MORTGAGE DEBT

12 Months Ended

Dec. 31, 2022

The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of December 31, 2022 and 2021:


(Dollars in millions)		Carrying amount of mortgage debt as of December 31,(1)
Mortgage Debt by Product Type	Region	2022		2021
Multifamily(1)	Western U.S.	$	1,692.9	$	1,493.1
Commercial(1)	United Kingdom	637.4		683.8
Commercial	Western U.S.	296.6		351.0
Commercial(1)	Ireland	370.7		327.3
Hotel	Ireland	—		82.0
Commercial	Spain	36.9		40.4
Mortgage debt (excluding loan fees)(1)		3,034.5		2,977.6
Unamortized loan fees		(16.5)		(17.8)
Total Mortgage Debt		$	3,018.0	$	2,959.8

(1) The mortgage debt payable balances include unamortized debt discount or premiums. Debt discount or premiums 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 discount as of December 31, 2022 was $0.6 million and the unamortized debt premium as of December 31, 2021 was $2.5 million.

The mortgage debt had a weighted average interest rate of 4.12% and 3.11% per annum as of December 31, 2022 and 2021, respectively. As of December 31, 2022, 65% of Kennedy Wilson's property level debt was fixed rate, 27% was floating rate with interest caps and 8% was floating rate without interest caps, compared to 78% fixed rate, 13% floating rate with interest caps and 9% floating rate without interest caps, as of December 31, 2021.

Mortgage Debt Transactions and Maturities

During the year ended December 31, 2022, four acquisitions were partially financed with mortgages, five existing mortgages were refinanced, one loan was deconsolidated and one existing investments that closed with all equity were subsequently partially financed with mortgage loans. The Company also fully repaid the mortgage that was secured by the Shelbourne Hotel, so that the asset is now unencumbered. The Company and its partner also repaid a mortgage secured by a retail property in the United Kingdom at a discount and recognized a gain on extinguishment of debt of $16.1 million. 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, 2022 are as follows:


(Dollars in millions)	Aggregate Maturities
2023(1)	$	247.9
2024	186.2
2025	359.9
2026	573.4
2027	378.1
Thereafter	1,289.6
	3,035.1
Unamortized debt discount	(0.6)
Unamortized loan fees	(16.5)
Total Mortgage Debt	$	3,018.0

(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 the Company's Second A&R Facility.

Subsequent to the year-ended December 31, 2022, the Company resolved a breach of a loan-to-value covenant in a non-recourse loan agreement secured by retail and commercial assets in the United Kingdom. The Company promptly resolved such breach by paying down the mortgage by $9.1 million, $7.6 million of which was held at the properties that serves as the collateral for the subject mortgage. The loan totals $165.8 million or 5.5% of our consolidated mortgage balance at December 31, 2022.

As of December 31, 2022, , the Company was in compliance with all property-level mortgages (other than discussed immediately above) and was current on all payments (principal and interest) with respect to the same.