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Mortgage Notes Payable, Unsecured Notes and Credit Facility
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Notes Payable, Unsecured Notes and Credit Facility Mortgage Notes Payable, Unsecured Notes, Term Loans and Credit Facility
The Company's mortgage notes payable, unsecured notes, variable rate unsecured term loans (the "Term Loans") and Credit Facility, as defined below, as of September 30, 2021 and December 31, 2020 are summarized below. The following amounts and discussion do not include the mortgage notes related to the communities classified as held for sale, if any, as of September 30, 2021 and December 31, 2020, as shown in the accompanying Condensed Consolidated Balance Sheets (dollars in thousands) (see Note 6, "Real Estate Disposition Activities").
 9/30/202112/31/2020
Fixed rate unsecured notes (1)$6,750,000 $6,500,000 
Term Loans (1)250,000 250,000 
Fixed rate mortgage notes payable - conventional and tax-exempt (2)379,636 408,964 
Variable rate mortgage notes payable - conventional and tax-exempt (2)464,650 470,850 
Total mortgage notes payable and unsecured notes and Term Loans7,844,286 7,629,814 
Credit Facility— — 
Total mortgage notes payable, unsecured notes, Term Loans and Credit Facility$7,844,286 $7,629,814 
_____________________________________
(1)Balances at September 30, 2021 and December 31, 2020 exclude $9,915 and $10,380, respectively, of debt discount, and $38,448 and $37,615, respectively, of deferred financing costs, as reflected in unsecured notes, net on the accompanying Condensed Consolidated Balance Sheets.
(2)Balances at September 30, 2021 and December 31, 2020 exclude $13,806 and $14,478, respectively, of debt discount, and $2,813 and $3,004, respectively, of deferred financing costs, as reflected in mortgage notes payable, net on the accompanying Condensed Consolidated Balance Sheets.

The following debt activity occurred during the nine months ended September 30, 2021:

•In January 2021, the Company repaid $27,795,000 principal amount of 5.37% fixed rate debt secured by Avalon San Bruno II at par in advance of its April 2021 maturity date.

•In September 2021, the Company repaid $450,000,000 principal amount of its 2.95% unsecured notes in advance of the September 2022 scheduled maturity, recognizing a loss on debt extinguishment of $17,890,000, composed of a prepayment penalty of $12,147,000, and the non-cash write off of unamortized deferred hedging losses and unamortized deferred financing costs of $5,743,000.
•In September 2021, the Company issued $700,000,000 principal amount of unsecured notes in a public offering under its existing shelf registration statement for proceeds net of underwriting fees of approximately $694,617,000, before considering the impact of other offering costs. The notes mature in January 2032 and were issued at a 2.050% interest rate. The notes were issued under the Company's green bond framework, and the Company has allocated or will allocate the net proceeds, in whole or in part, to one or more new or existing eligible green projects.

At September 30, 2021, the Company had a $1,750,000,000 revolving variable rate unsecured credit facility with a syndicate of banks (the “Credit Facility”) which matures in February 2024. The Credit Facility bears interest at varying levels based on (i) the London Interbank Offered Rate (“LIBOR”) applicable to the period of borrowing for a particular draw of funds from the facility (e.g., one month to maturity, three months to maturity, etc.) and (ii) the rating levels issued for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (0.86% at September 30, 2021), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained 0.125%, resulting in a fee of $2,188,000 annually based on the $1,750,000,000 facility size and based on the Company's current credit rating.

The Company had no borrowings outstanding under the Credit Facility and had $2,599,000 and $2,900,000 outstanding in letters of credit that reduced the borrowing capacity as of September 30, 2021 and December 31, 2020, respectively. In addition, the Company had $37,596,000 and $32,079,000 outstanding in additional letters of credit unrelated to the Credit Facility as of September 30, 2021 and December 31, 2020, respectively.

In the aggregate, secured notes payable mature at various dates from March 2027 through July 2066, and are secured by certain apartment communities (with a net carrying value of $1,365,559,000, excluding communities classified as held for sale, as of September 30, 2021).

The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.8% at both September 30, 2021 and December 31, 2020. The weighted average interest rate of the Company's variable rate secured notes payable (conventional and tax-exempt), including the effect of certain financing related fees, was 1.6% and 1.7% at September 30, 2021 and December 31, 2020, respectively.

Scheduled payments and maturities of secured notes payable and unsecured notes outstanding at September 30, 2021 are as follows (dollars in thousands):
YearSecured notes
principal payments		Secured notes maturitiesUnsecured notes and Term Loans maturitiesStated interest rate of unsecured notes and Term Loans
2021$1,460 $— $— N/A
20229,918 — — N/A
100,000 
LIBOR + 0.90%
202310,739 — 350,000 4.200 %
250,000 2.850 %
202411,677 — 300,000 3.500 %
150,000 
LIBOR + 0.85%
202512,408 — 525,000 3.450 %
300,000 3.500 %
202613,445 — 475,000 2.950 %
300,000 2.900 %
202715,880 236,100 400,000 3.350 %
202820,707 — 450,000 3.200 %
202911,742 66,250 450,000 3.300 %
203012,384 — 700,000 2.300 %
Thereafter176,078 245,498 600,000 2.450 %
700,000 2.050 %
350,000 3.900 %
300,000 4.150 %
300,000 4.350 %
 $296,438 $547,848 $7,000,000  
The Company was in compliance at September 30, 2021 with customary financial covenants under the Credit Facility, the Term Loans and the Company's fixed rate unsecured notes.