REAL ESTATE AND ACQUIRED IN PLACE LEASE VALUE (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Investments in Consolidated Properties

The following table summarizes the Company's investment in consolidated real estate properties at December 31, 2020 and 2019:


	December 31,
(Dollars in millions)	2020		2019
Land	$	1,225.1	$	1,330.6
Buildings	3,436.0		3,630.4
Building improvements	546.6		469.5
Acquired in-place lease values	327.8		352.9
	5,535.5		5,783.4
Less accumulated depreciation and amortization	(815.0)		(703.2)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	$	4,720.5	$	5,080.2


(Dollars in millions)		Gain on sale of real estate
Year ended December 31,	Description	Consolidated(1)		NCI		Net of NCI
2020	20 industrial properties (including the deconsolidation of previously consolidated real estate as discussed below), 19 retail properties, three office properties and one multifamily property in United Kingdom, two multifamily properties and two office properties in Ireland, one retail property in Spain, and one multifamily property in Western United States	$	353.6	$	—	$	353.6
2019	11 commercial properties and one hotel in the United Kingdom, one hotel in Ireland, 10 Spanish retail properties, five retail properties, one hotel, and one multifamily property in the Western United States, and the deconsolidation of previously consolidated real estate as discussed below	434.9		116.7		318.2
2018	26 commercial properties in United Kingdom, three commercial properties in Ireland, two commercials properties in Italy, six multifamily properties in Ireland, three multifamily properties in Western United States, and one residential property in Ireland, and one residential property in Western United States	369.6		70.6		299.0

(1) Includes sale of real estate and cost of real estate sold, which are presented net in the table above.

Schedule of Business Acquisitions

During the year ended December 31, 2020, Kennedy Wilson acquired the following consolidated properties:


(Dollars in millions)		Purchase Price Allocation at Acquisition(1)
Location	Description	Land		Building		Acquired in-place lease values(2)		Investment debt		KWH Shareholders' Equity
Western U.S.	One multifamily property	$	13.4	$	53.6	$	0.5	$	38.7	$	106.3
United Kingdom	One industrial property	—		40.2		—		—		40.2
Ireland	One commercial property	—		1.3		—		—		1.3
		$	13.4	$	95.1	$	0.5	$	38.7	$	147.8

(1) Excludes net other assets.

(2) Above- and below-market leases are included in other assets, net and accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheets.

During the year ended December 31, 2019, Kennedy Wilson acquired the following consolidated properties:


(Dollars in millions)		Purchase Price Allocation at Acquisition(1)
Location	Description	Land		Building		Acquired in-place lease values(2)		Investment debt		KWH Shareholders' Equity
Western U.S.	One multifamily property and one commercial property	$	39.9	$	123.0	$	37.2	$	112.2	$	87.9
United Kingdom	One commercial property and one industrial property	29.0		39.2		2.9		58.6		12.5
Ireland	One commercial property	7.2		31.7		3.4		44.0		(1.7)
		$	76.1	$	193.9	$	43.5	$	214.8	$	98.7

(1) Excludes net other assets.

(2) Above- and below-market leases are included in other assets, net and accrued expenses and other liabilities, respectively, on the accompanying consolidated balance sheets.

Lessor, Operating Lease, Payments to be Received, Maturity

The following table summarizes the minimum lease payments due from the Company's tenants on leases with lease periods greater than one year at December 31, 2020:


(Dollars in millions)	Minimum
	Rental Revenues(1)
2021	$	167.9
2022	156.7
2023	127.8
2024	105.2
2025	87.9
Thereafter	355.3
Total	$	1,000.8

(1) These amounts do not reflect future rental revenues from the renewal or replacement of existing leases, rental increases that are not fixed and exclude reimbursements of rental expenses.