The investigation seeks to determine whether Kennedy-Wilson and/or the company's officers and directors violated the securities laws or breached their fiduciary duties to investors in connection with recent corporate actions. Kennedy-Wilson shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) for additional information about this investigation and their legal rights and options at (484) 229 – 0750. Alternatively, investors may contact the firm by clicking ...

Revenue and Income - Total segment revenue for the three months ended September 30, 2025, was $116.3 million, compared to $87.2 million in rental revenue[298]. - Rental income decreased to $87.2 million for the three months ended September 30, 2025, down from $97.8 million in 2024, primarily due to asset sales and deconsolidations[305]. - Total revenues for the same property market rate multifamily units increased by 2.1% for the three months ended September 30, 2025, compared to the same period in 2024[302]. - Total segment revenue for the nine months ended September 30, 2025, was $379.8 million, compared to $395.0 million for the same period in 2024[331][332]. - Total revenue for Q3 2025 was $116.4 million, a decrease of 8.7% from $127.5 million in Q3 2024[420]. - Total income from unconsolidated investments for Q3 2025 was $34.5 million, compared to $20.3 million in Q3 2024[422]. Adjusted EBITDA and Performance Metrics - Segment Adjusted EBITDA for the same period was $130.6 million, with $50.9 million from rental and $79.7 million from co-investments[298]. - Adjusted EBITDA is used by management to analyze business performance, excluding non-cash related expenses[15]. - Segment Adjusted EBITDA increased to $130.6 million for the three months ended September 30, 2025, up from $80.5 million in the same period of 2024, reflecting a growth of 62.1%[300]. - Adjusted EBITDA for the three months ended September 30, 2025, was $125.2 million, significantly higher than $66.4 million in 2024, reflecting a year-over-year increase of 88.5%[410]. - Segment Adjusted EBITDA for the nine months ended September 30, 2025, was $392.6 million, compared to $361.9 million for the same period in 2024[331][332]. - Same Property NOI (Net Effective) for the nine months ended September 30, 2025, was $248.4 million, compared to $246.7 million in the same period of 2024[422]. Net Loss and Comprehensive Loss - Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders was $21.2 million for the three months ended September 30, 2025[298]. - GAAP net loss to common shareholders was $77.4 million for the three months ended September 30, 2024, compared to a net loss of $21.2 million for the same period in 2025, indicating a significant improvement[300]. - The company experienced a comprehensive loss of $25.3 million for the three months ended September 30, 2025, compared to a loss of $45.2 million in the same period in 2024[329]. - For the nine months ended September 30, 2025, the net loss was $34.2 million, compared to a net loss of $77.4 million in 2024, indicating a 55.8% improvement[411]. - The company recorded a loss from unconsolidated investments of $34.5 million for the three months ended September 30, 2025, compared to a loss of $20.3 million in 2024[315]. Expenses and Interest - Total segment expenses amounted to $67.4 million, with $47.4 million from rental and $20.0 million from co-investments[298]. - Rental segment expenses included $34.7 million, while compensation and related expenses totaled $19.6 million[298]. - Interest expense decreased to $34.4 million for the three months ended September 30, 2025, down from $41.3 million in 2024, due to a decline in consolidated mortgage balances[311]. - Interest expense decreased to $108.6 million for the nine months ended September 30, 2025, compared to $120.6 million in 2024, due to reduced consolidated mortgage balances[347]. - The company reported interest expense of $182.3 million for the nine months ended September 30, 2025, down from $195.4 million in 2024, representing a decrease of 5.3%[411]. Real Estate and Acquisitions - The company completed $253.1 million in gross real estate acquisitions during the three months ended September 30, 2025, with a 14.1% ownership interest[302]. - The company acquired nine multifamily properties and industrial properties for $682.8 million, with a weighted-average ownership interest of 13.0%[342]. - Gain on sale of real estate, net was a loss of $65.4 million for the nine months ended September 30, 2025, compared to a gain of $112.8 million in the same period in 2024[341]. Cash Flow and Financing Activities - Net cash used in operating activities for the nine months ended September 30, 2025, was $17.5 million, compared to $25.5 million provided in the same period of 2024[384]. - Net cash provided by investing activities for the nine months ended September 30, 2025, was $591.7 million, significantly higher than $258.2 million in 2024[385][386]. - Net cash used in financing activities totaled $413.2 million for the nine months ended September 30, 2025, compared to $237.8 million in 2024[387][388]. - The company repurchased $9.2 million of its common stock under the share repurchase plan during the nine months ended September 30, 2025[387]. - The board of directors authorized an expansion of the share repurchase plan from $250 million to $500 million, with $100.9 million remaining as of September 30, 2025[378]. Debt and Obligations - Total contractual cash obligations amounted to $4,657.8 million, with $444.8 million due in less than one year[389]. - Total borrowings include $2,384.4 million in mortgage debt, $1,800.0 million in senior notes, and $352.5 million in KWE unsecured bonds[389]. - The Company issued $500.0 million of 4.750% senior notes due 2029 and $500.0 million of 5.000% senior notes due 2031, with additional notes issued later[392]. - The Company has $102.3 million outstanding on its Third A&R Facility, with $447.7 million available to be drawn as of September 30, 2025[396]. - The Third A&R Facility has a maturity date of September 12, 2027, with an option to extend by one year[395]. Development Projects - The company is nearing completion of a 10-year development pipeline totaling $5 billion, with 420 multifamily units actively being developed[370]. - The company expects to spend an additional $21.0 million to complete the currently active development project, fully funded with a property-level construction loan[370]. - The company is developing 1,960 affordable and/or age-restricted multifamily units within its VHH platform, expecting no cash equity basis at completion due to the use of property-level debt[371]. - The company has seven unstabilized assets totaling 1.4 million commercial square feet and 150 hotel rooms, with projected costs to complete of $21.3 million[375]. Foreign Currency and Other Income - The company recorded unrealized foreign currency translation gains of $73.0 million for the nine months ended September 30, 2025, driven by the strengthening of the Euro and GBP against the US Dollar[364]. - Other income increased to $0.2 million for the three months ended September 30, 2025, compared to a loss of $8.3 million for the same period in 2024[326].

