☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 26-0508760 | |||||||
(State or Other Jurisdiction of
Incorporation or Organization) |
(I.R.S. Employer
Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on which Registered | ||||||
Common Stock, $.0001 par value | KW | NYSE |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | |||||||||||||||||
Non-accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||||||||||||||||
Emerging Growth Company | ☐ |
Page | ||||||||||||||
PART I | ||||||||||||||
Item 1. | ||||||||||||||
Item 1A. | ||||||||||||||
Item 1B. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
PART II | ||||||||||||||
Item 5. | ||||||||||||||
Item 6. | ||||||||||||||
Item 7. | ||||||||||||||
Item 7A. | ||||||||||||||
Item 8. | ||||||||||||||
Item 9. | ||||||||||||||
Item 9A. | ||||||||||||||
Item 9B. | ||||||||||||||
PART III | ||||||||||||||
Item 10. | ||||||||||||||
Item 11. | ||||||||||||||
Item 12. | ||||||||||||||
Item 13. | ||||||||||||||
Item 14. | ||||||||||||||
PART IV | ||||||||||||||
Item 15. |
(In millions, except per share amounts) | Year Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Statements of income data and dividends: | ||||||||||||||||||||||||||||||||
Revenue | $ | 450.9 | $ | 569.7 | $ | 773.5 | $ | 801.8 | $ | 690.4 | ||||||||||||||||||||||
Net income to Kennedy-Wilson Holdings Inc. common shareholders(1)
|
92.9 | 224.1 | 150.0 | 100.5 | 2.8 | |||||||||||||||||||||||||||
Basic income per share | 0.66 | 1.60 | 1.04 | 0.83 | 0.01 | |||||||||||||||||||||||||||
Dividends declared per share of common stock
|
0.88 | 0.85 | 0.78 | 0.70 | 0.56 | |||||||||||||||||||||||||||
Adjusted EBITDA(2)
|
608.0 | 728.1 | 712.7 | 455.7 | 349.9 | |||||||||||||||||||||||||||
Adjusted EBITDA annual increase (decrease) | (16) | % | 2 | % | 56 | % | 30 | % | ||||||||||||||||||||||||
Adjusted Net Income(2)
|
306.9 | 442.5 | 397.0 | 242.5 | 191.3 | |||||||||||||||||||||||||||
Adjusted Net Income annual increase (decrease) | (31) | % | 11 | % | 64 | % | 27 | % | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Balance sheet data: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 965.1 | $ | 573.9 | $ | 488.0 | $ | 351.3 | $ | 885.7 | ||||||||||||||||||||||
Total assets | 7,329.0 | 7,304.5 | 7,381.8 | 7,724.8 | 7,656.6 | |||||||||||||||||||||||||||
Mortgage debt | 2,589.8 | 2,641.0 | 2,950.3 | 3,156.6 | 2,770.4 | |||||||||||||||||||||||||||
KW unsecured debt | 1,332.2 | 1,131.7 | 1,202.0 | 1,179.4 | 934.1 | |||||||||||||||||||||||||||
KWE unsecured bonds | 1,172.5 | 1,274.2 | 1,260.5 | 1,325.9 | 1,185.7 | |||||||||||||||||||||||||||
Kennedy Wilson equity | 1,644.5 | 1,678.7 | 1,246.7 | 1,365.6 | 1,048.0 | |||||||||||||||||||||||||||
Noncontrolling interests | 28.2 | 40.5 | 184.5 | 211.9 | 1,295.1 | |||||||||||||||||||||||||||
Total equity | 1,672.7 | 1,719.2 | 1,431.2 | 1,577.5 | 2,343.1 | |||||||||||||||||||||||||||
Common shares outstanding | 141.4 | 151.6 | 143.2 | 151.6 | 115.7 |
($ in millions) | December 31, 2020 | December 31, 2019 | |||||||||
Cash(1)
|
$ | 733.2 | $ | 338.8 | |||||||
Real estate | 4,720.5 | 5,080.2 | |||||||||
Accounts receivable and other assets | 146.5 | 198.3 | |||||||||
Total Assets | $ | 5,600.2 | $ | 5,617.3 | |||||||
Accounts payable | 28.9 | 18.4 | |||||||||
Accrued expenses | 184.5 | 210.3 | |||||||||
Mortgage debt | 2,589.8 | 2,641.0 | |||||||||
KWE bonds | 1,172.5 | 1,274.2 | |||||||||
Total Liabilities | 3,975.7 | 4,143.9 | |||||||||
Equity | $ | 1,624.5 | $ | 1,473.4 |
($ in millions) | December 31, 2020 | December 31, 2019 | |||||||||
Cash | $ | 77.3 | $ | 60.7 | |||||||
Real estate | 2,654.4 | 2,461.5 | |||||||||
Loans | 107.1 | 13.4 | |||||||||
Accounts receivable and other assets | 205.0 | 222.1 | |||||||||
Total Assets | $ | 3,043.8 | $ | 2,757.7 | |||||||
Accounts payable and accrued expenses | 64.6 | 85.6 | |||||||||
Mortgage debt | 1,582.8 | 1,337.5 | |||||||||
Total Liabilities | 1,647.4 | 1,423.1 | |||||||||
Equity | $ | 1,396.4 | $ | 1,334.6 |
Estimated Rates Used For | ||||||||||||||
Capitalization Rates | Discount Rates | |||||||||||||
Multifamily |
3.80% — 5.75%
|
5.75% — 8.15%
|
||||||||||||
Office |
4.00% — 7.00%
|
5.00% — 9.00%
|
||||||||||||
Retail |
5.00% — 8.75%
|
7.50% — 11.25%
|
||||||||||||
Hotel |
6.00%
|
7.50% — 8.25%
|
||||||||||||
Residential |
N/A
|
12.00%
|
Consolidated Properties by Region(a)
|
||||||||||||||||||||||||||||||||||||||
Commercial(2)
|
Square Feet | Ending % Occupancy |
Annualized
Base Rent(1) |
Annualized
Effective Rent(3)
|
KW Ownership % | # of Assets | ||||||||||||||||||||||||||||||||
Western U.S.
|
2.2 | 91 | % | $ | 52.2 | $ | 51.8 | 88 | % | 15 | ||||||||||||||||||||||||||||
Europe
|
5.2 | 94 | 130.2 | 115.9 | 92 | 74 | ||||||||||||||||||||||||||||||||
Total Commercial
|
7.4 | 93 | % | $ | 182.4 | $ | 167.7 | 91 | % | 89 | ||||||||||||||||||||||||||||
Multifamily(4)
|
Units | Ending % Leased |
Annualized
Base Rent(1) |
Average Effective Rent(3)
|
KW Ownership % | # of Assets | ||||||||||||||||||||||||||||||||
Western U.S.
|
9,460 | 95 | % | $ | 171.3 | $ | 171.3 | 99 | % | 31 | ||||||||||||||||||||||||||||
Total Multifamily
|
9,460 | 95 | % | $ | 171.3 | $ | 171.3 | 99 | % | 31 |
Consolidated Properties by Region | ||||||||||||||||||||||||||
Units/Lots | Acres | KW Ownership % | # of Investments | |||||||||||||||||||||||
Residential and Land | ||||||||||||||||||||||||||
Western U.S.
|
73 | 2,708 | 100 | % | 3 | |||||||||||||||||||||
Europe | — | 1 | 100 | % | 1 | |||||||||||||||||||||
Total Residential and Land
|
73 | 2,708 | 100 | % | 3 |
Consolidated Properties by Region | ||||||||||||||||||||
Rooms | KW Ownership % | # of Investments | ||||||||||||||||||
Hotel | ||||||||||||||||||||
Europe
|
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 | ||||||||||||||||||||||
2021 | 271 | 1.0 | $ | 19.6 | 11 | % | ||||||||||||||||||||
2022 | 107 | 1.2 | 28.1 | 15 | % | |||||||||||||||||||||
2023 | 89 | 0.9 | 24.6 | 13 | % | |||||||||||||||||||||
2024 | 66 | 0.5 | 15.2 | 8 | % | |||||||||||||||||||||
2025 | 66 | 0.8 | 24.4 | 13 | % | |||||||||||||||||||||
2026 | 39 | 0.4 | 11.7 | 6 | % | |||||||||||||||||||||
2027 | 29 | 0.4 | 9.0 | 5 | % | |||||||||||||||||||||
2028 | 15 | 0.2 | 7.4 | 4 | % | |||||||||||||||||||||
2029 | 28 | 0.4 | 10.6 | 6 | % | |||||||||||||||||||||
2030 | 21 | 0.1 | 1.8 | 1 | % | |||||||||||||||||||||
Thereafter | 73 | 1.3 | 30.0 | 18 | % | |||||||||||||||||||||
Total | 804 | 7.2 | $ | 182.4 | 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* |
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, 2020 | 338,700 | $ | 14.96 | 17,835,941 | $ | 12,746,918 | ||||||||
November 1 - November 30, 2020 | 216,867 | 15.71 | 18,052,808 | 259,339,673 | ||||||||||
December 1 - December 31, 2020 | 156,992 | 16.82 | 18,209,800 | 256,698,458 | ||||||||||
Total | 712,559 | $ | 15.60 | 18,209,800 | $ | 256,698,458 |
(In millions, except per share amounts) | Year Ended December 31, | |||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Statements of income data and dividends: | ||||||||||||||||||||||||||||||||
Revenue | $ | 450.9 | $ | 569.7 | $ | 773.5 | $ | 801.8 | $ | 690.4 | ||||||||||||||||||||||
Net income to Kennedy-Wilson Holdings Inc. common shareholders(1)
|
92.9 | 224.1 | 150.0 | 100.5 | 2.8 | |||||||||||||||||||||||||||
Basic income per share | 0.66 | 1.60 | 1.04 | 0.83 | 0.01 | |||||||||||||||||||||||||||
Dividends declared per share of common stock
|
0.88 | 0.85 | 0.78 | 0.70 | 0.56 | |||||||||||||||||||||||||||
Adjusted EBITDA(2)
|
608.0 | 728.1 | 712.7 | 455.7 | 349.9 | |||||||||||||||||||||||||||
Adjusted EBITDA annual increase (decrease) | (16) | % | 2 | % | 56 | % | 30 | % | ||||||||||||||||||||||||
Adjusted Net Income(2)
|
306.9 | 442.5 | 397.0 | 242.5 | 191.3 | |||||||||||||||||||||||||||
Adjusted Net Income annual increase (decrease) | (31) | % | 11 | % | 64 | % | 27 | % | ||||||||||||||||||||||||
As of December 31, | ||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
Balance sheet data: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 965.1 | $ | 573.9 | $ | 488.0 | $ | 351.3 | $ | 885.7 | ||||||||||||||||||||||
Total assets | 7,329.0 | 7,304.5 | 7,381.8 | 7,724.8 | 7,656.6 | |||||||||||||||||||||||||||
Mortgage debt | 2,589.8 | 2,641.0 | 2,950.3 | 3,156.6 | 2,770.4 | |||||||||||||||||||||||||||
KW unsecured debt | 1,332.2 | 1,131.7 | 1,202.0 | 1,179.4 | 934.1 | |||||||||||||||||||||||||||
KWE unsecured bonds | 1,172.5 | 1,274.2 | 1,260.5 | 1,325.9 | 1,185.7 | |||||||||||||||||||||||||||
Kennedy Wilson equity | 1,644.5 | 1,678.7 | 1,246.7 | 1,365.6 | 1,048.0 | |||||||||||||||||||||||||||
Noncontrolling interests | 28.2 | 40.5 | 184.5 | 211.9 | 1,295.1 | |||||||||||||||||||||||||||
Total equity | 1,672.7 | 1,719.2 | 1,431.2 | 1,577.5 | 2,343.1 | |||||||||||||||||||||||||||
Common shares outstanding | 141.4 | 151.6 | 143.2 | 151.6 | 115.7 |
(in millions) | December 31, 2019 | Increases | Decreases | December 31, 2020 | ||||||||||
AUM | $ | 18,144.0 | $ | 3,071.6 | $ | (3,646.3) | $ | 17,569.3 |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in millions) | Consolidated | Co-Investments | Corporate | Total | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Rental | $ | 403.9 | $ | — | $ | — | $ | 403.9 | ||||||||||||||||||
Hotel | 13.9 | — | — | 13.9 | ||||||||||||||||||||||
Investment management, property services and research fees | — | 22.5 | 10.6 | 33.1 | ||||||||||||||||||||||
Total revenue | 417.8 | 22.5 | 10.6 | 450.9 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Rental | 135.7 | — | — | 135.7 | ||||||||||||||||||||||
Hotel | 13.8 | — | — | 13.8 | ||||||||||||||||||||||
Commission and marketing | — | — | 2.8 | 2.8 | ||||||||||||||||||||||
Compensation and related | 59.7 | 21.0 | 63.7 | 144.4 | ||||||||||||||||||||||
General and administrative | 20.6 | 5.9 | 8.1 | 34.6 | ||||||||||||||||||||||
Depreciation and amortization | 179.6 | — | — | 179.6 | ||||||||||||||||||||||
Total expenses | 409.4 | 26.9 | 74.6 | 510.9 | ||||||||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | — | 81.0 | — | 81.0 | ||||||||||||||||||||||
Gain on sale of real estate, net | 338.0 | — | — | 338.0 | ||||||||||||||||||||||
Acquisition - related expenses | (0.9) | — | — | (0.9) | ||||||||||||||||||||||
Interest expense | (141.7) | — | (69.5) | (211.2) | ||||||||||||||||||||||
Other income | (0.6) | — | 5.1 | 4.5 | ||||||||||||||||||||||
Provision for income taxes | (18.4) | — | (25.2) | (43.6) | ||||||||||||||||||||||
Net income (loss) | 184.8 | 76.6 | (153.6) | 107.8 | ||||||||||||||||||||||
Net income attributable to the noncontrolling interests | 2.3 | — | — | 2.3 | ||||||||||||||||||||||
Preferred dividends and accretion of preferred stock issuance costs | — | — | (17.2) | (17.2) | ||||||||||||||||||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | 187.1 | 76.6 | (170.8) | 92.9 | ||||||||||||||||||||||
Add back (less): | ||||||||||||||||||||||||||
Interest expense | 141.7 | — | 69.5 | 211.2 | ||||||||||||||||||||||
Kennedy Wilson's share of interest expense included in unconsolidated investments | — | 33.0 | — | 33.0 | ||||||||||||||||||||||
Depreciation and amortization | 179.6 | — | — | 179.6 | ||||||||||||||||||||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments | — | 6.9 | — | 6.9 | ||||||||||||||||||||||
Provision for income taxes
|
18.4 | — | 25.2 | 43.6 | ||||||||||||||||||||||
Kennedy Wilson's share of taxes included in unconsolidated investments | — | 1.1 | — | 1.1 | ||||||||||||||||||||||
Fees eliminated in consolidation | (1.1) | 1.1 | — | — | ||||||||||||||||||||||
Share-based compensation
|
— | — | 32.3 | 32.3 | ||||||||||||||||||||||
Preferred dividends and accretion of preferred stock issuance costs
|
— | — | 17.2 | 17.2 | ||||||||||||||||||||||
EBITDA add backs attributable to noncontrolling interests(2)
|
(9.8) | — | — | (9.8) | ||||||||||||||||||||||
Adjusted EBITDA(1)
|
$515.9 | $118.7 | $(26.6) | $608.0 |
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
(Dollars in millions) | Consolidated | Co-Investments | 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 | — | 24.9 | 15.8 | 40.7 | ||||||||||||||||||||||
Total revenue | 529.0 | 24.9 | 15.8 | 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 | 71.0 | 15.1 | 65.7 | 151.8 | ||||||||||||||||||||||
General and administrative | 26.3 | 5.6 | 10.5 | 42.4 | ||||||||||||||||||||||
Depreciation and amortization | 187.6 | — | — | 187.6 | ||||||||||||||||||||||
Total expenses | 499.1 | 20.7 | 80.0 | 599.8 | ||||||||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | — | 179.7 | — | 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 (expenses) | 2.8 | — | (2.4) | 0.4 | ||||||||||||||||||||||
Provision for income taxes | (14.5) | — | (26.9) | (41.4) | ||||||||||||||||||||||
Net income (loss) | 300.2 | 183.9 | (163.0) | 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 | 205.8 | 183.9 | (165.6) | 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)
|
$ | 522.2 | $ | 242.3 | $ | (36.4) | $ | 728.1 |
Year Ended December 31, 2018 | ||||||||||||||||||||||||||
(Dollars in millions) | Consolidated | Co-Investments | 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 | — | 15.4 | 29.9 | 45.3 | ||||||||||||||||||||||
Total revenue | 727.1 | 15.4 | 29.9 | 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 | 64.7 | 20.5 | 83.6 | 168.8 | ||||||||||||||||||||||
General and administrative | 28.1 | 7.5 | 15.2 | 50.8 | ||||||||||||||||||||||
Depreciation and amortization | 206.1 | — | — | 206.1 | ||||||||||||||||||||||
Total expenses | 633.7 | 28.0 | 104.7 | 766.4 | ||||||||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | — | 78.7 | — | 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 (expenses) income | 0.7 | — | 12.4 | 13.1 | ||||||||||||||||||||||
(Provision for) benefit from income taxes | (14.0) | — | (44.0) | (58.0) | ||||||||||||||||||||||
Net income (loss) | 289.2 | 66.1 | (143.2) | 212.1 | ||||||||||||||||||||||
