SEGMENT INFORMATION Kennedy Wilson is a global real estate investment company. The Company owns, operates, and invests in real estate both on its own and through its investment management platform. To complement its investment business, the Company also provides real estate services primarily to financial services clients. Kennedy Wilsons segment disclosure with respect to the determination of segment profit or loss and segment assets is based on these two core segments: KW Investments and KW Investment Management and Real Estate Services (IMRES). KW Investments KW Investments invests in multifamily, office, retail, and residential properties as well as loans secured by real estate in the Western U.S., United Kingdom, Ireland, Spain and Italy. The Company has an average ownership interest across all investments of approximately 60% as of September 30, 2019 . When it has partners, those partners include financial institutions, foundations, endowments, high net worth individuals and other institutional investors. In these instances, the Company is typically the general partner in the arrangement with a promoted interest in the profits of its investments beyond the Company's ownership percentage. These promoted interests are typically fees recorded within income from unconsolidated investments and earned by IMRES as described below. KW Investment Management and Real Estate Services (IMRES) IMRES encompasses the Company's fee generating businesses that includes both the Company's investment management platform as well as the Company's third-party services business. The Company's clients include financial institutions, institutional investors, insurance companies, developers, builders and government agencies. IMRES has four main lines of business: investment management, property services, brokerage, and auction and conventional sales. These four business lines generate revenue for the Company through fees and commissions. The Company manages approximately 48.1 million square feet of properties for the Company and its investment partners in the United States and Europe, which includes assets the Company has ownership interests in and third party owned assets. With 16 offices throughout the United States, the United Kingdom, Ireland, Jersey, Spain and Japan, the Company has the capabilities and resources to provide investment management and property services to real estate owners and the experience as a real estate investor to understand client concerns. The managers of IMRES have an extensive track record in their respective lines of business and in the real estate community as a whole. Additionally, IMRES plays a critical role in supporting the Company's investment strategy by providing local market intelligence and real-time data for evaluating investments, generating proprietary transaction flow and creating value through efficient implementation of asset management or repositioning strategies. The following tables summarize income activity by segment and corporate for the three and nine months ended September 30, 2019 and 2018 and balance sheet data as of September 30, 2019 and December 31, 2018 : Three Months Ended September 30, 2019 (Dollars in millions) Investments Investment Management and Real Estate Services Corporate Total Revenue Rental $ 108.3 $  $  $ 108.3 Hotel 25.1   25.1 Investment management, property services and research fees  9.6  9.6 Total revenue 133.4 9.6  143.0 Expenses Rental 39.0   39.0 Hotel 17.3   17.3 Commission and marketing  1.2  1.2 Compensation and related 17.1 5.7 12.8 35.6 General and administrative 5.0 1.9 1.5 8.4 Depreciation and amortization 46.4   46.4 Total expenses 124.8 8.8 14.3 147.9 Income from unconsolidated investments, net of depreciation and amortization 66.3 17.7  84.0 Gain on sale of real estate, net 6.3   6.3 Acquisition-related expenses (4.0 )   (4.0 ) Interest expense (35.1 )  (16.7 ) (51.8 ) Other income 0.6  (0.6 )  Provision for income taxes (2.2 )  (8.0 ) (10.2 ) Net income (loss) 40.5 18.5 (39.6 ) 19.4 Net income attributable to noncontrolling interests 1.3   1.3 Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 41.8 $ 18.5 $ (39.6 ) $ 20.7 Nine Months Ended September 30, 2019 (Dollars in millions) Investments Investment Management and Real Estate Services Corporate Total Revenue Rental $ 336.1 $  $  $ 336.1 Hotel 62.9   62.9 Sale of real estate 1.1   1.1 Investment management, property services and research fees  27.3  27.3 Total revenue 400.1 27.3  427.4 Expenses Rental 113.3   113.3 Hotel 47.6   47.6 Cost of real estate sold 1.2   1.2 Commission and marketing  2.9  2.9 Compensation and related 49.3 17.1 41.5 107.9 General and administrative 19.3 5.9 5.0 30.2 Depreciation and amortization 141.7   141.7 Total expenses 372.4 25.9 46.5 444.8 Income from unconsolidated investments, net of depreciation and amortization 106.5 25.1  131.6 Gain on sale of real estate, net 252.4   252.4 Acquisition-related expenses (5.9 )   (5.9 ) Interest expense (109.5 )  (53.3 ) (162.8 ) Other income (expense) 1.8  (2.4 ) (0.6 ) Provision for income taxes (5.8 )  (29.3 ) (35.1 ) Net income (loss) 267.2 26.5 (131.5 ) 162.2 Net income attributable to noncontrolling interests (96.0 )   (96.0 ) Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 171.2 $ 26.5 $ (131.5 ) $ 66.2 Three Months Ended September 30, 2018 (Dollars in millions) Investments Investment Management and Real Estate Services Corporate Total Revenue Rental $ 123.4 $  $  $ 123.4 Hotel 43.5   43.5 Sale of real estate 6.5   6.5 Investment management, property services and research fees  12.4  12.4 Total revenue 173.4 12.4  185.8 Expenses Rental 38.2   38.2 Hotel 30.6   30.6 Cost of real estate sold 5.8   5.8 Commission and marketing  1.1  1.1 Compensation and related 15.8 8.4 14.1 38.3 General and administrative 7.0 3.2 1.5 11.7 Depreciation and amortization 51.4 0.1  51.5 Total expenses 148.8 12.8 15.6 177.2 Income from unconsolidated investments, net of depreciation and amortization 16.3 7.7  24.0 Gain on sale of real estate, net 39.4   39.4 Acquisition-related expenses (0.4 )   (0.4 ) Interest expense (36.6 )  (18.6 ) (55.2 ) Other income 0.1  3.3 3.4 Provision for income taxes (10.6 )  3.7 (6.9 ) Net income (loss) 32.8 7.3 (27.2 ) 12.9 Net income attributable to noncontrolling interests (0.8 )   (0.8 ) Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 32.0 $ 7.3 $ (27.2 ) $ 12.1 Nine Months Ended September 30, 2018 (Dollars in millions) Investments Investment Management and Real Estate Services Corporate Total Revenue Rental $ 392.6 $  $  $ 392.6 Hotel 117.6   117.6 Sale of real estate 48.7   48.7 Investment management, property services and research fees  34.8  34.8 Total revenue 558.9 34.8  593.7 Expenses Rental 119.5   119.5 Hotel 90.8   90.8 Cost of real estate sold 45.6   45.6 Commission and marketing  4.6  4.6 Compensation and related 52.2 26.1 44.5 122.8 General and administrative 22.6 9.3 4.7 36.6 Depreciation and amortization 158.5 0.2  158.7 Total expenses 489.2 40.2 49.2 578.6 Income from unconsolidated investments, net of depreciation and amortization 36.1 24.8  60.9 Gain on sale of real estate, net 304.2   304.2 Acquisition-related expenses (0.6 )   (0.6 ) Interest expense (123.4 )  (57.9 ) (181.3 ) Other income 1.5  13.1 14.6 Provision for income taxes (10.6 )  (23.1 ) (33.7 ) Net income (loss) 276.9 19.4 (117.1 ) 179.2 Net income attributable to noncontrolling interests (59.9 )   (59.9 ) Net income (loss) attributable to Kennedy-Wilson Holdings, Inc. common shareholders $ 217.0 $ 19.4 $ (117.1 ) $ 119.3 (Dollars in millions) September 30, 2019 December 31, 2018 Total assets Investments $ 6,662.2 $ 7,155.0 Investment management and real estate services 60.4 64.3 Corporate 213.2 162.5 Total assets $ 6,935.8 $ 7,381.8