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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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26-0508760
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on which Registered
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Common Stock, $.0001 par value
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KW
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NYSE
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Large Accelerated Filer
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Accelerated Filer
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Non-accelerated Filer
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☐
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Smaller Reporting Company
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☐
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Emerging Growth Company
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☐
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Page
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PART I
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Item 1.
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Item 1A.
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Item 1B.
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 5.
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Item 6.
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Item 7.
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Item 7A.
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Item 8.
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Item 9.
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Item 9A.
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Item 9B.
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PART III
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Item 10.
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Item 11.
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Item 12.
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Item 13.
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Item 14.
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PART IV
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Item 15.
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•
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disruptions in general economic and business conditions, particularly in geographies where our business may be concentrated;
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volatility and disruption of the capital and credit markets, higher interest rates, higher loan costs, less desirable loan terms and a reduction in the availability of mortgage loans, all of which could increase costs and could limit our ability to acquire additional real estate assets;
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high levels of unemployment and general slowdowns in commercial activity;
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our current leverage and ability to refinance existing indebtedness or incur additional indebtedness;
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an increase in our debt service obligations;
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our ability to generate a sufficient amount of cash to satisfy working capital requirements and to service our existing and future indebtedness and maintain our dividend payments;
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our ability to achieve improvements in operating efficiency;
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decreasing rental rates or increasing tenant incentive and vacancy rates or an increase in operating costs to maintain our investments;
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adverse changes to rent control laws and regulations;
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risks associated with our development projects, including, among other things, material delays in completing such projects, inability to secure third-party financing on favorable terms or at all and increase in construction costs;
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foreign currency fluctuations;
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performance of our foreign currency hedges and similar instruments;
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adverse changes in the securities markets;
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our ability to retain our senior management and attract and retain qualified and experienced employees;
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changes in tax laws in the United States, Ireland, United Kingdom, Spain or Italy that reduce or eliminate deductions or other tax benefits we receive;
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our ability to repatriate funds in a tax-efficient manner;
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future acquisitions and dispositions may not be available at favorable prices or upon advantageous terms and conditions;
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costs relating to the acquisition of assets we may acquire could be higher than anticipated;
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our ability to retain major clients and renew related contracts; and
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trends in use of large, full-service commercial real estate providers.
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Item 1.
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Business
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•
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Identify countries and markets with an attractive investment landscape
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Establish operating platforms in our target markets
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Develop local intelligence and create long-lasting relationships, primarily with financial institutions
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Leverage relationships and local knowledge to drive proprietary investment opportunities with a focus on off-market transactions that we expect will result in above average cash flows and returns over the long term
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Acquire high quality assets, either on our own or with strategic partners
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Reposition assets to enhance cash flows post-acquisition
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Explore development opportunities on underutilized portions of assets, or acquire development assets that fit within our overall investment strategy
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Continuously evaluate and selectively harvest asset and entity value through strategic realizations using both the public and private markets
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Use our services businesses to meet client needs, strengthen relationships with financial institutions, and position ourselves as a valuable resource and partner to these institutions for any future real estate opportunities
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(In millions, except per share amounts)
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Year Ended December 31,
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2019
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2018
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2017
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2016
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2015
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Statements of income data and
dividends: |
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Revenue
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$
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569.7
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$
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773.5
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$
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801.8
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$
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690.4
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$
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583.8
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Net income to Kennedy-Wilson Holdings Inc. common shareholders(1)
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224.1
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150.0
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100.5
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2.8
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71.1
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Basic income per share
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1.60
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1.04
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0.83
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0.01
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0.66
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Dividends declared per share of common stock
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0.85
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0.78
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0.70
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0.56
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0.48
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Adjusted EBITDA(2)
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728.1
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712.7
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455.7
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349.9
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371.2
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Adjusted EBITDA annual increase (decrease)
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2
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%
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56
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%
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30
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%
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(6
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)%
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Adjusted Net Income(2)
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442.5
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397.0
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242.5
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191.3
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208.2
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Adjusted Net Income annual increase (decrease)
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11
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%
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64
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%
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27
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%
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(8
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)%
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Adjusted Fees(2)
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95.1
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86.3
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86.6
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108.9
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158.2
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Adjusted Fees annual (decrease) increase
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10
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%
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—
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%
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(20
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)%
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(31
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)%
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As of December 31,
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2019
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2018
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2017
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2016
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2015
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Balance sheet data:
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Cash and cash equivalents
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$
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573.9
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$
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488.0
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$
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351.3
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$
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885.7
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$
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731.6
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Total assets
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7,304.5
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7,381.8
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7,724.8
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7,656.6
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7,595.6
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Mortgage debt
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2,641.0
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2,950.3
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3,156.6
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2,770.4
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2,772.5
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KW unsecured debt
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1,131.7
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1,202.0
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1,179.4
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934.1
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688.8
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KWE unsecured bonds
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1,274.2
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1,260.5
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1,325.9
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1,185.7
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855.0
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Kennedy Wilson equity
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1,678.7
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1,246.7
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1,365.6
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1,048.0
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1,133.8
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Noncontrolling interests
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40.5
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184.5
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211.9
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1,295.1
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1,731.3
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Total equity
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1,719.2
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1,431.2
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1,577.5
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2,343.1
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2,865.1
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Common shares outstanding
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151.6
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143.2
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151.6
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115.7
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114.5
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•
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KW Investments invests our capital in real estate-related assets both wholly-owned investments and investments made with strategic capital partners.
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•
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IMRES encompasses our fee generating businesses, which includes our investment management platform and the property services platform. These businesses offer a comprehensive line of real estate services for the full lifecycle of real estate ownership to clients that include financial institutions, institutional investors, insurance companies, developers, builders and government agencies.
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•
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Leverage our global footprint and complementary investments and services businesses to identify attractive investment markets across the world.
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Selectively invest in opportunities across many real estate product types with a goal of maximizing cash flow and risk-adjusted return on capital.
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Actively manage assets and finance our assets in a manner designed to generate stable, predictable and growing cash flows for shareholders and clients.
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We are able to identify and acquire attractive real estate assets across many markets, in part due to the significant proprietary deal flow driven from an established global network of industry relationships, particularly with financial institutions. This can create value by allowing us to maintain and develop a large pipeline of attractive opportunities.
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•
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Our operating expertise allows us to focus on opportunistic investments where we believe we can increase the value of assets and cash flows and include transactions with distressed real estate owners or lenders seeking liquidity, or purchases of under-managed or under-leased assets, and repositioning opportunities.
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We have been able to create place-making areas in our investment locations where we are able to make multiple investments in a particular city either through direct investments or development initiatives that further drives interest in the area.
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Many times, these investments are acquired at a discount to replacement cost or recent comparative sales, thereby offering opportunities to achieve above average total returns. In many cases, this may lead to significant additional returns, such as a promoted interest (where we have partners), based on the performance of the assets.
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Our long-lasting and deep relationships with financial institutions allow us to refinance loans to reduce interest rates and/or increase borrowings due to property appreciation and thereby obtain cash flow to use for new investments. We generally implement this strategy after our value-add initiatives have been executed, thus allowing us to maintain moderate levels of leverage.
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•
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We have been able to attract third party capital due to our ability to generate above-market returns for our partners, diversity of geographic markets and investment product types as well as our flexibility in structuring deals through funds, separate accounts and equity partner arrangements.
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KW Investment Management and Real Estate Services (IMRES) plays a critical role in supporting our investment strategy by providing local market intelligence and real-time data for evaluating investments, generating proprietary transaction flow and creating value through efficient implementation of asset management or repositioning strategies.
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•
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We understand that real estate is cyclical. Our management team employs a multi-cyclical approach that has resulted in our IMRES AUM being globally diversified across many sectors of real estate while maintaining a healthy liquidity position and adequate access to capital.
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Transaction experience: Our senior management team has an average of 24 years of real estate experience and has been working and investing together on average for over 10 years. Members of the senior management team have collectively acquired, developed and managed in excess of $30 billion of real estate investments in the United States, the United Kingdom, Ireland, Spain, Italy and Japan throughout various economic cycles, both at our Company and throughout their careers.
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Extensive relationship and sourcing network: We leverage our relationships in order to source off-market deals. In addition, the senior management team and our acquisition team have transacted deals in nearly every major metropolitan market on the West Coast of the United States, as well as in the United Kingdom, Ireland, Spain, Italy and Japan. Their local presence and reputation in these markets have enabled them to cultivate key relationships with major holders of property inventory, in particularly financial institutions, throughout the real estate community.
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Structuring expertise and speed of execution: Prior acquisitions completed by us have taken a variety of forms, including direct property investments, joint ventures, exchanges involving stock or operating partnership units, participating loans and investments in performing and non-performing mortgages at various capital stack positions with the objective of long-term ownership. We believe we have developed a reputation of being able to quickly execute, as well as originate and creatively structure acquisitions, dispositions and financing transactions.
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•
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Strategic Partnerships: Through our relationships and transaction experience we have been able to establish various strategic partnerships with a variety of different companies and institutions in which we are highly collaborative and aligned with our partners in the deals. Coupled with our ability to structure acquisitions in a variety of ways that fit the needs of our strategic partners we have been able to access various forms of capital due to our experience and versatility.
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Vertically integrated platform for operational enhancement: We have over 318 employees in both KW Investments and IMRES, with 14 offices throughout the United States, the United Kingdom, Ireland, Spain and Jersey. We have a hands-on approach to real estate investing and possess the local expertise in property and asset management, leasing, construction management, development and investment sales, which we believe enable us to invest successfully in selected submarkets.
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Calculated risk taking: We underwrite our investments based upon a thorough examination of property economics and a critical understanding of market dynamics and risk management strategies. We conduct an in-depth sensitivity analysis on each of our acquisitions. This analysis applies various economic scenarios that include changes to rental rates, absorption periods, operating expenses, interest rates, exit values and holding periods. We use this analysis to develop our disciplined acquisition strategies.
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Management's alignment with shareholders: As of December 31, 2019, our directors and executive officers and their respective affiliates owned an aggregate of approximately 14% of the outstanding shares of our common stock. Due to management team's ownership interest in the Company its interests are in alignment with common shareholders of the Company and gives us an owner's mentality on the investments we own and manage.
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Item 1A.
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Risk Factors
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•
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a general decline in rents due to defaulting tenants or less favorable terms for renewed or new leases;
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a decline in actual and projected sale prices of our properties, resulting in lower returns on the properties in which we have invested;
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higher interest rates, higher loan costs, less desirable loan terms and a reduction in the availability of mortgage loans, all of which could increase costs and limit our ability to acquire additional real estate assets; and
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•
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a decrease in the availability of lines of credit and the public equity and debt markets and other sources of capital used to operate and maintain our business.
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civil unrest, acts of war and terrorism and acts of God, including earthquakes, hurricanes, volcanic eruptions and other natural disasters (which may result in uninsured or underinsured losses);
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•
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the impact of present or future legislation in the United States, United Kingdom, Ireland, and to a lesser extent, Spain and Italy (including, without limitation, environmental regulation, changes in laws concerning foreign investments, changes in tax rates and changes in zoning laws) and the cost of compliance with these types of legislation; and
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liabilities relating to claims, to the extent insurance is not available or is inadequate.
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we may not be able to obtain, or may experience delays in obtaining, all necessary zoning, land-use, building, occupancy and other governmental permits and authorizations;
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we may not be able to obtain financing for development projects, or obtain financing on favorable terms;
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construction costs of a project may exceed the original estimates or construction may not be concluded on schedule, making the project less profitable than originally estimated or not profitable at all (including the possibility of errors or omissions in the project's design, contract default, contractor or subcontractor default, performance bond surety default, the effects of local weather conditions and natural disasters, the possibility of local or national strikes and the possibility of shortages in materials, building supplies or energy and fuel for equipment);
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tenants which pre-lease space or contract with us for a build-to-suit project may default prior to occupying the project;
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upon completion of construction, we may not be able to obtain, or obtain on advantageous terms, permanent financing for activities that we financed through construction loans;
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we may not achieve sufficient occupancy levels, sales levels and/or obtain sufficient rents to ensure the profitability of a completed project; and
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development projects in which we have invested may be abandoned and the related investment will be impaired.
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restrictions and problems relating to the repatriation of capital;
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difficulties and costs of staffing and managing international operations;
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the burden of complying with multiple and potentially conflicting laws;
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laws restricting foreign companies from conducting business;
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the impact of different business cycles and economic instability;
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political instability and civil unrest;
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greater difficulty in perfecting our security interests, collecting accounts receivable, foreclosing on secured assets and protecting our interests as a creditor in bankruptcies in certain geographic regions;
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potentially adverse tax consequences;
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share ownership restrictions on foreign operations;
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tariff regimes of the countries in which we do business; and
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geographic, time zone, language and cultural differences between personnel in different areas of the world.
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•
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the attractiveness of our properties to tenants;
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competition from other available space;
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our ability to provide adequate maintenance and obtain insurance and to pay increased operating expenses, which may not be passed through to tenants;
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the availability of capital to periodically renovate, repair and maintain the properties, as well as for other operating expenses; and
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the existence of potential tenants desiring to lease the properties.
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cash flow may be insufficient to make required payments of principal and interest;
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•
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existing indebtedness on our properties may not be refinanced and our leverage could increase our vulnerability to general economic downturns and adverse competitive and industry conditions, placing us at a disadvantage compared to those of our competitors that are less leveraged;
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our debt service obligations could limit our flexibility in planning for, or reacting to, changes in our business and in the commercial real estate services industry;
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•
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our failure to comply with the financial and other restrictive covenants in the documents governing our indebtedness could result in an event of default that, if not cured or waived, results in foreclosure on substantially all of our assets; and
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the terms of available new financing may not be as favorable as the terms of existing indebtedness.
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•
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incur additional indebtedness;
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•
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repay indebtedness (including our 5.875% senior notes due 2024) (the "2024 Notes") prior to stated maturities;
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•
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pay dividends on, redeem or repurchase our stock or make other distributions;
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•
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make acquisitions or investments;
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create or incur liens;
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transfer or sell certain assets or merge or consolidate with or into other companies;
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enter into certain transactions with affiliates;
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sell stock in our subsidiaries;
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restrict dividends, distributions or other payments from our subsidiaries; and
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otherwise conduct necessary corporate activities.
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•
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the special purpose property-owning subsidiary’s filing a voluntary petition for bankruptcy;
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•
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the special purpose property-owning subsidiary’s failure to maintain its status as a special purpose entity; and
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subject to certain conditions, the special purpose property-owning subsidiary’s failure to obtain lender’s written consent prior to obtaining any subordinate financing or encumbering the associated property.
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•
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changes in real estate prices;
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•
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actual or anticipated fluctuations in our quarterly and annual results and those of our publicly held competitors;
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•
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mergers and strategic alliances among any real estate companies;
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•
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market conditions in the industry;
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•
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changes in government regulation and taxes;
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•
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shortfalls in our operating results from levels forecasted by securities analysts;
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•
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investor sentiment toward the stock of real estate companies in general;
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•
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announcements concerning us or our competitors; and
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•
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the general state of the securities markets.
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•
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a limited availability of market quotations for our common stock;
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•
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a limited amount of news and analyst coverage for our company;
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•
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a decreased ability for us to issue additional securities or obtain additional financing in the future; and
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•
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limited liquidity for our stockholders due to thin trading.
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Item 1B.
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Unresolved Staff Comments
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Item 2.
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Properties
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Consolidated Properties by Region
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||||
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Units/Lots
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Acres
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KW Ownership %
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# of Investments
|
||||
Residential and Land
|
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|
|
|
|
|
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|
||||
Western U.S.
|
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70
|
|
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2,708
|
|
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100
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%
|
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2
|
|
Total Residential and Land
|
|
70
|
|
|
2,708
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|
|
100
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%
|
|
2
|
|
Consolidated Properties by Region
|
|
|
|
|
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|||
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Rooms
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|
KW Ownership %
|
|
# of Investments
|
|||
Hotel
|
|
|
|
|
|
|
|||
Europe
|
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265
|
|
|
100
|
%
|
|
1
|
|
Total Hotel
|
|
265
|
|
|
100
|
%
|
|
1
|
|
Year of Lease Expiration
|
|
Number of Leases Expiring
|
|
Rentable Square Feet(1)
|
|
Annualized Base Rent(1)
|
|
Expiring Annualized Base Rent as a Percent of Total
|
|||||
2020
|
|
169
|
|
|
0.7
|
|
|
$
|
15.2
|
|
|
7
|
%
|
2021
|
|
103
|
|
|
0.6
|
|
|
17.8
|
|
|
9
|
%
|
|
2022
|
|
109
|
|
|
1.3
|
|
|
28.2
|
|
|
14
|
%
|
|
2023
|
|
84
|
|
|
1.6
|
|
|
28.3
|
|
|
14
|
%
|
|
2024
|
|
76
|
|
|
0.8
|
|
|
18.2
|
|
|
9
|
%
|
|
2025
|
|
48
|
|
|
0.6
|
|
|
17.2
|
|
|
8
|
%
|
|
2026
|
|
28
|
|
|
0.4
|
|
|
10.5
|
|
|
5
|
%
|
|
2027
|
|
22
|
|
|
0.4
|
|
|
8.2
|
|
|
4
|
%
|
|
2028
|
|
17
|
|
|
0.2
|
|
|
7.8
|
|
|
4
|
%
|
|
2029
|
|
37
|
|
|
0.7
|
|
|
12.3
|
|
|
6
|
%
|
|
Thereafter
|
|
87
|
|
|
2.3
|
|
|
40.0
|
|
|
20
|
%
|
|
Total
|
|
780
|
|
|
9.6
|
|
|
$
|
203.7
|
|
|
100
|
%
|
Location
|
|
Use
|
|
Approximate
Square Footage
|
|
Lease Expiration
|
|
Beverly Hills, CA
|
|
Corporate Headquarters
|
|
60,000
|
|
|
N/A*
|
London, England
|
|
Regional Office
|
|
8,147
|
|
|
3/3/2023
|
Dublin, Ireland
|
|
Regional Office
|
|
17,000
|
|
|
N/A*
|
Item 3.
|
Legal Proceedings
|
Item 4.
|
Mine Safety Disclosures
|
Item 5.
|
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
Months
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plan(1)
|
Maximum Amount that May Yet be Purchased Under the Plan(1)
|
||||||
October 1 - October 31, 2019
|
—
|
|
$
|
—
|
|
14,635,567
|
|
$
|
67,887,954
|
|
November 1 - November 30, 2019
|
58,541
|
|
22.32
|
|
14,694,108
|
|
66,581,319
|
|
||
December 1 - December 31, 2019
|
117,065
|
|
21.98
|
|
14,811,173
|
|
64,007,801
|
|
||
Total
|
175,606
|
|
$
|
22.10
|
|
14,811,173
|
|
$
|
64,007,801
|
|
Item 6.
|
Selected Financial Data
|
(In millions, except per share amounts)
|
|
Year Ended December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Statements of income data and
dividends: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue
|
|
$
|
569.7
|
|
|
$
|
773.5
|
|
|
$
|
801.8
|
|
|
$
|
690.4
|
|
|
$
|
583.8
|
|
Net income to Kennedy-Wilson Holdings Inc. common shareholders(1)
|
|
224.1
|
|
|
150.0
|
|
|
100.5
|
|
|
2.8
|
|
|
71.1
|
|
|||||
Basic income per share
|
|
1.60
|
|
|
1.04
|
|
|
0.83
|
|
|
0.01
|
|
|
0.66
|
|
|||||
Dividends declared per share of common stock
|
|
0.85
|
|
|
0.78
|
|
|
0.70
|
|
|
0.56
|
|
|
0.48
|
|
|||||
Adjusted EBITDA(2)
|
|
728.1
|
|
|
712.7
|
|
|
455.7
|
|
|
349.9
|
|
|
371.2
|
|
|||||
Adjusted EBITDA annual increase (decrease)
|
|
2
|
%
|
|
56
|
%
|
|
30
|
%
|
|
(6
|
)%
|
|
|
||||||
Adjusted Net Income(2)
|
|
442.5
|
|
|
397.0
|
|
|
242.5
|
|
|
191.3
|
|
|
208.2
|
|
|||||
Adjusted Net Income annual increase (decrease)
|
|
11
|
%
|
|
64
|
%
|
|
27
|
%
|
|
(8
|
)%
|
|
|
||||||
Adjusted Fees(2)
|
|
95.1
|
|
|
86.3
|
|
|
86.6
|
|
|
108.9
|
|
|
158.2
|
|
|||||
Adjusted Fees annual (decrease) increase
|
|
10
|
%
|
|
—
|
%
|
|
(20
|
)%
|
|
(31
|
)%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
As of December 31,
|
||||||||||||||||||
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Balance sheet data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
573.9
|
|
|
$
|
488.0
|
|
|
$
|
351.3
|
|
|
$
|
885.7
|
|
|
$
|
731.6
|
|
Total assets
|
|
7,304.5
|
|
|
7,381.8
|
|
|
7,724.8
|
|
|
7,656.6
|
|
|
7,595.6
|
|
|||||
Mortgage debt
|
|
2,641.0
|
|
|
2,950.3
|
|
|
3,156.6
|
|
|
2,770.4
|
|
|
2,772.5
|
|
|||||
KW unsecured debt
|
|
1,131.7
|
|
|
1,202.0
|
|
|
1,179.4
|
|
|
934.1
|
|
|
688.8
|
|
|||||
KWE unsecured bonds
|
|
1,274.2
|
|
|
1,260.5
|
|
|
1,325.9
|
|
|
1,185.7
|
|
|
855.0
|
|
|||||
Kennedy Wilson equity
|
|
1,678.7
|
|
|
1,246.7
|
|
|
1,365.6
|
|
|
1,048.0
|
|
|
1,133.8
|
|
|||||
Noncontrolling interests
|
|
40.5
|
|
|
184.5
|
|
|
211.9
|
|
|
1,295.1
|
|
|
1,731.3
|
|
|||||
Total equity
|
|
1,719.2
|
|
|
1,431.2
|
|
|
1,577.5
|
|
|
2,343.1
|
|
|
2,865.1
|
|
|||||
Common shares outstanding
|
|
151.6
|
|
|
143.2
|
|
|
151.6
|
|
|
115.7
|
|
|
114.5
|
|
(in millions)
|
December 31, 2018
|
|
Increases
|
|
Decreases
|
|
December 31, 2019
|
|
||||
IMRES AUM
|
$
|
16,308.6
|
|
$
|
4,055.1
|
|
$
|
(2,219.7
|
)
|
$
|
18,144.0
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
(Dollars in millions)
|
Gross Gain on Sale of Real Estate
|
Noncontrolling Interests
|
Net Gain on Sale of Real Estate
|
|
Adjusted Fees(1)
|
||||||||
2018
|
$
|
169.5
|
|
$
|
(66.8
|
)
|
$
|
102.7
|
|
|
$
|
10.9
|
|
2019
|
317.8
|
|
(105.4
|
)
|
212.4
|
|
|
14.5
|
|
||||
Total
|
$
|
487.3
|
|
$
|
(172.2
|
)
|
$
|
315.1
|
|
|
$
|
25.4
|
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
(Dollars in millions)
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Corporate
|
|
Total
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
447.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
447.4
|
|
Hotel
|
|
80.5
|
|
|
—
|
|
|
—
|
|
|
80.5
|
|
||||
Sale of real estate
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
||||
Investment management, property services and research fees
|
|
—
|
|
|
40.7
|
|
|
—
|
|
|
40.7
|
|
||||
Total revenue
|
|
529.0
|
|
|
40.7
|
|
|
—
|
|
|
569.7
|
|
||||
Expenses
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
152.9
|
|
|
—
|
|
|
—
|
|
|
152.9
|
|
||||
Hotel
|
|
60.1
|
|
|
—
|
|
|
—
|
|
|
60.1
|
|
||||
Cost of real estate sold
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||
Commission and marketing
|
|
—
|
|
|
3.8
|
|
|
—
|
|
|
3.8
|
|
||||
Compensation and related
|
|
72.2
|
|
|
22.9
|
|
|
56.7
|
|
|
151.8
|
|
||||
General and administrative
|
|
27.6
|
|
|
7.8
|
|
|
7.0
|
|
|
42.4
|
|
||||
Depreciation and amortization
|
|
187.6
|
|
|
—
|
|
|
—
|
|
|
187.6
|
|
||||
Total expenses
|
|
501.6
|
|
|
34.5
|
|
|
63.7
|
|
|
599.8
|
|
||||
Income from unconsolidated investments, net of depreciation and amortization
|
|
143.4
|
|
|
36.3
|
|
|
—
|
|
|
179.7
|
|
||||
Gain on sale of real estate, net
|
|
434.4
|
|
|
—
|
|
|
—
|
|
|
434.4
|
|
||||
Acquisition - related expenses
|
|
(6.8
|
)
|
|
—
|
|
|
—
|
|
|
(6.8
|
)
|
||||
Interest expense
|
|
(145.6
|
)
|
|
—
|
|
|
(69.5
|
)
|
|
(215.1
|
)
|
||||
Other income
|
|
2.8
|
|
|
—
|
|
|
(2.4
|
)
|
|
0.4
|
|
||||
Provision for income taxes
|
|
(14.5
|
)
|
|
—
|
|
|
(26.9
|
)
|
|
(41.4
|
)
|
||||
Net income (loss)
|
|
441.1
|
|
|
42.5
|
|
|
(162.5
|
)
|
|
321.1
|
|
||||
Net income attributable to the noncontrolling interests
|
|
(94.4
|
)
|
|
—
|
|
|
—
|
|
|
(94.4
|
)
|
||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|
(2.6
|
)
|
||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
346.7
|
|
|
42.5
|
|
|
(165.1
|
)
|
|
224.1
|
|
||||
Add back (less):
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
145.6
|
|
|
—
|
|
|
69.5
|
|
|
215.1
|
|
||||
Kennedy Wilson's share of interest expense included in unconsolidated investments
|
|
32.1
|
|
|
—
|
|
|
—
|
|
|
32.1
|
|
||||
Depreciation and amortization
|
|
187.6
|
|
|
—
|
|
|
—
|
|
|
187.6
|
|
||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
|
|
8.2
|
|
|
—
|
|
|
—
|
|
|
8.2
|
|
||||
Provision for income taxes
|
|
14.5
|
|
|
—
|
|
|
26.9
|
|
|
41.4
|
|
||||
Fees eliminated in consolidation
|
|
(18.1
|
)
|
|
18.1
|
|
|
—
|
|
|
—
|
|
||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
30.2
|
|
|
30.2
|
|
||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
—
|
|
|
—
|
|
|
2.6
|
|
|
2.6
|
|
||||
EBITDA add backs attributable to noncontrolling interests(2)
|
|
(13.2
|
)
|
|
—
|
|
|
—
|
|
|
(13.2
|
)
|
||||
Adjusted EBITDA(1)
|
|
$
|
703.4
|
|
|
$
|
60.6
|
|
|
$
|
(35.9
|
)
|
|
$
|
728.1
|
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
(Dollars in millions)
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Corporate
|
|
Total
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
514.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
514.6
|
|
Hotel
|
|
155.7
|
|
|
—
|
|
|
—
|
|
|
155.7
|
|
||||
Sale of real estate
|
|
56.8
|
|
|
—
|
|
|
—
|
|
|
56.8
|
|
||||
Investment management, property services and research fees
|
|
—
|
|
|
45.3
|
|
|
—
|
|
|
45.3
|
|
||||
Total revenue
|
|
727.1
|
|
|
45.3
|
|
|
—
|
|
|
772.4
|
|
||||
Expenses
|
|
|
|
|
|
|
|
|
|
|||||||
Rental
|
|
160.8
|
|
|
—
|
|
|
—
|
|
|
160.8
|
|
||||
Hotel
|
|
121.5
|
|
|
—
|
|
|
—
|
|
|
121.5
|
|
||||
Cost of real estate sold
|
|
52.5
|
|
|
—
|
|
|
—
|
|
|
52.5
|
|
||||
Commission and marketing
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
5.9
|
|
||||
Compensation and related
|
|
73.5
|
|
|
33.5
|
|
|
61.8
|
|
|
168.8
|
|
||||
General and administrative
|
|
31.6
|
|
|
12.1
|
|
|
7.1
|
|
|
50.8
|
|
||||
Depreciation and amortization
|
|
205.8
|
|
|
0.3
|
|
|
—
|
|
|
206.1
|
|
||||
Total expenses
|
|
645.7
|
|
|
51.8
|
|
|
68.9
|
|
|
766.4
|
|
||||
Income from unconsolidated investments, net of depreciation and amortization
|
|
51.3
|
|
|
27.4
|
|
|
—
|
|
|
78.7
|
|
||||
Gain on sale of real estate, net
|
|
371.8
|
|
|
—
|
|
|
—
|
|
|
371.8
|
|
||||
Gain on sale of business
|
|
—
|
|
|
40.4
|
|
|
—
|
|
|
40.4
|
|
||||
Acquisition - related expenses
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
||||
Interest expense
|
|
(161.0
|
)
|
|
—
|
|
|
(77.2
|
)
|
|
(238.2
|
)
|
||||
Other income (expenses)
|
|
1.8
|
|
|
—
|
|
|
11.3
|
|
|
13.1
|
|
||||
Provision for income taxes
|
|
(14.0
|
)
|
|
—
|
|
|
(44.0
|
)
|
|
(58.0
|
)
|
||||
Net income (loss)
|
|
329.6
|
|
|
61.3
|
|
|
(178.8
|
)
|
|
212.1
|
|
||||
Net income attributable to the noncontrolling interests
|
|
(62.1
|
)
|
|
—
|
|
|
—
|
|
|
(62.1
|
)
|
||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
267.5
|
|
|
61.3
|
|
|
(178.8
|
)
|
|
150.0
|
|
||||
Add back (less):
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
161.0
|
|
|
—
|
|
|
77.2
|
|
|
238.2
|
|
||||
Kennedy Wilson's share of interest expense included in unconsolidated investments
|
|
26.0
|
|
|
—
|
|
|
—
|
|
|
26.0
|
|
||||
Depreciation and amortization
|
|
205.8
|
|
|
0.3
|
|
|
—
|
|
|
206.1
|
|
||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
|
|
13.2
|
|
|
—
|
|
|
—
|
|
|
13.2
|
|
||||
Provision for income taxes
|
|
14.0
|
|
|
—
|
|
|
44.0
|
|
|
58.0
|
|
||||
Fees eliminated in consolidation
|
|
(13.6
|
)
|
|
13.6
|
|
|
—
|
|
|
—
|
|
||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
37.1
|
|
|
37.1
|
|
||||
EBITDA add backs attributable to noncontrolling interests(2)
|
|
(15.9
|
)
|
|
—
|
|
|
—
|
|
|
(15.9
|
)
|
||||
Adjusted EBITDA(1)
|
|
$
|
658.0
|
|
|
$
|
75.2
|
|
|
$
|
(20.5
|
)
|
|
$
|
712.7
|
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
(Dollars in millions)
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Corporate
|
|
Total
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
504.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
504.7
|
|
Hotel
|
|
127.5
|
|
|
—
|
|
|
—
|
|
|
127.5
|
|
||||
Sale of real estate
|
|
111.5
|
|
|
—
|
|
|
—
|
|
|
111.5
|
|
||||
Investment management, property services and research fees
|
|
—
|
|
|
42.9
|
|
|
—
|
|
|
42.9
|
|
||||
Loan purchases, loan originations and other
|
|
15.2
|
|
|
—
|
|
|
—
|
|
|
15.2
|
|
||||
Total revenue
|
|
758.9
|
|
|
42.9
|
|
|
—
|
|
|
801.8
|
|
||||
Expenses
|
|
|
|
|
|
|
|
|
|
|||||||
Rental
|
|
151.2
|
|
|
—
|
|
|
—
|
|
|
151.2
|
|
||||
Hotel
|
|
100.3
|
|
|
—
|
|
|
—
|
|
|
100.3
|
|
||||
Cost of real estate sold
|
|
80.2
|
|
|
—
|
|
|
—
|
|
|
80.2
|
|
||||
Commission and marketing
|
|
—
|
|
|
7.2
|
|
|
—
|
|
|
7.2
|
|
||||
Compensation and related
|
|
76.7
|
|
|
35.2
|
|
|
65.3
|
|
|
177.2
|
|
||||
General and administrative
|
|
26.0
|
|
|
11.3
|
|
|
4.9
|
|
|
42.2
|
|
||||
Depreciation and amortization
|
|
212.2
|
|
|
0.3
|
|
|
—
|
|
|
212.5
|
|
||||
Total expenses
|
|
646.6
|
|
|
54.0
|
|
|
70.2
|
|
|
770.8
|
|
||||
Income from unconsolidated investments, net of depreciation and amortization
|
|
66.4
|
|
|
11.4
|
|
|
—
|
|
|
77.8
|
|
||||
Gain on sale of real estate, net
|
|
226.7
|
|
|
—
|
|
|
—
|
|
|
226.7
|
|
||||
Acquisition - related expenses
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
(4.4
|
)
|
||||
Interest expense
|
|
(145.6
|
)
|
|
—
|
|
|
(72.1
|
)
|
|
(217.7
|
)
|
||||
Other (expenses) income
|
|
(5.1
|
)
|
|
—
|
|
|
13.4
|
|
|
8.3
|
|
||||
(Provision for) benefit from income taxes
|
|
(4.8
|
)
|
|
—
|
|
|
21.1
|
|
|
16.3
|
|
||||
Net income (loss)
|
|
245.5
|
|
|
0.3
|
|
|
(107.8
|
)
|
|
138.0
|
|
||||
Net income attributable to the noncontrolling interests
|
|
(37.5
|
)
|
|
—
|
|
|
—
|
|
|
(37.5
|
)
|
||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
208.0
|
|
|
0.3
|
|
|
(107.8
|
)
|
|
100.5
|
|
||||
Add back (less):
|
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
|
145.6
|
|
|
—
|
|
|
72.1
|
|
|
217.7
|
|
||||
Kennedy Wilson's share of interest expense included in unconsolidated investments
|
|
22.5
|
|
|
0.5
|
|
|
—
|
|
|
23.0
|
|
||||
Depreciation and amortization
|
|
212.2
|
|
|
0.3
|
|
|
—
|
|
|
212.5
|
|
||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
|
|
13.5
|
|
|
2.7
|
|
|
—
|
|
|
16.2
|
|
||||
Provision for (benefit from) income taxes
|
|
4.8
|
|
|
—
|
|
|
(21.1
|
)
|
|
(16.3
|
)
|
||||
Fees eliminated in consolidation
|
|
(26.9
|
)
|
|
26.9
|
|
|
—
|
|
|
—
|
|
||||
Share-based compensation
|
|
—
|
|
|
—
|
|
|
38.4
|
|
|
38.4
|
|
||||
EBITDA add backs attributable to noncontrolling interests(2)
|
|
(136.3
|
)
|
|
—
|
|
|
—
|
|
|
(136.3
|
)
|
||||
Adjusted EBITDA(1)
|
|
$
|
443.4
|
|
|
$
|
30.7
|
|
|
$
|
(18.4
|
)
|
|
$
|
455.7
|
|
|
|
Year Ended December 31, 2019
|
||||||||||||||||
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Total
|
||||||||||||
Revenues
|
|
$
|
(0.1
|
)
|
—
|
%
|
|
$
|
—
|
|
—
|
%
|
|
$
|
(0.1
|
)
|
—
|
%
|
Net Income
|
|
(2.0
|
)
|
(1
|
)%
|
|
(0.2
|
)
|
—
|
%
|
|
(2.2
|
)
|
(1
|
)%
|
|||
Adjusted EBITDA
|
|
(2.1
|
)
|
—
|
%
|
|
(0.2
|
)
|
—
|
%
|
|
(2.3
|
)
|
—
|
%
|
•
|
Investment management, including acquisition, asset management, financing and disposition services;
|
•
|
Property services, including management of commercial real estate for third-party clients, fund investors, and investments held by Kennedy Wilson;
|
•
|
Auction and conventional sales, including innovative marketing and sales strategies for all types of commercial and residential real estate, including single family homes, mixed-use developments, estate homes, multifamily dwellings, new home projects, conversions and scattered properties;
|
•
|
Brokerage services, including innovative marketing programs tailored to client objectives for all types of investment grade and income producing real estate; and
|
•
|
Research (until the Company's sale of Meyers Research in the fourth quarter of 2018), including consulting practice and data and analytics for the residential real estate development and new home construction industry.