Net income attributable to the noncontrolling interests | (62.1) | — | — | (62.1) | ||||||||||||||||||||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | 227.1 | 66.1 | (143.2) | 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 | 206.1 | — | — | 206.1 | ||||||||||||||||||||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments | 13.2 | — | 13.2 | |||||||||||||||||||||||
Provision for (benefit from) 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)
|
$ | 578.7 | $ | 118.9 | $ | 15.1 | $ | 712.7 |
(Dollars in millions) | Gross Gain on Sale of Real Estate | Noncontrolling Interests | Net Gain on Sale of Real Estate | ||||||||
2018 | $ | 169.5 | $ | (66.8) | $ | 102.7 | |||||
2019 | 317.8 | (105.4) | 212.4 | ||||||||
Total | $ | 487.3 | $ | (172.2) | $ | 315.1 |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Consolidated | Co-Investment | Total | |||||||||||||||||||||||||||
Revenues | $ | (5.5) | (1) | % | $ | 0.1 | — | % | $ | (5.4) | (1) | % | |||||||||||||||||
Net Income | (0.8) | (1) | % | 1.5 | 2 | % | 0.7 | 1 | % | ||||||||||||||||||||
Adjusted EBITDA | (5.8) | (1) | % | 1.6 | — | % | (4.2) | (1) | % |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Consolidated | Co-Investment | Total | |||||||||||||||||||||||||||
Revenues | $ | (0.1) | — | % | $ | (0.1) | — | % | $ | (0.2) | — | % | |||||||||||||||||
Net Income | (0.7) | — | % | (0.2) | — | % | (0.9) | — | % | ||||||||||||||||||||
Adjusted EBITDA | (0.5) | — | % | (0.5) | — | % | (1.0) | — | % |
Year Ended December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Revenue | ||||||||||||||
Rental | $ | 148.1 | $ | 114.7 | ||||||||||
Sale of real estate | 11.5 | 26.7 | ||||||||||||
Performance fees | 2.6 | 36.2 | ||||||||||||
Total revenue | 162.2 | 177.6 | ||||||||||||
Expenses | ||||||||||||||
Rental | 45.6 | 36.9 | ||||||||||||
Cost of real estate sold | 13.3 | 23.9 | ||||||||||||
Depreciation and amortization | 6.9 | 8.2 | ||||||||||||
Total expenses | 65.8 | 69.0 | ||||||||||||
(Loss) gain on sale of real estate, net | (11.5) | 53.5 | ||||||||||||
Interest expense | (33.1) | (32.1) | ||||||||||||
Other loss | (13.7) | (9.3) | ||||||||||||
Fair Value/other adjustments | 43.9 | 57.7 | ||||||||||||
Provision for income taxes | (1.0) | — | ||||||||||||
Income from unconsolidated investments | $ | 81.0 | $ | 178.4 |
Year Ended December 31, | |||||||||||
(Dollars in millions) | 2020 | 2019 | |||||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 92.9 | $ | 224.1 | |||||||
Unrealized foreign currency translation gain (loss), net of noncontrolling interests and tax | 65.8 | (23.9) | |||||||||
Amounts reclassified out of accumulated other comprehensive loss during the period | 0.8 | 10.4 | |||||||||
Unrealized foreign currency derivative contract (loss) gain, net of noncontrolling interests and tax | (37.8) | 38.7 | |||||||||
Unrealized loss in interest rate swaps | (5.2) | (0.7) | |||||||||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 116.5 | $ | 248.6 |
Year Ended December 31, | |||||||||||
(Dollars in millions) | 2020 | 2019 | |||||||||
Realized foreign currency exchange loss - consolidated statements of income | $ | — | $ | (0.2) | |||||||
Realized foreign currency derivative contract gain (loss) - consolidated statements of income | — | — | |||||||||
Statement of Operations - realized foreign currency exchange | $ | — | $ | (0.2) |
Year Ended December 31, | |||||||||||
2020 | 2019 | ||||||||||
Euro | 9.0 | % | (2.0) | % | |||||||
GBP | 3.0 | % | 4.0 | % |
Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Consolidated | Co-Investment | Total | |||||||||||||||||||||||||||
Revenues | $ | (0.1) | — | % | $ | (0.1) | — | % | $ | (0.2) | — | % | |||||||||||||||||
Net Income | (0.7) | — | % | (0.2) | — | % | (0.9) | — | % | ||||||||||||||||||||
Adjusted EBITDA | (0.5) | — | % | (0.5) | — | % | (1.0) | — | % |
Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
Consolidated | Co-Investment | Total | |||||||||||||||||||||||||||
Revenues | $ | (5.7) | (1) | % | $ | (0.1) | — | % | $ | (5.8) | (1) | % | |||||||||||||||||
Net Income | (4.5) | (3) | % | 0.5 | — | % | (4.0) | (3) | % | ||||||||||||||||||||
Adjusted EBITDA | (7.2) | (1) | % | 0.3 | — | % | (6.9) | (1) | % |
Year Ended December 31, | ||||||||||||||
2019 | 2018 | |||||||||||||
Revenue | ||||||||||||||
Rental | $ | 114.7 | $ | 96.4 | ||||||||||
Sale of real estate | 26.7 | 19.2 | ||||||||||||
Performance fees | 36.2 | 27.5 | ||||||||||||
Total revenue | 177.6 | 143.1 | ||||||||||||
Expenses | ||||||||||||||
Rental | 36.9 | 41.1 | ||||||||||||
Cost of real estate sold | 23.9 | 18.6 | ||||||||||||
Depreciation and amortization | 8.2 | 13.4 | ||||||||||||
Total expenses | 69.0 | 73.1 | ||||||||||||
(Loss) gain on sale of real estate, net | 53.5 | 23.0 | ||||||||||||
Interest expense | (32.1) | (26.0) | ||||||||||||
Other loss | (9.3) | 0.9 | ||||||||||||
Fair Value/other adjustments | 57.7 | 9.2 | ||||||||||||
Income from unconsolidated investments | $ | 178.4 | $ | 77.1 |
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) gain, 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 (loss), net of noncontrolling interests and tax
|
38.7 | 38.3 | |||||||||
Unrealized (loss) gain on marketable securities | (0.7) | — | |||||||||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. common shareholders(1)
|
$ | 248.6 | $ | 135.6 |
Year Ended December 31, | |||||||||||
(Dollars in millions) | 2019 | 2018 | |||||||||
Realized foreign currency exchange (loss) 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, | |||||||||||
2019 | 2018 | ||||||||||
Euro | (2.0) | % | (5.0) | % | |||||||
GBP | 4.0 | % | (6.0) | % |
If Completed | Current | ||||||||||||||||||||||||||||
Location | Type | Investment | Status |
Est. Completion Date(1)
|
Commercial Sq. Ft. | MF Units / Hotel Rooms |
KW Est.
Total Cost(4) |
KW Costs Incurred(4)
|
KW Est. Costs to Complete(2)
|
||||||||||||||||||||
Ireland(3)
|
Office |
Kildare(5)
|
Under Construction | 2021 | 64,000 | — | $ | 65 | $ | 35 | $ | 30 | |||||||||||||||||
Ireland(3)
|
Office |
Hanover Quay(5)
|
Under Construction | 2021 | 69,000 | — | 40 | 32 | 8 | ||||||||||||||||||||
ID | Multifamily |
The Clara(5)
|
Under Construction | 2021 | — | 277 | 47 | 37 | 10 | ||||||||||||||||||||
ID | Multifamily |
RiverPointe(5)
|
Under Construction | 2022 | — | 89 | 23 | 5 | 18 | ||||||||||||||||||||
Nor
California |
Multifamily |
Santa Rosa Phase II(5)
|
Planning Received | 2023 | — | 172 | 65 | 5 | 60 | ||||||||||||||||||||
Ireland(3)
|
Multifamily |
Coopers Cross(6)
|
Under Construction | 2023 | 394,000 | — | 179 | 58 | 121 | ||||||||||||||||||||
Ireland(3)
|
Office |
Coopers Cross(6)
|
Under Construction | 2023 | — | 472 | 131 | 64 | 67 | ||||||||||||||||||||
Ireland(3)
|
Multifamily |
Grange(6)
|
Planning Received | 2023 | 7,000 | 287 | 73 | 24 | 49 | ||||||||||||||||||||
Ireland(3)
|
Mixed-Use |
Leisureplex(5)
|
Planning Received | 2023 | 20,000 | 232 | 132 | 25 | 107 | ||||||||||||||||||||
Hawaii | Hotel |
Kona Village Resort(6)
|
Under Construction | 2023 | — | 150 | 336 | 110 | 226 | ||||||||||||||||||||
Total | 554,000 | 1,679 | $ | 1,091 | $ | 395 | $ | 696 |
Property | Location | Type | KW Ownership % | # of Assets | Commercial Sq. Ft. | MF Units | Leased % |
KW Est. Costs to Complete(1)
|
||||||||||||||||||
2021 | ||||||||||||||||||||||||||
Old School |
United Kingdom(2)
|
Office | 100% | 1 | 21,000 | — | 67 | % | $ | 0.5 | ||||||||||||||||
Capital Dock |
Ireland(2)
|
Mixed-Use | 50% | 1 | 27,000 | 190 | 54 | 3.1 | ||||||||||||||||||
Clancy Quay - Phase 3 |
Ireland(2)
|
Multifamily | 50% | 1 | 7,000 | 266 | 38 | 1.8 | ||||||||||||||||||
38° North | Northern California | Multifamily | 91% | 1 | — | 120 | 73 | 1.8 | ||||||||||||||||||
400/430 California | Northern California | Office | 10% | 1 | 263,000 | — | 88 | 2.1 | ||||||||||||||||||
2021 Subtotal | 5 | 318,000 | 576 | 80 | % | $ | 9.3 | |||||||||||||||||||
2022 | ||||||||||||||||||||||||||
Stockley Park |
United Kingdom(2)
|
Office | 100% | 1 | 54,000 | — | — | 0.2 | ||||||||||||||||||
Maidenhead |
United Kingdom(2)
|
Office | 100% | 1 | 65,000 | — | — | 0.1 | ||||||||||||||||||
The Oaks | Southern California | Office | 100% | 1 | 357,000 | — | 64 | 11.3 | ||||||||||||||||||
Various |
United Kingdom(2)
|
Retail | 100% | 3 | 184,000 | — | — | 3.3 | ||||||||||||||||||
Various |
United Kingdom(2)
|
Office | 100% | 2 | 281,000 | — | 34 | 14.7 | ||||||||||||||||||
2022 Subtotal | 8 | 941,000 | — | 34 | % | 29.6 | ||||||||||||||||||||
Total Lease-Up | 13 | 1,259,000 | 576 | 49 | % | $ | 38.9 |
Year ended December 31, | |||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | ||||||||||||||
Net cash (used in) provided by operating activities | $ | (12.6) | $ | (19.5) | $ | 93.1 | |||||||||||
Net cash provided by investing activities | 590.8 | 182.3 | 593.1 | ||||||||||||||
Net cash used in financing activities | (206.6) | (85.8) | (528.8) |
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)
|
$ | 2,597.8 | $ | 47.4 | $ | 965.9 | $ | 900.9 | $ | 683.6 | ||||||||||||||||||||||
Senior notes(3)(4)
|
1,150.0 | — | 1,150.0 | — | — | |||||||||||||||||||||||||||
KWE unsecured bonds(4)(5)
|
1,176.9 | — | 504.8 | 672.1 | — | |||||||||||||||||||||||||||
Total borrowings | 5,124.7 | 47.4 | 2,820.7 | 1,573.0 | 683.6 | |||||||||||||||||||||||||||
Operating leases | 3.5 | 1.3 | 1.9 | 0.3 | — | |||||||||||||||||||||||||||
Ground leases(8)
|
24.8 | 0.2 | 0.4 | 0.4 | 23.8 | |||||||||||||||||||||||||||
Total contractual cash obligations(7)
|
$ | 5,153.0 | $ | 48.9 | $ | 2,823.0 | $ | 1,573.7 | $ | 707.4 |
Principal Maturing in: | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate sensitive assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | $ | 965.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 965.1 | $ | 965.1 | ||||||||||||||||||||||||||||||||||
Average interest rate | 0.01 | % | — | % | — | % | — | % | — | % | — | % | 0.01 | % | — | |||||||||||||||||||||||||||||||||||
Fixed rate receivables | 9.8 | — | 8.3 | 1.0 | 8.8 | 4.9 | 32.8 | 32.8 | ||||||||||||||||||||||||||||||||||||||||||
Average interest rate(1)
|
5.00 | % | — | % | 6.19 | % | 5.00 | % | — | % | 6.25 | % | 6.28 | % | — | |||||||||||||||||||||||||||||||||||
Variable rate receivables | 21.8 | 7.4 | 44.4 | — | — | 0.8 | 74.4 | 74.4 | ||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 3.94 | % | 7.45 | % | 7.34 | % | — | % | — | % | — | % | 6.33 | % | — | |||||||||||||||||||||||||||||||||||
Total | $ | 996.7 | $ | 7.4 | $ | 52.7 | $ | 1.0 | $ | 8.8 | $ | 5.7 | $ | 1,072.3 | $ | 1,072.3 | ||||||||||||||||||||||||||||||||||
Weighted average interest rate(1)
|
0.12 | % | 7.45 | % | 6.22 | % | 5.00 | % | — | % | 5.37 | % | 1.74 | % | ||||||||||||||||||||||||||||||||||||
Interest rate sensitive liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate borrowings | $ | 220.5 | $ | 303.1 | $ | 162.0 | $ | 43.1 | $ | 77.8 | $ | 89.2 | $ | 895.7 | $ | 813.3 | ||||||||||||||||||||||||||||||||||
Average interest rate | 4.95 | % | 1.95 | % | 2.98 | % | 3.02 | % | 3.14 | % | 1.73 | % | 3.01 | % | — | |||||||||||||||||||||||||||||||||||
Fixed rate borrowings | 15.7 | 518.1 | 257.6 | 1,305.2 | 1,216.1 | 916.3 | 4,229.0 | 4,096.0 | ||||||||||||||||||||||||||||||||||||||||||
Average interest rate | 4.29 | % | 3.97 | % | 3.11 | % | 5.63 | % | 3.43 | % | 3.80 | % | 4.24 | % | — | |||||||||||||||||||||||||||||||||||
Total | $ | 236.2 | $ | 821.2 | $ | 419.6 | $ | 1,348.3 | $ | 1,293.9 | $ | 1,005.5 | $ | 5,124.7 | $ | 4,909.3 | ||||||||||||||||||||||||||||||||||
Weighted average interest rate | 4.91 | % | 3.22 | % | 3.06 | % | 5.55 | % | 3.42 | % | 3.61 | % | 4.03 | % |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Net income | $ | 107.8 | $ | 321.1 | $ | 212.1 | $ | 138.0 | $ | 76.5 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||||||||
Interest expense | 211.2 | 215.1 | 238.2 | 217.7 | 191.6 | |||||||||||||||||||||||||||
Kennedy Wilson's share of interest expense included in investment
in unconsolidated investments |
33.0 | 32.1 | 26.0 | 23.0 | 23.0 | |||||||||||||||||||||||||||
Depreciation and amortization | 179.6 | 187.6 | 206.1 | 212.5 | 198.2 | |||||||||||||||||||||||||||
Kennedy Wilson's share of depreciation and amortization included
in unconsolidated investments |
6.9 | 8.2 | 13.2 | 16.2 | 20.8 | |||||||||||||||||||||||||||
Provision for (benefit from) income taxes | 43.6 | 41.4 | 58.0 | (16.3) | 14.0 | |||||||||||||||||||||||||||
Kennedy Wilson's share of taxes included in unconsolidated investments | 1.1 | — | — | — | — | |||||||||||||||||||||||||||
Share-based compensation | 32.3 | 30.2 | 37.1 | 38.4 | 65.1 | |||||||||||||||||||||||||||
EBITDA attributable to noncontrolling interests(1)
|
(7.5) | (107.6) | (78.0) | (173.8) | (239.3) | |||||||||||||||||||||||||||
Adjusted EBITDA(2)
|
$ | 608.0 | $ | 728.1 | $ | 712.7 | $ | 455.7 | $ | 349.9 |
Years Ended December 31, | ||||||||||||||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||||
Net income | $ | 107.8 | $ | 321.1 | $ | 212.1 | $ | 138.0 | $ | 76.5 | ||||||||||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||||||||||||||
Add back: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 179.6 | 187.6 | 206.1 | 212.5 | 198.2 | |||||||||||||||||||||||||||
Kennedy Wilson's share of depreciation and amortization included in unconsolidated investments
|
6.9 | 8.2 | 13.2 | 16.2 | 20.8 | |||||||||||||||||||||||||||
Share-based compensation | 32.3 | 30.2 | 37.1 | 38.4 | 65.1 | |||||||||||||||||||||||||||
Net income attributable to the noncontrolling interests, before depreciation and amortization(1)
|
(2.5) | (102.0) | (71.5) | (117.8) | (169.3) | |||||||||||||||||||||||||||
Preferred dividends and accretion of preferred stock issuance costs | (17.2) | (2.6) | — | — | — | |||||||||||||||||||||||||||
One-time tax remeasurement(3)
|
— | — | — | (44.8) | — | |||||||||||||||||||||||||||
Adjusted Net Income (2)
|
$ | 306.9 | $ | 442.5 | $ | 397.0 | $ | 242.5 | $ | 191.3 |
Years Ended December 31, | ||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
