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Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P.
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024:
Unsecured Revolving Credit Facility
March 31, 2025December 31, 2024
(in thousands)
Outstanding borrowings$— $— 
Remaining borrowing capacity (1)
1,100,000 1,100,000 
Total borrowing capacity (1)
$1,100,000 $1,100,000 
Interest rate (2)
5.61 %5.69 %
Facility fee-annual rate (3)
0.250%
Unamortized deferred financing costs (3)
$11,806 $12,692 
Maturity date (4)
July 31, 2028
________________________
(1)Remaining and total borrowing capacity are further reduced by the amount of our outstanding letters of credit which total approximately $5.2 million as of March 31, 2025 and December 31, 2024. 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 the Secured Overnight Financing Rate (“SOFR”) plus a SOFR adjustment of 0.10% (“Adjusted SOFR”) and a margin of 1.100% based on our credit rating as of March 31, 2025 and December 31, 2024. 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 in connection with the amendment and restatement of the unsecured revolving credit facility in 2024. These costs are included in prepaid expenses and other assets, net on our consolidated balance sheets, and 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 Operating Partnership’s election.
The following table summarizes the balance and terms of our 2024 Term Loan Facility as of March 31, 2025:
2024 Term Loan Facility
March 31, 2025December 31, 2024
(in thousands)
Outstanding borrowings$200,000 $200,000 
Remaining borrowing capacity— — 
Total borrowing capacity (1)
$200,000 $200,000 
Interest rate (2)
5.62 %5.70 %
Unamortized deferred financing costs (3)
$824 $1,229 
Maturity date (4)
October 3, 2025
____________________
(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 as of March 31, 2025 and December 31, 2024, under an accordion feature pursuant to the terms of the 2024 Term Loan Facility.
(2)Our 2024 Term Loan Facility interest rate was calculated using Adjusted SOFR plus a margin of 1.200% based on our credit rating as of March 31, 2025 and December 31, 2024.
(3)We incurred debt origination and legal costs in connection with the amendment and restatement of the unsecured revolving credit facility in 2024, and remained to be amortized through the maturity date of the 2024 Term Loan Facility.
(4)The maturity date may be extended by two 12-month periods, at the Operating Partnership’s election.
Schedule of Debt Maturities
The following table summarizes the stated debt maturities and scheduled amortization payments for all outstanding debt as of March 31, 2025:

Year
(in thousands)
Remaining 2025 (1)
$604,707 
2026401,317 
2027249,125 
2028400,000 
2029475,000 
2030500,000 
Thereafter2,000,000 
Total aggregate principal value4,630,149 
Less: unamortized net discounts and deferred financing costs (2)
(32,307)
Total debt, net$4,597,842 
________________________ 
(1)Includes the $200.0 million outstanding as of March 31, 2025 on the 2024 Term Loan Facility, for which the Company has two 12-month extension options.
(2)Includes $24.2 million of unamortized deferred financing costs for the unsecured term loan facility, unsecured senior notes, and secured debt, and $8.1 million of unamortized discounts for the unsecured senior notes. Excludes unamortized deferred financing costs on the unsecured revolving credit facility, which are included in prepaid expenses and other assets, net on our consolidated balance sheets.
Schedule of Capitalized Interest and Loan Fees
The following table sets forth gross interest expense and capitalized interest for the three months ended March 31, 2025 and 2024. 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 currently under construction.
Three Months Ended March 31,
20252024
(in thousands)
Gross interest expense$51,696 $58,678 
Capitalized interest
(20,548)(19,807)
Interest expense$31,148 $38,871