Guarantor and Non-Guarantor Financial Statements

9 Months Ended

Sep. 30, 2015

Guarantor and Nonguarantor Financial Statements [Abstract]

GUARANTOR AND NON-GARANTOR FINANCIAL STATEMENTS

GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS

The following consolidating financial information and condensed consolidating financial information include:

(1) Condensed consolidating balance sheets as of September 30, 2015 and December 31, 2014; consolidating statements of operations for the three and nine months ended September 30, 2015 and 2014; consolidating statements of comprehensive income for the three and nine months ended September 30, 2015 and 2014; and condensed consolidating statements of cash flows for the nine months ended September 30, 2015 and 2014, of (a) Kennedy-Wilson Holdings, Inc., as the parent, (b) Kennedy-Wilson, Inc., as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) Kennedy-Wilson Holdings, Inc. on a consolidated basis; and

(2) Elimination entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent, with Kennedy-Wilson, Inc. and its guarantor and non-guarantor subsidiaries.

Kennedy Wilson owns 100% of all of the guarantor subsidiaries, and, as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the three and nine months ended September 30, 2015 or 2014.

CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2015
(Dollars in millions)	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination			Consolidated Total
Assets
Cash and cash equivalents	$	—	$	40.5	$	27.5	$	85.8	$	—		$	153.8
Cash held by consolidated investments	—		—		—		387.8		—			387.8
Accounts receivable	—		—		24.7		31.5		—			56.2
Loan purchases and originations	—		77.5		12.2		369.4		(37.8		)	421.3
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	—		—		941.2		4,522.3		—			5,463.5
Unconsolidated investments	—		12.3		321.1		166.2		—			499.6
Investments in and advances to consolidated subsidiaries	1,132.1		1,865.9		1,176.2		—		(4,174.2		)	—
Other assets	—		3.6		38.4		268.5		—			310.5
Total assets	$	1,132.1	$	1,999.8	$	2,541.3	$	5,831.5	$	(4,212.0	)	$	7,292.7
Liabilities and equity
Liabilities
Accounts payable	$	—	$	0.4	$	2.9	$	16.6	$	—		$	19.9
Accrued expenses and other liabilities	13.5		164.8		133.6		37.0		—			348.9
Investment debt	—		—		539.1		2,795.3		(37.8		)	3,296.6
Senior notes payable	—		702.5		—		—		—			702.5
Total liabilities	13.5		867.7		675.6		2,848.9		(37.8		)	4,367.9
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	1,118.6		1,132.1		1,865.7		1,176.9		(4,174.2		)	1,119.1
Noncontrolling interests	—		—		—		1,805.7		—			1,805.7
Total equity	1,118.6		1,132.1		1,865.7		2,982.6		(4,174.2		)	2,924.8
Total liabilities and equity	$	1,132.1	$	1,999.8	$	2,541.3	$	5,831.5	$	(4,212.0	)	$	7,292.7

CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2014
(Dollars in millions)	Parent		Kennedy-Wilson, Inc.		Guarantor Subsidiaries		Non-guarantor Subsidiaries		Elimination			Consolidated Total
Assets
Cash and cash equivalents	$	—	$	38.2	$	21.0	$	115.4	$	—		$	174.6
Cash held by consolidated investments	—		—		—		763.1		—			763.1
Accounts receivable	—		—		31.5		24.1		—			55.6
Loan purchases and originations	—		38.5		20.6		292.1		(37.8		)	313.4
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	—		—		474.5		3,753.6		—			4,228.1
Unconsolidated investments	—		9.3		328.7		154.2		—			492.2
Investments in and advances to consolidated subsidiaries	909.8		1,655.0		1,065.6		—		(3,630.4		)	—
Other assets	—		63.7		40.6		200.8		—			305.1
Total assets	$	909.8	$	1,804.7	$	1,982.5	$	5,303.3	$	(3,668.2	)	$	6,332.1
Liabilities
Accounts payable, accrued expense and other liabilities	$	8.7	$	67.5	$	79.2	$	109.5	$	—		264.9
Senior notes payable	—		702.4		—		—		—			702.4
Investment debt	—		—		248.3		1,985.4		(37.8		)	2,195.9
Line of credit	—		125.0		—		—		—			125.0
Total liabilities	8.7		894.9		327.5		2,094.9		(37.8		)	3,288.2
Equity
Kennedy-Wilson Holdings, Inc. shareholders' equity	901.1		909.8		1,655.0		1,065.6		(3,630.4		)	901.1
Noncontrolling interests	—		—		—		2,142.8		—			2,142.8
Total equity	901.1		909.8		1,655.0		3,208.4		(3,630.4		)	3,043.9
Total liabilities and equity	$	909.8	$	1,804.7	$	1,982.5	$	5,303.3	$	(3,668.2	)	$	6,332.1