Consolidated Portfolio | Co-Investment Portfolio | Consolidated Portfolio | Co-Investment Portfolio | Consolidated Portfolio | Co-Investment Portfolio | |||||||||||||||||||||
Net income | $ | 107.8 | $ | 81.0 | $ | 321.1 | $ | 179.7 | $ | 212.1 | $ | 78.7 | ||||||||||||||
Less: Provision for income taxes | 43.6 | 1.0 | 41.4 | — | 58.0 | — | ||||||||||||||||||||
Less: Income from unconsolidated investments | (81.0) | — | (179.7) | — | (78.7) | — | ||||||||||||||||||||
Less: Gain on sale of real estate, net | (338.0) | 11.5 | (434.4) | (53.5) | (371.8) | (23.0) | ||||||||||||||||||||
Less: Gain on sale of business | — | — | — | — | (40.4) | — | ||||||||||||||||||||
Add: Interest expense | 211.2 | 33.1 | 215.1 | 32.1 | 238.2 | 26.0 | ||||||||||||||||||||
Add: Transaction-related expenses | 0.9 | — | 6.8 | — | 1.7 | — | ||||||||||||||||||||
Less: Other (loss) income | (4.5) | 13.7 | (0.4) | 8.0 | (13.1) | (2.5) | ||||||||||||||||||||
Less: Sale of real estate | — | (11.5) | (1.1) | (26.7) | (56.8) | (19.2) | ||||||||||||||||||||
Less: Investment management and property services | (33.1) | (2.6) | (40.7) | (36.2) | (45.3) | (27.5) | ||||||||||||||||||||
Add: Cost of real estate sold | — | 13.3 | 1.2 | 23.9 | 52.5 | 18.6 | ||||||||||||||||||||
Add: Commission and marketing | 2.8 | — | 3.8 | — | 5.9 | — | ||||||||||||||||||||
Add: Compensation and related | 144.4 | — | 151.8 | — | 168.8 | — | ||||||||||||||||||||
Add: General and administrative | 34.6 | — | 42.4 | — | 50.8 | — | ||||||||||||||||||||
Add: Depreciation | 179.6 | 6.9 | 187.6 | 8.2 | 206.1 | 13.4 | ||||||||||||||||||||
Less: Fair value adjustments | — | (43.9) | — | (57.7) | — | (9.2) | ||||||||||||||||||||
Less: NCI adjustments | (6.0) | — | (9.7) | — | (19.7) | — | ||||||||||||||||||||
Net Operating Income | $ | 262.3 | $ | 102.5 | $ | 305.2 | $ | 77.8 | $ | 368.3 | $ | 55.3 |
Years Ended December 31, | |||||||||||||||||
2017 | 2016 | ||||||||||||||||
Consolidated Portfolio | Co-Investment Portfolio | Consolidated Portfolio | Co-Investment Portfolio | ||||||||||||||
Net income | $ | 138.0 | $ | 77.8 | $ | 76.5 | $ | 126.6 | |||||||||
Less: (Benefit from) provision for income taxes | (16.3) | — | 14.0 | — | |||||||||||||
Less: Income from unconsolidated investments | (77.8) | — | (126.6) | — | |||||||||||||
Less: Gain on sale of real estate, net | (226.7) | (10.5) | (130.7) | (59.6) | |||||||||||||
Add: Interest expense | 217.7 | 23.2 | 191.6 | 22.9 | |||||||||||||
Add: Transaction-related expenses | 4.4 | — | (6.7) | (0.4) | |||||||||||||
Less: Other (loss) income | (23.5) | (5.6) | (19.2) | 3.4 | |||||||||||||
Less: Sale of real estate | (111.5) | (108.2) | (29.3) | (48.8) | |||||||||||||
Less: Investment management and property services | (42.9) | (17.3) | (59.4) | (12.5) | |||||||||||||
Add: Cost of real estate sold | 80.2 | 77.4 | 22.1 | 38.8 | |||||||||||||
Add: Commission and marketing | 7.2 | — | 8.0 | — | |||||||||||||
Add: Compensation and related | 177.2 | 0.9 | 186.5 | 0.9 | |||||||||||||
Add: General and administrative | 42.2 | 2.6 | 45.4 | 3.6 | |||||||||||||
Add: Depreciation | 212.5 | 16.1 | 198.2 | 20.8 | |||||||||||||
Less: Fair value adjustments | — | (8.3) | — | (44.6) | |||||||||||||
Less: NCI adjustments | (138.7) | — | (181.0) | — | |||||||||||||
Net Operating Income | $ | 242.0 | $ | 48.1 | $ | 189.4 | $ | 51.1 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||
Same Property | Same Property | |||||||||||||||||||||||||
Revenue | NOI | Revenue | NOI | |||||||||||||||||||||||
Net Income | $ | 107.8 | $ | 107.8 | $ | 321.1 | $ | 321.1 | ||||||||||||||||||
Less: Provision for income taxes
|
43.6 | 43.6 | 41.4 | 41.4 | ||||||||||||||||||||||
Less: Income from unconsolidated investments
|
(81.0) | (81.0) | (179.7) | (179.7) | ||||||||||||||||||||||
Less: Gain on sale of real estate, net
|
(338.0) | (338.0) | (434.4) | (434.4) | ||||||||||||||||||||||
Add: Acquisition-related expenses
|
0.9 | 0.9 | 6.8 | 6.8 | ||||||||||||||||||||||
Add: Interest expense
|
211.2 | 211.2 | 215.1 | 215.1 | ||||||||||||||||||||||
Less: Other income
|
(4.5) | (4.5) | (0.4) | (0.4) | ||||||||||||||||||||||
Less: Sale of real estate
|
— | — | (1.1) | (1.1) | ||||||||||||||||||||||
Less: Investment management, property services and research fees
|
(33.1) | (33.1) | (40.7) | (40.7) | ||||||||||||||||||||||
Add: Rental expenses
|
135.7 | — | 152.9 | — | ||||||||||||||||||||||
Add: Hotel expenses
|
13.8 | — | 60.1 | — | ||||||||||||||||||||||
Add: Cost of real estate sold
|
— | — | 1.2 | 1.2 | ||||||||||||||||||||||
Add: Commission and marketing
|
2.8 | 2.8 | 3.8 | 3.8 | ||||||||||||||||||||||
Add: Compensation and related
|
144.4 | 144.4 | 151.8 | 151.8 | ||||||||||||||||||||||
Add: General and administrative
|
34.6 | 34.6 | 42.4 | 42.4 | ||||||||||||||||||||||
Add: Depreciation and amortization
|
179.6 | 179.6 | 187.6 | 187.6 | ||||||||||||||||||||||
Less: NCI adjustments (1)
|
(5.4) | (1.2) | (14.7) | (4.4) | ||||||||||||||||||||||
Add: Unconsolidated investment adjustments (2)
|
100.9 | 74.1 | 99.5 | 73.1 | ||||||||||||||||||||||
Add: Straight-line and above/below market rents
|
(10.5) | (10.5) | (4.6) | (4.6) | ||||||||||||||||||||||
Less: Reimbursement of recoverable operating expenses
|
(24.5) | — | (24.4) | — | ||||||||||||||||||||||
Less: Properties bought and sold (3)
|
(56.8) | (39.9) | (108.1) | (59.3) | ||||||||||||||||||||||
Less: Other properties excluded (4)
|
(29.6) | (4.9) | (72.9) | (23.7) | ||||||||||||||||||||||
Other Reconciling Items (5)
|
8.7 | 9.6 | 6.6 | 10.7 | ||||||||||||||||||||||
Same Property | $ | 400.6 | $ | 295.5 | $ | 409.3 | $ | 306.7 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||
Same Property | Same Property | |||||||||||||||||||||||||
Same Property (Reported) | Revenue | NOI | Revenue | NOI | ||||||||||||||||||||||
Commercial - Same Property | $ | 149.3 | $ | 128.9 | $ | 160.0 | $ | 139.4 | ||||||||||||||||||
Multifamily Market Rate Portfolio - Same Property | 221.6 | 145.9 | 220.4 | 147.4 | ||||||||||||||||||||||
Multifamily Affordable Portfolio - Same Property | 29.7 | 20.7 | 28.9 | 19.9 | ||||||||||||||||||||||
Same Property | $ | 400.6 | $ | 295.5 | $ | 409.3 | $ | 306.7 |
Page | ||||||||
Kennedy-Wilson Holdings, Inc.: | ||||||||
Financial Statements | ||||||||
Financial Statement Schedules | ||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | $ | 965.1 | $ | 573.9 | ||||||||||
Accounts receivable (including $12.6 and $11.2 of related party)
|
47.9 | 52.1 | ||||||||||||
Real estate and acquired in place lease values (net of accumulated depreciation and amortization of $815.0 and $703.2)
|
4,720.5 | 5,080.2 | ||||||||||||
Unconsolidated investments (including $1,136.5 and $1,099.3 at fair value)
|
1,289.3 | 1,326.5 | ||||||||||||
Other assets | 306.2 | 271.8 | ||||||||||||
Total assets(1)
|
$ | 7,329.0 | $ | 7,304.5 | ||||||||||
Liabilities | ||||||||||||||
Accounts payable | $ | 30.1 | $ | 20.4 | ||||||||||
Accrued expenses and other liabilities | 531.7 | 518.0 | ||||||||||||
Mortgage debt | 2,589.8 | 2,641.0 | ||||||||||||
KW unsecured debt | 1,332.2 | 1,131.7 | ||||||||||||
KWE unsecured bonds | 1,172.5 | 1,274.2 | ||||||||||||
Total liabilities(1)
|
5,656.3 | 5,585.3 | ||||||||||||
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, 2020 and December 31, 2019
|
295.2 | 295.2 | ||||||||||||
Common Stock, $0.0001 par value, 200,000,000 authorized, 141,365,323 and 142,283,109 shares issued outstanding as of December 31, 2020 and December 31, 2019
|
— | — | ||||||||||||
Additional paid-in capital | 1,725.2 | 1,754.5 | ||||||||||||
Retained earnings | 17.7 | 46.2 | ||||||||||||
Accumulated other comprehensive loss | (393.6) | (417.2) | ||||||||||||
Total Kennedy-Wilson Holdings, Inc. shareholders’ equity | 1,644.5 | 1,678.7 | ||||||||||||
Noncontrolling interests | 28.2 | 40.5 | ||||||||||||
Total equity | 1,672.7 | 1,719.2 | ||||||||||||
Total liabilities and equity | $ | 7,329.0 | $ | 7,304.5 |
Year ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Revenue | ||||||||||||||||||||
Rental | $ | 403.9 | $ | 447.4 | $ | 514.6 | ||||||||||||||
Hotel | 13.9 | 80.5 | 155.7 | |||||||||||||||||
Sale of real estate | — | 1.1 | 56.8 | |||||||||||||||||
Investment management, property services, and research fees (includes $22.7, $26.1, and $15.3 of related party fees, respectively)
|
33.1 | 40.7 | 45.3 | |||||||||||||||||
Total revenue | 450.9 | 569.7 | 772.4 | |||||||||||||||||
Expenses | ||||||||||||||||||||
Rental | 135.7 | 152.9 | 160.8 | |||||||||||||||||
Hotel | 13.8 | 60.1 | 121.5 | |||||||||||||||||
Cost of real estate sold | — | 1.2 | 52.5 | |||||||||||||||||
Commission and marketing | 2.8 | 3.8 | 5.9 | |||||||||||||||||
Compensation and related (includes $32.3, $30.2, and $37.1 of share-based compensation)
|
144.4 | 151.8 | 168.8 | |||||||||||||||||
General and administrative | 34.6 | 42.4 | 50.8 | |||||||||||||||||
Depreciation and amortization | 179.6 | 187.6 | 206.1 | |||||||||||||||||
Total expenses | 510.9 | 599.8 | 766.4 | |||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | 81.0 | 179.7 | 78.7 | |||||||||||||||||
Gain on sale of real estate, net | 338.0 | 434.4 | 371.8 | |||||||||||||||||
Gain on sale of business | — | — | 40.4 | |||||||||||||||||
Transaction-related expenses | (0.9) | (6.8) | (1.7) | |||||||||||||||||
Interest expense | (211.2) | (215.1) | (238.2) | |||||||||||||||||
Other income | 4.5 | 0.4 | 13.1 | |||||||||||||||||
Income before provision for income taxes | 151.4 | 362.5 | 270.1 | |||||||||||||||||
Provision for income taxes | (43.6) | (41.4) | (58.0) | |||||||||||||||||
Net income | 107.8 | 321.1 | 212.1 | |||||||||||||||||
Net loss (income) attributable to the noncontrolling interests | 2.3 | (94.4) | (62.1) | |||||||||||||||||
Preferred dividends and accretion of preferred stock issuance costs | (17.2) | (2.6) | — | |||||||||||||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 92.9 | $ | 224.1 | $ | 150.0 | ||||||||||||||
Basic Earnings per share | ||||||||||||||||||||
Income per basic | $ | 0.66 | $ | 1.60 | $ | 1.04 | ||||||||||||||
Weighted average shares outstanding for basic | 139,741,411 | 139,729,573 | 142,895,472 | |||||||||||||||||
Diluted Earnings per share | ||||||||||||||||||||
Income per diluted | $ | 0.66 | $ | 1.58 | $ | 1.04 | ||||||||||||||
Weighted average shares outstanding for diluted | 140,347,365 | 141,501,323 | 144,753,421 | |||||||||||||||||
Dividends declared per common share | $ | 0.88 | $ | 0.85 | $ | 0.78 |
Year ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Net income | $ | 107.8 | $ | 321.1 | $ | 212.1 | ||||||||||||||
Other comprehensive income, net of tax: | ||||||||||||||||||||
Unrealized foreign currency translation gain (loss) | 66.5 | (13.3) | (62.6) | |||||||||||||||||
Amounts reclassified out of AOCI during the year | 0.8 | 10.4 | 13.2 | |||||||||||||||||
Unrealized currency derivative contracts (loss) gain | (37.8) | 38.7 | 38.3 | |||||||||||||||||
Unrealized losses on interest rate swaps | (5.3) | (0.7) | — | |||||||||||||||||
Total other comprehensive income (loss) for the year | 24.2 | 35.1 | (11.1) | |||||||||||||||||
Comprehensive income | 132.0 | 356.2 | 201.0 | |||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interests | 1.7 | (105.0) | (65.4) | |||||||||||||||||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. | $ | 133.7 | $ | 251.2 | $ | 135.6 |
Preferred Stock | Common Stock |
Additional
Paid-in Capital |
Retained Earnings | Accumulated Other Comprehensive Loss | Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 300,000 | $ | 295.2 | 142,283,109 | $ | — | $ | 1,754.5 | $ | 46.2 | $ | (417.2) | $ | 40.5 | $ | 1,719.2 | |||||||||||||||||||||||||||||||||||||
Shares forfeited | — | — | (62,710) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock grants (RSG) | — | — | 2,543,551 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Shares retired due to RSG Vesting | — | — | (571,983) | — | (11.6) | — | — | — | (11.6) | ||||||||||||||||||||||||||||||||||||||||||||
Shares retired due to common stock repurchase program | — | — | (2,826,644) | — | (50.0) | 4.2 | — | — | (45.8) | ||||||||||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | — | — | 32.3 | — | — | — | 32.3 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized foreign currency translation gains, net of tax | — | — | — | — | — | — | 66.1 | 0.6 | 66.7 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized foreign currency derivative contract losses, net of tax | — | — | — | — | — | — | (37.8) | — | (37.8) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swaps, net of tax | — | — | — | — | — | — | (4.7) | — | (4.7) | ||||||||||||||||||||||||||||||||||||||||||||
Common stock dividends | — | — | — | — | — | (125.6) | — | — | (125.6) | ||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | — | — | (17.2) | — | — | (17.2) | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 110.1 | — | (2.3) | 107.8 | ||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | — | — | — | 4.5 | 4.5 | ||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | (18.9) | (18.9) | ||||||||||||||||||||||||||||||||||||||||||||
KW Europe II deconsolidation | — | — | — | — | — | — | — | 3.8 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 300,000 | $ | 295.2 | 141,365,323 | $ | — | $ | 1,725.2 | $ | 17.7 | $ | (393.6) | $ | 28.2 | $ | 1,672.7 |
Preferred Stock | Common Stock |
Additional
Paid-in Capital |
Accumulated Deficit | 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 (loss) income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized foreign currency translation loss, net of tax | — | — | — | — | — | — | (4.3) | 10.6 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized foreign currency derivative contract gain, net of tax | — | — | — | — | — | — | 29.3 | — | 29.3 | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized losses 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 (loss) income: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
