Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2012

Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2012



				Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Balance at December 31, 2012 ⁽¹⁾
Description	Region	Encumbrances		Land		Building & Improvements		Improvements		Land		Building & Improvements		Total		Accumulated Depreciation			Depreciable Life in Years	Date of Construction	Date Acquired
Commercial
Commercial building	Western U.S.	$	29,000,000	$	8,799,000	$	31,386,000	$	72,000	$	8,799,000	$	31,458,000	$	40,257,000	$	(98,000	)	39 yrs	1991	2012
Office park	Western U.S.	1,873,000		396,000		1,584,000		—		396,000		1,584,000		1,980,000		$	—		39 yrs	1982	2012
Commercial building	Western U.S.	7,032,000		991,000		8,128,000		—		991,000		8,128,000		9,119,000		$	(20,000	)	39 yrs	1983	2012
Retail	Western U.S.	615,000		364,000		444,000		13,000		370,000		451,000		821,000		(24,000		)	39 yrs	N/A	2011
Commercial building	Western U.S.	12,000,000		6,212,000		15,049,000		926,000		6,212,000		15,975,000		22,187,000		(572,000		)	39 yrs	2007	2011
Commercial building	Japan	—		3,970,000		3,230,000		2,122,000		5,192,000		4,130,000		9,322,000		(738,000		)	37 yrs	2007	2008
Commercial building	Western U.S.	—		495,000		257,000		30,000		496,000		286,000		782,000		(13,000		)	37 yrs	1983	2010
Multifamily
178-unit Apartment building	Western U.S.	23,475,000		12,310,000		18,466,000		—		12,310,000		18,466,000		30,776,000		(79,000		)	39 yrs	1975	2012
217-unit Multifamily property	Western U.S.	26,000,000		2,639,000		41,369,000		5,000		2,639,000		41,373,000		44,012,000		(82,000		)	39 yrs	2011	2012
366-unit Apartment building	Western U.S.	33,817,000		9,083,000		36,331,000		14,000		9,082,000		36,346,000		45,428,000		(78,000		)	39 yrs	2000	2012
204-unit Apartment building	Western U.S.	14,357,000		5,329,000		20,150,000		925,000		5,329,000		21,075,000		26,404,000		(4,794,000		)	39 yrs	1986	2008
Residential
49-unit condominium	Other U.S.	—		—		4,794,000		90,000		—		4,884,000		4,884,000		—			39 yrs	2005	2012
Single family home	Western U.S.	—		4,111,000		4,250,000		363,000		4,474,000		4,250,000		8,724,000		(443,000		)	39 yrs	2008	2008
Condominium units	Western U.S.	—		—		2,325,000		300,000		—		2,625,000		2,625,000		—				2007	2010
Land
Land, Alto Ave	Western U.S.	1,642,000		2,314,000		—		13,000		2,327,000		—		2,327,000		—			N/A	N/A	2011
Industrial/Land	Western U.S.	2,134,000		1,133,000		1,908,000		11,000		1,137,000		1,915,000		3,052,000		(98,000		)	39 yrs	N/A	2011
Single family home lot	Western U.S.	—		4,101,000		—		275,000		4,376,000		—		4,376,000		—			N/A	N/A	2010
2700 acres	Western U.S.	—		31,741,000		3,753,000		4,291,000		35,465,000		4,320,000		39,785,000		(373,000		)	N/A	1912	2010
		$	151,945,000	$	93,988,000	$	193,424,000	$	9,450,000	$	99,595,000	$	197,266,000	$	296,861,000	$	(7,412,000	)

⁽¹⁾The tax basis of all the properties in aggregate totaled $287.3 million.

Kennedy-Wilson Holdings, Inc. and Subsidiaries

Schedule III—Real Estate and Accumulated Depreciation (continued)

December 31, 2012, 2009, and 2008

(Dollars in thousands)

Changes in real estate for the years ended December 31 2012, 2011 and 2010 were as follows:



	For the year ended December 31,
	2012			2011			2010
Balance at the beginning of period	$	121,315,000		$	86,707,000		$	46,123,000
Additions during the period:
Improvements	—			—			—
Acquisitions	195,590,000			42,255,000			52,228,000
Deductions during the period:
Dispositions	(20,044,000		)	(7,647,000		)	(11,644,000		)
Balance at close of period	$	296,861,000		$	121,315,000		$	86,707,000

Changes in accumulated depreciation for the years ended December 31 were as follows:



	For the year ended December 31,
	2012			2011		2010
Balance at the beginning of period	$	5,435,000		$	4,006,000	$	3,070,000
Additions during the period:
Depreciation expense	2,013,000			1,429,000		1,339,000
Deductions during the period:
Dispositions	(36,000		)	—		(403,000		)
Balance at close of period	$	7,412,000		$	5,435,000	$	4,006,000

See accompanying report of independent registered public accounting firm.

- Definition

The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed.

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