EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. Weighted average interest rates noted below for the six months ended June 30, 2020 include the effect of any derivative instruments and amortization of premiums/discounts/OCI (other comprehensive income) on debt and derivatives.

The following table summarizes the Company’s mortgage notes payable activity for the six months ended June 30, 2020 (amounts in thousands):

	Mortgage notes payable, net as of December 31, 2019		Proceeds			Lump sum payoffs			Scheduled principal repayments			Amortization of premiums/ discounts		Amortization of deferred financing costs, net (1)			Mortgage notes payable, net as of June 30, 2020
Fixed Rate Debt:
Secured – Conventional	$	1,574,699	$	495,000	(2)	$	(91,500	)	$	(3,873	)	$	571	$	(2,035	)	$	1,972,862
Floating Rate Debt:
Secured – Conventional		7,050		145			—			—			—		120			7,315
Secured – Tax Exempt		359,861		—			—			—			620		99			360,580
Floating Rate Debt		366,911		145			—			—			620		219			367,895
Total	$	1,941,610	$	495,145		$	(91,500	)	$	(3,873	)	$	1,191	$	(1,816	)	$	2,340,757

The following table summarizes the Company’s debt extinguishment costs on mortgages recorded as additional interest expense during the six months ended June 30, 2020 (amounts in thousands):

The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2020:

As of June 30, 2020, the Company had $281.7 million of secured debt (primarily tax-exempt bonds) subject to third party credit enhancement.

The following table summarizes the Company’s notes activity for the six months ended June 30, 2020 (amounts in thousands):

Notes, net as of

December 31, 2019

Proceeds

Lump sum

payoffs

Amortization

of premiums/

discounts

Amortization

of deferred

financing

costs, net (1)

Notes, net as of

June 30, 2020

Fixed Rate Debt:

Unsecured – Public

6,077,513

—

1,362

2,227

6,081,102

The following table summarizes certain interest rate and maturity date information as of and for the six months ended June 30, 2020:

The Company’s unsecured public notes contain certain financial and operating covenants including, among other things, maintenance of certain financial ratios. The Company was in compliance with its unsecured public debt covenants for the six months ended June 30, 2020.

On November 1, 2019, the Company replaced its existing $2.0 billion facility with a $2.5 billion unsecured revolving credit facility maturing November 1, 2024. The Company has the ability to increase available borrowings by an additional $750.0 million by adding lenders to the facility, obtaining the agreement of existing lenders to increase their commitments or incurring one or more term loans. The interest rate on advances under the facility will generally be LIBOR plus a spread (currently 0.775%), or based on bids received from the lending group, and the Company pays an annual facility fee (currently 0.125%). Both the spread and the facility fee are dependent on the Company’s senior unsecured credit rating. The weighted average interest rate on the revolving credit facility was 1.47% for the six months ended June 30, 2020.

The Company has an unsecured commercial paper note program in the United States. On November 4, 2019, the Company increased the maximum aggregate amount outstanding for the commercial paper program from $500.0 million to $1.0 billion. The notes will be sold under customary terms in the United States commercial paper note market subject to market conditions and will rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes bear interest at various floating rates with a weighted average interest rate of 1.81% for the six months ended June 30, 2020. The weighted average amount outstanding for the six months ended June 30, 2020 was approximately $522.7 million.

The Company limits its utilization of the revolving credit facility in order to maintain liquidity to support its $1.0 billion commercial paper program along with certain other obligations. The following table presents the availability on the Company’s unsecured revolving credit facility as of June 30, 2020 (amounts in thousands):