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Notes Payable | 6 Months Ended
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Jun. 30, 2015
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
(in millions) |  | June 30, 2015 |  | December 31, 2014
Commercial banks |  |  |  |
Unsecured line of credit |  | $ | 175.0 |  |  | $ | — |
Unsecured short-term borrowings |  | 7.0 |  |  | — |
|  | $ | 182.0 |  |  | $ | — |
Senior unsecured notes |  |  |  |
5.08% Notes, due 2015 |  | $ | — |  |  | $ | 249.9 |
5.75% Notes, due 2017 |  | 246.6 |  |  | 246.5 |
4.70% Notes, due 2021 |  | 249.0 |  |  | 249.0 |
3.07% Notes, due 2022 |  | 347.1 |  |  | 347.0 |
5.00% Notes, due 2023 |  | 248.0 |  |  | 247.8 |
4.27% Notes, due 2024 |  | 249.6 |  |  | 249.6 |
3.59% Notes, due 2024 |  | 248.2 |  |  | 248.1 |
|  | $ | 1,588.5 |  |  | $ | 1,837.9 |
Total unsecured notes payable |  | 1,770.5 |  |  | 1,837.9 |
Secured notes |  |  |  |
0.94% – 5.63% Conventional Mortgage Notes, due 2018 – 2045 |  | 870.3 |  |  | 870.9 |
Tax-exempt Mortgage Note, due 2028 (1.31% floating rate) |  | 33.9 |  |  | 34.7 |
|  | 904.2 |  |  | 905.6 |
Total notes payable |  | $ | 2,674.7 |  |  | $ | 2,743.5 |
Other floating rate debt included in secured notes (0.94%) |  | $ | 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. We are currently in the process of amending and restating our existing unsecured credit facility, which will extend the maturity by four years, although there can be no assurance such amendment and restatement will be obtained prior to maturity of the existing credit facility. 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, 2015, we had approximately $175.0 million outstanding on our $500 million unsecured line of credit and we had outstanding letters of credit totaling approximately $10.1 million, leaving approximately $314.9 million available under our unsecured line of credit. In May 2015, we entered into a $40 million unsecured short-term borrowing facility which matures in May 2016. The interest rate is based upon LIBOR plus 1.05%. At June 30, 2015, we had approximately $7.0 million outstanding on our unsecured short-term borrowing facility. In June 2015, we used cash and borrowings from our $500 million line of credit to repay the principal amount of our 5.08% senior unsecured notes payable, which matured on June 15, 2015, for a total of $250.0 million, plus accrued interest. At June 30, 2015 and 2014, we had outstanding floating rate debt of approximately $390.9 million and $390.5 million, respectively, which included our unsecured line of credit and short-term borrowings, and the weighted average interest rate on such debt was approximately 1.0% and 0.9% for the six months ended June 30, 2015 and 2014, respectively. Our indebtedness, which includes our unsecured line of credit and unsecured short-term borrowings, had a weighted average maturity of 6.1 years at June 30, 2015. Set forth below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at June 30, 2015:
(in millions) |  | Amount |  | Weighted Average Interest Rate
2015 (1) |  | $ | 176.0 |  |  | 0.9 | %
2016 (2) |  | 9.0 |  |  | 1.2 |
2017 |  | 249.0 |  |  | 5.8 |
2018 |  | 177.4 |  |  | 0.9 |
2019 |  | 646.5 |  |  | 5.3 |
Thereafter |  | 1,416.8 |  |  | 4.0 |
Total |  | $ | 2,674.7 |  |  | 4.1 | %
(1) | Includes $175.0 million balance outstanding under our unsecured line of credit.
(2) | Includes $7.0 million of unsecured short-term borrowings.

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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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