8. Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility.

Mortgage Notes Payable

As of March 31, 2015, the Company had outstanding mortgage debt of approximately $5.0 billion.

During the quarter ended March 31, 2015, the Company:


▪	Repaid $124.1 million of mortgage loans.

The Company recorded $0.1 million of write-offs of unamortized deferred financing costs during the quarter ended March 31, 2015 as additional interest expense related to debt extinguishment of mortgages. The Company also recorded $1.4 million of write-offs of net unamortized premiums during the quarter ended March 31, 2015 as a reduction of interest expense related to debt extinguishment of mortgages.

As of March 31, 2015, the Company had $700.5 million of secured debt subject to third party credit enhancement.

As of March 31, 2015, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 1, 2061. At March 31, 2015, the interest rate range on the Company’s mortgage debt was 0.02% to 7.25%. During the quarter ended March 31, 2015, the weighted average interest rate on the Company’s mortgage debt was 4.13%.

Notes

As of March 31, 2015, the Company had outstanding unsecured notes of approximately $5.4 billion.

As of March 31, 2015, scheduled maturities for the Company’s outstanding notes were at various dates through 2044. At March 31, 2015, the interest rate range on the Company’s notes was 2.375% to 7.57%. During the quarter ended March 31, 2015, the weighted average interest rate on the Company’s notes was 5.01%.

Line of Credit and Commercial Paper

On January 11, 2013, the Company replaced its existing $1.75 billion facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. The Company has the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the facility will generally be LIBOR plus a spread (1.05% as of March 31, 2015) and the Company pays an annual facility fee (currently 15 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt.

As of March 31, 2015, the amount outstanding on the revolving credit facility was $130.0 million and the amount available was $1.986 billion (net of $43.3 million which was restricted/dedicated to support letters of credit, net of the $130.0 million outstanding on the revolving credit facility and net of $340.9 million outstanding on the commercial paper program). During the quarter ended March 31, 2015, the weighted average interest rate on the revolving credit facility was 1.02%.

On February 2, 2015, the Company entered into an unsecured commercial paper note program in the United States. The Company may borrow up to a maximum of $500.0 million on this program subject to market conditions. The notes will be sold under customary terms in the United States commercial paper note market and will rank pari passu with all of the Company's other unsecured senior indebtedness. As of March 31, 2015, there was a balance of $340.8 million on the commercial paper program ($340.9 million in principal outstanding net of an unamortized discount of $0.1 million). The notes bear interest at various floating rates with a weighted average of 0.53% for the quarter ended March 31, 2015 and a weighted average maturity of 14 days as of March 31, 2015.