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Revenue
Investment management, property services and research fees	$	—		$	—		$	14.7		$	0.4		$	—		$	15.1
Rental	—			—			19.2			87.4			—			106.6
Hotel	—			—			—			31.3			—			31.3
Sale of real estate	—			—			0.1			1.5			—			1.6
Loan purchases, loan originations and other	—			—			0.2			4.4			—			4.6
Total revenue	—			—			34.2			125.0			—			159.2
Operating expenses
Commission and marketing	—			—			1.1			0.1			—			1.2
Rental operating	—			—			8.0			21.4			—			29.4
Hotel operating	—			—			—			22.7			—			22.7
Cost of real estate sold	—			—			—			1.1			—			1.1
Compensation and related	5.5			17.0			11.0			1.7			—			35.2
General and administrative	—			3.6			4.9			1.5			—			10.0
Depreciation and amortization	—			0.1			5.7			39.1			—			44.9
Total operating expenses	5.5			20.7			30.7			87.6			—			144.5
Income from unconsolidated subsidiaries	—			(1.2		)	20.0			(2.9		)	—			15.9
Income from consolidated subsidiaries	10.6			44.0			(35.0		)	—			(19.6		)	—
Operating income (loss)	5.1			22.1			(11.5		)	34.5			(19.6		)	30.6
Non-operating income (expense)
Acquisition-related gains	—			—			61.6			(31.7		)	—			29.9
Acquisition-related expenses	—			(0.1		)	(0.4		)	(7.7		)	—			(8.2		)
Interest expense-investment	—			—			(4.6		)	(26.7		)	—			(31.3		)
Interest expense-corporate	—			(11.7		)	—			—			—			(11.7		)
Gain on sale of real estate	—			—			—			4.6			—			4.6
Other income / (expense)	—			0.4			0.1			(4.8		)	—			(4.3		)
Income (loss) before benefit from income taxes	5.1			10.7			45.2			(31.8		)	(19.6		)	9.6
(Provision for) benefit from income taxes	—			(0.1		)	(1.2		)	(3.2		)	—			(4.5		)
Net income (loss)	5.1			10.6			44.0			(35.0		)	(19.6		)	5.1
Net (income) loss attributable to the noncontrolling interests	—			—			—			10.3			—			10.3
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc.	5.1			10.6			44.0			(24.7		)	(19.6		)	15.4
Preferred dividends and accretion of preferred stock issuance costs	(0.5		)	—			—			—			—			(0.5		)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	4.6		$	10.6		$	44.0		$	(24.7	)	$	(19.6	)	$	14.9

