Real Estate and In-Place Lease Value (Tables)

6 Months Ended

Jun. 30, 2021

Schedule of Investment in Consolidated Real Estate Properties

The following table summarizes Kennedy Wilson's investment in consolidated real estate properties at June 30, 2021 and December 31, 2020:


	June 30,		December 31,
(Dollars in millions)	2021		2020
Land	$	1,218.0	$	1,225.1
Buildings	3,283.3		3,436.0
Building improvements	508.1		546.6
In-place lease values	333.5		327.8
	5,342.9		5,535.5
Less accumulated depreciation and amortization	(786.2)		(815.0)
Real estate and acquired in place lease values, net of accumulated depreciation and amortization	$	4,556.7	$	4,720.5

Schedule of Business Acquisitions

During the six months ended June 30, 2021, 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		Net Purchase Price
Western U.S.	Five multifamily properties	$	51.3	$	164.0	$	0.8	$	132.9	$	83.2
United Kingdom	Office building	71.2		177.9		14.7		—		263.8
		$	122.5	$	341.9	$	15.5	$	132.9	$	347.0

(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 June 30, 2021:


(Dollars in millions)	Minimum
	Rental Revenues(1)
2021 (remainder)	$	153.3
2022	154.2
2023	130.2
2024	108.8
2025	94.7
Thereafter	341.3
Total	$	982.5

(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.