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Unconsolidated Investments
 3 Months Ended
Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
UNCONSOLIDATED INVESTMENTS UNCONSOLIDATED INVESTMENTS
Kennedy Wilson has a number of joint venture interests including commingled funds and separate accounts, generally ranging from 5% to 50%, that were formed to acquire, manage, develop, service and/or sell real estate. Kennedy Wilson has significant influence over these entities, but not control. Accordingly, these investments are accounted for under the equity method.
Joint Venture and Fund Holdings
The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of March 31, 2020:
(Dollars in millions)
Multifamily
Commercial
Hotel
Funds
Residential and Other
Total
Western U.S.
$
238.1

$
76.6

$
76.9

$
132.8

$
202.2

$
726.6

Ireland
331.2

141.5

—

1.5

—

474.2

United Kingdom
—

49.3

—

6.3

—

55.6

Total
$
569.3

$
267.4

$
76.9

$
140.6

$
202.2

$
1,256.4

The following table details Kennedy Wilson's investments in joint ventures by investment type and geographic location as of December 31, 2019:
(Dollars in millions)
Multifamily
Commercial
Hotel
Funds
Residential and Other
Total
Western U.S.
$
230.5

$
78.1

$
72.8

$
139.6

$
246.8

$
767.8

Ireland
378.7

139.4

—

—

—

518.1

United Kingdom
—

48.7

—

—

—

48.7

Total
$
609.2

$
266.2

$
72.8

$
139.6

$
246.8

$
1,334.6


During the three months ended March 31, 2020, the change in unconsolidated investments primarily relates to $45.3 million of contributions to unconsolidated investments, $95.0 million of distributions from unconsolidated investments, $10.9 million of income from unconsolidated investments, a $16.5 million non-cash distribution related to the sale of a residential project in which the Company received three parcels of land that will be wholly-owned and a $22.7 million decrease relating to other items which primarily related to foreign exchange movements.
As of March 31, 2020 and December 31, 2019, $1,081.6 million and $1,107.4 million of unconsolidated investments were accounted for at fair value. See Note 5 for more detail.
Contributions to Joint Ventures    
During the three months ended March 31, 2020, Kennedy Wilson contributed $45.3 million to joint ventures, primarily for two real estate-related note investments in the Western United States and contributions to fund investments and existing development projects in Ireland and the Western United States.
Distributions from Joint Ventures
During the three months ended March 31, 2020, Kennedy Wilson received $95.0 million in operating and investing distributions from its joint ventures.
The following table details cash distributions by investment type and geographic location for the three months ended March 31, 2020:
 
Multifamily
Commercial
Funds
Residential and Other
Total
(Dollars in millions)
Operating
Investing
Operating
Investing
Operating
Investing
Operating
Investing
Operating
Investing
Western U.S.
$
8.6

$
6.3

$
1.2

$
2.6

$
2.1

$
4.6

$
0.4

$
30.9

$
12.3

$
44.4

Ireland
1.7

2.5

1.7

32.4

—

—

—

—

3.4

34.9

Total
$
10.3

$
8.8

$
2.9

$
35.0

$
2.1

$
4.6

$
0.4

$
30.9

$
15.7

$
79.3


Investing distributions resulted primarily from the sales of two multifamily properties in Ireland and a residential project in the Western United States. Operating distributions resulted from operating cash flow generated by the joint venture investments.
Income from Unconsolidated Investments
The following table presents income from unconsolidated investments recognized by Kennedy Wilson during the three months ended March 31, 2020 and 2019:
 
 
Three Months Ended March 31,
(Dollars in millions)
 
2020
 
2019
Income from unconsolidated investments - operating performance
 
$
14.4

 
$
8.8

Income from unconsolidated investments - realized (losses) gains
 
(0.6
)
 
2.4

Income from unconsolidated investments - fair value (losses) gains
 
(1.9
)
 
28.3

Income from unconsolidated investments - performance fees
 
(1.0
)
 
2.2

 
 
$
10.9

 
$
41.7


Operating performance is related to underlying performance from unconsolidated investments. Realized (losses) gains are related to asset sales. Fair value losses primarily relate to extending the lease up period for a multifamily asset in Ireland. The losses were offset by fair value gains related to resyndications under the Company's VHH partnership.
Vintage Housing Holdings ("VHH")
As of March 31, 2020 and December 31, 2019, the carrying value of the Company's investment in VHH was $154.9 million and $142.8 million, respectively. Fair value gains in the current period primarily relate to resyndications in which VHH dissolves an existing partnership and recapitalizes into a new partnership with tax exempt bonds and tax credits that are sold to a new tax credit partner and, in many cases, yields cash back to VHH. Upon resyndication, VHH retains a GP interest in the partnership and receives various future streams of cash flows including: development fees, asset management fees, other GP management fees and distributions from operations. Prior period fair value gains primarily relate to cap rate compression as a result of declines in borrowing rates and conversions. The increase in the three months ended March 31, 2020 related to cash contributions associated with new acquisitions and development projects in VHH.
Capital Commitments
As of March 31, 2020, Kennedy Wilson had unfulfilled capital commitments totaling $97.1 million to five of its unconsolidated joint ventures, including $80.1 million relating to three closed-end funds managed by Kennedy Wilson, under the respective operating agreements. The Company may be called upon to contribute additional capital to joint ventures in satisfaction of such capital commitment obligations.