Investments in Joint Ventures

12 Months Ended

Dec. 31, 2011

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

INVESTMENTS IN JOINT VENTURES

Kennedy-Wilson has a number of joint venture interests, generally ranging from 5% to approximately 50%, that were formed to acquire, manage, and/or sell real estate and invest in loan pools and discounted loan portfolios.

Summarized financial data of the joint ventures is as follows:



	December 31, 2011						Year Ended December 31, 2010
	Greater than 20% ⁽¹⁾		Other		Total		Greater than 20% ⁽¹⁾		Other		Total
Balance sheets for equity method investments:
Assets
Cash and restricted cash	$	1,923,000	$	63,369,000	$	65,292,000	$	52,040,000	$	26,043,000	$	78,083,000
Real estate	314,975,000		2,878,497,000		3,193,472,000		824,903,000		1,906,648,000		2,731,551,000
Loan pool participation ⁽²⁾	344,831,000		—		344,831,000		—		—		—
Other	5,308,000		167,678,000		172,986,000		17,627,000		211,708,000		229,335,000
Total assets	$	667,037,000	$	3,109,544,000	$	3,776,581,000	$	894,570,000	$	2,144,399,000	$	3,038,969,000

Liabilities
Debt	$	449,991,000	$	1,737,194,000	$	2,187,185,000	$	419,772,000	$	1,417,406,000	$	1,837,178,000
Other	4,641,000		68,517,000		73,158,000		22,676,000		47,727,000		70,403,000
Total liabilities	454,632,000		1,805,711,000		2,260,343,000		442,448,000		1,465,133,000		1,907,581,000
Partners’ capital
Kennedy Wilson - investments in joint ventures	24,340,000		303,731,000		328,071,000		144,039,000		112,895,000		256,934,000
Kennedy Wilson - investments in loan pool participation ⁽²⁾	61,262,000		—		61,262,000		—		—		—
Other partners	126,803,000		1,000,102,000		1,126,905,000		308,083,000		566,371,000		874,454,000
Total partners’ capital	212,405,000		1,303,833,000		1,516,238,000		452,122,000		679,266,000		1,131,388,000
Total liabilities and partners’ capital	$	667,037,000	$	3,109,544,000	$	3,776,581,000	$	894,570,000	$	2,144,399,000	$	3,038,969,000

Total investments are comprised of the following:



	December 31, 2011						Year Ended December 31, 2010
	Greater than 20% ⁽¹⁾		Other		Total		Greater than 20% ⁽¹⁾		Other		Total
Equity method	$	24,340,000	$	303,731,000	$	328,071,000	$	144,039,000	$	112,895,000	$	256,934,000
Unrealized gain on fair value option	10,794,000		—		10,794,000		—		7,384,000		7,384,000
	35,134,000		303,731,000		338,865,000		144,039,000		120,279,000		264,318,000
Cost method	—		4,502,000		4,502,000		—		2,535,000		2,535,000
Total Investments in joint ventures	35,134,000		308,233,000		343,367,000		144,039,000		122,814,000		266,853,000
Loan pool participation ⁽²⁾	61,262,000		—		61,262,000		—		—		—
Total	$	96,396,000	$	308,233,000	$	404,629,000	$	144,039,000	$	122,814,000	$	266,853,000

—————

⁽¹⁾ Investments in these joint ventures or loan pool participation exceeds 20% of the total assets of Kennedy-Wilson as of December 31, 2011 or 2010 or equity in income from the joint venture or income from loan pool participation for the year ended December 31, 2011, 2010 or 2009 exceeds 20% of Kennedy-Wilson's income from continuing operations before income taxes for the year ended December 31, 2011, 2010 or 2009.

⁽²⁾ This loan pool has been included in the investment in joint ventures footnote great than 20% column as this entity was determined to be a significant subsidiary for purposes of S-X §210.3-09. See further discussion on this loan pool participation in note 8.



