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Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P. | 12 Months Ended
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Dec. 31, 2021
Debt Instrument [Line Items] |
Schedule of Unsecured Revolving Credit Facility | The following table summarizes the balance and terms of our unsecured revolving credit facility as of December 31, 2021 and 2020:
| December 31, 2021 |  | December 31, 2020
| (in thousands)
Outstanding borrowings | $ | — |  |  | $ | — |
Remaining borrowing capacity | 1,100,000 |  |  | 750,000 |
Total borrowing capacity (1) | $ | 1,100,000 |  |  | $ | 750,000 |
Interest rate (2) | 1.00 | % |  | 1.14 | %
Facility fee-annual rate (3) | 0.200%
Maturity date | July 2025 |  | July 2022
____________________ (1)We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $500.0 million and $600.0 million as of December 31, 2021 and 2020, respectively, under an accordion feature under the terms of the unsecured revolving credit facility. (2)Our unsecured revolving credit facility interest rate was calculated based on the contractual rate of LIBOR plus 0.900% and LIBOR plus 1.000% as of December 31, 2021 and 2020, respectively. (3)Our facility fee is paid on a quarterly basis and is calculated based on the total borrowing capacity. In addition to the facility fee, we incurred debt origination and legal costs. As of December 31, 2021 and 2020, $7.3 million and $2.1 million of unamortized deferred financing costs, respectively, which are included in prepaid expenses and other assets, net on our consolidated balance sheets, remained to be amortized through the maturity date of our unsecured revolving credit facility.
Schedule of Debt Maturities | The following table summarizes the stated debt maturities and scheduled amortization payments as of December 31, 2021:
Year | (in thousands)
2022 | $ | 5,554 |
2023 | 5,775 |
2024 | 431,006 |
2025 | 406,246 |
2026 | 401,317 |
Thereafter | 2,849,125 |
Total aggregate principal value (1) | $ | 4,099,023 |
________________________ (1) Includes gross principal balance of outstanding debt before the effect of the following at December 31, 2021: $22.9 million of unamortized deferred financing costs for the unsecured senior notes and secured debt and $7.4 million of unamortized discounts for the unsecured senior notes.
Schedule of Capitalized Interest and Loan Fees | The following table sets forth gross interest expense, including debt discount/premium and deferred financing cost amortization, net of capitalized interest, for the years ended December 31, 2021, 2020 and 2019. The interest expense capitalized was recorded as a cost of development and redevelopment and increased the carrying value of undeveloped land and construction in progress.
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
| (in thousands)
Gross interest expense | $ | 158,756 |  |  | $ | 150,325 |  |  | $ | 129,778 |
Capitalized interest and deferred financing costs | (80,201) |  |  | (79,553) |  |  | (81,241) |
Interest expense | $ | 78,555 |  |  | $ | 70,772 |  |  | $ | 48,537 |
Secured debt |
Debt Instrument [Line Items] |
Schedule of Debt Balance and Significant Terms | The following table sets forth the composition of our secured debt as of December 31, 2021 and 2020:
| Annual Stated Interest Rate (1) |  | GAAP Effective Rate (1)(2) |  | Maturity Date |  | December 31,
Type of Debt |  |  |  | 2021 |  | 2020
|  |  |  |  |  |  | (in thousands)
Mortgage note payable | 3.57% |  | 3.57% |  | December 2026 |  | $ | 163,435 |  |  | $ | 166,776 |
Mortgage note payable (3) | 4.48% |  | 4.48% |  | July 2027 |  | 85,588 |  |  | 87,589 |
Total secured debt |  |  |  |  |  |  | $ | 249,023 |  |  | $ | 254,365 |
Unamortized deferred financing costs |  |  |  |  |  |  | (656) |  |  | (783) |
Total secured debt, net |  |  |  |  |  |  | $ | 248,367 |  |  | $ | 253,582 |
____________________ (1)All interest rates presented are fixed-rate interest rates. (2)Represents the effective interest rate including the amortization of initial issuance discounts/premiums excluding the amortization of deferred financing costs. (3)The secured debt and the related properties that secure this debt are held in a special purpose entity and the properties are not available to satisfy the debts and other obligations of the Company or the Operating Partnership.
