Notes Payable (Tables)

9 Months Ended

Sep. 30, 2022

The following is a summary of our indebtedness:


(in millions)	September 30, 2022		December 31, 2021
Commercial banks
4.25% Term Loan, due 2024	$	40.0	$	39.9





Senior unsecured notes

3.15% Notes, due 2022	$	349.9	$	349.3
5.07% Notes, due 2023	249.7		249.3
4.36% Notes, due 2024	249.7		249.5
3.68% Notes, due 2024	249.1		248.8
3.74% Notes, due 2028	398.1		397.8
3.67% Notes, due 2029 (1)	595.3		594.9
2.91% Notes, due 2030	744.6		744.1
3.41% Notes, due 2049	296.8		296.8
	$	3,133.2	$	3,130.5

Total unsecured notes payable	$	3,173.2	$	3,170.4

Secured notes
Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028	$	291.2	$	—
4.58% Variable Rate Notes, due 2026	166.2		—




4.95% Variable Rate Construction Note, due 2024	18.8		—
3.87% note, due 2028	38.6		—
Total secured notes payable	$	514.8	$	—

Total notes payable (2)	$	3,688.0	$	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, debt issuance costs and fair market value adjustments of $18.9 million and $19.6 million are included in notes payable as of September 30, 2022 and December 31, 2021, respectively.

Scheduled Repayments On Outstanding Debt

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 September 30, 2022:


(in millions)	Amount (1)		Weighted Average Interest Rate (2)
Remainder of 2022	$	349.0	3.2	%
2023	246.7		5.1
2024	556.5		4.1
2025	(2.2)		—
2026	188.9		4.5
Thereafter	2,349.1		3.5
Total	$	3,688.0	3.7	%

(1) Includes amortization of debt discounts, debt issuance costs, and fair market value adjustments.

(2) Includes the effects of the applicable settled forward interest rate swaps.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details