MORTGAGE DEBT

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2017 and 2016:



(Dollars in millions)		Carrying amount of investment debt as of December 31,⁽¹⁾
Investment Debt by Product Type	Region	2017			2016
Multifamily⁽¹⁾	Western U.S.	$	1,227.5		$	1,180.8
Commercial⁽¹⁾⁽²⁾	United Kingdom	583.2			616.9
Commercial⁽¹⁾⁽²⁾	Ireland	505.0			331.5
Commercial	Western U.S.	370.6			290.2
Multifamily⁽¹⁾⁽²⁾	Ireland	263.2			159.3
Commercial⁽²⁾	Spain	95.5			84.4
Hotel	Ireland	86.4			75.7
Hotel	Western U.S.	49.1			49.8
Mortgage debt (excluding loan fees)⁽¹⁾⁽²⁾		3,180.5			2,788.6
Unamortized loan fees		(23.9		)	(18.2		)
Total Investment Debt		$	3,156.6		$	2,770.4

⁽¹⁾The investment debt payable balances include unamortized debt premiums (discounts). Debt premiums (discounts) represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized loan premium as of December 31, 2017 and 2016 was $2.4 million and $5.0 million, respectively.

⁽²⁾KWE is a wholly-owned subsidiary as of December 31, 2017. Kennedy Wilson owned approximately 23.6% of the total issued share capital of KWE as of December 31, 2016.

The investment debt had a weighted average interest rate of 3.35% and 3.33% per annum as of December 31, 2017 and 2016, respectively. As of December 31, 2017, 74% of Kennedy Wilson's property level debt was fixed rate, 8% was floating rate with interest caps and 18% was floating rate without interest caps, compared to 75% fixed rate, 15% floating rate with interest caps and 10% floating rate without interest caps, as of December 31, 2016.

Mortgage Loan Transactions and Maturities

During the year ended December 31, 2017, nine acquisitions were partially financed with mortgages, nine existing mortgages were refinanced, and one investment acquired supplemental financing. See Note 4 for more detail on the acquisitions and the investment debt associated with them.

The aggregate maturities of mortgage loans subsequent to December 31, 2017 are as follows:



(Dollars in millions)	Aggregate Maturities
2018	$	67.7
2019	356.6
2020	164.3
2021	159.4
2022	434.9
Thereafter	1,995.2
	3,178.1
Debt premium	2.4
Unamortized loan fees	(23.9		)
Total Investment Debt	$	3,156.6