Total issuance of unsecured senior notes

  
  
10.    SECURED AND UNSECURED SENIOR DEBT (continued) The following table summarizes our secured and unsecured senior debt and amounts outstanding under our unsecured senior line of credit and commercial paper program as of September 30, 2022 (dollars in thousands):

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fixed-Rate Debt |  | Variable-Rate Debt |  |  |  |  |  | Weighted-Average |  |
|  |  |  |  |  |  |  | Interest |  | Remaining Term(in years) |  |
|  |  |  | Total |  | Percentage  |  | Rate(1) |  |  |
| Secured notes payable | $ | 650  |  |  | $ | 39,944  |  |  | $ | 40,594  |  |  | 0.4  | % |  | 5.36  | % |  | 4.3 |  |
| Unsecured senior notes payable | 10,098,588  |  |  | —  |  |  | 10,098,588  |  |  | 95.9  |  |  | 3.51  |  |  | 13.5 |  |
| Unsecured senior line of credit and commercial paper program | —  |  |  | 386,666  |  |  | 386,666  |  | (2) | 3.7  |  |  | 3.48 | (2) | 5.3 | (3) |
| Total/weighted average | $ | 10,099,238  |  |  | $ | 426,610  |  |  | $ | 10,525,848  |  |  | 100.0  | % |  | 3.52  | % |  | 13.2 | (3) |
| Percentage of total debt | 95.9  | % |  | 4.1  | % |  | 100.0  | % |  |  |  |  |  |  |  |

(1)Represents the weighted-average interest rate as of the end of the applicable period, including expense/income related to the amortization of loan fees, amortization of debt premiums (discounts), and other bank fees.(2)As of September 30, 2022, we had no outstanding balance on our unsecured senior line of credit. Our unsecured senior line of credit has aggregate commitments of $4.0 billion and bears an interest rate of SOFR plus 0.875%. In addition, the rate is subject to a sustainability adjustment of +/- four basis points based upon our ability to achieve certain annual sustainability targets. As of September 30, 2022, we had $386.7 million of commercial paper notes outstanding with a weighted-average interest rate of 3.48%.(3)We calculate the weighted-average remaining term of our commercial paper notes by using the maturity date of our unsecured senior line of credit. Using the maturity date of our outstanding commercial paper, the consolidated weighted-average maturity of our debt is 13.0 years. The commercial paper notes sold during the three months ended September 30, 2022 were issued at a weighted-average yield to maturity of 2.69% and had a weighted-average maturity term of 13 days.  
Unsecured senior notes payable  
In February 2022, we opportunistically issued $1.8 billion of unsecured senior notes payable with a weighted-average interest rate of 3.28% and a weighted-average maturity of 22.0 years. The unsecured senior notes consisted of $800.0 million of 2.95% green unsecured senior notes due 2034 and $1.0 billion of 3.55% unsecured senior notes due 2052.  
Amendment of our unsecured senior line of credit  
On September 22, 2022, we amended our unsecured senior line of credit and the key changes are summarized below:  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | New Agreement |  | Change |
| Commitments available for borrowing |  |  | $4.0 billion |  |  | Up $1.0 billion |
| Maturity date |  |  | January 22, 2028 |  |  | Extended by 2 years |
| Interest rate |  |  | SOFR+0.875% |  |  | Converted to SOFR from LIBOR |
|  |  |  |  |  |  |  |

  
In addition, the interest rate under our amended unsecured senior line of credit is subject to upward or downward adjustments of up to four basis points based upon our ability to achieve certain annual sustainability targets. As of September 30, 2022, we had no outstanding balance on our unsecured senior line of credit.  
$2.0 billion commercial paper program  
In September 2022, we increased the aggregate amount we may issue from time to time under our commercial paper program to $2.0 billion from $1.5 billion. Our commercial paper program provides us with the ability to issue up to $2.0 billion of commercial paper notes that bear interest at short-term fixed rates with a maturity of generally 30 days or less and with a maximum maturity of 397 days from the date of issuance. Our commercial paper program is backed by our unsecured senior line of credit, and at all times we expect to retain a minimum undrawn amount of borrowing capacity under our unsecured senior line of credit equal to any outstanding notes issued under our commercial paper program. We use the net proceeds from the issuances of the notes for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. As of September 30, 2022, we had an outstanding balance of $386.7 million under our commercial paper program with a weighted-average interest rate of 3.48%.  
Extinguishment of secured notes payable  
In April 2022, we repaid two secured notes payable aggregating $195.0 million due in 2024 with an effective interest rate of 3.40% and recognized a loss on early extinguishment of debt of $3.3 million, including a prepayment penalty and the write-off of unamortized loan fees.  
  
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