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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Kennedy-Wilson Holdings, Inc.
Schedule III—Real Estate and Accumulated Depreciation
December 31, 2019
(Dollars in millions)
 
 
 
 
 
Initial Cost
 
Costs Capitalized Subsequent to Acquisition
 
Gross Balance at December 31, 2019(1)
 
 
 
 
 
 
 
 
Description
 
Region
 
Encumbrances
 
Land
 
Building & Improvements
 
Improvements
 
Land
 
Building & Improvements
 
Total(2)
 
Accumulated Depreciation
 
Depreciable Life in Years
 
Date of Construction
 
Date Acquired(3)
 Commercial
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
 
Southern California
 
$
35.0

 
$
11.2

 
$
18.5

 
$
34.6

 
$
11.5

 
$
54.1

 
$
65.6

 
$
(6.1
)
 
 39 yrs
 
1955/1981/1982
 
2013
Retail
 
Mountain States
 
1.3

 
0.5

 
1.2

 
0.4

 
0.5

 
1.6

 
2.1

 
(0.2
)
 
 39 yrs
 
1981
 
2013
Retail
 
Mountain States
 
10.2

 
2.1

 
2.9

 
1.8

 
1.8

 
4.7

 
6.5

 
(0.5
)
 
 39 yrs
 
1958/1974-1976/1985/1989/2006
 
2013
Retail
 
Mountain States
 
4.6

 
2.6

 
5.6

 
1.2

 
2.6

 
6.8

 
9.4

 
(1.0
)
 
 39 yrs
 
1980/1983
 
2013
Retail
 
Southern California
 
27.0

 
9.1

 
14.0

 
11.7

 
9.1

 
25.7

 
34.8

 
(2.9
)
 
 39 yrs
 
1985
 
2014
Commercial portfolio
 
United Kingdom
 
—

 
30.9

 
80.9

 
18.2

 
24.9

 
82.5

 
107.4

 
(12.6
)
 
 39 yrs
 
Various
 
2014
Commercial portfolio
 
United Kingdom
 
33.2

 
79.8

 
294.3

 
17.5

 
57.7

 
239.3

 
297.0

 
(37.8
)
 
 39 yrs
 
Various
 
2014
Office
 
Ireland
 
—

 
2.0

 
4.4

 
—

 
1.3

 
5.6

 
6.9

 
(0.7
)
 
 39 yrs
 
Various
 
2014
Office
 
Ireland
 
—

 
13.9

 
21.9

 
0.3

 
11.5

 
67.0

 
78.5

 
(6.4
)
 
 39 yrs
 
1973/2016
 
2014
Office
 
Ireland
 
79.0

 
8.2

 
102.6

 
—

 
6.7

 
84.6

 
91.3

 
(11.6
)
 
 39 yrs
 
2003
 
2014
Retail
 
Ireland
 
97.7

 
59.8

 
83.1

 
25.0

 
49.4

 
93.6

 
143.0

 
(8.9
)
 
 39 yrs
 
1966/2005
 
2014
Office
 
Ireland
 
76.9

 
20.4

 
73.8

 
3.7

 
16.8

 
64.6

 
81.4

 
(10.2
)
 
 39 yrs
 
1980
 
2014
Office
 
United Kingdom
 
—

 
85.3

 
232.0

 
20.3

 
71.3

 
214.2

 
285.5

 
(36.5
)
 
 39 yrs
 
2003
 
2014
Retail
 
United Kingdom
 
70.4

 
6.2

 
109.5

 
7.2

 
5.0

 
94.7

 
99.7

 
(13.1
)
 
 39 yrs
 
2010
 
2014
Office
 
Southern California
 
49.5

 
37.8

 
60.5

 
13.1

 
37.8

 
73.6

 
111.4

 
(9.4
)
 
 39 yrs
 
1982
 
2015
Office
 
Southern California
 
28.8

 
11.6

 
36.5

 
4.5

 
11.6

 
40.9

 
52.5

 
(5.9
)
 
 39 yrs
 
1968
 
2015
Office
 
Southern California
 
35.0

 
20.7

 
47.9

 
25.8

 
20.7

 
53.9

 
74.6

 
(6.6
)
 
