NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Our line of credit provides us with the ability to issue up to $100 million in letters of credit. While our issuance of letters  of credit does not increase our borrowings outstanding under our line, it does reduce the amount available to us. At  December 31, 2004, we had outstanding letters of credit totaling $14.3 million, and had $429.7 million available under  our then existing $500 million unsecured line of credit. The following table summarizes our unsecured notes payable issued during 2004 from our $1.1 billion universal shelf:  We may redeem the notes at any time at a redemption price equal to the principal amount and accrued interest, plus  a make-whole provision. The notes are direct, senior unsecured obligations and rank equally with all other unsecured  and unsubordinated indebtedness. We used the net proceeds to reduce indebtedness outstanding under our unsecured  line of credit. During 2004, we paid off $30.0 million of maturing medium-term notes. These notes had interest rates ranging from  6.9% to 7.2%. We also paid off $200.0 million of maturing unsecured notes payable, which had an interest rate of 7.1%.  Additionally, we repaid six conventional mortgage notes totaling $58.2 million which had a weighted average interest  rate of 7.3%. We repaid all notes payable using proceeds available under our unsecured line of credit.  At December 31, 2004, $535.5 million was available for future issuance in debt securities, preferred shares, common  shares or warrants from our $1.1 billion universal shelf. We have significant unencumbered real estate assets which  could be sold or used as collateral for financing purposes should other sources of capital not be available. At December 31, 2004 and 2003, the weighted average interest rate on our floating rate debt, which includes our  unsecured line of credit, was 2.5% and 2.2%, respectively. Our indebtedness, excluding our unsecured line of credit, had a weighted average maturity of 6.5 years. Scheduled  repayments on outstanding debt, including our line of credit, and the weighted average interest rate on maturing debt  at December 31, 2004 are as follows: transforming camden 83 TYPE  MONTH OF COUPON  MATURITY  INTEREST  PROCEEDS, AND AMOUNT  ISSUANCE  TERMS  RATE  DATE  PAID  NET OF DISCOUNT $100.0 million senior  unsecured notes  7/04  Interest only  4.70%  7/15/09  January 15 and July 15  $ 99.8 million $250.0 million senior  unsecured notes  12/04  Interest only  4.375%  1/15/10  January 15 and July 15  $ 249.9 million in millions WEIGHTED AVERAGE YEAR  AMOUNT  INTEREST RATE 2005 $  2.8 - % 2006 209.8  7.3  % 2007 164.9  6.1  % 2008 73.4 3.9 % 2009 119.8  5.3  % 2010 and thereafter  1,005.7  5.5  %  Total  $ 1,576.4  5.7  %