Guarantor and Non-Guarantor Financial Statements | 6 Months Ended |
Jun. 30, 2014 |
Guarantor and Nonguarantor Financial Statements [Abstract] | ' |
GUARANTOR AND NON-GARANTOR FINANCIAL STATEMENTS | ' |
GUARANTOR AND NON-GUARANTOR FINANCIAL STATEMENTS |
The following consolidating financial information and condensed consolidating financial information include: |
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(1) Condensed consolidating balance sheets as of June 30, 2014 and December 31, 2013; consolidating statements of operations for the three and six months ended June 30, 2014 and 2013; consolidating statements of comprehensive income for the three and six months ended June 30, 2014 and 2013; and condensed consolidating statements of cash flows for the three and six months ended June 30, 2014 and 2013, of (a) Kennedy-Wilson Holdings, Inc., as the parent, (b) Kennedy-Wilson, Inc., as the subsidiary issuer, (c) the guarantor subsidiaries, (d) the non-guarantor subsidiaries and (e) Kennedy-Wilson Holdings, Inc. on a consolidated basis; and |
(2) Elimination entries necessary to consolidate Kennedy-Wilson Holdings, Inc., as the parent, with Kennedy-Wilson, Inc. and its guarantor and non-guarantor subsidiaries. |
Kennedy Wilson owns 100% of all of the guarantor subsidiaries, and, as a result, in accordance with Rule 3-10(d) of Regulation S-X promulgated by the SEC, no separate financial statements are required for these subsidiaries as of and for the three and six months ended June 30, 2014 or 2013. |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF JUNE 30, 2014 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 328.4 | | | $ | 20.4 | | | $ | 0.7 | | | $ | — | | | $ | 349.5 | |
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Cash held by consolidated investments | | — | | | — | | | — | | | 292.8 | | | — | | | 292.8 | |
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Accounts receivable | | — | | | — | | | 16 | | | 20.8 | | | — | | | 36.8 | |
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Loans | | — | | | 57.1 | | | 180.9 | | | 221 | | | (56.7 | ) | | 402.3 | |
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Real estate and acquired in place lease values, net of accumulated depreciation and amortization | | — | | | — | | | 194.2 | | | 3,359.20 | | | — | | | 3,553.40 | |
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Unconsolidated investments | | — | | | 9.3 | | | 290.7 | | | 232.2 | | | — | | | 532.2 | |
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Other assets | | — | | | 23.5 | | | 41.9 | | | 122.3 | | | — | | | 187.7 | |
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Investments in and advances to consolidated subsidiaries | | 988.6 | | | 1,401.30 | | | 859.8 | | | 1.4 | | | (3,251.1 | ) | | — | |
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Total assets | | $ | 988.6 | | | $ | 1,819.60 | | | $ | 1,603.90 | | | $ | 4,250.40 | | | $ | (3,307.8 | ) | | $ | 5,354.70 | |
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Liabilities and equity | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
Accounts payable, accrued expenses and other liabilities | | $ | 11.1 | | | $ | 85 | | | $ | 25.6 | | | $ | 164 | | | $ | — | | | $ | 285.7 | |
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Senior notes payable | | — | | | 706 | | | — | | | — | | | — | | | 706 | |
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Investment debt | | — | | | — | | | 176.7 | | | 1,408.70 | | | (56.7 | ) | | 1,528.70 | |
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Junior subordinated debentures | | — | | | 40 | | | — | | | — | | | — | | | 40 | |
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Total liabilities | | 11.1 | | | 831 | | | 202.3 | | | 1,572.70 | | | (56.7 | ) | | 2,560.40 | |
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Equity | | | | | | | | | | | | |
Kennedy-Wilson Holdings, Inc. shareholders' equity | | 977.5 | | | 988.6 | | | 1,401.30 | | | 859.8 | | | (3,251.1 | ) | | 976.1 | |
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Noncontrolling interests | | — | | | — | | | 0.3 | | | 1,817.90 | | | — | | | 1,818.20 | |
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Total equity | | 977.5 | | | 988.6 | | | 1,401.60 | | | 2,677.70 | | | (3,251.1 | ) | | 2,794.30 | |
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Total liabilities and equity | | $ | 988.6 | | | $ | 1,819.60 | | | $ | 1,603.90 | | | $ | 4,250.40 | | | $ | (3,307.8 | ) | | $ | 5,354.70 | |