Unsecured senior notes |
Debt Instrument [Line Items] |
Schedule of Debt Balance and Significant Terms | The following table summarizes the balance and significant terms of the registered unsecured senior notes issued by the Operating Partnership and outstanding, including the issuances noted above, and including unamortized discounts of $7.4 million and $8.3 million and unamortized deferred financing costs of $22.2 million and $21.6 million as of December 31, 2021 and 2020, respectively:
|  |  |  |  |  |  |  |  | Net Carrying Amount as of December 31,
| Issuance date |  | Maturity date |  | Stated coupon rate |  | Effective interest rate (1) |  | 2021 |  | 2020
|  |  |  |  |  |  |  |  | (in thousands)
2.650% Unsecured Senior Notes (2) | October 2021 |  | November 2033 |  | 2.650% |  | 2.654% |  | $ | 450,000 |  |  | $ | — |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (4,117) |  |  | — |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 445,883 |  |  | $ | — |
2.500% Unsecured Senior Notes (2) | August 2020 |  | November 2032 |  | 2.500% |  | 2.560% |  | $ | 425,000 |  |  | $ | 425,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (5,802) |  |  | (6,332) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 419,198 |  |  | $ | 418,668 |
4.270% Unsecured Senior Notes (3) | April 2020 |  | January 2031 |  | 4.270% |  | 4.270% |  | $ | 350,000 |  |  | $ | 350,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (1,644) |  |  | (1,825) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 348,356 |  |  | $ | 348,175 |
3.050% Unsecured Senior Notes (4) | September 2019 |  | February 2030 |  | 3.050% |  | 3.064% |  | $ | 500,000 |  |  | $ | 500,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (4,814) |  |  | (5,399) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 495,186 |  |  | $ | 494,601 |
4.750% Unsecured Senior Notes (5) | November 2018 |  | December 2028 |  | 4.750% |  | 4.800% |  | $ | 400,000 |  |  | $ | 400,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (3,457) |  |  | (3,952) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 396,543 |  |  | $ | 396,048 |
4.350% Unsecured Senior Notes (3) | October 2018 |  | October 2026 |  | 4.350% |  | 4.350% |  | $ | 200,000 |  |  | $ | 200,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (837) |  |  | (1,012) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 199,163 |  |  | $ | 198,988 |
4.300% Unsecured Senior Notes (3) | July 2018 |  | July 2026 |  | 4.300% |  | 4.300% |  | $ | 50,000 |  |  | $ | 50,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (202) |  |  | (246) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 49,798 |  |  | $ | 49,754 |
3.450% Unsecured Senior Notes (5) | December 2017 |  | December 2024 |  | 3.450% |  | 3.470% |  | $ | 425,000 |  |  | $ | 425,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (1,734) |  |  | (2,321) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 423,266 |  |  | $ | 422,679 |
3.450% Unsecured Senior Notes (6) | February 2017 |  | February 2029 |  | 3.450% |  | 3.450% |  | $ | 75,000 |  |  | $ | 75,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (304) |  |  | (347) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 74,696 |  |  | $ | 74,653 |
3.350% Unsecured Senior Notes (6) | February 2017 |  | February 2027 |  | 3.350% |  | 3.350% |  | $ | 175,000 |  |  | $ | 175,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (594) |  |  | (709) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 174,406 |  |  | $ | 174,291 |
4.375% Unsecured Senior Notes (7) | September 2015 |  | October 2025 |  | 4.375% |  | 4.444% |  | $ | 400,000 |  |  | $ | 400,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (2,077) |  |  | (2,631) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 397,923 |  |  | $ | 397,369 |
4.250% Unsecured Senior Notes (4) | July 2014 |  | August 2029 |  | 4.250% |  | 4.350% |  | $ | 400,000 |  |  | $ | 400,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | (4,035) |  |  | (4,567) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | 395,965 |  |  | $ | 395,433 |
3.800% Unsecured Senior Notes (8) | January 2013 |  | January 2023 |  | 3.800% |  | 3.800% |  | $ | — |  |  | $ | 300,000 |
Unamortized discount and deferred financing costs |  |  |  |  |  |  |  |  | — |  |  | (560) |
Net carrying amount |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 299,440 |
Total Unsecured Senior Notes, Net |  |  |  |  |  |  |  |  | $ | 3,820,383 |  |  | $ | 3,670,099 |
____________________ (1)Represents the effective interest rate including the amortization of initial issuance discounts, excluding the amortization of deferred financing costs. (2)Interest on these notes is payable semi-annually in arrears on May 15th and November 15th of each year. (3)Interest on these notes is payable semi-annually in arrears on April 18th and October 18th of each year. (4)Interest on these notes is payable semi-annually in arrears on February 15th and August 15th of each year. (5)Interest on these notes is payable semi-annually in arrears on June 15th and December 15th of each year. (6)Interest on these notes is payable semi-annually in arrears on February 17th and August 17th of each year. (7)Interest on these notes is payable semi-annually in arrears on April 1st and October 1st of each year. (8)Interest on these notes was payable semi-annually in arrears on January 15th and July 15th of each year. In October 2021, the Operating Partnership early redeemed these notes.

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