Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 126

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 126
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 lease.  For ground leases the rate implicit in the lease was used to determine the right of use asset.       The following table summarizes the fixed, future minimum rental payments, excluding variable costs, which are discounted to calculate the right of use asset and related lease liability for its operating leases in which we are the lessee:(Dollars in millions)MinimumRental Payments2025 (remainder)$0.6 20261.5 20271.4 20281.4 20291.4 Thereafter31.8 Total undiscounted rental payments38.1 Less imputed interest(28.0)Right of use asset, net$10.1 

NOTE 8—MORTGAGE DEBT

    The following table details mortgage debt secured by Kennedy Wilson's consolidated properties as of June 30, 2025 and December 31, 2024:

22

Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

(Dollars in millions)Carrying amount of mortgage debt as of (1)Mortgage Debt by Product TypeRegionJune 30, 2025December 31, 2024Multifamily(1)Western U.S.$1,493.2 $1,664.9 Commercial(1)United Kingdom477.1 434.3 Commercial(1)Ireland209.2 209.4 Commercial Western U.S.217.6 303.1 Mortgage debt (excluding loan fees)(1)2,397.1 2,611.7 Unamortized loan fees(11.9)(14.5)Total Mortgage Debt$2,385.2 $2,597.2 (1) The mortgage debt balances include unamortized debt discount.  Debt discount represents 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 discount as of June 30, 2025 and December 31, 2024 was $1.3 million and $1.4 million, respectively.    The Company's consolidated mortgage debt had a weighted average interest rate of 4.94% per annum as of June 30, 202