The following table summarizes the Company’s outstanding debt as of December 31, 2020 and 2019 (dollars in thousands):


							As of December 31, 2020
Unsecured debt	December 31, 2020			December 31, 2019			Weighted Average Effective Rate			Weighted Average Contract Maturity
Variable rate commercial paper program	$	172,000		$	70,000			0.3	%	1/7/2021
Fixed rate senior notes		3,922,000			3,472,000			3.6	%	1/27/2027
Term loans fixed with swaps		—			300,000			—			—
Debt issuance costs, discounts, premiums and fair market value adjustments		(16,627	)		(13,799	)
Total unsecured debt	$	4,077,373		$	3,828,201			3.5	%

Secured debt
Fixed rate property mortgages	$	488,709		$	629,817			4.6	%	1/12/2042
Debt issuance costs and fair market value adjustments		(3,370	)		(3,420	)
Total secured debt	$	485,339		$	626,397			4.6	%
Total outstanding debt	$	4,562,712		$	4,454,598			3.6	%

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 fourteen other banks, which is referred to as the Credit Facility. The Credit Facility replaced MAALP’s previous unsecured 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 December 31, 2020, there was no outstanding balance under the Credit Facility, while $3.4 million of capacity was used to support outstanding letters of credit.

In May 2019, MAALP established an unsecured commercial paper program whereby MAALP may 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 December 31, 2020, MAALP had $172.0 million outstanding under the commercial paper program.

As of December 31, 2020, MAALP had $3.7 billion of publicly issued unsecured senior notes outstanding and $222.0 million of privately placed unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from ten to 12 years, with a weighted average of 6.1 years remaining until maturity as of December 31, 2020.

In August 2020, MAALP publicly issued $450.0 million in aggregate principal amount of unsecured senior notes, maturing February 2031 with a coupon rate of 1.700% per annum, or the 2031 Notes. The purchase price paid by the purchasers was 99.465% of the principal amount. The 2031 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 2031 Notes is payable on February 15 and August 15 of each year, beginning on February 15, 2021. The net proceeds of the offering, after deducting the original issue discount, underwriting commissions and expenses of approximately $5.3 million in the aggregate, were $444.7 million. The 2031 Notes have an effective

interest rate of 1.76% and have been reflected net of discount and debt issuance costs in the Consolidated Balance Sheets as of December 31, 2020.

In August 2020, MAALP retired a $300.0 million term loan with a syndicate of banks led by Wells Fargo due in March 2022.

As of December 31, 2020, MAALP had $488.7 million of fixed rate conventional property mortgages with a weighted average interest rate of 4.60% and a weighted average maturity in 2042.

In July 2020, MAALP retired $63.6 million of mortgages associated with three apartment communities at maturity and $72.2 million of mortgages associated with four apartment communities prior to their October 2020 maturities.

The following table includes scheduled principal repayments of MAALP’s outstanding borrowings as of December 31, 2020, as well as the amortization of the fair market value of debt assumed, debt discounts, premiums and issuance costs (in thousands):

Year	Maturities		Amortization			Total
2021	$	363,578	$	(73	)	$	363,505
2022		367,000		(856	)		366,144
2023		362,250		(1,858	)		360,392
2024		420,000		(2,828	)		417,172
2025		406,588		(3,570	)		403,018
Thereafter		2,663,293		(10,812	)		2,652,481
	$	4,582,709	$	(19,997	)	$	4,562,712

As of December 31, 2020, MAA fully and unconditionally guaranteed $222.0 million of the privately placed unsecured senior notes issued by MAALP.