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Notes Payable | 3 Months Ended
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Mar. 31, 2023
Notes Payable [Abstract] |
Notes Payable | 7. Notes Payable The following is a summary of our indebtedness:
(in millions) |  | March 31, 2023 |  | December 31, 2022
Commercial banks |  |  |  |
5.84% Term Loan, due 2024 |  | $ | 39.9 |  |  | $ | 39.8 |
5.70% Term Loan, due 2024 |  | 300.0 |  |  | 300.0 |
5.63% Unsecured revolving credit facility |  | 108.0 |  |  | 42.0 |
|  | $ | 447.9 |  |  | $ | 381.8 |
Senior unsecured notes |  |  |  |
5.07% Notes, due 2023 |  | 249.9 |  |  | 249.8 |
4.36% Notes, due 2024 |  | 249.8 |  |  | 249.7 |
3.68% Notes, due 2024 |  | 249.4 |  |  | 249.2 |
3.74% Notes, due 2028 |  | 398.4 |  |  | 398.3 |
3.67% Notes, due 2029 (1) |  | 595.6 |  |  | 595.5 |
2.91% Notes, due 2030 |  | 744.9 |  |  | 744.8 |
3.41% Notes, due 2049 |  | 296.8 |  |  | 296.8 |
|  | $ | 2,784.8 |  |  | $ | 2,784.1 |
Total unsecured notes payable |  | $ | 3,232.7 |  |  | $ | 3,165.9 |
Secured notes |  |  |  |
Master Credit Facilities |  |  |  |
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028 |  | $ | 291.2 |  |  | $ | 291.2 |
6.69% Variable Rate Notes, due 2026 |  | 166.3 |  |  | 166.2 |
6.99% Variable Rate Construction Note, due 2024 |  | 18.9 |  |  | 18.9 |
3.87% note, due 2028 |  | 38.7 |  |  | 38.7 |
Total secured notes payable |  | $ | 515.1 |  |  | $ | 515.0 |
Total notes payable (2) |  | $ | 3,747.8 |  |  | $ | 3,680.9 |
(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, debt issuance costs, and fair market value adjustments of $17.1 million and $18.0 million are included in notes payable as of March 31, 2023 and December 31, 2022, respectively. We have a $300 million unsecured term loan facility with a delayed draw feature which matures in August 2024, with one option to extend the facility at our election to August 2025, and a $1.2 billion unsecured revolving credit facility which matures in August 2026, with two options to extend the facility at our election for two consecutive six-month periods and to expand the facility up to three times by up to an additional $500 million upon satisfaction of certain conditions. The interest rates on our unsecured revolving credit facility and delayed term loan are based upon the Secured Overnight Financing Rate ("SOFR") plus a spread which is subject to change as our credit ratings change. Advances under our revolving 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 $600 million or the remaining amount available under our revolving credit facility. Our revolving credit facility and delayed term loan are subject to customary financial covenants and limitations. We believe we are in compliance with all such financial covenants and limitations as of March 31, 2023 and through the date of this filing. Our unsecured revolving 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 revolving credit facility, it does reduce the amount available. At March 31, 2023, we had outstanding letters of credit totaling approximately $14.2 million, approximately $1.1 billion available under our unsecured revolving credit facility, and approximately $300.0 million outstanding on our term loan. As a result of the acquisition of the Funds on April 1, 2022, we assumed secured mortgage loans and recorded an approximate $2.4 million fair value adjustment as a decrease to the note balances, which is being amortized over the respective debt terms. During the three months ended March 31, 2023, we recorded amortization of the fair value adjustment, which resulted in an increase to interest expense of approximately $0.1 million. As of March 31, 2023, approximately $1.8 million of the fair value adjustment remained unamortized. We had outstanding floating rate debt of approximately $633.1 million and $539.9 million at March 31, 2023 and 2022, respectively. The weighted average interest rate on such debt was approximately 6.0% and 1.3% for the three months ended March 31, 2023 and 2022, respectively. Our indebtedness had a weighted average maturity of approximately 6.1 years at March 31, 2023. 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, 2023:
(in millions) (1) |  | Amount (2) |  | Weighted Average Interest Rate (3)
Remainder of 2023 |  | $ | 247.5 |  |  | 5.1 | %
2024 |  | 556.5 |  |  | 4.2 |
2025 |  | 297.8 |  |  | 5.7 |
2026 |  | 188.9 |  |  | 6.4 |
2027 |  | 280.9 |  |  | 4.6 |
Thereafter |  | 2,176.2 |  |  | 3.4 |
Total |  | $ | 3,747.8 |  |  | 4.1 | %
(1)Includes all available extension options. (2)Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments. (3)Includes the effects of the applicable settled forward interest rate swaps.

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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/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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