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Revenue
Investment management, property services and research fees	$	—		$	—		$	44.9		$	2.1		$	—		$	47.0
Rental	—			—			44.0			251.3			—			295.3
Hotel	—			—			—			78.0			—			78.0
Sale of real estate	—			—			0.1			3.6			—			3.7
Loan purchases, loan originations and other	—			—			1.0			12.4			—			13.4
Total revenue	—			—			90.0			347.4			—			437.4
Operating expenses
Commission and marketing	—			1.0			2.7			0.7			—			4.4
Rental operating	—			—			16.2			62.3			—			78.5
Hotel operating	—			—			—			66.1			—			66.1
Cost of real estate sold	—			—			—			2.6			—			2.6
Compensation and related	19.6			46.9			32.4			6.5			—			105.4
General and administrative	—			11.0			12.2			8.1			—			31.3
Depreciation and amortization	—			0.5			14.2			104.8			—			119.5
Total operating expenses	19.6			59.4			77.7			251.1			—			407.8
Income from unconsolidated subsidiaries	—			—			37.6			6.5			—			44.1
Income from consolidated subsidiaries	50.3			148.7			49.0			—			(248.0		)	—
Operating income (loss)	30.7			89.3			98.9			102.8			(248.0		)	73.7
Non-operating income (expense)
Acquisition-related gains	—			—			61.6			25.6			—			87.2
Acquisition-related expenses	—			(0.4		)	(0.6		)	(27.3		)	—			(28.3		)
Interest expense-investment	—			—			(10.1		)	(67.8		)	—			(77.9		)
Interest expense-corporate	—			(35.5		)	—			—			—			(35.5		)
Gain on sale of real estate	—			—			—			44.7			—			44.7
Other income / (expense)	—			0.3			0.1			(1.1		)	—			(0.7		)
Income (loss) before benefit from income taxes	30.7			53.7			149.9			76.9			(248.0		)	63.2
(Provision for) benefit from income taxes	—			(3.4		)	(1.2		)	(27.9		)	—			(32.5		)
Net income (loss)	30.7			50.3			148.7			49.0			(248.0		)	30.7
Net (income) loss attributable to the noncontrolling interests	—			—			—			15.0			—			15.0
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc.	30.7			50.3			148.7			64.0			(248.0		)	45.7
Preferred dividends and accretion of preferred stock issuance costs	(3.1		)	—			—			—			—			(3.1		)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	27.6		$	50.3		$	148.7		$	64.0		$	(248.0	)	$	42.6

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Revenue
Investment management, property services, and research fees	$	—		$	(0.5	)	$	14.1		$	(0.7	)	$	—		$	12.9
Rental	—			—			5.6			65.0			—			70.6
Hotel	—			—			—			22.9			—			22.9
Sale of real estate	—			—			0.1			1.5			—			1.6
Loan purchases, loan originations and other	—			0.1			(2.8		)	8.4			—			5.7
Total revenue	—			(0.4		)	17.0			97.1			—			113.7
Operating expenses
Commission and marketing	—			—			1.6			0.4			—			2.0
Rental operating	—			—			(5.5		)	26.4			—			20.9
Hotel operating	—			—			—			16.9			—			16.9
Cost of real estate sold	—			—			—			1.1			—			1.1
Compensation and related	5.3			8.8			10.7			2.0			—			26.8
General and administrative	—			3.8			7.5			0.5			—			11.8
Depreciation and amortization	—			0.2			3.1			31.4			—			34.7
Total operating expenses	5.3			12.8			17.4			78.7			—			114.2
Income from unconsolidated investments, net of depreciation and amortization	—			2.1			4.2			5.8			—			12.1
Income from consolidated subsidiaries	2.3			35.7			30.2			—			(68.2		)	—
Operating income (expense)	(3.0		)	24.6			34.0			24.2			(68.2		)	11.6
Non-operating income (expense)
Acquisition-related gains	—			—			—			28.9			—			28.9
Acquisition-related expense	—			—			(0.1		)	(5.2		)	—			(5.3		)
Interest expense-investment	—			—			(3.5		)	(10.3		)	—			(13.8		)
Interest expense-corporate	—			(15.9		)	—			—			—			(15.9		)
Gain (loss) on sale of real estate	—			—			—			—			—			—
Other income / (expense)	—			(0.2		)	—			(1.7		)	—			(1.9		)
(Loss) income before benefit from income taxes	(3.0		)	8.5			30.4			35.9			(68.2		)	3.6
(Provision for) benefit from income taxes	—			(6.1		)	5.1			(5.6		)	—			(6.6		)
Net (loss) income	(3.0		)	2.4			35.5			30.3			(68.2		)	(3.0		)
Net income attributable to the noncontrolling interests	—			—			—			2.8			—			2.8
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc.	(3.0		)	2.4			35.5			33.1			(68.2		)	(0.2		)
Preferred dividends and accretion of preferred stock issuance costs	(2.0		)	—			—			—			—			(2.0		)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	(5.0	)	$	2.4		$	35.5		$	33.1		$	(68.2	)	$	(2.2	)

