NOTES RECEIVABLE

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

NOTES RECEIVABLE

NOTES RECEIVABLE

The following table summarizes the Company's investment in notes receivable at December 31, 2013 and 2012:

	December 31,
(Dollars in millions)	2013		2012
Notes receivable	$	52.7	$	136.6
Notes receivable — related parties	4.1		—
Notes receivable and notes receivable — related parties(1)	$	56.8	$	136.6

⁽¹⁾The notes receivable have a weighted average stated interest rate of 6.18% and 5.65% at December 31, 2013 and 2012 and maturity dates ranging from June 2014 to February 2017. Effective interest rates are higher as certain notes receivable were acquired at a discount.

During the year ended December 31, 2013, the Company sold a 50% interest in an entity that held a note receivable of $122.8 million secured by a shopping center and 107 residential units in the United Kingdom to an institutional investor. As a result of the sale and loss of control, Kennedy Wilson deconsolidated the investment and is accounting for it as an equity method investment.

Interest Income from Notes Receivable

The Company recognized interest income on notes receivable of $1.6 million, $2.8 million, and $2.3 million during the years ended December 31, 2013, 2012, and 2011.