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CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF DECEMBER 31, 2013 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Assets | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 48.2 | | | $ | 77.2 | | | $ | 44.8 | | | $ | — | | | $ | 170.2 | |
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Cash held by consolidated investments | | — | | | — | | | — | | | 8 | | | — | | | 8 | |
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Accounts receivable | | — | | | 1.1 | | | 7 | | | 8.5 | | | — | | | 16.6 | |
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Intercompany receivables | | — | | | 9 | | | — | | | — | | | (9.0 | ) | | — | |
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Loans receivable | | — | | | 59.7 | | | 53.7 | | | 0.8 | | | (57.4 | ) | | 56.8 | |
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Real estate and acquired in place lease values, net of accumulated depreciation | | — | | | — | | | 145.3 | | | 542.8 | | | — | | | 688.1 | |
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Unconsolidated investments | | — | | | 7.5 | | | 598 | | | 180.6 | | | — | | | 786.1 | |
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Investments in and advances to consolidated subsidiaries | | 775.1 | | | 1,141.90 | | | 326.6 | | | — | | | (2,243.6 | ) | | — | |
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Other assets | | — | | | 20.9 | | | 31.4 | | | 20.7 | | | — | | | 73 | |
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Total assets | | $ | 775.1 | | | $ | 1,288.30 | | | $ | 1,239.20 | | | $ | 806.2 | | | $ | (2,310.0 | ) | | $ | 1,798.80 | |
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Liabilities | | | | | | | | | | | | |
Accounts payable, accrued expense and other liabilities | | $ | 6.8 | | | $ | 64.2 | | | $ | 22.9 | | | $ | 35.2 | | | $ | — | | | 129.1 | |
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Intercompany payables | | — | | | — | | | — | | | 9 | | | (9.0 | ) | | — | |
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Senior notes payable | | — | | | 409 | | | — | | | — | | | — | | | 409 | |
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Intercompany loans payable | | — | | | — | | | — | | | 57.4 | | | (57.4 | ) | | — | |
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Investment debt | | — | | | — | | | 74.4 | | | 327.4 | | | — | | | 401.8 | |
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Junior subordinated debentures | | — | | | 40 | | | — | | | — | | | — | | | 40 | |
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Total liabilities | | 6.8 | | | 513.2 | | | 97.3 | | | 429 | | | (66.4 | ) | | 979.9 | |
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Equity | | | | | | | | | | | | |
Kennedy-Wilson Holdings, Inc. shareholders' equity | | 768.3 | | | 775.1 | | | 1,141.90 | | | 326.6 | | | (2,243.6 | ) | | 768.3 | |
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Noncontrolling interests | | — | | | — | | | — | | | 50.6 | | | — | | | 50.6 | |
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Total equity | | 768.3 | | | 775.1 | | | 1,141.90 | | | 377.2 | | | (2,243.6 | ) | | 818.9 | |
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Total liabilities and equity | | $ | 775.1 | | | $ | 1,288.30 | | | $ | 1,239.20 | | | $ | 806.2 | | | $ | (2,310.0 | ) | | $ | 1,798.80 | |
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CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE THREE MONTHS ENDED JUNE 30, 2014 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Revenue | | | | | | | | | | | | |
Investment management, property services and research fees | | $ | — | | | $ | 0.4 | | | $ | 35.4 | | | $ | 3.2 | | | $ | — | | | $ | 39 | |
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Rental and hotel | | — | | | — | | | 3 | | | 39.6 | | | — | | | 42.6 | |
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Sale of real estate | | — | | | — | | | — | | | 6.1 | | | — | | | 6.1 | |
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Loans and other | | — | | | — | | | 3.8 | | | 0.5 | | | — | | | 4.3 | |
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Total revenue | | — | | | 0.4 | | | 42.2 | | | 49.4 | | | — | | | 92 | |
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Operating expenses | | | | | | | | | | | | |
Commission and marketing | | — | | | — | | | 0.6 | | | 0.3 | | | — | | | 0.9 | |
