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Notes Payable | 3 Months Ended
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Mar. 31, 2020
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
(in millions) |  | March 31, 2020 |  | December 31, 2019
Commercial banks |  |  |  |
2.60% Term Loan, due 2022 |  | $ | 99.8 |  |  | $ | 99.7 |
Unsecured credit facility |  | 126.0 |  |  | 44.0 |
|  | $ | 225.8 |  |  | $ | 143.7 |
Senior unsecured notes |  |  |  |
3.15% Notes, due 2022 |  | $ | 348.1 |  |  | $ | 348.0 |
5.07% Notes, due 2023 |  | 248.6 |  |  | 248.4 |
4.36% Notes, due 2024 |  | 249.0 |  |  | 249.0 |
3.68% Notes, due 2024 |  | 248.1 |  |  | 248.0 |
3.74% Notes, due 2028 |  | 396.9 |  |  | 396.7 |
3.67% Notes, due 2029 |  | 593.8 |  |  | 593.7 |
3.41% Notes, due 2049 |  | 296.6 |  |  | 296.6 |
|  | $ | 2,381.1 |  |  | $ | 2,380.4 |
Total notes payable (1) |  | $ | 2,606.9 |  |  | $ | 2,524.1 |
(1) | Unamortized debt discounts and debt issuance costs of $19.1 million and $19.9 million are included in senior unsecured and secured notes payable as of March 31, 2020 and December 31, 2019, respectively.
We have a $900 million unsecured credit facility which matures in March 2023, with two options to further extend the facility at our election for two additional six month periods and may be expanded three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rate on our unsecured 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 $450 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 as of March 31, 2020 and through 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 March 31, 2020, we had approximately $126.0 million of borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $8.9 million, leaving approximately $765.1 million available under our credit facility. We had outstanding floating rate debt of approximately $225.8 million and $341.6 million at March 31, 2020 and 2019, respectively, which included amounts borrowed under our unsecured credit facility. The weighted average interest rate on such debt was approximately 2.1% and 3.3% for the three months ended March 31, 2020 and 2019, respectively. Our indebtedness had a weighted average maturity of approximately 8.5 years at March 31, 2020. 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 March 31, 2020:
(in millions) (1) |  | Amount (2) |  | Weighted Average Interest Rate (3)
Remainder of 2020 |  | $ | (2.3 | ) |  | — | %
2021 |  | (3.1 | ) |  | — |
2022 |  | 447.0 |  |  | 3.0 |
2023 |  | 247.9 |  |  | 5.1 |
2024 (4) |  | 624.6 |  |  | 3.6 |
Thereafter |  | 1,292.8 |  |  | 3.7 |
Total |  | $ | 2,606.9 |  |  | 3.7 | %
(1) | Includes all available extension options.
(2) | Includes amortization of debt discounts and debt issuance costs.
(3) | Includes the effects of the applicable settled forward interest rate swaps.
(4) | Includes $126.0 million of borrowings outstanding under our unsecured credit facility.
In April 2020, we issued $750 million aggregate principal amount of 2.800% senior unsecured notes due May 15, 2030 (the "2030 Notes") under our existing shelf registration statement. The 2030 Notes were offered to the public at 99.929% of their face amount with a stated rate of 2.800%. We received net proceeds of approximately $743.1 million, net of underwriting discounts and other estimated offering expenses. After giving effect to net underwriting discounts and other estimated offering expenses, the effective annual interest rate on the 2030 Notes is approximately 2.905%. Interest on the 2030 Notes is payable semi-annually on May 15 and November 15, beginning November 15, 2020. We may redeem the 2030 Notes, in whole or in part, at any time at a redemption price equal to the principal amount and accrued interest of the notes being redeemed, plus a make-whole provision. If, however, we redeem the 2030 Notes within three months of the maturity date, the redemption price will equal 100% of the principal amount of the 2030 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2030 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. We intend to use the proceeds from the offering of the 2030 Notes to repay outstanding balances on our unsecured line of credit and for general corporate purposes which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital where appropriate.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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