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Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P. [Member]
6 Months Ended
Jun. 30, 2020
Debt Instrument [Line Items]  
Unsecured revolving credit facility
The following table summarizes the balance and terms of our unsecured term loan facility as of June 30, 2020 and December 31, 2019:
 
June 30, 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)
1.28
%
 
2.85
%
Undrawn facility fee-annual rate
0.200%
Maturity date
July 2022
________________________
(1)
As of June 30, 2020 and December 31, 2019, $0.5 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 June 30, 2020 and December 31, 2019.

The following table summarizes the balance and terms of our unsecured revolving credit facility as of June 30, 2020 and December 31, 2019:
 
June 30, 2020
 
December 31, 2019
 
(in thousands)
Outstanding borrowings
$

 
$
245,000

Remaining borrowing capacity 
750,000

 
505,000

Total borrowing capacity (1)
$
750,000

 
$
750,000

Interest rate (2)
1.16
%
 
2.76
%
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 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 June 30, 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 June 30, 2020 and December 31, 2019, $2.7 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 June 30, 2020:
Year
(in thousands) 
Remaining 2020
$
2,594

2021
5,342

2022
155,554

2023
305,775

2024
431,006

2025
406,245

Thereafter
2,375,442

Total aggregate principal value (1)
$
3,681,958

________________________ 
(1)
Includes gross principal balance of outstanding debt before the effect of the following at June 30, 2020: $20.7 million of unamortized deferred financing costs for the unsecured term loan facility, unsecured senior notes and secured debt and $6.0 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 and six months ended June 30, 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 June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
 
(in thousands)
Gross interest expense
$
36,400

 
$
32,607

 
$
72,262

 
$
63,287

Capitalized interest and deferred financing costs
(20,516
)
 
(20,880
)
 
(41,934
)
 
(40,317
)
Interest expense
$
15,884

 
$
11,727

 
$
30,328

 
$
22,970