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Rental and hotel operating | | — | | | — | | | 0.9 | | | 17 | | | — | | | 17.9 | |
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Cost of real estate sold | | — | | | — | | | — | | | 3.9 | | | — | | | 3.9 | |
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Compensation and related | | 1.7 | | | 20.2 | | | 8.8 | | | 1.5 | | | — | | | 32.2 | |
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General and administrative | | — | | | 2.7 | | | — | | | 5.7 | | | — | | | 8.4 | |
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Depreciation and amortization | | — | | | 0.2 | | | 2.6 | | | 22.5 | | | — | | | 25.3 | |
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Total operating expenses | | 1.7 | | | 23.1 | | | 12.9 | | | 50.9 | | | — | | | 88.6 | |
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Income from unconsolidated subsidiaries | | — | | | 1.2 | | | 29.2 | | | 0.6 | | | — | | | 31 | |
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Income from consolidated subsidiaries | | 65.3 | | | 127.6 | | | 75.8 | | | — | | | (268.7 | ) | | — | |
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Operating income (loss) | | 63.6 | | | 106.1 | | | 134.3 | | | (0.9 | ) | | (268.7 | ) | | 34.4 | |
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Non-operating income (expense) | | | | | | | | | | | | |
Acquisition-related gains | | — | | | (7.0 | ) | | — | | | 93 | | | — | | | 86 | |
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Acquisition-related expenses | | — | | | — | | | (1.2 | ) | | (6.4 | ) | | — | | | (7.6 | ) |
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Interest expense-investment | | — | | | — | | | — | | | (11.1 | ) | | — | | | (11.1 | ) |
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Interest expense-corporate | | — | | | (14.7 | ) | | — | | | — | | | — | | | (14.7 | ) |
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Other income / (expense) | | — | | | (1.8 | ) | | 2.7 | | | 1.2 | | | — | | | 2.1 | |
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Income (loss) before benefit from income taxes | | 63.6 | | | 82.6 | | | 135.8 | | | 75.8 | | | (268.7 | ) | | 89.1 | |
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(Provision for) benefit from income taxes | | — | | | (17.3 | ) | | (8.1 | ) | | — | | | — | | | (25.4 | ) |
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Net income (loss) | | 63.6 | | | 65.3 | | | 127.7 | | | 75.8 | | | (268.7 | ) | | 63.7 | |
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Net (income) loss attributable to the noncontrolling interests | | — | | | — | | | — | | | (25.3 | ) | | — | | | (25.3 | ) |
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Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. | | 63.6 | | | 65.3 | | | 127.7 | | | 50.5 | | | (268.7 | ) | | 38.4 | |
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Preferred dividends and accretion of preferred stock issuance costs | | (2.1 | ) | | — | | | — | | | — | | | — | | | (2.1 | ) |
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Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders | | $ | 61.5 | | | $ | 65.3 | | | $ | 127.7 | | | $ | 50.5 | | | $ | (268.7 | ) | | $ | 36.3 | |
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CONSOLIDATING STATEMENT OF OPERATIONS |
FOR THE THREE MONTHS ENDED JUNE 30, 2013 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Revenue | | | | | | | | | | | | |
Investment management, property services, and research fees | | $ | — | | | $ | 0.4 | | | $ | 7.3 | | | $ | 11.8 | | | $ | — | | | $ | 19.5 | |
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Rental and hotel | | — | | | — | | | 1.5 | | | 8.8 | | | — | | | 10.3 | |
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Sale of real estate | | — | | | — | | | 6.1 | | | — | | | — | | | 6.1 | |
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Loans and other | | — | | | — | | | 0.5 | | | — | | | — | | | 0.5 | |
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Total revenue | | — | | | 0.4 | | | 15.4 | | | 20.6 | | | — | | | 36.4 | |
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Operating expenses | | | | | | | | | | | | |
Commission and marketing | | — | | | 0.3 | | | 1 | | | — | | | — | | | 1.3 | |
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Rental and hotel operating | | — | | | — | | | 0.8 | | | 3.8 | | | — | | | 4.6 | |
