Borrowings

3 Months Ended

Mar. 31, 2023

Notes To Financial Statements [Abstract]

Borrowings

6. Borrowings

The following table summarizes the Company’s outstanding debt as of March 31, 2023 (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
Debt issuance costs, discounts, premiums and fair market value adjustments		(18,000	)
Total unsecured debt	$	4,032,000			3.4	%
Secured debt
Fixed rate property mortgages	$	366,792			4.4	%	11/4/2048
Debt issuance costs		(3,142	)
Total secured debt	$	363,650			4.4	%
Total outstanding debt	$	4,395,650			3.4	%

Unsecured Revolving Credit Facility

MAALP has entered into an unsecured revolving credit facility, with a borrowing capacity of $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 March 31, 2023, 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 up to a maximum aggregate principal amount outstanding of $625.0 million. As of March 31, 2023, there was no outstanding balance under the commercial paper program. For the three months ended March 31, 2023, the average daily borrowings outstanding under the commercial paper program were $8.2 million.

Unsecured Senior Notes

As of March 31, 2023, 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.

Secured Property Mortgages

As of March 31, 2023, MAALP had $366.8 million of fixed rate conventional property mortgages with a weighted average maturity in 2048.

As of March 31, 2023, MAALP’s debt obligations over the next 12 months consist of approximately $352 million of principal obligations, including $350.0 million of unsecured senior notes due October 2023.