Kennedy-Wilson Holdings, Inc.
First Quarter 2012
Supplemental Financial Information
Kennedy-Wilson Holdings, Inc.
Supplemental Financial Information
For the Quarter Ended March 31, 2012
TABLE OF CONTENTS
Note about Non-GAAP financial information included in this presentation
In addition to the results reported in accordance with U.S. generally accepted accounting principles (GAAP) included within this presentation, Kennedy Wilson Holdings, Inc. (Kennedy Wilson) has provided certain information, which includes non-GAAP financial measures (pro forma consolidated statements of income, EBITDA and Adjusted EBITDA). Such information is reconciled to its closest GAAP measure in accordance with the rules of the Securities and Exchange Commission and is included within this presentation. Management believes that these non-GAAP financial measures are useful to both management and Kennedy Wilson's shareholders in their analysis of the business and operating performance of Kennedy Wilson. Management also uses this information for operational planning and decision-making purposes. Non-GAAP financial measures are not and should not be considered a substitute for any GAAP measures. Additionally, non-GAAP financial measures as presented by Kennedy Wilson may not be comparable to similarly titled measures reported by other companies.
Kennedy-Wilson Holdings, Inc.
Pro Forma Consolidated Statements of Income
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three months ended March 31, |
| | | 2012 | | 2011 |
| | | Consolidated | | Pro Rata Unconsolidated Investments | | Pro Forma Total | | Consolidated | | Pro Rata Unconsolidated Investments | | Pro Forma Total |
| Revenue | | | | | | | | | | | | |
| Management and leasing fees | | $ | 8,741,000 |
| | $ | — |
| | $ | 8,741,000 |
| | $ | 5,011,000 |
| | $ | — |
| | $ | 5,011,000 |
|
| Commissions | | 1,619,000 |
| | — |
| | 1,619,000 |
| | 2,561,000 |
| | — |
| | 2,561,000 |
|
| Sale of real estate | | — |
| | 15,200,000 |
| | 15,200,000 |
| | 417,000 |
| | 6,126,000 |
| | 6,543,000 |
|
| Rental and other income | | 1,470,000 |
| | 17,801,000 |
| | 19,271,000 |
| | 738,000 |
| | 14,382,000 |
| | 15,120,000 |
|
| Interest income | | — |
| | 2,255,000 |
| | 2,255,000 |
| | — |
| | 3,239,000 |
| | 3,239,000 |
|
| Total revenue | | 11,830,000 |
| | 35,256,000 |
| | 47,086,000 |
| | 8,727,000 |
| | 23,747,000 |
| | 32,474,000 |
|
| Operating expenses | | | | | | | | | | | | |
| Commission and marketing expenses | | 965,000 |
| | — |
| | 965,000 |
| | 638,000 |
| | — |
| | 638,000 |
|
| Compensation and related expenses | | 9,000,000 |
| | 400,000 |
| | 9,400,000 |
| | 7,832,000 |
| | — |
| | 7,832,000 |
|
| Cost of real estate sold | | — |
| | 11,900,000 |
| | 11,900,000 |
| | 397,000 |
| | 4,732,000 |
| | 5,129,000 |
|
| General and administrative | | 3,669,000 |
| | 100,000 |
| | 3,769,000 |
| | 2,813,000 |
| | — |
| | 2,813,000 |
|
| Depreciation and amortization | | 937,000 |
| | 3,900,000 |
| | 4,837,000 |
| | 434,000 |
| | 3,725,000 |
| | 4,159,000 |
|
| Rental operating expenses | | 870,000 |