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Cost of real estate sold | | — | | | — | | | 5.1 | | | — | | | — | | | 5.1 | |
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Compensation and related | | 1.7 | | | 8.6 | | | 3.4 | | | 4.6 | | | — | | | 18.3 | |
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General and administrative | | 0.3 | | | 2.3 | | | 0.7 | | | 3.1 | | | — | | | 6.4 | |
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Depreciation and amortization | | — | | | 0.1 | | | 1.2 | | | 3.1 | | | — | | | 4.4 | |
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Total operating expenses | | 2 | | | 11.3 | | | 12.2 | | | 14.6 | | | — | | | 40.1 | |
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Income from unconsolidated investments, net of depreciation and amortization | | — | | | — | | | 16.7 | | | (2.0 | ) | | 0.1 | | | 14.8 | |
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Income from consolidated subsidiaries | | 0.6 | | | 20.3 | | | 0.7 | | | — | | | (21.6 | ) | | — | |
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Operating income (expense) | | (1.4 | ) | | 9.4 | | | 20.6 | | | 4 | | | (21.5 | ) | | 11.1 | |
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Non-operating income (expense) | | | | | | | | | | | | |
Acquisition-related expense | | — | | | — | | | (0.2 | ) | | (0.3 | ) | | — | | | (0.5 | ) |
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Interest expense-investment | | — | | | — | | | (0.2 | ) | | (2.6 | ) | | — | | | (2.8 | ) |
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Interest expense-corporate | | — | | | (9.7 | ) | | — | | | — | | | — | | | (9.7 | ) |
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Other income | | — | | | 0.2 | | | — | | | — | | | (0.1 | ) | | 0.1 | |
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(Loss) income before benefit from income taxes | | (1.4 | ) | | (0.1 | ) | | 20.2 | | | 1.1 | | | (21.6 | ) | | (1.8 | ) |
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Benefit from (provision for) income taxes | | — | | | 0.8 | | | — | | | (0.3 | ) | | — | | | 0.5 | |
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Net (loss) income | | (1.4 | ) | | 0.7 | | | 20.2 | | | 0.8 | | | (21.6 | ) | | (1.3 | ) |
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Net income attributable to the noncontrolling interests | | — | | | — | | | — | | | 0.9 | | | — | | | 0.9 | |
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Preferred dividends and accretion of preferred stock issuance costs | | (2.1 | ) | | — | | | — | | | — | | | — | | | (2.1 | ) |
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Net (loss) income attributable to Kennedy-Wilson Holdings, Inc. common shareholders | | $ | (3.5 | ) | | $ | 0.7 | | | $ | 20.2 | | | $ | 1.7 | | | $ | (21.6 | ) | | $ | (2.5 | ) |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THREE MONTHS ENDED JUNE 30, 2014 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Net (loss) income | | $ | 63.6 | | | $ | 65.3 | | | $ | 127.7 | | | $ | 75.8 | | | $ | (268.7 | ) | | $ | 63.7 | |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | | |
Unrealized foreign currency translation (loss) gain | | 23.1 | | | 23.1 | | | 29.1 | | | (3.1 | ) | | (49.1 | ) | | 23.1 | |
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Amounts reclassified out of AOCI during the period | | (8.3 | ) | | (8.3 | ) | | (8.3 | ) | | — | | | 16.6 | | | (8.3 | ) |
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Unrealized forward contract foreign currency (loss) gain | | (2.1 | ) | | (2.1 | ) | | (3.6 | ) | | (1.2 | ) | | 6.9 | | | (2.1 | ) |
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Total other comprehensive (loss) income for the period | | $ | 12.7 | | | $ | 12.7 | | | $ | 17.2 | | | $ | (4.3 | ) | | $ | (25.6 | ) | | $ | 12.7 | |
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Comprehensive income | | $ | 76.3 | | | $ | 78 | | | $ | 144.9 | | | $ | 71.5 | | | $ | (294.3 | ) | | $ | 76.4 | |
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Comprehensive (income) loss attributable to noncontrolling interests | | — | | | — | | | — | | | (44.1 | ) | | — | | | (44.1 | ) |
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Comprehensive income attributable to Kennedy-Wilson Holdings, Inc. | | $ | 76.3 | | | $ | 78 | | | $ | 144.9 | | | $ | 27.4 | | | $ | (294.3 | ) | | $ | 32.3 | |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE THREE MONTHS ENDED JUNE 30, 2013 |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Elimination | | Consolidated Total |
