Kennedy-Wilson Holdings, Inc. and Subsidiaries

Schedule III—Real Estate and Accumulated Depreciation

December 31, 2014



(Dollars in millions)				Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Balance at December 31, 2014 ⁽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
Commercial building	Western U.S.	$	18.7	$	11.2	$	18.5	$	13.8	$	11.2	$	32.2	$	43.4	$	(0.4	)	39 yrs	1955/1981/1982	2013
Retail	Western U.S.	3.9		1.3		4.2		0.5		1.3		4.5		5.8		(0.1		)	39 yrs	1981	2013
Retail	Western U.S.	2.9		1.4		0.8		—		1.4		0.8		2.2		—			39 yrs	1971/1982/1983	2013
Retail	Western U.S.	4.7		2.1		2.9		—		2.1		2.9		5.0		(0.1		)	39 yrs	1958/1974-1976/1985/1989/2006	2013
Retail	Western U.S.	12.1		5.1		7.8		0.8		5.1		8.7		13.8		(0.3		)	39 yrs	1989	2013
Retail	Western U.S.	7.9		3.5		7.4		0.1		3.5		7.5		11.0		(0.2		)	39 yrs	1980/1983	2013
Retail	Western U.S.	7.2		2.7		6.7		—		2.7		6.7		9.4		(0.2		)	39 yrs	1975	2013
Commercial building	Ireland	—		0.7		0.5		—		0.6		0.5		1.1		—			39 yrs	1840/2000	2013
Commercial building	Western U.S.	28.7		8.8		31.4		1.6		8.8		33.0		41.8		(1.8		)	39 yrs	1991	2012
Commercial building	Western U.S.	5.0		1.0		8.1		0.1		1.0		8.2		9.2		(0.4		)	39 yrs	1983	2012
Industrial/Land	Western U.S.	4.4		1.1		1.9		3.2		3.8		2.4		6.2		(0.2		)	39 yrs	N/A	2011
Retail	Western U.S.	—		0.4		0.4		—		—		—		—		—			39 yrs	N/A	2011
Commercial building	Western U.S.	12.0		6.2		15.0		2.1		6.2		17.1		23.3		(1.4		)	39 yrs	2007	2011
Commercial building	Japan	2.1		4.0		3.2		—		3.6		2.9		6.5		(1.0		)	37 yrs	2007	2008
Retail	Western U.S.	17.8		9.1		14.0		0.1		9.1		14.1		23.2		(0.4		)	39 yrs	1985	2014
Retail	Western U.S.	5.9		2.4		5.8		0.6		2.3		6.0		8.3		(0.1		)	39 yrs	1979/1980	2014
Commercial portfolio	United Kingdom	197.2		88.6		219.3		0.5		83.0		207.1		290.1		(3.9		)	39 yrs	Various	2014
Commercial portfolio	United Kingdom	285.8		106.4		351.0		—		99.1		323.2		422.3		(4.0		)	39 yrs	Various	2014
Commercial portfolio	Ireland	320.9		111.7		401.4		—		100.0		360.5		460.5		(4.5		)	39 yrs	Various	2014
Commercial building	United Kingdom	—		85.3		232.0		—		83.5		227.1		310.6		(0.9		)	39 yrs	2003	2014
Commercial building	Ireland	—		6.9		18.3		—		6.1		16.2		22.3		(0.3		)	39 yrs	1997	2014
Commercial building	Ireland	88.7		48.6		131.1		0.4		7.7		115.8		123.5		(2.2		)	39 yrs	2009	2014
Commercial building	United Kingdom	86.3		8.3		148.4		—		7.8		128.8		136.6		(2.4		)	39 yrs	2010	2014



