Kilroy Realty Expands Revolving Credit Facility to $1.25 Billion With JPMorgan, BofA Securities, Wells Fargo Leading Syndicate
Kilroy Realty Corporation (NYSE: KRC) announced June 11, 2026, that its operating partnership, Kilroy Realty, L.P., has closed on a fifth amended and restated senior unsecured revolving credit facility permitting borrowings of up to $1.25 billion, up from the prior facility's $1.10 billion capacity. The transaction also includes an amended and restated senior unsecured term loan facility of $250 million, extending the company's debt maturity profile and reducing borrowing costs.
Revolving Credit Facility Terms and Structure
The new revolving credit facility matures July 31, 2030, a two-year extension from the prior maturity date of July 31, 2028, before the exercise of available extension options. Two six-month extension options remain available under the new agreement. The SOFR borrowing spread was reduced to 100 basis points from 110 basis points, and the SOFR credit spread adjustment of 10 basis points present in the prior facility was eliminated. The annual facility fee remains at 25 basis points.
The facility was syndicated to a group of U.S. and international banks. JPMorgan Chase Bank, N.A., BofA Securities, Inc., Wells Fargo, PNC Capital Markets LLC, and U.S. Bank National Association served as joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, N.A. is the administrative agent for the revolving credit facility, while Bank of America, N.A. and Wells Fargo Bank, N.A. serve as syndication agents.
Banco Santander, S.A., New York Branch, Scotiabank, BMO Capital Markets Corp., and Royal Bank of Canada acted as joint lead arrangers. PNC Bank, National Association, U.S. Bank National Association, Banco Santander, S.A., New York Branch, The Bank of Nova Scotia, Barclays, BMO Bank, N.A., and Royal Bank of Canada acted as co-documentation agents.
Term Loan Facility Details
The amended and restated term loan facility provides for a $250 million senior unsecured term loan maturing July 31, 2031. Of that total, $200 million was previously outstanding under the prior term loan agreement and remains outstanding. The remaining $50 million represents additional delayed draw term loan commitments available to be drawn through June 11, 2027. The prior term loan facility had been set to mature October 3, 2026, and carried a SOFR borrowing spread of 120 basis points plus a 10 basis point credit spread adjustment. The new facility reduces the SOFR borrowing spread to 115 basis points and eliminates the credit spread adjustment.
The term loan facility was syndicated to a group of U.S. and international banks led by JPMorgan Chase Bank, N.A., BofA Securities, Inc., Wells Fargo Securities LLC, PNC Capital Markets LLC, and U.S. Bank National Association as joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, N.A. serves as administrative agent, with Bank of America, N.A. and Wells Fargo Bank, N.A. as syndication agents. Banco Santander, S.A., New York Branch, The Bank of Nova Scotia, and Royal Bank of Canada acted as joint lead arrangers, while PNC Bank, National Association, U.S. Bank National Association, Banco Santander, S.A., New York Branch, The Bank of Nova Scotia, and Royal Bank of Canada served as co-documentation agents.
Executive Commentary
"We are pleased to announce the recast of our Revolving Credit and Term Loan Facilities, which has allowed us to extend the maturity dates, improve pricing, and increase total available borrowing capacity," said Angela Aman, Chief Executive Officer of the Company. "We are grateful to our strong banking partnerships, which continue to provide Kilroy with robust liquidity and financial flexibility as we look to create value for all stakeholders."
About Kilroy Realty
Kilroy Realty Corporation is a publicly traded real estate investment trust and member of the S&P MidCap 400 Index. The company operates in the San Francisco Bay Area, Los Angeles, Seattle, San Diego, and Austin, with a focus on office, life science, and mixed-use projects. As of March 31, 2026, Kilroy's stabilized portfolio totaled approximately 17.1 million square feet, which was 77.6% occupied and 82.3% leased. The company also holds 608 residential units in San Diego, with a quarterly average occupancy of 95.0%.
Investor relations contact for the transaction is Jeffrey Kuehling, Executive Vice President, Chief Financial Officer and Treasurer, reachable at (310) 481-8440.