Net (loss) income | | $ | (1.4 | ) | | $ | 0.7 | | | $ | 20.2 | | | $ | 0.8 | | | $ | (21.6 | ) | | $ | (1.3 | ) |
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Other comprehensive income (loss), net of tax: | | | | | | | | | | | | |
Unrealized foreign currency translation gains | | (3.7 | ) | | (3.7 | ) | | (5.1 | ) | | (0.5 | ) | | 9.3 | | | (3.7 | ) |
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Unrealized forward contract foreign currency loss | | 2.2 | | | 2.2 | | | 2 | | | — | | | (4.2 | ) | | 2.2 | |
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Total other comprehensive income for the period | | $ | (1.5 | ) | | $ | (1.5 | ) | | $ | (3.1 | ) | | $ | (0.5 | ) | | $ | 5.1 | | | $ | (1.5 | ) |
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Comprehensive (loss) income | | $ | (2.9 | ) | | $ | (0.8 | ) | | $ | 17.1 | | | $ | 0.3 | | | $ | (16.5 | ) | | $ | (2.8 | ) |
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Comprehensive income attributable to noncontrolling interests | | — | | | — | | | — | | | 0.9 | | | — | | | 0.9 | |
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Comprehensive (loss) income attributable to Kennedy-Wilson Holdings, Inc. | | $ | (2.9 | ) | | $ | (0.8 | ) | | $ | 17.1 | | | $ | 1.2 | | | $ | (16.5 | ) | | $ | (1.9 | ) |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | | | | |
FOR THE SIX MONTHS ENDED JUNE 30, 2014 | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Consolidated Total | | | | |
Net cash provided by (used in) operating activities | | $ | 1.8 | | | $ | (75.3 | ) | | $ | 58.5 | | | $ | 80.1 | | | $ | 65.1 | | | | | |
| | | |
Cash flows from investing activities: | | | | | | | | | | | | | | |
Additions to loans | | — | | | — | | | (5.7 | ) | | (367.6 | ) | | (373.3 | ) | | | | |
| | | |
Collections of loans | | — | | | — | | | 0.2 | | | 18.5 | | | 18.7 | | | | | |
| | | |
Net proceeds from sale of real estate | | — | | | — | | | — | | | 15 | | | 15 | | | | | |
| | | |
Purchases of and additions to real estate | | — | | | — | | | (4.4 | ) | | (1,285.4 | ) | | (1,289.8 | ) | | | | |
| | | |
Distributions from unconsolidated investments | | — | | | 0.2 | | | 44.4 | | | 11 | | | 55.6 | | | | | |
| | | |
Contributions to unconsolidated investments | | — | | | (2.0 | ) | | (19.1 | ) | | (84.9 | ) | | (106.0 | ) | | | | |
| | | |
Investment in marketable securities | | — | | | — | | | (6.9 | ) | | — | | | (6.9 | ) | | | | |
| | | |
(Investments in) distributions from consolidated subsidiaries, net | | (171.9 | ) | | 67.1 | | | (141.4 | ) | | 246.2 | | | — | | | | | |
| | | |
Net cash (used in) provided by investing activities | | (171.9 | ) | | 65.3 | | | (132.9 | ) | | (1,447.2 | ) | | (1,686.7 | ) | | | | |
| | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Borrowings under line of credit | | — | | | 90 | | | — | | | — | | | 90 | | | | | |
| | | |
Repayment of line of credit | | — | | | (90.0 | ) | | — | | | — | | | (90.0 | ) | | | | |
| | | |
Borrowings under investment debt | | — | | | — | | | 18 | | | 277.2 | | | 295.2 | | | | | |
| | | |
Borrowings under senior notes payable | | — | | | 297.2 | | | — | | | — | | | 297.2 | | | | | |
| | | |
Debt issue costs | | — | | | (7.0 | ) | | (0.4 | ) | | (3.9 | ) | | (11.3 | ) | | | | |
| | | |
Repayment of investment debt | | — | | | — | | | — | | | (14.0 | ) | | (14.0 | ) | | | | |
| | | |
Issuance of common stock | | 190.7 | | | — | | | — | | | — | | | 190.7 | | | | | |
| | | |
Dividends paid | | (18.1 | ) | | — | | | — | | | — | | | (18.1 | ) | | | | |
| | | |
Repurchase and retirement of common stock | | (2.6 | ) | | — | | | — | | | — | | | (2.6 | ) | | | | |
| | | |
Proceeds from issuance of KWE shares | | — | | | — | | | — | | | 1,351.10 | | | 1,351.10 | | | | | |
| | | |
Restricted cash | | — | | | — | | | — | | | (42.6 | ) | | (42.6 | ) | | | | |
| | | |
Acquisition of KWE shares from noncontrolling interest holders | | — | | | — | | | — | | | (16.8 | ) | | (16.8 | ) | | | | |
| | | |
Contributions from noncontrolling interests | | — | | | — | | | — | | | 8.6 | | | 8.6 | | | | | |
| | | |
Distributions to noncontrolling interests | | — | | | — | | | — | | | (13.5 | ) | | (13.5 | ) | | | | |
| | | |
Net cash provided by financing activities | | 170 | | | 290.2 | | | 17.6 | | | 1,546.10 | | | 2,023.90 | | | | | |
| | | |
