XML 43 R29.htm IDEA: XBRL DOCUMENT v2.4.0.8
Real Estate and In-Place Lease Value (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2014 and December 31, 2013:
 
 
June 30,
 
December 31,
(Dollars in millions)
 
2014
 
2013
Land
 
$
935.5

 
$
187.8

Buildings
 
2,256.7

 
484.1

Building improvements
 
34.3

 
12.7

In-place lease value
 
384.3

 
29.8

 
 
3,610.8

 
714.4

Less accumulated depreciation and amortization
 
(57.4
)
 
(26.3
)
Real estate, net
 
$
3,553.4

 
$
688.1
Schedule of Business Acquisitions, by Acquisition
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
Investment debt
Noncontrolling interests
Acquisition related gain
Three multifamily properties
Multifamily
Ireland
$
3.6

$
248.5

$
0.9

$
5.4

$
114.3

$
66.6

$
39.3

Two office properties
Commercial
Ireland
4.3

223.9

7.6

4.9

75.2

77.9

33.5

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

11.9

50 multifamily properties
Multifamily
Japan
21.0

501.2

14.3

4.6

283.7

146.8

66.7

 
 
 
$
38.5

$
1,168.6

$
28.4

$
23.0

$
574.0

$
353.3

$
151.4

During the six months ended June 30, 2014, Kennedy Wilson and its consolidated subsidiaries acquired the following properties:
(Dollars in millions)
 
 
At Acquisition(5)
Date acquired
Type
Description
Location
Land
Building
Intangible assets
Investment debt
KWH Shareholders' Equity
1/20/2014
Commercial (1)
Portfolio of 14 commercial, retail, and industrial properties
United Kingdom
$
28.9

$
47.1

$
41.4

$
—

$
58.7

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

8.3

—

—

6.9

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

6.5

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

132.0

54.0

—

29.3

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

35.9

4/1/2014
Commercial
98k square foot retail center
Western U.S.
2.4

5.8

0.4

6.0

1.9

4/30/2014
Multifamily
203 unit apartment building
Western U.S.
2.7

24.0

0.3

13.3

13.3

6/25/2014
Multifamily(2)
81 unit apartment building
Ireland
4.8

15.0

0.4

—

2.7

6/26/2014
Commercial(2)
13 commercial properties
Ireland
104.9

344.3

52.3

273.1

30.1

6/27/2014
Commercial(2)(4)
20 commercial properties throughout England and Scotland
United Kingdom
106.8

300.7

127.0

—

70.6

6/30/2014
Multifamily
542 unit apartment building
Western U.S.
38.3

57.5

0.6

77.2

18.6

 
 
 
 
$
377.4

$
1,030.7

$
278.0

$
458.1

$
274.5

                           
(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) These portfolios of properties were acquired by KWE.
(3) This asset was sold to KWE on June 24, 2014.
(4) KWE acquired subordinated notes on this property during the quarter and used its position as a debt holder to secure the transaction. The Company recognized an acquisition-related gain of $15.2 million on the transaction due to its ability to acquire the underlying real estate at a discount to its fair value.
Business Acquisition, Pro Forma Information
The unaudited pro forma data presented below assumes that the acquisitions during the six months ended June 30, 2014 occurred as of January 1, 2013.
 
 
Unaudited
 
Unaudited
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(Dollars in millions, except for per share data)
 
2014
 
2013
 
2014
 
2013
Pro forma revenues
 
$
113.6

 
$
78.3

 
$
209.1

 
$
140.5

Pro forma income from unconsolidated investments
 
27.1

 
(0.7
)
 
26.0

 
2.7

Pro forma net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
36.9

 
0.7

 
46.9

 
0.1

Pro forma net income (loss) per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.41

 
$
0.01

 
$
0.53

 
$
—

Diluted
 
$
0.36

 
$
0.01

 
$
0.46

 
$
—