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Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Unsecured Senior Notes and Components of Debt
The components of term debt are summarized as follows:
Term DebtMarch 31, 2024December 31, 2023
Secured notes payable (1)
$1,274,914 $1,279,105 
Unsecured term loans2,260,000 2,660,000 
Unsecured senior notes7,325,001 6,725,000 
Total10,859,915 10,664,105 
Less: Discount on unsecured senior notes (2)
(263,644)(274,350)
Less: Unamortized debt issuance costs(58,720)(55,007)
Total$10,537,551 $10,334,748 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) 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 March 31, 2024:
YearAmount
2024$248,250 
20251,121,321 
20261,409,581 
20271,315,511 
20281,028,700 
20291,542,439 
20301,344,113 
20311,650,000 
2032600,000 
Thereafter600,000 
$10,859,915 
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 March 31, 2024
Revolving Lines of CreditAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Credit Line 1 (2)
$34,000 $140,000 6.69%7/1/2026
SOFR plus 1.35%
Credit Line 2 (3)(4)
586,000 2,000,000 6.22%6/22/2027
SOFR plus 0.875%
$620,000 $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 $60.0 million.
(4) Basis Rate as of March 31, 2024. Rate is subject to change based on the Company's investment grade rating.