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Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes our total indebtedness (in thousands):
June 30, 2023December 31, 2022
Secured debt:
Fixed-rate property debt due May 2025 to January 2055 (1)$2,211,002 $1,906,151 
Variable-rate property debt— 88,500 
Total non-recourse property debt2,211,002 1,994,651 
Debt issuance costs, net of accumulated amortization(13,565)(9,221)
Total non-recourse property debt, net$2,197,437 $1,985,430 
Unsecured debt:
Term loans due December 2023 to April 2026 (2)$800,000 $800,000 
Revolving credit facility borrowings due April 2025 (3)292,000 462,000 
4.58% Notes payable due June 2027
100,000 100,000 
4.77% Notes payable due June 2029
100,000 100,000 
4.84% Notes payable due June 2032
200,000 200,000 
Total unsecured debt1,492,000 1,662,000 
Debt issuance costs, net of accumulated amortization(4,860)(5,801)
Total unsecured debt, net$1,487,140 $1,656,199 
Total indebtedness$3,684,577 $3,641,629 
(1)In the first quarter of 2023, AIR borrowed $320 million using 10-year fixed rate financing, bearing interest at 4.9%. Proceeds were used to refinance a floating rate loan and reduce borrowings by $230 million on our revolving credit facility. The stated rates on our fixed-rate property debt are between 2.4% to 5.7%.
(2)The term loans bear interest at a one-month Term Secured Overnight Financing Rate (“SOFR”) plus 1.00% and a SOFR adjustment of 10-basis points, based on our current credit rating. As of June 30, 2023, the weighted-average interest rate for our term loans before consideration of in place interest rate swaps was 6.2%. The term loans mature on the following schedule: $150 million mature on December 15, 2023, with two one-year extension options; $300 million mature on December 15, 2024, with a one-year extension option; $150 million mature on December 15, 2025; and $200 million mature on April 14, 2026. As of June 30, 2023, the weighted-average remaining term of the term loans was 2.5 years. Refer to Note 9 for additional discussion regarding the purpose of these transactions. Subsequent to the closing of the Core JV, our floating rate debt, after consideration of our interest rate swaps, is $125 million, or 4% of total leverage.
(3)As of June 30, 2023, we had capacity to borrow up to $703.7 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a one-month Term SOFR plus 0.89%, based on our current credit rating, and a SOFR adjustment of 10-basis points. As of June 30, 2023, the weighted-average interest rate for our revolving credit facility was 6.1%
During the three months ended June 30, 2023, we established a secured credit facility that provides for up to $1 billion of committed property level financing, on an as needed basis. The facility has minimal upfront costs, a 15-year term, and provides AIR the opportunity to place up to 10-year non-recourse property debt financing. Pricing can be fixed rate or variable rate at AIR's choice and is based on the Fannie Mae grid. After consideration of the secured credit facility, total liquidity is approximately $1.8 billion.
Under our credit agreement and unsecured notes payable, we have agreed to maintain certain financial covenants, as well as other covenants customary for similar credit arrangements. The financial covenants we are required to maintain include a maximum leverage ratio of no greater than 0.60 to 1.00; a fixed charge coverage ratio of no less than 1.50 to 1.00, a maximum secured indebtedness to total assets ratio of no greater than 0.40 to 1.00, a maximum unsecured leverage ratio no greater than 0.60 to 1.00, and a minimum unsecured interest coverage ratio no less than 1.50 to 1.00.