Mortgage Debt

3 Months Ended

Mar. 31, 2023

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of March 31, 2023 and December 31, 2022:


(Dollars in millions)		Carrying amount of mortgage debt as of (1)
Mortgage Debt by Product Type	Region	March 31, 2023		December 31, 2022
Multifamily(1)	Western U.S.	$	1,818.8	$	1,692.9
Commercial(1)	United Kingdom	558.4		637.4
Commercial(1)	Ireland	376.0		370.7
Commercial	Western U.S.	269.0		296.6
Commercial	Spain	37.4		36.9
Mortgage debt (excluding loan fees)(1)		3,059.6		3,034.5
Unamortized loan fees		(17.1)		(16.5)
Total Mortgage Debt		$	3,042.5	$	3,018.0

(1) The mortgage debt balances include unamortized debt (discounts) premiums. Debt (discounts) premiums represent the difference between the fair value of debt and the principal value of debt assumed in various acquisitions and are amortized as an increase of interest expense for discounts and a reduction of interest expense for premiums over the remaining term of the related debt in a manner that approximates the effective interest method. The unamortized loan premium as of March 31, 2023 and December 31, 2022 was $0.7 million and $0.6 million, respectively.

The Company's mortgage debt had a weighted average interest rate of 4.67% per annum as of March 31, 2023 and 4.12% as of December 31, 2022. As of March 31, 2023, 64% of Kennedy Wilson's property level debt was fixed rate, 33% was floating rate with interest caps and 3% was floating rate without interest caps, compared to 65% of Kennedy Wilson's consolidated property level debt was fixed rate, 27% was floating rate with interest caps and 8% was floating rate without interest caps, as of December 31, 2022. The weighted average strike price on caps of Kennedy Wilson's variable rate mortgage debt is 2.37% as of March 31, 2023.

Mortgage Loan Transactions and Maturities

During the three months ended March 31, 2023, the Company had five loans that were refinanced with new loans. The new loans have a principal balance of $298.7 million with a weighted average term to maturity of 8.7 years a weighted average interest rate of 5.30%. The old loans had a principal balance of $182.9 million with a weighted average term to maturity of 3.5 years and a weighted average interest rate of 3.78%.

The aggregate maturities of mortgage loans including amortization and the effects of any extension options as of March 31, 2023 are as follows:


(Dollars in millions)	Aggregate Maturities
2023 (remainder)	$	157.0
2024	186.0
2025	309.1
2026	522.4
2027	379.9
Thereafter	1,505.9
	3,060.3
Unamortized debt premium	(0.7)
Unamortized loan fees	(17.1)
Total Mortgage Debt	$	3,042.5

As of March 31, 2023, the Company was in compliance with all financial mortgage debt covenants.