	December 31, 2011			Year Ended December 31, 2010
	Greater than 20% ⁽¹⁾	Other	Total	Greater than 20% ⁽¹⁾	Other	Total
Statements of income:
Revenues	$45,817,000	$249,096,000	$294,913,000	$58,843,000	$142,098,000	$200,941,000
Depreciation	10,238,000	48,361,000	58,599,000	16,318,000	40,512,000	56,830,000
Interest	13,950,000	69,282,000	83,232,000	18,412,000	48,806,000	67,218,000
Other expenses	16,542,000	127,785,000	144,327,000	34,615,000	77,670,000	112,285,000
Total expenses	40,730,000	245,428,000	286,158,000	69,345,000	166,988,000	236,333,000
Gains on extinguishment of debt	—	9,351,000	9,351,000	9,092,000	4,734,000	13,826,000
Net (loss) Income	$5,087,000	$13,019,000	$18,106,000	$(1,410,000)	$(20,156,000)	$(21,566,000)
Net income allocation:
Kennedy Wilson - investments in joint ventures	$1,274,000	$7,823,000	$9,097,000	$5,568,000	$2,503,000	$8,071,000
Kennedy Wilson - investments in loan pool participation ⁽²⁾	1,400,000	—	1,400,000	—	—	—
Other partners	2,413,000	5,196,000	7,609,000	(6,978,000)	(22,659,000)	(29,637,000)
Net (loss) income	$5,087,000	$13,019,000	$18,106,000	$(1,410,000)	$(20,156,000)	$(21,566,000)



	Year Ended December 31, 2009
	Greater than 20% ⁽¹⁾		Other			Total
Statements of income:
Revenues	$	32,750,000	$	140,119,000		$	172,869,000
Depreciation	12,021,000		36,221,000			48,242,000
Interest	14,828,000		51,764,000			66,592,000
Other expenses	17,361,000		66,228,000			83,589,000
Total expenses	44,210,000		154,213,000			198,423,000
Gains on extinguishment of debt	28,320,000		—			28,320,000
Net (loss) Income	$	16,860,000	$	(14,094,000	)	$	2,766,000
Net income allocation:
Kennedy Wilson	$	5,949,000	$	3,107,000		$	9,056,000
Other partners	10,911,000		(17,201,000		)	(6,290,000		)
Net (loss) income	$	16,860,000	$	(14,094,000	)	$	2,766,000

Equity in joint venture income for the years ended December 31:



	2011		2010		2009
Net income allocation	$	9,097,000	$	8,071,000	$	9,056,000
Unrealized gain on fair value option	3,410,000		2,477,000		(1,037,000		)
Total equity in joint venture income	$	12,507,000	$	10,548,000	$	8,019,000
Participation income allocation	$	1,400,000	$	—	$	—

—————

⁽¹⁾ See discussion above.

⁽²⁾ See discussion above.

In 2010, Kennedy-Wilson formed a new joint venture platform which provides for a capital commitment from a joint venture partner in the amount of $250 million with Kennedy-Wilson's capital commitment totaling $28 million. The commitment from the partner has a three-year investment period and each proposed investment within the platform is at the discretion of the joint venture partner. As of December 31, 2011, the partner has contributed $223.2 million of capital into three joint ventures. Through December 31, 2011, Kennedy-Wilson has contributed capital in the amount of $19.0 million into the three joint ventures. Of this amount, $11.4 million was used to buyout ownership interests from an existing joint venture partner in KW Residential, LLC ("KWR"). The remaining amount of $7.6 million was used to invest in five new investments.

Additionally, during 2011 and 2010, Kennedy-Wilson invested $63.6 million and $14.2 million, respectively, in twenty new joint ventures and recapitalized seven joint ventures with $2.7 million and $11.5 million, respectively, to buyout ownership interests from existing joint venture partners.

