Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Unsecured Senior Notes and Components of Debt

The components of term debt are summarized as follows:

Term Debt	September 30, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	402,896	$	521,820	2.67% - 4.56%		April 2025 - February 2030
Secured variable-rate (1)	880,438		772,604			6.32% - 6.81%	November 2023 - September 2030
Unsecured fixed-rate	7,536,633		4,240,376		2.20% - 5.70%		January 2025 - March 2032
Unsecured variable-rate	1,848,367		884,624			6.26% - 6.27%	January 2024 - January 2028
Total	10,668,334		6,419,424
Less: Discount on unsecured senior notes (3)	(284,906)		—
Less: Unamortized debt issuance costs	(54,349)		(32,962)
Total	$	10,329,079	$	6,386,462
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rates include Adjusted Term SOFR and Adjusted Daily Simple SOFR.
(3) Unsecured senior notes from the Life Storage Merger were recorded at fair value, resulting in a discount to be amortized over the term of the debt.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at September 30, 2023:

2023	$	248,250
2024	1,335,000
2025	789,920
2026	1,409,581
2027	1,318,350
2028	1,029,300
2029	1,543,074
2030	1,344,859
2031	1,050,000
2032	600,000
	$	10,668,334

Schedule of Information on Lines of Credit

The following table presents information on the Company’s lines of credit, the proceeds of which are used to repay debt and for general corporate purposes, for the periods indicated:

	As of September 30, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	—	$	140,000	6.66%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	623,000		2,000,000		6.19%	6/22/2027	ASOFR plus 0.775%
	$	623,000	$	2,140,000
(1) Term SOFR or Daily Simple SOFR
(2) Secured by mortgages on certain real estate assets. On January 13, 2023, the maturity date was extended to July 1, 2026 with one extension of one year available.
(3) Unsecured. On June 22, 2023, the maturity date was extended to June 22, 2027 with two six-month extensions available. On August 11, 2023, the capacity was increased by $60.0 million.
(4) Basis Rate as of September 30, 2023. Rate is subject to change based on the Company's investment grade rating.