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Real Estate and In-Place Lease Value (Tables)
 3 Months Ended
Mar. 31, 2015
Real Estate [Abstract]  
Schedule of Investment in Consolidated Real Estate Properties
The following table summarizes KW Group's investment in consolidated real estate properties at March 31, 2015 and December 31, 2014, respectively:
 
 
March 31,
 
December 31,
(Dollars in millions)
 
2015
 
2014
Land
 
$
1,269.6

 
$
1,046.9

Buildings
 
3,236.1

 
2,945.1

Building improvements
 
98.5

 
75.1

In-place lease value
 
323.0

 
282.6

 
 
4,927.2

 
4,349.7

Less accumulated depreciation and amortization
 
(150.8
)
 
(121.6
)
Real estate, net
 
$
4,776.4

 
$
4,228.1
Schedule of Business Acquisitions, by Acquisition
During the three months ended March 31, 2015, KW Group acquired the following properties:
(Dollars in millions)
 
 
Preliminary Purchase Price Allocation at Acquisition(1)
Date acquired
Type
Description
Location
Land
Building
Acquired in place lease values(5)
Investment debt
NCI(4)
KWH Shareholders' Equity
Various
Commercial(2)
Portfolio of 171 commercial, retail, and industrial properties
United Kingdom
$
265.5

$
407.8

$
73.6

$
512.0

$
197.3

$
37.6

2/12/2015
Commercial (2)(3)
75.5k sq. ft. office building in Dublin
Ireland
11.1

40.1

2.5

—

44.9

8.8

2/27/2015
Commercial(2)
94.5k sq. ft. retail center
Western U.S.
5.7

12.7

0.6

12.0

0.2

6.8

 
 
 
 
$
282.3

$
460.6

$
76.7

$
524.0

$
242.4

$
53.2

(1) Excludes acquisition expenses and net other assets. The purchase price allocations for properties acquired during the three months ended March 31, 2015 are based on preliminary measurements of fair value that are subject to change. These allocations represent the Company's current best estimates of fair value.
(2) These portfolios of properties were directly acquired and are held by KWE. Kennedy Wilson owns approximately 16.0% of the total issued share capital of KWE as of March 31, 2015.
(3) KWE recognized an acquisition-related gain of $4.2 million on the transaction as the property was previously a mortgage note that KWE foreclosed on and converted to real estate. As the fair value of the assets was in excess of the basis in the previously held mortgage notes, KWE recognized an acquisition-related gain upon conversion.
(4) Noncontrolling interest amounts associated with acquisition.
(5) Includes above and below market leases in this table. Above and below market leases are part of other assets and accounts payable, accrued expenses and other liabilities, respectively.
Business Acquisition, Pro Forma Information
The pro forma data presented below assumes that the acquisitions during the three months ended March 31, 2015 occurred as of January 1, 2014.
 
 
Three Months Ended March 31,
(Dollars in millions, except for per share data)
 
2015
 
2014
Pro forma revenues
 
$
142.5

 
$
68.0

Pro forma net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders (1)
 
(3.2
)
 
11.4

Pro forma net income (loss) per share:
 
 
 
 
Basic
 
$
(0.04
)
 
$
0.13

Diluted
 
$
(0.04
)
 
$
0.13


(1) Excludes the effects of acquisition-related gains.