XML 25 R16.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
MORTGAGE DEBT
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
MORTGAGE DEBT MORTGAGE DEBT

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2019 and 2018:
(Dollars in millions)
 
 
 
Carrying amount of mortgage debt as of December 31,(1)
Mortgage Debt by Product Type
 
Region
 
2019
 
2018
Multifamily(1)
 
Western U.S.
 
$
1,324.7

 
$
1,286.2

Commercial(1)
 
United Kingdom
 
514.5

 
499.6

Commercial
 
Western U.S.
 
405.4

 
385.3

Commercial(1)
 
Ireland
 
289.6

 
438.9

Hotel
 
Ireland
 
80.8

 
82.5

Commercial
 
Spain
 
40.3

 
90.1

Multifamily(1)
 
Ireland
 
—

 
147.8

Hotel
 
Western U.S.
 
—

 
37.9

Mortgage debt (excluding loan fees)(1)
 
 
 
2,655.3

 
2,968.3

Unamortized loan fees
 
 
 
(14.3
)
 
(18.0
)
Total Mortgage Debt
 
 
 
$
2,641.0

 
$
2,950.3

(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, 2019 and 2018 was $4.0 million and $1.9 million, respectively.
The mortgage debt had a weighted average interest rate of 3.41% and 3.40% per annum as of December 31, 2019 and 2018, respectively. As of December 31, 2019, 76% of Kennedy Wilson's property level debt was fixed rate, 14% was floating rate with interest caps and 10% was floating rate without interest caps, compared to 73% fixed rate, 17% floating rate with interest caps and 10% floating rate without interest caps, as of December 31, 2018.

Mortgage Loan Transactions and Maturities
During the year ended December 31, 2019, four acquisitions were partially financed with mortgages, two existing mortgages were refinanced, and two 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, 2019 are as follows:
(Dollars in millions)
 
Aggregate Maturities
2020(1)
 
$
116.2

2021
 
167.3

2022
 
298.0

2023
 
383.8

2024
 
201.2

Thereafter
 
1,484.8

 
 
2,651.3

Unamortized debt premium
 
4.0

Unamortized loan fees
 
(14.3
)
Total Mortgage Debt

 
$
2,641.0


(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.