During 2011 and 2010, Kennedy-Wilson made $40.3 million and $31.0 million, respectively, in additional contributions to existing joint venture investments. Of this amount $8.1 million and $17.4 million, respectively, was used by several joint ventures to pay down and/or refinance existing debt, which resulted in $1.1 million and $5.3 million, respectively, of gains from the early extinguishment of debt that is included in equity in joint venture income in the accompanying consolidated statements of operations and comprehensive (loss) income.

In 2011 and 2010, Kennedy-Wilson received $36.3 million and $16.1 million in distributions from its joint ventures, of which $3.6 million and $5.9 million was from operations and $32.7 million and $10.2 million was return of capital, respectively.

In 2011 and 2010, Kennedy-Wilson recognized $6.2 million and $10.1 million, respectively, in gains from foreign currency translation adjustments from its investment in KWR. The foreign currency gain is included in other comprehensive income, net of deferred income taxes of $2.5 million and $4.1 million in the accompanying consolidated statements of operations and comprehensive (loss) income.

Kennedy-Wilson has determined that it has investments in four variable interest entities as of December 31, 2011 and had no investments in variable interest entities as of December 31, 2010 and has concluded that Kennedy-Wilson is not the primary beneficiary. As of December 31, 2011, the variable interest entities had assets totaling $641.3 million with Kennedy-Wilson’s exposure to loss as a result of its interests in these variable interest entities totaling $71.0 million related to its equity contributions. In addition, as of December 31, 2011, Kennedy-Wilson had $4.8 million in the form of loan guarantees that represented 8% of the mortgage loans of the underlying variable interest entities.

Investments in which Kennedy-Wilson does not have significant influence are accounted for under the cost method of accounting. As of December 31, 2011 and 2010, Kennedy-Wilson had four investments accounted for under the cost method with a carrying value totaling $4.5 million and $2.5 million, respectively.

Total deferred revenues and gains on sale of investments in joint ventures included in accrued expenses and other liabilities were $4,101,000 and $3,943,000 at December 31, 2011 and 2010, respectively.

Statement [Line Items]

Equity Method Investments Disclosure [Text Block]

INVESTMENTS IN JOINT VENTURES

Summarized financial data of the joint ventures is as follows:



	December 31, 2011						Year Ended December 31, 2010
	Greater than 20% ⁽¹⁾		Other		Total		Greater than 20% ⁽¹⁾		Other		Total
Balance sheets for equity method investments:
Assets
Cash and restricted cash	$	1,923,000	$	63,369,000	$	65,292,000	$	52,040,000	$	26,043,000	$	78,083,000
Real estate	314,975,000		2,878,497,000		3,193,472,000		824,903,000		1,906,648,000		2,731,551,000
Loan pool participation ⁽²⁾	344,831,000		—		344,831,000		—		—		—
Other	5,308,000		167,678,000		172,986,000		17,627,000		211,708,000		229,335,000
Total assets	$	667,037,000	$	3,109,544,000	$	3,776,581,000	$	894,570,000	$	2,144,399,000	$	3,038,969,000

Liabilities
Debt	$	449,991,000	$	1,737,194,000	$	2,187,185,000	$	419,772,000	$	1,417,406,000	$	1,837,178,000
Other	4,641,000		68,517,000		73,158,000		22,676,000		47,727,000		70,403,000
Total liabilities	454,632,000		1,805,711,000		2,260,343,000		442,448,000		1,465,133,000		1,907,581,000
Partners’ capital
Kennedy Wilson - investments in joint ventures	24,340,000		303,731,000		328,071,000		144,039,000		112,895,000		256,934,000
Kennedy Wilson - investments in loan pool participation ⁽²⁾	61,262,000		—		61,262,000		—		—		—
Other partners	126,803,000		1,000,102,000		1,126,905,000		308,083,000		566,371,000		874,454,000
Total partners’ capital	212,405,000		1,303,833,000		1,516,238,000		452,122,000		679,266,000		1,131,388,000
Total liabilities and partners’ capital	$	667,037,000	$	3,109,544,000	$	3,776,581,000	$	894,570,000	$	2,144,399,000	$	3,038,969,000