|
|
|
Year Ended
|
||||||
|
|
December 31,
|
||||||
(dollars in millions)
|
|
2019
|
|
2018
|
||||
Investment management, property services and research fees
|
|
$
|
40.7
|
|
|
$
|
45.3
|
|
Non-GAAP adjustments:
|
|
|
|
|
||||
Add back:
|
|
|
|
|
||||
Fees eliminated in consolidation(1)
|
|
18.1
|
|
|
13.6
|
|
||
Performance fees included in unconsolidated investments
|
|
36.3
|
|
|
27.4
|
|
||
Adjusted Fees(2)
|
|
$
|
95.1
|
|
|
$
|
86.3
|
|
|
|
Year Ended
|
||||||
(dollars in millions)
|
|
December 31,
|
||||||
Fee Description
|
|
2019
|
|
2018
|
||||
Investment Management - Base
|
|
20.1
|
|
|
14.1
|
|
||
Investment Management - Performance(2)
|
|
52.0
|
|
|
36.6
|
|
||
Investment Management - Acquisition / Disposition
|
|
6.5
|
|
|
3.6
|
|
||
Investment Management - Total
|
|
78.6
|
|
|
54.3
|
|
||
|
|
|
|
|
||||
Property Services
|
|
16.5
|
|
|
16.9
|
|
||
Research
|
|
—
|
|
|
15.1
|
|
||
Total Adjusted Fees(1)
|
|
$
|
95.1
|
|
|
$
|
86.3
|
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Operating performance, net of depreciation of $8.2 million and $13.2 million
|
|
$
|
35.5
|
|
|
$
|
18.8
|
|
Realized gains
|
|
53.5
|
|
|
22.1
|
|
||
Fair value gains
|
|
64.7
|
|
|
10.4
|
|
||
Performance fees (included in adjusted fees)
|
|
36.3
|
|
|
27.4
|
|
||
Impairment
|
|
(10.3
|
)
|
|
—
|
|
||
Income from unconsolidated investments
|
|
$
|
179.7
|
|
|
$
|
78.7
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
$
|
224.1
|
|
|
$
|
150.0
|
|
Unrealized foreign currency translation loss, net of noncontrolling interests and tax
|
(23.9
|
)
|
|
(65.9
|
)
|
||
Amounts reclassified out of accumulated other comprehensive loss during the period
|
10.4
|
|
|
13.2
|
|
||
Unrealized foreign currency derivative contract gain, net of noncontrolling interests and tax
|
38.7
|
|
|
38.3
|
|
||
Unrealized loss in interest rate swaps
|
(0.7
|
)
|
|
—
|
|
||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
$
|
248.6
|
|
|
$
|
135.6
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Realized foreign currency exchange gain - consolidated statements of income
|
$
|
(0.2
|
)
|
|
$
|
(1.1
|
)
|
Realized foreign currency derivative contract gain (loss) - consolidated statements of income
|
—
|
|
|
12.7
|
|
||
Statement of Operations - realized foreign currency exchange
|
$
|
(0.2
|
)
|
|
$
|
11.6
|
|
|
|
Year Ended December 31, 2018
|
||||||||||||||||
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Total
|
||||||||||||
Revenues
|
|
$
|
(5.7
|
)
|
(1
|
)%
|
|
$
|
(0.2
|
)
|
—
|
%
|
|
$
|
(5.9
|
)
|
(1
|
)%
|
Net Income
|
|
(4.2
|
)
|
(3
|
)%
|
|
(0.2
|
)
|
—
|
%
|
|
(4.4
|
)
|
(3
|
)%
|
|||
Adjusted EBITDA
|
|
(7.1
|
)
|
(1
|
)%
|
|
(0.2
|
)
|
—
|
%
|
|
(7.3
|
)
|
(1
|
)%
|
|
|
Year Ended
|
||||||
|
|
December 31,
|
||||||
|
|
2018
|
|
2017
|
||||
Investment management, property services and research fees
|
|
$
|
45.3
|
|
|
$
|
42.9
|
|
Non-GAAP adjustments:
|
|
|
|
|
||||
Add back:
|
|
|
|
|
||||
Fees eliminated in consolidation(1)
|
|
13.6
|
|
|
26.4
|
|
||
Performance fees included in unconsolidated investments
|
|
27.4
|
|
|
8.7
|
|
||
Kennedy Wilson's share of fees in unconsolidated service businesses
|
|
—
|
|
|
8.6
|
|
||
Adjusted Fees(2)
|
|
$
|
86.3
|
|
|
$
|
86.6
|
|
|
|
Year Ended
|
||||||
|
|
December 31,
|
||||||
Fee Description
|
|
2018
|
|
2017
|
||||
Investment Management - Base
|
|
14.1
|
|
|
35.7
|
|
||
Investment Management - Performance(2)
|
|
36.6
|
|
|
8.7
|
|
||
Investment Management - Acquisition / Disposition
|
|
3.6
|
|
|
0.9
|
|
||
Investment Management - Total
|
|
54.3
|
|
|
45.3
|
|
||
|
|
|
|
|
||||
Property Services
|
|
16.9
|
|
|
28.9
|
|
||
Research
|
|
15.1
|
|
|
12.4
|
|
||
Total Adjusted Fees(1)
|
|
$
|
86.3
|
|
|
$
|
86.6
|
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
|
2018
|
|
2017
|
||||
Operating performance, net of depreciation of $13.2 million and $16.2 million
|
|
$
|
18.8
|
|
|
$
|
16.4
|
|
Realized gains
|
|
22.1
|
|
|
14.0
|
|
||
Fair value
|
|
10.4
|
|
|
38.6
|
|
||
Performance fees (included in adjusted fees)
|
|
27.4
|
|
|
8.8
|
|
||
Income from unconsolidated investments
|
|
$
|
78.7
|
|
|
$
|
77.8
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
2018
|
|
2017
|
||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
$
|
150.0
|
|
|
$
|
100.5
|
|
Unrealized foreign currency translation (loss) gain, net of noncontrolling interests and tax
|
(65.9
|
)
|
|
48.9
|
|
||
Amounts reclassified out of accumulated other comprehensive loss during the period
|
13.2
|
|
|
2.0
|
|
||
Unrealized foreign currency derivative contract gain (loss), net of noncontrolling interests and tax
|
38.3
|
|
|
(48.6
|
)
|
||
Unrealized (loss) gain on marketable securities
|
—
|
|
|
0.2
|
|
||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. common shareholders(1)
|
$
|
135.6
|
|
|
$
|
103.0
|
|
|
Year Ended December 31,
|
||||||
(Dollars in millions)
|
2018
|
|
2017
|
||||
Realized foreign currency exchange (loss) gain - consolidated statements of income
|
$
|
(1.1
|
)
|
|
$
|
24.2
|
|
Realized foreign currency derivative contract gain (loss) - consolidated statements of income
|
12.7
|
|
|
(10.8
|
)
|
||
Statement of Operations - realized foreign currency exchange
|
$
|
11.6
|
|
|
$
|
13.4
|
|
|
|
|
|
If Completed
|
Current
|
||||||||||||
Location
|
Type
|
Investment
|
Status
|
Est. Completion Date(1)
|
Commercial Sq. Ft.
|
MF Units / Hotel Rooms
|
KW Est.
Total Cost(5) |
KW Costs Incurred(4)(5)
|
KW Est. Costs to Complete(2)
|
||||||||
2020-2021
|
|
|
|
|
|
|
|
|
|||||||||
Nor Cal
|
Multifamily
|
Santa Rosa
|
Under Construction
|
2020
|
—
|
|
120
|
|
35
|
|
14
|
|
21
|
|
|||
ID
|
Multifamily
|
Rosewood
|
Under Construction
|
2020
|
—
|
|
66
|
|
13
|
|
5
|
|
8
|
|
|||
Ireland(3)
|
Multifamily
|
Clancy Quay - Phase 3
|
Under Construction
|
2020
|
6,000
|
|
266
|
|
53
|
|
42
|
|
11
|
|
|||
ID
|
Multifamily
|
RiverPointe
|
Under Construction
|
2021
|
—
|
|
95
|
|
19
|
|
2
|
|
17
|
|
|||
Ireland(3)
|
Office
|
Hanover Quay
|
Under Construction
|
2021
|
69,000
|
|
—
|
|
37
|
|
17
|
|
20
|
|
|||
Ireland(3)
|
Office
|
Kildare
|
Under Construction
|
2021
|
64,000
|
|
—
|
|
58
|
|
17
|
|
41
|
|
|||
|
2020-2021 Total
|
|
|
139,000
|
|
547
|
|
$
|
215
|
|
$
|
97
|
|
$
|
118
|
|
|
2022-2023
|
|
|
|
|
|
|
|
|
|||||||||
Nor Cal
|
Office
|
400/430 California
|
Under Construction
|
2022
|
247,000
|
|
—
|
|
$
|
23
|
|
$
|
18
|
|
$
|
5
|
|
ID
|
Multifamily
|
The Clara
|
Under Construction
|
2022
|
—
|
|
277
|
|
47
|
|
10
|
|
37
|
|
|||
Spain(3)
|
Retail
|
Puerta del Sol
|
In Planning
|
2022
|
37,000
|
|
—
|
|
$
|
64
|
|
60
|
|
4
|
|
||
Ireland(3)
|
Mixed-Use
|
Leisureplex
|
In Design
|
2022
|
19,000
|
|
232
|
|
132
|
|
20
|
|
112
|
|
|||
Ireland(3)
|
Multifamily
|
Grange
|
In Design
|
2022
|
7,000
|
|
287
|
|
75
|
|
13
|
|
62
|
|
|||
Ireland(3)
|
Multifamily
|
Coopers Cross
|
In Design
|
2022
|
—
|
|
472
|
|
126
|
|
41
|
|
85
|
|
|||
Ireland(3)
|
Office
|
Coopers Cross
|
In Design
|
2022
|
390,000
|
|
—
|
|
155
|
|
41
|
|
114
|
|
|||
Hawaii
|
Hotel
|
Kona Village Resort
|
Under Construction
|
2022
|
—
|
|
150
|
|
324
|
|
60
|
|
264
|
|
|||
|
2022-2023 Total
|
|
|
700,000
|
|
1,418
|
|
$
|
946
|
|
$
|
263
|
|
$
|
683
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total
|
|
|
839,000
|
|
1,965
|
|
$
|
1,161
|
|
$
|
360
|
|
$
|
801
|
|
(2)
|
Figures shown in this column are an estimate of our remaining costs to develop to completion or to complete the entitlement process, as applicable, as of December 31, 2019. Total remaining costs may be financed with third-party cash contributions, proceeds from projected sales, and/or debt financing. We expect to fund $400 million of our share of remaining costs to complete with cash over the life of these projects. These figures are budgeted costs and are subject to change. There is no guarantee that we will be able to secure the project-level debt financing that is assumed in the figures above. If we are unable to secure such financing, the amount of capital we will have to invest to complete the projects above may significantly increase. Our cost to complete differs from our share total capitalization as the latter includes costs that have already been incurred to date while the former relates to future estimated costs
|
Property
|
Location
|
Type
|
KW Ownership %
|
# of Assets
|
Commercial Sq. Ft.
|
MF Units
|
KW Est. Costs to Complete(2)
|
KW Gross Asset Value
|
||||||
2020
|
|
|
|
|
|
|
|
|
||||||
Bozeman
|
Mountain States
|
Retail
|
97%
|
1
|
|
108,000
|
|
—
|
$
|
1.5
|
|
$
|
17.1
|
|
Capital Dock
|
Ireland
|
Mixed-Use
|
50%
|
1
|
|
27,000
|
|
190
|
4.0
|
|
89.3
|
|
||
Maidenhead
|
United Kingdom(1)
|
Office
|
100%
|
1
|
|
65,000
|
|
—
|
0.2
|
|
36.4
|
|
||
Malibu Sands
|
Southern California
|
Retail
|
50%
|
1
|
|
16,000
|
|
—
|
0.6
|
|
11.5
|
|
||
Old School
|
United Kingdom(1)
|
Office
|
100%
|
1
|
|
21,000
|
|
—
|
0.6
|
|
7.6
|
|
||
Portlethen Retail Park
|
United Kingdom(1)
|
Retail
|
100%
|
1
|
|
108,000
|
|
—
|
2.5
|
|
22.6
|
|
||
Stockley Park
|
United Kingdom(1)
|
Office
|
100%
|
1
|
|
46,000
|
|
—
|
8.6
|
|
29.8
|
|
||
|
2020 Subtotal
|
|
7
|
|
391,000
|
|
190
|
$
|
18.0
|
|
$
|
214.3
|
|
|
2022
|
|
|
|
|
|
|
|
|
||||||
The Oaks
|
Southern California
|
Office
|
100%
|
1
|
|
357,000
|
|
—
|
$
|
16.5
|
|
$
|
122.3
|
|
Various
|
United Kingdom(1)
|
Office
|
100%
|
2
|
|
281,000
|
|
—
|
14.6
|
|
140.7
|
|
||
|
2022 Subtotal
|
|
3
|
|
638,000
|
|
—
|
$
|
31.1
|
|
$
|
263.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Unstabilized
|
|
10
|
|
1,029,000
|
|
190
|
$
|
49.1
|
|
$
|
477.3
|
|
|
Year ended December 31,
|
||||||||||
(Dollars in millions)
|
2019
|
|
2018
|
|
2017
|
||||||
Net cash (used in) provided by operating activities
|
$
|
(19.5
|
)
|
|
$
|
93.1
|
|
|
$
|
73.0
|
|
Net cash provided by (used in) investing activities
|
182.3
|
|
|
593.1
|
|
|
(70.2
|
)
|
|||
Net cash used in financing activities
|
(85.8
|
)
|
|
(528.8
|
)
|
|
(565.3
|
)
|
|
|
Payments due by period
|
||||||||||||||||||
(Dollars in millions)
|
|
Total
|
|
Less than
1 year
|
|
1 - 3 years
|
|
4 - 5 years
|
|
After 5 years
|
||||||||||
Contractual obligations
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings:(1)(4)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage debt(2)(4)
|
|
$
|
2,651.2
|
|
|
$
|
116.2
|
|
|
$
|
849.0
|
|
|
$
|
697.5
|
|
|
$
|
988.5
|
|
Senior notes(3)(4)
|
|
1,150.0
|
|
|
—
|
|
|
—
|
|
|
1,150.0
|
|
|
—
|
|
|||||
KWE unsecured bonds(4)(5)
|
|
1,280.8
|
|
|
—
|
|
|
663.2
|
|
|
617.6
|
|
|
—
|
|
|||||
Total borrowings
|
|
5,082.0
|
|
|
116.2
|
|
|
1,512.2
|
|
|
2,465.1
|
|
|
988.5
|
|
|||||
Operating leases
|
|
5.4
|
|
|
1.6
|
|
|
3.5
|
|
|
0.3
|
|
|
—
|
|
|||||
Ground leases(8)
|
|
35.7
|
|
|
0.3
|
|
|
0.9
|
|
|
0.6
|
|
|
33.9
|
|
|||||
Total contractual cash obligations(7)
|
|
$
|
5,123.1
|
|
|
$
|
118.1
|
|
|
$
|
1,516.6
|
|
|
$
|
2,466.0
|
|
|
$
|
1,022.4
|
|
(1)
|
See Notes 7-9 of our Notes to Consolidated Financial Statements. Figures do not include scheduled interest payments. Assuming each debt obligation is held until maturity, we estimate that we will make the following interest payments: Less than 1 year - $188.0 million; 1-3 years - $544.3 million; 4-5 years - $163.4 million; After 5 years - $81.2 million. The interest payments on variable rate debt have been calculated at the interest rate in effect as of December 31, 2019.
|
(2)
|
Excludes $4.0 million net unamortized debt premium on mortgage debt.
|
(3)
|
Excludes $3.9 million unamortized debt discount on senior notes.
|
(4)
|
Excludes $32.2 million of unamortized loan fees.
|
(5)
|
Excludes $3.1 million net unamortized discount on KWE unsecured bonds.
|
•
|
the special purpose property-owning subsidiary’s filing a voluntary petition for bankruptcy;
|
•
|
the special purpose property-owning subsidiary’s failure to maintain its status as a special purpose entity; and
|
•
|
subject to certain conditions, the special purpose property-owning subsidiary’s failure to obtain lender’s written consent prior to any subordinate financing or other voluntary lien encumbering the associated property.
