Segment Information (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Segment Reporting Information, by Segment

The following tables summarize income activity by segment and corporate for the three and six months ended June 30, 2023 and 2022 and balance sheet data as of June 30, 2023 and December 31, 2022:


	Three Months Ended June 30, 2023

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	106.6	$	—	$	—	$	106.6
Hotel	15.5		—		—		15.5
Investment management fees	—		19.1		—		19.1
Loans	—		4.7		—		4.7
Other	—		—		0.6		0.6
Total revenue	122.1		23.8		0.6		146.5

Income (loss) from unconsolidated investments
Principal co-investments	—		6.3		—		6.3
Performance allocations	—		(7.7)		—		(7.7)
(Loss) income from unconsolidated investments	—		(1.4)		—		(1.4)

Gain on sale of real estate, net	89.0		—		—		89.0

Expenses
Rental	38.7		—		—		38.7
Hotel	9.7		—		—		9.7
Compensation and related	13.4		10.1		13.5		37.0
Performance allocation compensation	—		(1.1)		—		(1.1)
General and administrative	4.3		2.5		1.9		8.7
Depreciation and amortization	40.1		—		—		40.1
Total expenses	106.2		11.5		15.4		133.1
Interest expense	(41.0)		—		(25.0)		(66.0)
Loss on extinguishment of debt	(1.7)		—		—		(1.7)
Other income	13.0		—		11.3		24.3
Provision for income taxes	(6.2)		—		(4.1)		(10.3)
Net income (loss)	69.0		10.9		(32.6)		47.3
Net loss attributable to noncontrolling interests	0.1		—		—		0.1
Preferred dividends	—		—		(8.4)		(8.4)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	69.1	$	10.9	$	(41.0)	$	39.0


	Six Months Ended June 30, 2023

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	213.2	$	—	$	—	$	213.2
Hotel	26.1		—		—		26.1
Investment management fees	—		30.1		—		30.1
Loans	—		8.4		—		8.4
Other	—		—		0.9		0.9
Total revenue	239.3		38.5		0.9		278.7

Income (loss) from unconsolidated investments
Principal co-investments	—		22.7		—		22.7
Performance allocations	—		(18.4)		—		(18.4)
Income from unconsolidated investments	—		4.3		—		4.3

Gain on sale of real estate, net	108.2		—		—		108.2

Expenses
Rental	75.3		—		—		75.3
Hotel	17.6		—		—		17.6
Compensation and related	23.2		18.5		25.9		67.6
Performance allocation compensation	—		0.5		—		0.5
General and administrative	7.9		5.7		3.5		17.1
Depreciation and amortization	79.5		—		—		79.5
Total expenses	203.5		24.7		29.4		257.6
Interest expense	(78.2)		—		(50.1)		(128.3)
Loss on extinguishment of debt	(1.6)		—		—		(1.6)
Other income	12.0		—		9.3		21.3
(Provision for) benefit from income taxes	(8.0)		—		1.6		(6.4)
Net income (loss)	68.2		18.1		(67.7)		18.6
Net income attributable to noncontrolling interests	(4.1)		—		—		(4.1)
Preferred dividends	—		—		(16.3)		(16.3)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	64.1	$	18.1	$	(84.0)	$	(1.8)


	Three Months Ended June 30, 2022

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	109.3	$	—	$	—	$	109.3
Hotel	12.7		—		—		12.7
Investment management fees	—		11.0		—		11.0
Loans	—		2.7		—		2.7
Other	—		—		0.4		0.4
Total revenue	122.0		13.7		0.4		136.1

Income (loss) from unconsolidated investments
Principal co-investments	—		39.4		—		39.4
Performance allocations	—		(8.7)		—		(8.7)
Income from unconsolidated investments	—		30.7		—		30.7

Gain on sale of real estate, net	11.9		—		—		11.9

Expenses
Rental	36.4		—		—		36.4
Hotel	7.6		—		—		7.6
Compensation and related	9.8		10.9		13.1		33.8
Performance allocation compensation	—		(2.0)		—		(2.0)
General and administrative	3.6		3.9		1.9		9.4
Depreciation and amortization	43.3		—		—		43.3
Total expenses	100.7		12.8		15.0		128.5
Interest expense	(30.7)		—		(22.5)		(53.2)
Loss on extinguishment	(1.1)		—		—		(1.1)
Other income	2.8		—		0.8		3.6
(Provision for) benefit from income taxes	(8.5)		—		8.1		(0.4)
Net (loss) income	(4.3)		31.6		(28.2)		(0.9)
Net income attributable to noncontrolling interests	(0.3)		—		—		(0.3)
Preferred dividends	—		—		(7.8)		(7.8)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(4.6)	$	31.6	$	(36.0)	$	(9.0)


	Six Months Ended June 30, 2022

(Dollars in millions)	Consolidated		Co-Investments		Corporate		Total
Revenue
Rental	$	213.5	$	—	$	—	$	213.5
Hotel	19.2		—		—		19.2
Investment management fees	—		22.3		—		22.3
Loans	—		5.0		—		5.0
Other	—		—		0.8		0.8
Total revenue	232.7		27.3		0.8		260.8

Income from unconsolidated investments
Principal co-investments	—		117.6		—		117.6
Performance allocations	—		18.5		—		18.5
Income from unconsolidated investments	—		136.1		—		136.1

Gain on sale of real estate, net	13.8		—		—		13.8

Expenses
Rental	72.1		—		—		72.1
Hotel	11.9		—		—		11.9
Compensation and related	18.0		25.3		26.6		69.9
Performance allocation compensation	—		9.8		—		9.8
General and administrative	6.1		7.6		3.6		17.3
Depreciation and amortization	86.6		—		—		86.6
Total expenses	194.7		42.7		30.2		267.6
Interest expense	(59.7)		—		(44.0)		(103.7)
Loss on extinguishment of debt	(1.1)		—		—		(1.1)
Other income	5.9		—		3.5		9.4
(Provision for) benefit from income taxes	(10.4)		—		1.8		(8.6)
Net (loss) income	(13.5)		120.7		(68.1)		39.1
Net income attributable to noncontrolling interests	(0.2)		—		—		(0.2)
Preferred dividends	—		—		(13.1)		(13.1)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(13.7)	$	120.7	$	(81.2)	$	25.8


(Dollars in millions)	June 30, 2023		December 31, 2022
Total assets
Consolidated	$	5,338.6	$	5,684.1
Co-investment	2,565.0		2,387.5
Corporate	290.3		200.2
Total assets	$	8,193.9	$	8,271.8