Mortgage Debt

9 Months Ended

Sep. 30, 2020

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of September 30, 2020 and December 31, 2019:


(Dollars in millions)		Carrying amount of mortgage debt as of (1)
Mortgage Debt by Product Type	Region	September 30, 2020		December 31, 2019
Multifamily(1)	Western U.S.	$	1,378.3	$	1,324.7
Commercial(1)	United Kingdom	349.3		514.5
Commercial(1)	Ireland	301.2		289.6
Commercial	Western U.S.	377.5		405.4
Commercial	Spain	41.8		40.3
Hotel	Ireland	84.4		80.8
Mortgage debt (excluding loan fees)(1)		2,532.5		2,655.3
Unamortized loan fees		(12.4)		(14.3)
Total Mortgage Debt		$	2,520.1	$	2,641.0

(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 September 30, 2020 and December 31, 2019 was $3.5 million and $4.0 million, respectively.

The Company's mortgage debt had a weighted average interest rate of 3.33% and 3.41% per annum as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, 78% of Kennedy Wilson's property level debt was fixed rate, 15% was floating rate with interest caps and 7% was floating rate without interest caps, compared to 76% of Kennedy Wilson's consolidated property level debt was fixed rate, 14% was floating rate with interest caps and 10% was floating rate without interest caps, as of December 31, 2019. The weighted average strike price on caps of Kennedy Wilson's variable rate mortgage debt is 1.67% as of September 30, 2020.

Mortgage Loan Transactions and Maturities

During the nine months ended September 30, 2020, there were no property acquisitions and two 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 September 30, 2020 are as follows:


(Dollars in millions)	Aggregate Maturities
2020 (remainder)	$	13.5
2021	88.5
2022	310.2
2023	387.2
2024	164.0
Thereafter	1,565.6
	2,529.0
Unamortized debt premium	3.5
Unamortized loan fees	(12.4)
Total Mortgage Debt	$	2,520.1

As of September 30, 2020, the Company received waivers on certain debt covenants in loan agreements governing a total of $194.8 million or 8% of our consolidated mortgage balance. These mortgages are secured by certain retail and hospitality assets in the United Kingdom, Ireland and Spain. All of these loans are non-recourse to the Company and the waivers are through the end of the third quarter 2020 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 third quarter of 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 secure the same. The Company is current on all payments (principal and interest) for its consolidated mortgages including the loans discussed above.

As of September 30, 2020, the Company was in compliance with or had received waivers on all financial mortgage debt covenants.