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Revenue
Investment management, property services, and research fees	$	—		$	—		$	62.6		$	2.4		$	—		$	65.0
Rental	—			—			12.0			112.4			—			124.4
Hotel	—			—			—			36.9			—			36.9
Sale of real estate	—			—			0.7			18.3			—			19.0
Loan purchases, loan originations and other	—			0.2			1.5			10.0			—			11.7
Total revenue	—			0.2			76.8			180.0			—			257.0
Operating expenses
Commission and marketing	—			—			3.0			0.8			—			3.8
Rental operating	—			—			(3.1		)	40.9			—			37.8
Hotel operating	—			—			—			32.1			—			32.1
Cost of real estate sold	—			—			0.7			13.9			—			14.6
Compensation and related	8.7			39.0			27.0			4.9			—			79.6
General and administrative	—			9.4			11.5			7.4			—			28.3
Depreciation and amortization	—			0.7			7.9			58.7			—			67.3
Total operating expenses	8.7			49.1			47.0			158.7			—			263.5
Income from unconsolidated investments, net of depreciation and amortization	—			3.3			35.1			7.5			—			45.9
Income from consolidated subsidiaries	119.3			245.2			183.1			—			(547.6		)	—
Operating income (expense)	110.6			199.6			248.0			28.8			(547.6		)	39.4
Non-operating income (expense)
Acquisition-related gains	—			(7.0		)	3.7			202.5			—			199.2
Acquisition-related expense	—			—			(1.7		)	(15.2		)	—			(16.9		)
Interest expense-investment	—			—			(3.5		)	(26.7		)	—			(30.2		)
Interest expense-corporate	—			(41.1		)	—			—			—			(41.1		)
Other income/(expense)	—			—			1.5			(0.5		)	—			1.0
(Loss) income before benefit from income taxes	110.6			151.5			248.0			188.9			(547.6		)	151.4
(Provision for) benefit from income taxes	—			(32.2		)	(3.0		)	(5.6		)	—			(40.8		)
Net (loss) income	110.6			119.3			245.0			183.3			(547.6		)	110.6
Net income attributable to the noncontrolling interests	—			—			—			(59.9		)	—			(59.9		)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc.	110.6			119.3			245.0			123.4			(547.6		)	50.7
Preferred dividends and accretion of preferred stock issuance costs	(6.1		)	—			—			—			—			(6.1		)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders	$	104.5		$	119.3		$	245.0		$	123.4		$	(547.6	)	$	44.6

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2015
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Net (loss) income	$	5.1		$	10.6		$	44.0		$	(35.0	)	$	(19.6	)	$	5.1
Other comprehensive (loss) income, net of tax:
Unrealized foreign currency translation (loss) gain	(51.8		)	(51.8		)	(1.0		)	(138.3		)	191.1			(51.8		)
Amounts reclassified out of AOCI during the period	(0.3		)	(0.3		)	(0.3		)	—			0.6			(0.3		)
Unrealized currency derivative contracts gain (loss)	(8.3		)	(8.3		)	5.8			(14.1		)	16.6			(8.3		)
Total other comprehensive (loss) income for the period	$	(60.4	)	$	(60.4	)	$	4.5		$	(152.4	)	$	208.3		$	(60.4	)
Comprehensive (loss) income	$	(55.3	)	$	(49.8	)	$	48.5		$	(187.4	)	$	188.7		$	(55.3	)
Comprehensive loss attributable to noncontrolling interests	—			—			—			67.9			—			67.9
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.	$	(55.3	)	$	(49.8	)	$	48.5		$	(119.5	)	$	188.7		$	12.6