|
|
|
Principal Maturing in:
|
|
|
|
Fair Value
|
||||||||||||||||||||||||||
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|
December 31, 2019
|
||||||||||||||||
(Dollars in millions)
|
|
|
||||||||||||||||||||||||||||||
Interest rate sensitive assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Cash equivalents
|
|
$
|
579.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
579.7
|
|
|
$
|
579.7
|
|
Average interest rate
|
|
0.52
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.52
|
%
|
|
—
|
|
||||||||
Fixed rate receivables
|
|
27.6
|
|
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28.6
|
|
|
28.6
|
|
||||||||
Average interest rate(1)
|
|
—
|
%
|
|
5.00
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5.00
|
%
|
|
—
|
|
||||||||
Variable rate receivables
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
0.8
|
|
||||||||
Average interest rate
|
|
—
|
%
|
|
—
|
%
|
|
5.26
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5.26
|
%
|
|
—
|
|
||||||||
Total
|
|
$
|
607.3
|
|
|
$
|
1.0
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
609.1
|
|
|
$
|
609.1
|
|
Weighted average interest rate(1)
|
|
0.58
|
%
|
|
5.00
|
%
|
|
5.26
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
0.61
|
%
|
|
|
|
||||||||
Interest rate sensitive liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate borrowings
|
|
$
|
—
|
|
|
$
|
151.7
|
|
|
$
|
260.0
|
|
|
$
|
37.0
|
|
|
$
|
78.8
|
|
|
$
|
106.6
|
|
|
$
|
634.0
|
|
|
$
|
636.2
|
|
Average interest rate
|
|
—
|
%
|
|
3.20
|
%
|
|
1.96
|
%
|
|
4.10
|
%
|
|
3.31
|
%
|
|
2.85
|
%
|
|
2.70
|
%
|
|
—
|
|
||||||||
Fixed rate borrowings
|
|
106.5
|
|
|
35.5
|
|
|
675.5
|
|
|
343.5
|
|
|
1,267.8
|
|
|
2,019.1
|
|
|
4,448.0
|
|
|
4,538.0
|
|
||||||||
Average interest rate
|
|
3.09
|
%
|
|
4.53
|
%
|
|
3.96
|
%
|
|
3.20
|
%
|
|
5.68
|
%
|
|
3.60
|
%
|
|
4.21
|
%
|
|
—
|
|
||||||||
Total
|
|
$
|
106.5
|
|
|
$
|
187.2
|
|
|
$
|
935.5
|
|
|
$
|
380.5
|
|
|
$
|
1,346.6
|
|
|
$
|
2,125.7
|
|
|
$
|
5,082.0
|
|
|
$
|
5,174.2
|
|
Weighted average interest rate
|
|
3.09
|
%
|
|
3.45
|
%
|
|
3.41
|
%
|
|
3.29
|
%
|
|
5.54
|
%
|
|
3.56
|
%
|
|
4.02
|
%
|
|
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Net income
|
|
$
|
321.1
|
|
|
$
|
212.1
|
|
|
$
|
138.0
|
|
|
$
|
76.5
|
|
|
$
|
59.0
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Add back:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
215.1
|
|
|
238.2
|
|
|
217.7
|
|
|
191.6
|
|
|
155.7
|
|
|||||
Early extinguishment of corporate debt
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|||||
Kennedy Wilson's share of interest expense included in investment
in unconsolidated investments |
|
32.1
|
|
|
26.0
|
|
|
23.0
|
|
|
23.0
|
|
|
28.1
|
|
|||||
Depreciation and amortization
|
|
187.6
|
|
|
206.1
|
|
|
212.5
|
|
|
198.2
|
|
|
166.3
|
|
|||||
Kennedy Wilson's share of depreciation and amortization included
in unconsolidated investments |
|
8.2
|
|
|
13.2
|
|
|
16.2
|
|
|
20.8
|
|
|
28.1
|
|
|||||
Provision for (benefit from) income taxes
|
|
41.4
|
|
|
58.0
|
|
|
(16.3
|
)
|
|
14.0
|
|
|
53.4
|
|
|||||
Share-based compensation
|
|
30.2
|
|
|
37.1
|
|
|
38.4
|
|
|
65.1
|
|
|
30.8
|
|
|||||
EBITDA attributable to noncontrolling interests(1)
|
|
(107.6
|
)
|
|
(78.0
|
)
|
|
(173.8
|
)
|
|
(239.3
|
)
|
|
(151.2
|
)
|
|||||
Adjusted EBITDA(2)
|
|
$
|
728.1
|
|
|
$
|
712.7
|
|
|
$
|
455.7
|
|
|
$
|
349.9
|
|
|
$
|
371.2
|
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Net income
|
|
$
|
321.1
|
|
|
$
|
212.1
|
|
|
$
|
138.0
|
|
|
$
|
76.5
|
|
|
$
|
59.0
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Add back:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation and amortization
|
|
187.6
|
|
|
206.1
|
|
|
212.5
|
|
|
198.2
|
|
|
166.3
|
|
|||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
|
|
8.2
|
|
|
13.2
|
|
|
16.2
|
|
|
20.8
|
|
|
28.1
|
|
|||||
Share-based compensation
|
|
30.2
|
|
|
37.1
|
|
|
38.4
|
|
|
65.1
|
|
|
30.8
|
|
|||||
Net income attributable to the noncontrolling interests, before depreciation and amortization(1)
|
|
(102.0
|
)
|
|
(71.5
|
)
|
|
(117.8
|
)
|
|
(169.3
|
)
|
|
(76.0
|
)
|
|||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
One-time tax remeasurement(3)
|
|
—
|
|
|
—
|
|
|
(44.8
|
)
|
|
—
|
|
|
—
|
|
|||||
Adjusted Net Income (2)
|
|
$
|
442.5
|
|
|
$
|
397.0
|
|
|
$
|
242.5
|
|
|
$
|
191.3
|
|
|
$
|
208.2
|
|
|
Years Ended December 31,
|
||||||||||||||||||
(dollars in millions)
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Investment management, property services and research fees(1)
|
$
|
40.7
|
|
|
$
|
45.3
|
|
|
$
|
42.9
|
|
|
$
|
46.4
|
|
|
$
|
49.4
|
|
Non-GAAP adjustments:
|
|
|
|
|
|
|
|
|
|
||||||||||
Add back:
|
|
|
|
|
|
|
|
|
|
||||||||||
Fees eliminated in consolidation
|
18.1
|
|
|
13.6
|
|
|
26.4
|
|
|
36.9
|
|
|
75.0
|
|
|||||
Performance fees included in unconsolidated investments
|
36.3
|
|
|
27.4
|
|
|
8.7
|
|
|
13.0
|
|
|
19.9
|
|
|||||
Kennedy Wilson's share of fees in unconsolidated service businesses
|
—
|
|
|
—
|
|
|
8.6
|
|
|
12.6
|
|
|
13.9
|
|
|||||
Adjusted Fees
|
$
|
95.1
|
|
|
$
|
86.3
|
|
|
$
|
86.6
|
|
|
$
|
108.9
|
|
|
$
|
158.2
|
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
||||||||||||
|
|
Same Property
|
|
Same Property
|
||||||||||||
|
|
Revenue
|
|
NOI
|
|
Revenue
|
|
NOI
|
||||||||
Net Income
|
|
$
|
321.1
|
|
|
$
|
321.1
|
|
|
$
|
212.1
|
|
|
$
|
212.1
|
|
Less: (Provision for) benefit from income taxes
|
|
41.4
|
|
|
41.4
|
|
|
58.0
|
|
|
58.0
|
|
||||
Less: Income from unconsolidated investments
|
|
(179.7
|
)
|
|
(179.7
|
)
|
|
(78.7
|
)
|
|
(78.7
|
)
|
||||
Less: Gain on sale of real estate, net
|
|
(434.4
|
)
|
|
(434.4
|
)
|
|
(371.8
|
)
|
|
(371.8
|
)
|
||||
Less: Gain on sale of business
|
|
—
|
|
|
—
|
|
|
(40.4
|
)
|
|
(40.4
|
)
|
||||
Add: Acquisition-related expenses
|
|
6.8
|
|
|
6.8
|
|
|
1.7
|
|
|
1.7
|
|
||||
Add: Interest expense
|
|
215.1
|
|
|
215.1
|
|
|
238.2
|
|
|
238.2
|
|
||||
Less: Other income
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
(13.1
|
)
|
|
(13.1
|
)
|
||||
Less: Sale of real estate
|
|
(1.1
|
)
|
|
(1.1
|
)
|
|
(56.8
|
)
|
|
(56.8
|
)
|
||||
Less: Investment management, property services and research fees
|
|
(40.7
|
)
|
|
(40.7
|
)
|
|
(45.3
|
)
|
|
(45.3
|
)
|
||||
Add: Rental expenses
|
|
152.9
|
|
|
—
|
|
|
160.8
|
|
|
—
|
|
||||
Add: Hotel expenses
|
|
60.1
|
|
|
—
|
|
|
121.5
|
|
|
—
|
|
||||
Add: Cost of real estate sold
|
|
1.2
|
|
|
1.2
|
|
|
52.5
|
|
|
52.5
|
|
||||
Add: Commission and marketing
|
|
3.8
|
|
|
3.8
|
|
|
5.9
|
|
|
5.9
|
|
||||
Add: Compensation and related
|
|
151.8
|
|
|
151.8
|
|
|
168.8
|
|
|
168.8
|
|
||||
Add: General and administrative
|
|
42.4
|
|
|
42.4
|
|
|
50.8
|
|
|
50.8
|
|
||||
Add: Depreciation and amortization
|
|
187.6
|
|
|
187.6
|
|
|
206.1
|
|
|
206.1
|
|
||||
Less: NCI adjustments (1)
|
|
(14.7
|
)
|
|
(6.4
|
)
|
|
(41.7
|
)
|
|
(17.1
|
)
|
||||
Add: Unconsolidated investment adjustments (2)
|
|
84.4
|
|
|
60.9
|
|
|
81.8
|
|
|
58.7
|
|
||||
Add: Straight-line and above/below market rents
|
|
(4.6
|
)
|
|
(4.6
|
)
|
|
(14.6
|
)
|
|
(14.6
|
)
|
||||
Less: Reimbursement of recoverable operating expenses
|
|
(27.2
|
)
|
|
—
|
|
|
(30.5
|
)
|
|
—
|
|
||||
Less: Properties bought and sold (3)
|
|
(77.9
|
)
|
|
(30.5
|
)
|
|
(163.9
|
)
|
|
(70.2
|
)
|
||||
Less: Other properties excluded (4)
|
|
(32.5
|
)
|
|
(10.5
|
)
|
|
(49.1
|
)
|
|
(26.5
|
)
|
||||
Other Reconciling Items (5)
|
|
3.8
|
|
|
6.6
|
|
|
(8.7
|
)
|
|
(1.1
|
)
|
||||
Same Property
|
|
$
|
459.2
|
|
|
$
|
330.4
|
|
|
$
|
443.6
|
|
|
$
|
317.2
|
|
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
||||||||||||
|
|
Same Property
|
|
Same Property
|
||||||||||||
Same Property (Reported)
|
|
Revenue
|
|
NOI
|
|
Revenue
|
|
NOI
|
||||||||
Commercial - Same Property
|
|
$
|
177.4
|
|
|
$
|
157.5
|
|
|
$
|
171.2
|
|
|
$
|
151.8
|
|
Multifamily Market Rate Portfolio - Same Property
|
|
208.6
|
|
|
139.4
|
|
|
198.1
|
|
|
130.7
|
|
||||
Multifamily Affordable Portfolio - Same Property
|
|
26.0
|
|
|
17.7
|
|
|
24.9
|
|
|
16.9
|
|
||||
Hotel - Same Property
|
|
47.2
|
|
|
15.8
|
|
|
49.4
|
|
|
17.8
|
|
||||
Same Property
|
|
$
|
459.2
|
|
|
$
|
330.4
|
|
|
$
|
443.6
|
|
|
$
|
317.2
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 8.
|
Financial Statements and Supplementary Data
|
|
|
Page
|
Kennedy-Wilson Holdings, Inc.:
|
|
|
|
||
|
||
Financial Statements
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
Financial Statement Schedules
|
|
|
|
|
|
December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
573.9
|
|
|
$
|
488.0
|
|
Accounts receivable (including $11.2 and $4.2 of related party)
|
|
52.1
|
|
|
56.6
|
|
||
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $703.2 and $623.6)
|
|
5,080.2
|
|
|
5,702.5
|
|
||
Unconsolidated investments (including $1,107.4 and $662.2 at fair value)
|
|
1,334.6
|
|
|
859.9
|
|
||
Other assets
|
|
263.7
|
|
|
274.8
|
|
||
Total assets(1)
|
|
$
|
7,304.5
|
|
|
$
|
7,381.8
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
20.4
|
|
|
$
|
24.1
|
|
Accrued expenses and other liabilities
|
|
518.0
|
|
|
513.7
|
|
||
Mortgage debt
|
|
2,641.0
|
|
|
2,950.3
|
|
||
KW unsecured debt
|
|
1,131.7
|
|
|
1,202.0
|
|
||
KWE unsecured bonds
|
|
1,274.2
|
|
|
1,260.5
|
|
||
Total liabilities(1)
|
|
5,585.3
|
|
|
5,950.6
|
|
||
|
|
|
|
|
||||
Equity
|
|
|
|
|
||||
Series A cumulative preferred stock, $0.0001 par value, $1,000 per share liquidation preference, 1,000,000 shares authorized, 300,000 shares outstanding as of December 31, 2019
|
|
295.2
|
|
|
—
|
|
||
Common Stock, $0.001 par value, 200,000,000 authorized, 142,283,109 and 143,205,394 shares issued outstanding as of December 31, 2019 and December 31, 2018
|
|
—
|
|
|
—
|
|
||
Additional paid-in capital - common
|
|
1,754.5
|
|
|
1,744.6
|
|
||
Retained earnings (accumulated deficit)
|
|
46.2
|
|
|
(56.4
|
)
|
||
Accumulated other comprehensive loss
|
|
(417.2
|
)
|
|
(441.5
|
)
|
||
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity
|
|
1,678.7
|
|
|
1,246.7
|
|
||
Noncontrolling interests
|
|
40.5
|
|
|
184.5
|
|
||
Total equity
|
|
1,719.2
|
|
|
1,431.2
|
|
||
Total liabilities and equity
|
|
$
|
7,304.5
|
|
|
$
|
7,381.8
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Revenue
|
|
|
|
|
|
|
||||||
Rental
|
|
$
|
447.4
|
|
|
$
|
514.6
|
|
|
$
|
504.7
|
|
Hotel
|
|
80.5
|
|
|
155.7
|
|
|
127.5
|
|
|||
Sale of real estate
|
|
1.1
|
|
|
56.8
|
|
|
111.5
|
|
|||
Investment management, property services, and research fees (includes $26.1, $15.3, and $12.0 million of related party fees, respectively)
|
|
40.7
|
|
|
45.3
|
|
|
42.9
|
|
|||
Loan purchases, loan originations, and other
|
|
—
|
|
|
—
|
|
|
15.2
|
|
|||
Total revenue
|
|
569.7
|
|
|
772.4
|
|
|
801.8
|
|
|||
Expenses
|
|
|
|
|
|
|
||||||
Rental
|
|
152.9
|
|
|
160.8
|
|
|
151.2
|
|
|||
Hotel
|
|
60.1
|
|
|
121.5
|
|
|
100.3
|
|
|||
Cost of real estate sold
|
|
1.2
|
|
|
52.5
|
|
|
80.2
|
|
|||
Commission and marketing
|
|
3.8
|
|
|
5.9
|
|
|
7.2
|
|
|||
Compensation and related (includes $30.2, $37.1, and $38.4 of share-based compensation)
|
|
151.8
|
|
|
168.8
|
|
|
177.2
|
|
|||
General and administrative
|
|
42.4
|
|
|
50.8
|
|
|
42.2
|
|
|||
Depreciation and amortization
|
|
187.6
|
|
|
206.1
|
|
|
212.5
|
|
|||
Total expenses
|
|
599.8
|
|
|
766.4
|
|
|
770.8
|
|
|||
Income from unconsolidated investments, net of depreciation and amortization
|
|
179.7
|
|
|
78.7
|
|
|
77.8
|
|
|||
Gain on sale of real estate, net
|
|
434.4
|
|
|
371.8
|
|
|
226.7
|
|
|||
Gain on sale of business
|
|
—
|
|
|
40.4
|
|
|
—
|
|
|||
Acquisition-related expenses
|
|
(6.8
|
)
|
|
(1.7
|
)
|
|
(4.4
|
)
|
|||
Interest expense
|
|
(215.1
|
)
|
|
(238.2
|
)
|
|
(217.7
|
)
|
|||
Other income
|
|
0.4
|
|
|
13.1
|
|
|
8.3
|
|
|||
Income before (provision for) benefit from income taxes
|
|
362.5
|
|
|
270.1
|
|
|
121.7
|
|
|||
(Provision for) benefit from income taxes
|
|
(41.4
|
)
|
|
(58.0
|
)
|
|
16.3
|
|
|||
Net income
|
|
321.1
|
|
|
212.1
|
|
|
138.0
|
|
|||
Net income attributable to the noncontrolling interests
|
|
(94.4
|
)
|
|
(62.1
|
)
|
|
(37.5
|
)
|
|||
Preferred dividends and accretion of preferred stock issuance costs
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
224.1
|
|
|
$
|
150.0
|
|
|
$
|
100.5
|
|
Basic Earnings per share
|
|
|
|
|
|
|
||||||
Income per basic
|
|
$
|
1.60
|
|
|
$
|
1.04
|
|
|
$
|
0.83
|
|
Weighted average shares outstanding for basic
|
|
139,729,573
|
|
|
142,895,472
|
|
|
119,147,192
|
|
|||
Diluted Earnings per share
|
|
|
|
|
|
|
||||||
Income per diluted
|
|
$
|
1.58
|
|
|
$
|
1.04
|
|
|
$
|
0.83
|
|
Weighted average shares outstanding for diluted
|
|
141,501,323
|
|
|
144,753,421
|
|
|
119,147,192
|
|
|||
Dividends declared per common share
|
|
$
|
0.85
|
|
|
$
|
0.78
|
|
|
$
|
0.70
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
321.1
|
|
|
$
|
212.1
|
|
|
$
|
138.0
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
||||||
Unrealized gain on marketable securities
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||
Unrealized foreign currency translation (loss) gain
|
|
(13.3
|
)
|
|
(62.6
|
)
|
|
155.3
|
|
|||
Amounts reclassified out of AOCI during the year
|
|
10.4
|
|
|
13.2
|
|
|
2.0
|
|
|||
Unrealized currency derivative contracts gain (loss)
|
|
38.7
|
|
|
38.3
|
|
|
(68.3
|
)
|
|||
Unrealized loss on interest rate swaps
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|||
Total other comprehensive income (loss) for the year
|
|
35.1
|
|
|
(11.1
|
)
|
|
89.2
|
|
|||
|
|
|
|
|
|
|
||||||
Comprehensive income
|
|
356.2
|
|
|
201.0
|
|
|
227.2
|
|
|||
Comprehensive income attributable to noncontrolling interests
|
|
(105.0
|
)
|
|
(65.4
|
)
|
|
(124.2
|
)
|
|||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc.
|
|
$
|
251.2
|
|
|
$
|
135.6
|
|
|
$
|
103.0
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests
|
|
|
|||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
Total
|
|||||||||||||||||||||
Balance, December 31, 2018
|
—
|
|
|
$
|
—
|
|
|
143,205,394
|
|
|
$
|
—
|
|
|
$
|
1,744.6
|
|
|
$
|
(56.4
|
)
|
|
$
|
(441.5
|
)
|
|
$
|
184.5
|
|
|
$
|
1,431.2
|
|
|
Cumulative preferred stock
|
300,000
|
|
|
295.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
295.2
|
|
||||||||
Restricted stock grants (RSG)
|
—
|
|
|
—
|
|
|
64,458
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares retired due to RSG Vesting
|
—
|
|
|
—
|
|
|
(764,909
|
)
|
|
—
|
|
|
(16.4
|
)
|
|
|
|
—
|
|
|
—
|
|
|
(16.4
|
)
|
|||||||||
Shares retired due to common stock repurchase program
|
—
|
|
|
—
|
|
|
(221,834
|
)
|
|
—
|
|
|
(3.9
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(4.3
|
)
|
||||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.2
|
|
||||||||
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Unrealized foreign currency translation losses, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.3
|
)
|
|
10.6
|
|
|
6.3
|
|
||||||||
Unrealized foreign currency derivative contract gain, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29.3
|
|
|
—
|
|
|
29.3
|
|
||||||||
Unrealized loss on interest rate swaps
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(0.7
|
)
|
||||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(121.1
|
)
|
|
—
|
|
|
—
|
|
|
(121.1
|
)
|
||||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
226.7
|
|
|
—
|
|
|
94.4
|
|
|
321.1
|
|
||||||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.0
|
|
|
15.0
|
|
||||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(264.0
|
)
|
|
(264.0
|
)
|
||||||||
Balance, December 31, 2019
|
300,000
|
|
|
$
|
295.2
|
|
|
142,283,109
|
|
|
$
|
—
|
|
|
$
|
1,754.5
|
|
|
$
|
46.2
|
|
|
$
|
(417.2
|
)
|
|
$
|
40.5
|
|
|
$
|
1,719.2
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
Total
|
||||||||||||||||||||
Balance, December 31, 2017
|
—
|
|
|
$
|
—
|
|
|
151,561,284
|
|
|
$
|
—
|
|
|
$
|
1,883.3
|
|
|
$
|
(90.6
|
)
|
|
$
|
(427.1
|
)
|
|
$
|
211.9
|
|
|
$
|
1,577.5
|
|
Shares forfeited
|
—
|
|
|
—
|
|
|
(30,100
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Restricted stock grants (RSG)
|
—
|
|
|
—
|
|
|
1,524,383
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Shares retired due to RSG Vesting
|
—
|
|
|
—
|
|
|
(486,032
|
)
|
|
—
|
|
|
(8.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8.8
|
)
|
|||||||
Shares retired due to common stock repurchase program
|
—
|
|
|
—
|
|
|
(9,364,141
|
)
|
|
—
|
|
|
(167.0
|
)
|
|
(2.1
|
)
|
|
—
|
|
|
—
|
|
|
(169.1
|
)
|
|||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37.1
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Unrealized foreign currency translation losses, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(47.5
|
)
|
|
3.3
|
|
|
(44.2
|
)
|
|||||||
Unrealized foreign currency derivative contract gain, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.2
|
|
|
—
|
|
|
33.2
|
|
|||||||
Unrealized losses on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(113.7
|
)
|
|
—
|
|
|
—
|
|
|
(113.7
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150.0
|
|
|
—
|
|
|
62.1
|
|
|
212.1
|
|
|||||||
Contributions from noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23.2
|
|
|
23.2
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(116.0
|
)
|
|
(116.0
|
)
|
|||||||
Balance, December 31, 2018
|
—
|
|
|
$
|
—
|
|
|
143,205,394
|
|
|
$
|
—
|
|
|
$
|
1,744.6
|
|
|
$
|
(56.4
|
)
|
|
$
|
(441.5
|
)
|
|
$
|
184.5
|
|
|
$
|
1,431.2
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-in Capital |
|
Accumulated Deficit
|
|
Accumulated Other Comprehensive Loss
|
|
Noncontrolling Interests
|
|
|
||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
|
Total
|
||||||||||||||||||||
Balance, December 31, 2016
|
—
|
|
|
$
|
—
|
|
|
115,740,906
|
|
|
$
|
—
|
|
|
$
|
1,231.4
|
|
|
$
|
(112.2
|
)
|
|
$
|
(71.2
|
)
|
|
$
|
1,295.1
|
|
|
$
|
2,343.1
|
|
Cumulative effect of ASU 2016-09 adoption
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.3
|
|
|
—
|
|
|
—
|
|
|
9.3
|
|
|||||||
Shares forfeited
|
—
|
|
|
—
|
|
|
(57,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Restricted stock grants (RSG)
|
—
|
|
|
—
|
|
|
1,756,750
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Shares retired due to RSG Vesting
|
—
|
|
|
—
|
|
|
(1,460,251
|
)
|
|
|
|
(37.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37.9
|
)
|
||||||||
Shares retired due to common stock repurchase program
|
—
|
|
|
—
|
|
|
(1,645,816
|
)
|
|
—
|
|
|
(29.1
|
)
|
|
(0.8
|
)
|
|
—
|
|
|
—
|
|
|
(29.9
|
)
|
|||||||
KWE Acquisition
|
—
|
|
|
—
|
|
|
37,226,695
|
|
|
—
|
|
|
680.7
|
|
|
—
|
|
|
(358.4
|
)
|
|
(1,145.5
|
)
|
|
(823.2
|
)
|
|||||||
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38.2
|
|
|||||||
Other comprehensive income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Unrealized foreign currency translation gains, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52.0
|
|
|
106.4
|
|
|
158.4
|
|
|||||||
Unrealized foreign currency derivative contract loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49.7
|
)
|
|
(19.7
|
)
|
|
(69.4
|
)
|
|||||||
Unrealized gains on marketable securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|||||||
Common stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87.4
|
)
|
|
—
|
|
|
—
|
|
|
(87.4
|
)
|
|||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.5
|
|
|
—
|
|
|
37.5
|
|
|
138
|
|
|||||||
Acquisition of Kennedy Wilson Europe (KWE) shares from noncontrolling interest holders
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|
(3.3
|
)
|
|||||||
Contributions from noncontrolling interests, excluding KWE
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47.4
|
|
|
47.4
|
|
|||||||
Distributions to noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(106.0
|
)
|
|
(106.0
|
)
|
|||||||
Balance, December 31, 2017
|
—
|
|
|
$
|
—
|
|
|
151,561,284
|
|
|
$
|
—
|
|
|
$
|
1,883.3
|
|
|
$
|
(90.6
|
)
|
|
$
|
(427.1
|
)
|
|
$
|
211.9
|
|
|
$
|
1,577.5
|
|
|
|
Year ended December 31,
|
||||||||||
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
321.1
|
|
|
$
|
212.1
|
|
|
$
|
138.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Net gain from sale of real estate
|
|
(434.3
|
)
|
|
(376.1
|
)
|
|
(258.0
|
)
|
|||
Gain on sale of a business
|
|
—
|
|
|
(40.4
|
)
|
|
—
|
|
|||
Depreciation and amortization
|
|
187.6
|
|
|
206.1
|
|
|
212.5
|
|
|||
Above/below and straight-line rent amortization
|
|
(4.6
|
)
|
|
(14.6
|
)
|
|
(10.2
|
)
|
|||
Provision for (benefit from) deferred income taxes
|
|
26.7
|
|
|
39.3
|
|
|
(24.5
|
)
|
|||
Amortization of loan fees
|
|
9.3
|
|
|
13.5
|
|
|
12.3
|
|
|||
Amortization of discount and accretion of premium on senior notes payable
|
|
1.6
|
|
|
1.7
|
|
|
0.4
|
|
|||
Unrealized net (gains) losses on derivatives
|
|
(5.9
|
)
|
|
(11.7
|
)
|
|
11.1
|
|
|||
Income from unconsolidated investments
|
|
(179.7
|
)
|
|
(78.7
|
)
|
|
(77.8
|
)
|
|||
Accretion of interest income on loans
|
|
(0.1
|
)
|
|
(0.6
|
)
|
|
(12.1
|
)
|
|||
Stock compensation expense
|
|
30.2
|
|
|
37.1
|
|
|
38.2
|
|
|||
Deferred compensation
|
|
3.8
|
|
|
—
|
|
|
—
|
|
|||
Operating distributions from unconsolidated investments
|
|
74.1
|
|
|
61.4
|
|
|
85.7
|
|
|||
Operating distributions from loans
|
|
—
|
|
|
0.6
|
|
|
6.4
|
|
|||
Change in assets and liabilities:
|
|
|
|
|
|
|
||||||
Accounts receivable
|
|
1.0
|
|
|
1.9
|
|
|
(13.9
|
)
|
|||
Other assets
|
|
(25.8
|
)
|
|
(0.6
|
)
|
|
(6.1
|
)
|
|||
Accrued expenses and other liabilities
|
|
(24.5
|
)
|
|
42.1
|
|
|
(29.0
|
)
|
|||
Net cash (used in) provided by operating activities
|
|
(19.5
|
)
|
|
93.1
|
|
|
73.0
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
||||||
Issuance of loans
|
|
(2.7
|
)
|
|
(2.2
|
)
|
|
—
|
|
|||
Proceeds from collection of loans
|
|
0.6
|
|
|
5.8
|
|
|
16.9
|
|
|||
Net proceeds from sale of consolidated real estate
|
|
701.0
|
|
|
1,386.1
|
|
|
659.1
|
|
|||
Net proceeds from sale of a business
|
|
—
|
|
|
43.4
|
|
|
—
|
|
|||
Purchases of consolidated real estate
|
|
(210.9
|
)
|
|
(355.8
|
)
|
|
(567.6
|
)
|
|||
Capital expenditures to real estate
|
|
(191.1
|
)
|
|
(216.0
|
)
|
|
(246.7
|
)
|
|||
Nonrefundable escrow deposits
|
|
—
|
|
|
(5.0
|
)
|
|
—
|
|
|||
Investment in marketable securities
|
|
—
|
|
|
(0.2
|
)
|
|
(0.8
|
)
|
|||
Proceeds from sale of marketable securities
|
|
—
|
|
|
7.4
|
|
|
1.1
|
|
|||
Investing distributions from unconsolidated investments
|
|
115.0
|
|
|
63.7
|
|
|
133.4
|
|
|||
Contributions to unconsolidated investments
|
|
(266.0
|
)
|
|
(396.1
|
)
|
|
(79.9
|
)
|
|||
Proceeds from settlement of foreign currency derivative contracts
|
|
33.4
|
|
|
10.7
|
|
|
(2.8
|
)
|
|||
Purchases of foreign currency derivative contracts
|
|
—
|
|
|
(0.6
|
)
|
|
(0.4
|
)
|
|||
Additions to development project asset
|
|
(1.2
|
)
|
|
(29.1
|
)
|
|
(19.4
|
)
|
|||
Proceeds from development project asset
|
|
4.2
|
|
|
81.0
|
|
|
36.9
|
|
|||
Net cash provided by (used in) investing activities
|
|
182.3
|
|
|
593.1
|
|
|
(70.2
|
)
|
|||
Cash flow from financing activities:
|
|
|
|
|
|
|
||||||
Borrowings under senior notes payable
|
|
—
|
|
|
246.6
|
|
|
—
|
|
|||
Repayment of senior notes payable
|
|
—
|
|
|
—
|
|
|
(55.0
|
)
|
|||
Costs associated with KWE Transaction
|
|
—
|
|
|
—
|
|
|
(55.8
|
)
|
|||
Borrowings under line of credit/term loan
|
|
125.0
|
|
|
225.0
|
|
|
800.0
|
|
|||
Repayment of line of credit/term loan
|
|
(200.0
|
)
|
|
(450.0
|
)
|
|
(500.0
|
)
|
|||
Borrowings under mortgage debt
|
|
488.6
|
|
|
725.0
|
|
|
848.3
|
|
|||
Repayment of mortgage debt
|
|
(391.4
|
)
|
|
(866.8
|
)
|
|
(684.7
|
)
|
|||
Payment of loan fees
|
|
(4.8
|
)
|
|
(9.5
|
)
|
|
(9.5
|
)
|
|||
Repurchase of common stock
|
|
(20.7
|
)
|
|
(177.9
|
)
|
|
(67.7
|
)
|
|||
Issuance of preferred stock
|
|
295.2
|
|
|
—
|
|
|
—
|
|
|||
Cash paid to acquire noncontrolling interest in KWE
|
|
—
|
|
|
—
|
|
|
(719.8
|
)
|
|||
Common stock dividends paid
|
|
(114.9
|
)
|
|
(111.2
|
)
|
|
(59.2
|
)
|
|||
Preferred stock dividends paid
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|||
KWE closing dividend
|
|
—
|
|
|
(17.2
|
)
|
|
—
|
|
|||
Repayment of shareholder loans to noncontrolling interests
|
|
(11.2
|
)
|
|
—
|
|
|
—
|
|
|||
Acquisition of noncontrolling interests
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|||
Contributions from noncontrolling interests
|
|
15.0
|
|
|
23.2
|
|
|
47.4
|
|
|||
Distributions to noncontrolling interests
|
|
(264.0
|
)
|
|
(116.0
|
)
|
|
(106.0
|
)
|
|||
Net cash used in financing activities
|
|
(85.8
|
)
|
|
(528.8
|
)
|
|
(565.3
|
)
|
|||
Effect of currency exchange rate changes on cash and cash equivalents
|
|
8.9
|
|
|
(20.7
|
)
|
|
28.1
|
|
|||
Net change in cash and cash equivalents
|
|
85.9
|
|
|
136.7
|
|
|
(534.4
|
)
|
|||
Cash and cash equivalents, beginning of year
|
|
488.0
|
|
|
351.3
|
|
|
885.7
|
|
|||
Cash and cash equivalents, end of year
|
|
$
|
573.9
|
|
|
$
|
488.0
|
|
|
$
|
351.3
|
|
|
|
Year ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Cash paid for:
|
|
|
|
|
|
|
||||||
Interest(1)(2)
|
|
$
|
211.1
|
|
|
$
|
225.3
|
|
|
$
|
206.7
|
|
Income taxes(3)
|
|
20.6
|
|
|
6.6
|
|
|
16.1
|
|
•
|
The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. The Company identified no significant direct financing leases and as operating leases, the Company will continue to report lease expense on a straight-
|
•
|
Due to the adoption of ASU 2016-02 the Company has recorded a right of use asset and a corresponding lease liability of $13.6 million, which is recorded as a component of other assets, net and accrued expenses, respectively, in the accompanying consolidated balance sheets. The average remaining lease term is 80 years and weighted average discount rate is 3% as of December 31, 2019.
