XML 79 R68.htm IDEA: XBRL DOCUMENT v3.20.2
Segment Information (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
Jun. 30, 2019
USD ($)
Jun. 30, 2020
USD ($)
segment
Jun. 30, 2019
USD ($)
Dec. 31, 2019
USD ($)
Segment Reporting Information [Line Items]          
Number of operating segments | segment     2    
Revenue          
Total revenue $ 106.9 $ 143.7 $ 230.2 $ 284.4  
Expenses          
General and administrative 8.0 10.9 17.5 21.8  
Depreciation and amortization 45.3 46.2 90.8 95.3  
Total expenses 115.8 143.8 245.6 296.9  
Non-operating income (expense)          
Income from unconsolidated investments 19.2 5.9 30.1 47.6  
Loss on sale of real estate, net (0.5) 211.2 43.7 246.1  
Transaction-related expenses (0.3) (1.1) (0.5) (1.9)  
Interest expense (51.7) (55.7) (100.5) (111.0)  
Other income (0.1) 1.9 0.1 (0.6)  
(Provision for) benefit from income taxes 3.2 (20.9) (2.5) (24.9)  
Net (loss) income (39.1) 141.2 (45.0) 142.8  
Net income attributable to the noncontrolling interests 1.3 (90.4) 1.6 (97.3)  
Preferred dividends and accretion of preferred stock issuance costs (4.3) 0.0 (8.6) 0.0  
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders (42.1) 50.8 (52.0) 45.5  
Segment Reporting Information, Assets [Abstract]          
Total assets [1] 7,069.5   7,069.5   $ 7,304.5
Unconsolidated investments 1,276.1   1,276.1   1,334.6
Corporate, Non-Segment [Member]          
Revenue          
Total revenue 2.7 4.2 6.6 7.9  
Expenses          
General and administrative 2.2 2.8 4.4 5.4  
Depreciation and amortization 0.0 0.0 0.0  
Total expenses 16.6 19.6 34.4 40.9  
Non-operating income (expense)          
Income from unconsolidated investments 0.0 0.0 0.0    
Loss on sale of real estate, net 0.0 0.0 0.0    
Transaction-related expenses 0.0 0.0 0.0    
Interest expense (18.1) (18.4) (33.5) (36.6)  
Other income 0.3 0.7 1.2 1.0  
(Provision for) benefit from income taxes 5.7 (19.4) 5.1 (21.3)  
Net (loss) income (26.0) (52.5) (55.0) (89.9)  
Net income attributable to the noncontrolling interests 0.0 0.0 0.0    
Preferred dividends and accretion of preferred stock issuance costs (4.3)   (8.6)    
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders (30.3) (52.5) (63.6) (89.9)  
Segment Reporting Information, Assets [Abstract]          
Total assets 407.1   407.1   298.3
Rental [Member]          
Revenue          
Total revenue 98.9 112.0 206.6 227.8  
Expenses          
Cost of goods and services 32.0 33.3 68.7 74.3  
Rental [Member] | Corporate, Non-Segment [Member]          
Revenue          
Total revenue 0.0 0.0 0.0 0.0  
Expenses          
Cost of goods and services 0.0 0.0 0.0 0.0  
Hotel [Member]          
Revenue          
Total revenue 0.1 22.8 7.3 37.8  
Expenses          
Cost of goods and services 2.2 15.7 8.2 30.3  
Hotel [Member] | Corporate, Non-Segment [Member]          
Revenue          
Total revenue 0.0 0.0 0.0 0.0  
Expenses          
Cost of goods and services 0.0 0.0 0.0 0.0  
Sale of Real Estate [Member]          
Revenue          
Total revenue 0.0 0.0 0.0 1.1  
Expenses          
Cost of goods and services 0.0 0.0 0.0 1.2  
Sale of Real Estate [Member] | Corporate, Non-Segment [Member]          
Revenue          
Total revenue       0.0  
Expenses          
Cost of goods and services       0.0  
Investment Management and Property Services Fees [Member]          
Revenue          
Total revenue 7.9 8.9 16.3 17.7  
Investment Management and Property Services Fees [Member] | Corporate, Non-Segment [Member]          
Revenue          
Total revenue 2.7 4.2 6.6 7.9  
Commission and Marketing [Member]          
Expenses          
Cost of goods and services 0.9 0.7 1.6 1.7  
Commission and Marketing [Member] | Corporate, Non-Segment [Member]          
Expenses          
Cost of goods and services 0.9 0.7 1.6 1.7  
Compensation and Related [Member]          
Expenses          
Cost of goods and services 27.4 37.0 58.8 72.3  
Compensation and Related [Member] | Corporate, Non-Segment [Member]          
Expenses          
Cost of goods and services 13.5 16.1 28.4 33.8  
Consolidated [Member] | Operating Segments [Member]          
Revenue          
Total revenue 99.0 134.8 213.9 266.7  
Expenses          
General and administrative 4.2 7.0 9.8 12.9  
Depreciation and amortization 45.3 46.2 90.8 95.3  
Total expenses 92.7 119.2 198.4 242.0  
Non-operating income (expense)          
Income from unconsolidated investments 0.0 0.0 0.0 0.0  
Loss on sale of real estate, net (0.5) 211.2 43.7 246.1  
Transaction-related expenses (0.3) (1.1) (0.5) (1.9)  
Interest expense (33.6) (37.3) (67.0) (74.4)  
Other income (0.4) 1.2 (1.1) (1.6)  
(Provision for) benefit from income taxes (2.5) (1.5) (7.6) (3.6)  
