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Notes Payable | 6 Months Ended
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Jun. 30, 2014
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
| Balance at
(in millions) | June 30, 2014 |  | December 31, 2013
Commercial Banks |  |  |
Unsecured line of credit and short-term borrowings | $ | 180.0 |  |  | $ | — |
Senior unsecured notes |  |  |
5.08% Notes, due 2015 | 249.8 |  |  | 249.7 |
5.75% Notes, due 2017 | 246.4 |  |  | 246.4 |
4.70% Notes, due 2021 | 248.9 |  |  | 248.8 |
3.07% Notes, due 2022 | 346.8 |  |  | 346.7 |
5.00% Notes, due 2023 | 247.8 |  |  | 247.7 |
4.27% Notes, due 2024 | 249.6 |  |  | 249.5 |
| 1,589.3 |  |  | 1,588.8 |
Total unsecured notes payable | 1,769.3 |  |  | 1,588.8 |
Secured notes |  |  |
0.95% – 5.63% Conventional Mortgage Notes, due 2014 – 2045 | 895.4 |  |  | 905.7 |
Tax-exempt Mortgage Note, due 2028 (1.26% floating rate) | 35.5 |  |  | 36.3 |
| 930.9 |  |  | 942.0 |
Total notes payable | $ | 2,700.2 |  |  | $ | 2,530.8 |
Other floating rate debt included in secured notes (0.95%) | $ | 175.0 |  |  | $ | 175.0 |
We have a $500 million unsecured credit facility which matures in September 2015 with an option to extend at our election to September 2016. Additionally, we have the option to increase this credit facility to $750 million by either adding additional banks to the credit facility or obtaining the agreement of the existing banks in the credit facility to increase their commitments. The interest rate is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under the line of credit may be priced at the scheduled rates, or we may enter into bid rate loans with participating banks at rates below the scheduled rates. These bid rate loans have terms of 180 days or less and may not exceed the lesser of $250 million or the remaining amount available under the line of credit. The line of credit is subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations on the date of this filing. Our line of credit provides us with the ability to issue up to $100 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our line of credit, it does reduce the amount available. At June 30, 2014, we had $150.0 million outstanding on our $500 million unsecured line of credit and we had outstanding letters of credit totaling approximately $10.7 million, leaving approximately $339.3 million available under our unsecured line of credit. As an alternative to our unsecured line of credit, from time to time, we may borrow using an unsecured overnight borrowing facility. Our use of short-term borrowings does not decrease the amount available under our unsecured line of credit. At June 30, 2014, we had $30.0 million short-term borrowings outstanding. In April 2014, we repaid a 6.0% secured conventional mortgage note at par, which was scheduled to mature on August 1, 2014, for approximately $8.9 million. At June 30, 2014 and 2013, the weighted average interest rate on our floating rate debt of approximately $390.5 million and $253.0 million, respectively, which includes our unsecured line of credit and short-term borrowings, was approximately 0.9% and 1.0%, respectively. Our indebtedness, which includes our unsecured line of credit and short-term borrowings, had a weighted average maturity of 6.2 years at June 30, 2014. Scheduled repayments on outstanding debt, including our unsecured line of credit, short-term borrowings and scheduled principal amortizations, and the respective weighted average interest rates on maturing debt at June 30, 2014 were as follows:
(in millions) | Amount |  | Weighted Average Interest Rate
2014 (1) | $ | 54.8 |  |  | 2.2 | %
2015 (2) | 402.0 |  |  | 3.5 |
2016 (3) | 2.2 |  |  | — |
2017 | 249.2 |  |  | 5.7 |
2018 | 177.6 |  |  | 0.9 |
Thereafter | 1,814.4 |  |  | 4.5 |
Total | $ | 2,700.2 |  |  | 4.2 | %
(1) Includes $30.0 million of short-term borrowings. (2) Includes $150.0 million balance outstanding under our unsecured line of credit. (3) Includes only scheduled principal amortizations.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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