|
•
|
The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. The new lease standard provides lessors a practical expedient to not separate rental recovery revenue from the associated rental revenue if certain criteria are met. The Company assessed these criteria and concluded that the timing and pattern of transfer for rental recoveries and the associated rental revenue are the same and its leases will continue to qualify as operating leases under which the Company will recognize rental revenue. Accordingly, the Company will account for and present rental revenue and rental recovery revenue as a single component.
|
•
|
The new lease standard requires that lessors expense, on an as-incurred basis, certain initial direct costs including the salaries and related costs for employees directly working on leasing activities. Prior to adoption, these costs could be capitalized. The Company did not typically incur costs such as these but to the extent that it does going forward they will be expensed in the period in which they are incurred
|
•
|
The Company has elected the practical expedients available for implementation and consequently there is no opening balance impact related to: (i) whether an expired or existing contract meets the definition of a lease; (ii) the lease classification at the adoption date for existing leases; and (iii) whether costs previously capitalized as initial direct costs would continue to be amortized. Further, because the accounting for leases by the lessor is substantially unchanged and it has elected the practical expedients to not separate rental recovery revenue from the associated rental revenue, the ASU did not have a significant impact on its results of operations or financial position.
|
|
|
December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Land
|
|
$
|
1,330.6
|
|
|
$
|
1,371.3
|
|
Buildings
|
|
3,630.4
|
|
|
3,958.4
|
|
||
Building improvements
|
|
469.5
|
|
|
652.0
|
|
||
Acquired in-place lease values
|
|
352.9
|
|
|
344.4
|
|
||
|
|
5,783.4
|
|
|
6,326.1
|
|
||
Less accumulated depreciation and amortization
|
|
(703.2
|
)
|
|
(623.6
|
)
|
||
Real estate and acquired in place lease values, net of accumulated depreciation and amortization
|
|
$
|
5,080.2
|
|
|
$
|
5,702.5
|
|
(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
|
|
(Dollars in millions)
|
Minimum
|
||
|
Rental Revenues(1)
|
||
2020
|
223.0
|
|
|
2021
|
222.1
|
|
|
2022
|
205.7
|
|
|
2023
|
169.2
|
|
|
2024
|
139.7
|
|
|
Thereafter
|
672.9
|
|
|
Total
|
$
|
1,632.6
|
|
(Dollars in millions)
|
Multifamily
|
Commercial
|
Hotel
|
Funds
|
Residential and Other
|
Total
|
||||||||||||
Western U.S.
|
$
|
230.5
|
|
$
|
78.1
|
|
$
|
72.8
|
|
$
|
139.6
|
|
$
|
246.8
|
|
$
|
767.8
|
|
Ireland
|
378.7
|
|
139.4
|
|
—
|
|
—
|
|
—
|
|
518.1
|
|
||||||
United Kingdom
|
—
|
|
48.7
|
|
—
|
|
—
|
|
—
|
|
48.7
|
|
||||||
Total
|
$
|
609.2
|
|
$
|
266.2
|
|
$
|
72.8
|
|
$
|
139.6
|
|
$
|
246.8
|
|
$
|
1,334.6
|
|
(Dollars in millions)
|
Multifamily
|
Commercial
|
Hotel
|
Funds
|
Residential and Other
|
Total
|
||||||||||||
Western U.S.
|
$
|
184.1
|
|
$
|
47.0
|
|
$
|
70.9
|
|
$
|
102.5
|
|
$
|
193.8
|
|
$
|
598.3
|
|
Ireland
|
216.5
|
|
35.2
|
|
|
|
—
|
|
—
|
|
251.7
|
|
||||||
United Kingdom
|
—
|
|
9.9
|
|
|
|
—
|
|
—
|
|
9.9
|
|
||||||
Total
|
$
|
400.6
|
|
$
|
92.1
|
|
$
|
70.9
|
|
$
|
102.5
|
|
$
|
193.8
|
|
$
|
859.9
|
|
|
Multifamily
|
Commercial
|
Funds
|
Residential and Other
|
Total
|
|||||||||||||||||||||||||
(Dollars in millions)
|
Operating
|
Investing
|
Operating
|
Investing
|
Operating
|
Investing
|
Operating
|
Investing
|
Operating
|
Investing
|
||||||||||||||||||||
Western U.S.
|
$
|
50.6
|
|
$
|
91.5
|
|
$
|
3.4
|
|
$
|
1.0
|
|
$
|
11.2
|
|
$
|
13.6
|
|
$
|
1.4
|
|
$
|
5.1
|
|
$
|
66.6
|
|
$
|
111.2
|
|
Ireland
|
6.4
|
|
—
|
|
1.1
|
|
3.8
|
|
—
|
|
—
|
|
—
|
|
—
|
|
7.5
|
|
3.8
|
|
||||||||||
Total
|
$
|
57.0
|
|
$
|
91.5
|
|
$
|
4.5
|
|
$
|
4.8
|
|
$
|
11.2
|
|
$
|
13.6
|
|
$
|
1.4
|
|
$
|
5.1
|
|
$
|
74.1
|
|
$
|
115.0
|
|
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Income from unconsolidated investments - operating performance
|
|
$
|
35.5
|
|
|
$
|
18.8
|
|
|
$
|
16.4
|
|
Income from unconsolidated investments - realized gains
|
|
53.5
|
|
|
22.1
|
|
|
14.0
|
|
|||
Income from unconsolidated investments - fair value
|
|
64.7
|
|
|
10.4
|
|
|
38.6
|
|
|||
Income from unconsolidated investments - performance fees
|
|
36.3
|
|
|
27.4
|
|
|
8.8
|
|
|||
Income from unconsolidated investments - impairment
|
|
(10.3
|
)
|
|
—
|
|
|
—
|
|
|||
|
|
$
|
179.7
|
|
|
$
|
78.7
|
|
|
$
|
77.8
|
|
(Dollars in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Unconsolidated investments
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,107.4
|
|
|
$
|
1,107.4
|
|
Net currency derivative contracts
|
|
—
|
|
|
(34.7
|
)
|
|
—
|
|
|
(34.7
|
)
|
||||
Total
|
|
$
|
—
|
|
|
$
|
(34.7
|
)
|
|
$
|
1,107.4
|
|
|
$
|
1,072.7
|
|
(Dollars in millions)
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Unconsolidated investments
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
662.2
|
|
|
$
|
662.2
|
|
Net currency derivative contracts
|
|
—
|
|
|
(15.8
|
)
|
|
—
|
|
|
(15.8
|
)
|
||||
Total
|
|
$
|
—
|
|
|
$
|
(15.8
|
)
|
|
$
|
662.2
|
|
|
$
|
646.4
|
|
(Dollars in millions)
|
December 31, 2019
|
|
December 31, 2018
|
||||
FV Option
|
$
|
967.8
|
|
|
$
|
559.7
|
|
Funds
|
139.6
|
|
|
102.5
|
|
||
Total
|
$
|
1,107.4
|
|
|
$
|
662.2
|
|
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Beginning balance
|
|
$
|
662.2
|
|
|
$
|
380.7
|
|
|
$
|
356.7
|
|
Unrealized and realized gains
|
|
154.5
|
|
|
85.4
|
|
|
58.7
|
|
|||
Unrealized and realized losses
|
|
(27.1
|
)
|
|
(34.8
|
)
|
|
(1.1
|
)
|
|||
Contributions
|
|
199.3
|
|
|
335.9
|
|
|
59.9
|
|
|||
Distributions
|
|
(104.2
|
)
|
|
(76.3
|
)
|
|
(117.0
|
)
|
|||
Non-cash contributions (distributions), net
|
|
222.7
|
|
|
(28.7
|
)
|
|
23.5
|
|
|||
Ending Balance
|
|
$
|
1,107.4
|
|
|
$
|
662.2
|
|
|
$
|
380.7
|
|
(Dollars in millions)
|
|
December 31, 2019
|
|
Year Ended December 31, 2019
|
|||||||||||||||||||
Currency Hedged
|
Underlying Currency
|
Notional
|
Hedge Asset
|
|
Hedge Liability
|
|
Change in Unrealized Gains (Losses)
|
|
Realized Gains (Losses)
|
|
Cash Received (Paid)
|
||||||||||||
Outstanding
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EUR
|
USD
|
€
|
175.0
|
|
$
|
11.8
|
|
|
$
|
(0.2
|
)
|
|
$
|
1.4
|
|
|
$
|
5.9
|
|
|
$
|
—
|
|
EUR(1)
|
GBP
|
€
|
240.8
|
|
—
|
|
|
(41.0
|
)
|
|
17.3
|
|
|
—
|
|
|
—
|
|
|||||
EUR(1)(2)
|
GBP
|
|
—
|
|
|
—
|
|
|
36.8
|
|
|
—
|
|
|
—
|
|
|||||||
GBP
|
USD
|
£
|
600.0
|
|
20.8
|
|
|
(26.1
|
)
|
|
(25.7
|
)
|
|
—
|
|
|
—
|
|
|||||
Total Outstanding
|
|
32.6
|
|
|
(67.3
|
)
|
|
29.8
|
|
|
5.9
|
|
|
—
|
|
||||||||
Settled
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EUR
|
USD
|
|
—
|
|
|
—
|
|
|
2.4
|
|
|
0.1
|
|
|
2.9
|
|
|||||||
GBP
|
USD
|
|
|
—
|
|
|
—
|
|
|
3.4
|
|
|
—
|
|
|
30.5
|
|
||||||
Total Settled
|
|
|
—
|
|
|
—
|
|
|
5.8
|
|
|
0.1
|
|
|
33.4
|
|
|||||||
Total
|
|
$
|
32.6
|
|
|
$
|
(67.3
|
)
|
|
$
|
35.6
|
|
(3)
|
$
|
6.0
|
|
(4)
|
$
|
33.4
|
|
|
|
December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Straight line rent
|
|
$
|
47.3
|
|
|
$
|
34.6
|
|
Hedge assets
|
|
32.6
|
|
|
43.7
|
|
||
Loan purchases and originations
|
|
29.4
|
|
|
27.8
|
|
||
Above-market leases, net of accumulated amortization of $51.0 million and $48.3 million at December 31, 2019 and 2018, respectively
|
|
26.1
|
|
|
37.2
|
|
||
Goodwill
|
|
23.9
|
|
|
23.9
|
|
||
Furniture and equipment net of accumulated depreciation of $21.9 and $37.9 at December 31, 2019 and December 31, 2018, respectively
|
|
23.7
|
|
|
31.4
|
|
||
Deferred taxes, net
|
|
24.4
|
|
|
24.7
|
|
||
Prepaid expenses
|
|
14.3
|
|
|
13.7
|
|
||
Right of use asset, net
|
|
13.6
|
|
|
—
|
|
||
Leasing commissions, net of accumulated amortization of $4.7 million and $3.3 million at December 31, 2019 and 2018, respectively
|
|
11.9
|
|
|
11.5
|
|
||
Other, net of accumulated amortization of $2.0 million and $2.8 million at December 31, 2019 and 2018, respectively
|
|
9.0
|
|
|
10.9
|
|
||
Development project asset
|
|
3.3
|
|
|
6.6
|
|
||
VAT receivable
|
|
2.5
|
|
|
2.3
|
|
||
Deposits
|
|
1.7
|
|
|
6.5
|
|
||
Other Assets
|
|
$
|
263.7
|
|
|
$
|
274.8
|
|
(Dollars in millions)
|
Minimum
|
||
|
Rental Payments
|
||
2020
|
$
|
1.4
|
|
2021
|
1.4
|
|
|
2022
|
1.4
|
|
|
2023
|
0.8
|
|
|
2024
|
0.4
|
|
|
Thereafter
|
34.3
|
|
|
Total undiscounted rental payments
|
39.7
|
|
|
Less imputed interest
|
(26.1
|
)
|
|
Total lease liability
|
$
|
13.6
|
|
(Dollars in millions)
|
|
|
|
Carrying amount of mortgage debt as of December 31,(1)
|
||||||
Mortgage Debt by Product Type
|
|
Region
|
|
2019
|
|
2018
|
||||
Multifamily(1)
|
|
Western U.S.
|
|
$
|
1,324.7
|
|
|
$
|
1,286.2
|
|
Commercial(1)
|
|
United Kingdom
|
|
514.5
|
|
|
499.6
|
|
||
Commercial
|
|
Western U.S.
|
|
405.4
|
|
|
385.3
|
|
||
Commercial(1)
|
|
Ireland
|
|
289.6
|
|
|
438.9
|
|
||
Hotel
|
|
Ireland
|
|
80.8
|
|
|
82.5
|
|
||
Commercial
|
|
Spain
|
|
40.3
|
|
|
90.1
|
|
||
Multifamily(1)
|
|
Ireland
|
|
—
|
|
|
147.8
|
|
||
Hotel
|
|
Western U.S.
|
|
—
|
|
|
37.9
|
|
||
Mortgage debt (excluding loan fees)(1)
|
|
|
|
2,655.3
|
|
|
2,968.3
|
|
||
Unamortized loan fees
|
|
|
|
(14.3
|
)
|
|
(18.0
|
)
|
||
Total Mortgage Debt
|
|
|
|
$
|
2,641.0
|
|
|
$
|
2,950.3
|
|
(Dollars in millions)
|
|
Aggregate Maturities
|
||
2020(1)
|
|
$
|
116.2
|
|
2021
|
|
167.3
|
|
|
2022
|
|
298.0
|
|
|
2023
|
|
383.8
|
|
|
2024
|
|
201.2
|
|
|
Thereafter
|
|
1,484.8
|
|
|
|
|
2,651.3
|
|
|
Unamortized debt premium
|
|
4.0
|
|
|
Unamortized loan fees
|
|
(14.3
|
)
|
|
Total Mortgage Debt
|
|
$
|
2,641.0
|
|
|
|
December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Credit Facility
|
|
$
|
—
|
|
|
$
|
75.0
|
|
Senior Notes(1)
|
|
1,146.1
|
|
|
1,145.3
|
|
||
KW Unsecured Debt
|
|
1,146.1
|
|
|
1,220.3
|
|
||
Unamortized loan fees
|
|
(14.4
|
)
|
|
(18.3
|
)
|
||
Total KW Unsecured Debt
|
|
$
|
1,131.7
|
|
|
$
|
1,202.0
|
|
|
|
December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
KWE Bonds
|
|
$
|
662.9
|
|
|
$
|
637.3
|
|
KWE Euro Medium Term Note Programme
|
|
614.7
|
|
|
627.4
|
|
||
KWE Unsecured Bonds (excluding loan fees)(1)
|
|
1,277.6
|
|
|
1,264.7
|
|
||
Unamortized loan fees
|
|
(3.4
|
)
|
|
(4.2
|
)
|
||
Total KWE Unsecured Bonds
|
|
$
|
1,274.2
|
|
|
$
|
1,260.5
|
|
|
|
Year ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Domestic
|
|
$
|
249.5
|
|
|
$
|
156.5
|
|
|
$
|
90.6
|
|
Foreign
|
|
113.0
|
|
|
113.6
|
|
|
31.1
|
|
|||
Total
|
|
$
|
362.5
|
|
|
$
|
270.1
|
|
|
$
|
121.7
|
|
|
|
Year ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Federal
|
|
|
|
|
|
|
||||||
Current
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
Deferred
|
|
31.2
|
|
|
33.4
|
|
|
(17.9
|
)
|
|||
|
|
31.2
|
|
|
33.4
|
|
|
(18.2
|
)
|
|||
State
|
|
|
|
|
|
|
||||||
Current
|
|
0.3
|
|
|
—
|
|
|
0.1
|
|
|||
Deferred
|
|
(4.6
|
)
|
|
10.6
|
|
|
(3.1
|
)
|
|||
|
|
(4.3
|
)
|
|
10.6
|
|
|
(3.0
|
)
|
|||
Foreign
|
|
|
|
|
|
|
||||||
Current
|
|
14.4
|
|
|
18.4
|
|
|
8.4
|
|
|||
Deferred
|
|
0.1
|
|
|
(4.4
|
)
|
|
(3.5
|
)
|
|||
|
|
14.5
|
|
|
14.0
|
|
|
4.9
|
|
|||
|
|
|
|
|
|
|
||||||
Total
|
|
$
|
41.4
|
|
|
$
|
58.0
|
|
|
$
|
(16.3
|
)
|
|
|
Year ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Tax computed at the statutory rate
|
|
$
|
76.1
|
|
|
$
|
56.7
|
|
|
$
|
42.6
|
|
TCJA federal rate change
|
|
—
|
|
|
—
|
|
|
(44.8
|
)
|
|||
Tax deduction in excess of book compensation from restricted stock vesting
|
|
0.3
|
|
|
1.8
|
|
|
(3.7
|
)
|
|||
Domestic permanent differences, primarily disallowed executive compensation
|
|
6.1
|
|
|
3.8
|
|
|
1.3
|
|
|||
Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom
|
|
1.3
|
|
|
1.4
|
|
|
6.1
|
|
|||
Effect of foreign tax operations on U.S. taxes, net of foreign tax credits and valuation allowance
|
|
(16.8
|
)
|
|
1.1
|
|
|
1.6
|
|
|||
Noncontrolling interests
|
|
(22.2
|
)
|
|
(15.1
|
)
|
|
(15.0
|
)
|
|||
State income taxes, net of federal benefit
|
|
—
|
|
|
8.0
|
|
|
(3.8
|
)
|
|||
Other
|
|
(3.4
|
)
|
|
0.3
|
|
|
(0.6
|
)
|
|||
Provision for (benefit from) income taxes
|
|
$
|
41.4
|
|
|
$
|
58.0
|
|
|
$
|
(16.3
|
)
|
|
|
Year ended December 31,
|
||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
|
||||
Foreign currency translation
|
|
$
|
4.9
|
|
|
$
|
9.1
|
|
Net operating loss carryforward and credits
|
|
138.6
|
|
|
102.3
|
|
||
Investment basis difference
|
|
96.2
|
|
|
121.6
|
|
||
Stock option expense
|
|
1.3
|
|
|
3.5
|
|
||
Hedging transactions
|
|
7.2
|
|
|
—
|
|
||
Marketable securities
|
|
—
|
|
|
0.1
|
|
||
Accrued reserves
|
|
—
|
|
|
0.1
|
|
||
Total deferred tax assets
|
|
248.2
|
|
|
236.7
|
|
||
Valuation allowance
|
|
(209.2
|
)
|
|
(131.1
|
)
|
||
Net deferred tax assets
|
|
39.0
|
|
|
105.6
|
|
||
|
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
||||
Investment basis and reserve differences
|
|
145.7
|
|
|
121.3
|
|
||
Depreciation and amortization
|
|
2.8
|
|
|
65.0
|
|
||
Hedging transactions
|
|
—
|
|
|
5.4
|
|
||
Prepaid expenses and other
|
|
2.4
|
|
|
1.7
|
|
||
Capitalized interest
|
|
1.3
|
|
|
1.4
|
|
||
Total deferred tax liabilities
|
|
152.2
|
|
|
194.8
|
|
||
|
|
|
|
|
||||
Deferred tax asset (liability), net
|
|
$
|
(113.2
|
)
|
|
$
|
(89.2
|
)
|
(Dollars in millions)
|
|
|
||
Year ending December 31,
|
|
|
||
2020
|
|
$
|
1.4
|
|
2021
|
|
1.4
|
|
|
2022
|
|
1.4
|
|
|
2023
|
|
0.8
|
|
|
2024
|
|
0.4
|
|
|
Thereafter
|
|
34.3
|
|
|
Total minimum payments
|
|
$
|
39.7
|
|
|
|
Shares
|
|
Nonvested at December 31, 2017
|
|
4,136,543
|
|
Granted
|
|
1,524,383
|
|
Vested
|
|
(1,713,878
|
)
|
Forfeited
|
|
(30,100
|
)
|
Nonvested at December 31, 2018
|
|
3,916,948
|
|
Granted
|
|
64,458
|
|
Vested
|
|
(1,729,046
|
)
|
Forfeited
|
|
—
|
|
Nonvested at December 31, 2019
|
|
2,252,360
|
|
(Dollars in millions)
|
|
Year Ended December 31, 2019
|
|
Year Ended December 31, 2018
|
||||||||||||
|
|
Declared
|
|
Paid
|
|
Declared
|
|
Paid
|
||||||||
Common Stock(1)
|
|
$
|
121.1
|
|
|
$
|
114.9
|
|
|
$
|
113.7
|
|
|
$
|
111.2
|
|
Record Date
|
Payment Date
|
Distributions Per Share
|
Ordinary Dividends
|
Return of Capital
|
||||||
12/28/2018
|
1/3/2019
|
$
|
0.2100
|
|
$
|
0.0221
|
|
$
|
0.1879
|
|
3/29/2019
|
4/4/2019
|
0.2100
|
|
0.0221
|
|
0.1879
|
|
|||
6/28/2019
|
7/5/2019
|
0.2100
|
|
0.0221
|
|
0.1879
|
|
|||
9/30/2019
|
10/3/2019
|
0.2100
|
|
0.0221
|
|
0.1879
|
|
|||
|
Totals
|
$
|
0.8400
|
|
$
|
0.0884
|
|
$
|
0.7516
|
|
(Dollars in millions)
|
|
Foreign Currency Translation
|
|
Foreign Currency Derivative Contracts
|
|
Interest Rate Swaps
|
|
Total Accumulated Other Comprehensive Income(1)
|
||||||||
Balance at December 31, 2018
|
|
$
|
(94.1
|
)
|
|
$
|
11.0
|
|
|
$
|
—
|
|
|
$
|
(83.1
|
)
|
Unrealized (losses) gains, arising during the period
|
|
(12.9
|
)
|
|
35.6
|
|
|
(0.9
|
)
|
|
21.8
|
|
||||
Taxes on unrealized (losses) gains, arising during the period
|
|
(0.4
|
)
|
|
3.1
|
|
|
0.2
|
|
|
2.9
|
|
||||
Amounts reclassified out of AOCI during the period, gross
|
|
23.5
|
|
|
(12.9
|
)
|
|
—
|
|
|
10.6
|
|
||||
Amounts reclassified out of AOCI during the period, taxes
|
|
(3.8
|
)
|
|
3.6
|
|
|
—
|
|
|
(0.2
|
)
|
||||
Noncontrolling interest
|
|
(10.6
|
)
|
|
—
|
|
|
—
|
|
|
(10.6
|
)
|
||||
Balance (of Kennedy Wilson's share) at December 31, 2019
|
|
$
|
(98.3
|
)
|
|
$
|
40.4
|
|
|
$
|
(0.7
|
)
|
|
$
|
(58.6
|
)
|
|
|
Year ended December 31,
|
||||||||||
(Dollars in millions, except share amounts and per share data)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
224.1
|
|
|
$
|
150.0
|
|
|
$
|
100.5
|
|
Net income and dividends allocated to participating securities
|
|
(0.3
|
)
|
|
(0.9
|
)
|
|
(1.1
|
)
|
|||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders, net of allocation to participating securities
|
|
223.8
|
|
|
149.1
|
|
|
99.4
|
|
|||
Dividends declared on common shares
|
|
(121.1
|
)
|
|
(113.0
|
)
|
|
(86.5
|
)
|
|||
Undistributed earnings attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
102.7
|
|
|
$
|
36.1
|
|
|
$
|
12.9
|
|
|
|
|
|
|
|
|
||||||
Distributed earnings per share
|
|
$
|
0.85
|
|
|
$
|
0.78
|
|
|
$
|
0.70
|
|
Undistributed earnings per share
|
|
0.75
|
|
|
0.26
|
|
|
0.13
|
|
|||
Income per basic
|
|
1.60
|
|
|
1.04
|
|
|
0.83
|
|
|||
|
|
|
|
|
|
|
||||||
Income per diluted
|
|
$
|
1.58
|
|
|
$
|
1.04
|
|
|
$
|
0.83
|
|
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding for basic
|
|
139,729,573
|
|
|
142,895,472
|
|
|
119,147,192
|
|
|||
Weighted average shares outstanding for diluted
|
|
141,501,323
|
|
|
144,753,421
|
|
|
119,147,192
|
|
|||
Dividends declared per common share
|
|
$
|
0.85
|
|
|
$
|
0.78
|
|
|
$
|
0.70
|
|
|
|
Year Ended December 31, 2019
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(Dollars in millions)
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Corporate
|
|
Total
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
447.4
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
447.4
|
|
Hotel
|
|
80.5
|
|
|
—
|
|
|
—
|
|
|
80.5
|
|
||||
Sale of real estate
|
|
1.1
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
||||
Investment management, property services and research fees
|
|
—
|
|
|
40.7
|
|
|
—
|
|
|
40.7
|
|
||||
Total revenue
|
|
529.0
|
|
|
40.7
|
|
|
—
|
|
|
569.7
|
|
||||
Expenses
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
152.9
|
|
|
—
|
|
|
—
|
|
|
152.9
|
|
||||
Hotel
|
|
60.1
|
|
|
—
|
|
|
—
|
|
|
60.1
|
|
||||
Cost of real estate sold
|
|
1.2
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
||||
Commission and marketing
|
|
—
|
|
|
3.8
|
|
|
—
|
|
|
3.8
|
|
||||
Compensation and related
|
|
72.2
|
|
|
22.9
|
|
|
56.7
|
|
|
151.8
|
|
||||
General and administrative
|
|
27.6
|
|
|
7.8
|
|
|
7.0
|
|
|
42.4
|
|
||||
Depreciation and amortization
|
|
187.6
|
|
|
—
|
|
|
—
|
|
|
187.6
|
|
||||
Total expenses
|
|
501.6
|
|
|
34.5
|
|
|
63.7
|
|
|
599.8
|
|
||||
Income from unconsolidated investments, net of depreciation and amortization
|
|
143.4
|
|
|
36.3
|
|
|
—
|
|
|
179.7
|
|
||||
Gain on sale of real estate, net
|
|
434.4
|
|
|
—
|
|
|
—
|
|
|
434.4
|
|
||||
Acquisition-related expenses
|
|
(6.8
|
)
|
|
—
|
|
|
—
|
|
|
(6.8
|
)
|
||||
Interest expense
|
|
(145.6
|
)
|
|
—
|
|
|
(69.5
|
)
|
|
(215.1
|
)
|
||||
Other income
|
|
2.8
|
|
|
—
|
|
|
(2.4
|
)
|
|
0.4
|
|
||||
Provision for income taxes
|
|
(14.5
|
)
|
|
—
|
|
|
(26.9
|
)
|
|
(41.4
|
)
|
||||
Net income (loss)
|
|
441.1
|
|
|
42.5
|
|
|
(162.5
|
)
|
|
321.1
|
|
||||
Net income attributable to noncontrolling interests
|
|
(94.4
|
)
|
|
—
|
|
|
—
|
|
|
(94.4
|
)
|
||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|
(2.6
|
)
|
||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
346.7
|
|
|
$
|
42.5
|
|
|
$
|
(165.1
|
)
|
|
$
|
224.1
|
|
|
|
Year Ended December 31, 2018
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(Dollars in millions)
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Corporate
|
|
Total
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
514.6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
514.6
|
|
Hotel
|
|
155.7
|
|
|
—
|
|
|
—
|
|
|
155.7
|
|
||||
Sale of real estate
|
|
56.8
|
|
|
—
|
|
|
—
|
|
|
56.8
|
|
||||
Investment management, property services and research fees
|
|
—
|
|
|
45.3
|
|
|
—
|
|
|
45.3
|
|
||||
Total revenue
|
|
727.1
|
|
|
45.3
|
|
|
—
|
|
|
772.4
|
|
||||
Expenses
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
160.8
|
|
|
—
|
|
|
—
|
|
|
160.8
|
|
||||
Hotel
|
|
121.5
|
|
|
—
|
|
|
—
|
|
|
121.5
|
|
||||
Cost of real estate sold
|
|
52.5
|
|
|
—
|
|
|
—
|
|
|
52.5
|
|
||||
Commission and marketing
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
5.9
|
|
||||
Compensation and related
|
|
73.5
|
|
|
33.5
|
|
|
61.8
|
|
|
168.8
|
|
||||
General and administrative
|
|
31.6
|
|
|
12.1
|
|
|
7.1
|
|
|
50.8
|
|
||||
Depreciation and amortization
|
|
205.8
|
|
|
0.3
|
|
|
—
|
|
|
206.1
|
|
||||
Total expenses
|
|
645.7
|
|
|
51.8
|
|
|
68.9
|
|
|
766.4
|
|
||||
Income from unconsolidated investments, net of depreciation and amortization
|
|
51.3
|
|
|
27.4
|
|
|
—
|
|
|
78.7
|
|
||||
Gain on sale of real estate, net
|
|
371.8
|
|
|
—
|
|
|
—
|
|
|
371.8
|
|
||||