Total investments are comprised of the following:



	December 31, 2011						Year Ended December 31, 2010
	Greater than 20% ⁽¹⁾		Other		Total		Greater than 20% ⁽¹⁾		Other		Total
Equity method	$	24,340,000	$	303,731,000	$	328,071,000	$	144,039,000	$	112,895,000	$	256,934,000
Unrealized gain on fair value option	10,794,000		—		10,794,000		—		7,384,000		7,384,000
	35,134,000		303,731,000		338,865,000		144,039,000		120,279,000		264,318,000
Cost method	—		4,502,000		4,502,000		—		2,535,000		2,535,000
Total Investments in joint ventures	35,134,000		308,233,000		343,367,000		144,039,000		122,814,000		266,853,000
Loan pool participation ⁽²⁾	61,262,000		—		61,262,000		—		—		—
Total	$	96,396,000	$	308,233,000	$	404,629,000	$	144,039,000	$	122,814,000	$	266,853,000

—————



	December 31, 2011			Year Ended December 31, 2010
	Greater than 20% ⁽¹⁾	Other	Total	Greater than 20% ⁽¹⁾	Other	Total
Statements of income:
Revenues	$45,817,000	$249,096,000	$294,913,000	$58,843,000	$142,098,000	$200,941,000
Depreciation	10,238,000	48,361,000	58,599,000	16,318,000	40,512,000	56,830,000
Interest	13,950,000	69,282,000	83,232,000	18,412,000	48,806,000	67,218,000
Other expenses	16,542,000	127,785,000	144,327,000	34,615,000	77,670,000	112,285,000
Total expenses	40,730,000	245,428,000	286,158,000	69,345,000	166,988,000	236,333,000
Gains on extinguishment of debt	—	9,351,000	9,351,000	9,092,000	4,734,000	13,826,000
Net (loss) Income	$5,087,000	$13,019,000	$18,106,000	$(1,410,000)	$(20,156,000)	$(21,566,000)
Net income allocation:
Kennedy Wilson - investments in joint ventures	$1,274,000	$7,823,000	$9,097,000	$5,568,000	$2,503,000	$8,071,000
Kennedy Wilson - investments in loan pool participation ⁽²⁾	1,400,000	—	1,400,000	—	—	—
Other partners	2,413,000	5,196,000	7,609,000	(6,978,000)	(22,659,000)	(29,637,000)
Net (loss) income	$5,087,000	$13,019,000	$18,106,000	$(1,410,000)	$(20,156,000)	$(21,566,000)



	Year Ended December 31, 2009
	Greater than 20% ⁽¹⁾		Other			Total
Statements of income:
Revenues	$	32,750,000	$	140,119,000		$	172,869,000
Depreciation	12,021,000		36,221,000			48,242,000
Interest	14,828,000		51,764,000			66,592,000
Other expenses	17,361,000		66,228,000			83,589,000
Total expenses	44,210,000		154,213,000			198,423,000
Gains on extinguishment of debt	28,320,000		—			28,320,000
Net (loss) Income	$	16,860,000	$	(14,094,000	)	$	2,766,000
Net income allocation:
Kennedy Wilson	$	5,949,000	$	3,107,000		$	9,056,000
Other partners	10,911,000		(17,201,000		)	(6,290,000		)
Net (loss) income	$	16,860,000	$	(14,094,000	)	$	2,766,000

Equity in joint venture income for the years ended December 31:



	2011		2010		2009
Net income allocation	$	9,097,000	$	8,071,000	$	9,056,000
Unrealized gain on fair value option	3,410,000		2,477,000		(1,037,000		)
Total equity in joint venture income	$	12,507,000	$	10,548,000	$	8,019,000
Participation income allocation	$	1,400,000	$	—	$	—

—————

⁽¹⁾ See discussion above.

⁽²⁾ See discussion above.

