Borrowings

9 Months Ended

Sep. 30, 2022

Notes To Financial Statements [Abstract]

Borrowings

6. Borrowings

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

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Fixed rate senior notes	$	4,050,000			3.4	%	5/14/2029
Variable rate commercial paper program		125,000			3.4	%	10/3/2022
Debt issuance costs, discounts, premiums and fair market value adjustments		(20,180	)
Total unsecured debt	$	4,154,820			3.3	%
Secured debt
Fixed rate property mortgages	$	367,512			4.4	%	10/19/2048
Debt issuance costs		(3,181	)
Total secured debt	$	364,331			4.4	%
Total outstanding debt	$	4,519,151			3.4	%

Unsecured Revolving Credit Facility

In July 2022, MAALP amended its unsecured revolving credit facility, increasing its borrowing capacity to $1.25 billion with an option to expand to $2.0 billion. The revolving credit facility 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. The revolving credit facility has a maturity date in October 2026 with an option to extend for two additional six-month periods. As of September 30, 2022, there was no outstanding balance under the revolving credit facility, while $4.3 million of capacity was used to support outstanding letters of credit.

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. In September 2022, MAALP amended its commercial paper program to increase the maximum aggregate principal amount of notes that may be outstanding from time to time under the program from $500.0 million to $625.0 million. As of September 30, 2022, there was a $125.0 million outstanding balance under the commercial paper program. For the three months ended September 30, 2022, the average daily borrowings outstanding under the commercial paper program were $29.8 million.

Unsecured Senior Notes

As of September 30, 2022, MAALP had $4.1 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.

In September 2022, MAALP retired the remaining $125.0 million portion of its publicly issued unsecured senior notes due in December 2022.

Secured Property Mortgages

As of September 30, 2022, MAALP had $367.5 million of fixed rate conventional property mortgages with a weighted average maturity in 2048.