Gain on sale of business
|
|
—
|
|
|
40.4
|
|
|
—
|
|
|
40.4
|
|
||||
Acquisition-related expenses
|
|
(1.7
|
)
|
|
—
|
|
|
—
|
|
|
(1.7
|
)
|
||||
Interest expense
|
|
(161.0
|
)
|
|
—
|
|
|
(77.2
|
)
|
|
(238.2
|
)
|
||||
Other income
|
|
1.8
|
|
|
—
|
|
|
11.3
|
|
|
13.1
|
|
||||
(Provision for) benefit from income taxes
|
|
(14.0
|
)
|
|
—
|
|
|
(44.0
|
)
|
|
(58.0
|
)
|
||||
Net income (loss)
|
|
329.6
|
|
|
61.3
|
|
|
(178.8
|
)
|
|
212.1
|
|
||||
Net income attributable to noncontrolling interests
|
|
(62.1
|
)
|
|
—
|
|
|
—
|
|
|
(62.1
|
)
|
||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
267.5
|
|
|
$
|
61.3
|
|
|
$
|
(178.8
|
)
|
|
$
|
150.0
|
|
|
|
Year Ended December 31, 2017
|
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(Dollars in millions)
|
|
Investments
|
|
Investment Management and Real Estate Services
|
|
Corporate
|
|
Total
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
$
|
504.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
504.7
|
|
Hotel
|
|
127.5
|
|
|
—
|
|
|
—
|
|
|
127.5
|
|
||||
Sale of real estate
|
|
111.5
|
|
|
—
|
|
|
—
|
|
|
111.5
|
|
||||
Investment management, property services and research fees
|
|
—
|
|
|
42.9
|
|
|
—
|
|
|
42.9
|
|
||||
Loan purchases, loan originations and other
|
|
15.2
|
|
|
—
|
|
|
—
|
|
|
15.2
|
|
||||
Total revenue
|
|
758.9
|
|
|
42.9
|
|
|
—
|
|
|
801.8
|
|
||||
Expenses
|
|
|
|
|
|
|
|
|
||||||||
Rental
|
|
151.2
|
|
|
—
|
|
|
—
|
|
|
151.2
|
|
||||
Hotel
|
|
100.3
|
|
|
—
|
|
|
—
|
|
|
100.3
|
|
||||
Cost of real estate sold
|
|
80.2
|
|
|
—
|
|
|
—
|
|
|
80.2
|
|
||||
Commission and marketing
|
|
—
|
|
|
7.2
|
|
|
—
|
|
|
7.2
|
|
||||
Compensation and related
|
|
76.7
|
|
|
35.2
|
|
|
65.3
|
|
|
177.2
|
|
||||
General and administrative
|
|
26.0
|
|
|
11.3
|
|
|
4.9
|
|
|
42.2
|
|
||||
Depreciation and amortization
|
|
212.2
|
|
|
0.3
|
|
|
—
|
|
|
212.5
|
|
||||
Total expenses
|
|
646.6
|
|
|
54.0
|
|
|
70.2
|
|
|
770.8
|
|
||||
Income from unconsolidated investments, net of depreciation and amortization
|
|
66.4
|
|
|
11.4
|
|
|
—
|
|
|
77.8
|
|
||||
Gain on sale of real estate, net
|
|
226.7
|
|
|
—
|
|
|
—
|
|
|
226.7
|
|
||||
Acquisition-related expenses
|
|
(4.4
|
)
|
|
—
|
|
|
—
|
|
|
(4.4
|
)
|
||||
Interest expense
|
|
(145.6
|
)
|
|
—
|
|
|
(72.1
|
)
|
|
(217.7
|
)
|
||||
Other (expense) income
|
|
(5.1
|
)
|
|
—
|
|
|
13.4
|
|
|
8.3
|
|
||||
Benefit from (provision for) income taxes
|
|
(4.8
|
)
|
|
—
|
|
|
21.1
|
|
|
16.3
|
|
||||
Net income (loss)
|
|
245.5
|
|
|
0.3
|
|
|
(107.8
|
)
|
|
138.0
|
|
||||
Net income attributable to noncontrolling interests
|
|
(37.5
|
)
|
|
—
|
|
|
—
|
|
|
(37.5
|
)
|
||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
208.0
|
|
|
$
|
0.3
|
|
|
$
|
(107.8
|
)
|
|
$
|
100.5
|
|
|
December 31,
|
||||||
(Dollars in millions)
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Investments
|
$
|
6,945.1
|
|
|
$
|
7,155.0
|
|
Services
|
61.1
|
|
|
64.3
|
|
||
Corporate
|
298.3
|
|
|
162.5
|
|
||
Total assets
|
$
|
7,304.5
|
|
|
$
|
7,381.8
|
|
|
|
December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Expenditures for long lived assets
|
|
|
|
|
|
|
||||||
Investments
|
|
$
|
(210.9
|
)
|
|
$
|
(355.8
|
)
|
|
$
|
(567.6
|
)
|
|
|
Year Ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
United States
|
|
$
|
275.7
|
|
|
$
|
327.7
|
|
|
$
|
307.6
|
|
Europe
|
|
294.0
|
|
|
444.7
|
|
|
493.2
|
|
|||
Japan
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|||
Total revenue
|
|
$
|
569.7
|
|
|
$
|
772.4
|
|
|
$
|
801.8
|
|
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2019
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
30.8
|
|
|
$
|
6.4
|
|
|
$
|
102.7
|
|
|
$
|
434.0
|
|
|
$
|
—
|
|
|
$
|
573.9
|
|
Accounts receivable
|
|
—
|
|
|
—
|
|
|
13.9
|
|
|
38.2
|
|
|
—
|
|
|
52.1
|
|
||||||
Real estate and acquired in place lease values, net of accumulated depreciation and amortization
|
|
—
|
|
|
—
|
|
|
2,052.3
|
|
|
3,027.9
|
|
|
—
|
|
|
5,080.2
|
|
||||||
Unconsolidated investments
|
|
—
|
|
|
18.2
|
|
|
526.0
|
|
|
790.4
|
|
|
—
|
|
|
1,334.6
|
|
||||||
Investments in and advances to consolidated subsidiaries
|
|
1,682.3
|
|
|
3,037.5
|
|
|
1,660.5
|
|
|
—
|
|
|
(6,380.3
|
)
|
|
—
|
|
||||||
Other assets
|
|
—
|
|
|
—
|
|
|
61.1
|
|
|
202.6
|
|
|
—
|
|
|
263.7
|
|
||||||
Total assets
|
|
$
|
1,713.1
|
|
|
$
|
3,062.1
|
|
|
$
|
4,416.5
|
|
|
$
|
4,493.1
|
|
|
$
|
(6,380.3
|
)
|
|
$
|
7,304.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts Payable
|
|
—
|
|
|
0.9
|
|
|
3.4
|
|
|
16.1
|
|
|
—
|
|
|
20.4
|
|
||||||
Accrued expenses and other liabilities
|
|
34.4
|
|
|
247.2
|
|
|
59.7
|
|
|
176.7
|
|
|
—
|
|
|
518.0
|
|
||||||
Mortgage debt
|
|
—
|
|
|
—
|
|
|
1,315.9
|
|
|
1,325.1
|
|
|
—
|
|
|
2,641.0
|
|
||||||
KW unsecured debt
|
|
—
|
|
|
1,131.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,131.7
|
|
||||||
KWE unsecured bonds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,274.2
|
|
|
—
|
|
|
1,274.2
|
|
||||||
Total liabilities
|
|
34.4
|
|
|
1,379.8
|
|
|
1,379.0
|
|
|
2,792.1
|
|
|
—
|
|
|
5,585.3
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Kennedy-Wilson Holdings, Inc. shareholders' equity
|
|
1,678.7
|
|
|
1,682.3
|
|
|
3,037.5
|
|
|
1,660.5
|
|
|
(6,380.3
|
)
|
|
1,678.7
|
|
||||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40.5
|
|
|
|
|
40.5
|
|
|||||||
Total equity
|
|
1,678.7
|
|
|
1,682.3
|
|
|
3,037.5
|
|
|
1,701.0
|
|
|
(6,380.3
|
)
|
|
1,719.2
|
|
||||||
Total liabilities and equity
|
|
$
|
1,713.1
|
|
|
$
|
3,062.1
|
|
|
$
|
4,416.5
|
|
|
$
|
4,493.1
|
|
|
$
|
(6,380.3
|
)
|
|
$
|
7,304.5
|
|
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2018
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
1.9
|
|
|
$
|
101.9
|
|
|
$
|
384.2
|
|
|
$
|
—
|
|
|
$
|
488.0
|
|
Accounts receivable
|
|
—
|
|
|
0.8
|
|
|
4.4
|
|
|
51.4
|
|
|
—
|
|
|
56.6
|
|
||||||
Real estate and acquired in place lease values, net of accumulated depreciation and amortization
|
|
—
|
|
|
—
|
|
|
1,870.6
|
|
|
3,831.9
|
|
|
—
|
|
|
5,702.5
|
|
||||||
Unconsolidated investments
|
|
—
|
|
|
19.2
|
|
|
433.4
|
|
|
407.3
|
|
|
—
|
|
|
859.9
|
|
||||||
Investments in and advances to consolidated subsidiaries
|
|
1,276.9
|
|
|
2,652.7
|
|
|
1,458.3
|
|
|
—
|
|
|
(5,387.9
|
)
|
|
—
|
|
||||||
Other assets
|
|
—
|
|
|
0.9
|
|
|
68.6
|
|
|
205.3
|
|
|
—
|
|
|
274.8
|
|
||||||
Total assets
|
|
$
|
1,276.9
|
|
|
$
|
2,675.5
|
|
|
$
|
3,937.2
|
|
|
$
|
4,880.1
|
|
|
$
|
(5,387.9
|
)
|
|
$
|
7,381.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts Payable
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
1.9
|
|
|
$
|
21.5
|
|
|
$
|
—
|
|
|
$
|
24.1
|
|
Accrued expenses and other liabilities
|
|
30.2
|
|
|
195.9
|
|
|
70.0
|
|
|
217.6
|
|
|
—
|
|
|
513.7
|
|
||||||
Mortgage debt
|
|
—
|
|
|
—
|
|
|
1,212.6
|
|
|
1,737.7
|
|
|
—
|
|
|
2,950.3
|
|
||||||
KW unsecured debt
|
|
—
|
|
|
1,202.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,202.0
|
|
||||||
KWE unsecured bonds
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,260.5
|
|
|
—
|
|
|
1,260.5
|
|
||||||
Total liabilities
|
|
30.2
|
|
|
1,398.6
|
|
|
1,284.5
|
|
|
3,237.3
|
|
|
—
|
|
|
5,950.6
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Kennedy-Wilson Holdings, Inc. shareholders' equity
|
|
1,246.7
|
|
|
1,276.9
|
|
|
2,652.7
|
|
|
1,458.3
|
|
|
(5,387.9
|
)
|
|
1,246.7
|
|
||||||
Noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
184.5
|
|
|
—
|
|
|
184.5
|
|
||||||
Total equity
|
|
1,246.7
|
|
|
1,276.9
|
|
|
2,652.7
|
|
|
1,642.8
|
|
|
(5,387.9
|
)
|
|
1,431.2
|
|
||||||
Total liabilities and equity
|
|
$
|
1,276.9
|
|
|
$
|
2,675.5
|
|
|
$
|
3,937.2
|
|
|
$
|
4,880.1
|
|
|
$
|
(5,387.9
|
)
|
|
$
|
7,381.8
|
|
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2019
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
173.6
|
|
|
$
|
273.8
|
|
|
$
|
—
|
|
|
$
|
447.4
|
|
Hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
80.5
|
|
|
—
|
|
|
80.5
|
|
||||||
Sale of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
||||||
Investment management, property services, and research fees
|
|
—
|
|
|
0.8
|
|
|
36.6
|
|
|
3.3
|
|
|
—
|
|
|
40.7
|
|
||||||
Total revenue
|
|
—
|
|
|
0.8
|
|
|
210.2
|
|
|
358.7
|
|
|
—
|
|
|
569.7
|
|
||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental
|
|
—
|
|
|
—
|
|
|
64.3
|
|
|
88.6
|
|
|
—
|
|
|
152.9
|
|
||||||
Hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60.1
|
|
|
—
|
|
|
60.1
|
|
||||||
Cost of real estate sold
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.2
|
|
|
—
|
|
|
1.2
|
|
||||||
Commission and marketing
|
|
—
|
|
|
—
|
|
|
3.8
|
|
|
—
|
|
|
—
|
|
|
3.8
|
|
||||||
Compensation and related (includes $30.2, $37.1, and $38.4 of share-based compensation)
|
|
31.8
|
|
|
75.0
|
|
|
39.2
|
|
|
5.8
|
|
|
—
|
|
|
151.8
|
|
||||||
General and administrative
|
|
—
|
|
|
19.8
|
|
|
15.9
|
|
|
6.7
|
|
|
—
|
|
|
42.4
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
1.1
|
|
|
62.5
|
|
|
124.0
|
|
|
—
|
|
|
187.6
|
|
||||||
Total expenses
|
|
31.8
|
|
|
95.9
|
|
|
185.7
|
|
|
286.4
|
|
|
—
|
|
|
599.8
|
|
||||||
Income from unconsolidated investments, net of depreciation and amortization
|
|
—
|
|
|
0.1
|
|
|
83.3
|
|
|
96.3
|
|
|
—
|
|
|
179.7
|
|
||||||
Income from consolidated subsidiaries
|
|
352.8
|
|
|
547.7
|
|
|
479.8
|
|
|
—
|
|
|
(1,380.3
|
)
|
|
—
|
|
||||||
Gain on sale of real estate, net
|
|
—
|
|
|
—
|
|
|
8.2
|
|
|
426.2
|
|
|
—
|
|
|
434.4
|
|
||||||
Acquisition-related expenses
|
|
—
|
|
|
(3.1
|
)
|
|
(0.2
|
)
|
|
(3.5
|
)
|
|
—
|
|
|
(6.8
|
)
|
||||||
Interest expense
|
|
—
|
|
|
(69.5
|
)
|
|
(49.2
|
)
|
|
(96.4
|
)
|
|
—
|
|
|
(215.1
|
)
|
||||||
Other income
|
|
0.1
|
|
|
(0.3
|
)
|
|
0.2
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
||||||
Income before provision from income taxes
|
|
321.1
|
|
|
379.8
|
|
|
546.6
|
|
|
495.3
|
|
|
(1,380.3
|
)
|
|
362.5
|
|
||||||
(Provision for) benefit from income taxes
|
|
—
|
|
|
(26.9
|
)
|
|
1.1
|
|
|
(15.6
|
)
|
|
—
|
|
|
(41.4
|
)
|
||||||
Net income
|
|
321.1
|
|
|
352.9
|
|
|
547.7
|
|
|
479.7
|
|
|
(1,380.3
|
)
|
|
321.1
|
|
||||||
Net loss attributable to the noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(94.4
|
)
|
|
—
|
|
|
(94.4
|
)
|
||||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
318.5
|
|
|
$
|
352.9
|
|
|
$
|
547.7
|
|
|
$
|
385.3
|
|
|
$
|
(1,380.3
|
)
|
|
$
|
224.1
|
|
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2018
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
168.4
|
|
|
$
|
346.2
|
|
|
$
|
—
|
|
|
$
|
514.6
|
|
Hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
155.7
|
|
|
—
|
|
|
155.7
|
|
||||||
Sale of real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56.8
|
|
|
—
|
|
|
56.8
|
|
||||||
Investment management, property services, and research fees
|
|
—
|
|
|
—
|
|
|
41.9
|
|
|
3.4
|
|
|
—
|
|
|
45.3
|
|
||||||
Total revenue
|
|
—
|
|
|
—
|
|
|
210.3
|
|
|
562.1
|
|
|
—
|
|
|
772.4
|
|
||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental
|
|
—
|
|
|
—
|
|
|
62.3
|
|
|
98.5
|
|
|
—
|
|
|
160.8
|
|
||||||
Hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
121.5
|
|
|
—
|
|
|
121.5
|
|
||||||
Cost of real estate sold
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52.5
|
|
|
—
|
|
|
52.5
|
|
||||||
Commission and marketing
|
|
—
|
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
||||||
Compensation and related
|
|
37.1
|
|
|
71.3
|
|
|
55.1
|
|
|
5.3
|
|
|
—
|
|
|
168.8
|
|
||||||
General and administrative
|
|
—
|
|
|
20.3
|
|
|
21.2
|
|
|
9.3
|
|
|
—
|
|
|
50.8
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
1.3
|
|
|
56.9
|
|
|
147.9
|
|
|
—
|
|
|
206.1
|
|
||||||
Total expenses
|
|
37.1
|
|
|
92.9
|
|
|
201.4
|
|
|
435.0
|
|
|
—
|
|
|
766.4
|
|
||||||
Income from unconsolidated investments
|
|
—
|
|
|
(1.3
|
)
|
|
60.3
|
|
|
19.7
|
|
|
—
|
|
|
78.7
|
|
||||||
Income from consolidated subsidiaries
|
|
249.2
|
|
|
451.3
|
|
|
332.7
|
|
|
—
|
|
|
(1,033.2
|
)
|
|
—
|
|
||||||
Gain on sale of real estate, net
|
|
—
|
|
|
—
|
|
|
61.4
|
|
|
310.4
|
|
|
—
|
|
|
371.8
|
|
||||||
Gain on sale of business
|
|
—
|
|
|
—
|
|
|
40.4
|
|
|
—
|
|
|
—
|
|
|
40.4
|
|
||||||
Acquisition-related gains
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Acquisition-related expenses
|
|
—
|
|
|
(0.1
|
)
|
|
(1.1
|
)
|
|
(0.5
|
)
|
|
—
|
|
|
(1.7
|
)
|
||||||
Interest expense
|
|
—
|
|
|
(77.1
|
)
|
|
(52.8
|
)
|
|
(108.3
|
)
|
|
—
|
|
|
(238.2
|
)
|
||||||
Other income (loss)
|
|
—
|
|
|
13.3
|
|
|
0.1
|
|
|
(0.3
|
)
|
|
—
|
|
|
13.1
|
|
||||||
Income before benefit from (provision for) income taxes
|
|
212.1
|
|
|
293.2
|
|
|
449.9
|
|
|
348.1
|
|
|
(1,033.2
|
)
|
|
270.1
|
|
||||||
Benefit from (provision for) income taxes
|
|
—
|
|
|
(44.0
|
)
|
|
1.4
|
|
|
(15.4
|
)
|
|
—
|
|
|
(58.0
|
)
|
||||||
Net (loss) income
|
|
212.1
|
|
|
249.2
|
|
|
451.3
|
|
|
332.7
|
|
|
(1,033.2
|
)
|
|
212.1
|
|
||||||
Net income attributable to the noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62.1
|
)
|
|
—
|
|
|
(62.1
|
)
|
||||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
212.1
|
|
|
$
|
249.2
|
|
|
$
|
451.3
|
|
|
$
|
270.6
|
|
|
$
|
(1,033.2
|
)
|
|
$
|
150.0
|
|
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2017
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries (1)
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
143.9
|
|
|
$
|
360.8
|
|
|
$
|
—
|
|
|
$
|
504.7
|
|
Hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
127.5
|
|
|
—
|
|
|
127.5
|
|
||||||
Sale of real estate
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
109.2
|
|
|
—
|
|
|
111.5
|
|
||||||
Investment management, property services, and research fees
|
|
—
|
|
|
—
|
|
|
34.7
|
|
|
8.2
|
|
|
—
|
|
|
42.9
|
|
||||||
Loan purchases, loan originations, and other
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
14.7
|
|
|
—
|
|
|
15.2
|
|
||||||
Total revenue
|
|
—
|
|
|
—
|
|
|
181.4
|
|
|
620.4
|
|
|
—
|
|
|
801.8
|
|
||||||
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Rental
|
|
—
|
|
|
—
|
|
|
54.7
|
|
|
96.5
|
|
|
—
|
|
|
151.2
|
|
||||||
Hotel
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.3
|
|
|
—
|
|
|
100.3
|
|
||||||
Cost of real estate sold
|
|
—
|
|
|
—
|
|
|
1.8
|
|
|
78.4
|
|
|
—
|
|
|
80.2
|
|
||||||
Commission and marketing
|
|
—
|
|
|
—
|
|
|
7.0
|
|
|
0.2
|
|
|
—
|
|
|
7.2
|
|
||||||
Compensation and related
|
|
38.4
|
|
|
78.3
|
|
|
52.8
|
|
|
7.7
|
|
|
—
|
|
|
177.2
|
|
||||||
General and administrative
|
|
—
|
|
|
14.0
|
|
|
17.6
|
|
|
10.6
|
|
|
—
|
|
|
42.2
|
|
||||||
Depreciation and amortization
|
|
—
|
|
|
1.4
|
|
|
50.1
|
|
|
161.0
|
|
|
—
|
|
|
212.5
|
|
||||||
Total expenses
|
|
38.4
|
|
|
93.7
|
|
|
184.0
|
|
|
454.7
|
|
|
—
|
|
|
770.8
|
|
||||||
Income from unconsolidated investments
|
|
—
|
|
|
3.7
|
|
|
41.7
|
|
|
32.4
|
|
|
—
|
|
|
77.8
|
|
||||||
Income from consolidated subsidiaries
|
|
176.4
|
|
|
307.5
|
|
|
256.2
|
|
|
—
|
|
|
(740.1
|
)
|
|
—
|
|
||||||
Gain on sale of real estate, net
|
|
—
|
|
|
—
|
|
|
46.6
|
|
|
180.1
|
|
|
—
|
|
|
226.7
|
|
||||||
Gain on sale of business
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Acquisition-related gains
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Acquisition-related expenses
|
|
—
|
|
|
—
|
|
|
(1.3
|
)
|
|
(3.1
|
)
|
|
—
|
|
|
(4.4
|
)
|
||||||
Interest expense
|
|
—
|
|
|
(72.1
|
)
|
|
(38.0
|
)
|
|
(107.6
|
)
|
|
—
|
|
|
(217.7
|
)
|
||||||
Other income (loss)
|
|
—
|
|
|
9.9
|
|
|
1.6
|
|
|
(3.2
|
)
|
|
—
|
|
|
8.3
|
|
||||||
Income (loss) before provision for income taxes
|
|
138.0
|
|
|
155.3
|
|
|
304.2
|
|
|
264.3
|
|
|
(740.1
|
)
|
|
121.7
|
|
||||||
(Provision for) benefit from income taxes
|
|
—
|
|
|
21.1
|
|
|
3.3
|
|
|
(8.1
|
)
|
|
—
|
|
|
16.3
|
|
||||||
Net income (loss)
|
|
138.0
|
|
|
176.4
|
|
|
307.5
|
|
|
256.2
|
|
|
(740.1
|
)
|
|
138.0
|
|
||||||
Net income attributable to the noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(37.5
|
)
|
|
—
|
|
|
(37.5
|
)
|
||||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders
|
|
$
|
138.0
|
|
|
$
|
176.4
|
|
|
$
|
307.5
|
|
|
$
|
218.7
|
|
|
$
|
(740.1
|
)
|
|
$
|
100.5
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2019
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Net income (loss)
|
|
$
|
321.1
|
|
|
$
|
352.9
|
|
|
$
|
547.7
|
|
|
$
|
479.7
|
|
|
$
|
(1,380.3
|
)
|
|
$
|
321.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized loss on interest rate swaps
|
|
(0.7
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
(0.7
|
)
|
||||||
Unrealized foreign currency translation loss
|
|
(13.3
|
)
|
|
(13.3
|
)
|
|
16.1
|
|
|
(4.7
|
)
|
|
1.9
|
|
|
(13.3
|
)
|
||||||
Amounts reclassified from accumulated other comprehensive income
|
|
10.4
|
|
|
10.4
|
|
|
—
|
|
|
10.4
|
|
|
(20.8
|
)
|
|
10.4
|
|
||||||
Unrealized forward contract forward currency gain
|
|
38.7
|
|
|
38.7
|
|
|
(15.4
|
)
|
|
54.1
|
|
|
(77.4
|
)
|
|
38.7
|
|
||||||
Total other comprehensive income for the period
|
|
$
|
35.1
|
|
|
$
|
35.1
|
|
|
$
|
0.7
|
|
|
$
|
59.8
|
|
|
$
|
(95.6
|
)
|
|
$
|
35.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income
|
|
$
|
356.2
|
|
|
$
|
388.0
|
|
|
$
|
548.4
|
|
|
$
|
539.5
|
|
|
$
|
(1,475.9
|
)
|
|
$
|
356.2
|
|
Comprehensive income attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105.0
|
)
|
|
—
|
|
|
(105.0
|
)
|
||||||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc.
|
|
$
|
356.2
|
|
|
$
|
388.0
|
|
|
$
|
548.4
|
|
|
$
|
434.5
|
|
|
$
|
(1,475.9
|
)
|
|
$
|
251.2
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2018
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Net income (loss)
|
|
$
|
212.1
|
|
|
$
|
249.2
|
|
|
$
|
451.3
|
|
|
$
|
332.7
|
|
|
$
|
(1,033.2
|
)
|
|
$
|
212.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain on marketable securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Unrealized foreign currency translation loss
|
|
(62.6
|
)
|
|
(62.6
|
)
|
|
(45.7
|
)
|
|
(61.6
|
)
|
|
169.9
|
|
|
(62.6
|
)
|
||||||
Amounts reclassified from accumulated other comprehensive income
|
|
13.2
|
|
|
13.2
|
|
|
—
|
|
|
18.3
|
|
|
(31.5
|
)
|
|
13.2
|
|
||||||
Unrealized forward contract forward currency (loss) gain
|
|
38.3
|
|
|
38.3
|
|
|
46.1
|
|
|
(7.8
|
)
|
|
(76.6
|
)
|
|
38.3
|
|
||||||
Total other comprehensive (loss) income for the period
|
|
(11.1
|
)
|
|
(11.1
|
)
|
|
0.4
|
|
|
(51.1
|
)
|
|
61.8
|
|
|
(11.1
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive income (loss)
|
|
$
|
201.0
|
|
|
$
|
238.1
|
|
|
$
|
451.7
|
|
|
$
|
281.6
|
|
|
$
|
(971.4
|
)
|
|
$
|
201.0
|
|
Comprehensive loss attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65.4
|
)
|
|
—
|
|
|
(65.4
|
)
|
||||||
Comprehensive income (loss) attributable to Kennedy-Wilson Holdings, Inc.
|
|
$
|
201.0
|
|
|
$
|
238.1
|
|
|
$
|
451.7
|
|
|
$
|
216.2
|
|
|
$
|
(971.4
|
)
|
|
$
|
135.6
|
|
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2017
(Dollars in millions)
|
||||||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Elimination
|
|
Consolidated Total
|
||||||||||||
Net income (loss)
|
|
$
|
138.0
|
|
|
$
|
176.4
|
|
|
$
|
307.5
|
|
|
$
|
256.2
|
|
|
$
|
(740.1
|
)
|
|
$
|
138.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Unrealized gain on marketable securities
|
|
0.2
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
0.2
|
|
||||||
Unrealized foreign currency translation gain (loss)
|
|
155.3
|
|
|
155.3
|
|
|
30.6
|
|
|
458.7
|
|
|
(644.6
|
)
|
|
155.3
|
|
||||||
Amounts reclassified from accumulated other comprehensive income
|
|
2.0
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
|
(4.0
|
)
|
|
2.0
|
|
||||||
Unrealized forward contract forward currency gain (loss)
|
|
(68.3
|
)
|
|
(68.3
|
)
|
|
(21.9
|
)
|
|
(46.4
|
)
|
|
136.6
|
|
|
(68.3
|
)
|
||||||
Total other comprehensive loss for the period
|
|
89.2
|
|
|
89.2
|
|
|
8.7
|
|
|
414.3
|
|
|
(512.2
|
)
|
|
89.2
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Comprehensive (loss) income
|
|
$
|
227.2
|
|
|
$
|
265.6
|
|
|
$
|
316.2
|
|
|
$
|
670.5
|
|
|
$
|
(1,252.3
|
)
|
|
$
|
227.2
|
|
Comprehensive loss attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(124.2
|
)
|
|
—
|
|
|
(124.2
|
)
|
||||||
Comprehensive income (loss) attributable to Kennedy-Wilson Holdings, Inc.
