Borrowings

The following table summarizes the Company's outstanding debt as of March 31, 2018 (dollars in thousands):



	Borrowed Balance			Effective Rate		Contract Maturity
Unsecured debt
Variable rate revolving credit facility	$	450,000		2.8	%	4/15/2020
Fixed rate senior notes	2,292,000			4.0	%	11/13/2024
Term loans fixed with swaps	550,000			2.9	%	7/9/2020
Variable rate term loans	300,000			2.6	%	8/29/2020
Fair market value adjustments, debt issuance costs and discounts	(25,336		)
Total unsecured debt	$	3,566,664		3.5	%
Fixed rate secured debt
Individual property mortgages	$	841,711		4.0	%	11/1/2019
Variable rate secured debt ⁽¹⁾
Fannie Mae Facility	80,000			2.1	%	12/1/2018
Fair market value adjustments and debt issuance costs	10,476
Total secured debt	$	932,187		3.8	%
Total outstanding debt	$	4,498,851		3.6	%

⁽¹⁾ Includes capped balances.

Unsecured Revolving Credit Facility

MAALP maintains a $1.0 billion unsecured credit facility with a syndicate of banks led by KeyBank National Association, or the KeyBank Facility. The KeyBank Facility includes an expansion option up to $1.5 billion. The KeyBank Facility bears an interest rate of the London Interbank Offered Rate, or LIBOR, plus a spread of 0.85% to 1.55% based on an investment grade pricing grid and is currently bearing interest at 2.78%. The KeyBank Facility expires in April 2020 with an option to extend for an additional six months. At March 31, 2018, the MAALP had $450.0 million outstanding under the KeyBank Facility with another approximately $2.5 million of additional capacity used to support outstanding letters of credit.

Senior Unsecured Notes

As of March 31, 2018, MAALP had approximately $2.0 billion in principal amount of publicly issued senior unsecured notes and $292.0 million of privately placed senior unsecured notes. These senior unsecured notes had maturities at issuance ranging from seven to twelve years, averaging 6.6 years remaining until maturity as of March 31, 2018.

Unsecured Term Loans

The Company maintains four term loans with a syndicate of banks, one led by KeyBank National Association, or KeyBank, two by Wells Fargo Bank, N.A., or Wells Fargo, and one by U.S. Bank National Association, or U.S. Bank, respectively. The KeyBank term loan has a balance of $150.0 million, matures in 2021, and has a variable interest rate of LIBOR plus a spread of 0.90% to 1.75% based on the Company's credit ratings. The Wells Fargo term loans have balances of $250.0 million and $300.0 million, respectively, mature in 2018 and 2022, respectively, and have variable interest rates of LIBOR plus spreads of 0.90% to 1.90% and 0.90% to 1.75%, respectively, based on the Company's credit ratings. The U.S. Bank term loan has a balance of $150.0 million, matures in 2020, and has a variable interest rate of LIBOR plus a spread of 0.90% to 1.90% based on the Company's credit ratings.

Secured Property Mortgages

As of March 31, 2018, the Company had $841.7 million of fixed rate conventional property mortgages with an average interest rate of 4.0% and an average maturity in 2019.

In February 2018, the Company retired a $38.3 million mortgage associated with Highlands of West Village. The mortgage was scheduled to mature in May 2018. In addition to the debt retirement, the Company paid $2.7 million associated with property mortgage principal amortizations during the three months ended March 31, 2018.

Secured Credit Facility

The Company maintains an $80.0 million secured credit facility with Prudential Mortgage Capital, which is credit enhanced by the Federal National Mortgage Association, or the Fannie Mae Facility. The Fannie Mae Facility matures on December 1, 2018. Borrowings under the Fannie Mae Facility totaled $80.0 million at March 31, 2018, all of which was variable rate at an average interest rate of 2.1%. The available borrowing capacity at March 31, 2018 was $80.0 million.

Guarantees

MAA fully and unconditionally guarantees the following debt incurred by the Operating Partnership:


•	$80.0 million of the Fannie Mae Facility, all of which was borrowed as of March 31, 2018; and


•	$292.0 million of the privately placed senior unsecured notes.