 39 yrs
 
1982
 
2015
Commercial portfolio
 
United Kingdom
 
308.2

 
181.6

 
286.0

 
14.3

 
151.0

 
248.3

 
399.3

 
(30.3
)
 
 39 yrs
 
Various
 
2015
Office portfolio
 
United Kingdom
 
—

 
32.9

 
65.8

 
11.8

 
34.7

 
60.5

 
95.2

 
(5.9
)
 
 39 yrs
 
Various
 
2015
Retail portfolio
 
Spain
 
—

 
2.4

 
6.6

 
—

 
2.4

 
6.8

 
9.2

 
(0.7
)
 
 39 yrs
 
Various
 
2015
Retail
 
Spain
 
40.3

 
27.1

 
46.2

 
12.7

 
29.8

 
63.4

 
93.2

 
(5.5
)
 
 39 yrs
 
1995
 
2015
Office portfolio
 
Ireland
 
—

 
0.8

 
5.9

 
—

 
0.8

 
6.1

 
6.9

 
(0.6
)
 
 39 yrs
 
Various
 
2015
Office portfolio
 
Italy
 
—

 
26.3

 
74.8

 
0.6

 
32.5

 
92.9

 
125.4

 
(9.3
)
 
 39 yrs
 
Various
 
2015
Retail
 
Mountain States
 
7.0

 
2.6

 
9.5

 
3.0

 
2.6

 
12.4

 
15.0

 
(0.9
)
 
 39 yrs
 
1961
 
2016
Office building
 
Ireland
 
—

 
2.0

 
11.9

 
0.1

 
2.0

 
12.2

 
14.2

 
(1.2
)
 
 39 yrs
 
2007
 
2016
Retail
 
Mountain States
 
28.6

 
9.3

 
30.0

 
1.0

 
9.3

 
31.0

 
40.3

 
(2.7
)
 
 39 yrs
 
1984/2008
 
2016
Industrial
 
United Kingdom
 
—

 
6.9

 
8.8

 
0.3

 
8.5

 
7.4

 
15.9

 
(0.7
)
 
 39 yrs
 
1984/2003
 
2016
Office portfolio
 
United Kingdom
 
—

 
32.1

 
70.4

 
1.8

 
29.4

 
66.1

 
95.5

 
(6.1
)
 
 39 yrs
 
Various
 
2016
Office
 
Ireland
 
—

 
4.2

 
64.0

 
1.8

 
4.1

 
64.2

 
68.3

 
(5.7
)
 
 39 yrs
 
2009
 
2016
Industrial
 
United Kingdom
 
—

 
5.0

 
9.2

 
—

 
5.2

 
9.6

 
14.8

 
(0.7
)
 
 39 yrs
 
2002
 
2016
Retail
 
Mountain States
 
4.3

 
1.3

 
5.6

 
0.5

 
1.3

 
6.1

 
7.4

 
(0.5
)
 
 39 yrs
 
1995/1996
 
2016
Retail
 
Pacific Northwest
 
7.2

 
2.3

 
8.1

 
—

 
2.3

 
8.1

 
10.4

 
(0.6
)
 
 39 yrs
 
1956
 
2017
Office
 
Pacific Northwest
 
77.0

 
30.6

 
106.0

 
0.7

 
30.6

 
106.7

 
137.3

 
(7.0
)
 
 39 yrs
 
1999/2001
 
2017
Retail
 
Mountain States
 
12.3

 
4.1

 
12.2

 
0.1

 
4.1

 
12.3

 
16.4

 
(0.8
)
 
 39 yrs
 
1967/1983
 
2017
Office
 
Ireland
 
—

 
4.9

 
18.5

 
11.3

 
4.6

 
28.9

 
33.5

 
(0.6
)
 
 39 yrs
 
1841
 
2017
Office
 
Ireland
 
11.6

 
11.0

 
—

 
19.0

 
10.5

 
19.0

 
29.5

 
—

 
 39 yrs
 
1840/2000
 
2017
Office
 
Southern California
 
16.0

 
27.4

 
6.8

 
1.4

 
27.4

 
8.3

 
35.7

 
(0.3
)
 