|
|
$
|
227.2
|
|
|
$
|
265.6
|
|
|
$
|
316.2
|
|
|
$
|
546.3
|
|
|
$
|
(1,252.3
|
)
|
|
$
|
103.0
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2019
(Dollars in millions)
|
||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Consolidated Total
|
||||||||||
Net cash (used in) provided by operating activities
|
|
$
|
(3.7
|
)
|
|
$
|
(130.4
|
)
|
|
$
|
24.1
|
|
|
$
|
90.5
|
|
|
$
|
(19.5
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from collection of loans
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|||||
Issuance of loans
|
|
—
|
|
|
—
|
|
|
(2.3
|
)
|
|
(0.4
|
)
|
|
(2.7
|
)
|
|||||
Nonrefundable escrow deposits
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net proceeds from sale of consolidated real estate
|
|
—
|
|
|
—
|
|
|
27.6
|
|
|
673.4
|
|
|
701.0
|
|
|||||
Purchases of consolidated real estate
|
|
—
|
|
|
—
|
|
|
(97.5
|
)
|
|
(113.4
|
)
|
|
(210.9
|
)
|
|||||
Capital expenditures to real estate
|
|
—
|
|
|
—
|
|
|
(59.8
|
)
|
|
(131.3
|
)
|
|
(191.1
|
)
|
|||||
Investing distributions from unconsolidated investments
|
|
—
|
|
|
0.8
|
|
|
80.6
|
|
|
33.6
|
|
|
115.0
|
|
|||||
Contributions to unconsolidated investments
|
|
—
|
|
|
(1.7
|
)
|
|
(153.9
|
)
|
|
(110.4
|
)
|
|
(266.0
|
)
|
|||||
Proceeds from settlement of foreign currency derivative contracts
|
|
—
|
|
|
—
|
|
|
33.4
|
|
|
—
|
|
|
33.4
|
|
|||||
Purchases of foreign currency derivative contracts
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Additions to development project asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.2
|
)
|
|
(1.2
|
)
|
|||||
Proceeds from development project asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
|
4.2
|
|
|||||
(Investments in) distributions from consolidated subsidiaries, net
|
|
(122.5
|
)
|
|
210.8
|
|
|
160.3
|
|
|
(248.6
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by investing activities
|
|
(122.5
|
)
|
|
209.9
|
|
|
(11.0
|
)
|
|
105.9
|
|
|
182.3
|
|
|||||
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings under senior notes payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Borrowings under line of credit/term loan
|
|
—
|
|
|
125.0
|
|
|
—
|
|
|
—
|
|
|
125.0
|
|
|||||
Repayment of line of credit/term loan
|
|
—
|
|
|
(200.0
|
)
|
|
—
|
|
|
—
|
|
|
(200.0
|
)
|
|||||
Borrowings under mortgage debt
|
|
—
|
|
|
—
|
|
|
3.5
|
|
|
485.1
|
|
|
488.6
|
|
|||||
Repayment of mortgage debt
|
|
—
|
|
|
—
|
|
|
(15.0
|
)
|
|
(376.4
|
)
|
|
(391.4
|
)
|
|||||
Payment of loan fees
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
(4.0
|
)
|
|
(4.8
|
)
|
|||||
Repayment of shareholder loans to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.2
|
)
|
|
(11.2
|
)
|
|||||
Repurchase of common stock
|
|
(20.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.7
|
)
|
|||||
Issuance of preferred stock
|
|
295.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
295.2
|
|
|||||
Common stock dividends paid
|
|
(114.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(114.9
|
)
|
|||||
Preferred stock dividends paid
|
|
(2.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.6
|
)
|
|||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15.0
|
|
|
15.0
|
|
|||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(264.0
|
)
|
|
(264.0
|
)
|
|||||
Net cash provided by (used in) financing activities
|
|
157.0
|
|
|
(75.0
|
)
|
|
(12.3
|
)
|
|
(155.5
|
)
|
|
(85.8
|
)
|
|||||
Effect of currency exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.9
|
|
|
8.9
|
|
|||||
Net change in cash and cash equivalents
|
|
30.8
|
|
|
4.5
|
|
|
0.8
|
|
|
49.8
|
|
|
85.9
|
|
|||||
Cash and cash equivalents, beginning of year
|
|
—
|
|
|
1.9
|
|
|
101.9
|
|
|
384.2
|
|
|
488.0
|
|
|||||
Cash and cash equivalents, end of year
|
|
$
|
30.8
|
|
|
$
|
6.4
|
|
|
$
|
102.7
|
|
|
$
|
434.0
|
|
|
$
|
573.9
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2018
(Dollars in millions)
|
||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Consolidated Total
|
||||||||||
Net cash provided by operating activities
|
|
$
|
(1.2
|
)
|
|
$
|
(133.7
|
)
|
|
$
|
66.3
|
|
|
$
|
161.7
|
|
|
$
|
93.1
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Additions to loans
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
(1.3
|
)
|
|
(2.2
|
)
|
|||||
Collections of loans
|
|
—
|
|
|
—
|
|
|
5.8
|
|
|
—
|
|
|
5.8
|
|
|||||
Nonrefundable escrow deposits
|
|
—
|
|
|
(5.0
|
)
|
|
—
|
|
|
—
|
|
|
(5.0
|
)
|
|||||
Net proceeds from sale of real estate
|
|
—
|
|
|
—
|
|
|
161.2
|
|
|
1,224.9
|
|
|
1,386.1
|
|
|||||
Net proceeds from sale of a business
|
|
—
|
|
|
—
|
|
|
43.4
|
|
|
—
|
|
|
43.4
|
|
|||||
Purchases of and additions to real estate
|
|
—
|
|
|
—
|
|
|
(242.3
|
)
|
|
(113.5
|
)
|
|
(355.8
|
)
|
|||||
Capital expenditures to real estate
|
|
—
|
|
|
—
|
|
|
(27.9
|
)
|
|
(188.1
|
)
|
|
(216.0
|
)
|
|||||
Investment in marketable securities
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|||||
Proceeds from sale of marketable securities
|
|
—
|
|
|
—
|
|
|
7.4
|
|
|
—
|
|
|
7.4
|
|
|||||
Investing distributions from unconsolidated investments
|
|
—
|
|
|
—
|
|
|
25.9
|
|
|
37.8
|
|
|
63.7
|
|
|||||
Contributions to unconsolidated investments
|
|
—
|
|
|
(1.2
|
)
|
|
(92.9
|
)
|
|
(302.0
|
)
|
|
(396.1
|
)
|
|||||
Proceeds from settlement of foreign currency derivative contracts
|
|
—
|
|
|
10.7
|
|
|
—
|
|
|
—
|
|
|
10.7
|
|
|||||
Purchases of foreign currency derivative contracts
|
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|||||
Additions to development project asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29.1
|
)
|
|
(29.1
|
)
|
|||||
Proceeds from development project asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81.0
|
|
|
81.0
|
|
|||||
(Investments in) distributions from consolidated subsidiaries, net
|
|
290.3
|
|
|
81.4
|
|
|
55.8
|
|
|
(427.5
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by investing activities
|
|
290.3
|
|
|
85.1
|
|
|
(64.5
|
)
|
|
282.2
|
|
|
593.1
|
|
|||||
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Borrowings under senior notes payable
|
|
—
|
|
|
246.6
|
|
|
—
|
|
|
—
|
|
|
246.6
|
|
|||||
Borrowings under lines of credit/term loan
|
|
—
|
|
|
225.0
|
|
|
—
|
|
|
—
|
|
|
225.0
|
|
|||||
Repayment of lines of credit/term loan
|
|
—
|
|
|
(450.0
|
)
|
|
—
|
|
|
—
|
|
|
(450.0
|
)
|
|||||
Borrowings under mortgage debt
|
|
—
|
|
|
—
|
|
|
325.3
|
|
|
399.7
|
|
|
725.0
|
|
|||||
Repayment of mortgage debt
|
|
—
|
|
|
—
|
|
|
(278.1
|
)
|
|
(588.7
|
)
|
|
(866.8
|
)
|
|||||
Debt issue costs
|
|
—
|
|
|
(4.5
|
)
|
|
(2.0
|
)
|
|
(3.0
|
)
|
|
(9.5
|
)
|
|||||
Repurchase of common stock
|
|
(177.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(177.9
|
)
|
|||||
Dividends paid
|
|
(111.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(111.2
|
)
|
|||||
KWE closing dividend
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17.2
|
)
|
|
(17.2
|
)
|
|||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23.2
|
|
|
23.2
|
|
|||||
Distributions to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(116.0
|
)
|
|
(116.0
|
)
|
|||||
Net cash provided by financing activities
|
|
(289.1
|
)
|
|
17.1
|
|
|
45.2
|
|
|
(302.0
|
)
|
|
(528.8
|
)
|
|||||
Effect of currency exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.7
|
)
|
|
(20.7
|
)
|
|||||
Net change in cash and cash equivalents
|
|
—
|
|
|
(31.5
|
)
|
|
47.0
|
|
|
121.2
|
|
|
136.7
|
|
|||||
Cash and cash equivalents, beginning of year
|
|
—
|
|
|
33.4
|
|
|
54.9
|
|
|
263.0
|
|
|
351.3
|
|
|||||
Cash and cash equivalents, end of year
|
|
$
|
—
|
|
|
$
|
1.9
|
|
|
$
|
101.9
|
|
|
$
|
384.2
|
|
|
$
|
488.0
|
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2017
(Dollars in millions)
|
||||||||||||||||||||
|
|
Parent
|
|
Kennedy-Wilson, Inc.
|
|
Guarantor Subsidiaries
|
|
Non-guarantor Subsidiaries
|
|
Consolidated Total
|
||||||||||
Net cash provided by (used in) operating activities:
|
|
$
|
(15.3
|
)
|
|
$
|
(182.8
|
)
|
|
$
|
(51.4
|
)
|
|
$
|
322.5
|
|
|
$
|
73.0
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Collections of loans
|
|
—
|
|
|
—
|
|
|
6.4
|
|
|
10.5
|
|
|
16.9
|
|
|||||
Net proceeds from sale of real estate
|
|
—
|
|
|
—
|
|
|
130.8
|
|
|
528.3
|
|
|
659.1
|
|
|||||
Purchases of and additions to real estate
|
|
—
|
|
|
—
|
|
|
(421.6
|
)
|
|
(146.0
|
)
|
|
(567.6
|
)
|
|||||
Capital expenditures to real estate
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
(245.8
|
)
|
|
(246.7
|
)
|
|||||
Investment in marketable securities
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
|||||
Proceeds from sale of marketable securities
|
|
—
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
1.1
|
|
|||||
Investing distributions from unconsolidated investments
|
|
—
|
|
|
—
|
|
|
95.2
|
|
|
38.2
|
|
|
133.4
|
|
|||||
Contributions to unconsolidated investments
|
|
—
|
|
|
—
|
|
|
(49.8
|
)
|
|
(30.1
|
)
|
|
(79.9
|
)
|
|||||
Proceeds from settlement of foreign currency derivative contracts
|
|
—
|
|
|
(2.8
|
)
|
|
—
|
|
|
—
|
|
|
(2.8
|
)
|
|||||
Purchases of foreign currency derivative contracts
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|||||
Additions to development project asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19.4
|
)
|
|
(19.4
|
)
|
|||||
Proceeds from development project asset
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36.9
|
|
|
36.9
|
|
|||||
(Investments in) distributions from consolidated subsidiaries, net
|
|
198.0
|
|
|
(126.2
|
)
|
|
166.3
|
|
|
(238.1
|
)
|
|
—
|
|
|||||
Net cash (used in) provided by investing activities
|
|
198.0
|
|
|
(129.4
|
)
|
|
(73.3
|
)
|
|
(65.5
|
)
|
|
(70.2
|
)
|
|||||
Cash flow from financing activities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Repayment of senior notes payable
|
|
—
|
|
|
(55.0
|
)
|
|
—
|
|
|
—
|
|
|
(55.0
|
)
|
|||||
Costs associated with KWE Transaction
|
|
(55.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55.8
|
)
|
|||||
Borrowings under lines of credit
|
|
—
|
|
|
800.0
|
|
|
—
|
|
|
—
|
|
|
800.0
|
|
|||||
Repayment of lines of credit
|
|
—
|
|
|
(500.0
|
)
|
|
—
|
|
|
—
|
|
|
(500.0
|
)
|
|||||
Borrowings under investment debt
|
|
—
|
|
|
—
|
|
|
239.5
|
|
|
608.8
|
|
|
848.3
|
|
|||||
Repayment of investment debt
|
|
—
|
|
|
—
|
|
|
(103.4
|
)
|
|
(581.3
|
)
|
|
(684.7
|
)
|
|||||
Debt issue costs
|
|
—
|
|
|
(5.4
|
)
|
|
(1.9
|
)
|
|
(2.2
|
)
|
|
(9.5
|
)
|
|||||
Repurchase of common stock
|
|
(67.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(67.7
|
)
|
|||||
Cash paid to acquire noncontrolling interests in KWE
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(719.8
|
)
|
|
(719.8
|
)
|
|||||
Dividends paid
|
|
(59.2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59.2
|
)
|
|||||
Acquisitions of noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|
(3.3
|
)
|
|||||
Contributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
47.4
|
|
|
47.4
|
|
|||||
Distributions from noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(106.0
|
)
|
|
(106.0
|
)
|
|||||
Net cash provided by (used in) financing activities
|
|
(182.7
|
)
|
|
239.6
|
|
|
134.2
|
|
|
(756.4
|
)
|
|
(565.3
|
)
|
|||||
Effect of currency exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
28.1
|
|
|
28.1
|
|
|||||
Net change in cash and cash equivalents
|
|
—
|
|
|
(72.6
|
)
|
|
9.5
|
|
|
(471.3
|
)
|
|
(534.4
|
)
|
|||||
Cash and cash equivalents, beginning of year
|
|
—
|
|
|
106.0
|
|
|
45.4
|
|
|
734.3
|
|
|
885.7
|
|
|||||
Cash and cash equivalents, end of year
|
|
$
|
—
|
|
|
$
|
33.4
|
|
|
$
|
54.9
|
|
|
$
|
263.0
|
|
|
$
|
351.3
|
|
(Dollars in millions, except earnings per share amounts)
|
|
|
|
|
|
|
|
|
||||||||
Year ended December 31, 2019
|
|
Fourth
Quarter
|
|
Third
Quarter
|
|
Second
Quarter
|
|
First
Quarter
|
||||||||
Revenues
|
|
$
|
142.3
|
|
|
$
|
143.0
|
|
|
$
|
143.7
|
|
|
$
|
140.7
|
|
Expenses
|
|
155.0
|
|
|
147.9
|
|
|
143.8
|
|
|
153.1
|
|
||||
Other income (expenses)(1)
|
|
177.9
|
|
|
34.5
|
|
|
162.2
|
|
|
18.0
|
|
||||
Income (loss) before provision for income taxes
|
|
165.2
|
|
|
29.6
|
|
|
162.1
|
|
|
5.6
|
|
||||
Benefit from (provision for) income taxes
|
|
(6.3
|
)
|
|
(10.2
|
)
|
|
(20.9
|
)
|
|
(4.0
|
)
|
||||
Net income (loss)
|
|
158.9
|
|
|
19.4
|
|
|
141.2
|
|
|
1.6
|
|
||||
Net income attributable to noncontrolling interests
|
|
1.6
|
|
|
1.3
|
|
|
(90.4
|
)
|
|
(6.9
|
)
|
||||
Preferred dividends and accretion of preferred stock issuance costs
|
|
$
|
(2.6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Net income (loss) attributable to Kennedy-Wilson
Holdings, Inc. common shareholders |
|
$
|
157.9
|
|
|
$
|
20.7
|
|
|
$
|
50.8
|
|
|
$
|
(5.3
|
)
|
Basic earnings (loss) per share
|
|
$
|
1.13
|
|
|
$
|
0.15
|
|
|
$
|
0.36
|
|
|
$
|
(0.04
|
)
|
Diluted earnings (loss) per share
|
|
$
|
1.12
|
|
|
$
|
0.15
|
|
|
$
|
0.36
|
|
|
$
|
(0.04
|
)
|
(Dollars in millions, except earnings per share amounts)
|
|
|
|
|
|
|
|
|
||||||||
Year ended December 31, 2018
|
|
Fourth
Quarter |
|
Third
Quarter |
|
Second
Quarter |
|
First
Quarter |
||||||||
Revenues
|
|
$
|
178.7
|
|
|
$
|
185.8
|
|
|
$
|
218.3
|
|
|
$
|
190.7
|
|
Expenses
|
|
187.8
|
|
|
177.2
|
|
|
212.5
|
|
|
188.9
|
|
||||
Other income (expenses)
|
|
66.3
|
|
|
11.2
|
|
|
190.9
|
|
|
(5.4
|
)
|
||||
Income (loss) before provision for income taxes
|
|
57.2
|
|
|
19.8
|
|
|
196.7
|
|
|
(3.6
|
)
|
||||
Benefit from (provision for) income taxes
|
|
(24.3
|
)
|
|
(6.9
|
)
|
|
(29.4
|
)
|
|
2.6
|
|
||||
Net income
|
|
32.9
|
|
|
12.9
|
|
|
167.3
|
|
|
(1.0
|
)
|
||||
Net income attributable to noncontrolling interests
|
|
(2.2
|
)
|
|
(0.8
|
)
|
|
(57.7
|
)
|
|
(1.4
|
)
|
||||
Net income (loss) attributable to Kennedy-Wilson
Holdings, Inc. common shareholders |
|
$
|
30.7
|
|
|
$
|
12.1
|
|
|
$
|
109.6
|
|
|
$
|
(2.4
|
)
|
Basic earnings (loss) per share
|
|
$
|
0.21
|
|
|
$
|
0.09
|
|
|
$
|
0.77
|
|
|
$
|
(0.02
|
)
|
Diluted earnings (loss) per share
|
|
$
|
0.21
|
|
|
$
|
0.09
|
|
|
$
|
0.77
|
|
|
$
|
(0.02
|
)
|
(Dollars in millions)
|
|
|
|
|
|
Initial Cost
|
|
Costs Capitalized Subsequent to Acquisition
|
|
Gross Balance at December 31, 2019(1)
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Description
|
|
Region
|
|
Encumbrances
|
|
Land
|
|
Building & Improvements
|
|
Improvements
|
|
Land
|
|
Building & Improvements
|
|
Total(2)
|
|
Accumulated Depreciation
|
|
Depreciable Life in Years
|
|
Date of Construction
|
|
Date Acquired(3)
|
||||||||||||||||
Commercial
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Office
|
|
Southern California
|
|
$
|
35.0
|
|
|
$
|
11.2
|
|
|
$
|
18.5
|
|
|
$
|
34.6
|
|
|
$
|
11.5
|
|
|
$
|
54.1
|
|
|
$
|
65.6
|
|
|
$
|
(6.1
|
)
|
|
39 yrs
|
|
1955/1981/1982
|
|
2013
|
Retail
|
|
Mountain States
|
|
1.3
|
|
|
0.5
|
|
|
1.2
|
|
|
0.4
|
|
|
0.5
|
|
|
1.6
|
|
|
2.1
|
|
|
(0.2
|
)
|
|
39 yrs
|
|
1981
|
|
2013
|
||||||||
Retail
|
|
Mountain States
|
|
10.2
|
|
|
2.1
|
|
|
2.9
|
|
|
1.8
|
|
|
1.8
|
|
|
4.7
|
|
|
6.5
|
|
|
(0.5
|
)
|
|
39 yrs
|
|
1958/1974-1976/1985/1989/2006
|
|
2013
|
||||||||
Retail
|
|
Mountain States
|
|
4.6
|
|
|
2.6
|
|
|
5.6
|
|
|
1.2
|
|
|
2.6
|
|
|
6.8
|
|
|
9.4
|
|
|
(1.0
|
)
|
|
39 yrs
|
|
1980/1983
|
|
2013
|
||||||||
Retail
|
|
Southern California
|
|
27.0
|
|
|
9.1
|
|
|
14.0
|
|
|
11.7
|
|
|
9.1
|
|
|
25.7
|
|
|
34.8
|
|
|
(2.9
|
)
|
|
39 yrs
|
|
1985
|
|
2014
|
||||||||
Commercial portfolio
|
|
United Kingdom
|
|
—
|
|
|
30.9
|
|
|
80.9
|
|
|
18.2
|
|
|
24.9
|
|
|
82.5
|
|
|
107.4
|
|
|
(12.6
|
)
|
|
39 yrs
|
|
Various
|
|
2014
|
||||||||
Commercial portfolio
|
|
United Kingdom
|
|
33.2
|
|
|
79.8
|
|
|
294.3
|
|
|
17.5
|
|
|
57.7
|
|
|
239.3
|
|
|
297.0
|
|
|
(37.8
|
)
|
|
39 yrs
|
|
Various
|
|
2014
|
||||||||
Office
|
|
Ireland
|
|
—
|
|
|
2.0
|
|
|
4.4
|
|
|
—
|
|
|
1.3
|
|
|
5.6
|
|
|
6.9
|
|
|
(0.7
|
)
|
|
39 yrs
|
|
Various
|
|
2014
|
||||||||
Office
|
|
Ireland
|
|
—
|
|
|
13.9
|
|
|
21.9
|
|
|
0.3
|
|
|
11.5
|
|
|
67.0
|
|
|
78.5
|
|
|
(6.4
|
)
|
|
39 yrs
|
|
1973/2016
|
|
2014
|
||||||||
Office
|
|
Ireland
|
|
79.0
|
|
|
8.2
|
|
|
102.6
|
|
|
—
|
|
|
6.7
|
|
|
84.6
|
|
|
91.3
|
|
|
(11.6
|
)
|
|
39 yrs
|
|
2003
|
|
2014
|
||||||||
Retail
|
|
Ireland
|
|
97.7
|
|
|
59.8
|
|
|
83.1
|
|
|
25.0
|
|
|
49.4
|
|
|
93.6
|
|
|
143.0
|
|
|
(8.9
|
)
|
|
39 yrs
|
|
1966/2005
|
|
2014
|
||||||||
Office
|
|
Ireland
|
|
76.9
|
|
|
20.4
|
|
|
73.8
|
|
|
3.7
|
|
|
16.8
|
|
|
64.6
|
|
|
81.4
|
|
|
(10.2
|
)
|
|
39 yrs
|
|
1980
|
|
2014
|
||||||||
Office
|
|
United Kingdom
|
|
—
|
|
|
85.3
|
|
|
232.0
|
|
|
20.3
|
|
|
71.3
|
|
|
214.2
|
|
|
285.5
|
|
|
(36.5
|
)
|
|
39 yrs
|
|
2003
|
|
2014
|
||||||||
Retail
|
|
United Kingdom
|
|
70.4
|
|
|
6.2
|
|
|
109.5
|
|
|
7.2
|
|
|
5.0
|
|
|
94.7
|
|
|
99.7
|
|
|
(13.1
|
)
|
|
39 yrs
|
|
2010
|
|
2014
|
||||||||
Office
|
|
Southern California
|
|
49.5
|
|
|
37.8
|
|
|
60.5
|
|
|
13.1
|
|
|
37.8
|
|
|
73.6
|
|
|
111.4
|
|
|
(9.4
|
)
|
|
39 yrs
|
|
1982
|
|
2015
|
||||||||
Office
|
|
Southern California
|
|
28.8
|
|
|
11.6
|
|
|
36.5
|
|
|
4.5
|
|
|
11.6
|
|
|
40.9
|
|
|
52.5
|
|
|
(5.9
|
)
|
|
39 yrs
|
|
1968
|
|
2015
|
||||||||
Office
|
|
Southern California
|
|
35.0
|
|
|
20.7
|
|
|
47.9
|
|
|
25.8
|
|
|
20.7
|
|
|
53.9
|
|
|
74.6
|
|
|
(6.6
|
)
|
|
39 yrs
|
|
1982
|
|
2015
|
||||||||
Commercial portfolio
|
|
United Kingdom
|
|
308.2
|
|
|
181.6
|
|
|
286.0
|
|
|
14.3
|
|
|
151.0
|
|
|
248.3
|
|
|
399.3
|
|
|
(30.3
|
)
|
|
39 yrs
|
|
Various
|
|
2015
|
||||||||
Office portfolio
|
|
United Kingdom
|
|
—
|
|
|
32.9
|
|
|
65.8
|
|
|
11.8
|
|
|
34.7
|
|
|
60.5
|
|
|
95.2
|
|
|
(5.9
|
)
|
|
39 yrs
|
|
Various
|
|
2015
|
||||||||
Retail portfolio
|
|
Spain
|
|
—
|
|
|
2.4
|
|
|
6.6
|
|
|
—
|
|
|
2.4
|
|
|
6.8
|
|
|
9.2
|
|
|
(0.7
|
)
|
|
39 yrs
|
|
Various
|
|
2015
|
||||||||
Retail
|
|
Spain
|
|
40.3
|
|
|
27.1
|
|
|
46.2
|
|
|
12.7
|
|
|
29.8
|
|
|
63.4
|
|
|
93.2
|
|
|
(5.5
|
)
|
|
39 yrs
|
|
1995
|
|
2015
|
||||||||
Office portfolio
|
|
Ireland
|
|
—
|
|
|
0.8
|
|
|
5.9
|
|
|
—
|
|
|
0.8
|
|
|
6.1
|
|
|
6.9
|
|
|
(0.6
|
)
|
|
39 yrs
|
|
Various
|
|
2015
|
||||||||
Office portfolio
|
|
Italy
|
|
—
|
|
|
26.3
|
|
|
74.8
|
|
|
0.6
|
|
|
32.5
|
|
|
92.9
|
|
|
125.4
|
|
|
(9.3
|
)
|
|
39 yrs
|
|
Various
|
|
2015
|
||||||||
Retail
|
|
Mountain States
|
|
7.0
|
|
|
2.6
|
|
|
9.5
|
|
|
3.0
|
|
|
2.6
|
|
|
12.4
|
|
|
15.0
|
|
|
(0.9
|
)
|
|
39 yrs
|
|
1961
|
|
2016
|
||||||||
Office building
|
|
Ireland
|
|
—
|
|
|
2.0
|
|
|
11.9
|
|
|
0.1
|
|
|
2.0
|
|
|
12.2
|
|
|
14.2
|
|
|
(1.2
|
)
|
|
39 yrs
|
|
2007
|
|
2016
|
||||||||
Retail
|
|
Mountain States
|
|
28.6
|
|
|
9.3
|
|
|
30.0
|
|
|
1.0
|
|
|
9.3
|
|
|
31.0
|
|
|
40.3
|
|
|
(2.7
|
)
|
|
39 yrs
|
|
1984/2008
|
|
2016
|
||||||||
Industrial
|
|
United Kingdom
|
|
—
|
|
|
6.9
|
|
|
8.8
|
|
|
0.3
|
|
|
8.5
|
|
|
7.4
|
|
|
15.9
|
|
|
(0.7
|
)
|
|
39 yrs
|
|
1984/2003
|
|
2016
|
Office portfolio
|
|
United Kingdom
|
|
—
|
|
|
32.1
|
|
|
70.4
|
|
|
1.8
|
|
|
29.4
|
|
|
66.1
|
|
|
95.5
|
|
|
(6.1
|
)
|
|
39 yrs
|
|
Various
|
|
2016
|
||||||||
Office
|
|
Ireland
|
|
—
|
|
|
4.2
|
|
|
64.0
|
|
|
1.8
|
|
|
4.1
|
|
|
64.2
|
|
|
68.3
|
|
|
(5.7
|
)
|
|
39 yrs
|
|
2009
|
|
2016
|
||||||||
Industrial
|
|
United Kingdom
|
|
—
|
|
|
5.0
|
|
|
9.2
|
|
|
—
|
|
|
5.2
|
|
|
9.6
|
|
|
14.8
|
|
|
(0.7
|
)
|
|
39 yrs
|
|
2002
|
|
2016
|
||||||||
Retail
|
|
Mountain States
|
|
4.3
|
|
|
1.3
|
|
|
5.6
|
|
|
0.5
|
|
|
1.3
|
|
|
6.1
|
|
|
7.4
|
|
|
(0.5
|
)
|
|
39 yrs
|
|
1995/1996
|
|
2016
|
||||||||
Retail
|
|
Pacific Northwest
|
|
7.2
|
|
|
2.3
|
|
|
8.1
|
|
|
—
|
|
|
2.3
|
|
|
8.1
|
|
|
10.4
|
|
|
(0.6
|
)
|
|
39 yrs
|
|
1956
|
|
2017
|
||||||||
Office
|
|
Pacific Northwest
|
|
77.0
|
|
|
30.6
|
|
|
106.0
|
|
|
0.7
|
|
|
30.6
|
|
|
106.7
|
|
|
137.3
|
|
|
(7.0
|
)
|
|
39 yrs
|
|
1999/2001
|
|
2017
|
||||||||
Retail
|
|
Mountain States
|
|
12.3
|
|
|
4.1
|
|
|
12.2
|
|
|
0.1
|
|
|
4.1
|
|
|
12.3
|
|
|
16.4
|
|
|
(0.8
|
)
|
|
39 yrs
|
|
1967/1983
|
|
2017
|
||||||||
Office
|
|
Ireland
|
|
—
|
|
|
4.9
|
|
|
18.5
|
|
|
11.3
|
|
|
4.6
|
|
|
28.9
|
|
|
33.5
|
|
|
(0.6
|
)
|
|
39 yrs
|
|
1841
|
|
2017
|
||||||||
Office
|
|
Ireland
|
|
11.6
|
|
|
11.0
|
|
|
—
|
|
|
19.0
|
|
|
10.5
|
|
|
19.0
|
|
|
29.5
|
|
|
—
|
|
|
39 yrs
|
|
1840/2000
|
|
2017
|
||||||||
Office
|
|
Southern California
|
|
16.0
|
|
|
27.4
|
|
|
6.8
|
|
|
1.4
|
|
|
27.4
|
|
|
8.3
|
|
|
35.7
|
|
|
(0.3
|
)
|
|
39 yrs
|
|
1956
|
|
2018
|
||||||||
Office
|
|
Northern California
|
|
61.8
|
|
|
23.5
|
|
|
57.3
|
|
|
—
|
|
|
23.5
|
|
|
57.3
|
|
|
80.8
|
|
|
(0.3
|
)
|
|
39 yrs
|
|
2000
|
|
2019
|
||||||||
Office
|
|
United Kingdom
|
|
66.2
|
|
|
25.2
|
|
|
