UNCONSOLIDATED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

The following table details its investments in joint ventures and loan pool participations as of December 31, 2015 and December 31, 2014:



	December 31,		December 31,
(Dollars in millions)	2015		2014
Investments in joint ventures	$	443.6	$	435.8
Investments in loan pool participations	1.3		56.4
Total	$	444.9	$	492.2

Schedule of Joint Ventures by Investment Type and Geographic Location

The following table details KW Group's investments in joint ventures by investment type and geographic location as of December 31, 2015:



	Multifamily		Commercial		Loan		Residential and Hotel		Other		Total
(Dollars in millions)
Western U.S.	$	144.8	$	51.4	$	12.2	$	180.1	$	13.2	$	401.7
Japan	5.8		—		—		—		—		5.8
United Kingdom	—		23.3		—		—		—		23.3
Spain	—		—		—		—		12.8		12.8
Total	$	150.6	$	74.7	$	12.2	$	180.1	$	26.0	$	443.6

The following table details our investments in joint ventures by investment type and geographic location as of December 31, 2014:



	Multifamily		Commercial		Loan		Residential and Hotel		Other		Total
(Dollars in millions)
Western U.S.	$	134.5	$	110.3	$	50.3	$	71.0	$	9.3	$	375.4
United Kingdom	—		31.5		—		—		—		31.5
Spain	—		—		—		—		28.9		28.9
Total	$	134.5	$	141.8	$	50.3	$	71.0	$	38.2	$	435.8

Schedule of Interest Income and Foreign Currency Gain (Loss) Recognized in Loan Pool Participations

The following table presents the interest income and foreign currency gain and (loss) recognized by Kennedy Wilson during the years ended December 31, 2015, 2014 and 2013 in each of the loan pools that were outstanding:



	Year Ended December 31,
(Dollars in millions)	2015			2014			2013
Interest income recognized	$	4.6		$	9.5		$	11.9
Foreign currency translation (loss) gain	(1.1		)	(4.7		)	(2.2		)
	$	3.5		$	4.8		$	9.7

Schedule of Acquisition Related Gains

As the fair value of each of the assets was in excess of the basis of the previously held mortgage note, the Company recorded the following acquisition related gains:



(Amounts shown in millions)
Date	Description	Location	Total Joint Venture Acquisition Related Gain		The Company's Portion of Total Gain
Q2 2013	Class A Office building and Adjacent 3.5 acre site	Dublin, Ireland	$	30.1	$	15.0
Q3 2013	The Rock - a retail, residential, and entertainment center	Manchester, UK	32.3		16.2
Q4 2013	Class A Office Building	Glasgow, Scotland	10.1		5.0
Total			$	72.5	$	36.2

Schedule of New Joint Venture Investments

See the table below for a breakdown of contributions to new joint venture investments for the years ended December 31, 2015, 2014 and 2013:



		Years Ended December 31,
(Dollars in millions)		2015			2014			2013
Investment Type	Region	No. of Properties	Initial Contribution		No. of Properties	Initial Contribution		No. of Properties	Initial Contribution
Commercial	Western U.S.	1	$	9.1	—	$	—	4	$	30.3
Commercial	United Kingdom	—	—		14	57.2		42	92.2
Commercial	Ireland	—	—		—	—		14	38.7
Multifamily	Western U.S.	31	80.5		2	4.7		2	9.1
Multifamily	Ireland	—	—		—	—		1	58.0
Residential	Western U.S.	4	1.4		3	18.3		3	10.0
Residential	Japan	50	6.2		—	—		—	—
Other	Western U.S.	1	2.0		—	—		—	—
Other	Spain	—	—		—	—		1	27.2
Total		87	$	99.2	19	$	80.2	67	$	265.5

Schedule of Cash Distributions by Investment Type and Geographic Location

The following table details cash distributions by investment type and geographic location for the year ended December 31, 2015:



	Multifamily				Commercial				Loan				Residential, Hotel and Other				Total
(Dollars in millions)	Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing		Operating		Investing
Western U.S.	$	36.2	$	69.9	$	18.8	$	35.4			$	2.3	$	12.9	$	6.4	$	67.9	$	114.0
Japan	0.4		0.4		—		—						—		—		0.4		0.4
United Kingdom	—		—		1.2		1.8		6.5		41.5		—		—		7.7		43.3
Ireland	—		—		—		—		1.7		6.4		—		—		1.7		6.4
Spain	—		—		—		—						1.1		15.9		1.1		15.9
Total	$	36.6	$	70.3	$	20.0	$	37.2	$	8.2	$	50.2	$	14.0	$	22.3	$	78.8	$	180.0

Joint Venture Summarized Financial Data, Balance Sheet

Summarized financial data of the joint ventures is as follows:



	December 31, 2015						December 31, 2014
(Dollars in millions)	Greater than 20% ⁽¹⁾		Other		Total⁽²⁾		Greater than 20% ⁽¹⁾		Other		Total⁽²⁾
Balance sheets for equity method investments:
Assets
Cash and restricted cash	$	33.8	$	55.7	$	89.5	$	43.7	$	33.0	$	76.7
Real estate	432.5		2,857.7		3,290.2		770.9		2,390.2		3,161.1
Other	33.5		108.0		141.5		56.9		49.3		106.2
Total assets	$	499.8	$	3,021.4	$	3,521.2	$	871.5	$	2,472.5	$	3,344.0

