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Secured and Unsecured Debt of the Operating Partnership (Tables) - Kilroy Realty L.P.
 3 Months Ended
Mar. 31, 2023
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, 2023 and December 31, 2022:
March 31, 2023December 31, 2022
(in thousands)
Outstanding borrowings$— $— 
Remaining borrowing capacity
1,100,000 1,100,000 
Total borrowing capacity (1)
$1,100,000 $1,100,000 
Interest rate (2)
5.87 %5.20 %
Facility fee-annual rate (3)
0.200%
Maturity date (4)
July 31, 2025
________________________
(1)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 under 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 March 31, 2023 and December 31, 2022.
(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, 2023 and December 31, 2022, $4.8 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 respective maturity dates presented 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 March 31, 2023 and December 31, 2022:

March 31, 2023December 31, 2022
(in thousands)
Outstanding borrowings$350,000 $200,000 
Remaining borrowing capacity170,000 200,000 
Total borrowing capacity (1)
$520,000 $400,000 
Interest rate (2)
5.77 %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 March 31, 2023 and December 31, 2022, respectively, under an accordion feature under 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 March 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 March 31, 2023 and December 31, 2022, $4.6 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 March 31, 2023:

Year
(in thousands)
Remaining 2023$4,352 
2024 (1)
781,006 
2025406,246 
2026401,317 
2027249,125 
2028400,000 
Thereafter2,200,000 
Total aggregate principal value (2)
$4,442,046 
________________________ 
(1)Includes the $350.0 million outstanding as of March 31, 2023 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 March 31, 2023: $23.4 million of unamortized deferred financing costs for the unsecured term loan facility, unsecured senior notes and secured debt and $6.1 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 three months ended March 31, 2023 and 2022. 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.

Three Months Ended March 31,
20232022
(in thousands)
Gross interest expense$43,402 $39,723 
Capitalized interest and deferred financing costs (17,731)(19,098)
Interest expense$25,671 $20,625