Financial Data and Key Metrics Changes - The company reported a GAAP EPS loss of $0.15 per share, an improvement from a loss of $0.56 per share in Q3 of the previous year [12] - Adjusted EBITDA for Q3 totaled $125 million, nearly double the $66 million reported in Q3 of last year, with year-to-date adjusted EBITDA increasing by 6% to $371 million [12] - Investment management fees increased by 8% in the quarter and 23% year-to-date, reflecting growth in the investment management business [12] Business Line Data and Key Metrics Changes - Assets under management (AUM) grew to $31 billion in Q3, an 11% increase year-over-year, while fee-bearing capital rose to $9.7 billion, a 10% increase [5] - The company deployed or committed approximately $900 million in Q3, bringing total capital deployment to $3.5 billion year-to-date [6] - The credit team originated $600 million in new rental housing construction loans in Q3, totaling $2.6 billion for the year [6] Market Data and Key Metrics Changes - The rental housing sector continues to experience a supply-demand imbalance, with strong demand and occupancy rates over 94% [15] - Same-store NOI for the U.S. market-rate portfolio grew by 2.4%, with revenues up 1.3% and expenses down due to favorable property taxes [15] - In Ireland, same-property occupancy increased by 1.7%, leading to revenue and NOI growth of 6% [17] Company Strategy and Development Direction - The company is focused on expanding its investment management platform and monetizing non-core assets, with a pending acquisition of Toll Brothers Apartment Living platform expected to add $5 billion to AUM [9][10] - The strategy includes targeting rental housing, with over 70% of AUM expected to be attributable to this sector [10] - The company aims to capitalize on the structural undersupply of housing, positioning itself to benefit from long-term rental demand [10] Management's Comments on Operating Environment and Future Outlook - Management noted improvements in the cost and availability of capital, with lower borrowing costs supporting higher transaction levels [10] - The company anticipates continued growth in its investment management business while successfully monetizing non-core assets [17] - Management expressed confidence in the strength of rental fundamentals and the ongoing demand for rental housing [10] Other Important Information - The Board of Directors is evaluating a proposal for a potential take-private transaction, with a special committee formed for this purpose [3] - The company has successfully generated $470 million in cash from asset sales year-to-date, exceeding its target of $400 million for the year [9] Q&A Session Summary Question: Cap rates for multifamily in various markets - Management indicated that cap rates vary widely, trading in the high 4s to high 5s, depending on asset age and sub-market conditions [19][20] Question: Impact of government shutdown on affordable multifamily portfolio - Management reported no significant impact from the government shutdown, attributing any NOI weakness to expense-driven factors [25][26] Question: Fundraising and market share - Management noted challenges in capital raising for private equity firms but highlighted success in capital deployment, particularly in Asia and North America [27][28] Question: Loan origination volume in Q3 - Management acknowledged a seasonal slowdown in Q3 origination volumes but emphasized a strong pipeline and continued activity in the loan space [33][35] Question: Growth of the U.K. single-family rental platform - Management reported good growth in the U.K. platform, with nearly 1,300 homes committed and expectations for further acquisitions in Q4 [36][38] Question: U.K. office occupancy decline - Management explained that the decline was due to lease move-outs, with expectations for occupancy to improve as backfills are completed [39][41]