27.8
|
|
|
1.0
|
|
|
23.5
|
|
|
32.8
|
|
|
56.3
|
|
|
(0.5
|
)
|
|
39 yrs
|
|
1997
|
|
2019
|
||||||||
Office
|
|
Ireland
|
|
50.6
|
|
|
7.2
|
|
|
31.7
|
|
|
—
|
|
|
7.3
|
|
|
32.5
|
|
|
39.8
|
|
|
(0.2
|
)
|
|
39 yrs
|
|
2009
|
|
2019
|
||||||||
Industrial
|
|
United Kingdom
|
|
10.3
|
|
|
3.8
|
|
|
11.5
|
|
|
—
|
|
|
3.9
|
|
|
11.8
|
|
|
15.7
|
|
|
—
|
|
|
39 yrs
|
|
1990/2010
|
|
2019
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
450-unit asset
|
|
Mountain States
|
|
45.2
|
|
|
18.4
|
|
|
43.0
|
|
|
6.7
|
|
|
18.4
|
|
|
49.7
|
|
|
68.1
|
|
|
(11.3
|
)
|
|
39 yrs
|
|
1974
|
|
2013
|
||||||||
178-unit asset
|
|
Northern California
|
|
31.4
|
|
|
12.3
|
|
|
18.5
|
|
|
9.0
|
|
|
12.3
|
|
|
27.4
|
|
|
39.7
|
|
|
(8.6
|
)
|
|
39 yrs
|
|
1975
|
|
2012
|
||||||||
217-unit asset
|
|
Pacific Northwest
|
|
22.8
|
|
|
2.6
|
|
|
41.4
|
|
|
3.3
|
|
|
2.5
|
|
|
42.5
|
|
|
45.0
|
|
|
(9.0
|
)
|
|
39 yrs
|
|
2011
|
|
2012
|
||||||||
366-unit asset
|
|
Mountain States
|
|
53.3
|
|
|
9.1
|
|
|
36.3
|
|
|
10.4
|
|
|
9.1
|
|
|
46.7
|
|
|
55.8
|
|
|
(13.0
|
)
|
|
39 yrs
|
|
2000
|
|
2012
|
||||||||
203-unit asset
|
|
Pacific Northwest
|
|
19.5
|
|
|
2.6
|
|
|
23.8
|
|
|
2.6
|
|
|
2.6
|
|
|
26.4
|
|
|
29.0
|
|
|
(4.9
|
)
|
|
39 yrs
|
|
2005
|
|
2014
|
||||||||
542-unit asset
|
|
Northern California
|
|
90.8
|
|
|
38.3
|
|
|
57.5
|
|
|
9.7
|
|
|
38.3
|
|
|
67.3
|
|
|
105.6
|
|
|
(13.0
|
)
|
|
39 yrs
|
|
1987
|
|
2014
|
||||||||
324-unit asset
|
|
Mountain States
|
|
25.3
|
|
|
3.2
|
|
|
28.5
|
|
|
6.7
|
|
|
3.2
|
|
|
35.2
|
|
|
38.4
|
|
|
(6.7
|
)
|
|
39 yrs
|
|
1996
|
|
2014
|
||||||||
280-unit asset
|
|
Pacific Northwest
|
|
37.3
|
|
|
6.0
|
|
|
40.2
|
|
|
2.3
|
|
|
6.0
|
|
|
42.6
|
|
|
48.6
|
|
|
(6.3
|
)
|
|
39 yrs
|
|
2004/2006
|
|
2014
|
||||||||
750-unit asset
|
|
Pacific Northwest
|
|
82.0
|
|
|
22.1
|
|
|
78.2
|
|
|
9.2
|
|
|
22.1
|
|
|
87.4
|
|
|
109.5
|
|
|
(15.0
|
)
|
|
39 yrs
|
|
1987
|
|
2014
|
||||||||
Condo
|
|
Pacific Northwest
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
1.0
|
|
|
(0.1
|
)
|
|
39 yrs
|
|
2005
|
|
2014
|
||||||||
294-unit asset
|
|
United Kingdom
|
|
—
|
|
|
22.1
|
|
|
84.0
|
|
|
16.9
|
|
|
19.9
|
|
|
92.5
|
|
|
112.4
|
|
|
(8.2
|
)
|
|
39 yrs
|
|
2012
|
|
2015
|
||||||||
208-unit asset
|
|
Southern California
|
|
37.7
|
|
|
9.3
|
|
|
37.3
|
|
|
5.0
|
|
|
9.3
|
|
|
42.3
|
|
|
51.6
|
|
|
(6.6
|
)
|
|
39 yrs
|
|
2004
|
|
2015
|
||||||||
1,008-unit asset
|
|
Northern California
|
|
175.0
|
|
|
62.7
|
|
|
152.4
|
|
|
19.3
|
|
|
62.3
|
|
|
171.7
|
|
|
234.0
|
|
|
(24.3
|
)
|
|
39 yrs
|
|
1988
|
|
2015
|
||||||||
460-unit asset
|
|
Southern California
|
|
46.7
|
|
|
13.2
|
|
|
53.0
|
|
|
4.5
|
|
|
13.2
|
|
|
57.5
|
|
|
70.7
|
|
|
(7.7
|
)
|
|
39 yrs
|
|
1988
|
|
2015
|
||||||||
204-unit asset
|
|
Mountain States
|
|
14.3
|
|
|
2.0
|
|
|
17.6
|
|
|
2.6
|
|
|
2.0
|
|
|
20.3
|
|
|
22.3
|
|
|
(2.3
|
)
|
|
39 yrs
|
|
1999
|
|
2016
|
||||||||
168-unit asset
|
|
Mountain States
|
|
10.9
|
|
|
1.8
|
|
|
13.1
|
|
|
2.2
|
|
|
1.8
|
|
|
15.2
|
|
|
17.0
|
|
|
(1.9
|
)
|
|
39 yrs
|
|
1992
|
|
2016
|
||||||||
430-unit asset
|
|
Pacific Northwest
|
|
62.5
|
|
|
12.8
|
|
|
67.4
|
|
|
3.2
|
|
|
12.8
|
|
|
70.6
|
|
|
83.4
|
|
|
(6.8
|
)
|
|
39 yrs
|
|
2006
|
|
2016
|
||||||||
386-unit asset
|
|
Southern California
|
|
66.0
|
|
|
—
|
|
|
81.4
|
|
|
7.8
|
|
|
—
|
|
|
89.3
|
|
|
89.3
|
|
|
(8.5
|
)
|
|
39 yrs
|
|
2002
|
|
2016
|
||||||||
157-unit asset
|
|
Southern California
|
|
42.9
|
|
|
14.5
|
|
|
46.0
|
|
|
1.1
|
|
|
14.5
|
|
|
47.1
|
|
|
61.6
|
|
|
(4.2
|
)
|
|
39 yrs
|
|
2013
|
|
2016
|
||||||||
Land
|
|
Southern California
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
|
3.6
|
|
|
—
|
|
|
39 yrs
|
|
N/A
|
|
2018
|
||||||||
408-unit asset
|
|
Pacific Northwest
|
|
60.4
|
|
|
9.2
|
|
|
83.3
|
|
|
3.6
|
|
|
9.3
|
|
|
86.9
|
|
|
96.2
|
|
|
(7.5
|
)
|
|
39 yrs
|
|
1998
|
|
2016
|
||||||||
300-unit asset
|
|
Mountain States
|
|
22.0
|
|
|
4.8
|
|
|
29.2
|
|
|
4.2
|
|
|
4.8
|
|
|
33.4
|
|
|
38.2
|
|
|
(2.3
|
)
|
|
39 yrs
|
|
1995
|
|
2017
|
||||||||
210-unit asset
|
|
Pacific Northwest
|
|
29.0
|
|
|
11.0
|
|
|
46.7
|
|
|
0.7
|
|
|
11.0
|
|
|
47.5
|
|
|
58.5
|
|
|
(2.9
|
)
|
|
39 yrs
|
|
2007
|
|
2017
|
||||||||
200-unit asset
|
|
Mountain States
|
|
20.7
|
|
|
1.4
|
|
|
25.9
|
|
|
0.6
|
|
|
1.4
|
|
|
26.5
|
|
|
27.9
|
|
|
(1.6
|
)
|
|
39 yrs
|
|
2012
|
|
2017
|
264-unit asset
|
|
Pacific Northwest
|
|
25.3
|
|
|
6.4
|
|
|
44.9
|
|
|
3.8
|
|
|
6.4
|
|
|
48.7
|
|
|
55.1
|
|
|
(3.1
|
)
|
|
39 yrs
|
|
1997
|
|
2017
|
||||||||
343-unit asset
|
|
Pacific Northwest
|
|
84.0
|
|
|
26.8
|
|
|
107.4
|
|
|
—
|
|
|
26.8
|
|
|
107.6
|
|
|
134.4
|
|
|
(5.8
|
)
|
|
39 yrs
|
|
2016
|
|
2017
|
||||||||
179-unit asset
|
|
Pacific Northwest
|
|
33.0
|
|
|
11.9
|
|
|
47.4
|
|
|
0.2
|
|
|
11.9
|
|
|
48.6
|
|
|
60.5
|
|
|
(2.6
|
)
|
|
39 yrs
|
|
2013
|
|
2017
|
||||||||
88-unit asset
|
|
Mountain States
|
|
8.6
|
|
|
2.6
|
|
|
10.4
|
|
|
1.0
|
|
|
2.6
|
|
|
11.4
|
|
|
14.0
|
|
|
(0.7
|
)
|
|
39 yrs
|
|
1988
|
|
2018
|
||||||||
492-unit asset
|
|
Mountain States
|
|
59.1
|
|
|
15.8
|
|
|
63.2
|
|
|
4.2
|
|
|
15.9
|
|
|
67.4
|
|
|
83.3
|
|
|
(3.7
|
)
|
|
39 yrs
|
|
1985
|
|
2018
|
||||||||
293-unit asset
|
|
Mountain States
|
|
19.9
|
|
|
7.2
|
|
|
28.8
|
|
|
0.5
|
|
|
7.2
|
|
|
29.3
|
|
|
36.5
|
|
|
(1.1
|
)
|
|
39 yrs
|
|
1995
|
|
2018
|
||||||||
188-unit asset
|
|
Mountain States
|
|
13.5
|
|
|
4.9
|
|
|
20.0
|
|
|
4.8
|
|
|
4.9
|
|
|
24.5
|
|
|
29.4
|
|
|
(0.9
|
)
|
|
39 yrs
|
|
1985
|
|
2018
|
||||||||
Land
|
|
Mountain States
|
|
3.8
|
|
|
5.7
|
|
|
—
|
|
|
—
|
|
|
20.0
|
|
|
—
|
|
|
20.0
|
|
|
—
|
|
|
39 yrs
|
|
N/A
|
|
2018
|
||||||||
222-unit asset
|
|
Mountain States
|
|
28.8
|
|
|
9.6
|
|
|
38.6
|
|
|
1.0
|
|
|
9.6
|
|
|
39.5
|
|
|
49.1
|
|
|
(1.1
|
)
|
|
39 yrs
|
|
1996
|
|
2018
|
||||||||
Land
|
|
Mountain States
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
4.8
|
|
|
—
|
|
|
4.8
|
|
|
—
|
|
|
39 yrs
|
|
N/A
|
|
2018
|
||||||||
Land
|
|
Mountain States
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
2.5
|
|
|
—
|
|
|
39 yrs
|
|
N/A
|
|
2018
|
||||||||
Land
|
|
Mountain States
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
0.6
|
|
|
—
|
|
|
39 yrs
|
|
N/A
|
|
2018
|
||||||||
Land
|
|
Mountain States
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
39 yrs
|
|
N/A
|
|
2019
|
||||||||
Land
|
|
Mountain States
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
39 yrs
|
|
N/A
|
|
2019
|
||||||||
Land
|
|
Mountain States
|
|
—
|
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
18.4
|
|
|
—
|
|
|
18.4
|
|
|
|
|
39 yrs
|
|
N/A
|
|
2019
|
|||||||||
360-unit asset
|
|
Mountain States
|
|
52.8
|
|
|
16.4
|
|
|
65.7
|
|
|
—
|
|
|
16.4
|
|
|
65.7
|
|
|
82.1
|
|
|
(0.1
|
)
|
|
39 yrs
|
|
2015
|
|
2019
|
Hotel
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Hotel
|
|
Ireland
|
|
80.8
|
|
|
54.0
|
|
|
114.3
|
|
|
35.0
|
|
|
46.7
|
|
|
136.2
|
|
|
182.9
|
|
|
(21.7
|
)
|
|
39 yrs
|
|
1824/2005
|
|
2014
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Development
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail
|
|
Spain
|
|
—
|
|
|
—
|
|
|
34.7
|
|
|
10.5
|
|
|
—
|
|
|
44.2
|
|
|
44.2
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
2015
|
||||||||
Office
|
|
Ireland
|
|
—
|
|
|
0.5
|
|
|
3.4
|
|
|
6.7
|
|
|
0.5
|
|
|
16.4
|
|
|
16.9
|
|
|
—
|
|
|
N/A
|
|
Various
|
|
2015
|
||||||||
Retail
|
|
Spain
|
|
—
|
|
|
—
|
|
|
13.8
|
|
|
—
|
|
|
—
|
|
|
13.9
|
|
|
13.9
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
2017
|
||||||||
Retail
|
|
Ireland
|
|
—
|
|
|
17.2
|
|
|
—
|
|
|
2.8
|
|
|
17.1
|
|
|
2.8
|
|
|
19.9
|
|
|
—
|
|
|
N/A
|
|
N/A
|
|
2017
|
||||||||
Land
|
|
United Kingdom
|
|
|
|
4.2
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
|
0.3
|
|
|
4.3
|
|
|
—
|
|
|
N/A
|
|
2015
|
|
2018
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
2700 acres
|
|
Hawaii
|
|
—
|
|
|
31.7
|
|
|
3.7
|
|
|
0.7
|
|
|
41.3
|
|
|
4.3
|
|
|
45.6
|
|
|
(1.8
|
)
|
|
N/A
|
|
1912
|
|
2010
|
||||||||
Grand Total
|
|
|
|
$
|
2,655.3
|
|
|
$
|
1,378.6
|
|
|
$
|
3,865.4
|
|
|
$
|
469.5
|
|
|
$
|
1,330.6
|
|
|
$
|
4,099.9
|
|
|
$
|
5,430.5
|
|
|
$
|
(466.8
|
)
|
|
|
|
|
|
|
|
|
For the year ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at the beginning of period
|
|
$
|
5,981.7
|
|
|
$
|
6,578.6
|
|
|
$
|
5,805.4
|
|
Additions during the period:
|
|
|
|
|
|
|
||||||
Other acquisitions
|
|
176.2
|
|
|
210.3
|
|
|
179.5
|
|
|||
Improvements
|
|
270.0
|
|
|
355.1
|
|
|
615.7
|
|
|||
Foreign currency
|
|
26.7
|
|
|
(191.7
|
)
|
|
426.9
|
|
|||
Deductions during the period:
|
|
|
|
|
|
|
||||||
Cost of real estate sold
|
|
(1,024.1
|
)
|
|
(970.6
|
)
|
|
(448.9
|
)
|
|||
Balance at close of period
|
|
$
|
5,430.5
|
|
|
$
|
5,981.7
|
|
|
$
|
6,578.6
|
|
|
|
For the year ended December 31,
|
||||||||||
(Dollars in millions)
|
|
2019
|
|
2018
|
|
2017
|
||||||
Balance at the beginning of period
|
|
$
|
406.5
|
|
|
$
|
344.0
|
|
|
$
|
230.3
|
|
Additions during the period:
|
|
|
|
|
|
|
||||||
Depreciation expense
|
|
110.2
|
|
|
110.8
|
|
|
128.2
|
|
|||
Deductions during the period:
|
|
|
|
|
|
|
||||||
Dispositions
|
|
(49.0
|
)
|
|
(36.0
|
)
|
|
(34.8
|
)
|
|||
Foreign currency
|
|
(0.9
|
)
|
|
(12.3
|
)
|
|
20.3
|
|
|||
Balance at close of period
|
|
$
|
466.8
|
|
|
$
|
406.5
|
|
|
$
|
344.0
|
|
Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
Item 9A.
|
Controls and procedures
|
Item 9B.
|
Other Information
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
Item 11.
|
Executive Compensation
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
Item 14.
|
Principal Accounting Fees and Services
|
Item 15.
|
Exhibits and Financial Statement Schedules
|
(1)
|
Financial Statements. See the accompanying Index to Consolidated Financial Statements, which appears on page 60 of the annual report. The Report of Independent Registered Public Accounting Firm, the Consolidated Financial Statements and the Notes to Consolidated Financial Statements listed in the Index to Consolidated Financial Statements, which appear beginning on page 61 of this report, are incorporated by reference into this Item 15.
|
(2)
|
Financial Statement Schedules. Schedule III is listed in the Index to Consolidated Financial Statements, which appear beginning on page 115 of this report, are incorporated by reference into this Item 15. All other Financial Statement Schedules have been omitted because the information required to be set forth therein is either not applicable or is included in the Consolidated Financial Statements or the notes thereto.
|
(3)
|
Exhibits. See Item 15(b) below.
|
Exhibit
No.
|
Description
|
Location
|
3.1
|
Filed as Exhibit 3.1 to Registrant’s Current Report on Form 8-K (File No.: 001-33824) filed June 19, 2014.
|
|
3.2
|
Filed as Exhibit 3.1 to Registrant’s Current Report on Form 8-K (001-33824) filed February 5, 2018.
|
|
3.3
|
Filed as Exhibit 3.3 to Registrants Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019
|
|
4.1
|
Filed as an Exhibit to the Registrant's Registration Statement on Amendment no. 1 to Form 8-A (File No.: 333-145110) filed on November 16, 2009 and incorporated by reference herein.
|
|
4.2
|
|
Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 12, 2014
|
4.3
|
|
Filed as Exhibit 4.2 to Registrant’s Current Report on Form 8-K (001-33824) filed March 26, 2014.
|
4.4
|
|
Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed November 10, 2014.
|
4.5
|
|
Filed as Exhibit 4.4 to Registrant’s Current Report on Form 8-K (001-33824) filed November 18, 2014.
|
4.6
|
|
Filed as Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 6, 2016.
|
4.7
|
|
Filed as Exhibit 10.2 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 6, 2016.
|
4.8
|
|
Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed August 5, 2016.
|
4.9
|
|
Filed as Exhibit 4.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 10, 2017.
|
4.10
|
|
Filed as Exhibit 4.10 to Registrant's Annual Report on Form 10-K (001-33824) filed February 27, 2018.
|
4.11
|
Filed as Exhibit 4.10 to Registrant’s Current Report on Form 8-K (001-33824) filed March 2, 2018.
|
4.12
|
Filed as Exhibit 10.2 to Registrant's Quarterly Report on Form 10-Q (001-33824) filed August 1, 2019.
|
|
4.13
|
Filed as Exhibit 4.11 to Registrant's Current Report on Form 8-K (001-33824) filed March 2, 2018
|
|
4.14
|
Filed as Exhibit 4.2 to Registrants Registration Statement on Form S-3 (File No. 333-235472) filed December 12, 2019.
|
|
4.15
|
Filed herewith
|
|
4.16
|
Filed herewith
|
|
10.1†
|
Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
|
|
10.2†
|
Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
|
|
10.3†
|
Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
|
|
10.4†
|
Filed as an Exhibit to Amendment No. 2 to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on October 23, 2009 and incorporated by reference herein.
|
|
10.5†
|
Filed as an Exhibit to Amendment No. 2 to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on October 23, 2009 and incorporated by reference herein.
|
|
10.6†
|
Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
|
|
10.7†
|
Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
|
|
10.8†
|
Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
|
10.22†
|
Filed as an Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4 (File No.: 333-162116) filed on September 24, 2009 and incorporated by reference herein.
|
|
10.23†
|
Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed August 8, 2014
|
|
10.24†
|
Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed August 14, 2018
|
|
10.25†
|
Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018
|
|
10.26†
|
Filed as Exhibit to the Registrant's Current Report on Form 8-K (File No.: 001-33824) filed January 30, 2012.
|
|
10.27†
|
Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed June 19, 2014.
|
|
10.28†
|
|
Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed June 16, 2017.
|
10.29†
|
|
Filed as Exhibit 10.114 to Registrant’s Annual Report on Form 10-K filed March 12, 2013.
|
10.30†
|
|
Filed as Exhibit 10.115 to Registrant’s Annual Report on Form 10-K filed March 12, 2013.
|
10.31†
|
|
Filed as Exhibit 10.116 to Registrant’s Annual Report on Form 10-K filed March 12, 2013.
|
10.32†
|
|
Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed July 18, 2014.
|
10.33†
|
|
Filed as Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed August 8, 2014
|
10.34†
|
|
Filed as an Exhibit to the Registrant's Current Report on Form 8-K (File No.: 001-33824) filed October 16, 2015
|
10.35†
|
Filed as Exhibit 10.3 to Registrant’s Current Report on Form 8-K (001-33824) filed November 21, 2017
|
|
10.36†
|
Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed November 21, 2017
|
|
10.37†
|
Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (001-33824) filed November 21, 2017
|
|
10.38†
|
Filed as Exhibit 10.30 to Registrant's Annual Report on Form 10-K (001-33824) filed February 27, 2018
|
|
10.39†
|
Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed December 30, 2014.
|
32.2
|
Filed herewith.
|
|
101
|
The following materials from Kennedy-Wilson Holdings, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2019 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets (ii) the Consolidated Statements of Operations and Comprehensive (Loss) Income (iii) the Consolidated Statements of Equity (iv) the Consolidated Statements of Cash Flows (v) related notes to those financial statements and (vi) Schedule III - Real Estate and Accumulated Depreciation.
|
Filed herewith.
|
†
|
Management Contract, Compensation Plan or Agreement.
|
|
|
|
KENNEDY-WILSON HOLDINGS, INC.,
a Delaware corporation
|
||
|
|
|
By:
|
|
/s/ WILLIAM J. MCMORROW
|
|
|
William J. McMorrow
|
|
|
Chief Executive Officer
|
|
|
|
|
|
Name
|
|
Title
|
|
Date
|
|
|
|
||
/S/ WILLIAM J. MCMORROW
William J. McMorrow
|
|
Chief Executive Officer (principal executive officer) and Chairman
|
|
February 28, 2020
|
|
|
|
||
/S/ JUSTIN ENBODY
Justin Enbody
|
|
Chief Financial Officer (principal financial officer and principal accounting officer)
|
|
February 28, 2020
|
|
|
|
||
/S/ RICHARD BOUCHER
Richard Boucher |
|
Director
|
|
February 28, 2020
|
|
|
|
|
|
/S/ TREVOR BOWEN
Trevor Bowen |
|
Director
|
|
February 28, 2020
|
|
|
|
|
|
/S/ NORM CREIGHTON
Norm Creighton
|
|
Director
|
|
February 28, 2020
|
|
|
|
|
|
/S/ CATHY HENDRICKSON
Cathy Hendrickson
|
|
Director
|
|
February 28, 2020
|
|
|
|
|
|
/S/ DAVID A. MINELLA
David A. Minella
|
|
Director
|
|
February 28, 2020
|
|
|
|
||
/S/ KENT MOUTON
Kent Mouton
|
|
Director
|
|
February 28, 2020
|
|
|
|
||
/S/ MARY RICKS
Mary Ricks |
|
Director
|
|
February 28, 2020
|
|
|
|
|
|
/S/ JERRY R. SOLOMON
Jerry R. Solomon
|
|
Director
|
|
February 28, 2020
|
|
|
|
||
/s/ JOHN R. TAYLOR
John Taylor
|
|
Director
|
|
February 28, 2020
|
|
|
|
|
|
/S/ SANAZ ZAIMI
Sanaz Zaimi
|
|
Director
|
|
February 28, 2020
|
|
|
|
|
|
/S/ STANLEY ZAX
Stanley Zax
|
|
Director
|
|
February 28, 2020
|
|
|
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Secretary
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Secretary
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President and Secretary
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ In Ku Lee
Name: In Ku Lee |
Title:
|
Vice President, Secretary and Treasurer
|
By:
|
/s/ Jane Schweiger
Name: Jane Schweiger |
By:
|
/s/ Kent Mouton
|
Name of
Guarantor |
Type of Organization
|
Jurisdiction of Incorporation/Organization
|
Taxpayer ID/
Identification Number |
KW 2013EE LLC
|
Limited liability company
|
Delaware
|
46-3926730
|
KW EU PRS Investor, LLC
|
Limited liability company
|
Delaware
|
46-3926759
|
KW Rosewood Premiere, LLC
|
Limited liability company
|
Delaware
|
46-3926828
|
KW River Pointe Premier, LLC
|
Limited liability company
|
Delaware
|
46-3926914
|
KW Kawana Springs, LLC
|
Limited liability company
|
Delaware
|
46-3926967
|
KW Quebec Participant, LLC
|
Limited liability company
|
Delaware
|
46-3927000
|
KW Quebec Asset Manager, LLC
|
Limited liability company
|
Delaware
|
46-3927085
|
KW Real Estate II Equity, LLC
|
Limited liability company
|
Delaware
|
46-3927126
|
KW Real Estate II Carry, LLC
|
Limited liability company
|
Delaware
|
46-3927168
|
KW Real Estate II GP, LLC
|
Limited liability company
|
Delaware
|
46-3927224
|
KW Sunset CP Participant, LLC
|
Limited liability company
|
Delaware
|
46-3927274
|
KW Sunset CP Asset Manager, LLC
|
Limited liability company
|
Delaware
|
46-3927324
|
KW CP West Hills Participant, LLC
|
Limited liability company
|
Delaware
|
46-3927382
|
KW CP West Hills Asset Manager, LLC
|
Limited liability company
|
Delaware
|
46-3927427
|
KW Linder Road, LLC
|
Limited liability company
|
Delaware
|
46-3927471
|
KW Seattle Office Portfolio GP, LLC
|
Limited liability company
|
Delaware
|
46-3927557
|
KW CDO Investor, LLC
|
Limited liability company
|
Delaware
|
46-3927600
|
KW Hamilton Landing – Land, LLC
|
Limited liability company
|
Delaware
|
46-3938712
|
KW Rancho Mirage Loan, LLC
|
Limited liability company
|
Delaware
|
46-3938770
|
KW Sunset North, LLC
|
Limited liability company
|
Delaware
|
46-3938810
|
KW Heights Investor, LLC
|
Limited liability company
|
Delaware
|
81-4189146
|
KW Burlingame Point Loan, LLC
|
Limited liability company
|
Delaware
|
81-4189356
|
Kennedy‐Wilson Fund Management Group, LLC
|
California
|
Limited liability company
|
Kennedy‐Wilson International
|
California
|
Corporation
|
Kennedy‐Wilson Nevada Management, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Ohio Management, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Pennsylvania Management, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Properties Northwest, Ltd
|
Washington
|
Corporation
|
Kennedy‐Wilson Properties of Arizona Ltd.
|
Arizona
|
Corporation
|
Kennedy‐Wilson Properties of Texas Ltd.
|
Texas
|
Corporation
|
Kennedy‐Wilson Properties, Ltd.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Properties, Ltd.
|
Illinois
|
Corporation
|
Kennedy‐Wilson Property Equity II, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Property Equity III, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Property Equity, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Property Services II, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Property Services III GP, LLC
|
Delaware
|
Limited liability company
|
Kennedy‐Wilson Property Services III, LP
|
Delaware
|
Limited Partnership
|
Kennedy‐Wilson Property Services IV, GP, LLC
|
Delaware
|
Limited liability company
|
Kennedy‐Wilson Property Services IV, L.P.
