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Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P. | 9 Months Ended
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Sep. 30, 2023
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 September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
| (in thousands)
Outstanding borrowings | $ | — |  |  | $ | — |
Remaining borrowing capacity | 1,100,000 |  |  | 1,100,000 |
Total borrowing capacity (1) | $ | 1,100,000 |  |  | $ | 1,100,000 |
Interest rate (2) | 6.31 | % |  | 5.20 | %
Facility fee-annual rate (3) | 0.200%
Maturity date (4) | July 31, 2025
________________________ (1)Total borrowing capacity is reduced by the amount of our outstanding letters of credit which total approximately $5.2 million as of the date of this report. We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $500.0 million under an accordion feature pursuant to the terms of the unsecured revolving credit facility. (2)Our unsecured revolving credit facility interest rate was calculated using a contractual rate of Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% (“Adjusted SOFR”) and a margin of 0.900% based on our credit rating as of September 30, 2023 and December 31, 2022. We may be entitled to a temporary 0.01% reduction in the interest rate provided we meet certain sustainability goals with respect to the ongoing reduction of greenhouse gas emissions. (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 September 30, 2023 and December 31, 2022, $3.7 million and $5.3 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. (4)The maturity date may be extended by two six-month periods, at the Company’s option. The following table summarizes the balance and terms of our unsecured term loan facility as of September 30, 2023 and December 31, 2022:
| September 30, 2023 |  | December 31, 2022
| (in thousands)
Outstanding borrowings | $ | 520,000 |  |  | $ | 200,000 |
Remaining borrowing capacity | — |  |  | 200,000 |
Total borrowing capacity (1) | $ | 520,000 |  |  | $ | 400,000 |
Interest rate (2) | 6.37 | % |  | 5.23 | %
Undrawn facility fee-annual rate (3) | 0.200%
Maturity date (4) | October 3, 2024
____________________ (1)We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $130.0 million and $100.0 million as of September 30, 2023 and December 31, 2022, respectively, under an accordion feature pursuant to the terms of the unsecured term loan facility. (2)Our unsecured term loan facility interest rate was calculated using a contractual rate of Adjusted SOFR plus a margin of 0.950% based on our credit rating as of September 30, 2023 and December 31, 2022. (3)Our undrawn facility fee is paid on a quarterly basis and is calculated based on the remaining borrowing capacity. In addition to the facility fee, we incurred debt origination and legal costs. As of September 30, 2023 and December 31, 2022, $3.1 million and $4.5 million, respectively, of unamortized deferred financing costs remained to be amortized through the maturity date of our unsecured term loan facility. (4)The maturity date may be extended by two twelve-month periods, at the Company’s option.
Schedule of Debt Maturities | The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of September 30, 2023:
Year | (in thousands)
Remaining 2023 | $ | 1,465 |
2024 (1) | 936,716 |
2025 | 406,246 |
2026 | 401,317 |
2027 | 249,125 |
2028 | 400,000 |
Thereafter | 2,575,000 |
Total aggregate principal value (2) | $ | 4,969,869 |
________________________ (1)Includes the $520.0 million outstanding as of September 30, 2023 on the unsecured term loan facility maturing on October 3, 2024, for which the Company has two twelve-month extension options. (2)Includes gross principal balance of outstanding debt before the effect of the following at September 30, 2023: $29.5 million of unamortized deferred financing costs for the unsecured term loan facility, unsecured senior notes and secured debt and $5.6 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 and deferred financing cost amortization, net of capitalized interest, for the three and nine months ended September 30, 2023 and 2022. 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.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in thousands)
Gross interest expense | $ | 49,893 |  |  | $ | 39,659 |  |  | $ | 139,148 |  |  | $ | 118,995 |
Capitalized interest and deferred financing costs | (20,056) |  |  | (19,677) |  |  | (57,257) |  |  | (58,267) |
Interest expense | $ | 29,837 |  |  | $ | 19,982 |  |  | $ | 81,891 |  |  | $ | 60,728 |

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