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Crude Value Insights offers you an investing service and community focused on oil and natural gas. We focus on cash flow and the companies that generate it, leading to value and growth prospects with real potential.Subscribers get to use a 50+ stock model account, in-depth cash flow analyses of E&P firms, and live chat discussion of the sector.Sign up today for your two-week free trial and get a new lease on oil & gas! ...

Core Viewpoint - Banca Mediolanum has revised its forecast for 2025 net interest income to be around the same level as last year's, following an 8% increase in net income for the recent period [1] Financial Performance - The company reported an 8% increase in net income for the recent period, indicating strong financial performance [1] - The updated forecast for 2025 net interest income reflects a positive outlook compared to previous estimates communicated in July [1]

Financial Performance - Kennedy Wilson reported a GAAP net loss of $21.2 million for Q3 2025, compared to a loss of $77.4 million in Q3 2024, with a diluted loss per share of $0.15[7]. - Adjusted EBITDA for Q3 2025 was $125.2 million, significantly up from $66.4 million in Q3 2024, while year-to-date adjusted EBITDA reached $370.5 million compared to $348.9 million in the previous year[7]. - Total revenue for Q3 2025 was $116.4 million, a decrease of 8.7% compared to $127.5 million in Q3 2024[27]. - The company reported a basic loss per share of $0.15 for Q3 2025, compared to a loss of $0.56 per share in Q3 2024[27]. - Net loss attributable to common shareholders for Q3 2025 was $21.2 million, compared to a net loss of $77.4 million in Q3 2024[27]. - Total revenues for the nine months ended September 30, 2025, increased to $267.2 million, up 2.4% from $260.7 million in 2024[96]. - The company reported a net loss of $68.4 million for the nine months ended September 30, 2025, compared to a loss of $109.6 million in the same period of 2024[122]. Revenue Sources - Rental revenue decreased to $87.2 million in Q3 2025 from $97.8 million in Q3 2024, representing a decline of 6.1%[27]. - Investment management fees increased to $23.4 million in Q3 2025, up 8.3% from $21.6 million in Q3 2024[27]. - Total revenues for the investment management segment increased to $85.1 million for YTD 2025, compared to $69.6 million for YTD 2024[88]. - The total revenues for the market rate portfolio in Q3 2025 were $74.1 million, a 2.1% increase from $72.5 million in Q3 2024[92]. - The total net operating income for the affordable portfolio was $20.5 million in Q3 2025, compared to $20.0 million in Q3 2024, reflecting a 2.3% increase[92]. Assets and Liabilities - Total assets as of September 30, 2025, were $6,698.2 million, down from $6,961.1 million as of December 31, 2024[24]. - Total liabilities decreased to $5,138.2 million as of September 30, 2025, from $5,325.1 million as of December 31, 2024[24]. - Cash and cash equivalents increased to $382.6 million as of September 30, 2025, from $217.5 million as of December 31, 2024[24]. - The company’s total debt, including senior notes and credit facilities, was reported at $7,383.6 million as of September 30, 2025, down from $7,507.5 million[43]. - The company has a total consolidated debt of $2,330.8 million as of September 30, 2025, with a net debt of $2,218.8 million[83]. Operational Metrics - Estimated annual NOI decreased to $434 million as of Q3 2025, down from $467 million in Q4 2024, primarily due to transaction activity and operational changes[9]. - Total Estimated Annual NOI from income-producing assets is $434.2 million, with 51% derived from consolidated assets[50]. - The average monthly rent per market-rate unit in the multifamily portfolio is $1,881, with an estimated annual NOI of $273.4 million[57]. - The average occupancy rate for the market rate portfolio was 95.1% in Q3 2025, up from 94.9% in Q3 2024[92]. - The total number of units stabilized as of September 30, 2025, was 38,492[96]. Debt and Interest Rates - Approximately 96% of the company's debt is either fixed or hedged, with a weighted average effective interest rate of 4.7%[18]. - The effective interest rate on the company's debt is 4.6%, while the contractual interest rate is 4.9%[83]. - Interest expense for Q3 2025 was $93.2 million, a decrease from $100.5 million in Q3 2024[141]. Acquisitions and Investments - Kennedy Wilson announced the acquisition of Toll Brothers' Apartment Living platform, expected to add $5 billion in AUM and expand the rental housing portfolio to over 60,000 units[7][12]. - The company completed real estate acquisitions totaling $932.0 million year-to-date 2025, with a cap rate of 5.5%[116]. - The company has 23 investments in the residential and other category, contributing to a total estimated annual NOI of $12 million[56]. Market Presence and Strategy - The company continues to focus on expanding its market presence and enhancing its portfolio through strategic acquisitions and developments[160]. - The company has exposure to both fixed and floating rate debt through its corporate debt and debt encumbering its consolidated properties[86].