|
Delaware
|
Limited Partnership
|
Kennedy‐Wilson Property Services V, LLC
|
Delaware
|
Limited liability company
|
Kennedy‐Wilson Property Services, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Property Special Equity II, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Property Special Equity III, LLC
|
Delaware
|
Limited liability company
|
Kennedy‐Wilson Property Special Equity IV, LLC
|
Delaware
|
Limited liability company
|
Kennedy‐Wilson Property Special Equity, Inc.
|
Delaware
|
Corporation
|
Kennedy‐Wilson Tech, Ltd.
|
California
|
Corporation
|
Kennedy‐Wilson, Inc.
|
Delaware
|
Corporation
|
Kohanaiki Shores LLC
|
Delaware
|
Limited liability company
|
KW ‐ Richmond, LLC
|
Delaware
|
Limited liability company
|
KW 1200 Main , LLC
|
Delaware
|
Limited liability company
|
KW 150 El Camino LLC
|
Delaware
|
Limited liability company
|
KW 2012T, LLC Artemis Portfolio
|
Delaware
|
Limited liability company
|
KW 2013J LLC
|
Delaware
|
Limited liability company
|
KW 2016I
|
Delaware
|
Limited liability company
|
KW 2016J
|
Delaware
|
Limited liability company
|
KW 2016K
|
Delaware
|
Limited liability company
|
KW 2016L
|
Delaware
|
Limited liability company
|
KW 2016M
|
Delaware
|
Limited liability company
|
KW 2016N
|
Delaware
|
Limited liability company
|
KW 2016O
|
Delaware
|
Limited liability company
|
KW 2016P
|
Delaware
|
Limited liability company
|
KW 2016Q
|
Delaware
|
Limited liability company
|
KW 2016R
|
Delaware
|
Limited liability company
|
KW 2016S
|
Delaware
|
Limited liability company
|
KW 2016T
|
Delaware
|
Limited liability company
|
KW 2016U
|
Delaware
|
Limited liability company
|
KW 2016V
|
Delaware
|
Limited liability company
|
KW 2016W
|
Delaware
|
Limited liability company
|
KW 2016X
|
Delaware
|
Limited liability company
|
KW 2016Y
|
Delaware
|
Limited liability company
|
KW 2016Z
|
Delaware
|
Limited liability company
|
KW 2019 A
|
Delaware
|
Limited liability company
|
KW 2019 B
|
Delaware
|
Limited liability company
|
KW 2019C
|
Delaware
|
Limited liability company
|
KW 2019D
|
Delaware
|
Limited liability company
|
KW 2019E
|
Delaware
|
Limited liability company
|
KW 2019F
|
Delaware
|
Limited liability company
|
KW 2019G
|
Delaware
|
Limited liability company
|
KW 2019H
|
Delaware
|
Limited liability company
|
KW 2019I
|
Delaware
|
Limited liability company
|
KW 2019J
|
Delaware
|
Limited liability company
|
KW 5200 Lankershim Manager, LLC
|
Delaware
|
Limited liability company
|
KW 75‐489 Nani Kailua, LLC
|
Delaware
|
Limited liability company
|
KW 90 East
|
Delaware
|
Limited liability company
|
KW 9350 Civic Center Drive, LLC
|
Delaware
|
Limited liability company
|
KW ABQ, LLC
|
Delaware/NM
|
Limited liability company
|
KW Alameda LLC
|
Delaware
|
Limited liability company
|
KW Alameda Member LLC
|
Delaware
|
Limited liability company
|
KW Albuquerque Far North
|
Delaware
|
Limited liability company
|
KW Alpine Meadows, LLC
|
Delaware
|
Limited liability company
|
KW America Multifamily Manager II, LLC
|
Delaware
|
Limited liability company
|
KW America Multifamily Manager, LLC
|
California
|
Limited liability company
|
KW Armacost, LLC
|
Delaware
|
Limited liability company
|
KW Atlas, LLC
|
Delaware
|
Limited liability company
|
KW Baker, LLC
|
Delaware
|
Limited liability company
|
KW BASGF II Executives LLC
|
Delaware
|
Limited liability company
|
KW BASGF II Manager, LLC
|
Delaware
|
Limited liability company
|
KW Boise Plaza, LLC
|
Delaware
|
Limited liability company
|
KW Bozeman Investors, LLC
|
Delaware
|
Limited liability company
|
KW Bradley Square, LLC
|
Delaware
|
Limited liability company
|
KW Burlingame Point Loan, LLC
|
Delaware
|
Limited liability company
|
KW Camarillo Land, LLC
|
Delaware
|
Limited liability company
|
KW CIG Management Services, LLC
|
Delaware
|
Limited liability company
|
KW Club Palisades Manager, LLC
|
Delaware
|
Limited liability company
|
KW Club Palisades, LLC
|
Delaware
|
Limited liability company
|
KW Cottonwood, LLC
|
Delaware
|
Limited liability company
|
KW Creekview Shopping Center, LLC
|
Delaware
|
Limited liability company
|
KW Currier Square Shopping Center, LLC
|
Delaware
|
Limited liability company
|
KW Cypress, LLC
|
Delaware
|
Limited liability company
|
KW CDO Investor, LLC
|
Delaware
|
Limited liability company
|
KW CP West Hills Asset Manager, LLC
|
Delaware
|
Limited liability company
|
KW CP West Hills Participant, LLC, LLC
|
Delaware
|
Limited liability company
|
KW Desert Ramrod Executives, LLC
|
Delaware
|
Limited liability company
|
KW Desert Ramrod Sponsor, LLC
|
Delaware
|
Limited liability company
|
KW Dillingham Ranch Aina LLC
|
Delaware
|
Limited liability company
|
KW Eden Plaza, LLC
|
Delaware
|
Limited liability company
|
KW El Camino, LLC
|
Delaware
|
Limited liability company
|
KW Equinox, LLC
|
Delaware
|
Limited liability company
|
KW EU Investors I, LLC
|
Delaware
|
Limited liability company
|
KW EU Investors II, LLC
|
Delaware
|
Limited liability company
|
KW EU Investors III, LLC
|
Delaware
|
Limited liability company
|
KW EU Investors IV
|
Delaware
|
Limited liability company
|
KW EU Investors IX, LLC
|
Delaware
|
Limited liability company
|
KW EU Investors V
|
Delaware
|
Limited liability company
|
KW EU Investors VII
|
Delaware
|
Limited liability company
|
KW EU Investors VIII
|
Delaware
|
Limited liability company
|
KW EU Investors X, LLC
|
Delaware
|
Limited liability company
|
KW EU Loan Partners II, LLC
|
Delaware
|
Limited liability company
|
KW EU Loan Partners III, LLC
|
Delaware
|
Limited liability company
|
KW EU PRS Investor, LLC
|
Delaware
|
Limited liability company
|
KW Europe Investors I, LLC
|
Delaware
|
Limited liability company
|
KW Europe Investors II, LLC
|
Delaware
|
Limited liability company
|
KW Europe Investors III, LLC
|
Delaware
|
Limited liability company
|
KW Europe Investors IV, LLC
|
Delaware
|
Limited liability company
|
KW Executives ‐ Richmond, LLC
|
California
|
Limited liability company
|
KW Executives Pacifica Partners, LLC
|
California
|
Limited liability company
|
KW Family Orem Shopping Center State Plaza, LLC
|
Delaware
|
Limited liability company
|
KW Fife, LLC
|
Delaware
|
Limited liability company
|
KW Fifth and Madison Property Executives, LLC
|
Delaware
|
Limited liability company
|
KW Foothill Place Executives, LLC
|
Delaware
|
Limited liability company
|
KW Foothill Place Member, LLC
|
Delaware
|
Limited liability company
|
KW Foothill Place, LLC
|
Delaware
|
Limited liability company
|
KW ‐ Fort Union, LLC
|
Delaware
|
Limited liability company
|
KW Four Points, LLC
|
California
|
Limited liability company
|
KW Fourth Plain, LLC
|
Delaware
|
Limited liability company
|
KW Fund I ‐ Hegenberger General Partner LLC
|
Delaware
|
Limited liability company
|
KW Fund III ‐ (QP‐A) ‐ Club Palisades, LLC
|
Delaware
|
Limited liability company
|
KW Fund IV ‐ Kohanaiki, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ 129 Paoakalani, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ 2241 Kapiolani, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ 303 17th Ave, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Ash Way
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Brand
|
Delaware
|
Limited liability company
|
KW Fund V ‐ CCE, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Eastgate, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Harbour Pointe (Alara)
|
Delaware
|
Limited liability company
|
KW Fund V ‐ LIV Bel‐Red, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ REIT C0‐Manager, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ REIT Holdings, LLC
|
Delaware
|
Limited liability company
|
KW Fund V - REIT Holdings TRS LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Roseville Parkway, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Sandman, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ SLC Retail
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Sunnyside, LLC
|
Delaware
|
Limited liability company
|
KW Fund V ‐ Willows Commerce Park LLC
|
Delaware
|
Limited liability company
|
KW Fund VI - Arapahoe I LLC
|
Delaware/Colorado
|
Limited liability company
|
KW Fund VI - Arapahoe II LLC
|
Delaware/Colorado
|
Limited liability company
|
KW Fund VI - Canyon Park East, LLC
|
Delaware
|
Limited liability company
|
KW Fund VI ‐ Draper, LLC
|
Delaware
|
Limited liability company
|
KW Fund VI - Inverness, LLC
|
Delaware/Colorado
|
Limited liability company
|
KW Fund VI Milpitas, LLC
|
Delaware
|
Limited liability company
|
KW Fund VI - LAX Parking, LLC
|
Delaware/California
|
Limited liability company
|
KW Fund VI QuikPark Co-Invest LP
|
Delaware
|
Limited liability company
|
KW Fund VI - Raytheon LLC
|
Delaware/Colorado
|
Limited liability company
|
KW Fund VI ‐ Redmond East, LLC
|
Delaware
|
Limited liability company
|
KW Fund VI ‐ Riverboat Road
|
Delaware
|
Limited liability company
|
KW Fund VI ‐ REIT C0‐Manager, LLC
|
Delaware
|
Limited liability company
|
KW Fund VI ‐ REIT Holdings TRS LLC
|
Delaware
|
Limited liability company
|
KW Fund VI Non REIT Holdings, LLC
|
Delaware
|
Limited liability company
|
KW Fund VI REI Holdings, LLC
|
Delaware
|
Limited liability company
|
KW Fund VI - San Mateo
|
Delaware/California
|
Limited liability company
|
KW Fund VI - SE Denver Flex Portfolio LLC
|
Delaware
|
Limited liability company
|
KW Fund VI Stone Cliff Apartments, LLC
|
Delaware/Colorado
|
Limited liability company
|
KW Fund VI - Third Street Promenade, LLC
|
Delaware/California
|
Limited liability company
|
KW Fund VI ‐ Valley Oaks, LLC
|
Delaware
|
Limited liability company
|
KW F5 Tower,LLC
|
Delaware
|
Limited liability company
|
KW Golden State Towers Loan, LLC*
|
Delaware
|
Limited liability company
|
KW Hamilton Landing, LLC
|
Delaware
|
Limited liability company
|
KW Hamilton Landing - Land, LLC
|
Delaware
|
Limited liability company
|
KW Hanover Quay, LLC
|
Delaware
|
Limited liability company
|
KW Happy Valley, LLC
|
Delaware
|
Limited liability company
|
KW Harbor II, LLC
|
Delaware
|
Limited liability company
|
KW Harbor, LLC
|
Delaware
|
Limited liability company
|
KW Harrington Square, LLC
|
Delaware
|
Limited liability company
|
KW Harrington, LLC
|
Delaware
|
Limited liability company
|
KW Hawaii Development LLC
|
Hawaii
|
Limited liability company
|
KW Hawaii Executives, LLC
|
California
|
Limited liability company
|
KW Hawaii, Inc.
|
Delaware
|
Limited liability company
|
KW Hedges Creek, LLC
|
Delaware
|
Limited liability company
|
KW Heights Investor, LLC
|
Delaware
|
Limited liability company
|
KW Hidden Creek, LLC
|
Delaware
|
Limited liability company
|
KW Hillcrest Shopping Center, LLC
|
Delaware
|
Limited liability company
|
KW Hilltop Manager II, LLC
|
Delaware
|
Limited liability company
|
KW Holiday Village Sopping Center, LLC
|
Delaware
|
Limited liability company
|
KW Indigo Land, LLC
|
California
|
Limited liability company
|
KW Indigo TIC
|
Delaware
|
Limited liability company
|
KW Indigo, LLC
|
Delaware
|
Limited liability company
|
KW Investment Adviser, LLC
|
Delaware
|
Limited liability company
|
KW Ireland, LLC
|
Delaware
|
Limited liability company
|
KW James Street Manager, LLC
|
California
|
Limited liability company
|
KW Jororo ‐ 129 Paoakalani, LLC
|
California
|
Limited liability company
|
KW Jororo‐ 2241 Kapiolani, LLC
|
Delaware
|
Limited liability company
|
KW Kawana Spring, LLC
|
Delaware
|
Limited liability company
|
KW Kirker Creek Executives, LLC
|
Delaware
|
Limited liability company
|
KW Kirker Creek, LLC
|
Delaware
|
Limited liability company
|
K‐W Kohanaiki Group, Inc.
|
Delaware
|
Limited liability company
|
KW Kohanaiki Shores Member, LLC
|
California
|
Limited liability company
|
KW Kohanaiki Lots
|
Delaware
|
Limited liability company
|
KW Kona Investors Manager, LLC
|
Delaware
|
Limited liability company
|
KW Kona Investors, LLC
|
Delaware
|
Limited liability company
|
KW Kona LLC
|
Delaware
|
Limited liability company
|
KW Lake Merritt, LLC
|
Hawaii
|
Limited liability company
|
KW Lakeland, LLC
|
Delaware
|
Limited liability company
|
KW Liberty Lake, LLC
|
Delaware
|
Limited liability company
|
KW Linder Road, LLC
|
Delaware
|
Limited liability company
|
KW Loan Partners VII, LLC
|
Delaware
|
Limited liability company
|
KW Loan Partners VIII, LLC
|
Delaware
|
Limited liability company
|
KW LV 3 Sponsor, LLC
|
Delaware
|
Limited liability company
|
KW Manhattan Beach Studios Loan, LLC*
|
Delaware
|
Limited liability company
|
KW Marina View Land Partners, LLC
|
Delaware
|
Limited liability company
|
KW Marina View Venture, LLC
|
Delaware
|
Limited liability company
|
KW Marina View, LLC
|
Delaware
|
Limited liability company
|
KW Midvale, LLC
|
Delaware
|
Limited liability company
|
KW Montclair Executives, LLC
|
Delaware
|
Limited liability company
|
KW Montclair, LLC
|
California
|
Limited liability company
|
KW Mount Hood, LLC
|
Delaware
|
Limited liability company
|
KW Multi‐Family Management Group, LLC
|
Delaware
|
Limited liability company
|
KW MW Lakeharbor, LLC
|
Delaware
|
Limited liability company
|
KW MW Mullan, LLC
|
Delaware
|
Limited liability company
|
KW NB LLC
|
Delaware
|
Limited liability company
|
K‐W Northstar Beverage, LLC
|
Delaware
|
Limited liability company
|
KW Northstar Venture Penthouses, LLC
|
California
|
Limited liability company
|
KW Northstar Ventures, LLC
|
Delaware
|
Limited liability company
|
KW NWLA CDF I Manager LLC
|
Delaware
|
Limited liability company
|
KW Olympia LLC
|
Delaware
|
Limited liability company
|
KW One Baxter Way GP, LLC
|
Delaware
|
Limited liability company
|
KW Onyx, TIC
|
California
|
Limited liability company
|
KW Pacifica, LLC
|
California
|
Limited liability company
|
KW Park Santa Fe, LLC
|
Delaware
|
Limited liability company
|
KW PCCP Montclair, LLC
|
Delaware
|
Limited liability company
|
KW Pioneer Shopping Center, LLC
|
Delaware
|
Limited liability company
|
KW Portfolio Fifth and Madison Property Manager, LL
|
Delaware
|
Limited liability company
|
K‐W Portfolio Group I, Inc.
|
Delaware
|
Limited liability company
|
KW Portfolio XII Manager LLC
|
Delaware
|
Limited liability company
|
KW Portfolio XIII, LLC
|
Delaware
|
Limited liability company
|
KW Portland Southgate, LLC
|
Delaware
|
Limited liability company
|
K‐W Properties
|
Delaware
|
Corporation
|
K‐W Properties II, Inc.
|
Delaware
|
Corporation
|
KW Property Fund II, L.P.
|
California
|
Limited liability company
|
KW Property Fund III (QP‐A) L.P.
|
Delaware
|
Limited Partnership
|
KW Property Fund III, L.P.
|
Delaware
|
Limited liability company
|
KW Quebec Participant, LLC
|
Delaware
|
Limited liability company
|
KW Quebec Asset Manager, LLC
|
Delaware
|
Limited liability company
|
KW Radius, LLC
|
Delaware
|
Limited liability company
|
KW Ravenswood Equity LLC
|
Delaware
|
Limited liability company
|
KW RC Happey Valley, LLC
|
Delaware
|
Limited liability company
|
KW Rancho Mirage Loan, LLC
|
Delaware
|
Limited liability company
|
KW Real Estate Venture XIII, LLC
|
Delaware
|
Limited liability company
|
KW Real Estate II GP, LLC
|
Delaware
|
Limited liability company
|
KW Real Estate II Carry, LLC
|
Delaware
|
Limited liability company
|
KW Real Estate II Equity, LLC
|
Delaware
|
Limited liability company
|
KW Redcliff Shopping Center LLC
|
Delaware
|
Limited liability company
|
KW Redmond Manager, LLC
|
Delaware
|
Limited liability company
|
KW Redmond, LLC
|
Delaware
|
Limited liability company
|
KW Residential Capital, LLC
|
Delaware
|
Limited liability company
|
KW Residential, LLC
|
Delaware
|
Limited liability company
|
KW Richfield Plaza, LLC
|
Delaware
|
Limited liability company
|
KW River Pointe, LLC
|
Delaware
|
Limited liability company
|
KW River Pointe Premiere, LLC
|
Delaware
|
Limited liability company
|
KW Riverdale and 36, LLC
|
Delaware
|
Limited liability company
|
KW Riverstone Lane, LLC
|
Delaware
|
Limited liability company
|
KW Riverwalk, LLC
|
Delaware
|
Limited liability company
|
KW Rosewood Premiere, LLC
|
Delaware
|
Limited liability company
|
KW Sacramento, LLC
|
Delaware
|
Limited liability company
|
KW Sandpiper, LLC
|
Delaware
|
Limited liability company
|
KW Santa Clarita Townhomes, LLC
|
Delaware
|
Limited liability company
|
K‐W Santiago Inc.
|
Delaware
|
Corporation
|
KW Seattle Office Portfolio GP, LLC
|
Delaware
|
Limited liability company
|
KW Savier Street, LLC
|
California
|
Limited liability company
|
KW Securities, LLC
|
Delaware
|
Limited liability company
|
KW Serenade Manager, LLC
|
Delaware
|
Limited liability company
|
KW Sky Valley, LLC
|
Delaware
|
Limited liability company
|
KW State Street, LLC
|
Delaware
|
Limited liability company
|
KW Stoneridge, LLC
|
Delaware
|
Limited liability company
|
KW Summer House Manager, LLC
|
Delaware
|
Limited liability company
|
KW Sunset CP Asset Manager, LLC
|
Delaware
|
Limited liability company
|
KW Sunset CP Participant, LLC
|
Delaware
|
Limited liability company
|
KW Sunset North, LLC
|
Delaware
|
Limited liability company
|
KWSB ABQ Owner, LLC
|
Delaware
|
Limited liability company
|
KWSB Pacifica Owner, LLC
|
Delaware/WA
|
Limited liability company
|
KWSB Real Estate Venture I, LLC
|
Delaware
|
Limited liability company
|
KWSB Real Estate Venture II, LLC
|
Delaware
|
Limited liability company
|
KWSB Real Estate Venture III, LLC
|
Delaware
|
Limited liability company
|
KWSB Real Estate Venture IV, LLC
|
Delaware
|
Limited liability company
|
KWSB Riverwalk Owner, LLC
|
Delaware/Oregon
|
Limited liability company
|
KW Tacoma Apartments, LLC
|
Delaware
|
Limited liability company
|
KW Tacoma Condos, LLC
|
Delaware
|
Limited liability company
|
KW Taylor Yard 55, LLC
|
Delaware
|
Limited liability company
|
KW Terra West Executives, LLC
|
Delaware
|
Limited liability company
|
KW Terra West Sponsor
|
Delaware
|
Limited liability company
|
KW Tumwater, LLC
|
Delaware
|
Limited liability company
|
KW UK Loan Partners, LLC
|
Delaware
|
Limited liability company
|
KW University Glen Executives, LLC
|
Delaware
|
Limited liability company
|
KW University Glen Manager, LLC
|
Delaware
|
Limited liability company
|
KW University Glen, LLC
|
Delaware
|
Limited liability company
|
KW University Partners, LLC
|
Delaware
|
Limited liability company
|
KW University Place, LLC
|
Delaware
|
Limited liability company
|
KW UR Investments 1, LLC
|
Delaware
|
Limited liability company
|
KW UR Investments 2, LLC
|
Delaware
|
Limited liability company
|
KW UR Investments 3, LLC
|
Delaware
|
Limited liability company
|
KW UR Investments 4, LLC
|
Delaware
|
Limited liability company
|
KW UR Investments 5 LLC
|
Delaware
|
Limited liability company
|
KW UR Investments 6, LLC
|
Delaware
|
Limited liability company
|
KW UR Investments 7, LLC
|
Delaware
|
Limited liability company
|
KW Vallejo TIC, LLC
|
Delaware
|
Limited liability company
|
KW Victory Land Loan, LLC
|
Delaware
|
Limited liability company
|
KW Victory Plaza Loan, LLC
|
Delaware
|
Limited liability company
|
KW Volare, LLC
|
Delaware/NV
|
Limited liability company
|
KW Waseda Executives, LLC
|
Delaware
|
Limited liability company
|
KW Westmoreland TIC
|
Delaware
|
Limited liability company
|
KW Whitewater Park, LLC
|
Delaware
|
Limited liability company
|
KW/AB Desert Ramrod Holdings, LLC
|
Delaware
|
Limited liability company
|
KW/AB Terra West Holdings, LLC
|
Delaware
|
Limited liability company
|
KW/KDX Bailey JV, LLC
|
Delaware
|
Limited liability company
|
KW/LF ‐ Malibu Sands, LLC
|
Delaware
|
Limited liability company
|
KW/LF 7080 Hollywood, LLC
|
Delaware
|
Limited liability company
|
KW/LF Equinox, LLC
|
California
|
Limited liability company
|
KW/LF Radius, LLC
|
Delaware
|
Limited liability company
|
KW/WDC West Campus, LLC
|
Delaware
|
Limited liability company
|
KW/WDC Westmoreland Executives, LLC
|
Delaware
|
Limited liability company
|
KW/WDC Westmoreland, LLC
|
Delaware
|
Limited liability company
|
KWF Executives IV, LLC
|
California
|
Limited liability company
|
KWF Investors I, LLC
|
California
|
Limited liability company
|
KWF Investors III, LLC
|
Delaware
|
Limited liability company
|
KWF Investors IV, LLC
|
Delaware
|
Limited liability company
|
KWF Investors V, LLC
|
Delaware
|
Limited liability company
|
KWF Investors VII, LLC
|
Delaware
|
Limited liability company
|
KWF Manager I, LLC
|
Delaware
|
Limited liability company
|
KWF Manager II, LLC
|
Delaware
|
Limited liability company
|
KWF Manager III, LLC
|
Delaware
|
Limited liability company
|
KWF Manager IV, LLC
|
Delaware
|
Limited liability company
|
KWF Manager IX, LLC
|
Delaware
|
Limited liability company
|
KWF Manager VI, LLC
|
Delaware
|
Limited liability company
|
KWF Manager VII, LLC
|
Delaware
|
Limited liability company
|
KWF Manager X, LLC
|
Delaware
|
Limited liability company
|
KWF Manager XI, LLC
|
Delaware
|
Limited liability company
|
KWF Manager XII, LLC
|
Delaware
|
Limited liability company
|
KWF Manager XIII, LLC
|
Delaware
|
Limited liability company
|
KWF Manager XIV, LLC
|
Delaware
|
Limited liability company
|
KWF Real Estate Venture Azure, LLC
|
Delaware
|
Limited liability company
|
KWF Real Estate Venture III, L.P.
|
Delaware
|
Limited Partnership
|
KWF Real Estate Venture IV, L.P.
|
Delaware
|
Limited Partnership
|
KWF Real Estate Venture IV Loan. LLC
|
Delaware
|
Limited liability company
|
KWF Real Estate Venture VII, LP
|
Delaware
|
Limited Partnership
|
KWF Real Estate Venture X, L.P.
|
Delaware
|
Limited Partnership
|
KWF Real Estate Venture XI, LP
|
Delaware
|
Limited Partnership
|
KWF Real Estate Venture XII, LP
|
Delaware
|
Limited Partnership
|
KWF Real Estate Venture XIII, L.P.
|
Delaware
|
Limited Partnership
|
KWI Property Fund I, L.P.
|
Delaware
|
Limited liability company
|
KW‐Northstar Ventures, LLC
|
Delaware
|
Limited liability company
|
KWP Financial
|
Delaware
|
Corporation
|
KWP Financial I
|
Delaware
|
Limited liability company
|
KWP Financial XI, LLC
|
California
|
Corporation
|
KW‐VHH Member, LLC
|
California
|
Corporation
|
KW‐VHH, LLC
|
California
|
Limited liability company
|
LFPI Invest, LLC
|
California
|
Limited liability company
|
Mokuleia Shores Holder LLC
|
Delaware
|
Limited liability company
|
BCORE MF Monaco Park LLC
|
Delaware
|
Limited liability company
|
North Shore Water Company LLC
|
Hawaii
|
Limited liability company
|
Northwest Louisiana Community Development Fund I
|
Delaware
|
Limited liability company
|
One Baxter Way GP, LLC
|
Delaware
|
Limited liability company
|
One Baxter Way JV, LLC
|
Delaware
|
Limited liability company
|
One Baxter Way, LP
|
Delaware
|
Limited liability company
|
Pacifica East Coast Partners, LLC
|
Delaware
|
Limited liability company
|
Pacifica Partners, LLC
|
Delaware
|
Limited liability company
|
Pacifica West Coast Partners, LLC
|
Delaware
|
Limited liability company
|
QuikPark Blocker, LLC
|
Delaware
|
Limited liability company
|
QuikPark Owners, LLC
|
Delaware/California
|
Limited liability company
|
QuikPark Pooling, LLC
|
Delaware
|
Limited liability company
|
Riverscape Parkway, LLC
|
Delaware
|
Limited liability company
|
Rutter/Kohanaiki, LLC
|
California
|
Limited liability company
|
Santa Maria Land Partners Manager, LLC
|
Delaware
|
Limited liability company
|
Santa Maria Land Partners, LLC
|
California
|
Limited liability company
|
Santiago Land Holdings, LLC
|
Delaware
|
Limited liability company
|
Seattle Office Portfolio, L.P.
|
Delaware
|
Limited liability company
|
Sunset North Owner, LLC
|
Delaware
|
Limited liability company
|
SG KW Venture I Manager, LLC
|
Delaware
|
Limited liability company
|
SoCal Baker, LLC
|
Delaware
|
Limited liability company
|
Socal Harbor, LLC
|
Delaware
|
Limited liability company
|
Southern Oaks Apartment Homes
|
Delaware
|
Limited liability company
|
SV Investment East Coast Partners, LLC
|
Delaware
|
Limited liability company
|
SV Investment Group Partners Manager, LLC
|
California
|
Limited liability company
|
SV Investment Group Partners, LLC
|
Delaware
|
Limited liability company
|
SV Investment West Coast Partners, LLC
|
Delaware
|
Limited liability company
|
Village Square Apartment Homes
|
Delaware
|
Limited liability company
|
Waseda Partners, LLC
|
Delaware
|
Limited liability company
|
WDC Babcock Fairways, LLC
|
Delaware
|
Limited liability company
|
Woodlands Village Shopping Center, LLC
|
Delaware
|
Limited liability company
|
1.
|
I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2019 of Kennedy-Wilson Holdings, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ WILLIAM J. MCMORROW
|
|
William J. McMorrow
Chief Executive Officer
|
|
1.
|
I have reviewed this Annual Report on Form 10-K for the period ended December 31, 2019 of Kennedy-Wilson Holdings, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/JUSTIN ENBODY
|
|
Justin Enbody
Chief Financial Officer
|
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
February 28, 2020
|
|
/s/ WILLIAM J. MCMORROW
|
|
|
|
William J. McMorrow
Chief Executive Officer
|
1.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
February 28, 2020
|
|
/s/ JUSTIN ENBODY
|
|
|
|
Justin Enbody
Chief Financial Officer
|