8. Debt

EQR does not have any indebtedness as all debt is incurred by the Operating Partnership. EQR guarantees the Operating Partnership’s $750.0 million unsecured term loan facility and also guarantees the Operating Partnership’s revolving credit facility up to the maximum amount and for the full term of the facility.

Mortgage Notes Payable

As of March 31, 2014, the Company had outstanding mortgage debt of approximately $5.2 billion.

During the quarter ended March 31, 2014, the Company:


▪	Repaid $3.0 million of mortgage loans.

As of March 31, 2014, the Company had $700.5 million of secured debt subject to third party credit enhancement.

As of March 31, 2014, scheduled maturities for the Company’s outstanding mortgage indebtedness were at various dates through May 1, 2061. At March 31, 2014, the interest rate range on the Company’s mortgage debt was 0.04% to 7.25%. During the quarter ended March 31, 2014, the weighted average interest rate on the Company’s mortgage debt was 4.22%.

Notes

As of March 31, 2014, the Company had outstanding unsecured notes of approximately $5.5 billion.

As of March 31, 2014, scheduled maturities for the Company’s outstanding notes were at various dates through 2026. At March 31, 2014, the interest rate range on the Company’s notes was 1.32% to 7.57%. During the quarter ended March 31, 2014, the weighted average interest rate on the Company’s notes was 4.92%.

Lines of Credit

On January 11, 2013, the Company replaced its existing $1.75 billion facility with a $2.5 billion unsecured revolving credit facility maturing April 1, 2018. The Company has the ability to increase available borrowings by an additional $500.0 million by adding additional banks to the facility or obtaining the agreement of existing banks to increase their commitments. The interest rate on advances under the new credit facility will generally be LIBOR plus a spread (currently 1.05%) and the Company pays an annual facility fee (currently 15 basis points). Both the spread and the facility fee are dependent on the credit rating of the Company's long-term debt.

As of March 31, 2014, the amount available on the credit facility was $2.17 billion (net of $34.7 million which was restricted/dedicated to support letters of credit and net of $298.0 million outstanding). During the quarter ended March 31, 2014, the weighted average interest rate was 0.98%.