 39 yrs
 
1956
 
2018
Office
 
Northern California
 
61.8

 
23.5

 
57.3

 
—

 
23.5

 
57.3

 
80.8

 
(0.3
)
 
 39 yrs
 
2000
 
2019
Office
 
United Kingdom
 
66.2

 
25.2

 
27.8

 
1.0

 
23.5

 
32.8

 
56.3

 
(0.5
)
 
 39 yrs
 
1997
 
2019
Office
 
Ireland
 
50.6

 
7.2

 
31.7

 
—

 
7.3

 
32.5

 
39.8

 
(0.2
)
 
 39 yrs
 
2009
 
2019
Industrial
 
United Kingdom
 
10.3

 
3.8

 
11.5

 
—

 
3.9

 
11.8

 
15.7

 
—

 
 39 yrs
 
1990/2010
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Multifamily
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
450-unit asset
 
Mountain States
 
45.2

 
18.4

 
43.0

 
6.7

 
18.4

 
49.7

 
68.1

 
(11.3
)
 
 39 yrs
 
1974
 
2013
178-unit asset
 
Northern California
 
31.4

 
12.3

 
18.5

 
9.0

 
12.3

 
27.4

 
39.7

 
(8.6
)
 
 39 yrs
 
1975
 
2012
217-unit asset
 
Pacific Northwest
 
22.8

 
2.6

 
41.4

 
3.3

 
2.5

 
42.5

 
45.0

 
(9.0
)
 
 39 yrs
 
2011
 
2012
366-unit asset
 
Mountain States
 
53.3

 
9.1

 
36.3

 
10.4

 
9.1

 
46.7

 
55.8

 
(13.0
)
 
 39 yrs
 
2000
 
2012
203-unit asset
 
Pacific Northwest
 
19.5

 
2.6

 
23.8

 
2.6

 
2.6

 
26.4

 
29.0

 
(4.9
)
 
 39 yrs
 
2005
 
2014
542-unit asset
 
Northern California
 
90.8

 
38.3

 
57.5

 
9.7

 
38.3

 
67.3

 
105.6

 
(13.0
)
 
 39 yrs
 
1987
 
2014
324-unit asset
 
Mountain States
 
25.3

 
3.2

 
28.5

 
6.7

 
3.2

 
35.2

 
38.4

 
(6.7
)
 
 39 yrs
 
1996
 
2014
280-unit asset
 
Pacific Northwest
 
37.3

 
6.0

 
40.2

 
2.3

 
6.0

 
42.6

 
48.6

 
(6.3
)
 
 39 yrs
 
2004/2006
 
2014
750-unit asset
 
Pacific Northwest
 
82.0

 
22.1

 
78.2

 
9.2

 
22.1

 
87.4

 
109.5

 
(15.0
)
 
 39 yrs
 
1987
 
2014
Condo
 
Pacific Northwest
 
—

 
—

 
0.2

 
—

 
—

 
1.0

 
1.0

 
(0.1
)
 
 39 yrs
 
2005
 
2014
294-unit asset
 
United Kingdom
 
—

 
22.1

 
84.0

 
16.9

 
19.9

 
92.5

 
112.4

 
(8.2
)
 
 39 yrs
 
2012
 
2015
208-unit asset
 
Southern California
 
37.7

 
9.3

 
37.3

 
5.0

 
9.3

 
42.3

 
51.6

 
(6.6
)
 
 39 yrs
 
2004
 
2015
1,008-unit asset
 
Northern California
 
175.0

 
62.7

 
152.4

 
19.3

 
62.3

 
171.7

 
234.0

 
(24.3
)
 
 39 yrs
 
1988
 
2015
460-unit asset
 
Southern California
 
46.7

 
13.2

 
53.0

 
4.5

 
13.2

 
57.5

 
70.7

 
(7.7
)
 
 39 yrs
 
1988
 
2015
204-unit asset
 
Mountain States
 
14.3

 
2.0

 
17.6

 
2.6

 
2.0

 
20.3

 
22.3

 
(2.3
)
 