| | 6,100,000 |
| | 6,970,000 |
| | 411,000 |
| | 5,856,000 |
| | 6,267,000 |
|
| Total operating expenses | | 15,441,000 |
| | 22,400,000 |
| | 37,841,000 |
| | 12,525,000 |
| | 14,313,000 |
| | 26,838,000 |
|
| Equity in joint venture income | | 5,516,000 |
| | (5,516,000 | ) | | — |
| | 5,256,000 |
| | (5,256,000 | ) | | — |
|
Interest income from loan pool participations and notes receivable | | 538,000 |
| | (538,000 | ) | | — |
| | 2,546,000 |
| | (2,546,000 | ) | | — |
|
| Operating income | | 2,443,000 |
| | 6,802,000 |
| | 9,245,000 |
| | 4,004,000 |
| | 1,632,000 |
| | 5,636,000 |
|
| Non-operating income (expense) | | | | | |
| | | | | | |
| Interest income | | 1,117,000 |
| | (1,117,000 | ) | | — |
| | 266,000 |
| | (266,000 | ) | | — |
|
| Carried interest on realized investment | | — |
| | 1,900,000 |
| | 1,900,000 |
| | — |
| | — |
| | — |
|
| Remeasurement gain | | — |
| | — |
| | — |
| | — |
| | 4,100,000 |
| | 4,100,000 |
|
| Gain on sale of marketable securities | | 2,931,000 |
| | — |
| | 2,931,000 |
| | — |
| | — |
| | — |
|
| Foreign currency exchange loss | | (112,000 | ) | | — |
| | (112,000 | ) | | — |
| | — |
| | — |
|
| Interest expense | | (6,170,000 | ) | | (7,285,000 | ) | | (13,455,000 | ) | | (1,529,000 | ) | | (5,466,000 | ) | | (6,995,000 | ) |
| Other non-operating expenses | | — |
| | (300,000 | ) | | (300,000 | ) | | — |
| | — |
| | — |
|
Income before benefit from (provision for)
income taxes | | 209,000 |
| | — |
| | 209,000 |
| | 2,741,000 |
| | — |
| | 2,741,000 |
|
| Benefit from (provision for) income taxes | | 1,483,000 |
| | — |
| | 1,483,000 |
| | (663,000 | ) | | — |
| | (663,000 | ) |
| Income from continuing operations | | 1,692,000 |
| | — |
| | 1,692,000 |
| | 2,078,000 |
| | — |
| | 2,078,000 |
|
| Discontinued Operations | | | | | | | | | | | | |
Income from discontinued operations, net of income taxes | | 2,000 |
| | — |
| | 2,000 |
| | — |
| | — |
| | — |
|
| Loss from sale of real estate, net of income taxes | | (212,000 | ) | | — |
| | (212,000 | ) | | — |
| | — |
| | — |
|
| Net income | | $ | 1,482,000 |
| | $ | — |
| | $ | 1,482,000 |
| | $ | 2,078,000 |
| | $ | — |
| | $ | 2,078,000 |
|
Kennedy-Wilson Holdings, Inc.
Adjusted EBITDA
|
| | | | | | | | |
| | | Three months ended March 31, |
| | | 2012 | | 2011 |
| Net income | | $ | 1,482,000 |
| | $ | 2,078,000 |
|
| Add back: | | | | |
| Interest expense | | 6,170,000 |
| | 1,529,000 |
|
Kennedy Wilson's share of interest expense included
in investment in joint ventures and loan pool participations | | 7,285,000 |
| | 5,466,000 |
|
| Depreciation and amortization | | 937,000 |
| | 434,000 |
|
Kennedy Wilson's share of depreciation and amortization
included in investment in joint ventures | | 3,900,000 |
| | 3,725,000 |
|
| (Benefit from) provision for income taxes | | (1,483,000 | ) | | 663,000 |
|
| EBITDA | | 18,291,000 |
| | 13,895,000 |
|
| Stock based compensation | | 871,000 |
| | 1,167,000 |
|
| Adjusted EBITDA | | $ | 19,162,000 |
| | $ | 15,062,000 |
|
Kennedy-Wilson Holdings, Inc.