Retail	Ireland				2.4	—	2.4	2.4	—		39 yrs	2008	2014
Multifamily
615-unit multifamily building	Western U.S.	90.1	30.0	90.1	0.8	30.0	90.9	120.9	(4.2	)	39 yrs	1965/2006	2013
450-unit multifamily building	Western U.S.	49.7	18.4	43.0	1.6	18.4	44.6	63.0	(2.0	)	39 yrs	1974	2013
297-unit multifamily building	Western U.S.	22.4	3.9	25.8	0.5	3.9	26.3	30.2	(0.7	)	39 yrs	1999	2013
178-unit Apartment building	Western U.S.	23.4	12.3	18.5	3.3	12.3	21.7	34.0	(1.5	)	39 yrs	1975	2012
217-unit Multifamily property	Western U.S.	25.5	2.6	41.4	—	2.5	39.8	42.3	(2.2	)	39 yrs	2011	2012
366-unit Apartment building	Western U.S.	32.3	9.1	36.3	4.1	9.1	40.4	49.5	(2.4	)	39 yrs	2000	2012
204-unit Apartment building	Western U.S.	14.1	5.3	20.2	1.3	5.3	21.5	26.8	(6.3	)	39 yrs	1986	2008
2,410 unit multifamily portfolio	Japan	242.9	169.6	320.5	4.4	173.3	254.0	427.3	(3.2	)	39 yrs	Various	2014
81 unit multifamily building	Ireland	—	4.8	15.0	0.2	4.3	13.6	17.9	(0.2	)	39 yrs	2009	2014
272 unit multifamily building	Ireland	57.7	32.7	81.5	1.2	28.9	62.0	90.9	(1.3	)	39 yrs	2008	2014
26 unit multifamily building	Ireland	8.5	0.6	14.8	0.3	0.5	13.7	14.2	(0.3	)	39 yrs	2009	2014
210 unit multifamily building	Ireland	26.2	12.2	61.6	0.3	10.8	54.8	65.6	(1.0	)	39 yrs	2005	2014
118 unit multifamily building	Ireland	15.4	11.0	36.1	0.7	9.7	32.7	42.4	(0.7	)	39 yrs	2007	2014
423 unit multifamily building	Ireland	57.6	17.9	105.0	3.9	15.8	83.1	98.9	(1.7	)	39 yrs	2008	2014
66 unit multifamily building	United Kingdom	—	—	—	6.8	—	6.8	6.8	—		39 yrs	2010	2014
203 unit multifamily building	Western U.S.	13.3	2.6	23.8	1.0	2.6	24.8	27.4	(0.4	)	39 yrs	2005	2014
542 unit multifamily building	Western U.S.	77.2	38.3	57.5	1.3	38.3	58.8	97.1	(0.8	)	39 yrs	1987	2014
576 unit multifamily building	Western U.S.	33.2	8.7	49.2	0.3	8.7	49.5	58.2	(0.5	)	39 yrs	1986/1996	2014
240 unit multifamily building	Western U.S.	20.1	3.9	22.3	0.1	3.9	22.4	26.3	(0.2	)	39 yrs	1990	2014
396 unit multifamily building	Western U.S.	32.8	8.7	34.7	0.1	8.7	34.8	43.5	(0.4	)	39 yrs	1989/1995	2014
118 unit multifamily building	Western U.S.	13.5	2.1	18.6	—	2.1	18.6	20.7	(0.2	)	39 yrs	1990	2014
324 unit multifamily building	Western U.S.	17.3	3.2	28.6	—	3.2	28.6	31.8	(0.1	)	39 yrs	1996	2014
280 unit multifamily building	Western U.S.	37.3	6.0	40.3	—	6.0	40.3	46.3	(0.1	)	39 yrs	2004/2006	2014
750 unit multifamily building	Western U.S.	63.2	22.1	78.2	—	22.1	78.2	100.3	(0.1	)	39 yrs	1987	2014
Condo	Western U.S.	—	—	0.2	—	—	0.2	0.2	—		39 yrs	2005	2014



(Dollars in millions)				Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Balance at December 31, 2014 ⁽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⁾
Residential
Hotel/condos	Western U.S.	29.8		9.8		95.3		—		10.1		82.4		92.5		(3.0		)	39 yrs	2006	2013
Hotel	Western U.S.	7.3		1.3		8.3		—		1.3		15.6		16.9		(0.2		)	39 yrs	1982	2014
Single family home	Western U.S.	—		4.1		4.2		0.4		4.5		4.3		8.8		(0.7		)	39 yrs	2008	2008
Hotel and golf course	United Kingdom	—		12.2		37.3		1.1		11.4		34.7		46.1		(0.3		)	39 yrs	2001/2008	2014
Hotel and golf course	Ireland	—		6.8		30.6		—		6.1		27.4		33.5		(0.5		)	39 yrs	1894/1995	2014
Hotel	Ireland	72.9		54.0		114.3		—		51.8		109.5		161.3		(1.1		)	39 yrs	1824/2005	2014
Land
2700 acres	Western U.S.	—		31.8		3.7		5.4		36.5		4.3		40.8		(0.8		)	N/A	1912	2010
2.39 acre multifamily site	Western U.S.	—		7.0		—		—		7.0		—		7.0		—			N/A	N/A	2014
40 acre lot	Western U.S.	—		1.7		—		—		1.7		—		1.7		—			N/A	N/A	2014
Residential development	Spain	—		—		6.4		—		—		6.4		6.4		—			N/A	N/A	2014
Multifamily development	United Kingdom	—		—		—		17.3		—		17.3		17.3		—			N/A	2010	2014
4.80 acre site	Ireland	—		46.2		0.6		—		46.2		0.6		46.8		—			N/A	N/A	2014
8.5 acre site	Ireland	—		—		—		14.5		—		14.5		14.5		—			N/A	N/A	2014
1.04 acre site	Ireland	—		—		—		12.5		—		12.5		12.5		—			N/A	N/A	2014
Grand Total		$	2,195.9	$	1,117.7	$	3,194.0	$	109.6	$	1,046.9	$	3,020.2	$	4,067.1	$	(61.9	)

⁽¹⁾The tax basis of all the properties in aggregate totaled $3,569.6 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 KW Group

Changes in real estate for the years ended December 31 2014, 2013 and 2012 were as follows:



	For the year ended December 31,
(Dollars in millions)	2014			2013			2012
Balance at the beginning of period	$	684.6		$	296.8		$	121.3
Additions during the period:
Acquisitions through foreclosure	30.1			—			—
Other acquisitions	2,201.9			286.3			193.7
Improvements	55.8			8.9			1.8
Consolidations	1,455.5			105.1			—
Foreign Currency	(262.4		)	—			—
Deductions during the period:
Cost of real estate sold	(98.4		)	(12.5		)	(20.0		)
Balance at close of period	$	4,067.1		$	684.6		$	296.8

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



	For the year ended December 31,
(Dollars in millions)	2014			2013		2012
Balance at the beginning of period	$	15.8		$	7.4	$	5.4
Additions during the period:
Depreciation expense	46.5			8.4		2.0
Deductions during the period:
Dispositions	—			—		—
Foreign Currency	(0.4		)	—		—
Balance at close of period	$	61.9		$	15.8	$	7.4

See accompanying report of independent registered public accounting firm.