 39 yrs
 
1999
 
2016
168-unit asset
 
Mountain States
 
10.9

 
1.8

 
13.1

 
2.2

 
1.8

 
15.2

 
17.0

 
(1.9
)
 
 39 yrs
 
1992
 
2016
430-unit asset
 
Pacific Northwest
 
62.5

 
12.8

 
67.4

 
3.2

 
12.8

 
70.6

 
83.4

 
(6.8
)
 
 39 yrs
 
2006
 
2016
386-unit asset
 
Southern California
 
66.0

 
—

 
81.4

 
7.8

 
—

 
89.3

 
89.3

 
(8.5
)
 
 39 yrs
 
2002
 
2016
157-unit asset
 
Southern California
 
42.9

 
14.5

 
46.0

 
1.1

 
14.5

 
47.1

 
61.6

 
(4.2
)
 
 39 yrs
 
2013
 
2016
Land
 
Southern California
 
—

 
0.6

 
—

 
—

 
3.6

 
—

 
3.6

 
—

 
 39 yrs
 
N/A
 
2018
408-unit asset
 
Pacific Northwest
 
60.4

 
9.2

 
83.3

 
3.6

 
9.3

 
86.9

 
96.2

 
(7.5
)
 
 39 yrs
 
1998
 
2016
300-unit asset
 
Mountain States
 
22.0

 
4.8

 
29.2

 
4.2

 
4.8

 
33.4

 
38.2

 
(2.3
)
 
 39 yrs
 
1995
 
2017
210-unit asset
 
Pacific Northwest
 
29.0

 
11.0

 
46.7

 
0.7

 
11.0

 
47.5

 
58.5

 
(2.9
)
 
 39 yrs
 
2007
 
2017
200-unit asset
 
Mountain States
 
20.7

 
1.4

 
25.9

 
0.6

 
1.4

 
26.5

 
27.9

 
(1.6
)
 
 39 yrs
 
2012
 
2017
264-unit asset
 
Pacific Northwest
 
25.3

 
6.4

 
44.9

 
3.8

 
6.4

 
48.7

 
55.1

 
(3.1
)
 
 39 yrs
 
1997
 
2017
343-unit asset
 
Pacific Northwest
 
84.0

 
26.8

 
107.4

 
—

 
26.8

 
107.6

 
134.4

 
(5.8
)
 
 39 yrs
 
2016
 
2017
179-unit asset
 
Pacific Northwest
 
33.0

 
11.9

 
47.4

 
0.2

 
11.9

 
48.6

 
60.5

 
(2.6
)
 
 39 yrs
 
2013
 
2017
88-unit asset
 
Mountain States
 
8.6

 
2.6

 
10.4

 
1.0

 
2.6

 
11.4

 
14.0

 
(0.7
)
 
 39 yrs
 
1988
 
2018
492-unit asset
 
Mountain States
 
59.1

 
15.8

 
63.2

 
4.2

 
15.9

 
67.4

 
83.3

 
(3.7
)
 
 39 yrs
 
1985
 
2018
293-unit asset
 
Mountain States
 
19.9

 
7.2

 
28.8

 
0.5

 
7.2

 
29.3

 
36.5

 
(1.1
)
 
 39 yrs
 
1995
 
2018
188-unit asset
 
Mountain States
 
13.5

 
4.9

 
20.0

 
4.8

 
4.9

 
24.5

 
29.4

 
(0.9
)
 
 39 yrs
 
1985
 
2018
Land
 
Mountain States
 
3.8

 
5.7

 
—

 
—

 
20.0

 
—

 
20.0

 
—

 
 39 yrs
 
N/A
 
2018
222-unit asset
 
Mountain States
 
28.8

 
9.6

 
38.6

 
1.0

 
9.6

 
39.5

 
49.1

 
(1.1
)
 
