Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The components of term debt are summarized as follows:

Term Debt	December 31, 2023		December 31, 2022		Fixed Rate	Variable Rate (2)	Maturity Dates
Secured fixed-rate (1)	$	401,319	$	521,820	2.67% - 4.62%		April 2025 - February 2030
Secured variable-rate (1)	877,786		772,604			6.35% - 6.88%	November 2024 - September 2030
Unsecured fixed-rate	7,921,633		4,240,376		2.08% - 5.90%		January 2025 - March 2032
Unsecured variable-rate	1,463,367		884,624			6.30% - 6.63%	June 2024 - July 2029
Total	10,664,105		6,419,424
Less: Discount on unsecured senior notes (3)	(274,350)		—
Less: Unamortized debt issuance costs	(55,007)		(32,962)
Total	$	10,334,748	$	6,386,462
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Basis rates include Term SOFR and 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.

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2023:

2024	648,250
2025	1,123,120
2026	1,409,581
2027	1,316,907
2028	1,029,000
2029	1,542,759
2030	1,344,488
2031	1,650,000
2032	600,000
Total	$	10,664,105

On June 22, 2023, the Company entered into the Third Amended and Restated Credit Agreement (the "Credit Agreement") which increased the commitment of the revolving credit facility to $1,940,000, and later to $2,000,000 with an Increasing Lender Supplement entered into in August 2023, and extended its maturity to June 2027. In connection with entering into the Credit Agreement, the Company paid off Tranche 5 and added the Tranche 8 term loan, maturing June 2024, which allowed the Company to draw up to $1,000,000 in connection with the Life Storage Merger. Tranche 8 was fully drawn on July 20, 2023, in connection with the closing of the Life Storage Merger, paid down to $400,000 in December 2023, and fully paid off in January 2024.

Pursuant to the terms of the Credit Agreement, the Company may request an extension of the term of the revolving credit facility for up to two additional periods of six months each, after satisfying certain conditions.

As of December 31, 2023, amounts outstanding under the revolving credit facility bore interest at floating rates, at the Company’s option, equal to either (i) Adjusted Term or Daily Simple SOFR plus the applicable margin or (ii) the applicable base rate which is the applicable margin plus the highest of (a) 0.0%, (b) the federal funds rate plus 0.50%, (c) U.S. Bank’s prime rate or (d) the SOFR rate plus 1.00%. Per the Credit Agreement, the applicable SOFR rate margin and applicable base rate margin are based on the Company’s achieved debt rating, with the SOFR rate margin ranging from 0.7% to 2.2% per annum and the applicable base rate margin ranging from 0.00% to 1.20% per annum.

The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company's unsecured debt is subject to certain financial covenants. As of December 31, 2023, the Company was in compliance with all of its financial covenants.

All of the Company’s lines of credit are guaranteed by the Company. 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 December 31, 2023
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Credit Line 1 (2)	$	40,000	$	140,000	6.7%	7/1/2026	SOFR plus 1.35%
Credit Line 2 (3)(4)	642,000		2,000,000		6.3%	6/22/2027	ASOFR plus 0.775%
	$	682,000	$	2,140,000
(1) 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 million.
(4) Basis Rate as of December 31, 2023. Rate is subject to change based on the Company's investment grade rating.

As of December 31, 2023, the Company’s percentage of fixed-rate debt to total debt was 73.4%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 3.9% and 6.6%, respectively. The combined weighted average interest rate was 4.6%.