Year ended December 31, | ||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||
Cash flows from operating activities: | ||||||||||||||||||||
Net income | $ | 107.8 | $ | 321.1 | $ | 212.1 | ||||||||||||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Gain from sale of real estate, net | (338.0) | (434.3) | (376.1) | |||||||||||||||||
Gain on sale of a business | — | — | (40.4) | |||||||||||||||||
Depreciation and amortization | 179.6 | 187.6 | 206.1 | |||||||||||||||||
Above/below and straight-line rent amortization | (10.2) | (4.6) | (14.6) | |||||||||||||||||
Provision for deferred income taxes | 27.2 | 26.7 | 39.3 | |||||||||||||||||
Amortization of loan fees | 0.8 | 9.3 | 13.5 | |||||||||||||||||
Amortization of discount and accretion of premium on senior notes payable | 8.5 | 1.6 | 1.7 | |||||||||||||||||
Unrealized net gains on derivatives | (5.4) | (5.9) | (11.7) | |||||||||||||||||
Income from unconsolidated investments | (81.0) | (179.7) | (78.7) | |||||||||||||||||
Accretion of interest income on loans | (0.9) | (0.1) | (0.6) | |||||||||||||||||
Stock compensation expense | 32.3 | 30.2 | 37.1 | |||||||||||||||||
Deferred compensation | 6.4 | 3.8 | — | |||||||||||||||||
Operating distributions from unconsolidated investments | 59.7 | 74.1 | 61.4 | |||||||||||||||||
Operating distributions from loans | 0.7 | — | 0.6 | |||||||||||||||||
Change in assets and liabilities: | ||||||||||||||||||||
Accounts receivable | 4.5 | 1.0 | 1.9 | |||||||||||||||||
Other assets | — | (25.8) | (0.6) | |||||||||||||||||
Accrued expenses and other liabilities | (4.6) | (24.5) | 42.1 | |||||||||||||||||
Net cash (used in) provided by operating activities | (12.6) | (19.5) | 93.1 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||
Issuance of loans | (88.6) | (2.7) | (2.2) | |||||||||||||||||
Proceeds from collection of loans | 34.1 | 0.6 | 5.8 | |||||||||||||||||
Net proceeds from sale of consolidated real estate | 827.8 | 701.0 | 1,386.1 | |||||||||||||||||
Net proceeds from sale of a business | — | — | 43.4 | |||||||||||||||||
Purchases of consolidated real estate | (70.1) | (210.9) | (355.8) | |||||||||||||||||
Capital expenditures to real estate | (194.1) | (191.1) | (216.0) | |||||||||||||||||
Nonrefundable escrow deposits | — | — | (5.0) | |||||||||||||||||
Investment in marketable securities | (12.1) | — | (0.2) | |||||||||||||||||
Proceeds from sale of marketable securities | 10.2 | — | 7.4 | |||||||||||||||||
Investing distributions from unconsolidated investments | 177.5 | 115.0 | 63.7 | |||||||||||||||||
Contributions to unconsolidated investments | (111.6) | (266.0) | (396.1) | |||||||||||||||||
Proceeds from settlement of foreign currency derivative contracts | 15.5 | 33.4 | 10.7 | |||||||||||||||||
Purchases of foreign currency derivative contracts | — | — | (0.6) | |||||||||||||||||
Additions to development project asset | — | (1.2) | (29.1) | |||||||||||||||||
Proceeds from sale of development project asset | 2.2 | 4.2 | 81.0 | |||||||||||||||||
Net cash provided by investing activities | 590.8 | 182.3 | 593.1 | |||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||
Borrowings under senior notes payable | — | — | 246.6 | |||||||||||||||||
Borrowings under line of credit/term loan | 200.0 | 125.0 | 225.0 | |||||||||||||||||
Repayment of line of credit/term loan | — | (200.0) | (450.0) | |||||||||||||||||
Borrowings under mortgage debt | 296.4 | 488.6 | 725.0 | |||||||||||||||||
Repayment of mortgage debt | (487.1) | (391.4) | (866.8) | |||||||||||||||||
Payment of loan fees | (5.6) | (4.8) | (9.5) | |||||||||||||||||
Repurchase of common stock | (57.4) | (20.7) | (177.9) | |||||||||||||||||
Issuance of preferred stock | — | 295.2 | — | |||||||||||||||||
Common stock dividends paid | (126.1) | (114.9) | (111.2) | |||||||||||||||||
Preferred stock dividends paid | (13.6) | (2.6) | — | |||||||||||||||||
KWE closing dividend | — | — | (17.2) | |||||||||||||||||
Borrowings (repayment) of shareholder loans to noncontrolling interests | 1.2 | (11.2) | — | |||||||||||||||||
Contributions from noncontrolling interests | 4.5 | 15.0 | 23.2 | |||||||||||||||||
Distributions to noncontrolling interests | (18.9) | (264.0) | (116.0) | |||||||||||||||||
Net cash used in financing activities | (206.6) | (85.8) | (528.8) | |||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | 19.6 | 8.9 | (20.7) | |||||||||||||||||
Net change in cash and cash equivalents | 391.2 | 85.9 | 136.7 | |||||||||||||||||
Cash and cash equivalents, beginning of year | 573.9 | 488.0 | 351.3 | |||||||||||||||||
Cash and cash equivalents, end of year | $ | 965.1 | $ | 573.9 | $ | 488.0 |
Year ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Cash paid for: | ||||||||||||||||||||
Interest(1)(2)
|
$ | 209.7 | $ | 211.1 | $ | 225.3 | ||||||||||||||
Income taxes | 12.6 | 20.6 | 6.6 |
December 31, | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | ||||||||||||
Land | $ | 1,225.1 | $ | 1,330.6 | ||||||||||
Buildings | 3,436.0 | 3,630.4 | ||||||||||||
Building improvements | 546.6 | 469.5 | ||||||||||||
Acquired in-place lease values | 327.8 | 352.9 | ||||||||||||
5,535.5 | 5,783.4 | |||||||||||||
Less accumulated depreciation and amortization | (815.0) | (703.2) | ||||||||||||
Real estate and acquired in place lease values, net of accumulated depreciation and amortization | $ | 4,720.5 | $ | 5,080.2 |
(Dollars in millions) |
Purchase Price Allocation at Acquisition(1)
|
|||||||||||||||||||
Location | Description | Land | Building |
Acquired in-place lease values(2)
|
Investment debt | KWH Shareholders' Equity | ||||||||||||||
Western U.S. |
One multifamily property
|
$ | 13.4 | $ | 53.6 | $ | 0.5 | $ | 38.7 | $ | 106.3 | |||||||||
United Kingdom |
One industrial property
|
— | 40.2 | — | — | 40.2 | ||||||||||||||
Ireland |
One commercial property
|
— | 1.3 | — | — | 1.3 | ||||||||||||||
$ | 13.4 | $ | 95.1 | $ | 0.5 | $ | 38.7 | $ | 147.8 |
(Dollars in millions) | Minimum | ||||
Rental Revenues(1)
|
|||||
2021 | $ | 167.9 | |||
2022 | 156.7 | ||||
2023 | 127.8 | ||||
2024 | 105.2 | ||||
2025 | 87.9 | ||||
Thereafter | 355.3 | ||||
Total | $ | 1,000.8 |
(Dollars in millions) | Multifamily | Commercial | Hotel | Funds | Residential and Other | Total | ||||||||||||||
Western U.S. | $ | 226.2 | $ | 83.0 | $ | 86.3 | $ | 118.1 | $ | 180.8 | $ | 694.4 | ||||||||
Ireland | 389.7 | 129.7 | — | 3.7 | — | 523.1 | ||||||||||||||
United Kingdom | — | 56.4 | — | 15.4 | — | 71.8 | ||||||||||||||
Total | $ | 615.9 | $ | 269.1 | $ | 86.3 | $ | 137.2 | $ | 180.8 | $ | 1,289.3 |
(Dollars in millions) | Multifamily | Commercial | Hotel | Funds | Residential and Other | Total | ||||||||||||||
Western U.S. | $ | 230.5 | $ | 78.1 | $ | 72.8 | $ | 139.6 | $ | 238.7 | $ | 759.7 | ||||||||
Ireland | 378.7 | 139.4 | — | — | — | 518.1 | ||||||||||||||
United Kingdom | — | 48.7 | — | — | — | 48.7 | ||||||||||||||
Total | $ | 609.2 | $ | 266.2 | $ | 72.8 | $ | 139.6 | $ | 238.7 | $ | 1,326.5 |
Multifamily | Commercial | Funds | Residential and Other | Total | ||||||||||||||||||||||||||||
(Dollars in millions) | Operating | Investing | Operating | Investing | Operating | Investing | Operating | Investing | Operating | Investing | ||||||||||||||||||||||
Western U.S. | $ | 25.8 | $ | 28.7 | $ | 6.4 | $ | 2.6 | $ | 6.7 | $ | 13.3 | $ | — | $ | 33.3 | $ | 38.9 | $ | 77.9 | ||||||||||||
Ireland | 8.5 | 2.5 | 12.2 | 96.0 | 0.1 | — | — | — | 20.8 | 98.5 | ||||||||||||||||||||||
United Kingdom | — | — | — | 1.1 | — | — | — | — | — | 1.1 | ||||||||||||||||||||||
Total | $ | 34.3 | $ | 31.2 | $ | 18.6 | $ | 99.7 | $ | 6.8 | $ | 13.3 | $ | — | $ | 33.3 | $ | 59.7 | $ | 177.5 |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Income from unconsolidated investments - operating performance | $ | 43.4 | $ | 35.5 | $ | 18.8 | ||||||||||||||
Income from unconsolidated investments - realized gains | — | 53.5 | 22.1 | |||||||||||||||||
Income from unconsolidated investments - fair value | 47.2 | 64.7 | 10.4 | |||||||||||||||||
Income from unconsolidated investments - performance fees | 2.7 | 36.3 | 27.4 | |||||||||||||||||
Income from unconsolidated investments - realized losses and impairment | (12.3) | (10.3) | — | |||||||||||||||||
$ | 81.0 | $ | 179.7 | $ | 78.7 |
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Unconsolidated investments | $ | — | $ | — | $ | 1,136.5 | $ | 1,136.5 | ||||||||||||||||||
Net currency derivative contracts | — | (64.0) | — | (64.0) | ||||||||||||||||||||||
Total | $ | — | $ | (64.0) | $ | 1,136.5 | $ | 1,072.5 |
(Dollars in millions) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Unconsolidated investments | $ | — | $ | — | $ | 1,099.3 | $ | 1,099.3 | ||||||||||||||||||
Net currency derivative contracts | — | (34.7) | — | (34.7) | ||||||||||||||||||||||
Total | $ | — | $ | (34.7) | $ | 1,099.3 | $ | 1,064.6 |
(Dollars in millions) | December 31, 2020 | December 31, 2019 | |||||||||
FV Option | $ | 999.2 | $ | 959.7 | |||||||
Funds | 137.3 | 139.6 | |||||||||
Total | $ | 1,136.5 | $ | 1,099.3 |
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Beginning balance | $ | 1,099.3 | $ | 662.2 | $ | 380.7 | ||||||||||||||
Unrealized and realized gains | 109.8 | 161.1 | 87.7 | |||||||||||||||||
Unrealized and realized losses | (13.5) | (26.9) | (33.1) | |||||||||||||||||
Contributions | 109.2 | 191.2 | 335.9 | |||||||||||||||||
Distributions | (189.7) | (104.1) | (76.3) | |||||||||||||||||
Foreign Exchange | 24.5 | (3.4) | (4.0) | |||||||||||||||||
Non-cash contributions (distributions), net | (3.1) | 219.2 | (28.7) | |||||||||||||||||
Ending Balance | $ | 1,136.5 | $ | 1,099.3 | $ | 662.2 |
Estimated Rates Used For | ||||||||||||||
Capitalization Rates | Discount Rates | |||||||||||||
Multifamily |
3.80% — 5.75%
|
5.75% — 8.15%
|
||||||||||||
Office |
4.00% — 7.00%
|
5.00% — 9.00%
|
||||||||||||
Retail |
5.00% — 8.75%
|
7.50% — 11.25%
|
||||||||||||
Hotel |
6.00%
|
7.50% — 8.25%
|
||||||||||||
Residential |
N/A
|
12.00%
|
(Dollars in millions) | December 31, 2020 | Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||||||
Currency Hedged | Underlying Currency | Notional | Hedge Asset | Hedge Liability | Change in Unrealized (Losses) Gains | Realized (Losses) Gains | Interest Expense | Cash Received (Paid) | |||||||||||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||||||||||||||||||
EUR | USD | € | 232.5 | $ | 1.4 | $ | 17.3 | $ | (1.1) | $ | (22.0) | $ | 3.4 | $ | — | ||||||||||||||||||||||||||
EUR(1)
|
GBP | € | 212.6 | — | 34.7 | (3.7) | — | — | — | ||||||||||||||||||||||||||||||||
EUR(1)(2)
|
GBP | — | — | 35.1 | — | — | — | ||||||||||||||||||||||||||||||||||
GBP | USD | £ | 410.0 | 10.6 | 23.9 | (12.9) | — | 4.4 | — | ||||||||||||||||||||||||||||||||
Total Outstanding | 12.0 | 75.9 | 17.4 | (22.0) | 7.8 | — | |||||||||||||||||||||||||||||||||||
Settled | |||||||||||||||||||||||||||||||||||||||||
EUR | USD | — | — | 0.4 | 4.7 | 0.6 | 13.6 | ||||||||||||||||||||||||||||||||||
EUR | GBP | — | — | (4.0) | — | — | (17.1) | ||||||||||||||||||||||||||||||||||
GBP | USD | — | — | 18.4 | — | 0.9 | 18.9 | ||||||||||||||||||||||||||||||||||
Total Settled | — | — | 14.8 | 4.7 | 1.5 | 15.4 | |||||||||||||||||||||||||||||||||||
Total | $ | 12.0 | $ | 75.9 | $ | 32.2 |
(3)
|
$ | (17.3) | $ | 9.3 | $ | 15.4 |
December 31, | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | ||||||||||||
Loan purchases and originations | $ | 107.1 | $ | 37.5 | ||||||||||
Straight line rent receivable | 51.6 | 47.3 | ||||||||||||
Deferred taxes, net | 22.1 | 24.4 | ||||||||||||
Goodwill | 23.9 | 23.9 | ||||||||||||
Furniture and equipment net of accumulated depreciation of $27.2 and $21.9 at December 31, 2020 and December 31, 2019, respectively
|
22.3 | 23.7 | ||||||||||||
Other, net of accumulated amortization of $2.1 and $2.0 at December 31, 2020 and 2019, respectively
|
19.0 | 16.5 | ||||||||||||
Above-market leases, net of accumulated amortization of $58.3 and $51.0 at December 31, 2020 and 2019, respectively
|
15.0 | 26.1 | ||||||||||||
Hedge assets | 12.0 | 32.6 | ||||||||||||
Prepaid expenses | 11.8 | 14.3 | ||||||||||||
Right of use asset, net | 11.2 | 13.6 | ||||||||||||
Leasing commissions, net of accumulated amortization of $7.4 and $4.7 at December 31, 2020 and 2019, respectively
|
10.2 | 11.9 | ||||||||||||
Other Assets | $ | 306.2 | $ | 271.8 |
(Dollars in millions) | Minimum | ||||
Rental Payments | |||||
2021 | $ | 1.5 | |||
2022 | 1.5 | ||||
2023 | 0.8 | ||||
2024 | 0.5 | ||||
2025 | 0.4 | ||||
Thereafter | 32.4 | ||||
Total undiscounted rental payments | 37.1 | ||||
Less imputed interest | (25.9) | ||||
Total lease liabilities | $ | 11.2 |
(Dollars in millions) |
Carrying amount of mortgage debt as of December 31,(1)
|
|||||||||||||||||||
Mortgage Debt by Product Type | Region | 2020 | 2019 | |||||||||||||||||
Multifamily(1)
|
Western U.S. | $ | 1,345.5 | $ | 1,324.7 | |||||||||||||||
Commercial(1)
|
United Kingdom | 429.6 | 514.5 | |||||||||||||||||
Commercial | Western U.S. | 375.2 | 405.4 | |||||||||||||||||
Commercial(1)
|
Ireland | 320.5 | 289.6 | |||||||||||||||||
Hotel | Ireland | 88.0 | 80.8 | |||||||||||||||||
Commercial | Spain | 43.6 | 40.3 | |||||||||||||||||
Mortgage debt (excluding loan fees)(1)
|
2,602.4 | 2,655.3 | ||||||||||||||||||
Unamortized loan fees | (12.6) | (14.3) | ||||||||||||||||||
Total Mortgage Debt | $ | 2,589.8 | $ | 2,641.0 |
(Dollars in millions) | Aggregate Maturities | |||||||
2021(1)
|
$ | 47.5 | ||||||
2022 | 330.9 | |||||||
2023 | 428.8 | |||||||
2024 | 206.1 | |||||||
2025 | 547.2 | |||||||
Thereafter | 1,037.4 | |||||||
2,597.9 | ||||||||
Unamortized debt premium | 4.5 | |||||||
Unamortized loan fees | (12.6) | |||||||
Total Mortgage Debt | $ | 2,589.8 |
December 31, | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | ||||||||||||
Credit Facility | $ | 200.0 | $ | — | ||||||||||
Senior Notes(1)
|
1,146.9 | 1,146.1 | ||||||||||||
KW Unsecured Debt | 1,346.9 | 1,146.1 | ||||||||||||
Unamortized loan fees | (14.7) | (14.4) | ||||||||||||
Total KW Unsecured Debt | $ | 1,332.2 | $ | 1,131.7 |
