Kennedy-Wilson Holdings, Inc. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in revenue and an increase in net losses compared to the previous fiscal period. For the third quarter of 2024, total revenue was $127.5 million, down from $143.8 million in Q3 2023. The nine-month revenue also decreased to $395.9 million from $422.5 million year-over-year. The decline in revenue was primarily attributed to a drop in rental income, which fell to $97.8 million from $102.4 million, and a significant decrease in gains on the sale of real estate, which dropped to $6.2 million from $30.4 million in the same quarter last year.
Despite a reduction in total expenses to $110.6 million from $120.5 million in Q3 2023, the company reported a net loss of $66.8 million for the quarter, compared to a loss of $64.1 million in the prior year. The net loss attributable to common shareholders was $77.4 million, an improvement from a loss of $92.2 million in Q3 2023. For the nine months ended September 30, 2024, the net loss attributable to common shareholders increased to $109.6 million from $94.0 million in the same period of 2023.
Kennedy-Wilson's total assets as of September 30, 2024, were reported at $7,444.2 million, down from $7,712.1 million at the end of 2023. Total liabilities also decreased to $5,791.4 million from $5,913.7 million. The company’s accumulated deficit increased to $(510.3) million from $(349.0) million, while total equity fell to $1,652.8 million from $1,798.4 million.
Strategically, Kennedy-Wilson has focused on its investment management platform, which generated $69.0 million in asset management fees for the nine months ended September 30, 2024, marking a 51% increase from the same period in 2023. The company also reported net cash provided by operating activities of $25.5 million for the nine months, a significant improvement from cash used in operations of $(2.7) million in the prior year.
In terms of acquisitions, Kennedy-Wilson spent $16.6 million on consolidated acquisitions of rental properties in the UK during the nine months ended September 30, 2024. The company also recognized net gains on the sale of real estate totaling $112.8 million for the nine-month period, primarily from the sale of the Shelbourne hotel.
Overall, while Kennedy-Wilson experienced a decline in revenue and increased losses, it also demonstrated growth in its investment management fees and improved cash flow from operations, indicating a mixed performance in the current fiscal period.
About Kennedy-Wilson Holdings, Inc.
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