Borrowings

The following table summarizes the Company's outstanding debt as of December 31, 2018 and 2017 (dollars in thousands):



	Borrowed Balance						As of December 31, 2018
	December 31, 2018			December 31, 2017			Weighted Average Effective Rate		Weighted Average Contract Maturity
Unsecured debt
Variable rate revolving credit facility	$	540,000		$	410,000		3.4	%	4/15/2020
Fixed rate senior notes	2,642,000			2,292,000			4.0	%	7/12/2025
Term loans fixed with swaps	300,000			550,000			2.3	%	3/1/2022
Variable rate term loans	600,000			300,000			3.3	%	1/22/2020
Fair market value adjustments, debt issuance costs and discounts	(28,698		)	(26,235		)
Total unsecured debt	$	4,053,302		$	3,525,765		3.7	%
Fixed rate secured debt
Individual property mortgages	$	476,161		$	882,752		4.6	%	2/23/2031
Variable rate secured debt ⁽¹⁾
Credit facility	$	—		$	80,000
Fair market value adjustments and debt issuance costs	(1,135		)	13,540
Total secured debt	$	475,026		$	976,292		4.6	%
Total outstanding debt	$	4,528,328		$	4,502,057		3.8	%

⁽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, as of December 31, 2018, the interest rate was 3.42%. The KeyBank Facility expires in April 2020 with an option to extend for an additional six months. As of December 31, 2018, MAALP had $540.0 million outstanding under the KeyBank facility with another $4.2 million of additional capacity used to support outstanding letters of credit.

Senior Unsecured Notes

As of December 31, 2018, MAALP had approximately $2.4 billion in principal amount of publicly issued senior unsecured notes and $242.0 million of privately placed senior unsecured notes. The senior unsecured notes had maturities at issuance ranging from seven to twelve years, with an average of 6.5 years remaining until maturity as of December 31, 2018.

In May 2018, MAALP publicly issued $400.0 million in aggregate principal of senior unsecured notes, maturing June 2028 with an interest rate of 4.20% per annum, or the 2028 Notes. The purchase price paid by the initial purchasers was 99.403% of the principal amount. The 2028 Notes are general unsecured senior obligations of MAALP and rank equally in right of payment with all other senior unsecured indebtedness of MAALP. Interest on the 2028 Notes is payable on June 15 and December 15 of each year, beginning on December 15, 2018. The net proceeds from the offering, after deducting the original issue discount of $2.4 million and underwriting commissions and expenses of $2.6 million, were $395.0 million. The 2028 Notes have been reflected net of discount and debt issuance costs in the Consolidated Balance Sheets as of December 31, 2018. In connection with the issuance of the 2028 Notes, MAALP cash settled $200.0 million in forward interest rate swap agreements, which were entered into earlier in the year to effectively lock the interest rate on a portion of the planned transaction, resulting in an effective interest rate of 4.21% over the 10 year life of the 2028 Notes.

In July 2018, MAALP retired a $50.0 million tranche of senior unsecured private placement notes at maturity.

Unsecured Term Loans

MAALP 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. 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. Both Wells Fargo term loans have balances of $300.0 million, mature in 2022 and 2019, respectively, and have variable interest rates of LIBOR plus spreads of 0.90% to 1.75% and 0.75% to 1.65%, respectively, based on the Company's credit ratings. The interest rate of the Wells Fargo term loan due in 2022 is fixed at 2.32% with a forward swap through the swap's maturity date, January 2020. See Note 7 for additional details on cash flow hedges of interest rate risk. The Wells Fargo term loan due in 2019 was entered into by the Company in December 2018. 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.

In August 2018, MAALP retired a $250.0 million unsecured term loan with Wells Fargo at maturity.

Secured Property Mortgages

As of December 31, 2018, MAALP had $476.2 million of fixed rate conventional property mortgages with a weighted average interest rate of 4.6% and a weighted average maturity in 2031.

In December 2018, MAALP entered into a $172.0 million mortgage with a fixed rate of 4.44% associated with five apartment communities. The mortgage is scheduled to mature in January 2049.

In February 2018, MAALP retired a $38.3 million mortgage associated with an apartment community. The mortgage was scheduled to mature in May 2018.

In November 2018, MAALP retired a $350.0 million mortgage associated with eighteen apartment communities. The mortgage was scheduled to mature in February 2019.

In December 2018, MAALP retired a $179.7 million mortgage associated with five apartment communities. The mortgage was scheduled to mature in February 2019.

In addition to these retirements, MAALP paid $10.6 million associated with property mortgage principal amortizations during the year ended December 31, 2018.

Secured Credit Facility

In December 2018, MAALP retired its secured credit facility, an $80.0 million secured credit facility with Prudential Mortgage Capital, which was credit enhanced by the Federal National Mortgage Association.

Schedule of Maturities

The following table includes scheduled principal repayments on the Company's outstanding borrowings as of December 31, 2018, as well as the amortization of the fair market value of debt assumed, debt discounts and issuance costs (in thousands):



Year	Maturities		Amortization			Total
2019	$	333,115	$	2,583		$	335,698
2020	842,456		1,291			843,747
2021	340,618		(2,138		)	338,480
2022	667,000		(2,713		)	664,287
2023	362,250		(2,023		)	360,227
Thereafter	1,992,018		(6,129		)	1,985,889
	$	4,537,457	$	(9,129	)	$	4,528,328

Guarantees

As of December 31, 2018, MAA fully and unconditionally guaranteed $242.0 million of the privately placed senior unsecured notes issued by MAALP.