December 31, | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | ||||||||||||
KWE Bonds | $ | 504.7 | $ | 662.9 | ||||||||||
KWE Euro Medium Term Note Programme | 669.7 | 614.7 | ||||||||||||
KWE Unsecured Bonds (excluding loan fees)(1)
|
1,174.4 | 1,277.6 | ||||||||||||
Unamortized loan fees | (1.9) | (3.4) | ||||||||||||
Total KWE Unsecured Bonds | $ | 1,172.5 | $ | 1,274.2 |
Year ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Domestic | $ | (37.0) | $ | 249.5 | $ | 156.5 | ||||||||||||||
Foreign | 188.4 | 113.0 | 113.6 | |||||||||||||||||
Total | $ | 151.4 | $ | 362.5 | $ | 270.1 |
Year ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Federal | ||||||||||||||||||||
Current | $ | — | $ | — | $ | — | ||||||||||||||
Deferred | 23.3 | 31.2 | 33.4 | |||||||||||||||||
23.3 | 31.2 | 33.4 | ||||||||||||||||||
State | ||||||||||||||||||||
Current | 1.5 | 0.3 | — | |||||||||||||||||
Deferred | 0.4 | (4.6) | 10.6 | |||||||||||||||||
1.9 | (4.3) | 10.6 | ||||||||||||||||||
Foreign | ||||||||||||||||||||
Current | 14.9 | 14.4 | 18.4 | |||||||||||||||||
Deferred | 3.5 | 0.1 | (4.4) | |||||||||||||||||
18.4 | 14.5 | 14.0 | ||||||||||||||||||
Total | $ | 43.6 | $ | 41.4 | $ | 58.0 |
Year ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Tax computed at the statutory rate | $ | 31.8 | $ | 76.1 | $ | 56.7 | ||||||||||||||
Tax deduction in excess of book compensation from restricted stock vesting | 0.1 | 0.3 | 1.8 | |||||||||||||||||
Domestic permanent differences, primarily disallowed executive compensation | 7.2 | 6.1 | 3.8 | |||||||||||||||||
Foreign permanent differences, primarily non-deductible depreciation, amortization and interest expenses in the United Kingdom | 2.0 | 1.3 | 1.4 | |||||||||||||||||
Effect of foreign tax operations on U.S. taxes, net of foreign tax credits and valuation allowance | (3.7) | (16.8) | 1.1 | |||||||||||||||||
Noncontrolling interests | (0.9) | (22.2) | (15.1) | |||||||||||||||||
State income taxes, net of federal benefit | 2.9 | — | 8.0 | |||||||||||||||||
Other | 4.2 | (3.4) | 0.3 | |||||||||||||||||
Provision for income taxes | $ | 43.6 | $ | 41.4 | $ | 58.0 |
Year ended December 31, | ||||||||||||||
(Dollars in millions) | 2020 | 2019 | ||||||||||||
Deferred tax assets: | ||||||||||||||
Foreign currency translation | $ | 3.7 | $ | 4.9 | ||||||||||
Net operating loss carryforward and credits | 137.1 | 138.6 | ||||||||||||
Investment basis difference | 91.2 | 96.2 | ||||||||||||
Stock option expense | 3.0 | 1.3 | ||||||||||||
Hedging transactions | 13.4 | 7.2 | ||||||||||||
Lease liability | 0.1 | — | ||||||||||||
Accrued reserves | 0.6 | — | ||||||||||||
Total deferred tax assets | 249.1 | 248.2 | ||||||||||||
Valuation allowance | (204.4) | (209.2) | ||||||||||||
Net deferred tax assets | 44.7 | 39.0 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||
Investment basis and reserve differences | 159.5 | 145.7 | ||||||||||||
Depreciation and amortization | 20.0 | 2.8 | ||||||||||||
Right of use asset | 0.1 | — | ||||||||||||
Prepaid expenses and other | 2.8 | 2.4 | ||||||||||||
Capitalized interest | 1.3 | 1.3 | ||||||||||||
Total deferred tax liabilities | 183.7 | 152.2 | ||||||||||||
Deferred tax liability, net | $ | (139.0) | $ | (113.2) |
(Dollars in millions) | ||||||||
Year ending December 31, | ||||||||
2021 | $ | 1.5 | ||||||
2022 | 1.5 | |||||||
2023 | 0.8 | |||||||
2024 | 0.5 | |||||||
2025 | 0.4 | |||||||
Thereafter | 32.4 | |||||||
Total minimum payments | $ | 37.1 |
Shares | ||||||||
Nonvested at December 31, 2018 | 3,916,948 | |||||||
Granted | 64,458 | |||||||
Vested | (1,729,046) | |||||||
Forfeited | — | |||||||
Nonvested at December 31, 2019 | 2,252,360 | |||||||
Granted | 2,543,551 | |||||||
Vested | (1,279,433) | |||||||
Forfeited | (62,710) | |||||||
Nonvested at December 31, 2020 | 3,453,768 |
(Dollars in millions) | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||||
Declared | Paid | Declared | Paid | |||||||||||||||||||||||
Preferred Stock | $ | 17.2 | $ | 13.6 | $ | 2.6 | $ | 2.6 | ||||||||||||||||||
Common Stock(1)
|
125.6 | 126.1 | 121.1 | 114.9 |
Record Date | Payment Date | Distributions Per Share | Ordinary Dividends | Return of Capital | ||||||||||
12/27/2019 | 1/2/2020 | $ | 0.2200 | $ | 0.0597 | $ | 0.1603 | |||||||
3/31/2020 | 4/7/2020 | 0.2200 | 0.0597 | 0.1603 | ||||||||||
6/30/2020 | 7/9/2020 | 0.2200 | 0.0597 | 0.1603 | ||||||||||
9/30/2020 | 10/8/2020 | 0.2200 | 0.0597 | 0.1603 | ||||||||||
Totals | $ | 0.8800 | $ | 0.2388 | $ | 0.6412 |
(Dollars in millions) | Foreign Currency Translation | Foreign Currency Derivative Contracts | Interest Rate Swaps |
Total Accumulated Other Comprehensive Income(1)
|
||||||||||||||||||||||
Balance at December 31, 2019 | $ | (98.3) | $ | 40.4 | $ | (0.7) | $ | (58.6) | ||||||||||||||||||
Unrealized (losses) gains, arising during the period | 67.6 | (38.0) | (6.9) | 22.7 | ||||||||||||||||||||||
Taxes on unrealized (losses) gains, arising during the period | (1.2) | 0.2 | 1.7 | 0.7 | ||||||||||||||||||||||
Amounts reclassified out of AOCI during the period, gross | 0.3 | — | 0.7 | 1.0 | ||||||||||||||||||||||
Amounts reclassified out of AOCI during the period, taxes | — | — | (0.2) | (0.2) | ||||||||||||||||||||||
Noncontrolling interest | (0.6) | — | — | (0.6) | ||||||||||||||||||||||
Balance (of Kennedy Wilson's share) at December 31, 2020 | $ | (32.2) | $ | 2.6 | $ | (5.4) | $ | (35.0) |
Year ended December 31, | ||||||||||||||||||||
(Dollars in millions, except share amounts and per share data) | 2020 | 2019 | 2018 | |||||||||||||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 92.9 | $ | 224.1 | $ | 150 | ||||||||||||||
Net income and dividends allocated to participating securities | — | (0.3) | (0.9) | |||||||||||||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders, net of allocation to participating securities | 92.9 | 223.8 | 149.1 | |||||||||||||||||
Dividends declared on common shares | (125.6) | (121.1) | (113.0) | |||||||||||||||||
Undistributed earnings attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | (32.7) | $ | 102.7 | $ | 36.1 | ||||||||||||||
Distributed earnings per share | $ | 0.88 | $ | 0.85 | $ | 0.78 | ||||||||||||||
Undistributed earnings per share | (0.22) | 0.75 | 0.26 | |||||||||||||||||
Income per share - basic | 0.66 | 1.60 | 1.04 | |||||||||||||||||
Income per share - diluted | $ | 0.66 | $ | 1.58 | $ | 1.04 | ||||||||||||||
Weighted-average shares outstanding for basic | 139,741,411 | 139,729,573 | 142,895,472 | |||||||||||||||||
Weighted average shares outstanding for diluted | 140,347,365 | 141,501,323 | 144,753,421 | |||||||||||||||||
Dividends declared per common share | $ | 0.88 | $ | 0.85 | $ | 0.78 |
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
(Dollars in millions) | Consolidated | Co-Investments | Corporate | Total | ||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Rental | $ | 403.9 | $ | — | $ | — | $ | 403.9 | ||||||||||||||||||
Hotel | 13.9 | — | — | 13.9 | ||||||||||||||||||||||
Investment management, property services and research fees | — | 22.5 | 10.6 | 33.1 | ||||||||||||||||||||||
Total revenue | 417.8 | 22.5 | 10.6 | 450.9 | ||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||
Rental | 135.7 | — | — | 135.7 | ||||||||||||||||||||||
Hotel | 13.8 | — | — | 13.8 | ||||||||||||||||||||||
Commission and marketing | — | — | 2.8 | 2.8 | ||||||||||||||||||||||
Compensation and related | 59.7 | 21.0 | 63.7 | 144.4 | ||||||||||||||||||||||
General and administrative | 20.6 | 5.9 | 8.1 | 34.6 | ||||||||||||||||||||||
Depreciation and amortization | 179.6 | — | — | 179.6 | ||||||||||||||||||||||
Total expenses | 409.4 | 26.9 | 74.6 | 510.9 | ||||||||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | — | 81.0 | — | 81.0 | ||||||||||||||||||||||
Gain on sale of real estate, net | 338.0 | — | — | 338.0 | ||||||||||||||||||||||
Transaction-related expenses | (0.9) | — | — | (0.9) | ||||||||||||||||||||||
Interest expense | (141.7) | — | (69.5) | (211.2) | ||||||||||||||||||||||
Other (loss) income | (0.6) | — | 5.1 | 4.5 | ||||||||||||||||||||||
Provision for income taxes | (18.4) | — | (25.2) | (43.6) | ||||||||||||||||||||||
Net income (loss) | 184.8 | 76.6 | (153.6) | 107.8 | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests | 2.3 | — | — | 2.3 | ||||||||||||||||||||||
Preferred dividends and accretion of preferred stock issuance costs | — | — | (17.2) | (17.2) | ||||||||||||||||||||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 187.1 | $ | 76.6 | $ | (170.8) | $ | 92.9 |
Year Ended December 31, 2019 | ||||||||||||||||||||||||||
(Dollars in millions) | Consolidated | Co-Investments | 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 | — | 24.9 | 15.8 | 40.7 | ||||||||||||||||||||||
Total revenue | 529.0 | 24.9 | 15.8 | 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 | 71.0 | 15.1 | 65.7 | 151.8 | ||||||||||||||||||||||
General and administrative | 26.3 | 5.6 | 10.5 | 42.4 | ||||||||||||||||||||||
Depreciation and amortization | 187.6 | — | — | 187.6 | ||||||||||||||||||||||
Total expenses | 499.1 | 20.7 | 80.0 | 599.8 | ||||||||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | — | 179.7 | — | 179.7 | ||||||||||||||||||||||
Gain on sale of real estate, net | 434.4 | — | — | 434.4 | ||||||||||||||||||||||
Transaction-related expenses | (6.8) | — | — | (6.8) | ||||||||||||||||||||||
Interest expense | (145.6) | — | (69.5) | (215.1) | ||||||||||||||||||||||
Other income | 2.8 | — | (2.4) | 0.4 | ||||||||||||||||||||||
Provision for from income taxes | (14.5) | — | (26.9) | (41.4) | ||||||||||||||||||||||
Net income (loss) | 300.2 | 183.9 | (163.0) | 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 | $ | 205.8 | $ | 183.9 | $ | (165.6) | $ | 224.1 |
Year Ended December 31, 2018 | ||||||||||||||||||||||||||
(Dollars in millions) | Consolidated | Co-Investments | 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 | — | 15.4 | 29.9 | 45.3 | ||||||||||||||||||||||
Total revenue | 727.1 | 15.4 | 29.9 | 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 | 64.7 | 20.5 | 83.6 | 168.8 | ||||||||||||||||||||||
General and administrative | 28.1 | 7.5 | 15.2 | 50.8 | ||||||||||||||||||||||
Depreciation and amortization | 206.1 | — | — | 206.1 | ||||||||||||||||||||||
Total expenses | 633.7 | 28.0 | 104.7 | 766.4 | ||||||||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | — | 78.7 | — | 78.7 | ||||||||||||||||||||||
Gain on sale of real estate, net | 371.8 | — | — | 371.8 | ||||||||||||||||||||||
Gain on sale of business | — | — | 40.4 | 40.4 | ||||||||||||||||||||||
Transaction-related expenses | (1.7) | — | — | (1.7) | ||||||||||||||||||||||
Interest expense | (161.0) | — | (77.2) | (238.2) | ||||||||||||||||||||||
Other income | 0.7 | — | 12.4 | 13.1 | ||||||||||||||||||||||
Provision for income taxes | (14.0) | — | (44.0) | (58.0) | ||||||||||||||||||||||
Net income (loss) | 289.2 | 66.1 | (143.2) | 212.1 | ||||||||||||||||||||||
Net income attributable to noncontrolling interests | (62.1) | — | — | (62.1) | ||||||||||||||||||||||
Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 227.1 | $ | 66.1 | $ | (143.2) | $ | 150.0 |
December 31, | |||||||||||
(Dollars in millions) | 2020 | 2019 | |||||||||
Assets | |||||||||||
Consolidated | $ | 5,562.4 | $ | 5,679.7 | |||||||
Co-investment | 1,396.4 | 1,326.5 | |||||||||
Corporate | 370.2 | 298.3 | |||||||||
Total assets | $ | 7,329.0 | $ | 7,304.5 |
December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Expenditures for long lived assets | ||||||||||||||||||||
Investments | $ | (264.2) | $ | (402.0) | $ | (571.8) |
Year Ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
United States | $ | 274.2 | $ | 275.7 | $ | 327.7 | ||||||||||||||
Europe | 176.7 | 294.0 | 444.7 | |||||||||||||||||
Total revenue | $ | 450.9 | $ | 569.7 | $ | 772.4 |
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2020
(Dollars in millions)
|
||||||||||||||||||||||||||||||||||||||
Parent | Kennedy-Wilson, Inc. |
Guarantor Subsidiaries
|
Non-guarantor Subsidiaries | Elimination | Consolidated Total | |||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 105.5 | $ | 174.5 | $ | 685.1 | $ | — | $ | 965.1 | ||||||||||||||||||||||||||
Accounts receivable | — | 0.2 | 15.5 | 32.2 | — | 47.9 | ||||||||||||||||||||||||||||||||
Real estate and acquired in place lease values, net of accumulated depreciation and amortization | — | — | 2,009.7 | 2,710.8 | — | 4,720.5 | ||||||||||||||||||||||||||||||||
Unconsolidated investments | — | 15.1 | 459.4 | 814.8 | — | 1,289.3 | ||||||||||||||||||||||||||||||||
Investments in and advances to consolidated subsidiaries | 1,686.5 | 3,173.4 | 1,768.4 | — | (6,628.3) | — | ||||||||||||||||||||||||||||||||
Other assets | — | 10.3 | 69.3 | 226.6 | — | 306.2 | ||||||||||||||||||||||||||||||||
Total assets | $ | 1,686.5 | $ | 3,304.5 | $ | 4,496.8 | $ | 4,469.5 | $ | (6,628.3) | $ | 7,329.0 | ||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Accounts Payable | — | 0.2 | 1.9 | 28.0 | — | 30.1 | ||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 42.0 | 285.6 | 49.6 | 154.5 | — | 531.7 | ||||||||||||||||||||||||||||||||
Mortgage debt | — | — | 1,271.9 | 1,317.9 | — | 2,589.8 | ||||||||||||||||||||||||||||||||
KW unsecured debt | — | 1,332.2 | — | — | — | 1,332.2 | ||||||||||||||||||||||||||||||||
KWE unsecured bonds | — | — | — | 1,172.5 | 1,172.5 | |||||||||||||||||||||||||||||||||
Total liabilities | 42.0 | 1,618.0 | 1,323.4 | 2,672.9 | — | 5,656.3 | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||
Kennedy-Wilson Holdings, Inc. shareholders' equity | 1,644.5 | 1,686.5 | 3,173.4 | 1,768.4 | (6,628.3) | 1,644.5 | ||||||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 28.2 | — | 28.2 | ||||||||||||||||||||||||||||||||
Total equity | 1,644.5 | 1,686.5 | 3,173.4 | 1,796.6 | (6,628.3) | 1,672.7 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 1,686.5 | $ | 3,304.5 | $ | 4,496.8 | $ | 4,469.5 | $ | (6,628.3) | $ | 7,329.0 |