EBITDA by Segment
|
| | | | | | | | |
| | | Three months ended March 31, |
| | | 2012 | | 2011 |
| Investments | | | | |
| Rental and other income and sale of real estate | | $ | 1,470,000 |
| | $ | 1,155,000 |
|
| Operating expenses | | (5,515,000 | ) | | (4,662,000 | ) |
| Equity in income of joint ventures | | 5,516,000 |
| | 5,256,000 |
|
| Income from loan pool participations and notes receivable | | 538,000 |
| | 2,546,000 |
|
| Operating income | | 2,009,000 |
| | 4,295,000 |
|
| Gain on sale of marketable securities | | 2,931,000 |
| | — |
|
| Realized foreign currency exchange loss | | (112,000 | ) | | — |
|
| Interest income - related party | | 1,087,000 |
| | — |
|
| Interest expense | | (158,000 | ) | | (77,000 | ) |
| Income from continuing operations | | 5,757,000 |
| | 4,218,000 |
|
| Income from discontinued operations, net of income taxes | | 2,000 |
| | — |
|
| Loss from sale of real estate, net of income taxes | | (212,000 | ) | | — |
|
| Net income | | 5,547,000 |
| | 4,218,000 |
|
| Add back: | | | | |
| Interest expense | | 158,000 |
| | 77,000 |
|
Kennedy Wilson's share of interest expense included in investment in joint ventures and loan pool participation | | 7,285,000 |
| | 5,466,000 |
|
| Depreciation and amortization | | 822,000 |
| | 359,000 |
|
Kennedy Wilson's share of depreciation and amortization included in investment in joint ventures | | 3,900,000 |
| | 3,725,000 |
|
| EBITDA | | $ | 17,712,000 |
| | $ | 13,845,000 |
|
|
| | | | | | | | |
| | | Three months ended March 31, |
| | | 2012 | | 2011 |
| Services | | | | |
| Management and leasing fees and commissions | | $ | 10,360,000 |
| | $ | 7,572,000 |
|
| Operating expenses | | (7,637,000 | ) | | (5,782,000 | ) |
| Operating income | | 2,723,000 |
| | 1,790,000 |
|
| Net income | | 2,723,000 |
| | 1,790,000 |
|
| Add back: | | | | |
| Depreciation and amortization | | 33,000 |
| | 35,000 |
|
| EBITDA | | $ | 2,756,000 |
| | $ | 1,825,000 |
|
Kennedy-Wilson Holdings, Inc.
Consolidated Balance Sheets
|
| | | | | | | | |
| | | March 31,
2012 | | December 31,
2011 |
| | | | | |
| Assets | | | | |
| Cash and cash equivalents | | $ | 122,317,000 |
| | $ | 115,926,000 |
|
| Accounts receivable | | 3,535,000 |
| | 3,114,000 |
|
| Accounts receivable — related parties | | 19,537,000 |
| | 15,612,000 |
|
| Notes receivable | | 8,250,000 |
| | 7,938,000 |
|
| Notes receivable — related parties | | 34,830,000 |
| | 33,269,000 |
|
| Real estate, net | | 112,790,000 |
| | 115,880,000 |
|
| Investments in joint ventures | | 336,699,000 |
| | 343,367,000 |
|
| Investment in loan pool participations | | 91,162,000 |
| | 89,951,000 |
|
| Marketable securities | | 13,571,000 |
| | 23,005,000 |
|
| Other assets | | 19,837,000 |
| | 20,749,000 |
|
| Goodwill | | 23,965,000 |
| | 23,965,000 |
|
| Total assets | | $ | 786,493,000 |
| | $ | 792,776,000 |
|
| | | | | |
| Liabilities | | | | |
