8) (49.5) (58.0)
Gain (loss) on early extinguishment of debt (0.2) (0.5) (0.2) (0.5)
Other (loss) income (1.6) 1.5 (2.0) 4.7
Income (loss) before (provision for) benefit from income taxes 19.6 (20.5) 27.2 57.0
(Provision for) benefit from income taxes (1.5) (1.9) (2.4) (14.0)
Net income (loss) 18.1 (22.4) 24.8 43.0
Net (income) loss attributable to the noncontrolling interests (1.1) 0.1 (1.4) 0.2
Preferred dividends 0.0 0.0 0.0 0.0
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders 17.0 (22.3) 23.4 43.2
Elimination        
Condensed Financial Statements, Captions [Line Items]        
Total revenue 0.0 0.0 0.0 0.0
Income (loss) from unconsolidated investments 0.0 0.0 0.0 0.0
Gain on sale of real estate, net 0.0 0.0 0.0 0.0
Total expenses 0.0 0.0 0.0 0.0
(Loss) income from consolidated subsidiaries (89.4) 80.8 (85.7) (113.5)
Interest expense 0.0 0.0 0.0 0.0
Gain (loss) on early extinguishment of debt 0.0 0.0 0.0 0.0
Other (loss) income 0.0 0.0 0.0 0.0
Income (loss) before (provision for) benefit from income taxes (89.4) 80.8 (85.7) (113.5)
(Provision for) benefit from income taxes 0.0 0.0 0.0 0.0
Net income (loss) (89.4) 80.8 (85.7) (113.5)
Net (income) loss attributable to the noncontrolling interests 0.0 0.0 0.0 0.0
Preferred dividends 0.0 0.0 0.0 0.0
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ (89.4) $ 80.8 $ (85.7) $ (113.5)
v3.25.2
Subsequent Events (Details) - KWE unsecured bonds - KWE Euro Medium Term Note Programme - Forecast
€ in Millions
Oct. 03, 2025
EUR (€)
Subsequent Event [Line Items]  
Aggregate principal amount of debt € 300
Interest rate 3.25%