BASGF [Member]

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

During 2008, the Company acquired a member's interest in the following unconsolidated real estate entities: 300 California Partners, LLC (300 California) and Bay Fund Opportunity, LLC (Marina Shores and Marina Cove). The Company acquired its interests in these entities in May 2008 and June 2008, respectively.

300 California is a venture between the Company and two other members affiliated through common management and a common investor. 300 California owns and leases an office building located in San Francisco, California. 300 California had a mortgage note payable that had a balance of $37,537,646 at its original maturity date in August 2010. This loan has been extended to November 14, 2013 with a required $2,000,000 paydown made January 14, 2011 and a required $3,000,000 letter of credit also provided January 14, 2011. The $2,000,000 paydown was funded by a short‑term loan from Kennedy‑Wilson Holdings, Inc., an affiliate of the Managing Member to the property. This loan was paid off from capital contributions from the investors in 2011.

Marina Shores and Marina Cove each separately own a multi‑family housing complex, both of which are located in Richmond, California and are in close proximity to one another. Marina Shores and Marina Cove are under common management and ownership. On May 5, 2011, the Company sold 24.07% of its interest in Bay Fund Opportunity, LLC for $7,000,000 to an affiliate of the Managing Member, reducing the Company's interest from 55.83% to 31.76%. The transfer of interest resulted in a realized loss on disposition of $2,359,686, which is shown on the 2011 statement of operations as a realized loss on disposition of investment in unconsolidated real estate entity. Marina Cove and Shores had mortgage notes payable that had total balances of $65,249,799 at December 31, 10. In December 2, 2011, these loans were extended to June 26, 2013 with a required principal paydown of $6,358,937 which was funded by capital contributions from other investors in Bay Fund Opportunity, LLC. These capital contributions reduced the Company's interest from 31.76% to 25.96%.

The following presents summarized financial information of the unconsolidated real estate entities as of and for the year ended December 31, 2011:



				Marina Cove
				and
	300 California			Marina Shores			Total

Land and buildings	$	61,267,565		$	102,111,370		$	163,378,935
Other assets	865,877			2,522,744			3,388,621
Mortgage loans	(35,537,646		)	(58,890,863		)	(94,428,509		)
Other liabilities	(2,391,450		)	(2,275,441		)	(4,666,891		)
Net assets	$	24,204,346		$	43,467,810		$	67,672,156
Company's share of net assets	$	9,530,359		$	11,284,242		$	20,814,601
Operating revenues	$	2,056,010		$	7,711,417		$	9,767,427
Property operating expenses	(2,103,605		)	(6,198,017		)	(8,301,622		)
Rental operations, net	(47,595		)	1,513,400			1,465,805
Nonoperating income (expense), net	(15,400		)	341,195			325,795
Interest expense	(1,314,783		)	(2,676,208		)	(3,990,991		)
Net loss	$	(1,377,778	)	$	(821,613	)	$	(2,199,391	)
Company's share of net loss	$	(460,272	)	$	(144,547	)	$	(604,819	)

The following presents summarized financial information of the unconsolidated real estate entities as of and for the year ended December 31, 2010 (unaudited):



				Marina Cove
				and
	300 California			Marina Shores			Total

Land and buildings	$	54,650,940		$	104,279,407		$	158,930,347
Other assets	697,728			1,819,507			2,517,235
Mortgage loans	(37,537,646		)	(65,249,799		)	(102,787,445		)
Other liabilities	(561,974		)	(3,059,691		)	(3,621,665		)
Net assets	$	17,249,048		$	37,789,424		$	55,038,472
Company's share of net assets	7,206,764			20,788,475			27,995,239
Operating revenues	$	1,908,236		$	7,293,504		$	9,201,740
Property operating expenses	(2,275,405		)	(6,557,192		)	(8,832,597		)
Rental operations, net	(367,169		)	736,312			369,143
Nonoperating income, net	858,944			306,699			1,165,643
Interest expense	(1,759,145		)	(3,012,459		)	(4,771,604		)
Net loss	$	(1,267,370	)	$	(1,969,448	)	$	(3,236,818	)
Company's share of net (loss) income	$	(423,387	)	$	19,329		$	(404,058	)