| Accounts payable | | $ | 997,000 |
| | $ | 1,798,000 |
|
| Accrued expenses and other liabilities | | 27,461,000 |
| | 24,262,000 |
|
| Accrued salaries and benefits | | 2,301,000 |
| | 14,578,000 |
|
| Deferred tax liability | | 22,671,000 |
| | 18,437,000 |
|
| Senior notes payable | | 249,398,000 |
| | 249,385,000 |
|
| Mortgage loans payable | | 30,748,000 |
| | 30,748,000 |
|
| Junior subordinated debentures | | 40,000,000 |
| | 40,000,000 |
|
| Total liabilities | | 373,576,000 |
| | 379,208,000 |
|
| Equity | | | | |
| Common stock | | 5,000 |
| | 5,000 |
|
| Additional paid-in capital | | 408,217,000 |
| | 407,335,000 |
|
| Retained earnings | | 3,765,000 |
| | 9,708,000 |
|
| Accumulated other comprehensive income | | 11,619,000 |
| | 5,035,000 |
|
| Shares held in treasury at cost | | (11,889,000 | ) | | (11,848,000 | ) |
| Total Kennedy-Wilson Holdings, Inc. shareholders' equity | | 411,717,000 |
| | 410,235,000 |
|
| Noncontrolling interests | | 1,200,000 |
| | 3,333,000 |
|
| Total equity | | 412,917,000 |
| | 413,568,000 |
|
| Total liabilities and equity | | $ | 786,493,000 |
| | $ | 792,776,000 |
|
Kennedy-Wilson Holdings, Inc.
Capitalization Summary
|
| | | | | | | | |
| | | March 31,
2012 | | December 31,
2011 |
| Market Data | | | | |
| Common stock price per share | | $ | 13.50 |
| | $ | 10.58 |
|
| Common stock and convertible preferred stock: | | | | |
| Basic shares outstanding | | 51,822,998 |
| | 51,825,998 |
|
Series A mandatory convertible preferred (1) | | 8,058,018 |
| | 8,058,018 |
|
Series B mandatory convertible preferred (2) | | 3,042,056 |
| | 3,042,056 |
|
| Total common stock and convertible preferred stock | | 62,923,072 |
| | 62,926,072 |
|
| | | | | |
| Equity Market Capitalization | | $ | 849,461,472 |
| | $ | 665,757,842 |
|
| | | | | |
| Debt | | | | |
Senior notes payable (3) | | 250,000,000 |
| | 250,000,000 |
|
| Mortgage loans payable | | 30,748,000 |
| | 30,748,000 |
|
| Junior subordinated debentures | | 40,000,000 |
| | 40,000,000 |
|
| Total debt | | $ | 320,748,000 |
| | $ | 320,748,000 |
|
| Noncontrolling interest | | 1,200,000 |
| | 3,333,000 |
|
| Total Capitalization | | $ | 1,171,409,472 |
| | $ | 989,838,842 |
|
| Less: cash and cash equivalents | | $ | (122,317,000 | ) | | $ | (115,926,000 | ) |
| Total Enterprise Value | | $ | 1,049,092,472 |
| | $ | 873,912,842 |
|
Warrants outstanding (4) | | 6,435,644 |
| | 6,435,644 |
|
(1) $100 million of Series A mandatory convertible preferred with a mandatory conversion date of May 19, 2015 and a conversion rate of $12.41 per share.
(2) $32.5 million of Series B mandatory convertible preferred with a mandatory conversion date of November 3, 2018 and a conversion rate of $10.70 per share.
(3) Represents principal balance of senior notes.
(4) The warrants carry an exercise price of $12.50 and expire on November 14, 2014. As of May 4, 2012, there are 5,935,644 warrants outstanding.
