COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Future minimum lease payments under scheduled operating and ground leases that have initial or remaining noncancelable terms in excess of one year are as follows:

(Dollars in millions)
Year ending December 31,
2020	$	1.4
2021	1.4
2022	1.4
2023	0.8
2024	0.4
Thereafter	34.3
Total minimum payments	$	39.7

Rental expense was $1.4 million, $4.1 million, and $4.3 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is included in general and administrative expense in the accompanying consolidated statements of income.

CAPITAL COMMITMENTS—As of December 31, 2019 and 2018, the Company has unfunded capital commitments of $109.2 million and $99.3 million to its joint ventures under the respective operating agreements. In addition to the unfunded capital commitments on its joint venture investments, the Company has $72.7 million of equity commitments relating on

consolidated and unconsolidated development projects. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of the Company's capital commitment obligations.

LITIGATION—Kennedy Wilson is currently a defendant in certain routine litigation arising in the ordinary course of business. It is the opinion of management and legal counsel that the outcome of these actions will not have a material effect on the financial statements taken as a whole.