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Notes Payable
 6 Months Ended
Jun. 30, 2024
Notes Payable [Abstract]  
Notes payable
6. Notes Payable
The following is a summary of our indebtedness:
(in millions)June 30,
2024		December 31, 2023
Commercial banks
       6.55% Term Loan, due 2024
$40.0 $39.9 
6.21% Term Loan, due 2024
— 300.0 
$40.0 $339.9 
Senior unsecured notes
4.36% Notes, due 2024
$— $250.0 
3.68% Notes, due 2024
249.9 249.7 
6.69% Notes, due 2026 (1)
499.7 508.6 
3.74% Notes, due 2028
398.9 398.7 
3.67% Notes, due 2029 (2)
596.5 596.1 
2.91% Notes, due 2030
745.7 745.4 
5.06% Notes, due 2034
395.0 — 
3.41% Notes, due 2049
296.9 296.9 
$3,182.6 $3,045.4 
Total unsecured notes payable$3,222.6 $3,385.3 
Secured notes
  Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
$291.3 $291.3 
3.87% note, due 2028
38.9 38.8 
Total secured notes payable$330.2 $330.1 
Total notes payable (3)
$3,552.8 $3,715.4 
(1)    Balances are increased by $2.2 million and $11.6 million for fair value adjustments due to changes in benchmark interest rates related to these notes as of June 30, 2024 and December 31, 2023, respectively. See Note 7, "Derivative Financial Instruments and Hedging Activities," for further discussion.
(2)     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%.
(3) Balances are decreased by unamortized debt discounts, debt issuance costs, and fair market value adjustments, net of $18.1 million and $5.5 million as of June 30, 2024 and December 31, 2023, respectively.
We have 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 is based upon, at our option, (a) the daily or the one-, three-, or six-month Secured Overnight Financing Rate ("SOFR") plus, in each case, a spread based on our credit rating, or (b) a base rate equal to the higher of: (i) the Federal Funds Rate plus 0.50%, (ii) Bank of America, N.A.'s prime rate, (iii) Term SOFR plus 1.0%, and (iv) 1.0%. Advances under our unsecured 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 unsecured revolving credit facility. Our unsecured revolving 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 June 30, 2024 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 unsecured revolving credit facility, it does reduce the amount available. At June 30, 2024, we had outstanding letters of credit totaling approximately $27.7 million and approximately $1.2 billion available under our unsecured revolving credit facility.
In January 2024, we issued $400.0 million aggregate principal amount of 4.90% senior unsecured notes due January 15, 2034 (the "2034 Notes") under our existing shelf registration statement. The 2034 Notes were offered to the public at 99.638% of their face amount with a stated rate of 4.90% and a yield to maturity of 4.946%. After deducting underwriting discounts and
other offering expenses, the net proceeds from the sale of the 2034 Notes was approximately $394.8 million. Interest on the 2034 Notes is payable semi-annually on January 15 and July 15, beginning July 15, 2024. We may redeem the 2034 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 2034 Notes on or after three months prior to their maturity date, the redemption price will equal 100% of the principal amount of the 2034 Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to the redemption date. The 2034 Notes are direct, senior unsecured obligations and rank equally with all of our other unsecured and unsubordinated indebtedness. In January 2024, we utilized a portion of the net proceeds from the 2034 Notes to repay the $300.0 million, 6.21% unsecured term loan due in August 2024 with a one year extension option to August 2025. As a result of the early repayment, we expensed approximately $0.9 million of unamortized loan costs, which are reflected in the loss on early retirement of debt in our condensed consolidated statements of income and comprehensive income.
In January 2024, we utilized cash on hand to repay the principal amount of our 4.36% senior unsecured notes payable, which had a maturity date of January 15, 2024, for a total of $250.0 million, plus accrued interest.
We had outstanding floating rate debt of approximately $539.7 million and $848.5 million at June 30, 2024 and December 31, 2023, respectively, which includes senior unsecured notes payable due in 2026 which have been converted to floating rate debt through the issuance of an interest rate swap. The weighted average interest rate on our outstanding floating rate debt was approximately 6.7% and 6.5% as of June 30, 2024 and December 31, 2023, respectively.
Our indebtedness had a weighted average maturity of approximately 6.4 years at June 30, 2024. 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 June 30, 2024:
(in millions) (1)
Amount (2)
Weighted Average 
Interest Rate (3)
Remainder of 2024$288.2 4.1 %
2025(3.5)— 
2026522.8 6.6 
2027172.5 3.9 
2028529.9 3.8 
Thereafter2,042.9 3.7 
Total$3,552.8 4.2 %
(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 derivatives.