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Real Estate and In-Place Lease Value (Tables)
 3 Months Ended
Mar. 31, 2014
Real Estate [Abstract]  
Schedule of Investment in Consolidated Real Estate Properties
The following table summarizes the Company's investment in consolidated real estate properties at March 31, 2014 and December 31, 2013:
 
 
March 31,
 
December 31,
(Dollars in millions)
 
2014
 
2013
Land
 
$
424.5

 
$
187.8

Buildings
 
1,264.5

 
484.1

Building improvements
 
18.6

 
12.7

In-place lease value
 
204.1

 
29.8

 
 
1,911.7

 
714.4

 
 
 
 
 
Less accumulated depreciation and amortization
 
(32.8
)
 
(26.3
)
Real estate, net
 
$
1,878.9

 
$
688.1
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the assets and liabilities assumed as a result of gaining control of these properties and the acquisition related gains recognized:
(Dollars in millions)
 
 
 
 
 
 
 
 
Property
Type
Location
Cash
Real estate and acquired in-place lease values, net
Accounts receivable and other assets
Accounts payable, accrued expenses, and other liabilities
Mortgage loans
Noncontrolling interests
Acquisition related gain
Three multifamily properties
Multifamily
Ireland
$
3.6

$
248.5

$
0.9

$
5.4

$
114.3

$
66.6

$
37.8

Two office properties
Commercial
Ireland
4.3

223.9

7.6

4.9

75.2

77.9

32.2

Two commercial properties and loans secured by real estate
Commercial & Loans
U.K.
9.6

195.0

5.6

8.1

100.8

62.0

10.5

 
 
 
$
17.5

$
667.4

$
14.1

$
18.4

$
290.3

$
206.5

$
80.5

During the quarter ended March 31, 2014, the Company acquired the following properties:
(Dollars in millions)
 
 
 
 
 
 
Date acquired
Type
Description
Location
Land
Building
Intangible assets
Mortgage loans
1/20/2014
Commercial (1)
Portfolio of 14 commercial, retail, and industrial properties
United Kingdom
$
29.7

$
47.5

$
40.2

$
—

2/20/2014
Hotel
193 room hotel
Western U.S.
1.3

8.3

—

—

2/28/2014
Multifamily
24 apartment units, 2 penthouse units, and 1,000 square feet of retail
Ireland
0.6

15.1

0.4

9.6

3/28/2014
Commercial (2)
26 commercial properties throughout England and Scotland
United Kingdom
54.0

132.0

54.0

—

3/31/2014
Multifamily(3)
281 completed apartments and a partially completed residential block, 725k square feet of commercial space, and 7.4 acres of commercial development land

Ireland
32.7

80.9

1.2

78.9

 
 
 
 
$
118.3

$
283.8

$
95.8

$
88.5

(1) On February 28, 2014, the Company contributed its 50% interest in this portfolio to KWE as part of the Company's investment in KWE's initial public offering.
(2) This portfolio of properties was acquired by KWE.
Business Acquisition, Pro Forma Information
The Company’s unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of the results of operations that would have occurred had this acquisition been consummated at the beginning of the periods presented.
The unaudited pro forma data presented below assumes that the acquisitions during the quarter ended March 31, 2014 occurred as of January 1, 2013.
 
 
Unaudited
 
 
Three Months Ended March 31,
(Dollars in millions, except for per share data)
 
2014
 
2013
Pro forma revenues
 
$
72.7

 
$
34.9

Pro forma (loss) income from unconsolidated investments
 
(0.7
)
 
0.7

Pro forma net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
8.6

 
(4.3
)
Pro forma net income (loss) per share:
 
 
 
 
Basic
 
$
0.10

 
$
(0.07
)
Diluted
 
$
0.10

 
$
(0.07
)