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.


(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	219.3	$	80.1	$	77.1	$	128.5	$	183.6	$	688.6
Ireland	382.2		150.8		—		2.7		—		535.7
United Kingdom	—		41.6		—		11.1		—		52.7
Total	$	601.5	$	272.5	$	77.1	$	142.3	$	183.6	$	1,277.0


(Dollars in millions)	Multifamily		Commercial		Hotel		Funds		Residential and Other		Total
Western U.S.	$	230.5	$	78.1	$	72.8	$	139.6	$	238.7	$	759.7
Ireland	378.7		139.4		—		—		—		518.1
United Kingdom	—		48.7		—		—		—		48.7
Total	$	609.2	$	266.2	$	72.8	$	139.6	$	238.7	$	1,326.5

During the nine months ended September 30, 2020, the change in unconsolidated investments primarily relates to $67.6 million of contributions to unconsolidated investments, $150.3 million of distributions from unconsolidated investments, $45.0 million of income from unconsolidated investments, a $16.4 million non-cash distribution related to the sale of a residential project in which the Company received three parcels of land that are wholly-owned and a $4.6 million increase related to other items which primarily related to foreign exchange movements.

As of September 30, 2020 and December 31, 2019, $1,114.6 million and $1,099.3 million of unconsolidated investments were accounted for under fair value. See Note 5 for more detail.

During the nine months ended September 30, 2020, Kennedy Wilson contributed $67.6 million to joint ventures, primarily to fund investments and existing development projects in Ireland and the Western United States.

During the nine months ended September 30, 2020, Kennedy Wilson received $150.3 million in operating and investing distributions from its joint ventures.


	Multifamily				Commercial				Funds				Residential and Other				Total
(Dollars in millions)	Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing
Western U.S.	$	19.7	$	25.5	$	4.7	$	2.6	$	3.9	$	6.1	$	—	$	32.4	$	28.3	$	66.6
Ireland	6.2		2.5		10.3		36.4		—		—		—		—		16.5		38.9
Total	$	25.9	$	28.0	$	15.0	$	39.0	$	3.9	$	6.1	$	—	$	32.4	$	44.8	$	105.5

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.

The following table presents income from unconsolidated investments recognized by Kennedy Wilson during the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in millions)	2020		2019		2020		2019
Income from unconsolidated investments - operating performance	$	8.7	$	16.6	$	32.0	$	31.0
Income from unconsolidated investments - realized (losses) gains	—		51.1		(0.6)		53.5
Income from unconsolidated investments - fair value	14.2		(1.3)		22.8		32.3
Income from unconsolidated investments - performance fees	(1.3)		17.6		(2.5)		25.1
Income from unconsolidated investments - impairment	(6.7)		—		(6.7)		(10.3)
	$	14.9	$	84.0	$	45.0	$	131.6

Operating performance is related to underlying performance from unconsolidated investments. Realized (losses) gains are related to asset sales. Fair value gains primarily related to resyndications under the Company's VHH partnership and net foreign exchange movements on fair value European joint ventures.

During the three months ended September 30, 2020 there was a retail property in the United Kingdom held within a joint venture that the Company recognized an $6.7 million impairment loss through income from unconsolidated investments as the property was sold subsequent to September 30, 2020 at a price below its carrying value. The Company evaluated the remaining assets within the joint venture as of September 30, 2020 and the estimated undiscounted future cash flows were in excess of their current carrying value so no impairment was recorded on the remaining assets.

As of September 30, 2020 and December 31, 2019, the carrying value of the Company's investment in VHH was $139.8 million and $145.2 million, respectively. The decrease in the nine months ended September 30, 2020 related to cash distributions associated development projects in VHH. Distributions in the current period primarily relate to the refund of advances on two development projects in which VHH provides cash for the construction costs in advance, and other partners subsequently pay their share of the costs back to VHH. 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 compress.