Effect of currency exchange rate changes on cash and cash equivalents | | — | | | — | | | — | | | 19.2 | | | 19.2 | | | | | |
| | | |
Net change in cash and cash equivalents | | (0.1 | ) | | 280.2 | | | (56.8 | ) | | 198.2 | | | 421.5 | | | | | |
| | | |
Cash and cash equivalents, beginning of year | | — | | | 48.2 | | | 77.2 | | | 52.8 | | | 178.2 | | | | | |
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Cash and cash equivalents, end of period | | $ | (0.1 | ) | | $ | 328.4 | | | $ | 20.4 | | | $ | 251 | | | $ | 599.7 | | | | | |
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CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS | | | | |
FOR THE SIX MONTHS ENDED JUNE 30, 2013 | | | | |
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(Dollars in millions) | | Parent | | Kennedy-Wilson, Inc. | | Guarantor Subsidiaries | | Non-guarantor Subsidiaries | | Consolidated Total | | | | |
Net cash (used in) provided by operating activities | | $ | (0.2 | ) | | $ | (46.4 | ) | | $ | 16.8 | | | $ | 5.9 | | | $ | (23.9 | ) | | | | |
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Cash flows from investing activities: | | | | | | | | | | | | | | |
Additions to loans | | — | | | (6.0 | ) | | (8.3 | ) | | — | | | (14.3 | ) | | | | |
| | | |
Collections of loans | | — | | | — | | | 33.6 | | | — | | | 33.6 | | | | | |
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Net proceeds from sale of real estate | | — | | | — | | | 9 | | | — | | | 9 | | | | | |
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Purchases of and additions to real estate | | — | | | — | | | (30.8 | ) | | (77.5 | ) | | (108.3 | ) | | | | |
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Proceeds from sale of marketable securities | | — | | | 10 | | | — | | | — | | | 10 | | | | | |
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Distributions from unconsolidated investments | | — | | | 0.2 | | | 72.4 | | | 2.7 | | | 75.3 | | | | | |
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Contributions to unconsolidated investments | | — | | | (2.3 | ) | | (162.7 | ) | | (35.5 | ) | | (200.5 | ) | | | | |
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(Investment in) distributions from consolidated subsidiaries, net | | (35.8 | ) | | (24.6 | ) | | 26.5 | | | 33.9 | | | — | | | | | |
| | | |
Net cash (used in) provided by investing activities | | (35.8 | ) | | (22.7 | ) | | (60.3 | ) | | (76.4 | ) | | (195.2 | ) | | | | |
Cash flows from financing activities: | | | | | | | | | | | | | | |
Borrowings under line of credit | | — | | | 85 | | | — | | | — | | | 85 | | | | | |
| | | |
Repayment of lines of credit | | — | | | (55.0 | ) | | — | | | — | | | (55.0 | ) | | | | |
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Borrowings under investment debt | | — | | | — | | | 18.7 | | | 49.6 | | | 68.3 | | | | | |
| | | |
Repayment of investment debt | | — | | | — | | | — | | | (0.6 | ) | | (0.6 | ) | | | | |
| | | |
Debt issue costs | | — | | | (0.9 | ) | | — | | | — | | | (0.9 | ) | | | | |
| | | |
Issuance of common stock | | 153.9 | | | — | | | — | | | — | | | 153.9 | | | | | |
| | | |
Repurchase of warrants | | (1.4 | ) | | — | | | — | | | — | | | (1.4 | ) | | | | |
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Dividends paid | | (9.1 | ) | | — | | | — | | | — | | | (9.1 | ) | | | | |
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Contributions from noncontrolling interests | | — | | | — | | | — | | | 0.6 | | | 0.6 | | | | | |
| | | |
Distributions to noncontrolling interests | | — | | | — | | | — | | | (0.2 | ) | | (0.2 | ) | | | | |
| | | |
Intercompany receivables, net | | — | | | (19.7 | ) | | 0.1 | | | 19.6 | | | — | | | | | |
| | | |
Net cash provided by (used in) financing activities | | 143.4 | | | 9.4 | | | 18.8 | | | 69 | | | 240.6 | | | | | |
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Effect of currency exchange rate changes on cash and cash equivalents | | — | | | (0.1 | ) | | (1.4 | ) | | (1.2 | ) | | (2.7 | ) | | | | |
| | | |
Net change in cash and cash equivalents | | 107.4 | | | (59.8 | ) | | (26.1 | ) | | (2.7 | ) | | 18.8 | | | | | |
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Cash and cash equivalents, beginning of period | | — | | | 64.5 | | | 38.5 | | | 17.9 | | | 120.9 | | | | | |
| | | |
Cash and cash equivalents, end of period | | $ | 107.4 | | | $ | 4.7 | | | $ | 12.4 | | | $ | 15.2 | | | $ | 139.7 | | | | | |
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