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Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Reporting [Abstract]  
SEGMENT INFORMATION
SEGMENT INFORMATION
Kennedy Wilson's business is defined by two core segments: KW Investments and KW Services. KW Investments invests in multifamily, commercial, residential and hotel properties as well as loans secured by real estate. KW Services provides a full array of real estate-related services to investors and lenders, with a strong focus on financial institution-based clients and publicly traded companies. Kennedy Wilson’s segment disclosure with respect to the determination of segment profit or loss and segment assets is based on these services and investments.
There have been no changes in the basis of segmentation or in the basis of measurement of segment profit or loss since the December 31, 2014 financial statements.
KW INVESTMENTS—Kennedy Wilson invests its capital in real estate assets and loans secured by real estate either on its own or with equity partners through joint ventures, separate accounts, and commingled funds. For investments with equity partners we are typically the general partner or investment manager in these investments with a promoted interest in the profits of our investments beyond our ownership percentage. Kennedy Wilson has an average ownership interest across all investments of approximately 35%. Our equity partners include publicly traded companies, financial institutions, foundations, endowments, high net worth individuals and other institutional investors.
KW SERVICES—KW Services offers a comprehensive line of real estate services for the full lifecycle of real estate ownership to clients that include publicly traded companies, financial institutions, institutional investors, insurance companies, developers, builders and government agencies. KW Services has four main lines of business: investment management, property services, research and auction and conventional sales. These four business lines generate revenue for us through fees and commissions. Related party fee revenue primarily consists of fees earned on investments in which entities in the KW Group also have an ownership interest.
We manage over 68 million square feet of properties for institutional clients and individual investors in the United States, Europe, and Japan, which includes assets we have ownership in and third party assets. With 25 offices throughout the United States, the United Kingdom, Ireland, Spain, Jersey and Japan, we have the capabilities and resources to provide property services to real estate owners as well as the experience, as a real estate investor, to understand client concerns. The managers of KW Services have an extensive track record in their respective lines of business and the real estate community as a whole. Their knowledge and relationships is an excellent driver of business through the services business as well as on the investment front.
Additionally, KW Services plays a critical role in supporting the company's investment strategy by providing local market intelligence and real-time data for evaluating investments, generating proprietary transaction flow and creating value through efficient implementation of asset management or repositioning strategies.
The following tables summarize income activity by segment and corporate for the three months ended March 31, 2015 and 2014 and balance sheet data as of March 31, 2015 and December 31, 2014:
 
 
Three Months Ended March 31,
(Dollars in millions)
 
2015
 
2014
Investments
 
 
 
 
Rental
 
$
90.4

 
$
16.0

Hotel
 
23.4

 
9.3

Sale of real estate
 
2.1

 
11.3

Loan purchases, loan originations and other
 
5.4

 
1.7

     Total revenue
 
121.3

 
38.3

Depreciation and amortization
 
(36.6
)
 
(7.3
)
Operating expenses
 
(59.8
)
 
(36.1
)
Income from unconsolidated investments
 
9.7

 
1.8

     Operating income (loss)
 
34.6

 
(3.3
)
Gain on sale of real estate
 
5.6

 
—

Acquisition-related gains
 
4.2

 
84.2

Acquisition-related expenses
 
(18.1
)
 
(4.0
)
Interest expense - investment
 
(19.4
)
 
(5.3
)
Other
 
0.8

 
0.8

Net income
 
7.7

 
72.4

Net (income) loss attributable to the noncontrolling interests
 
1.4

 
(37.4
)
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
$
9.1

 
$
35.0

 
 
Three Months Ended March 31,
(Dollars in millions)
 
2015
 
2014
Services
 
 
 
 
Investment management, property services and research fees (includes $9.5 and $7.3 of related party fees, respectively)
 
$
16.4

 
$
13.2

     Total revenue
 
16.4

 
13.2

Operating expenses
 
(14.4
)
 
(11.2
)
Income from unconsolidated investments
 
1.5

 
1.0

Operating income
 
3.5

 
3.0

Net loss attributable to the noncontrolling interests
 
1.4

 
—

Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
$
4.9

 
$
3.0

 
 
Three Months Ended March 31,
(Dollars in millions)
 
2015
 
2014
Corporate
 
 
 
 
Operating expenses
 
$
(10.6
)
 
$
(6.2
)
     Operating loss
 
(10.6
)
 
(6.2
)
Interest expense-corporate
 
(13.0
)
 
(10.5
)
Loss before (provision for) benefit from income taxes
 
(23.6
)
 
(16.7
)
(Provision for) benefit from income taxes
 
8.1

 
(8.8
)
Net loss
 
(15.5
)
 
(25.5
)
Preferred dividends and accretion of preferred stock issuance costs
 
(2.0
)
 
(2.0
)
Net loss attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
$
(17.5
)
 
$
(27.5
)
 
 
Three Months Ended March 31,
(Dollars in millions)
 
2015
 
2014
Consolidated
 
 
 
 
Investment management, property services and research fees (includes $9.5 and $7.3 of related party fees, respectively)
 
$
16.4

 
$
13.2

Rental
 
90.4

 
16.0

Hotel
 
23.4

 
9.3

Sale of real estate
 
2.1

 
11.3

Loans and other
 
5.4

 
1.7

     Total revenue
 
137.7

 
51.5

Operating expenses
 
84.8

 
53.5

Depreciation and amortization
 
36.6

 
7.3

     Total operating expenses
 
121.4

 
60.8

Income from unconsolidated investments
 
11.2

 
2.8

     Operating income (loss)
 
27.5

 
(6.5
)
Gain on sale of real estate
 
5.6

 
—

Acquisition-related gain
 
4.2

 
84.2

Acquisition-related expenses
 
(18.1
)
 
(4.0
)
Interest expense - investment
 
(19.4
)
 
(5.3
)
Interest expense - corporate
 
(13.0
)
 
(10.5
)
Other
 
0.8

 
0.8

Income (loss) before benefit from income taxes
 
(12.4
)
 
58.7

(Provision for) benefit from income taxes
 
8.1

 
(8.8
)
Net (loss) income
 
(4.3
)
 
49.9

Net (income) loss attributable to the noncontrolling interests
 
2.8

 
(37.4
)
Preferred dividends and accretion of preferred stock issuance costs
 
(2.0
)
 
(2.0
)
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
$
(3.5
)
 
$
10.5

(Dollars in millions)
 
March 31, 2015
 
December 31, 2014
Total Assets
 
 
 
 
Investments
 
$
6,407.1

 
$
6,017.9

Services
 
62.3

 
60.2

Corporate
 
211.2

 
254.0

Total assets
 
$
6,680.6

 
$
6,332.1