XML 38 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Real Estate and In-Place Lease Value (Tables)
9 Months Ended
Sep. 30, 2017
Real Estate [Abstract]  
Schedule of Investment in Consolidated Real Estate Properties
During the nine months ended September 30, 2017, KW Group recognized the following gains on sale of real estate:
(Dollars in millions)
Gain on sale of real estate
 
Description
Consolidated (1)
NCI
Net of NCI
KW
Two multifamily properties and one retail center in the Western U.S., one commercial development in Ireland and one residential property in the United Kingdom
$
85.7

$
19.0

$
66.7

KWE
16 commercial properties in the United Kingdom, two condo unit sales in Spain and a residential property in Spain
21.0

16.0

5.0

KW Group
 
$
106.7

$
35.0

$
71.7

(1) Includes both the sale of real estate as a business, which is recognized through gain on sale of real estate, and the sale of real estate as assets, which is the net of sale of real estate and cost of real estate sold.
The following table summarizes KW Group's investment in consolidated real estate properties at September 30, 2017 and December 31, 2016:
 
 
September 30,
 
December 31,
(Dollars in millions)
 
2017
 
2016
Land
 
$
1,487.2

 
$
1,383.2

Buildings
 
4,458.8

 
4,048.7

Building improvements
 
473.0

 
373.5

In-place lease values
 
426.1

 
383.1

 
 
6,845.1

 
6,188.5

Less accumulated depreciation and amortization
 
(524.3
)
 
(374.3
)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization
 
$
6,320.8

 
$
5,814.2

Schedule of Business Acquisitions, by Acquisition
During the nine months ended September 30, 2017, KW Group acquired the following consolidated properties:
(Dollars in millions)
Preliminary Purchase Price Allocation at Acquisition(1)
Location
Description
Land
Building
Acquired in place lease values(2)
Investment debt
NCI
KWH Shareholders' Equity
Western U.S.
Two retail centers, three multifamily and one commercial property
$
54.1

$
228.2

$
22.7

$
170.2

$
3.8

$
131.0

Ireland
One development project
$
11.0

$

$

$

$
4.9

$
7.4

 
 
$
65.1

$
228.2

$
22.7

$
170.2

$
8.7

$
138.4

(1) Excludes acquisition expenses and net other assets. The purchase price allocations for properties acquired during the nine months ended September 30, 2017 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 and will be finalized within one year.
(2) Includes above and below market leases in this table. Above and below market leases are part of other assets and accrued expenses and other liabilities.
Business Acquisition, Pro Forma Information
The pro forma data presented below assumes that the acquisitions during the three and nine months ended September 30, 2017 occurred as of January 1, 2016.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(Dollars in millions, except for per share data)
 
2017
 
2016
 
2017
 
2016
Pro forma revenues
 
$
279.3

 
$
181.0

 
$
639.4

 
$
543.1

Pro forma net income
 
10.8

 
17.5

 
37.7

 
44.8

Pro forma net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
 
(8.1
)
 
1.6

 
5.6

 
1.2

Pro forma net (loss) income per share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.07
)
 
$
0.02

 
$
0.05

 
$
0.01

Diluted
 
$
(0.07
)
 
$
0.02

 
$
0.05

 
$
0.01