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Notes Payable | 9 Months Ended
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Sep. 30, 2017
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
(in millions) |  | September 30, 2017 |  | December 31, 2016
Senior unsecured notes (1) |  |  |  |
5.83% Notes, due 2017 |  | $ | — |  |  | $ | 246.6 |
4.78% Notes, due 2021 |  | 248.6 |  |  | 248.4 |
3.15% Notes, due 2022 |  | 346.5 |  |  | 346.0 |
5.07% Notes, due 2023 |  | 247.5 |  |  | 247.2 |
4.36% Notes, due 2024 |  | 248.4 |  |  | 248.2 |
3.68% Notes, due 2024 |  | 247.1 |  |  | 246.8 |
|  | $ | 1,338.1 |  |  | $ | 1,583.2 |
Secured notes (1) |  |  |  |
1.87% – 5.77% Conventional Mortgage Notes, due 2018 – 2045 |  | $ | 866.1 |  |  | $ | 866.7 |
Tax-exempt Mortgage Note |  | — |  |  | 30.7 |
|  | $ | 866.1 |  |  | $ | 897.4 |
Total notes payable |  | $ | 2,204.2 |  |  | $ | 2,480.6 |
Other floating rate debt included in secured notes (1.87%) |  | $ | 175.0 |  |  | $ | 175.0 |
(1) | Unamortized debt discounts and debt issuance costs of $13.0 million and $15.7 million are included in senior unsecured and secured notes payable as of September 30, 2017 and December 31, 2016, 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 September 30, 2017, we had no balances outstanding on our $600 million credit facility and we had outstanding letters of credit totaling approximately $13.4 million, leaving approximately $586.6 million available under our credit facility. In May 2017, we used cash and borrowings from our existing unsecured credit facility to repay the principal amount of our 5.83% senior unsecured note payable, which was scheduled to mature on May 15, 2017, for a total of $246.8 million, plus accrued interest. Also, in May 2017, we entered into a $45.0 million unsecured short-term borrowing facility which matures in May 2018. The interest rate is based on LIBOR plus 0.95%. At September 30, 2017, we had no balances outstanding on this unsecured short-term borrowing facility, leaving $45.0 million available under this facility. In February 2017, we used available cash on-hand to repay our tax-exempt secured note payable of approximately $30.7 million, which was scheduled to mature in 2028. As a result of the early repayment, we expensed approximately $0.3 million of unamortized loan costs and other fees, which are reflected in the loss on early retirement of debt in our condensed consolidated statements of income and comprehensive income. At September 30, 2017 and 2016, we had outstanding floating rate debt of approximately $175.0 million and $206.1 million, respectively. The weighted average interest rate on such debt was approximately 1.9% and 1.4% for the nine months ended September 30, 2017 and 2016, respectively. Our indebtedness had a weighted average maturity of approximately 4.5 years at September 30, 2017. 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 September 30, 2017:
(in millions) (1) |  | Amount |  | Weighted Average Interest Rate
2017 (2) |  | $ | (0.3 | ) |  | — |
2018 |  | 173.7 |  |  | 1.9 |
2019 |  | 643.0 |  |  | 5.4 |
2020 (2) |  | (1.2 | ) |  | — |
2021 |  | 249.1 |  |  | 4.8 |
Thereafter |  | 1,139.9 |  |  | 4.0 |
Total |  | $ | 2,204.2 |  |  | 4.3 | %
(1) | Includes all available extension options.
(2) | Includes amortization of debt discounts and debt issuance costs, net of scheduled principal payments.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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