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REAL ESTATE (Tables)
 12 Months Ended
Dec. 31, 2013
Real Estate [Abstract]  
Schedule of Investments in Consolidated Properties
The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2013 and 2012:
 
 
December 31,
(Dollars in millions)
 
2013
 
2012
Land
 
$
187.8

 
$
99.5

Buildings
 
484.1

 
193.3

Building improvements
 
12.7

 
4.0


 
684.6

 
296.8

Less accumulated depreciation
 
(15.8
)
 
(7.4
)
Real estate, net
 
$
668.8

 
$
289.4
Schedule of Business Acquisitions
(Dollars in millions)
 
 
 
 
 
 
 
Property
Type
Cash
Real Estate, net
Accounts Receivable and other assets
Accounts payable and accrued expenses
Mortgage loans
Noncontrolling interests
Acquisition related gain
615-unit apartment building
Multifamily
$
1.3

$
120.1

$
2.3

$
3.2

$
93.5

$
1.8

$
9.5

Three retail centers
Retail
1.4

20.4

9.2

0.7

20.1

0.5

2.0

Ritz-Carlton
Residential
4.4

105.1

7.4

8.0

28.0

18.0

45.1

 
 
$
7.1

$
245.6

$
18.9

$
11.9

$
141.6

$
20.3

$
56.6


During 2012, due to a change of control, Kennedy Wilson began to consolidate KW Property Fund II, LP, ("Fund II") a limited partnership that had been previously accounted for using the equity method and to whom the Company had advanced $39.6 million in notes receivable as of November 30, 2012. This entity directly owns two office buildings which are encumbered by mortgage loans and has investments in real estate joint ventures which in aggregate own seven office properties. As a result of obtaining control of this entity, the following assets and liabilities were assumed and an acquisition related gain recognized.
(Dollars in millions)
 
 
 
 
 
 
 
 
 
Property
Type
Cash
Real Estate, net
Investment in joint ventures
Other assets
Accounts payable and accrued expenses
Notes payable
Mortgage loans
Noncontrolling interests
Acquisition related gain
Fund II
Commercial
$
0.6

$
11.1

$
75.4

$
2.7

$
1.6

$
5.8

$
8.9

$
7.6

$
22.8


During the year ended December 31, 2013, the company acquired the following properties:

(Dollars in millions)
 
 
 
 
 
 
 
Date acquired
Type
Location
Purchase price
Land
Building
Intangible assets
Mortgage loans
Cash paid
04/29/2013
Multifamily
Western U.S.
$
61.8

$
18.4

$
43.0

$
0.3

$
49.7

$
12.1

06/27/2013
Commercial
Western U.S.
29.7

11.2

18.5

—

18.7

11.0

09/16/2013
Retail
Western U.S.
5.8

1.3

4.2

0.3

4.0

1.8

10/01/2013
Retail
Western U.S.
10.9

2.7

6.7

1.5

7.3

3.6

10/01/2013
Retail
Western U.S.
11.5

3.5

7.4

0.7

8.0

3.5

12/04/2013
Commercial
Ireland
1.2

0.7

0.5

—

—

1.2

12/16/2013
Multifamily
Western U.S.
29.8

3.8

25.8

0.2

22.4

7.4

 
 
 
$
150.7

$
41.6

$
106.1

$
3.0

$
110.1

$
40.6


During the year ended December 31, 2012, the company acquired the following properties:

(Dollars in millions)
 
 
 
 
 
 
 
Date acquired
Type
Location
Purchase price
Land
Building
Intangible assets
Mortgage loans
Cash paid
10/30/2012
Multifamily
Western U.S.
$
31.0

$
12.4

$
18.4

$
0.2

$
23.5

$
7.5

11/15/2012
Commercial
Western U.S.
47.4

8.8

31.4

7.2

29.0

18.4

11/20/2012
Multifamily(1)
Western U.S.
44.4

2.6

41.4

0.4

26.0

18.4

11/27/2012
Multifamily
Western U.S.
43.5

8.6

34.5

0.3

31.6

11.9

 
 
 
$
166.3

$
32.4

$
125.7

$
8.1

$
110.1

$
56.2

————————————————————
(1) The fair value of this multifamily property was in excess of the purchase price because this acquisition was an off-market transaction, and therefore we recognized a gain of approximately $2.6 million in the accompanying consolidated statements of operations for the year ended December 31, 2012.
Schedule of Business Acquisition, Pro Forma Information
The unaudited pro forma data presented below assumes that the acquisitions during the year ended December 31, 2013 occurred as of January 1, 2012.
 
 
Unaudited
 
 
Year Ended December 31,
(Dollars in millions, except for per share data)
 
2013
 
2012
Pro forma revenues
 
$
178.1

 
$
111.7

Pro forma equity in joint venture income
 
1.0

 
1.4

Pro forma net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
(13.3
)
 
(10.0
)
Pro forma net loss per share:
 
 
 
 
Basic
 
$
(0.19
)
 
$
(0.18
)