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REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE (Tables)
 12 Months Ended
Dec. 31, 2019
Real Estate [Abstract]  
Schedule of Investments in Consolidated Properties
The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2019 and 2018:
 
 
December 31,
(Dollars in millions)
 
2019
 
2018
Land
 
$
1,330.6

 
$
1,371.3

Buildings
 
3,630.4

 
3,958.4

Building improvements
 
469.5

 
652.0

Acquired in-place lease values
 
352.9

 
344.4


 
5,783.4

 
6,326.1

Less accumulated depreciation and amortization
 
(703.2
)
 
(623.6
)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization
 
$
5,080.2

 
$
5,702.5


During the years ended December 31, 2019, 2018 and 2017, Kennedy Wilson recognized the following net gains on sale of real estate. Included in the net gains for December 31, 2018 is an impairment loss on a vacated office building in the United Kingdom which was subsequently sold.
(Dollars in millions)
Gain on sale of real estate
Year ended December 31,
Description
Consolidated(1)
NCI
Net of NCI
2019
11 commercial properties and one hotel in the United Kingdom, one hotel in Ireland, 10 Spanish retail properties, five retail properties, one hotel, and one multifamily property in the Western United States, and the deconsolidation of previously consolidated real estate as discussed below
$
434.9

$
116.7

$
318.2

2018
26 commercial properties in United Kingdom, three commercial properties in Ireland, two commercials properties in Italy, six multifamily properties in Ireland, three multifamily properties in Western United States, and one residential property in Ireland, and one residential property in Western United States
369.6

70.6

299.0

2017
Three multifamily properties and one retail center in the Western U.S., one commercial development and three commercial properties in Ireland, one residential property in the United Kingdom, 25 commercial properties across the United Kingdom and Ireland, two condo unit sales in Spain and a residential property in Spain
258.0

43.3

214.7

(1) Includes
Schedule of Business Acquisitions
During the year ended December 31, 2019, Kennedy Wilson acquired the following consolidated properties:
(Dollars in millions)
Purchase Price Allocation at Acquisition(1)
Location
Description
Land
Building
Acquired in-place lease values(2)
Investment debt
KWH Shareholders' Equity
Western U.S.
One multifamily property and one commercial property
$
39.9

$
123.0

$
37.2

$
112.2

$
87.9

United Kingdom
One commercial property and one industrial property
29.0

39.2

2.9

58.6

12.5

Ireland
One commercial property
7.2

31.7

3.4

44.0

(1.7
)
 
 
$
76.1

$
193.9

$
43.5

$
214.8

$
98.7

(1) Excludes net other assets.
(2) Above- and below-market leases are included in other assets, net and accrued expenses and other liabilities.

During the year ended December 31, 2018, Kennedy Wilson acquired the following consolidated properties:
(Dollars in millions)
Purchase Price Allocation at Acquisition(1)
Location
Description
Land
Building
Acquired in-place lease values(2)
Investment debt
KWH Shareholders' Equity
Western U.S.
Five multifamily properties, three land development and one commercial property
$
72.1

$
167.5

$
1.2

$
145.8

$
95.0

United Kingdom
One residential property
4.2

—

—

—

4.2

Ireland
One multifamily
11.1

96.0

2.1

61.3

47.9

 
 
$
87.4

$
263.5

$
3.3

$
207.1

$
147.1

(1) Excludes net other assets.
(2) Above- and below-market leases are included in other assets, net and accrued expenses and other liabilities.
Lessor, Operating Lease, Payments to be Received, Maturity
The following table summarizes the minimum lease payments due from the Company's tenants on leases with lease periods greater than one year at December 31, 2019:
(Dollars in millions)
Minimum
 
Rental Revenues(1)
2020
223.0

2021
222.1

2022
205.7

2023
169.2

2024
139.7

Thereafter
672.9

Total
$
1,632.6

(1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.