Form 10-K: Kennedy-Wilson Holdings, Inc.
Kennedy-Wilson Holdings, Inc. filed its annual report for the fiscal year ended December 31, 2025. The company reported a market value of its common stock held by non-affiliates of approximately $772.17 million as of June 30, 2025. As of February 23, 2026, the number of shares of common stock outstanding was 138,464,514. The company did not provide specific financial figures, main events, or significant developments in the report, as it appears to be a table of contents and introductory information.
Overview of Kennedy Wilson’s Financial Performance
Kennedy Wilson is a real estate investment company and investment manager with over $36.4 billion in assets under management (AUM) across the United States, United Kingdom, and Ireland. The company primarily focuses on investing in rental housing and industrial properties, as well as originating and servicing real estate loans.
In 2025, Kennedy Wilson achieved several key highlights:
- Completed the first two phases of acquiring the Toll apartment development platform, adding over $5 billion in AUM.
- Originated $3.6 billion in new senior construction loans.
- Generated $115.2 million in investment management fees, a 16.5% increase from 2024.
- Saw strong performance in its stabilized multifamily portfolio, with same-store occupancy flat at 94.7% and same-property revenue and NOI growth of 2.5% and 2.7%, respectively.
- Generated $566.5 million in cash from asset sales and $1.6 billion from loan repayments.
- Grew fee-bearing capital by 25% to $11 billion.
- Repaid the full $352 million balance on the KWE Notes.
For the full year 2025, Kennedy Wilson reported a net loss attributable to common shareholders of $38.8 million, compared to a net loss of $76.5 million in 2024. Adjusted EBITDA, which excludes certain non-cash items, was $549.5 million in 2025, up from $539.7 million in 2024.
Revenue and Profit Trends
Kennedy Wilson’s revenue is primarily generated from rental income, investment management fees, and interest income on loans. In 2025, rental income decreased to $362.7 million from $390.6 million in 2024, due to the sale and deconsolidation of certain assets. Investment management fees increased to $115.2 million, up from $98.9 million in 2024, driven by higher fees from the company’s debt investment platform.
The company’s co-investment portfolio, which includes its share of income and gains from unconsolidated investments, saw strong performance. In 2025, the co-investment portfolio generated $142.8 million in income, up from $6.5 million in 2024. This was primarily due to higher fair value gains on investments in Zonda and VHH, as well as gains on the sale of certain multifamily properties.
Offsetting these gains, Kennedy Wilson recorded a $94.7 million gain on the sale of real estate in 2025, down from $160.1 million in 2024. Rental expenses also decreased to $140.9 million from $150.0 million in the prior year.
Overall, Kennedy Wilson’s net loss attributable to common shareholders improved to $38.8 million in 2025 from $76.5 million in 2024, primarily due to the higher investment management fees and co-investment portfolio income.
Strengths and Weaknesses
Strengths:
- Diversified real estate portfolio across multiple property types and geographies
- Successful acquisition and integration of the Toll apartment development platform, adding significant AUM
- Strong performance in the stabilized multifamily portfolio, with healthy occupancy and rent growth
- Robust investment management business, generating growing fee income
- Ability to generate significant cash from asset sales and loan repayments
Weaknesses:
- Declining rental income from the sale and deconsolidation of certain assets
- Reliance on fair value gains and carried interest income, which can be volatile
- Exposure to macroeconomic conditions, such as inflation and interest rate changes, that can impact operations and valuations
Outlook and Future Prospects
Kennedy Wilson’s proposed take-private transaction with Fairfax Financial Holdings Limited is a significant development. If approved by shareholders, the deal would result in the company becoming privately held, with Fairfax and certain existing shareholders owning 100% of the equity.
Looking ahead, Kennedy Wilson’s future prospects will depend on its ability to continue growing its investment management business, identify attractive acquisition and development opportunities, and navigate the challenging macroeconomic environment. The company’s strong balance sheet and access to capital should provide some flexibility, but rising interest rates and economic uncertainty could present headwinds.
Key areas of focus for the company will likely include:
- Integrating and optimizing the Toll apartment platform acquisition
- Expanding the construction loan portfolio and investment management fees
- Selectively acquiring and developing new properties to grow the real estate portfolio
- Maintaining a disciplined approach to capital allocation and leverage
Overall, Kennedy Wilson remains a diversified real estate investment firm with a track record of value creation. However, the company will need to carefully manage its exposure to market risks and continue executing on its strategic initiatives to drive long-term growth and profitability.
