EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the quarter ended March 31, 2021 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives.

The following table summarizes the Company’s mortgage notes payable activity for the quarter ended March 31, 2021 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2020		Proceeds			Lump sum payoffs			Scheduled principal repayments			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)		Mortgage notes payable, net as of March 31, 2021
Fixed Rate Debt:
Secured – Conventional	$	1,901,091	$	28,500	(2)	$	(28,200	)	$	(1,871	)	$	378	$	19	$	1,899,917
Floating Rate Debt:
Secured – Conventional		31,494		8,992			—			—			—		60		40,546
Secured – Tax Exempt		361,305		—			(31,680	)		—			306		306		330,237
Floating Rate Debt		392,799		8,992			(31,680	)		—			306		366		370,783
Total	$	2,293,890	$	37,492		$	(59,880	)	$	(1,871	)	$	684	$	385	$	2,270,700

The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021:

As of March 31, 2021, the Company had $250.0 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement.

The following table summarizes the Company’s notes activity for the quarter ended March 31, 2021 (amounts in thousands):

Notes, net as of

December 31, 2020

Proceeds

Lump sum

payoffs

Realized/unrealized

(gain) loss on

derivative

instruments

Amortization

of premiums/

discounts

Amortization

of deferred

financing

costs, net (1)

Notes, net as of

March 31, 2021

Fixed Rate Debt:

Unsecured – Public

5,335,536

—

610

957

5,337,103

The following table summarizes certain interest rate and maturity date information as of and for the quarter ended March 31, 2021:

The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the quarter ended March 31, 2021.

On November 1, 2019, the Company replaced its existing $2.0 billion facility with a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.775%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The Company did not borrow any amounts under its revolving credit facility during the quarter ended March 31, 2021.

On November 4, 2019, the Company increased the maximum aggregate amount outstanding for its commercial paper program from $500.0 million to $1.0 billion. The notes will be sold under customary terms in the United States commercial paper note market subject to market conditions and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes bear interest at various floating rates with a weighted average interest rate of 0.30% for the quarter ended March 31, 2021 and a weighted average maturity of 69 days as of March 31, 2021. The weighted average amount outstanding for the quarter ended March 31, 2021 was approximately $457.3 million.

The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of March 31, 2021 (amounts in thousands):

The following table summarizes the Company’s total debt extinguishment costs recorded as additional interest expense during the quarter ended March 31, 2021 (amounts in thousands):