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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Kennedy Wilson is a global real estate investment company. The Company owns, operates, and invests in real estate both on its own and through our investment management platform. To complement its investment business, the Company also provides real estate services primarily to financial services clients. 
Kennedy Wilson’s segment disclosure with respect to the determination of segment profit or loss and segment assets is based on these two core segments: KW Investments and KW Investment Management and Real Estate Services (IMRES). KW Investments invests in multifamily, office, retail, industrial and residential properties as well as loans secured by real estate. IMRES provides a full array of real estate-related services to investors and lenders, with a strong focus on financial institution-based clients. Kennedy Wilson’s segment disclosure with respect to the determination of segment profit or loss and segment assets is based on these services and investments.
KW Investments
We invest our capital in real estate assets and loans secured by real estate either on our own or through our investment management platform. When we have partners, we are typically the general partner in the arrangement with a promoted interest in the profits of our investments beyond our ownership percentage. The Company has an average ownership interest across all investments of approximately 61% as of December 31, 2019. Our equity partners include public shareholders, financial institutions, foundations, endowments, high net worth individuals and other institutional investors. See the "Business Segments" section in Item 1 for a more detailed discussion of the different components of the KW Investments segment.    
KW Investment Management and Real Estate Services (IMRES)
IMRES encompasses the Company fee generating businesses which includes both the Company's investment management platform as well as the Company's third-party services business. The Company's clients include financial institutions, institutional investors, insurance companies, developers, builders, government agencies and prior to the KWE Transaction shareholders of KWE. IMRES has five main lines of business: investment management, property services, research (up until sale during fourth quarter 2018), brokerage, and auction and conventional sales. These five business lines generate revenue for us through fees and commissions. See the "Business Segments" section in Item 1 for a more detailed discussion of the different components of the IMRES segment.
The Company manages approximately 49 million square feet of properties for the Company and its investment partners in the United States, Europe, and Asia, which includes assets we have ownership interests in and third party owned assets. With 14 offices throughout the United States, the United Kingdom, Ireland, Jersey and Spain, we have the capabilities and resources to provide investment management and property services to real estate owners as well as the experience, as a real estate investor, to understand client concerns.
Additionally, IMRES plays a critical role in supporting our investment strategy by providing local market intelligence and real-time data for evaluating investments, generating proprietary transaction flow and creating value through efficient implementation of asset management or repositioning strategies.
No single third-party client accounted for 10% or more of Kennedy Wilson's revenue during any period presented in these financial statements.

The following tables summarize the income and expense activity by segment for the years ended December 31, 2019, 2018 and 2017 and total assets as of December 31, 2019 and 2018.

 
 
Year Ended December 31, 2019
 
 
 
 
 
 
 
 
(Dollars in millions)
 
Investments
 
Investment Management and Real Estate Services
 
Corporate
 
Total
Revenue
 
 
 
 
 
 
 
 
Rental
 
$
447.4

 
$
—

 
$
—

 
$
447.4

Hotel
 
80.5

 
—

 
—

 
80.5

Sale of real estate
 
1.1

 
—

 
—

 
1.1

Investment management, property services and research fees
 
—

 
40.7

 
—

 
40.7

Total revenue
 
529.0

 
40.7

 
—

 
569.7

Expenses
 
 
 
 
 
 
 
 
Rental
 
152.9

 
—

 
—

 
152.9

Hotel
 
60.1

 
—

 
—

 
60.1

Cost of real estate sold
 
1.2

 
—

 
—

 
1.2

Commission and marketing
 
—

 
3.8

 
—

 
3.8

Compensation and related
 
72.2

 
22.9

 
56.7

 
151.8

General and administrative
 
27.6

 
7.8

 
7.0

 
42.4

Depreciation and amortization
 
187.6

 
—

 
—

 
187.6

Total expenses
 
501.6

 
34.5

 
63.7

 
599.8

Income from unconsolidated investments, net of depreciation and amortization  
 
143.4

 
36.3

 
—

 
179.7

Gain on sale of real estate, net
 
434.4

 
—

 
—

 
434.4

Acquisition-related expenses
 
(6.8
)
 
—

 
—

 
(6.8
)
Interest expense
 
(145.6
)
 
—

 
(69.5
)
 
(215.1
)
Other income
 
2.8

 
—

 
(2.4
)
 
0.4

Provision for income taxes
 
(14.5
)
 
—

 
(26.9
)
 
(41.4
)
Net income (loss)
 
441.1

 
42.5

 
(162.5
)
 
321.1

Net income attributable to noncontrolling interests
 
(94.4
)
 
—

 
—

 
(94.4
)
Preferred dividends and accretion of preferred stock issuance costs
 
—

 
—

 
(2.6
)
 
(2.6
)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
$
346.7

 
$
42.5

 
$
(165.1
)
 
$
224.1


 
 
Year Ended December 31, 2018
 
 
 
 
 
 
 
 
(Dollars in millions)
 
Investments
 
Investment Management and Real Estate Services
 
Corporate
 
Total
Revenue
 
 
 
