Company: KW
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001408100-25-000084
Chunk: 186

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 186
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reland303.1 337.8 CommercialSpain— 37.7 Mortgage debt (excluding loan fees)(1)2,611.7 2,854.6 Unamortized loan fees(14.5)(13.7)Total Mortgage Debt$2,597.2 $2,840.9 (1) The mortgage debt payable balances include unamortized debt discount.  Debt discount 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, 2024 and 2023 was $1.4 million and $1.0 million, respectively.The mortgage debt had a weighted average interest rate of 4.84% and 5.10% per annum as of December 31, 2024 and 2023, respectively.  As of December 31, 2024, 70% of Kennedy Wilson's property level debt was fixed rate, 27% was floating rate with interest caps and 2% was floating rate without interest caps, compared to 65% fixed rate, 35% floating rate with interest caps and 0% floating rate without interest caps, as of December 31, 2023.Mortgage Debt Transactions and Maturities    During the year ended December 31, 2024, six existing mortgages were refinanced and one loan was deconsolidated.  The aggregate maturities of mortgage loans including amortization and effects of any extension options as of December 31, 2024 are as follows: 

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Table of ContentsKennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements—(continued)December 31, 2024 2023 and 2022

(Dollars in millions)Aggregate Maturities2025(1)$141.3 2026515.0 2027341.3 2028332.9 2029304.5 Thereafter978.1 2,613.1 Unamortized debt discount(1.4)Unamortized loan fees(14.5)Total Mortgage Debt$2,597.2 (1) The Company expects to repay the amounts maturing in the next twelve months with new mortgage loans