Kennedy-Wilson Holdings, Inc. and Subsidiaries
Investment Account Detail
(in millions)
|
| | | | | | | | |
| | | March 31, 2012 | | December 31, 2011 |
| Investment in joint ventures | | $ | 336.7 |
| | $ | 343.4 |
|
| Real estate | | 112.8 |
| | 115.9 |
|
| Mortgage debt | | (30.7 | ) | | (30.7 | ) |
| Notes receivable | | 43.1 |
| | 41.2 |
|
| Loan pool participations | | 91.2 |
| | 90.0 |
|
| Marketable securities | | 13.6 |
| | 23.0 |
|
| Total | | $ | 566.7 |
| | $ | 582.8 |
|
Investment Account Detail at March 31, 2012
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Multifamily | | Loans Secured by Real Estate | | Office | | Residential | | Other | | Total |
| West Coast of United States | $ | 126.4 |
| | $ | 103.7 |
| | $ | 51.5 |
| | $ | 4.9 |
| | $ | — |
| | $ | 286.5 |
|
| Japan | 106.2 |
| | — |
| | 8.9 |
| | — |
| | — |
| | 115.1 |
|
| Hawaii | — |
| | 7.2 |
| | — |
| | 73.9 |
| | — |
| | 81.1 |
|
| United Kingdom and Ireland | — |
| | 63.9 |
| | — |
| | — |
| | 13.6 |
| | 77.5 |
|
| Other | 0.3 |
| �� | — |
| | 0.7 |
| | 0.1 |
| | 5.4 |
| | 6.5 |
|
| Total | $ | 232.9 |
| | $ | 174.8 |
| | $ | 61.1 |
| | $ | 78.9 |
| | $ | 19.0 |
| | $ | 566.7 |
|
Investment Account Detail at December 31, 2011
|
| | | | | | | | | | | | | | | | | | | | | | | |
| | Multifamily | | Loans Secured by
Real Estate | | Office | | Residential | | Other | | Total |
| West Coast of United States | $ | 131.3 |
| | $ | 99.4 |
| | $ | 52.3 |
| | $ | 5.8 |
| | $ | — |
| | $ | 288.8 |
|
| Japan | 112.1 |
| | — |
| | 9.3 |
| | — |
| | — |
| | 121.4 |
|
| Hawaii | — |
| | 7.1 |
| | — |
| | 72.6 |
| | — |
| | 79.7 |
|
| United Kingdom and Ireland | — |
| | 60.0 |
| | — |
| | — |
| | 23.0 |
| | 83.0 |
|
| Other | 0.2 |
| | 4.8 |
| | 0.7 |
| | 0.1 |
| | 4.1 |
| | 9.9 |
|
| Total | $ | 243.6 |
| | $ | 171.3 |
| | $ | 62.3 |
| | $ | 78.5 |
| | $ | 27.1 |
| | $ | 582.8 |
|
Kennedy-Wilson Holdings, Inc.
Operating Performance Summary: Multifamily
($ in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Net Operating Income (NOI) | | | | | | |
| | # of Properties | | # of Units | | Occupancy (1) | | YTD Annualized (2) | | Stabilized (3) | | Debt (4) | | Pre-Promote Ownership% | | Book Equity (1) |
| West Coast of United States | 28 |
| | 10,329 |
| | 95.4 | % | | $ | 89.8 |
| | $ | 90.6 |
| | $ | 1,076.4 |
| | 27.6 | % | | $ | 126.4 |
|
Japan (5) | 50 |
| | 2,410 |
| | 95.3 |
| | 28.7 |
| | 30.5 |
| | 323.3 |
| | 41.5 |
| | 106.2 |
|
| Other | 3 |
| | 376 |
| | 94.7 |
| | 1.0 |
| | 1.0 |
| | 5.8 |
| | 9.1 |
| | 0.3 |
|
| Total | 81 |
| | 13,115 |
| | 95.4 | % | | $ | 119.5 |
| | $ | 122.1 |
| | $ | 1,405.5 |
| | 33.9 | % | | $ | 232.9 |
|
(1) As of March 31, 2012.
(2) Represents current quarter NOI on an annualized basis.
(3) Represents annualized NOI at the point when properties are stabilized.
(4) Debt represents 100% debt balance against properties as of March 31, 2012.
(5) Estimated foreign exchange rate is ¥82 = $1 USD related to NOI, stabilized NOI and debt.