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2014
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Net income (loss)	$	(3.0	)	$	2.4		$	35.5		$	30.3		$	(68.2	)	$	(3.0	)
Other comprehensive income (loss), net of tax:
Unrealized foreign currency translation (loss) gains	(89.0		)	(89.0		)	(21.4		)	(12.6		)	123.0			(89.0		)
Unrealized gain on marketable securities	(1.1		)	(1.1		)	—			—			1.1			(1.1		)
Amounts reclassified out of AOCI during the period	—			—			9.5			(9.5		)	—			—
Unrealized currency derivative contracts (loss) gain	20.1			20.1			6.5			11.3			(37.9		)	20.1
Total other comprehensive income for the period	$	(70.0	)	$	(70.0	)	$	(5.4	)	$	(10.8	)	$	86.2		$	(70.0	)
Comprehensive (loss) income	$	(73.0	)	$	(67.6	)	$	30.1		$	19.5		$	18.0		$	(73.0	)
Comprehensive (income) loss attributable to noncontrolling interests	—			—			—			58.0			—			58.0
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.	$	(73.0	)	$	(67.6	)	$	30.1		$	77.5		$	18.0		$	(15.0	)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Elimination			Consolidated Total
Net (loss) income	$	30.7		$	50.3		$	148.7		$	49.0		$	(248.0	)	$	30.7
Other comprehensive (loss) income, net of tax:
Unrealized foreign currency translation (loss) gain	(88.0		)	(88.0		)	(9.4		)	(23.8		)	121.2			(88.0		)
Unrealized gain on marketable securities	0.1			0.1			—			—			(0.1		)	0.1
Amounts reclassified out of AOCI during the period	9.7			9.7			(0.6		)	10.3			(19.4		)	9.7
Unrealized currency derivative contracts gain (loss)	6.7			6.7			8.3			(1.6		)	(13.4		)	6.7
Total other comprehensive (loss) income for the period	$	(71.5	)	$	(71.5	)	$	(1.7	)	$	(15.1	)	$	88.3		$	(71.5	)
Comprehensive (loss) income	$	(40.8	)	$	(21.2	)	$	147.0		$	33.9		$	(159.7	)	$	(40.8	)
Comprehensive loss attributable to noncontrolling interests	—			—			—			78.3						78.3
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.	$	(40.8	)	$	(21.2	)	$	147.0		$	112.2		$	(159.7	)	$	37.5

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries		Non-guarantor Subsidiaries			Elimination			Consolidated Total
Net income (loss)	$	110.6		$	119.3		$	245.0	$	183.3		$	(547.6	)	$	110.6
Other comprehensive income (loss), net of tax:
Unrealized foreign currency translation (loss) gains	(67.1		)	(67.1		)	2.5		(16.5		)	81.1			(67.1		)
Unrealized gain on marketable securities	(1.1		)	(1.1		)	—		—			1.1			(1.1		)
Amounts reclassified out of AOCI during the period	(7.1		)	(7.1		)	1.2		(8.3		)	14.2			(7.1		)
Unrealized currency derivative contracts (loss) gain	16.5			16.5			5.3		10.1			(31.9		)	16.5
Total other comprehensive income for the period	$	(58.8	)	$	(58.8	)	$	9.0	$	(14.7	)	$	64.5		$	(58.8	)
Comprehensive (loss) income	$	51.8		$	60.5		$	254.0	$	168.6		$	(483.1	)	$	51.8
Comprehensive (income) loss attributable to noncontrolling interests	—			—			—		(23.5		)	—			(23.5		)
Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc.	$	51.8		$	60.5		$	254.0	$	145.1		$	(483.1	)	$	28.3

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Consolidated Total
Net cash provided by (used in) operating activities	$	4.8		$	41.2		$	103.9		$	(35.7	)	$	114.2
Cash flows from investing activities:
Additions to loans	—			(39.0		)	—			(194.9		)	(233.9		)
Collections of loans	—			—			8.7			6.6			15.3
Net proceeds from sale of real estate	—			—			—			523.4			523.4
Proceeds from settlement of foreign forward contracts	—			17.9			—			18.3			36.2
Purchases of foreign currency options	—			(3.7		)	—			(1.5		)	(5.2		)
Purchases of and additions to real estate	—			—			(186.3		)	(1,347.7		)	(1,534.0		)
Proceeds from sale of marketable securities	—			—			6.2			—			6.2
Distributions from unconsolidated investments	—			—			44.5			47.5			92.0
Contributions to unconsolidated investments	—			(1.5		)	(67.4		)	(86.3		)	(155.2		)
(Investments in) distributions from consolidated subsidiaries, net	(170.7		)	113.1			18.9			38.7			—
Net cash (used in) provided by investing activities	(170.7		)	86.8			(175.4		)	(995.9		)	(1,255.2		)
Cash flows from financing activities:
Borrowings under line of credit	—			75.0			—			—			75.0
Repayment of line of credit	—			(200.0		)	—			—			(200.0		)
Borrowings under investment debt	—			—			84.0			1,548.2			1,632.2
Repayment of investment debt	—			—			(5.1		)	(615.1		)	(620.2		)
Debt issue costs	—			(0.7		)	(0.9		)	(13.4		)	(15.0		)
Issuance of common stock	215.0			—			—			—			215.0
Repurchase of common stock	(11.4		)	—			—			—			(11.4		)
Dividends paid	(37.7		)	—			—			—			(37.7		)
Acquisition of KWE shares from noncontrolling interest holders	—			—			—			(59.5		)	(59.5		)
Contributions from noncontrolling interests, excluding KWE	—			—			—			6.5			6.5
Distributions to noncontrolling interests	—			—			—			(205.8		)	(205.8		)
Net cash provided by financing activities	165.9			(125.7		)	78.0			660.9			779.1
Effect of currency exchange rate changes on cash and cash equivalents	—			—			—			(34.2		)	(34.2		)
Net change in cash and cash equivalents	—			2.3			6.5			(404.9		)	(396.1		)
Cash and cash equivalents, beginning of year	—			38.2			21.0			878.5			937.7
Cash and cash equivalents, end of period	$	—		$	40.5		$	27.5		$	473.6		$	541.6