The following presents summarized income statement of the unconsolidated real estate entities as of and for the year ended December 31, 2009 (unaudited):



				Marina Cove
				and
	300 California			Marina Shores			Total

Operating revenue	$	2,158,358		$	7,355,693		$	9,514,051
Property operating expenses	(2,082,990		)	(6,835,343		)	(8,918,333		)
Rental operations, net	75,368			520,350			595,718
Nonoperating income, net	874,114			20,272			894,386
Interest expense	(2,104,874		)	(3,082,142		)	(5,187,016		)
Net loss	(1,155,392		)	(2,541,520		)	(3,696,912		)
Company's equity in (loss) income of real estate	$	(385,982	)	$	1,616,031		$	1,230,049

Statement [Line Items]

Equity Method Investments Disclosure [Text Block]

INVESTMENTS IN UNCONSOLIDATED REAL ESTATE ENTITIES

The following presents summarized financial information of the unconsolidated real estate entities as of and for the year ended December 31, 2011:



				Marina Cove
				and
	300 California			Marina Shores			Total

Land and buildings	$	61,267,565		$	102,111,370		$	163,378,935
Other assets	865,877			2,522,744			3,388,621
Mortgage loans	(35,537,646		)	(58,890,863		)	(94,428,509		)
Other liabilities	(2,391,450		)	(2,275,441		)	(4,666,891		)
Net assets	$	24,204,346		$	43,467,810		$	67,672,156
Company's share of net assets	$	9,530,359		$	11,284,242		$	20,814,601
Operating revenues	$	2,056,010		$	7,711,417		$	9,767,427
Property operating expenses	(2,103,605		)	(6,198,017		)	(8,301,622		)
Rental operations, net	(47,595		)	1,513,400			1,465,805
Nonoperating income (expense), net	(15,400		)	341,195			325,795
Interest expense	(1,314,783		)	(2,676,208		)	(3,990,991		)
Net loss	$	(1,377,778	)	$	(821,613	)	$	(2,199,391	)
Company's share of net loss	$	(460,272	)	$	(144,547	)	$	(604,819	)

The following presents summarized financial information of the unconsolidated real estate entities as of and for the year ended December 31, 2010 (unaudited):



				Marina Cove
				and
	300 California			Marina Shores			Total

Land and buildings	$	54,650,940		$	104,279,407		$	158,930,347
Other assets	697,728			1,819,507			2,517,235
Mortgage loans	(37,537,646		)	(65,249,799		)	(102,787,445		)
Other liabilities	(561,974		)	(3,059,691		)	(3,621,665		)
Net assets	$	17,249,048		$	37,789,424		$	55,038,472
Company's share of net assets	7,206,764			20,788,475			27,995,239
Operating revenues	$	1,908,236		$	7,293,504		$	9,201,740
Property operating expenses	(2,275,405		)	(6,557,192		)	(8,832,597		)
Rental operations, net	(367,169		)	736,312			369,143
Nonoperating income, net	858,944			306,699			1,165,643
Interest expense	(1,759,145		)	(3,012,459		)	(4,771,604		)
Net loss	$	(1,267,370	)	$	(1,969,448	)	$	(3,236,818	)
Company's share of net (loss) income	$	(423,387	)	$	19,329		$	(404,058	)

The following presents summarized income statement of the unconsolidated real estate entities as of and for the year ended December 31, 2009 (unaudited):



