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Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt DEBT
The components of term debt are summarized as follows:
Term DebtJune 30, 2024December 31, 2023
Secured notes payable (1)
$1,270,723 $1,279,105 
Unsecured term loans2,260,000 2,660,000 
Unsecured senior notes7,325,000 6,725,000 
Total10,855,723 10,664,105 
Less: Discount on unsecured senior notes (2)
(252,790)(274,350)
Less: Unamortized debt issuance costs(55,628)(55,007)
Total$10,547,305 $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.
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2024:
YearAmount
2024$248,250 
20251,119,521 
20261,409,581 
20271,314,104 
20281,028,400 
20291,542,125 
20301,343,742 
20311,650,000 
2032600,000 
Thereafter600,000 
$10,855,723 

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 June 30, 2024
Revolving Lines of CreditAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Credit Line 1 (2)
$29,000 $140,000 6.68%7/1/2026
SOFR plus 1.35%
Credit Line 2 (3)(4)
919,000 2,000,000 6.21%6/22/2027
SOFR plus 0.875%
$948,000 $2,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“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 June 30, 2024. Rate is subject to change based on the Company's investment grade rating.

On June 22, 2023, the Company entered into the Third Amended and Restated Credit Agreement (the “Credit Agreement”). 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 June 30, 2024, 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 June 30, 2024, the Company was in compliance with all of its financial covenants.

As of June 30, 2024, the Company’s percentage of fixed-rate debt to total debt was 75.0%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.0% and 6.5%, respectively. The combined weighted average interest rate was 4.6%.