8. Notes Payable

A. General

Our senior unsecured notes and bonds consist of the following, sorted by maturity date (dollars in millions):

	September 30,			December 31,
	2014			2013
5.5% notes, issued in November 2003 and due in November 2015	$	150		$	150
5.95% notes, issued in September 2006 and due in September 2016	275			275
5.375% notes, issued in September 2005 and due in September 2017	175			175
2.0% notes, issued in October 2012 and due in January 2018	350			350
6.75% notes, issued in September 2007 and due in August 2019	550			550
5.75% notes, issued in June 2010 and due in January 2021	250			250
3.25% notes, issued in October 2012 and due in October 2022	450			450
4.65% notes, issued in July 2013 and due in August 2023	750			750
3.875% notes, issued in June 2014 and due in July 2024	350			-
4.125% notes, issued in September 2014 and due in October 2026	250			-
5.875% bonds, $100 issued in March 2005 and $150 issued in
June 2011, both due in March 2035	250			250
Total principal amount	3,800			3,200
Unamortized original issuance discounts	(15		)	(15		)
	$	3,785		$	3,185

The following table summarizes the maturity of our notes and bonds payable as of September 30, 2014, excluding unamortized original issuance discounts (dollars in millions):

	Notes and
Year of Maturity	Bonds
2014	$	-
2015	150
2016	275
2017	175
2018	350
Thereafter	2,850
Totals	$		3,800

As of September 30, 2014, the weighted average interest rate on our notes and bonds payable was 4.8% and the weighted average remaining years until maturity was 7.5 years.

B. Note Issuance

In September 2014, we issued $250 million of 4.125% senior unsecured notes due October 2026, or the 2026 Notes. The price to the investors for the 2026 Notes was 99.499% of the principal amount for an effective yield of 4.178% per annum. A portion of the total net proceeds of approximately $246.3 million from these offerings were used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for other general corporate purposes and working capital, including additional property acquisitions. Interest is paid semiannually on the 2026 Notes. In October 2014, we utilized our acquisition credit facility to redeem our 6.75% Monthly Income Class E Preferred Stock.

In June 2014, we issued $350 million of 3.875% senior unsecured notes due July 2024, or the 2024 Notes. The price to the investors for the 2024 Notes was 99.956% of the principal amount for an effective yield of 3.88% per annum. The total net proceeds of approximately $346.7 million from these offerings were used to repay a portion of the outstanding borrowings under our acquisition credit facility. Interest is paid semiannually on the 2024 Notes.

In July 2013, we issued $750 million of 4.65% senior unsecured notes due August 2023, or the 2023 Notes. The price to the investors for the 2023 Notes was 99.775% of the principal amount for an effective yield of 4.678% per annum. The total net proceeds of approximately $741.4 million from these offerings were used to repay all outstanding borrowings under our acquisition credit facility, and the remaining proceeds were used for other general corporate purposes and working capital, including additional property acquisitions. Interest is paid semiannually on the 2023 Notes.

C. Note Repayment

In March 2013, we repaid $100 million of outstanding 5.375% notes, plus accrued and unpaid interest, using proceeds from our March 2013 common stock offering and our credit facility.