Kennedy-Wilson Holdings, Inc.
Operating Performance Summary: Loan Pools and Pools
($ in millions)
Loan Pools
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | # of Loans (1) | | Initial UPB (2) | | # of Unresolved Loans | | Total Resolutions | | Current UPB | | Pre-Promote KW Share of Current UPB (net of venture-level debt) | | Venture-level Debt (3) | | Pre-Promote Ownership% | | KW Book Equity |
| West Coast of United States | 100 |
| | $ | 510.8 |
| | 40 |
| | $ | 290.9 |
| | $ | 213.2 |
| | $ | 37.5 |
| | $ | 11.9 |
| | 18.6 | % | | $ | 29.0 |
|
| Hawaii | 1 |
| | 26.3 |
| | 1 |
| | — |
| | 26.3 |
| | 6.6 |
| | 13.2 |
| | 50.3 |
| | 6.2 |
|
United Kingdom and Ireland (4) | 58 |
| | 2,074.7 |
| | 44 |
| | 446.1 |
| | 1,628.6 |
| | 93.1 |
| | 221.0 |
| | 12.5 |
| | 63.9 |
|
| Total | 159 |
| | $ | 2,611.8 |
| | 85 |
| | $ | 737.0 |
| | $ | 1,868.1 |
| | $ | 137.2 |
| | $ | 246.1 |
| | 16.6 | % | | $ | 99.1 |
|
Loans
|
| | | | | | | | | | | | | | | | | | | | |
| | # of Loans | | Current UPB | | WAV Interest Rate | | Venture-level Debt (3) | | Pre-Promote Ownership% | | KW Book Equity |
| West Coast of United States | 7 |
| | $ | 74.7 |
| | 12.3 | % | | $ | — |
| | 100.0 | % | | $ | 74.7 |
|
| Hawaii | 1 |
| | 1.0 |
| | 8.0 |
| | — |
| | 100.0 |
| | 1.0 |
|
| Total | 8 |
| | $ | 75.7 |
| | 12.2 | % | | $ | — |
| | 100.0 | % | | $ | 75.7 |
|
(1) Represents total number of loans at initial acquisition of respective pools.
(2) Unpaid Principal Balance.
(3) Venture-level debt represents 100% debt balance against loans as of March 31, 2012.
(4) Estimated foreign exchange rate is £0.63 = $1 USD. KW owns a 50% interest in an entity which in turn owns 25% of the loan pool. The entity has a loan of $221.0 million as of March 31, 2012.
Kennedy-Wilson Holdings, Inc.
Operating Performance Summary: Office
($ in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | Net Operating Income (NOI) | | | | | | |
| | # of Properties | | Total Sq. Ft. | | Occupancy (1) | | YTD Annualized (2) | | Stabilized (3) | | Debt (4) | | Pre-Promote Ownership% | | Book Equity (1) |
| West Coast of United States | 15 |
| | 2,862,592 |
| | 83.7 | % | | $ | 35.2 |
| | $ | 48.5 |
| | $ | 404.0 |
| | 15.6 | % | | $ | 51.5 |
|
Japan (5) | 1 |
| | 9,633 |
| | 100.0 |
| | 0.5 |
| | 0.5 |
| | — |
| | 82.0 |
| | 8.9 |
|
| Other | 4 |
| | 479,997 |
| | 73.9 |
| | 2.6 |
| | 4.2 |
| | 18.8 |
| | 4.8 |
| | 0.7 |
|
| Total | 20 |
| | 3,352,222 |
| | 82.3 | % | | $ | 38.3 |
| | $ | 53.2 |
| | $ | 422.8 |
| | 25.1 | % | | $ | 61.1 |
|
(1) As of March 31, 2012.
(2) Represents current quarter NOI on an annualized basis.
(3) Represents annualized NOI at the point when properties are stabilized.
(4) Debt represents 100% debt balance against properties as of March 31, 2012.
