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Mortgage Debt
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
MORTGAGE DEBT MORTGAGE DEBT    The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of June 30, 2021 and December 31, 2020:
(Dollars in millions)
Carrying amount of
mortgage debt as of (1)
Mortgage Debt by Product TypeRegionJune 30, 2021December 31, 2020
Multifamily(1)
Western U.S.$1,119.2 $1,345.5 
Commercial(1)
United Kingdom365.6 429.6 
Commercial(1)
Ireland355.8 320.5 
Commercial Western U.S.375.4 375.2 
CommercialSpain42.2 43.6 
HotelIreland85.3 88.0 
Mortgage debt (excluding loan fees)(1)
2,343.5 2,602.4 
Unamortized loan fees(11.1)(12.6)
Total Mortgage Debt$2,332.4 $2,589.8 
(1) The mortgage debt balances include unamortized debt premiums. Debt premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized as a reduction of 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 June 30, 2021 and December 31, 2020 was $3.0 million and $4.5 million, respectively.
    The Company's mortgage debt had a weighted average interest rate of 3.22% per annum as of June 30, 2021 and 3.31% as of December 31, 2020. As of June 30, 2021, 82% of Kennedy Wilson's property level debt was fixed rate, 8% was floating rate with interest caps and 10% was floating rate without interest caps, compared to 73% of Kennedy Wilson's consolidated property level debt was fixed rate, 13% was floating rate with interest caps and 14% was floating rate without interest caps, as of December 31, 2020. The weighted average strike price on caps of Kennedy Wilson's variable rate mortgage debt is 1.52% as of June 30, 2021.
Mortgage Loan Transactions and Maturities
    During the six months ended June 30, 2021, there were four property acquisitions and three existing loans were refinanced. There was one existing investment that was consummated initially without any debt that was subsequently partially financed with a mortgage loan.
    The aggregate maturities of mortgage loans as of June 30, 2021 are as follows:
(Dollars in millions)Aggregate Maturities
2021 (remainder)$12.0 
2022347.6 
2023299.4 
2024162.1 
2025487.7 
Thereafter1,031.7 
2,340.5 
Unamortized debt premium3.0 
Unamortized loan fees(11.1)
Total Mortgage Debt

$2,332.4 
    As of June 30, 2021, the Company received waivers on certain debt covenants in loan agreements governing a total of $259.3 million or 11% 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 the end of the second quarter 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 the second quarter of 2021, 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 secure the same. The Company is current on all payments (principal and interest) for its consolidated mortgages including the loans discussed above.
    As of June 30, 2021, the Company was in compliance with or had received waivers on all financial mortgage debt covenants.