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 | 782.3 | — | 1,326.5 | ||||||||||||||||||||||||||||||||
Investments in and advances to consolidated subsidiaries | 1,682.3 | 3,037.5 | 1,660.5 | — | (6,380.3) | — | ||||||||||||||||||||||||||||||||
Other assets | — | — | 61.1 | 210.7 | — | 271.8 | ||||||||||||||||||||||||||||||||
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 |
CONSOLIDATING STATEMENT OF INCOME
FOR THE YEAR ENDED DECEMBER 31, 2020
(Dollars in millions)
|
||||||||||||||||||||||||||||||||||||||
Parent | Kennedy-Wilson, Inc. |
Guarantor Subsidiaries
|
Non-guarantor Subsidiaries | Elimination | Consolidated Total | |||||||||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||||||||||||||
Rental | $ | — | $ | — | $ | 190.1 | $ | 213.8 | $ | — | $ | 403.9 | ||||||||||||||||||||||||||
Hotel | — | — | — | 13.9 | — | 13.9 | ||||||||||||||||||||||||||||||||
Investment management, property services, and research fees | — | — | 28.5 | 4.6 | — | 33.1 | ||||||||||||||||||||||||||||||||
Total revenue | — | — | 218.6 | 232.3 | — | 450.9 | ||||||||||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||||||||
Rental | — | — | 72.5 | 63.2 | — | 135.7 | ||||||||||||||||||||||||||||||||
Hotel | — | — | — | 13.8 | — | 13.8 | ||||||||||||||||||||||||||||||||
Commission and marketing | — | — | 2.8 | — | — | 2.8 | ||||||||||||||||||||||||||||||||
Compensation and related | 33.5 | 68.0 | 37.4 | 5.5 | — | 144.4 | ||||||||||||||||||||||||||||||||
General and administrative | — | 17.2 | 11.2 | 6.2 | — | 34.6 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | — | 1.5 | 79.9 | 98.2 | — | 179.6 | ||||||||||||||||||||||||||||||||
Total expenses | 33.5 | 86.7 | 203.8 | 186.9 | — | 510.9 | ||||||||||||||||||||||||||||||||
Income from unconsolidated investments, net of depreciation and amortization | — | 0.6 | (0.6) | 81.0 | — | 81.0 | ||||||||||||||||||||||||||||||||
Income from consolidated subsidiaries | 141.3 | 320.1 | 294.0 | — | (755.4) | — | ||||||||||||||||||||||||||||||||
Gain on sale of real estate, net | — | — | 65.9 | 272.1 | — | 338.0 | ||||||||||||||||||||||||||||||||
Transaction-related expenses | — | (0.2) | (0.3) | (0.4) | — | (0.9) | ||||||||||||||||||||||||||||||||
Interest expense | — | (69.5) | (52.3) | (89.4) | — | (211.2) | ||||||||||||||||||||||||||||||||
Other income | — | 2.2 | (0.7) | 3.0 | — | 4.5 | ||||||||||||||||||||||||||||||||
Income before provision from income taxes | 107.8 | 166.5 | 320.8 | 311.7 | (755.4) | 151.4 | ||||||||||||||||||||||||||||||||
Provision for income taxes | — | (25.2) | (0.7) | (17.7) | — | (43.6) | ||||||||||||||||||||||||||||||||
Net income | 107.8 | 141.3 | 320.1 | 294.0 | (755.4) | 107.8 | ||||||||||||||||||||||||||||||||
Net loss attributable to the noncontrolling interests | — | — | — | 2.3 | — | 2.3 | ||||||||||||||||||||||||||||||||
Preferred dividends and accretion of preferred stock issuance costs | (17.2) | — | — | — | — | (17.2) | ||||||||||||||||||||||||||||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 90.6 | $ | 141.3 | $ | 320.1 | $ | 296.3 | $ | (755.4) | $ | 92.9 |
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 | 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 | — | 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 | ||||||||||||||||||||||||||||||||
Transaction-related expenses | — | (3.1) | (0.2) | (3.5) | — | (6.8) | ||||||||||||||||||||||||||||||||
Interest expense | — | (69.5) | (49.2) | (96.4) | — | (215.1) | ||||||||||||||||||||||||||||||||
Other income (loss) | 0.1 | (0.3) | 0.2 | 0.4 | — | 0.4 | ||||||||||||||||||||||||||||||||
Income before (provision for) benefit 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 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 | $ | 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 (1)
|
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 | ||||||||||||||||||||||||||||||||
Transaction-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 (loss) before (provision for) benefit from income taxes | 212.1 | 293.2 | 449.9 | 348.1 | (1,033.2) | 270.1 | ||||||||||||||||||||||||||||||||
(Provision for) benefit from income taxes | — | (44.0) | 1.4 | (15.4) | — | (58.0) | ||||||||||||||||||||||||||||||||
Net 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) | ||||||||||||||||||||||||||||||||
Net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | $ | 212.1 | $ | 249.2 | $ | 451.3 | $ | 270.6 | $ | (1,033.2) | $ | 150.0 |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED DECEMBER 31, 2020
(Dollars in millions)
|
||||||||||||||||||||||||||||||||||||||
Parent | Kennedy-Wilson, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Elimination | Consolidated Total | |||||||||||||||||||||||||||||||||
Net income | $ | 107.8 | $ | 141.3 | $ | 320.1 | $ | 294.0 | $ | (755.4) | $ | 107.8 | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||||||||
Unrealized foreign currency translation gain (loss) | 66.5 | 66.5 | (3.5) | 65.0 | (128.0) | 66.5 | ||||||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | 0.8 | 0.8 | — | 0.2 | (1.0) | 0.8 | ||||||||||||||||||||||||||||||||
Unrealized forward contract forward currency (loss) gain | (37.8) | (37.8) | 5.0 | (42.8) | 75.6 | (37.8) | ||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swaps | (5.3) | (5.3) | — | — | 5.3 | (5.3) | ||||||||||||||||||||||||||||||||
Total other comprehensive income for the period | $ | 24.2 | $ | 24.2 | $ | 1.5 | $ | 22.4 | $ | (48.1) | $ | 24.2 | ||||||||||||||||||||||||||
Comprehensive income | $ | 132.0 | $ | 165.5 | $ | 321.6 | $ | 316.4 | $ | (803.5) | $ | 132.0 | ||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | 1.7 | — | 1.7 | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. | $ | 132.0 | $ | 165.5 | $ | 321.6 | $ | 318.1 | $ | (803.5) | $ | 133.7 |
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 | $ | 321.1 | $ | 352.9 | $ | 547.7 | $ | 479.7 | $ | (1,380.3) | $ | 321.1 | ||||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax: | ||||||||||||||||||||||||||||||||||||||
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 (loss) | 38.7 | 38.7 | (15.4) | 54.1 | (77.4) | 38.7 | ||||||||||||||||||||||||||||||||
Unrealized loss on interest rate swaps | (0.7) | (0.7) | — | — | 0.7 | (0.7) | ||||||||||||||||||||||||||||||||
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 | $ | 212.1 | $ | 249.2 | $ | 451.3 | $ | 332.7 | $ | (1,033.2) | $ | 212.1 | ||||||||||||||||||||||||||
Other comprehensive loss, net of tax: | ||||||||||||||||||||||||||||||||||||||
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 gain (loss) | 38.3 | 38.3 | 46.1 | (7.8) | (76.6) | 38.3 | ||||||||||||||||||||||||||||||||
Total other comprehensive loss for the period | (11.1) | (11.1) | 0.4 | (51.1) | 61.8 | (11.1) | ||||||||||||||||||||||||||||||||
Comprehensive income | $ | 201.0 | $ | 238.1 | $ | 451.7 | $ | 281.6 | $ | (971.4) | $ | 201.0 | ||||||||||||||||||||||||||
Comprehensive income attributable to noncontrolling interests | — | — | — | (65.4) | — | (65.4) | ||||||||||||||||||||||||||||||||
Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. | $ | 201.0 | $ | 238.1 | $ | 451.7 | $ | 216.2 | $ | (971.4) | $ | 135.6 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED DECEMBER 31, 2020
(Dollars in millions)
|
||||||||||||||||||||||||||||||||
Parent | Kennedy-Wilson, Inc. | Guarantor Subsidiaries | Non-guarantor Subsidiaries | Consolidated Total | ||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 3.4 | $ | (136.9) | $ | 14.4 | $ | 106.5 | $ | (12.6) | ||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Proceeds from collection of loans | — | — | — | 34.1 | 34.1 | |||||||||||||||||||||||||||
Issuance of loans | — | (7.6) | — | (81.0) | (88.6) | |||||||||||||||||||||||||||
Investment in marketable securities | (12.1) | — | — | (12.1) | ||||||||||||||||||||||||||||
Proceeds from sale of marketable securities | — | 10.2 | — | — | 10.2 | |||||||||||||||||||||||||||
Net proceeds from sale of consolidated real estate | — | — | 167.5 | 660.3 | 827.8 | |||||||||||||||||||||||||||
Purchases of consolidated real estate | — | — | (28.0) | (42.1) | (70.1) | |||||||||||||||||||||||||||
Capital expenditures to real estate | — | — | (59.1) | (135.0) | (194.1) | |||||||||||||||||||||||||||
Investing distributions from unconsolidated investments | — | 4.0 | 44.1 | 129.4 | 177.5 | |||||||||||||||||||||||||||
Contributions to unconsolidated investments | — | (0.1) | (19.2) | (92.3) | (111.6) | |||||||||||||||||||||||||||
Proceeds from settlement of foreign currency derivative contracts | — | — | 15.5 | — | 15.5 | |||||||||||||||||||||||||||
Proceeds from development project asset | — | — | — | 2.2 | 2.2 | |||||||||||||||||||||||||||
Distributions from (investments in) consolidated subsidiaries, net | 162.9 | 45.9 | 2.7 | (211.5) | — | |||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 162.9 | 40.3 | 123.5 | 264.1 | 590.8 | |||||||||||||||||||||||||||
Cash flow from financing activities: | ||||||||||||||||||||||||||||||||
Borrowings under line of credit/term loan | — | 200.0 | — | — | 200.0 | |||||||||||||||||||||||||||
Borrowings under mortgage debt | — | — | 84.0 | 212.4 | 296.4 | |||||||||||||||||||||||||||
Repayment of mortgage debt | — | — | (149.3) | (337.8) | (487.1) | |||||||||||||||||||||||||||
Payment of loan fees | — | (4.3) | (0.8) | (0.5) | (5.6) | |||||||||||||||||||||||||||
Borrowings (repayment) of shareholder loans to noncontrolling interests | — | — | — | 1.2 | 1.2 | |||||||||||||||||||||||||||
Repurchase of common stock | (57.4) | — | — | — | (57.4) | |||||||||||||||||||||||||||
Common stock dividends paid | (126.1) | — | — | — | (126.1) | |||||||||||||||||||||||||||
Preferred stock dividends paid | (13.6) | — | — | — | (13.6) | |||||||||||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | 4.5 | 4.5 | |||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | (18.9) | (18.9) | |||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (197.1) | 195.7 | (66.1) | (139.1) | (206.6) | |||||||||||||||||||||||||||
Effect of currency exchange rate changes on cash and cash equivalents | — | — | — | 19.6 | 19.6 | |||||||||||||||||||||||||||
Net change in cash and cash equivalents | (30.8) | 99.1 | 71.8 | 251.1 | 391.2 | |||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 30.8 | 6.4 | 102.7 | 434.0 | 573.9 | |||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 105.5 | $ | 174.5 | $ | 685.1 | $ | 965.1 |
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: | ||||||||||||||||||||||||||||||||
Issuance of loans | — | — | (2.3) | (0.4) | (2.7) | |||||||||||||||||||||||||||
Collections of loans | — | — | 0.6 | — | 0.6 | |||||||||||||||||||||||||||
Net proceeds from sale of real estate | — | — | 27.6 | 673.4 | 701.0 | |||||||||||||||||||||||||||
Purchases of and additions to 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 | |||||||||||||||||||||||||||
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 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 (used in) 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 | |||||||||||||||||||||||||||
Distributions from (investments in) 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 (used in) 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 |
(Dollars in millions, except earnings per share amounts) | ||||||||||||||||||||||||||
Year ended December 31, 2020 |
Fourth
Quarter |
Third
Quarter |
Second
Quarter |
First
Quarter |
||||||||||||||||||||||
Revenues | $ | 106.5 | $ | 114.2 | $ | 106.9 | $ | 123.3 | ||||||||||||||||||
Expenses | 149.0 | 116.3 | 115.8 | 129.8 | ||||||||||||||||||||||
Other income (expenses)(1)
|
268.9 | (30.4) | (33.4) | 6.3 | ||||||||||||||||||||||
Income (loss) before provision for income taxes | 226.4 | (32.5) | (42.3) | (0.2) | ||||||||||||||||||||||
(Provision for) benefit from income taxes | (53.9) | 12.8 | 3.2 | (5.7) | ||||||||||||||||||||||
Net income (loss) | 172.5 | (19.7) | (39.1) | (5.9) | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 1.8 | (1.1) | 1.3 | 0.3 | ||||||||||||||||||||||
Preferred dividends and accretion of preferred stock issuance costs | $ | (4.3) | $ | (4.3) | $ | (4.3) | $ | (4.3) | ||||||||||||||||||
Net income (loss) attributable to Kennedy-Wilson
Holdings, Inc. common shareholders |
$ | 170.0 | $ | (25.1) | $ | (42.1) | $ | (9.9) | ||||||||||||||||||
Basic earnings (loss) per share | $ | 1.23 | $ | (0.18) | $ | (0.30) | $ | (0.07) | ||||||||||||||||||
Diluted earnings (loss) per share | $ | 1.21 | $ | (0.18) | $ | (0.30) | $ | (0.07) |
(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(1)
|
177.9 | 34.5 | 162.2 | 18.0 | ||||||||||||||||||||||
Income before provision for income taxes | 165.2 | 29.6 | 162.1 | 5.6 | ||||||||||||||||||||||
Provision for income taxes | (6.3) | (10.2) | (20.9) | (4.0) | ||||||||||||||||||||||
Net income | 158.9 | 19.4 | 141.2 | 1.6 | ||||||||||||||||||||||
Net loss (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) | Initial Cost | Costs Capitalized Subsequent to Acquisition |
