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Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P.
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Schedule of Unsecured Revolving Credit and Term Loan Facility
The following table summarizes the balance and terms of our unsecured revolving credit facility as of December 31, 2023 and 2022:
December 31, 2023December 31, 2022
(in thousands)
Outstanding borrowings$— $— 
Remaining borrowing capacity1,100,000 1,100,000 
Total borrowing capacity (1)
$1,100,000 $1,100,000 
Interest rate (2)
6.38 %5.20 %
Facility fee-annual rate (3)
0.200%
Maturity dateJuly 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 December 31, 2023. 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 December 31, 2023 and 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 December 31, 2023 and 2022, $3.2 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 December 31, 2023:

December 31, 2023December 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)
6.41 %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 December 31, 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 December 31, 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 December 31, 2023 and 2022, $2.3 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 December 31, 2023:

Year(in thousands)
2024 (1)
$929,718 
2025406,246 
2026401,317 
2027249,125 
2028400,000 
Thereafter2,575,000 
Total aggregate principal value (2)
$4,961,406 
________________________ 
(1)     Includes the $520.0 million currently outstanding 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 December 31, 2023: $27.7 million of unamortized deferred financing costs for the unsecured term loan facility, unsecured senior notes and secured debt and $5.3 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 years ended December 31, 2023, 2022 and 2021. 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,
202320222021
(in thousands)
Gross interest expense$192,983 $161,761 $158,756 
Capitalized interest and deferred financing costs(78,767)(77,483)(80,201)
Interest expense$114,216 $84,278 $78,555 
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, 2023 and 2022:

Annual Stated Interest Rate (1)
GAAP
Effective Rate (1)(2)
Maturity DateDecember 31,
Type of Debt20232022
(in thousands)
Mortgage note payable3.57%3.57%December 2026$156,386 $159,973 
Mortgage note payable (3)
4.48%4.48%July 202781,308 83,496 
Mortgage note payable5.90%5.90%August 2034375,000 — 
Total secured debt$612,694 $243,469 
Unamortized deferred financing costs(9,469)(531)
Total secured debt, net$603,225 $242,938 
____________________
(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 unamortized discounts of $5.3 million and $6.4 million and unamortized deferred financing costs of $15.9 million and $19.1 million as of December 31, 2023 and 2022, respectively:
Net Carrying Amount
as of December 31,
Issuance dateMaturity dateStated
coupon rate
Effective interest rate (1)
20232022
(in thousands)
2.650% Unsecured Senior Notes (2)
October 2021November 20332.650%2.654%$450,000 $450,000 
Unamortized discount and deferred financing costs(3,422)(3,770)
Net carrying amount$446,578 $446,230 
2.500% Unsecured Senior Notes (2)
August 2020November 20322.500%2.560%$425,000 $425,000 
Unamortized discount and deferred financing costs(4,735)(5,268)
Net carrying amount$420,265 $419,732 
4.270% Unsecured Senior Notes (3)
April 2020January 20314.270%4.270%$350,000 $350,000 
Unamortized discount and deferred financing costs(1,282)(1,463)
Net carrying amount$348,718 $348,537 
3.050% Unsecured Senior Notes (4)
September 2019February 20303.050%3.064%$500,000 $500,000 
Unamortized discount and deferred financing costs(3,629)(4,221)
Net carrying amount$496,371 $495,779 
4.750% Unsecured Senior Notes (5)
November 2018December 20284.750%4.800%$400,000 $400,000 
Unamortized discount and deferred financing costs(2,468)(2,963)
Net carrying amount$397,532 $397,037 
4.350% Unsecured Senior Notes (3)
October 2018October 20264.350%4.350%$200,000 $200,000 
Unamortized discount and deferred financing costs(488)(663)
Net carrying amount$199,512 $199,337 
4.300% Unsecured Senior Notes (3)
July 2018July 20264.300%4.300%$50,000 $50,000 
Unamortized discount and deferred financing costs(113)(157)
Net carrying amount$49,887 $49,843 
3.450% Unsecured Senior Notes (5)
December 2017December 20243.450%3.470%$403,712 $425,000 
Unamortized discount and deferred financing costs(558)(1,148)
Net carrying amount$403,154 $423,852 
3.450% Unsecured Senior Notes (6)
February 2017February 20293.450%3.450%$75,000 $75,000 
Unamortized discount and deferred financing costs(219)(262)
Net carrying amount$74,781 $74,738 
3.350% Unsecured Senior Notes (6)
February 2017February 20273.350%3.350%$175,000 $175,000 
Unamortized discount and deferred financing costs(363)(478)
Net carrying amount$174,637 $174,522 
4.375% Unsecured Senior Notes (7)
September 2015October 20254.375%4.444%$400,000 $400,000 
Unamortized discount and deferred financing costs(969)(1,523)
Net carrying amount$399,031 $398,477 
4.250% Unsecured Senior Notes (4)
July 2014August 20294.250%4.350%$400,000 $400,000 
Unamortized discount and deferred financing costs(2,971)(3,503)
Net carrying amount$397,029 $396,497 
Total Unsecured Senior Notes, Net$3,807,495 $3,824,581 
____________________
(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.