Company: KW
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001408100-25-000115
Chunk: 103

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Part I, Item 1
Chunk 103
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 which we are the lessee:(Dollars in millions)MinimumRental Payments2025 (remainder)$0.8 20261.4 20271.3 20281.3 20291.3 Thereafter30.0 Total undiscounted rental payments36.1 Less imputed interest(26.1)Right of use asset, net$10.0 

NOTE 8—MORTGAGE DEBT

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

19

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 TypeRegionMarch 31, 2025December 31, 2024Multifamily(1)Western U.S.$1,664.6 $1,664.9 Commercial(1)United Kingdom448.3 434.3 Commercial(1)Ireland312.0 209.4 Commercial Western U.S.209.3 303.1 Mortgage debt (excluding loan fees)(1)2,634.2 2,611.7 Unamortized loan fees(13.5)(14.5)Total Mortgage Debt$2,620.7 $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 March 31, 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 4.80% per annum as of March 31, 2025 and 4.84% as of December 31, 2024.  Including the impact of the interest rate hedging strategy deployed by the Company through the use of interest rate caps and swaps, the weighted average effective interest rate is 4.5% as of March 31,