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Notes Payable
 3 Months Ended
Mar. 31, 2022
Notes Payable [Abstract]  
Notes Payable
7. Notes Payable
The following is a summary of our indebtedness:
(in millions)March 31,
2022		December 31, 2021
Commercial banks
1.99% Term Loan, due 2022
$39.9 $39.9 
1.23% Unsecured credit facility
500.0 — 
$539.9 $39.9 
Senior unsecured notes
3.15% Notes, due 2022
$349.5 $349.3 
5.07% Notes, due 2023
249.5 249.3 
4.36% Notes, due 2024
249.5 249.5 
3.68% Notes, due 2024
248.9 248.8 
3.74% Notes, due 2028
397.9 397.8 
3.67% Notes, due 2029 (1)
595.0 594.9 
2.91% Notes, due 2030
744.3 744.1 
3.41% Notes, due 2049
296.8 296.8 
$3,131.4 $3,130.5 
Total unsecured notes payable (2)
$3,671.3 $3,170.4 
(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 $18.7 million and $19.6 million are included in senior unsecured notes payable as of March 31, 2022 and December 31, 2021, 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, 2022 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, 2022, we had $500.0 million outstanding on our $900 million credit facility and we had outstanding letters of credit totaling approximately $14.6 million, leaving approximately $385.4 million available under our credit facility. In April 2022, we issued approximately 2.9 million common shares in a public equity offering and received approximately $490.3 million in net proceeds; we used these net proceeds to reduce borrowings under our $900 million unsecured line of credit.
We had outstanding floating rate debt of approximately $539.9 million and $39.8 million at March 31, 2022 and 2021, respectively. The weighted average interest rate on such debt was approximately 1.3% and 1.9% for the three months ended March 31, 2022 and 2021, respectively.
Our indebtedness had a weighted average maturity of approximately 6.5 years at March 31, 2022. 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, 2022: 
(in millions)
Amount (1)
Weighted Average 
Interest Rate (2)
Remainder of 2022$387.2 3.0 %
2023247.3 5.1 
2024 (3)
997.9 2.6 
2025(1.8)— 
2026(1.8)— 
Thereafter2,042.5 3.4 
Total$3,671.3 3.3 %
(1)Includes amortization of debt discounts and debt issuance costs.
(2)Includes the effects of the applicable settled forward interest rate swaps.
(3)Includes $500.0 million of borrowings outstanding under our unsecured credit facility and includes all available extension options.
On April 1, 2022, we purchased the remaining 68.7% ownership interests in the Funds for cash consideration of approximately $1.1 billion, after adjusting for our assumption of approximately $514 million of existing secured mortgage debt of the Funds which remained outstanding. See Note 6, "Investment in Joint Ventures," above for further discussion.