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Notes Payable
 12 Months Ended
Dec. 31, 2022
Notes Payable [Abstract]  
Notes Payable
9. Notes Payable
The following is a summary of our indebtedness:
 December 31,
(in millions)20222021
Commercial banks
5.31% Term loan, due 2024
$39.8 $39.9 
5.20% Term loan, due 2024
300.0 — 
5.13% Unsecured revolving credit facility
42.0 — 
$381.8 $39.9 
Senior unsecured notes
3.15% Notes, due 2022
$— $349.3 
5.07% Notes, due 2023
249.8 249.3 
4.36% Notes, due 2024
249.7 249.5 
3.68% Notes, due 2024
249.2 248.8 
3.74% Notes, due 2028
398.3 397.8 
3.67% Notes, due 2029 (1)
595.5 594.9 
2.91% Notes, due 2030
744.8 744.1 
3.41% Notes, due 2049
296.8 296.8 
$2,784.1 $3,130.5 
Total unsecured notes payable$3,165.9 $3,170.4 
Secured notes
  Master Credit Facilities
3.78% - 4.04% Conventional Mortgage Notes, due 2026 - 2028
$291.2 $— 
6.16% Variable Rate Notes, due 2026
166.2 — 
6.49% Variable Rate Construction Note, due 2024
18.9 — 
3.87% note, due 2028
38.7 — 
Total secured notes payable$515.0 $— 
Total notes payable (2)
$3,680.9 $3,170.4 
Value of real estate assets, at cost, subject to secured notes$2,080.9 $— 
(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 $18.0 million and $19.6 million are included in senior unsecured notes payable as of December 31, 2022 and 2021, respectively.
In August 2022, we amended and restated our existing credit facility to among other things, add a $300 million unsecured term loan with a delayed draw feature that matures in August 2024 (which may be extended at the Company's option to August 2025), and increase the capacity of our existing unsecured revolving credit facility from $900 million to $1.2 billion which may be expanded, upon the satisfaction of certain conditions, by up to three times and $500 million in the aggregate by requesting increases to the revolving credit facility and term loan or requesting additional term loans. We also extended the maturity date of the revolving credit facility from March 2023 to August 2026, with two options to further extend the facility at our election for two additional consecutive six-month periods. The interest rates on our unsecured revolving credit facility and delayed term loan are based upon the Secured Overnight Financing Rate ("SOFR") plus a margin 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 December 31, 2022 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 December 31, 2022, we had outstanding letters of credit totaling $14.2 million, approximately $1.1 billion available under our unsecured revolving credit facility, and approximately $300 million outstanding on our term loan.
In December 2022, we used the $300 million unsecured term loan and borrowings from our unsecured revolving credit facility to repay the principal amount of our 3.15% senior unsecured note payable, which matured on December 15, 2022, for a total of $350.0 million, plus accrued interest.
In September 2022, we extended the maturity date of our $40 million unsecured floating rate term loan with an unrelated third party from September 2022 to September 2024. Additionally, the interest rate on the term loan was changed from LIBOR plus a margin to SOFR plus a margin.
As a result of the acquisition of the Funds on April 1, 2022, we assumed approximately $514.6 million of secured mortgage loans with maturity dates ranging from 2024 to 2028 and effective interest rates on the date of acquisition ranging from 2.47% to 4.04%. These secured mortgage loans consist of a variable rate construction loan, a fixed rate cross-collateralized and cross-defaulted note between three operating properties, and two cross-collateralized and cross-defaulted master credit facilities with Fannie Mae, which include both fixed conventional mortgage notes and variable rate notes.
In connection with the assumed secured mortgage loans discussed above, we recorded an approximate $2.4 million fair value adjustment as a decrease to the note balances, and is being amortized over the respective debt terms as an increase to interest expense. We recorded amortization of the fair value adjustment of approximately $0.4 million during the year-ended December 31, 2022.
We had outstanding floating rate debt of approximately $566.9 million and $39.9 million at December 31, 2022 and 2021, respectively. The weighted average interest rate on such debt was approximately 5.5% and 1.9% at December 31, 2022 and 2021, respectively.
Our indebtedness had a weighted average maturity of 6.4 years at December 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 December 31, 2022:
(in millions) (1)
Amount (2)
Weighted Average
Interest Rate (3)
2023$246.6 5.1 
2024556.5 4.2 
2025297.8 5.2 
2026188.9 5.9 
2027214.9 4.1 
Thereafter 2,176.2 3.4 
Total$3,680.9 4.0 %
(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.