The following table summarizes the Company's outstanding debt as of September 30, 2019 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Variable rate revolving credit facility	$	—			—			—
Variable rate commercial paper program		200,000			2.3	%	10/11/2019
Fixed rate senior notes		3,192,000			3.9	%	3/1/2026
Term loans fixed with swaps		300,000			2.3	%	3/1/2022
Variable rate term loans		150,000			3.1	%	2/26/2021
Debt issuance costs, discounts and fair market value adjustments		(11,292	)
Total unsecured debt	$	3,830,708			3.7	%
Fixed rate secured debt
Individual property mortgages	$	648,801			4.6	%	10/3/2036
Debt issuance costs and fair market value adjustments		(3,395	)
Total secured debt	$	645,406			4.6	%
Total outstanding debt	$	4,476,114			3.8	%

In May 2019, MAALP entered into a $1.0 billion unsecured revolving credit facility with a syndicate of banks led by Wells Fargo Bank, National Association, or Wells Fargo, and fifteen other banks, which is referred to as the Credit Facility. The Credit Facility replaced the previous revolving credit facility, and it includes an expansion option up to $1.5 billion. The Credit Facility bears an interest rate of the London Interbank Offered Rate, or LIBOR, plus a spread of 0.75% to 1.45% based on an investment grade pricing grid. The Credit Facility matures in May 2023 with an option to extend for two additional six-month periods. As of September 30, 2019, MAALP had no balance outstanding under the Credit Facility, while $2.8 million of the Credit Facility’s capacity was being used to support outstanding letters of credit.

In May 2019, MAALP established an unsecured commercial paper program whereby MAALP can issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $500.0 million. As of September 30, 2019, MAALP had $200.0 million outstanding under the unsecured commercial paper program.

As of September 30, 2019, MAALP had approximately $3.0 billion in principal amount of publicly issued senior unsecured notes and $242.0 million of privately placed senior unsecured notes. The senior unsecured notes had maturities at issuance ranging from seven to twelve years, with an average of 6.4 years remaining until maturity as of September 30, 2019.

In March 2019, MAALP publicly issued $300.0 million in aggregate principal amount of senior unsecured notes, maturing March 2029 with an interest rate of 3.950% per annum, or the Initial 2029 Notes. The purchase price paid by the purchasers of the Initial 2029 Notes was 99.720% of the principal amount. The Initial 2029 Notes are general unsecured senior obligations of MAALP and rank equally in right of payment with all other senior unsecured indebtedness of MAALP. Interest on the Initial 2029 Notes is payable on March 15 and September 15 of each year, beginning on September 15, 2019. The net proceeds of the offering, after deducting the original issue discount, underwriting commissions and expenses of approximately $2.8 million, were $297.2 million. The Initial 2029 Notes have been reflected net of discount and debt issuance costs in the Condensed Consolidated Balance Sheets as of September 30, 2019. In connection with the issuance of the Initial 2029 Notes, MAALP cash settled $300.0 million in forward interest rate swap agreements, entered into during the first half of 2018 to effectively lock the interest rate on the planned transaction, resulting in an effective interest rate of 4.240% over the ten year life of the Initial 2029 Notes.

In August 2019, MAALP publicly issued an additional $250.0 million in aggregate principal amount of senior unsecured notes, maturing March 2029 with a coupon rate of 3.950% per annum, or the Additional 2029 Notes. The Additional 2029 Notes have an effective interest rate of 2.985% over the life of the notes. The Additional 2029 Notes were issued under the indenture and the supplemental indenture pursuant to which MAALP previously issued the Initial 2029 Notes in March 2019. The Additional 2029 Notes will be treated as a single series of securities with the Initial 2029 Notes and will have the same CUSIP number as, and be fungible with, the Initial 2029 Notes. The purchase price paid by the purchasers of the Additional Notes was 107.827% of the principal

amount. The net proceeds of the offering, after considering the original issue premium, cash received for interest due but not accrued, and underwriting commissions and expenses totaling a net amount of approximately $22.1 million, were $272.1 million. The Additional 2029 Notes have been reflected net of premium and debt issuance costs in the Condensed Consolidated Balance Sheets as of September 30, 2019.

As of September 30, 2019, the Company maintained two term loans with a syndicate of banks, one led by KeyBank National Association, or KeyBank, and one by Wells Fargo. 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 the Company's credit ratings. The Wells Fargo term loan has a balance of $300.0 million, matures in 2022, and has a variable interest rate of LIBOR plus a spread of 0.90% to 1.75% based on the Company's credit ratings. The interest rate of the Wells Fargo term loan due in 2022 is fixed at 2.32% with a forward swap through the swap's maturity date, January 2020.

In May 2019, the Company retired a $300.0 million unsecured term loan with Wells Fargo due in June 2019.

In August 2019, the Company retired a $150.0 million unsecured term loan with U.S. Bank National Association, or U.S. Bank, due in March 2020.

As of September 30, 2019, the Company had $648.8 million of fixed rate conventional property mortgages with a weighted average interest rate of 4.60% and a weighted average maturity in 2036, which includes a $191.3 million mortgage with a fixed rate of 4.43% associated with seven apartment communities entered into in February 2019. The mortgage is scheduled to mature in February 2049.

In August 2019, the Company retired a $13.2 million mortgage associated with Colonial Grand at Canyon Creek. The mortgage was scheduled to mature in October 2019.

As of September 30, 2019, MAA fully and unconditionally guaranteed $242.0 million of the privately placed senior unsecured notes issued by MAALP.