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Notes Payable | 6 Months Ended
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Jun. 30, 2016
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
(in millions) |  | June 30, 2016 |  | December 31, 2015
Commercial banks |  |  |  |
Unsecured credit facility |  | $ | — |  |  | $ | 225.0 |
Unsecured short-term borrowings |  | — |  |  | 19.0 |
|  | $ | — |  |  | $ | 244.0 |
Senior unsecured notes (1) |  |  |  |
5.83% Notes, due 2017 |  | 246.5 |  |  | 246.3 |
4.78% Notes, due 2021 |  | 248.2 |  |  | 248.0 |
3.15% Notes, due 2022 |  | 345.7 |  |  | 345.4 |
5.07% Notes, due 2023 |  | 247.0 |  |  | 246.8 |
4.36% Notes, due 2024 |  | 248.1 |  |  | 248.0 |
3.68% Notes, due 2024 |  | 246.6 |  |  | 246.4 |
|  | $ | 1,582.1 |  |  | $ | 1,580.9 |
Total unsecured notes payable |  | 1,582.1 |  |  | 1,824.9 |
Secured notes (1) |  |  |  |
1.26% – 5.77% Conventional Mortgage Notes, due 2018 – 2045 |  | 867.0 |  |  | 867.4 |
Tax-exempt Mortgage Note, due 2028 (1.88% floating rate) |  | 31.7 |  |  | 32.4 |
|  | 898.7 |  |  | 899.8 |
Total notes payable |  | $ | 2,480.8 |  |  | $ | 2,724.7 |
Other floating rate debt included in secured notes (1.26%) |  | $ | 175.0 |  |  | $ | 175.0 |
(1) | Unamortized debt discounts and debt issuance costs of $17.2 million and $18.6 million are included in senior unsecured and secured notes payable as of June 30, 2016 and December 31, 2015, respectively.
We have a $600 million unsecured credit facility which matures in August 2019, with two six-month options to extend the maturity date at our election to August 2020. Additionally, we have the option to further increase our credit facility to $900 million by either adding additional banks to the facility or obtaining the agreement of the existing banks to increase their commitments. The interest rate on our credit facility is based upon the London Interbank Offered Rate ("LIBOR") plus a margin which is subject to change as our credit ratings change. Advances under our credit facility 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 $300 million or the remaining amount available under our credit facility. Our credit facility 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 credit facility provides us with the ability to issue up to $50 million in letters of credit. While our issuance of letters of credit does not increase our borrowings outstanding under our credit facility, it does reduce the amount available. At June 30, 2016, we had no balances outstanding on our $600 million credit facility and we had outstanding letters of credit totaling approximately $13.5 million, leaving approximately $586.5 million available under our credit facility. At June 30, 2016 and 2015, we had outstanding floating rate debt of approximately $206.7 million and $390.4 million, respectively, which also included our unsecured credit facility and unsecured short-term borrowings at June 30, 2015. The weighted average interest rate on such debt was approximately 1.4% and 1.0% for the six months ended June 30, 2016 and 2015, respectively. Our indebtedness had a weighted average maturity of approximately 5.4 years at June 30, 2016. The table 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, 2016:
(in millions) |  | Amount |  | Weighted Average Interest Rate
2016 |  | $ | 0.1 |  |  | — | %
2017 |  | 247.2 |  |  | 5.8 |
2018 |  | 175.8 |  |  | 1.3 |
2019 |  | 645.2 |  |  | 5.4 |
2020 |  | 1.1 |  |  | — |
Thereafter |  | 1,411.4 |  |  | 4.1 |
Total |  | $ | 2,480.8 |  |  | 4.4 | %

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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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