Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P. [Member]

3 Months Ended

Mar. 31, 2021

Debt Instrument [Line Items]

Unsecured revolving credit facility

The following table summarizes the balance and terms of our unsecured revolving credit facility as of March 31, 2021 and December 31, 2020:

	March 31, 2021			December 31, 2020
	(in thousands)
Outstanding borrowings	$	—		$	—
Remaining borrowing capacity	750,000			750,000
Total borrowing capacity (1)	$	750,000		$	750,000
Interest rate (2)	1.11		%	1.14		%
Facility fee-annual rate (3)	0.200%
Maturity date	July 2022

________________________

(1)We may elect to borrow, subject to bank approval and obtaining commitments for any additional borrowing capacity, up to an additional $600.0 million 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 1.000% as of March 31, 2021 and December 31, 2020.

(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 March 31, 2021 and December 31, 2020, $1.7 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 March 31, 2021:

Year	(in thousands)
Remaining 2021	$	4,026
2022	5,554
2023	305,775
2024	431,006
2025	406,246
2026	401,317
Thereafter	2,399,125
Total aggregate principal value (1)	$	3,953,049

________________________ 

(1)     Includes gross principal balance of outstanding debt before the effect of the following at March 31, 2021: $21.7 million of unamortized deferred financing costs for the unsecured senior notes and secured debt and $8.0 million of unamortized discounts for the unsecured senior notes.

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 three months ended March 31, 2021 and 2020. The interest expense capitalized was recorded as a cost of development and increased the carrying value of undeveloped land and construction in progress.

	Three Months Ended March 31,
	2021		2020
	(in thousands)
Gross interest expense	$	39,242	$	35,862
Capitalized interest and deferred financing costs	(16,908)		(21,418)
Interest expense	$	22,334	$	14,444