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

3 Months Ended

Mar. 31, 2020

The following table summarizes the balance and terms of our unsecured term loan facility as of March 31, 2020 and December 31, 2019:



	March 31, 2020			December 31, 2019
	(in thousands)
Outstanding borrowings	$	150,000		$	150,000
Remaining borrowing capacity	—			—
Total borrowing capacity ⁽¹⁾	$	150,000		$	150,000
Interest rate ⁽²⁾	2.03		%	2.85		%
Undrawn facility fee-annual rate	0.200%
Maturity date	July 2022

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(1)	As of March 31, 2020 and December 31, 2019, $0.6 million and $0.7 million of unamortized deferred financing costs, respectively, remained to be amortized through the maturity date of our unsecured term loan facility.


(2)	Our unsecured term loan facility interest rate was calculated based on the contractual rate of LIBOR plus 1.100% as of March 31, 2020 and December 31, 2019.

The following table summarizes the balance and terms of our unsecured revolving credit facility as of March 31, 2020 and December 31, 2019:



	March 31, 2020			December 31, 2019
	(in thousands)
Outstanding borrowings	$	380,000		$	245,000
Remaining borrowing capacity	370,000			505,000
Total borrowing capacity⁽¹⁾	$	750,000		$	750,000
Interest rate ⁽²⁾	1.85		%	2.76		%
Facility fee-annual rate ⁽³⁾	0.200%
Maturity date	July 2022

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(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 and unsecured term loan 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, 2020 and December 31, 2019.

(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, 2020 and December 31, 2019, $3.1 million and $3.4 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, 2020:



Year	(in thousands)
Remaining 2020	$	3,871
2021	5,342
2022	535,554
2023	305,775
2024	431,006
2025	406,245
Thereafter	2,025,443
Total aggregate principal value ⁽¹⁾	$	3,713,236

________________________

(1)

Includes gross principal balance of outstanding debt before the effect of the following at March 31, 2020: $19.5 million of unamortized deferred financing costs for the unsecured term loan facility, unsecured senior notes and secured debt and $6.2 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, 2020 and 2019. 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,
	2020			2019
	(in thousands)
Gross interest expense	$	35,862		$	30,680
Capitalized interest and deferred financing costs	(21,418		)	(19,437		)
Interest expense	$	14,444		$	11,243