Liabilities
Debt	$	202.7	$	1,948.7	$	2,151.4	$	376.8	$	1,523.2	$	1,900.0
Other	37.3		97.7		135.0		44.8		48.3		93.1
Total liabilities	240.0		2,046.4		2,286.4		421.6		1,571.5		1,993.1
Partners’ capital
Kennedy Wilson - investments in joint ventures	25.7		194.2		219.9		84.8		281.0		365.8
Other partners	234.1		780.8		1,014.9		365.1		620.0		985.1
Total partners' capital-investments in joint ventures	259.8		975.0		1,234.8		449.9		901.0		1,350.9
Total liabilities and partners’ capital	$	499.8	$	3,021.4	$	3,521.2	$	871.5	$	2,472.5	$	3,344.0

Total investments in joint ventures are comprised of the following:



	December 31, 2015						December 31, 2014
(Dollars in millions)	Greater than 20% ⁽¹⁾		Other		Total⁽²⁾		Greater than 20% ⁽¹⁾		Other		Total⁽²⁾
Equity method	$	25.7	$	194.2	$	219.9	$	84.8	$	281.0	$	365.8
Fair value election investments	—		210.6		210.6		—		60.7		60.7
	25.7		404.8		430.5		84.8		341.7		426.5
Cost method	—		13.1		13.1		—		9.3		9.3
Total Investments in joint ventures	$	25.7	$	417.9	$	443.6	$	84.8	$	351.0	$	435.8

—————

⁽¹⁾ Equity in income from the joint venture or income from loan pool participation for the year ended December 31, 2013 exceeded 20% of Kennedy Wilson's income from continuing operations before income taxes for the year ended December 31, 2013. No individual investments in joint ventures or loan pool participation exceeded the income test for the years ended December 31, 2015 and amounts in current period greater than 20% are included as they exceed income threshold for the year ended December 31, 2014 or 2013. No individual investments in joint ventures or loan pool participation exceeds 20% of the total assets of Kennedy Wilson as of December 31, 2015 or 2014.

⁽²⁾ The balance sheets and income statements include all investments in joint ventures, which was determined to be significant investments for the purposes of S-X §210.3-09.

Joint Venture Summarized Financial Data, Income Statement

Equity in joint venture income for the years ended December 31:



(Dollars in millions)	2015		2014			2013
Net income allocation	$	58.1	$	46.5		$	28.8
Unrealized gain on fair value option and fair value investments	35.0		(1.8		)	1.0
Total equity in joint venture income	$	93.1	$	44.7		$	29.8

Participation income allocation	$	0.1	$	2.1		$	8.7



	Year Ended December 31, 2015								Year Ended December 31, 2014
(Dollars in millions)	Greater than 20% ⁽¹⁾			Other		Total⁽²⁾			Greater than 20% ⁽¹⁾		Other			Total⁽²⁾
Statements of income:
Revenues	$	110.0		$	391.5	$	501.5		$	385.1	$	539.5		$	924.6
Depreciation	25.6			70.5		96.1			52.1		60.2			112.3
Interest	12.8			73.5		86.3			22.2		79.8			102.0
Other expenses	42.4			70.9		113.3			254.9		380.8			635.7
Total expenses	80.8			214.9		295.7			329.2		520.8			850.0
Net income ⁽³⁾	$	29.2		$	176.6	$	205.8		$	55.9	$	18.7		$	74.6
Net income allocation:
Kennedy Wilson - investments in joint ventures	$	(3.0	)	$	61.1	$	58.1		$	5.0	$	41.5		$	46.5
Kennedy Wilson - investments in loan pool participation ⁽²⁾	0.1			—		0.1			2.1		—			2.1
Other partners	32.2			115.5		147.7			34.1		(22.8		)	11.3
Other partners - investments in loan pool participation⁽²⁾	(0.1		)	—		(0.1		)	14.7		—			14.7
Net income ⁽³⁾	$	29.2		$	176.6	$	205.8		$	55.9	$	18.7		$	74.6



	Year Ended December 31, 2013
(Dollars in millions)	Greater than 20% ⁽¹⁾			Other		Total⁽²⁾
Statements of income:
Revenues	$	229.6		$	427.5	$	657.1
Depreciation	58.1			57.9		116.0
Interest	42.3			86.8		129.1
Other expenses	83.6			271.7		355.3
Total expenses	184.0			416.4		600.4
Net income	$	45.6		$	11.1	$	56.7
Net income allocation:
Kennedy Wilson - investments in joint ventures	$	28.6		$	0.2	$	28.8
Kennedy Wilson - investments in loan pool participation⁽²⁾	8.7			—		8.7
Other partners - investments in joint ventures	(4.3		)	10.9		6.6
Other partners - investments in loan pool participation	12.6			—		12.6
Net income	$	45.6		$	11.1	$	56.7

—————

⁽¹⁾ See discussion above.

⁽²⁾ See discussion above.