Annual facility fee, percentage

[Table of](#ia143979d54ef4089bc700f871e6b0e92_7) [Contents](#ia143979d54ef4089bc700f871e6b0e92_7)At June 30, 2022, 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 for our unsecured notes. The current stated pricing for drawn borrowings is LIBOR plus 0.775% per annum (2.56% at June 30, 2022), assuming a one month borrowing rate. The annual facility fee for the Credit Facility remained at 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 $6,914,000 and $11,969,000 outstanding in letters of credit that reduced the borrowing capacity as of June 30, 2022 and December 31, 2021, respectively. In addition, the Company had $42,181,000 and $39,581,000 outstanding in additional letters of credit unrelated to the Credit Facility as of June 30, 2022 and December 31, 2021, respectively.  
In March 2022, the Company established an unsecured commercial paper note program (the “Commercial Paper Program”). Under the terms of the Commercial Paper Program, the Company may issue, from time to time, unsecured commercial paper notes with varying maturities of less than one year. Amounts available under the Commercial Paper Program may be issued, repaid and re-issued from time to time, with the maximum aggregate face or principal amount outstanding at any one time not to exceed $500,000,000. The Commercial Paper Program is backstopped by the Company's commitment to maintain available borrowing capacity under the Credit Facility in an amount equal to actual borrowings under the Commercial Paper Program. The Company had no amounts outstanding under the Commercial Paper Program as of June 30, 2022.   
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 $1,240,598,000, excluding communities classified as held for sale, as of June 30, 2022).   
The weighted average interest rate of the Company's fixed rate secured notes payable (conventional and tax-exempt) was 3.7% at both June 30, 2022 and December 31, 2021. 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 2.5% and 1.7% at June 30, 2022 and December 31, 2021, respectively.  
In addition to the Commercial Paper Program, scheduled payments and maturities of secured notes payable and unsecured notes outstanding at June 30, 2022 were as follows (dollars in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Year |  | Secured notes principal payments |  | Secured notes maturities |  | Unsecured notes and Term Loan maturities |  | Stated interest rate of unsecured notes and Term Loan |
| 2022 |  | $ | 1,837  |  |  | $ | —  |  |  | $ | —  |  |  | —  |  |
| 2023 |  | 8,999  |  |  | —  |  |  | 350,000  |  |  | 4.200  | % |
|  |  |  |  |  |  | 250,000  |  |  | 2.850  | % |
| 2024 |  | 9,837  |  |  | —  |  |  | 300,000  |  |  | 3.500  | % |
|  |  |  |  |  |  | 150,000  |  |  | LIBOR + 0.85% |
| 2025 |  | 10,478  |  |  | —  |  |  | 525,000  |  |  | 3.450  | % |
|  |  |  |  |  |  | 300,000  |  |  | 3.500  | % |
| 2026 |  | 11,420  |  |  | —  |  |  | 475,000  |  |  | 2.950  | % |
|  |  |  |  |  |  | 300,000  |  |  | 2.900  | % |
| 2027 |  | 13,765  |  |  | 236,100  |  |  | 400,000  |  |  | 3.350  | % |
| 2028 |  | 18,512  |  |  | —  |  |  | 450,000  |  |  | 3.200  | % |
|  |  |  |  |  |  | 400,000  |  |  | 1.900  | % |
| 2029 |  | 9,462  |  |  | 66,250  |  |  | 450,000  |  |  | 3.300  | % |
| 2030 |  | 10,014  |  |  | —  |  |  | 700,000  |  |  | 2.300  | % |
| 2031 |  | 10,669  |  |  | —  |  |  | 600,000  |  |  | 2.450  | % |
| Thereafter |  | 111,537  |  |  | 245,123  |  |  | 700,000  |  |  | 2.050  | % |
|  |  |  |  |  |  | 350,000  |  |  | 3.900  | % |
|  |  |  |  |  |  | 300,000  |  |  | 4.150  | % |
|  |  |  |  |  |  | 300,000  |  |  | 4.350  | % |
|   |  | $ | 216,530  |  |  | $ | 547,473  |  |  | $ | 7,300,000  |  |  |   |

  
The Company was in compliance at June 30, 2022 with customary covenants under the Credit Facility and the Commercial Paper Program, the Term Loan and the Company's fixed rate unsecured notes.11