 39 yrs
 
1996
 
2018
Land
 
Mountain States
 
—

 
0.8

 
—

 
—

 
4.8

 
—

 
4.8

 
—

 
 39 yrs
 
N/A
 
2018
Land
 
Mountain States
 
—

 
2.1

 
—

 
—

 
2.5

 
—

 
2.5

 
—

 
 39 yrs
 
N/A
 
2018
Land
 
Mountain States
 
—

 
0.2

 
—

 
—

 
0.6

 
—

 
0.6

 
—

 
 39 yrs
 
N/A
 
2018
Land
 
Mountain States
 
—

 
—

 
—

 
—

 
0.9

 
—

 
0.9

 
—

 
 39 yrs
 
N/A
 
2019
Land
 
Mountain States
 
—

 
—

 
—

 
—

 
0.2

 
—

 
0.2

 
—

 
 39 yrs
 
N/A
 
2019
Land
 
Mountain States
 
—

 
4.0

 
—

 
—

 
18.4

 
—

 
18.4

 

 
 39 yrs
 
N/A
 
2019
360-unit asset
 
Mountain States
 
52.8

 
16.4

 
65.7

 
—

 
16.4

 
65.7

 
82.1

 
(0.1
)
 
 39 yrs
 
2015
 
2019
Hotel
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hotel
 
Ireland
 
80.8

 
54.0

 
114.3

 
35.0

 
46.7

 
136.2

 
182.9

 
(21.7
)
 
 39 yrs
 
1824/2005
 
2014
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Development
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
 
Spain
 
—

 
—

 
34.7

 
10.5

 
—

 
44.2

 
44.2

 
—

 
 N/A
 
N/A
 
2015
Office
 
Ireland
 
—

 
0.5

 
3.4

 
6.7

 
0.5

 
16.4

 
16.9

 
—

 
 N/A
 
Various
 
2015
Retail
 
Spain
 
—

 
—

 
13.8

 
—

 
—

 
13.9

 
13.9

 
—

 
 N/A
 
N/A
 
2017
Retail
 
Ireland
 
—

 
17.2

 
—

 
2.8

 
17.1

 
2.8

 
19.9

 
—

 
 N/A
 
N/A
 
2017
Land
 
United Kingdom
 
 
 
4.2

 
—

 
—

 
4.0

 
0.3

 
4.3

 
—

 
 N/A
 
2015
 
2018

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2700 acres
 
Hawaii
 
—

 
31.7

 
3.7

 
0.7

 
41.3

 
4.3

 
45.6

 
(1.8
)
 
 N/A
 
1912
 
2010
Grand Total
 
 
 
$
2,655.3

 
$
1,378.6

 
$
3,865.4

 
$
469.5

 
$
1,330.6

 
$
4,099.9

 
$
5,430.5

 
$
(466.8
)
 
 
 
 
 
 
(1) The tax basis of all the properties in aggregate totaled $5,224.7 million.
(2) Excludes acquired in place lease values.
(3) For assets that were consolidated the date acquired represents when the asset was presented as real estate not when initially acquired by Kennedy Wilson.




Changes in real estate for the years ended December 31, 2019, 2018 and 2017 were as follows:
 
 
For the year ended December 31,
(Dollars in millions)
 
2019
 
2018
 
2017
Balance at the beginning of period
 
$
5,981.7

 
$
6,578.6

 
$
5,805.4

Additions during the period:
 
 
 
 
 
 
Other acquisitions
 
176.2

 
210.3

 
179.5

Improvements
 
270.0

 
355.1

 
615.7

Foreign currency
 
26.7

 
(191.7
)
 
426.9

Deductions during the period:
 
 
 
 
 
 
Cost of real estate sold
 
(1,024.1
)
 
(970.6
)
 
(448.9
)
Balance at close of period
 
$
5,430.5

 
$
5,981.7

 
$
6,578.6


Changes in accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 were as follows:
 
 
For the year ended December 31,
(Dollars in millions)
 
2019
 
2018
 
2017
Balance at the beginning of period
 
$
406.5

 
$
344.0

 
$
230.3

Additions during the period:
 
 
 
 
 
 
Depreciation expense
 
110.2

 
110.8

 
128.2

Deductions during the period:
 
 
 
 
 
 
Dispositions
 
(49.0
)
 
(36.0
)
 
(34.8
)
Foreign currency
 
(0.9
)
 
(12.3
)
 
20.3

Balance at close of period
 
$
466.8

 
$
406.5

 
$
344.0


See accompanying report of independent registered public accounting firm.