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - SMX (Security Matters) Public Limited Company (SMX) increased by 52% to $2.24 [3] - Entravision Communications Corporation (EVC) rose by 33% to $2.66 [3] - Babcock & Wilcox Enterprises, Inc. (BW) saw a 28% increase to $4.79 [3] - NeuroPace, Inc. (NPCE) gained 24% reaching $11.71 [3] - Kennedy-Wilson Holdings, Inc. (KW) also increased by 24% to $9.30 [3] - Rigel Pharmaceuticals, Inc. (RIGL) rose by 22% to $34.72 [3] - Digital Turbine, Inc. (APPS) increased by 21% to $7.20 [3] - Lumentum Holdings Inc. (LITE) saw a 15% increase to $218.06 [3] - AsiaStrategy (SORA) rose by 14% to $3.63 [3] - Marine Petroleum Trust (MARPS) increased by 7% to $5.05 [3] Premarket Losers - Biohaven Ltd. (BHVN) decreased by 42% to $7.96 [4] - Trex Company, Inc. (TREX) fell by 34% to $30.65 [4] - Soleno Therapeutics, Inc. (SLNO) saw a 23% decline to $49.00 [4] - Axon Enterprise, Inc. (AXON) decreased by 19% to $572.00 [4] - Clover Health Investments, Corp. (CLOV) fell by 19% to $2.82 [4] - Pinterest, Inc. (PINS) decreased by 18% to $26.91 [4] - SSR Mining Inc. (SSRM) saw a 17% decline to $17.91 [4] - Upstart Holdings, Inc. (UPST) decreased by 16% to $38.81 [4] - WF International Limited (WXM) fell by 12% to $2.25 [4] - Corsair Gaming, Inc. (CRSR) decreased by 11% to $6.66 [4]

Core Points - Kennedy Wilson, a global real estate investment company, is set to release its third quarter 2025 financial results on November 5, 2025, after market close [1] - A live conference call and webcast will be held on November 6, 2025, at 9:00 a.m. PT / 12:00 p.m. ET to discuss the results [1] - The direct dial-in number for U.S. callers is (844) 340-4761, and for international callers, it is +1 (412) 717-9616 [1]

Group 1 - Kennedy Wilson is acquiring Toll Brothers Apartment Living platform for $347 million, which includes a portfolio of completed properties and assets under development valued at $2.2 billion [7] - The transaction is expected to close in October and will enhance Kennedy Wilson's national platform in the rental housing space, totaling over 80,000 units [4][7] - The acquisition will allow Kennedy Wilson to manage 20 apartment and student housing properties from Toll Brothers, totaling over $3 billion in assets under management [7] Group 2 - Kennedy Wilson plans to invest approximately $90 million in the acquired interests, indicating a strong commitment to the rental housing sector [3] - The deal will create a mutually beneficial pipeline of shared deal flow, as Kennedy Wilson will refer for-sale housing opportunities to Toll Brothers, while receiving rental housing opportunities in return [5] - Toll Brothers aims to focus on its core homebuilding business and transition to a more asset-light model following the sale [6]