(5) Estimated foreign exchange rate is ¥82 = $1 USD related to NOI and stabilized NOI.
Kennedy-Wilson Holdings, Inc.
Operating Performance Summary: Residential and Other
($ in millions)
Residential
|
| | | | | | | | | | | | | | | | | | |
| | # of Investments | | Total Units | | Total Acres | | Finished Lots | | Pre-Promote Ownership% | | KW Book Equity (1) |
| West Coast of United States | 6 |
| | 3 |
| | — |
| | 301 |
| | 65.0 | % | | $ | 4.9 |
|
| Hawaii | 6 |
| | 1 |
| | 3,243 |
| | 64 |
| | 72.4 |
| | 73.9 |
|
| Other | 1 |
| | — |
| | 50 |
| | — |
| | 3.8 |
| | 0.1 |
|
| Total | 13 |
| | 4 |
| | 3,293 |
| | 365 |
| | 71.9 | % | | $ | 78.9 |
|
Other
|
| | | | | | | | | |
| | # of Investments | | Pre-Promote Ownership% | | KW Book Equity (1) |
| United Kingdom and Ireland | 1 |
| | 100.0 | % | | $ | 13.6 |
|
| Other | 4 |
| | 100.0 |
| | 5.4 |
|
| Total | 5 |
| | 100.0 | % | | $ | 19.0 |
|
(1) As of March 31, 2012.
Kennedy-Wilson Holdings, Inc.
Debt Schedule
($ in millions)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Consolidated Debt | | Unconsolidated Asset Level Debt | | Total Consolidated Debt + KW Share of Unconsolidated Asset Level Debt | | |
| Maturity | Unsecured Corporate Debt | | Asset Level Debt | | Total | | Total | | KW Share | | | Amount Due at Maturity Date (2) |
| 2012 | $ | — |
| | $ | — |
| | $ | — |
| | $ | 219.0 |
| | $ | 34.2 |
| | $ | 34.2 |
| | $ | 28.8 |
|
| 2013 | — |
| | 4.4 |
| | 4.4 |
| | 202.1 |
| | 71.7 |
| | 76.1 |
| | 34.6 |
|
| 2014 | — |
| | 0.2 |
| | 0.2 |
| | 316.7 |
| | 80.9 |
| | 81.1 |
| | 39.7 |
|
| 2015 | — |
| | 0.3 |
| | 0.3 |
| | 139.5 |
| | 45.9 |
| | 46.2 |
| | 26.4 |
|
| 2016 | — |
| | 12.2 |
| | 12.2 |
| | 337.3 |
| | 137.1 |
| | 149.3 |
| | 106.8 |
|
| 2017 | — |
| | 0.3 |
| | 0.3 |
| | 383.7 |
| | 141.6 |
| | 141.9 |
| | 138.5 |
|
| 2018 | — |
| | 13.3 |
| | 13.3 |
| | 224.8 |
| | 40.1 |
| | 53.4 |
| | 51.0 |
|
| 2019 | 250.0 |
| (1) | — |
| | 250.0 |
| | 43.7 |
| | 3.6 |
| | 253.6 |
| | 251.9 |
|
| 2020 | — |
| | — |
| | — |
| | 118.1 |
| | 36.8 |
| | 36.8 |
| | 35.5 |
|
| Thereafter | 40.0 |
| | — |
| | 40.0 |
| | 60.5 |
| | 11.1 |
| | 51.1 |
| | 51.0 |
|
| Total | $ | 290.0 |
| | $ | 30.7 |
| | $ | 320.7 |
| | $ | 2,045.4 |
| | $ | 603.0 |
| | $ | 923.7 |
| | $ | 764.2 |
|
(1) Represents principal balance of senior notes.
(2) Maturity dates do not reflect extension options.
Weighted average interest rate (KW Share): 5.8%
Weighted average remaining maturity in years (KW Share): 5.9 years
