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Borrowings | 9 Months Ended
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Sep. 30, 2017
Notes To Financial Statements [Abstract] |
Notes Payable | Borrowings The weighted average effective interest rate at September 30, 2017 and December 31, 2016 for the $4.5 billion of debt outstanding was 3.5% at both balance sheet dates. Our debt consists of an unsecured revolving credit facility, unsecured term loans, senior unsecured notes, a secured credit facility with the Federal National Mortgage Association, or the Fannie Mae Facility, 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. At September 30, 2017, we had $2.8 billion of senior unsecured notes and unsecured term loans fixed at an average interest rate of 3.8%, $300.0 million of variable rate unsecured term loans with an average interest rate of 2.2%, and a $1.0 billion unsecured variable rate revolving credit facility with an average interest rate of 2.1% with $250.0 million borrowed at September 30, 2017. Additionally, we had $110.0 million of secured variable rate debt outstanding at an average interest rate of 1.7% and $50.0 million of capped secured variable rate debt at an average interest rate of 1.7%. The interest rate on all other secured debt, totaling $950.0 million, was hedged or fixed at an average interest rate of 4.0%. Unsecured Revolving Credit Facility We maintain a $1.0 billion 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 The London Interbank Offered Rate, or LIBOR, plus a spread of 0.85% to 1.55% based on an investment grade pricing grid and is currently bearing interest at 2.14%. The KeyBank Facility expires in April 2020 with an option to extend for an additional six months. At September 30, 2017, we had $250.0 million actually borrowed under this facility, and another approximately $2.5 million of the facility used to support letters of credit. Unsecured Term Loans We also maintain four term loans with a syndicate of banks, one led by KeyBank National Association, or KeyBank, two by Wells Fargo Bank, N.A., or Wells Fargo, and one by U.S. Bank National Association, or U.S. Bank, 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 loans have balances of $250.0 million and $300.0 million, respectively, mature in 2018 and 2022, respectively, and have variable interest rates of LIBOR plus spreads of 0.90% to 1.90%% and 0.90% to 1.75%%, respectively, based on our credit ratings. The U.S. Bank term loan has a balance of $150.0 million, matures in 2020, and has a variable interest rate of LIBOR plus a spread of 0.90% to 1.90% based on our credit ratings. Senior Unsecured Notes As of September 30, 2017, we had approximately $2.0 billion (face value) of publicly issued notes and $310 million of private placement notes. These senior unsecured notes had maturities at issuance ranging from five to twelve years, averaging 7.1 years remaining until maturity as of September 30, 2017. On May 9, 2017, the Operating Partnership publicly issued $600.0 million in aggregate principal amount of notes, maturing on June 1, 2027 with an interest rate of 3.60% per annum, or the 2027 Notes. The purchase price paid by the initial purchasers was 99.58% of the principal amount. The 2027 Notes are general unsecured senior obligations of the Operating Partnership and rank equally in right of payment with all other senior unsecured indebtedness of the Operating Partnership. Interest on the 2027 Notes is payable on June 1 and December 1 of each year, beginning on December 1, 2017. The net proceeds from the offering, after deducting the original issue discount of approximately $2.5 million and underwriting commissions and expenses of approximately $3.9 million, were approximately $593.6 million. The 2027 Notes have been reflected net of discount and debt issuance costs in the Condensed Consolidated Balance Sheet. In connection with the issuance of the 2027 Notes, we cash settled $300.0 million in forward interest rate swap agreements, entered into during the first two quarters in the year to effectively lock the interest rate on the planned transaction, which produced an effective interest rate of 3.68% over the ten year life of the 2027 Notes. On July 17, 2017, we paid off $150.0 million of senior unsecured notes assumed as part of the Merger. The notes were scheduled for maturity in October 2017. Secured Credit Facility We maintain a $160.0 million secured credit facility with Prudential Mortgage Capital, which is credit enhanced by the Fannie Mae Facility. The Fannie Mae Facility has maturities from 2017 through 2018. Borrowings under the Fannie Mae Facility totaled $160.0 million at September 30, 2017, all of which was variable rate at an average interest rate of 1.7%. The available borrowing capacity at September 30, 2017 was $160.0 million. Secured Property Mortgages At September 30, 2017, we had $933.3 million of fixed rate conventional property mortgages with an average interest rate of 4.0% and an average maturity in 2019. On February 7, 2017, we paid off a $15.8 million mortgage associated with the Grand Cypress apartment community. The mortgage was scheduled for maturity in August 2017. On May 31, 2017, we paid off a $156.4 million mortgage associated with the following apartment communities: CG at Edgewater, CG at Madison, CG at Seven Oaks, CG at Town Park, CG at Barrett Creek, CG at River Oaks, and CG at Huntersville. The mortgage was scheduled for maturity in June 2019. On September 11, 2017, we paid off a $13.9 million mortgage associated with the Venue at Stonebridge Ranch. The loan was scheduled for maturity in December 2017. In addition to these payoffs, we paid $9.0 million associated with property mortgage principal amortizations during the nine months ended September 30, 2017. Guarantees MAA fully and unconditionally guarantees the following debt incurred by the Operating Partnership:
• | $160.0 million of the Fannie Mae Facility, of which $160.0 million has been borrowed as of September 30, 2017; and
• | $310.0 million of the privately placed senior unsecured notes.
Total Outstanding Debt The following table summarizes our indebtedness at September 30, 2017 (dollars in thousands):
| Borrowed Balance |  | Effective Rate |  | Average Contract Maturity
Fixed Rate Secured Debt |  |  |  |  |
Individual property mortgages | $ | 933,256 |  |  | 4.0 | % |  | 9/11/2019
Variable Rate Secured Debt (1) |  |  |  |  |  |  |
Fannie Mae Facility | 160,000 |  |  | 1.7 | % |  | 6/1/2018
Fair market value adjustments and debt issuance costs | 16,717 |  |  |  |  |
Total Secured Debt | 1,109,973 |  |  | 3.6 | % |  | 7/3/2019
Unsecured Debt |  |  |  |  |  |  |
Variable rate revolving credit facility | 250,000 |  |  | 2.1 | % |  | 4/15/2020
Variable rate term loans | 300,000 |  |  | 2.2 | % |  | 8/29/2020
Term loans fixed with swaps | 550,000 |  |  | 3.0 | % |  | 4/17/2018
Fixed rate senior notes | 2,310,000 |  |  | 4.0 | % |  | 10/24/2024
Fair market value adjustments, debt issuance costs and discounts | (27,139 | ) |  |  |  |
Total Unsecured Debt | 3,382,861 |  |  | 3.5 | % |  | 1/18/2023
Total Outstanding Debt | $ | 4,492,834 |  |  | 3.5 | % |  | 2/13/2022
(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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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