The following table summarizes debt as of June 30, 2022 and December 31, 2021 (dollars in thousands):


	Outstanding Balance
	June 30, 2022			December 31, 2021
Secured debt:
Fixed-rate property debt due December 2022 to June 2032 (1)	$	1,947,527		$	2,217,256
Variable-rate property debt due October 2024 (2)		88,500			88,500
Total non-recourse property debt		2,036,027			2,305,756
Debt issuance costs, net of accumulated amortization		(9,514	)		(11,017	)
Total non-recourse property debt, net	$	2,026,513		$	2,294,739

Unsecured debt:
Term loans due December 2023 to April 2026 (2) (3)		800,000			1,150,000
Revolving credit facility borrowings due April 2025 (4)		148,000			304,000
4.58% Notes payable due June 2027 (5)		100,000			—
4.77% Notes payable due June 2029 (5)		100,000			—
4.84% Notes payable due June 2032 (5)		200,000			—
Total unsecured debt		1,348,000			1,454,000
Debt issuance costs, net of accumulated amortization		(6,056	)		(5,453	)
Total unsecured debt, net	$	1,341,944		$	1,448,547
Total indebtedness	$	3,368,457		$	3,743,286

(1)

The stated rate on our fixed-rate property debt is 2.4% to 4.2%.

(2)

During the second quarter of 2022, we hedged $830 million of our floating rate debt through placement of floating to fixed rate swaps, which have been designated as cash flow hedges. These hedges lock $830 million of floating rate debt at an all in cost of 4.2%.

(3)

The term loans bear interest at a 1-month Term Secured Overnight Financing Rate ("SOFR") plus 1.00% and a SOFR adjustment of 10 basis points, with a SOFR floor of 0.00%, based on our current credit rating. As of June 30, 2022, the weighted-average interest rate for our term loans was 4.1%.

(4)

On May 2, 2022, we exercised the accordion feature on our revolving credit facility, increasing the revolving credit facility by $400 million to $1.0 billion. As of June 30, 2022, we had capacity to borrow up to $840.9 million under our revolving credit facility after consideration of undrawn letters of credit. The revolving credit facility bears interest at a 1-month Term SOFR plus 0.89% and a SOFR adjustment of 10 basis points, based on our current credit rating. As of June 30, 2022, the weighted-average interest rate for our revolving credit facility was 3.2%.

(5)

During the three months ended June 30, 2022, we issued three tranches of guaranteed, senior unsecured notes, totaling $400 million at a weighted-average effective interest rate of 4.3%, inclusive of the previously-placed treasury lock, and a weighted-average maturity of eight years.

Under our unsecured notes payable and revolving credit facility, we have agreed to maintain certain financial covenants, as well as other covenants customary for similar credit arrangements. The financial covenants we are required to maintain include a Maximum Leverage ratio of no greater than 0.60 to 1.00; a Fixed Charge Coverage Ratio of greater than 1.5x, a Maximum Secured Indebtedness to Total Assets ratio of no greater than 0.45 to 1.00 through March 31, 2023, and 0.40 to 1.00 thereafter, a Maximum Unsecured Leverage ratio no greater than 0.60 to 1.00, and a Minimum Unsecured Interest Coverage Ratio no greater than 1.50 to 1.00. We were in compliance with these covenants as of June 30, 2022 and expect to remain in compliance during the next 12 months.