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Borrowings | 9 Months Ended
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Sep. 30, 2016
Notes To Financial Statements [Abstract] |
Notes Payable | Borrowings The weighted average interest rate at September 30, 2016 for the $3.43 billion of debt outstanding was 3.6%, compared to the weighted average interest rate of 3.7% on $3.43 billion of debt outstanding at December 31, 2015. Our debt consists of an unsecured credit facility, unsecured term loans, senior unsecured notes, a secured credit facility with Fannie Mae, and secured property mortgages. We utilize fixed rate borrowings, interest rate swaps, and interest rate caps to manage our current and future interest rate risk. More details on our borrowings can be found in the schedules presented later in this section. At September 30, 2016, we had $2.0 billion of senior unsecured notes and term loans fixed at an average interest rate of 3.8% and a $750 million variable rate credit facility with an average interest rate of 1.5% with $205.0 million borrowed at September 30, 2016. Additionally, we had $115.0 million of conventional, secured variable rate debt outstanding at an average interest rate of 1.0% and $75.0 million of capped conventional, secured variable rate debt at an average interest rate of 1.0%. The interest rate on all other secured debt, totaling $1.0 billion, was hedged or fixed at an average interest rate of 4.0%. Unsecured Credit Facility We maintain a $750.0 million unsecured credit facility with a syndicate of banks led by KeyBank National Association, or the KeyBank Facility. The KeyBank Facility includes an expansion option up to $1.5 billion. The KeyBank Facility bears an interest rate of LIBOR plus a spread of 0.85% to 1.55% based on an investment grade pricing grid and is currently bearing interest at an all-in rate of 1.47%. The KeyBank Facility expires in April 2020 with an option to extend for an additional six months. At September 30, 2016, we had $205.0 million actually borrowed under this facility, and another approximately $3.3 million used to support letters of credit. Unsecured Term Loans We also maintain three term loans with a syndicate of banks, led by KeyBank National Association, Wells Fargo Bank, N.A., and U.S. Bank National Association, respectively. The KeyBank term loan has a balance of $150.0 million, matures in 2021, and has a variable interest rate of LIBOR plus a spread of 0.90% to 1.75% based on our credit ratings. The Wells Fargo term loan has a balance of $250.0 million and matures in 2018. The U.S. Bank term loan has a balance of $150.0 million and matures in 2020. Both the Wells Fargo and U.S. Bank term loans have variable interest rates of LIBOR plus a spread of 0.90% to 1.90% based on our credit ratings. Senior Unsecured Notes As of September 30, 2016, we have approximately $1.2 billion of publicly issued notes and $310.0 million of private placement notes. These senior unsecured notes have maturities ranging from five to twelve years, averaging 7.6 years remaining until maturity as of September 30, 2016. Secured Credit Facility We maintain a $240.0 million secured credit facility with Prudential Mortgage Capital, which is credit enhanced by Fannie Mae, or the Fannie Mae Facility. The Fannie Mae Facility provides for both fixed and variable rate borrowings and has Fannie Mae rate tranches with maturities from 2016 through 2018. The interest rate on the majority of the variable portion renews every 90 days and is based on the Fannie Mae discount mortgage backed security rate on the date of renewal, which, for us, has historically approximated three-month LIBOR less an average of 0.17% over the life of the Fannie Mae Facility, plus a fee of 0.62%. Borrowings under the Fannie Mae Facility totaled $240.0 million at September 30, 2016, consisting of $50.0 million under a fixed portion at a rate of 4.7%, and the remaining $190.0 million under the variable rate portion of the facility at an average rate of 1.2%. The available borrowing capacity at September 30, 2016 was $240.0 million. Secured Property Mortgages At September 30, 2016, we had $1.0 billion of fixed rate conventional property mortgages with an average interest rate of 4.0% and an average maturity in 2019. On February 1, 2016, we paid off a $13.4 million mortgage associated with the Colonial Village at Matthews apartment community. The loan was scheduled for maturity in March 2016. On March 1, 2016, we paid off a $20.2 million mortgage associated with the Verandas at Southwood apartment community. The payoff was at scheduled maturity of the loan. In addition to these payoffs, we have paid $5.9 million associated with property mortgage principal amortizations during the nine months ended September 30, 2016. Guarantees MAA fully and unconditionally guarantees the following debt incurred by the Operating Partnership:
• | $240.0 million of the Fannie Mae Facility, of which $240.0 million has been borrowed as of September 30, 2016; and
• | $310.0 million of senior unsecured notes, all of which has been borrowed as of September 30, 2016.
Total Outstanding Debt The following table summarizes our indebtedness at September 30, 2016, (dollars in thousands):
| Borrowed Balance |  | Effective Rate |  | Average Contract Maturity
Fixed Rate Secured Debt |  |  |  |  |
Individual property mortgages | $ | 972,948 |  |  | 4.0 | % |  | 8/21/2019
Fannie Mae conventional credit facility | 50,000 |  |  | 4.7 | % |  | 3/31/2017
Total fixed rate secured debt | $ | 1,022,948 |  |  | 4.0 | % |  | 7/11/2019
Variable Rate Secured Debt (1) |  |  |  |  |  |  |
Fannie Mae conventional credit facility | 190,000 |  |  | 1.0 | % |  | 8/26/2017
Total variable rate secured debt | $ | 190,000 |  |  | 1.2 | % |  | 8/26/2017
Fair market value adjustments and debt issuance costs | 25,220 |  |  |  |  |
Total Secured Debt | $ | 1,238,168 |  |  | 3.5 | % |  | 3/25/2019
Unsecured Debt |  |  |  |  |  |  |
Variable rate credit facility | $ | 205,000 |  |  | 1.5 | % |  | 4/15/2020
Term loan fixed with swaps | 550,000 |  |  | 3.1 | % |  | 11/10/2017
Fixed rate bonds | 1,460,000 |  |  | 4.1 | % |  | 1/26/2024
Fair market value adjustments, debt issuance costs and discounts | (19,011 | ) |  |  |  |
Total Unsecured Debt | $ | 2,195,989 |  |  | 3.6 | % |  | 2/26/2022
Total Outstanding Debt | $ | 3,434,157 |  |  | 3.6 | % |  | 2/6/2021
(1) Includes capped balances.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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