				Marina Cove
				and
	300 California			Marina Shores			Total

Operating revenue	$	2,158,358		$	7,355,693		$	9,514,051
Property operating expenses	(2,082,990		)	(6,835,343		)	(8,918,333		)
Rental operations, net	75,368			520,350			595,718
Nonoperating income, net	874,114			20,272			894,386
Interest expense	(2,104,874		)	(3,082,142		)	(5,187,016		)
Net loss	(1,155,392		)	(2,541,520		)	(3,696,912		)
Company's equity in (loss) income of real estate	$	(385,982	)	$	1,616,031		$	1,230,049

KW America and Santee Village [Member]

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

3-INVESTMENTS IN UNCONSOLIDATED REAL ESTATE JOINT VENTURES

During October 2010, KWSV, through its wholly owned subsidiary, SV West, acquired a 30% interest in SV Investment Group Partners Manager, LLC, which in turn owns 100% of SV Investment Group Partners, LLC, a single-purpose entity that invested in the condominium project located in Los Angeles, California, known as Santee Village. This real estate investment consisted of 167 condominium units and 18,694 square feet of retail space. The investment was financed by a loan payable to German American Capital Corporation in the principal amount of $26,500,000 (unaudited). The loan accrued interest at the greater of 7.0% or 6.0% above the one-month LIBOR and required monthly interest-only payments and principal payments made upon the closing of condominium units. In September 2011, the loan was fully paid from the net sales proceeds of condominium units sales. There are 21 condominium units and three retail spaces unsold as of December 31, 2011.

The net carrying value of the KWSV's investment in this joint venture was $1,455,948 and $2,305,749 (unaudited) as of December 31, 2011 and 2010, respectively.

The following presents summarized financial information of this unconsolidated real estate joint venture, SV Investment Group Partners, LLC, as of December 31, 2011, and 2010.



	December 31,
	2011		2010
			(Unaudited)
Assets
Real estate held for sale	$	4,414,468	$	30,375,493
Cash	84,732		146,667
Accounts receivable	3,481		—
Other assets	740,379		4,225,649
Total assets	$	5,243,059	$	34,747,809

Liabilities
Accounts payable and accrued expenses	$	389,902	$	561,980
Mortgage note payable			26,500,000
Total liabilities	389,902		27,061,980
Members equity	4,853,157		7,685,829
Total liabilities and members equity	$	5,243,059	$	34,747,809



	Year Ended December 31,
	2011		2010
			(Unaudited)
Income	$	6,684,479	$	1,200
Expenses	1,750,568		282,449
Amortization	803,464		75,744
Interest and non operating items	873,119		367,751
Net income	3,257,328		(724,743		)
KWSV's equity in income (loss) from investment in unconsolidated real estate joint venture	$	977,198	$	(217,423	)

Statement [Line Items]

Equity Method Investments Disclosure [Text Block]

3-INVESTMENTS IN UNCONSOLIDATED REAL ESTATE JOINT VENTURES

The net carrying value of the KWSV's investment in this joint venture was $1,455,948 and $2,305,749 (unaudited) as of December 31, 2011 and 2010, respectively.

The following presents summarized financial information of this unconsolidated real estate joint venture, SV Investment Group Partners, LLC, as of December 31, 2011, and 2010.



	December 31,
	2011		2010
			(Unaudited)
Assets
Real estate held for sale	$	4,414,468	$	30,375,493
Cash	84,732		146,667
Accounts receivable	3,481		—
Other assets	740,379		4,225,649
Total assets	$	5,243,059	$	34,747,809

Liabilities
Accounts payable and accrued expenses	$	389,902	$	561,980
Mortgage note payable			26,500,000
Total liabilities	389,902		27,061,980
Members equity	4,853,157		7,685,829
Total liabilities and members equity	$	5,243,059	$	34,747,809



	Year Ended December 31,
	2011		2010
			(Unaudited)
Income	$	6,684,479	$	1,200
Expenses	1,750,568		282,449
Amortization	803,464		75,744
Interest and non operating items	873,119		367,751
Net income	3,257,328		(724,743		)
KWSV's equity in income (loss) from investment in unconsolidated real estate joint venture	$	977,198	$	(217,423	)

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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