Gross Balance at December 31, 2020(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 | $ | (7.5) | 39 years | 1955/1981/1982 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Mountain States | 1.2 | 0.5 | 1.2 | 0.4 | 0.5 | 1.6 | 2.1 | (0.3) | 39 years | 1981 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Mountain States | 10.0 | 2.1 | 2.9 | 1.8 | 1.8 | 4.7 | 6.5 | (0.6) | 39 years | 1958/1974-1976/1985/1989/2006 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Mountain States | 4.2 | 2.6 | 5.6 | 1.2 | 2.6 | 6.8 | 9.4 | (1.1) | 39 years | 1980/1983 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Southern California | 27.0 | 9.1 | 14.0 | 11.9 | 9.1 | 25.9 | 35.0 | (3.5) | 39 years | 1985 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial portfolio | United Kingdom | — | 16.8 | 24.2 | 13.3 | 3.1 | 47.8 | 50.9 | (7.8) | 39 years | Various | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial portfolio | United Kingdom | 100.1 | 78.5 | 289.0 | 33.8 | 56.7 | 259.7 | 316.4 | (46.5) | 39 years | Various | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | — | 2.0 | 4.4 | — | 1.5 | 6.1 | 7.6 | (1.0) | 39 years | Various | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | 86.0 | 8.2 | 102.6 | — | 7.3 | 92.1 | 99.4 | (15.0) | 39 years | 2003 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Ireland | 106.4 | 59.8 | 83.1 | 27.8 | 53.7 | 102.4 | 156.1 | (12.4) | 39 years | 1966/2005 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | 83.8 | 20.4 | 73.8 | 5.8 | 18.3 | 72.0 | 90.3 | (13.1) | 39 years | 1980 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | United Kingdom | — | 85.3 | 232.0 | 25.3 | 83.6 | 225.5 | 309.1 | (46.0) | 39 years | 2003 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | United Kingdom | 72.5 | 6.2 | 109.5 | 7.2 | 5.1 | 97.3 | 102.4 | (16.1) | 39 years | 2010 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Southern California | 22.5 | 37.8 | 60.6 | 17.7 | 37.8 | 78.3 | 116.1 | (12.0) | 39 years | 1982 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Southern California | 28.8 | 11.6 | 36.5 | 4.6 | 11.6 | 41.1 | 52.7 | (7.8) | 39 years | 1968 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Southern California | 35.0 | 20.7 | 47.9 | 25.9 | 20.7 | 53.6 | 74.3 | (8.4) | 39 years | 1982 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial portfolio | United Kingdom | 187.1 | 128.4 | 216.4 | 8.0 | 107.0 | 187.5 | 294.5 | (27.9) | 39 years | Various | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office portfolio | United Kingdom | — | 28.1 | 58.6 | 22.4 | 31.5 | 66.2 | 97.7 | (6.9) | 39 years | Various | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail portfolio | Spain | — | 1.8 | 5.0 | — | 1.9 | 5.5 | 7.4 | (0.7) | 39 years | Various | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Spain | 43.6 | 27.1 | 46.2 | 13.9 | 32.4 | 69.2 | 101.6 | (8.6) | 39 years | 1995 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office portfolio | Italy | — | 26.3 | 74.8 | 0.7 | 35.4 | 101.0 | 136.4 | (12.6) | 39 years | Various | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Mountain States | 6.7 | 2.6 | 9.5 | 3.9 | 2.6 | 13.4 | 16.0 | (1.2) | 39 years | 1961 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office building | Ireland | — | 2.0 | 11.9 | 0.2 | 2.2 | 13.4 | 15.6 | (1.5) | 39 years | 2007 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Mountain States | 27.5 | 9.0 | 29.9 | 1.1 | 9.0 | 31.0 | 40.0 | (3.4) | 39 years | 1984/2008 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office portfolio | United Kingdom | 69.9 | 32.1 | 70.4 | 2.0 | 30.2 | 68.3 | 98.5 | (8.2) | 39 years | Various | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | — | 4.2 | 64.0 | 2.0 | 4.5 | 69.9 | 74.4 | (8.1) | 39 years | 2009 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Mountain States | 3.7 | 1.2 | 5.4 | 0.5 | 1.2 | 5.9 | 7.1 | (0.6) | 39 years | 1995/1996 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Pacific Northwest | 5.3 | 2.3 | 8.1 | 1.5 | 2.2 | 9.2 | 11.4 | (0.7) | 39 years | 1956 | 2017 |
Office | Pacific Northwest | 77.0 | 30.6 | 106.0 | 3.2 | 30.6 | 109.2 | 139.8 | (9.8) | 39 years | 1999/2001 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Mountain States | 12.0 | 4.1 | 12.2 | 0.2 | 4.1 | 12.9 | 17.0 | (1.1) | 39 years | 1967/1983 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | — | 4.9 | 18.5 | 7.9 | 5.0 | 27.1 | 32.1 | (1.7) | 39 years | 1841 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | 26.2 | 11.0 | — | 43.3 | 11.5 | 43.3 | 54.8 | — | 39 years | 1840/2000 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Southern California | 17.8 | 27.4 | 6.9 | 5.7 | 27.4 | 12.6 | 40.0 | (0.3) | 39 years | 1956 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Northern California | 61.4 | 23.5 | 57.3 | 0.3 | 23.5 | 57.6 | 81.1 | (1.7) | 39 years | 2000 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | United Kingdom | — | — | 41.3 | — | — | 41.3 | 41.3 | — | 39 years | 2006/2007 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
450-unit asset
|
Mountain States | 44.1 | 18.4 | 43.0 | 7.8 | 18.4 | 52.1 | 70.5 | (13.7) | 39 years | 1974 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
178-unit asset
|
Northern California | 31.4 | 12.3 | 18.5 | 9.4 | 12.3 | 28.9 | 41.2 | (10.5) | 39 years | 1975 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
217-unit asset
|
Pacific Northwest | 22.2 | 2.6 | 41.4 | 3.9 | 2.5 | 43.0 | 45.5 | (10.7) | 39 years | 2011 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
366-unit asset
|
Mountain States | 52.6 | 9.1 | 36.3 | 11.3 | 9.1 | 47.6 | 56.7 | (15.8) | 39 years | 2000 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
203-unit asset
|
Pacific Northwest | 19.5 | 2.6 | 23.8 | 2.7 | 2.6 | 27.2 | 29.8 | (5.9) | 39 years | 2005 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
542-unit asset
|
Northern California | 89.2 | 38.3 | 57.5 | 10.8 | 38.3 | 68.9 | 107.2 | (16.1) | 39 years | 1987 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
324-unit asset
|
Mountain States | 24.8 | 3.2 | 28.6 | 7.5 | 3.2 | 36.0 | 39.2 | (8.6) | 39 years | 1996 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
280-unit asset
|
Pacific Northwest | 36.6 | 6.0 | 40.3 | 2.7 | 6.0 | 43.0 | 49.0 | (7.8) | 39 years | 2004/2006 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condo | Pacific Northwest | — | — | 0.2 | — | — | 1.0 | 1.0 | (0.1) | 39 years | 2005 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
208-unit asset
|
Southern California | 37.3 | 9.3 | 37.3 | 5.7 | 9.3 | 43.0 | 52.3 | (8.5) | 39 years | 2004 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,008-unit asset
|
Northern California | 175.0 | 62.3 | 152.5 | 21.1 | 62.3 | 173.6 | 235.9 | (31.3) | 39 years | 1988 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
460-unit asset
|
Southern California | 46.7 | 13.2 | 53.0 | 5.1 | 13.2 | 58.1 | 71.3 | (9.9) | 39 years | 1988 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
204-unit asset
|
Mountain States | 14.3 | 2.0 | 17.6 | 3.0 | 2.0 | 20.6 | 22.6 | (3.2) | 39 years | 1999 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
168-unit asset
|
Mountain States | 10.9 | 1.8 | 13.1 | 2.7 | 1.8 | 15.7 | 17.5 | (2.6) | 39 years | 1992 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
430-unit asset
|
Pacific Northwest | 62.6 | 12.8 | 67.4 | 4.0 | 12.8 | 71.3 | 84.1 | (9.1) | 39 years | 2006 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
386-unit asset
|
Southern California | 66.0 | — | 81.4 | 8.3 | — | 89.8 | 89.8 | (11.6) | 39 years | 2002 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
157-unit asset
|
Southern California | 42.9 | 14.5 | 46.0 | 1.3 | 14.5 | 47.3 | 61.8 | (5.6) | 39 years | 2013 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Southern California | — | 0.6 | — | — | 3.8 | — | 3.8 | — | 39 years | N/A | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
408-unit asset
|
Pacific Northwest | 60.4 | 9.3 | 83.3 | 4.1 | 9.3 | 87.4 | 96.7 | (10.4) | 39 years | 1998 | 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
300-unit asset
|
Mountain States | 39.0 | 4.8 | 29.2 | 4.8 | 4.8 | 34.1 | 38.9 | (3.6) | 39 years | 1995 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
210-unit asset
|
Pacific Northwest | 29.0 | 11.0 | 46.7 | 0.9 | 11.0 | 47.6 | 58.6 | (4.2) | 39 years | 2007 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Mountain States | — | 0.2 | — | — | 4.6 | — | 4.6 | — | 39 years | N/A | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
200-unit asset
|
Mountain States | 20.7 | 1.4 | 25.9 | 0.8 | 1.4 | 26.7 | 28.1 | (2.4) | 39 years | 2012 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
264-unit asset
|
Pacific Northwest | 25.2 | 6.4 | 44.9 | 4.3 | 6.4 | 49.2 | 55.6 | (4.7) | 39 years | 1997 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
343-unit asset
|
Pacific Northwest | 84.0 | 26.8 | 107.4 | — | 26.8 | 107.9 | 134.7 | (8.6) | 39 years | 2016 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
179-unit asset
|
Pacific Northwest | 33.0 | 11.9 | 47.4 | 0.2 | 11.9 | 48.8 | 60.7 | (4.0) | 39 years | 2013 | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
88-unit asset
|
Mountain States | 8.6 | 2.6 | 10.4 | 1.0 | 2.6 | 11.6 | 14.2 | (1.2) | 39 years | 1988 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
492-unit asset
|
Mountain States | 59.2 | 15.8 | 63.2 | 5.2 | 15.9 | 68.5 | 84.4 | (6.0) | 39 years | 1985 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Mountain States | 8.0 | 0.8 | — | — | 0.7 | 9.2 | 9.9 | — | 39 years | N/A | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Mountain States | — | 2.1 | — | — | 4.3 | — | 4.3 | — | 39 years | N/A | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
293-unit asset
|
Mountain States | 19.9 | 7.2 | 28.8 | 0.7 | 7.2 | 29.5 | 36.7 | (1.9) | 39 years | 1995 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
188-unit asset
|
Mountain States | 13.5 | 4.9 | 19.7 | 6.0 | 4.9 | 25.7 | 30.6 | (2.0) | 39 years | 1985 | 2018 |
Land | Mountain States | 20.5 | 5.7 | — | 0.2 | 1.9 | 34.7 | 36.6 | (0.2) | 39 years | N/A | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
222-unit asset
|
Mountain States | 28.8 | 9.6 | 38.6 | 1.4 | 9.6 | 39.9 | 49.5 | (2.3) | 39 years | 1996 | 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Mountain States | 26.9 | 4.0 | — | — | 50.0 | — | 50.0 | — | 39 years | N/A | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | Mountain States | — | — | — | — | — | 2.3 | 2.3 | — | 39 years | N/A | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
360-unit asset
|
Mountain States | 52.7 | 16.4 | 65.7 | 0.2 | 16.4 | 66.0 | 82.4 | (1.8) | 39 years | 2015 | 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
260-unit asset
|
Mountain States | 40.1 | 13.4 | 53.6 | — | 13.4 | 53.7 | 67.1 | (0.2) | 39 years | 2014 | 2020 |
Hotel | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel | Ireland | 88.0 | 54.0 | 114.3 | 37.9 | 50.8 | 148.1 | 198.9 | (31.2) | 39 years | 1824/2005 | 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Spain | — | — | 34.7 | 11.9 | — | 49.0 | 49.0 | — | N/A | N/A | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | 18.1 | 0.5 | 3.4 | 23.4 | 0.6 | 34.1 | 34.7 | — | N/A | Various | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Spain | — | — | 13.9 | — | — | 15.1 | 15.1 | — | N/A | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | Ireland | — | 17.2 | — | 6.8 | 18.6 | 6.8 | 25.4 | — | N/A | N/A | 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | United Kingdom | 4.2 | — | 0.1 | 4.1 | 0.5 | 4.6 | — | N/A | N/A | 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | Ireland | — | — | 1.3 | — | — | 1.3 | 1.3 | — | N/A | N/A | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2700 acres
|
Hawaii | — | 31.7 | 3.8 | 0.7 | 32.2 | 4.3 | 36.5 | (2.0) | N/A | 1912 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 Lots
|
Hawaii | — | 16.5 | — | — | 16.5 | — | 16.5 | — | N/A | N/A | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grand Total | $ | 2,602.4 | $ | 1,226.8 | $ | 3,542.3 | $ | 546.0 | $ | 1,225.1 | $ | 3,982.6 | $ | 5,207.7 | $ | (551.8) |
For the year ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at the beginning of period | $ | 5,430.5 | $ | 5,981.7 | $ | 6,578.6 | ||||||||||||||
Additions during the period: | ||||||||||||||||||||
Other acquisitions | 183.0 | 176.2 | 210.3 | |||||||||||||||||
Improvements | 108.4 | 270.0 | 355.1 | |||||||||||||||||
Foreign currency | 129.9 | 26.7 | (191.7) | |||||||||||||||||
Deductions during the period: | ||||||||||||||||||||
Cost of real estate sold | (644.1) | (1,024.1) | (970.6) | |||||||||||||||||
Balance at close of period | $ | 5,207.7 | $ | 5,430.5 | $ | 5,981.7 |
For the year ended December 31, | ||||||||||||||||||||
(Dollars in millions) | 2020 | 2019 | 2018 | |||||||||||||||||
Balance at the beginning of period | $ | 466.8 | $ | 406.5 | $ | 344.0 | ||||||||||||||
Additions during the period: | ||||||||||||||||||||
Depreciation expense | 121.5 | 110.2 | 110.8 | |||||||||||||||||
Deductions during the period: | ||||||||||||||||||||
Dispositions | (54.5) | (49.0) | (36.0) | |||||||||||||||||
Foreign currency | 18.0 | (0.9) | (12.3) | |||||||||||||||||
Balance at close of period | $ | 551.8 | $ | 466.8 | $ | 406.5 |
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 as Exhibit 4.15 to Registrant's Annual Report on Form 10-K (001-33824) filed February 28, 2020. | |||||||
4.16 | Filed as Exhibit 4.16 to Registrant's Annual Report on Form 10-K (001-33824) filed February 28, 2020. | |||||||
4.17 | Filed herewith | |||||||
4.18 | Filed herewith | |||||||
4.20 | Filed as Exhibit 4.2 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021 | |||||||
4.21 | Filed as Exhibit 4.3 to Registrant's Current Report on Form 8-K (001-33824) filed February 11, 2021 | |||||||
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. | |||||||
10.9† | 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. | |||||||
10.10† | 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. | |||||||
10.11† | 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. | |||||||
10.12† | 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. | |||||||
10.13† | 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. | |||||||
10.14† | 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. | |||||||
10.15† | 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. | |||||||
10.16† | 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. | |||||||
10.17† | Filed as Exhibit to Kennedy-Wilson Holdings, Inc.'s Registration Statement on Form S-4/A (file No.: 333-162116) filed on October 23, 2009 | |||||||
10.18† | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed August 8, 2014 | |||||||
10.19† | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018 | |||||||
10.20† | 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. |
10.38† | 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.