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2014
(Dollars in millions)	Parent			Kennedy-Wilson, Inc.			Guarantor Subsidiaries			Non-guarantor Subsidiaries			Consolidated Total
Net cash provided (used in) by operating activities	$	(0.1	)	$	(25.7	)	$	73.7		$	37.8		$	85.7
Cash flows from investing activities:
Additions to loans	—			—			(5.8		)	(470.6		)	(476.4		)
Collections of loans	—			—			15.1			80.8			95.9
Net proceeds from sale of real estate	—			—			—			16.3			16.3
Purchases of and additions to real estate	—			(0.6		)	(71.6		)	(1,466.0		)	(1,538.2		)
Proceeds from settlement of foreign forward contracts	—			—			—			7.5			7.5
Purchases of foreign currency options	—			—			—			(2.2		)	(2.2		)
Distributions from unconsolidated investments	—			0.3			51.6			47.4			99.3
Contributions to unconsolidated investments	—			(2.0		)	(47.9		)	(89.7		)	(139.6		)
Investment in marketable securities	—			—			(11.5		)	—			(11.5		)
(Investments in) distributions from consolidated subsidiaries, net	(159.3		)	(198.4		)	(65.0		)	422.7			—
Net cash (used in) provided by investing activities	(159.3		)	(200.7		)	(135.1		)	(1,453.8		)	(1,948.9		)
Cash flows from financing activities:
Borrowings under line of credit	—			90.0			—			—			90.0
Repayment of junior subordinated debt	—			(40.0		)	—			—			(40.0		)
Repayment of lines of credit	—			(90.0		)	—			—			(90.0		)
Borrowings under investment debt	—			—			31.5			793.6			825.1
Borrowings under senior notes payable	—			297.2			—			—			297.2
Debt issue costs	—			(7.8		)	(0.6		)	(20.1		)	(28.5		)
Repayment of investment debt	—			—			(0.1		)	(32.1		)	(32.2		)
Issuance of common stock	190.6			—			—			—			190.6
Dividends paid	(28.4		)	—			—			—			(28.4		)
Repurchase of common stock	(2.9		)	—			—			—			(2.9		)
Proceeds from issuance of KWE shares	—			—			—			1,351.1			1,351.1
Restricted cash	—			—			—			(42.6		)	(42.6		)
Acquisition of KWE shares from noncontrolling interest holders	—			—			—			(16.8		)	(16.8		)
Contributions from noncontrolling interests, excluding KWE	—			—			—			12.9			12.9
Distributions to noncontrolling interests	—			—			—			(24.3		)	(24.3		)
Net cash provided by (used in) financing activities	159.3			249.4			30.8			2,021.7			2,461.2
Effect of currency exchange rate changes on cash and cash equivalents	—			—			—			10.8			10.8
Net change in cash and cash equivalents	(0.1		)	23.0			(30.6		)	616.5			608.8
Cash and cash equivalents, beginning of period	—			48.2			77.2			52.8			178.2
Cash and cash equivalents, end of period	$	(0.1	)	$	71.2		$	46.6		$	669.3		$	787.0