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KW > SEC Filings for KW > Form 8-K on 1-Apr-2014All Recent SEC Filings

Show all filings for KENNEDY-WILSON HOLDINGS, INC.

Form 8-K for KENNEDY-WILSON HOLDINGS, INC.


1-Apr-2014

Other Events


ITEM 8.01 OTHER EVENTS

On March 31, 2014, certain wholly-owned subsidiaries of Kennedy-Wilson Holdings, Inc. (the "Company") and one of the Company's equity partners amended existing operating agreements governing six separate joint ventures that hold real estate-related investments located in the U.K. and Ireland. The Company has an approximate 50% ownership interest in these investments. As of December 31, 2013, these joint ventures held assets of approximately $637 million and non-recourse mortgage debt of approximately $285 million. The carrying value of the Company's approximate 50% equity interest in these investments was approximately $165 million as of December 31, 2013.

These joint ventures were previously accounted for by the Company on an equity method basis. Based on a preliminary analysis, the Company believes that the rights provided to the Company or its wholly-owned subsidiaries in these amended operating agreements provide control to the Company as defined by FASB Accounting Standards Codification ("ASC") Subtopic 810 - Consolidation. As a result of gaining control, the Company will be required to consolidate the assets and liabilities of these investments at fair value in accordance with ASC Subtopic 805 - Business Combination.


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