|
|||||||
10.40† |
Filed as Exhibit 10.4 to Registrant’s Current Report on Form 8-K (001-33824) filed October 31, 2018.
|
|||||||
10.41† |
|
Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (001-33824) filed December 30, 2014. | ||||||
10.42† |
|
Filed as Exhibit 10.5 to Registrant’s Current Report on Form 8-K (001-33824) filed October 31, 2018 | ||||||
10.43† |
|
Filed as Exhibit 10.3 to Registrant’s Current Report on Form 8-K (001-33824) filed December 30, 2014 | ||||||
10.44† | Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed October 31, 2018. | |||||||
10.45† | Filed as Exhibit 10.1 to Registrant’s Current Report on Form 8-K (001-33824) filed August 28, 2015. | |||||||
10.46† | Filed as Exhibit 10.2 to Registrant’s Current Report on Form 8-K (001-33824) filed August 28, 2015. | |||||||
10.47† | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019 | |||||||
10.48† | Filed as Exhibit 10.2 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019 | |||||||
10.49† | Filed as Exhibit 10.3 to Registrant's Current Report on Form 8-K (001-33824) filed January 24, 2019 | |||||||
10.50 | Filed as Exhibit 10.1 to Registrant’s Quarterly Report on Form 10-Q (001-33824) filed May 10, 2017. | |||||||
10.51 | Filed as Exhibit 10.1 to Registrant’s Quarterly Report on Form 8-K (001-33824) filed October 20, 2017. | |||||||
10.52 | Filed as Exhibit 10.43 to Registrant's Annual Report on Form 10-K (001-33824) filed February 27, 2018 | |||||||
10.53 | Filed as Exhibit 10.1 to Registrants Current Report on Form 8-K (File No 001-33824) filed October 18, 2019. | |||||||
10.54 | Filed as Exhibit 10.54 to Registrant's Annual Report on Form 10-K (001-33824) filed February 28, 2020. | |||||||
10.55 | Filed as Exhibit 10.1 to Registrant's Current Report on Form 8-K (001-33824) filed March 26, 2020. |
10.56 | Filed herewith. | |||||||
21 | Filed herewith. | |||||||
23.1 | Filed herewith. | |||||||
24.1 | Filed herewith. | |||||||
31.1 | Filed herewith. | |||||||
31.2 | Filed herewith. | |||||||
32.1 | Filed herewith. | |||||||
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, 2020 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. |
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 26, 2021 | ||||||||||||
/S/ JUSTIN ENBODY
Justin Enbody
|
Chief Financial Officer (principal financial officer and principal accounting officer) | February 26, 2021 | ||||||||||||
/S/ TODD BOEHLY
Todd Boehly
|
Director | February 26, 2021 | ||||||||||||
/S/ RICHARD BOUCHER
Richard Boucher |
Director | February 26, 2021 | ||||||||||||
/S/ TREVOR BOWEN
Trevor Bowen |
Director | February 26, 2021 | ||||||||||||
/S/ NORM CREIGHTON
Norm Creighton
|
Director | February 26, 2021 | ||||||||||||
/S/ CATHY HENDRICKSON
Cathy Hendrickson
|
Director | February 26, 2021 | ||||||||||||
/S/ DAVID A. MINELLA
David A. Minella
|
Director | February 26, 2021 | ||||||||||||
/S/ KENT MOUTON
Kent Mouton
|
Director | February 26, 2021 | ||||||||||||
/S/ MARY RICKS
Mary Ricks |
Director | February 26, 2021 | ||||||||||||
/s/ JOHN R. TAYLOR
John Taylor
|
Director | February 26, 2021 | ||||||||||||
/S/ SANAZ ZAIMI
Sanaz Zaimi
|
Director | February 26, 2021 | ||||||||||||
/S/ STANLEY ZAX
Stanley Zax
|
Director | February 26, 2021 | ||||||||||||
Name of
Guarantor |
Type of Organization | Jurisdiction of Incorporation/Organization |
Taxpayer ID/
Identification Number |
||||||||
KW RockVue, LLC | Limited liability company | Delaware | 81-4190270 | ||||||||
KW South Main Station, LLC | Limited liability company | Delaware | 81-4190483 | ||||||||
KWF Manager, LLC | Limited liability company | Delaware | 81-4190377 | ||||||||
KW Residences at Harvard, LLC | Limited liability company | Delaware | 81-4193152 | ||||||||
KW Moffett Place, LLC | Limited liability company | Delaware | 81-4193197 | ||||||||
KW The Press, LLC | Limited liability company | Delaware | 81-4193244 | ||||||||
KW Orchard-Trimble Campus, LLC | Limited liability company | Delaware | 81-4193504 | ||||||||
KW 50 West, LLC | Limited liability company | Delaware | 81-4193597 | ||||||||
KW Kohanaiki, LLC | Limited liability company | Delaware | 81-4193832 | ||||||||
KW EU Capital 2, LLC | Limited liability company | Delaware | 81-4193875 | ||||||||
KW EU Capital 3, LLC | Limited liability company | Delaware | 81-4202248 | ||||||||
KW 134th Street Lofts, LLC | Limited liability company | Delaware | 81-4202379 | ||||||||
KW Ashton Parc Villagio, LLC | Limited liability company | Delaware | 81-4202429 |
Name of Subsidiary | Jurisdiction | Entity Type | ||||||
68‐540 Farrington LLC | Delaware | Limited liability company | ||||||
7107 Hollywood Developers LLC | Delaware | Limited liability company | ||||||
9350 Civic Center Drive, LLC | Delaware | Limited liability company | ||||||
9350 Civic Center JV, LLC | Delaware | Limited liability company | ||||||
Alexander Road Owner, LLC | Delaware/NV | Limited liability company | ||||||
Bailey Farm JV Carried Interest Plan, LLC | Delaware | Limited liability company | ||||||
Bailey Farm Owner, LLC | Delaware | Limited liability company | ||||||
Bailey Farm PT, LLC | Delaware | Limited liability company | ||||||
BASGF II ‐ Richmond, LLC | Delaware | Limited liability company | ||||||
Bay Area Smart Growth Fund II, LLC | Delaware | Limited liability company | ||||||
Bay Fund Opportunity LLC | California | Limited liability company | ||||||
BCORE MF Monaco Park LLC | Delaware | Limited liability company | ||||||
BCORE MF Solitude, LLC | Delaware | Limited liability company | ||||||
BCORE MF Sunstone LLC) | Delaware | Limited liability company | ||||||
Capri Serenade, LLC | Delaware | Limited liability company | ||||||
Capri/KW Bailey Farm Holdings, LLC | Delaware | Limited liability company | ||||||
Capri/KW Bailey sponsor, LLC | Delaware | Limited liability company | ||||||
Country Ridge IX, LLC | Delaware | Limited liability company | ||||||
Cypress Pointe Investments Corp. | California | Corporation | ||||||
Desert Ramrod Owner, LLC | Delaware | Limited liability company | ||||||
Dillingham Ranch Aina LLC | Delaware | Limited liability company | ||||||
Fairways 340 Corp. | Delaware | Corporation | ||||||
Gateway KW‐Esprit I JV, LLC | Delaware | Limited liability company | ||||||
Gateway KW‐Esprit I Owner, LLC | Delaware | Limited liability company | ||||||
Guardian/KW Blossom Hill, LLC | Delaware | Limited liability company | ||||||
Guardian/KW Hilltop, LLC | Delaware | Limited liability company | ||||||
Guardian/KW Santa Maria Land Partners, LLC | Delaware | Limited liability company | ||||||
Hotel Majestic LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson Auction Group, Inc. | California | Corporation | ||||||
Kennedy Wilson Capital | California | Corporation | ||||||
Kennedy Wilson Capital Trust I | Delaware | Corporation | ||||||
Kennedy Wilson Charitable Foundation | California | Corporation | ||||||
Kennedy Wilson Core Plus Real Estate Fund GP, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson Espana, S.L.U | Spain | Limited liability company |
Kennedy Wilson Europe Limited | Ireland | Corporation | ||||||
Kennedy Wilson Fund Management Group, LLC | California | Limited liability company | ||||||
Kennedy Wilson Holdings, Inc. | Delaware | Corporation | ||||||
Kennedy Wilson Ireland Limited | Ireland | Corporation | ||||||
Kennedy Wilson Overseas Investments, Inc. | Delaware | Corporation | ||||||
Kennedy Wilson Overseas Investments, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson Property Equity IV, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson Property Equity V, LLC | delaware | Limited liability company | ||||||
Kennedy Wilson Property Equity VI | Delaware | Limited liability company | ||||||
Kennedy Wilson Property Services V, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson Property Services VI, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson Real Estate Fund IV (IP), L.P. | Delaware | Limited Partnership | ||||||
Kennedy Wilson Real Estate Fund IV (PF), L.P. | Delaware | Limited Partnership | ||||||
Kennedy Wilson Real Estate Fund IV, L.P. | Delaware | Limited Partnership | ||||||
Kennedy Wilson Real Estate Fund V Feeder, LP | Delaware | Limited Partnership | ||||||
Kennedy Wilson Real Estate Fund V, LP | Delaware | Limited Partnership | ||||||
Kennedy wilson Real Estate Fund VI ‐ Parallel Q, LP | Delaware | Limited Partnership | ||||||
Kennedy Wilson Real Estate Fund VI Feeder, LP | Delaware | Limited Partnership | ||||||
Kennedy Wilson Real Estate Fund VI, LP | Delaware | Limited Partnership | ||||||
Kennedy Wilson Real Estate Sales & Marketing | California | Corporation | ||||||
Kennedy Wilson REF IV AG, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson REF IV BL, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson REF V BL, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson REF VI REIT Aggregator, LLC | delaware | Limited liability company | ||||||
Kennedy Wilson REF VI, BL Q, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson REF VI, BL, LLC | Delaware | Limited liability company | ||||||
Kennedy Wilson UK Limited | England | Corporation | ||||||
Kennedy‐Wilson Advisers, Inc. | Delaware | Corporation | ||||||
Kennedy‐Wilson Fund Management Group, LLC | California | Limited liability company | ||||||
Kennedy‐Wilson International | California | 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 ‐ Fort Union, LLC | Delaware | Limited liability company | ||||||
KW ‐ Richmond, LLC | Delaware | Limited liability company | ||||||
KW 1200 Main , LLC | Delaware | Limited liability company | ||||||
KW 134th Street Lofts | Delaware | Limited liability company | ||||||
KW 136 El Camino, 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 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 50 West, LLC | 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 9th Street Market, 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 Ashton Parc Villagio, 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 CDO Investor, 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 Colorado Springs 260, LLC | Delaware/Colorado | Limited liability company | ||||||
KW Colorado Springs MT, LLC | Delaware/Colorado | Limited liability company | ||||||
KW Cottonwood, 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 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 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 Capital 2, LLC | Delaware | Limited liability company | ||||||
KW EU Capital 3, 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 F5 Tower,LLC | Delaware | 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 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 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 TRS LLC | Delaware | Limited liability company | ||||||
KW Fund V ‐ REIT Holdings, 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 ‐ LAX Parking, LLC | Delaware/California | Limited liability company | ||||||
KW Fund VI ‐ Parkway Center, LLC | 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 REI Holdings, LLC | 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 ‐ Riverboat Road | 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 ‐ SVRD Portfolio, LLC | Delaware/California | 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 Fund VI Milpitas, LLC | Delaware | Limited liability company | ||||||
KW Fund VI Non REIT Holdings, LLC | Delaware | Limited liability company | ||||||
KW Fund VI QuikPark Co‐Invest LP | Delaware | Limited liability company | ||||||
KW Fund VI Stone Cliff Apartments, LLC | Delaware/Colorado | Limited liability company | ||||||
KW Fund VI Tempe Station Apartments, LLC | Delaware | Limited liability company | ||||||
KW Golden State Towers Loan, LLC* | Delaware | Limited liability company | ||||||
KW Hamilton Landing ‐ Land, LLC | Delaware | Limited liability company | ||||||
KW Hamilton Landing, 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 Lots | Delaware | Limited liability company | ||||||
KW Kohanaiki Shores Member, LLC | California | Limited liability company | ||||||
KW Kohanaiki, LLC | Delaware | Limited liability company | ||||||
KW Kona Investors Beverage, LLC | Delaware/Hawaii | 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 Moffett Place, 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 Orchard Trimble Campus, LLC | Delaware | Limited liability company |
KW Pacifica, LLC | California | Limited liability company | ||||||
KW Pan, LLC | Delaware | Limited liability company | ||||||
KW Park Santa Fe, LLC | Delaware | Limited liability company | ||||||
KW Parkcenter Blvd, LLC | Delaware/Idaho | Limited liability company | ||||||
KW PCCP Montclair, LLC | Delaware | Limited liability company | ||||||
KW Petaluma Hill Road, LLC | Delaware/California | 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 Quebec Asset Manager, LLC | Delaware | Limited liability company | ||||||
KW Quebec Participant, LLC | Delaware | Limited liability company | ||||||
KW Radius, LLC | Delaware | Limited liability company | ||||||
KW Rancho Mirage Loan, LLC | Delaware | Limited liability company | ||||||
KW Ravenswood Equity LLC | Delaware | Limited liability company | ||||||
KW RC Happey Valley, 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 Real Estate II GP, LLC | Delaware | Limited liability company | ||||||
KW Real Estate Venture XIII, 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 Residences at Harvard, LLC | Delaware/California | 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 Premiere, LLC | Delaware | Limited liability company | ||||||
KW River Pointe, 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 RockVue, 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 Savier Street, LLC | California | Limited liability company | ||||||
KW SB Manager, LLC | Delaware | Limited liability company | ||||||
KW Seattle Office Portfolio GP, LLC | Delaware | 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 South Main Station. 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 | ||||||
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 The Press, LLC | 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 Manager, LLC | Delaware | Limited liability company | ||||||
KWF Real Estate Venture Azure, LLC | Delaware | Limited liability company | ||||||
KWF Real Estate Venture IV Loan. LLC | Delaware | Limited liability company | ||||||
KWF Real Estate Venture IV, L.P. | Delaware | Limited Partnership | ||||||
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 | ||||||
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 | ||||||
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‐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 | ||||||
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 | ||||||
Parkcenter Blvd. Partners, LLC | Delaware/Idaho | 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 | ||||||
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 | ||||||
Sunset North Owner, LLC | 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 |
/s/ WILLIAM J. MCMORROW | |||||
William J. McMorrow
Chief Executive Officer
|
/s/JUSTIN ENBODY | |||||
Justin Enbody
Chief Financial Officer
|
Date: | February 26, 2021 | /s/ WILLIAM J. MCMORROW | |||||||||
William J. McMorrow
Chief Executive Officer
|
Date: | February 26, 2021 | /s/ JUSTIN ENBODY | |||||||||
Justin Enbody
Chief Financial Officer
|