Net (loss) income (31.0) 188.1 (17.0) 189.3  
Net income attributable to the noncontrolling interests 1.3 (90.4) 1.6 (97.3)  
Preferred dividends and accretion of preferred stock issuance costs 0.0   0.0    
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders (29.7) 97.7 (15.4) 92.0  
Segment Reporting Information, Assets [Abstract]          
Total assets 5,386.3   5,386.3   5,671.6
Consolidated [Member] | Rental [Member] | Operating Segments [Member]          
Revenue          
Total revenue 98.9 112.0 206.6 227.8  
Expenses          
Cost of goods and services 32.0 33.3 68.7 74.3  
Consolidated [Member] | Hotel [Member] | Operating Segments [Member]          
Revenue          
Total revenue 0.1 22.8 7.3 37.8  
Expenses          
Cost of goods and services 2.2 15.7 8.2 30.3  
Consolidated [Member] | Sale of Real Estate [Member] | Operating Segments [Member]          
Revenue          
Total revenue       1.1  
Expenses          
Cost of goods and services       1.2  
Consolidated [Member] | Investment Management and Property Services Fees [Member] | Operating Segments [Member]          
Revenue          
Total revenue 0.0 0.0 0.0 0.0  
Consolidated [Member] | Commission and Marketing [Member] | Operating Segments [Member]          
Expenses          
Cost of goods and services 0.0 0.0 0.0 0.0  
Consolidated [Member] | Compensation and Related [Member] | Operating Segments [Member]          
Expenses          
Cost of goods and services 9.0 17.0 20.9 28.0  
Co-Investments [Member] | Operating Segments [Member]          
Revenue          
Total revenue 5.2 4.7 9.7 9.8  
Expenses          
General and administrative 1.6 1.1 3.3 3.5  
Depreciation and amortization 0.0 0.0 0.0 0.0  
Total expenses 6.5 5.0 12.8 14.0  
Non-operating income (expense)          
Income from unconsolidated investments 19.2 5.9 30.1 47.6  
Loss on sale of real estate, net 0.0 0.0 0.0 0.0  
Transaction-related expenses 0.0 0.0 0.0 0.0  
Interest expense 0.0 0.0 0.0 0.0  
Other income 0.0 0.0 0.0 0.0  
(Provision for) benefit from income taxes 0.0 0.0 0.0 0.0  
Net (loss) income 17.9 5.6 27.0 43.4  
Net income attributable to the noncontrolling interests 0.0 0.0 0.0 0.0  
Preferred dividends and accretion of preferred stock issuance costs 0.0   0.0    
Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders 17.9 5.6 27.0 43.4  
Segment Reporting Information, Assets [Abstract]          
Unconsolidated investments         $ 1,334.6
Co-Investments [Member] | Rental [Member] | Operating Segments [Member]          
Revenue          
Total revenue 0.0 0.0 0.0 0.0  
Expenses          
Cost of goods and services 0.0 0.0 0.0 0.0  
Co-Investments [Member] | Hotel [Member] | Operating Segments [Member]          
Revenue          
Total revenue 0.0 0.0 0.0 0.0  
Expenses          
Cost of goods and services 0.0 0.0 0.0 0.0  
Co-Investments [Member] | Sale of Real Estate [Member] | Operating Segments [Member]          
Revenue          
Total revenue       0.0  
Expenses          
Cost of goods and services       0.0  
Co-Investments [Member] | Investment Management and Property Services Fees [Member] | Operating Segments [Member]          
Revenue          
Total revenue 5.2 4.7 9.7 9.8  
Co-Investments [Member] | Commission and Marketing [Member] | Operating Segments [Member]          
Expenses          
Cost of goods and services 0.0 0.0 0.0 0.0  
Co-Investments [Member] | Compensation and Related [Member] | Operating Segments [Member]          
Expenses          
Cost of goods and services $ 4.9 $ 3.9 $ 9.5 $ 10.5  
Minimum [Member]          
Segment Reporting Information [Line Items]          
Average ownership interest in investments 5.00%   5.00%    
Maximum [Member]          
Segment Reporting Information [Line Items]          
Average ownership interest in investments 50.00%   50.00%    
[1] The assets and liabilities as of June 30, 2020 include $143.0 million (including cash held by consolidated investments of $6.4 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $126.3 million) and $88.3 million (including investment debt of $81.3 million), respectively, from consolidated variable interest entities ("VIEs"). The assets and liabilities as of December 31, 2019 include $267.5 million (including cash held by consolidated investments of $10.3 million and real estate and acquired in place lease values, net of accumulated depreciation and amortization of $243.5 million) and $219.7 million (including investment debt of $206.0 million), respectively, from VIEs. These assets can only be used to settle obligations of the consolidated VIEs, and the liabilities do not have recourse to the Company.