MORTGAGE DEBT

12 Months Ended

Dec. 31, 2020

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2020 and 2019:


(Dollars in millions)		Carrying amount of mortgage debt as of December 31,(1)
Mortgage Debt by Product Type	Region	2020		2019
Multifamily(1)	Western U.S.	$	1,345.5	$	1,324.7
Commercial(1)	United Kingdom	429.6		514.5
Commercial	Western U.S.	375.2		405.4
Commercial(1)	Ireland	320.5		289.6
Hotel	Ireland	88.0		80.8
Commercial	Spain	43.6		40.3
Mortgage debt (excluding loan fees)(1)		2,602.4		2,655.3
Unamortized loan fees		(12.6)		(14.3)
Total Mortgage Debt		$	2,589.8	$	2,641.0

(1) The mortgage 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 net unamortized loan premium as of December 31, 2020 and 2019 was $4.5 million and $4.0 million, respectively.

The mortgage debt had a weighted average interest rate of 3.31% and 3.41% per annum as of December 31, 2020 and 2019, respectively. As of December 31, 2020, 73% of Kennedy Wilson's property level debt was fixed rate, 13% was floating rate with interest caps and 14% was floating rate without interest caps, compared to 76% fixed rate, 14% floating rate with interest caps and 10% floating rate without interest caps, as of December 31, 2019.

Mortgage Loan Transactions and Maturities

During the year ended December 31, 2020, one acquisition was partially financed with mortgages, four existing mortgages were refinanced, and five existing investments that closed with all equity were subsequently partially financed with mortgage loans. 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, 2020 are as follows:


(Dollars in millions)	Aggregate Maturities
2021(1)	$	47.5
2022	330.9
2023	428.8
2024	206.1
2025	547.2
Thereafter	1,037.4
	2,597.9
Unamortized debt premium	4.5
Unamortized loan fees	(12.6)
Total Mortgage Debt	$	2,589.8

(1) The Company expects to repay the amounts maturing in the next twelve months with new mortgage loans, cash generated from operations, existing cash balances, proceeds from dispositions of real estate investments, or as necessary, with borrowings on our A&R Facility.

As of December 31, 2020, the Company received waivers on certain debt covenants in loan agreements governing a total of $266.9 million or 10% of our consolidated mortgage balance. These mortgages are secured by certain retail and hospitality assets in the United Kingdom and Ireland. All of these loans are non-recourse to the Company and the waivers are through April 30, 2021 and beyond and typically cover interest coverage and loan-to-value covenants. The Company expects to be in compliance with these covenants subsequent to December 31, 2020, or will seek additional waivers and/or extensions as, and if needed. In the event the Company is required to seek such additional waivers and/or extensions, the Company is currently confident that it will be able to obtain them. The Company is current on all payments (principal and interest) for its consolidated mortgages including the loans discussed above.

As of December 31, 2020, the Company was in compliance with or had received waivers on all financial mortgage debt covenants.