Borrowings

6 Months Ended

Jun. 30, 2022

Notes To Financial Statements [Abstract]

Borrowings

6. Borrowings

The following table summarizes the Company’s outstanding debt as of June 30, 2022 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,175,000			3.3	%	3/4/2029
Debt issuance costs, discounts, premiums and fair market value adjustments		(21,350	)
Total unsecured debt	$	4,153,650			3.3	%
Secured debt
Fixed rate property mortgages	$	367,864			4.4	%	10/10/2048
Debt issuance costs		(3,200	)
Total secured debt	$	364,664			4.4	%
Total outstanding debt	$	4,518,314			3.4	%

Unsecured Revolving Credit Facility

As of June 30, 2022, MAALP had a $1.0 billion unsecured revolving credit facility with an option to expand to $1.5 billion. The revolving credit facility bore an interest rate of the London Interbank Offered Rate plus a spread of 0.75% to 1.45% based on an investment grade pricing grid. The revolving credit facility was scheduled to mature in May 2023 with an option to extend for two additional six-month periods. As of June 30,

2022, there was no outstanding balance under the revolving credit facility, while $4.0 million of capacity was used to support outstanding letters of credit.

In July 2022, MAALP amended its unsecured revolving credit facility, increasing borrowing capacity to $1.25 billion with an option to expand to $2.0 billion. The amended revolving credit facility has a maturity date of October 2026 with two six-month extension options and bears interest at an adjusted Secured Overnight Financing Rate plus a spread of 0.70% to 1.40% based on an investment grade pricing grid.

Unsecured Commercial Paper

MAALP has established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $500.0 million. As of June 30, 2022, there was no outstanding balance under the commercial paper program. For the three months ended June 30, 2022, the average daily borrowings outstanding under the commercial paper program were $16.3 million.

Unsecured Senior Notes

As of June 30, 2022, MAALP had $4.2 billion of publicly issued unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 5 to 30 years, with a weighted average maturity in 2029.

Secured Property Mortgages

As of June 30, 2022, MAALP had $367.9 million of fixed rate conventional property mortgages with a weighted average maturity in 2048.