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Revolving Credit Facility and Commercial Paper Programs | 9 Months Ended
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Sep. 30, 2022
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Debt | Mortgages Payable During the nine months ended September 30, 2022, we made $311.1 million in principal payments, including the full repayment of 12 mortgages for $308.0 million. During the nine months ended September 30, 2021, we made $56.0 million in principal payments, including the full repayment of six mortgages for $53.3 million. We assumed eight mortgages on 17 properties totaling $45.1 million during the nine months ended September 30, 2022, as compared to the assumption of one Sterling-denominated mortgage on one property totaling £31.0 million for the nine months ended September 30, 2021. Assumed mortgages are secured by the properties on which the debt was placed and are considered non-recourse debt with limited customary exceptions which vary from loan to loan. Our mortgages contain customary covenants, such as limiting our ability to further mortgage each applicable property or to discontinue insurance coverage without the prior consent of the lender. At September 30, 2022, we were in compliance with these covenants. The balance of our deferred financing costs, which are classified as part of 'Mortgages payable, net', on our consolidated balance sheets, was $926,000 at September 30, 2022, and $790,000 at December 31, 2021. These costs are being amortized over the remaining term of each mortgage. The following table summarizes our mortgages payable as of September 30, 2022, and December 31, 2021, respectively (dollars in thousands):
As Of | Number of Properties (1) |  | Weighted Average Stated Interest Rate (2) |  | Weighted Average Effective Interest Rate (3) |  | Weighted Average Remaining Years Until Maturity |  | Remaining Principal Balance |  | Unamortized Premium and Deferred Financing Costs Balance, net |  | Mortgage Payable Balance
9/30/2022 | 136 |  | 4.8 | % |  | 3.3 | % |  | 1.6 |  | $ | 840,682 |  |  | $ | 14,681 |  |  | $ | 855,363 |
12/31/2021 | 267 |  | 4.8 | % |  | 3.5 | % |  | 1.8 |  | $ | 1,114,129 |  |  | $ | 27,866 |  |  | $ | 1,141,995 |
(1)At September 30, 2022, there were 18 mortgages on 136 properties. At December 31, 2021, there were 22 mortgages on 267 properties. With the exception of one Sterling-denominated mortgage which is paid quarterly, the mortgages require monthly payments with principal payments due at maturity. At September 30, 2022 and December 31, 2021, all mortgages were at fixed interest rates. (2) Stated interest rates ranged from 3.0% to 6.9% at each of September 30, 2022 and December 31, 2021. (3) Effective interest rates ranged from 2.6% to 6.6% and 2.6% to 6.0% at September 30, 2022 and December 31, 2021, respectively. The following table summarizes the maturity of mortgages payable, excluding net premiums of $15.6 million and deferred financing costs of $926,000 as of September 30, 2022 (dollars in millions):
Year of Maturity |  | Principal
2022 |  | $ | 1.1
2023 |  | 22.0
2024 |  | 740.5
2025 |  | 39.2
2026 |  | 12.0
Thereafter |  | 25.9
Totals |  | $ | 840.7
Revolving Credit Facility and Commercial Paper Programs |
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Debt | Revolving Credit Facility and Commercial Paper Programs A. Credit Facility In April 2022, we entered a new $4.25 billion unsecured credit facility to amend and restate our previous $3.0 billion unsecured revolving credit facility, which was due to expire in March 2023. The new multicurrency credit facility matures in June 2026, includes two six-month extensions that can be exercised at our option and allows us to borrow in up to 14 currencies, including U.S dollars. Similar to our previous revolving credit facility, the new revolving credit facility also has a $1.0 billion expansion option, which is subject to obtaining lender commitments. Under the new revolving credit, our current investment grade credit ratings provide for financing on U.S. Dollar borrowings at the Secured Overnight Financing Rate ("SOFR"), plus 0.725% with a SOFR adjustment charge of 0.10% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.95% over SOFR and British Pound Sterling at the Sterling Overnight Indexed Average (“SONIA”), plus 0.725% with a SONIA adjustment charge of 0.0326% and a revolving credit facility fee of 0.125%, for all-in pricing of 0.8826% over SONIA. At September 30, 2022, credit facility origination costs of $18.4 million are included in other assets, net, as compared to $4.4 million at December 31, 2021, on our consolidated balance sheets. These costs are being amortized over the remaining term of our revolving credit facility. At September 30, 2022, we had a borrowing capacity of $3.05 billion available on our revolving credit facility (subject to customary conditions to borrowing) and an outstanding balance of $1.2 billion, as compared to an outstanding balance at December 31, 2021, of $650.0 million. The weighted average interest rate on outstanding borrowings under our revolving credit facility was 1.7% during the nine months ended September 30, 2022, and 0.8% during the nine months ended September 30, 2021. At September 30, 2022, our weighted average interest rate on borrowings outstanding under our revolving credit facility was 1.6%. Our revolving credit facility is subject to various leverage and interest coverage ratio limitations, and at September 30, 2022, we were in compliance with the covenants under our revolving credit facility. B. Commercial Paper Programs During July 2022, our U.S. Dollar-denominated unsecured commercial paper program was amended to increase the maximum aggregate amount of outstanding notes from $1.0 billion to $1.5 billion. Also during July 2022, we established a new Euro-denominated unsecured commercial paper program, which permits us to issue additional unsecured commercial notes up to a maximum aggregate amount of $1.5 billion (or foreign currency equivalent), which may be issued in U.S. Dollars or various other foreign currencies, including but not limited to, Euros, Sterling, Swiss Francs, Yen, Canadian Dollars, and Australian Dollars, in each case, pursuant to customary terms in the European commercial paper note market. The commercial paper ranks on a parity in right of payment with all of our other unsecured senior indebtedness outstanding from time to time, including borrowings under our revolving credit facility, our term loan and our outstanding senior unsecured notes. Proceeds from commercial paper borrowings are used for general corporate purposes. As of September 30, 2022, the balance of borrowings outstanding under our commercial paper programs was $723.8 million, including €511.0 million of Euro-denominated borrowings, as compared to $901.4 million outstanding commercial paper borrowings, consisting entirely of U.S. Dollar-denominated borrowings at December 31, 2021. The weighted average interest rate on outstanding borrowings under our commercial paper programs was 1.3% for the nine months ended September 30, 2022, and 0.2% for the nine months ended September 30, 2021. As of September 30, 2022, our weighted average interest rate on outstanding borrowings under our commercial paper programs was 1.5%. We use our $4.25 billion revolving credit facility as a liquidity backstop for the repayment of the notes issued under the commercial paper programs. The commercial paper borrowings outstanding at September 30, 2022 have matured and will mature between October 2022 and January 2023.

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