The following table summarizes the Company’s outstanding debt as of March 31, 2021 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Variable rate commercial paper program	$	385,000			0.2	%	4/6/2021
Fixed rate senior notes		3,922,000			3.6	%	1/27/2027
Debt issuance costs, discounts, premiums and fair market value adjustments		(15,668	)
Total unsecured debt	$	4,291,332			3.3	%
Secured debt
Fixed rate property mortgages	$	369,556			4.4	%	9/1/2048
Debt issuance costs		(3,303	)
Total secured debt	$	366,253			4.4	%
Total outstanding debt	$	4,657,585			3.4	%

In May 2019, MAALP entered into a $1.0 billion unsecured revolving credit facility with a syndicate of banks led by Wells Fargo Bank, National Association, or Wells Fargo, and fourteen other banks, which is referred to as the Credit Facility. The Credit Facility replaced MAALP’s previous unsecured revolving credit facility, and it includes an expansion option up to $1.5 billion. The Credit Facility bears an interest rate of the London Interbank Offered Rate, or LIBOR, plus a spread of 0.75% to 1.45% based on an investment grade pricing grid. The Credit Facility matures in May 2023 with an option to extend for two additional six-month periods. As of March 31, 2021, there was no outstanding balance under the Credit Facility, while $3.4 million of capacity was used to support outstanding letters of credit.

In May 2019, MAALP 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 March 31, 2021, MAALP had $385.0 million outstanding under the commercial paper program. For the three months ended March 31, 2021, the average daily borrowings outstanding under the commercial paper program were $298.1 million.

As of March 31, 2021, MAALP had $3.7 billion of publicly issued unsecured senior notes outstanding and $222.0 million of privately placed unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from 10 to 12 years, with a weighted average of 5.8 years remaining until maturity as of March 31, 2021.

As of March 31, 2021, MAALP had $369.6 million of fixed rate conventional property mortgages with a weighted average interest rate of 4.40% and a weighted average maturity in 2048.

In February 2021, MAALP retired a $118.6 million mortgage associated with eight apartment communities prior to its June 2021 maturity.

As of March 31, 2021, MAA fully and unconditionally guaranteed $222.0 million of the privately placed unsecured senior notes issued by MAALP.