 
 
 
 
 
Rental
 
$
514.6

 
$
—

 
$
—

 
$
514.6

Hotel
 
155.7

 
—

 
—

 
155.7

Sale of real estate
 
56.8

 
—

 
—

 
56.8

Investment management, property services and research fees
 
—

 
45.3

 
—

 
45.3

Total revenue
 
727.1

 
45.3

 
—

 
772.4

Expenses
 
 
 
 
 
 
 
 
Rental
 
160.8

 
—

 
—

 
160.8

Hotel
 
121.5

 
—

 
—

 
121.5

Cost of real estate sold
 
52.5

 
—

 
—

 
52.5

Commission and marketing
 
—

 
5.9

 
—

 
5.9

Compensation and related
 
73.5

 
33.5

 
61.8

 
168.8

General and administrative
 
31.6

 
12.1

 
7.1

 
50.8

Depreciation and amortization
 
205.8

 
0.3

 
—

 
206.1

Total expenses
 
645.7

 
51.8

 
68.9

 
766.4

Income from unconsolidated investments, net of depreciation and amortization  
 
51.3

 
27.4

 
—

 
78.7

Gain on sale of real estate, net
 
371.8

 
—

 
—

 
371.8

Gain on sale of business
 
—

 
40.4

 
—

 
40.4

Acquisition-related expenses
 
(1.7
)
 
—

 
—

 
(1.7
)
Interest expense
 
(161.0
)
 
—

 
(77.2
)
 
(238.2
)
Other income
 
1.8

 
—

 
11.3

 
13.1

(Provision for) benefit from income taxes
 
(14.0
)
 
—

 
(44.0
)
 
(58.0
)
Net income (loss)
 
329.6

 
61.3

 
(178.8
)
 
212.1

Net income attributable to noncontrolling interests
 
(62.1
)
 
—

 
—

 
(62.1
)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
$
267.5

 
$
61.3

 
$
(178.8
)
 
$
150.0


 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
(Dollars in millions)
 
Investments
 
Investment Management and Real Estate Services
 
Corporate
 
Total
Revenue
 
 
 
 
 
 
 
 
Rental
 
$
504.7

 
$
—

 
$
—

 
$
504.7

Hotel
 
127.5

 
—

 
—

 
127.5

Sale of real estate
 
111.5

 
—

 
—

 
111.5

Investment management, property services and research fees
 
—

 
42.9

 
—

 
42.9

Loan purchases, loan originations and other
 
15.2

 
—

 
—

 
15.2

Total revenue
 
758.9

 
42.9

 
—

 
801.8

Expenses
 
 
 
 
 
 
 
 
Rental
 
151.2

 
—

 
—

 
151.2

Hotel
 
100.3

 
—

 
—

 
100.3

Cost of real estate sold
 
80.2

 
—

 
—

 
80.2

Commission and marketing
 
—

 
7.2

 
—

 
7.2

Compensation and related
 
76.7

 
35.2

 
65.3

 
177.2

General and administrative
 
26.0

 
11.3

 
4.9

 
42.2

Depreciation and amortization
 
212.2

 
0.3

 
—

 
212.5

Total expenses
 
646.6

 
54.0

 
70.2

 
770.8

Income from unconsolidated investments, net of depreciation and amortization  
 
66.4

 
11.4

 
—

 
77.8

Gain on sale of real estate, net
 
226.7

 
—

 
—

 
226.7

Acquisition-related expenses
 
(4.4
)
 
—

 
—

 
(4.4
)
Interest expense
 
(145.6
)
 
—

 
(72.1
)
 
(217.7
)
Other (expense) income
 
(5.1
)
 
—

 
13.4

 
8.3

Benefit from (provision for) income taxes
 
(4.8
)
 
—

 
21.1

 
16.3

Net income (loss)
 
245.5

 
0.3

 
(107.8
)
 
138.0

Net income attributable to noncontrolling interests
 
(37.5
)
 
—

 
—

 
(37.5
)
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
$
208.0

 
$
0.3

 
$
(107.8
)
 
$
100.5

 
December 31,
(Dollars in millions)
2019
 
2018
Assets
 
 
 
Investments
$
6,945.1

 
$
7,155.0

Services
61.1

 
64.3

Corporate
298.3

 
162.5

Total assets
$
7,304.5

 
$
7,381.8

 
 
December 31,
(Dollars in millions)
 
2019
 
2018
 
2017
Expenditures for long lived assets
 
 
 
 
 
 
Investments
 
$
(210.9
)
 
$
(355.8
)
 
$
(567.6
)



Geographic Information
The revenue shown in the table below is allocated based upon the region in which services are performed.
 
 
Year Ended December 31,
(Dollars in millions)
 
2019
 
2018
 
2017
United States
 
$
275.7

 
$
327.7

 
$
307.6

Europe
 
294.0

 
444.7

 
493.2

Japan
 
—

 
—

 
1.0

Total revenue
 
$
569.7

 
$
772.4

 
$
801.8