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Real Estate and In-Place Lease Value (Tables)
 9 Months Ended
Sep. 30, 2015
Real Estate [Abstract]  
Schedule of Investment in Consolidated Real Estate Properties
The following table summarizes KW Group's investment in consolidated real estate properties at September 30, 2015 and December 31, 2014, respectively:
 
 
September 30,
 
December 31,
(Dollars in millions)
 
2015
 
2014
Land
 
$
1,394.1

 
$
1,046.9

Buildings
 
3,706.0

 
2,945.3

Building improvements
 
173.2

 
75.1

In-place lease value
 
408.9

 
282.6

 
 
5,682.2

 
4,349.9

Less accumulated depreciation and amortization
 
(218.7
)
 
(121.8
)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization
 
$
5,463.5

 
$
4,228.1
Schedule of Business Acquisitions, by Acquisition
During the nine months ended September 30, 2015, KW Group acquired the following consolidated properties:
(Dollars in millions)
Preliminary Purchase Price Allocation at Acquisition(1)
Location
Description
Land
Building
Acquired in place lease values(2)
Investment debt
NCI(3)
KWH Shareholders' Equity
Western U.S.
584k square feet of commercial properties and 1,676 multifamily units(6)
$
141.6

$
358.5

$
20.1

$
313.8

$
6.4

$
200.0

United Kingdom
Portfolio of 176 commercial, retail, and industrial properties(4)
276.1

421.7

76.6

529.3

205.7

39.4

United Kingdom
Portfolio of 9 commercial properties(4)
104.4

178.7

45.4

—

270.4

58.1

Ireland
Three properties that total 149k square feet (4)(5)
21.6

81.6

12.3

—

93.2

22.3

Spain
Two development projects(4)
—

43.9

—

—

36.8

7.1

Spain
16 supermarkets(4)
23.6

66.0

4.7

—

77.6

16.7

 
 
$
567.3

$
1,150.4

$
159.1

$
843.1

$
690.1

$
343.6

(1) Excludes acquisition expenses and net other assets. The purchase price allocations for properties acquired during the nine months ended September 30, 2015 are based on preliminary measurements of fair value that are subject to change. These allocations represent the Company's current best estimates of fair value.
(2) Includes above and below market leases in this table. Above and below market leases are part of other assets and accrued expenses and other liabilities.
(3) Noncontrolling interest amounts associated with acquisition.
(4) These portfolios of properties were directly acquired and are held by KWE. Kennedy Wilson owns approximately 17.7% of the total issued share capital of KWE as of September 30, 2015.
(5) KWE recognized an acquisition-related gain of $11.2 million on these transaction as the property was previously a mortgage note that KWE foreclosed on and converted to real estate. As the fair value of the assets was in excess of the basis in the previously held mortgage notes, KWE recognized an acquisition-related gain upon conversion.
(6) At various points during the year-ended September 30, 2015, properties included within this group were accounted for under equity method. KW Group purchased the equity partners' interests and consolidated the properties resulting in acquisition-related gains of $76.0 million.
Business Acquisition, Pro Forma Information
The pro forma data presented below assumes that the acquisitions during the three and nine months ended September 30, 2015 occurred as of January 1, 2014.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in millions, except for per share data)
 
2015
 
2014
 
2015
 
2014
Pro forma revenues
 
$
479.9

 
$
163.5

 
$
363.4

 
$
149.3

Pro forma net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders (1)
 
45.1

 
14.6

 
52.8

 
0.5

Pro forma net income (loss) per share:
 
 
 
 
 
 
 
 
Basic
 
$
0.13

 
$
—

 
$
0.43

 
$
0.50

Diluted
 
$
0.13

 
$
—

 
$
0.42

 
$
0.49


(1) Excludes the effects of acquisition-related gains.