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Notes Payable
 12 Months Ended
Dec. 31, 2020
Notes Payable [Abstract]  
Notes Payable
9. Notes Payable
The following is a summary of our indebtedness:
 December 31,
(in millions)20202019
Commercial banks
Unsecured credit facility$— $44.0 
1.85% Term loan, due 202239.7 99.7 
$39.7 $143.7 
Senior unsecured notes
3.15% Notes, due 2022$348.6 $348.0 
5.07% Notes, due 2023248.9 248.4 
4.36% Notes, due 2024249.2 249.0 
3.68% Notes, due 2024248.4 248.0 
3.74% Notes, due 2028397.3 396.7 
3.67% Notes, due 2029 (1)
594.3 593.7 
2.91% Notes, due 2030743.5 — 
3.41% Notes, due 2049296.7 296.6 
$3,126.9 $2,380.4 
Total notes payable (2)
$3,166.6 $2,524.1 
(1)The 2029 Notes have an effective annual interest rate of approximately 3.84% through June 2026, which includes the effect of a settled forward interest rate swap, and approximately 3.28% thereafter, for an all-in average effective rate of approximately 3.67%.
(2)Unamortized debt discounts and debt issuance costs of $23.4 million and $19.9 million are included in senior unsecured notes payable as of December 31, 2020 and 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 December 31, 2020 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 December 31, 2020, we had no borrowings outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $12.0 million, leaving approximately $888.0 million available under our credit facility.
In April 2020, we issued $750 million aggregate principal amount of 2.80% senior unsecured notes due May 15, 2030 (the "2030 Notes") under our then-existing shelf registration statement. The 2030 Notes were offered to the public at 99.929% of their face amount with a stated rate of 2.80%. 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 2.91%. 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 used the proceeds from the offering of the 2030 Notes to repay outstanding balances on our unsecured line of credit and intend to use the remaining balance for general corporate purposes which may include property acquisitions and development in the ordinary course of business, capital expenditures, and working capital where appropriate.
In October 2020, we entered into a $40 million two-year unsecured floating rate term loan with an unrelated third party. The interest rate on the term loan is based on LIBOR plus a base rate. Also in October 2020, we used the net proceeds from the $40 million term loan together with cash on hand to repay the $100.0 million unsecured term loan which was scheduled to mature in 2022. As a result of the early repayment, we expensed approximately $0.2 million of unamortized loan costs, which are reflected in the loss on early retirement of debt in our consolidated statements of income and comprehensive income.
In October 2019, we used the net proceeds from the 2049 Notes, together with cash on hand, to fund the early redemption of all of the $250 million aggregate principal amount of our 4.78% effective rate Senior Notes due 2021, plus a make-whole premium and accrued and unpaid interest to the date of redemption, and to prepay all of the approximately $45.3 million aggregate principal amount of our 4.38% secured conventional mortgage note due 2045, plus a prepayment premium and interest to the date of repayment. In connection with these transactions, we recorded an approximate 12.0 million loss on early retirement of debt in the fourth quarter of 2019.
At December 31, 2020, we had $39.7 million outstanding floating rate debt with a weighted average interest rate of approximately 1.9%. At December 31, 2019, we had outstanding floating rate debt of approximately $143.7 million which included amounts borrowed under our unsecured credit facility with a weighted average interest rate of approximately 2.7%.
Our indebtedness had a weighted average maturity of 8.4 years at December 31, 2020. The table below is a summary of the maturity dates of our outstanding debt and principal amortizations, and the weighted average interest rates on such debt, at December 31, 2020:
(in millions) (1)
Amount (2)
Weighted Average
Interest Rate (3)
2021$(3.7)— %
2022386.3 3.0 %
2023247.3 5.1 
2024497.9 4.0 
2025(1.8)— 
Thereafter 2,040.6 3.4 
Total$3,166.6 3.6 %
(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.