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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2014
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements
The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of March 31, 2014:
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Total
Marketable securities
$
8.5

 
$
—

 
$
—

 
$
8.5

Unconsolidated investments
—

 
—

 
82.0

 
82.0

Currency forward contract
—

 
(11.2
)
 
—

 
(11.2
)
Total
$
8.5

 
$
(11.2
)
 
$
82.0

 
$
79.3

The following table presents fair value measurements (including items that are required to be measured at fair value and items for which the fair value option has been elected) as of December 31, 2013:
 
(Dollars in millions)
Level 1
 
Level 2
 
Level 3
 
Total
Marketable securities
$
4.0

 
$
—

 
$
—

 
$
4.0

Unconsolidated investments
—

 
—

 
81.1

 
81.1

Currency forward contract
—

 
(9.6
)
 
—

 
(9.6
)
Total
$
4.0

 
$
(9.6
)
 
$
81.1

 
$
75.5
Schedule of Investments in Joint Ventures Held at Fair Value
The following table summarizes our investments in unconsolidated investments held at fair value by type:
(Dollars in millions)
March 31, 2014
 
December 31, 2013
Funds
$
34.5

 
$
33.5

FV Option
47.5

 
47.6

Total
$
82.0

 
$
81.1
Schedule of Changes in Level 3 Investments
The following table presents changes in Level 3 investments for the three months ended March 31, 2014 and 2013:
 
Three Months Ended March 31,
(Dollars in millions)
2014
 
2013
Beginning balance
$
81.1

 
$
68.4

Unrealized and realized gains
—

 
—

Unrealized and realized losses
—

 
—

Contributions
1.3

 
0.2

Distributions
(0.4
)
 
(0.2
)
Ending balance
$
82.0

 
$
68.4
Schedule of the Funds and Fair Value Option Investments, Significant Inputs
The table below describes the range of unobservable inputs for real estate assets:
 
Estimated Rates Used for
 
Capitalization Rates
 
Discount Rates
Office
6.00% - 7.50%
 
7.00% - 9.75%
Retail
6.00% - 10.00%
 
9.00% - 12.00%
Hotel
6.50%
 
8.00%
Multifamily
5.75% - 6.75%
 
7.50% - 9.00%
Loan
n/a
 
1.75% - 12.00%
Land and condominium units
n/a
 
8.00% - 12.00%
Schedule of Currency Forward Contracts
The table below details the currency forward contracts Kennedy Wilson had as of March 31, 2014:
(Dollars in millions)
 
 
 
 
 
Change in Unrealized Gains (Losses)
Currency
Notional Amount
Trade Date
Settlement Date
Exchange Rate
Fair Value
 
Three Months Ended March 31, 2014
Euro
€129.3
5/31/2012 - 3/18/2014
8/12/2014 - 12/19/2016
1.2400 - 1.3925
$
(6.9
)
 
$
0.1

GBP
£95.5
8/23/2013 - 2/25/2014
8/28/2014 - 2/27/2019
1.5479 - 1.6371
(4.3
)
 
(1.7
)
Total
 
 
 
 
$
(11.2
)
 
$
(1.6
)