Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Unsecured Senior Notes and Components of Debt

The components of term debt are summarized as follows:

Term Debt	June 30, 2024		December 31, 2023
Secured notes payable (1)	$	1,270,723	$	1,279,105
Unsecured term loans	2,260,000		2,660,000
Unsecured senior notes	7,325,000		6,725,000
Total	10,855,723		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.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2024:

Year	Amount
2024	$	248,250
2025	1,119,521
2026	1,409,581
2027	1,314,104
2028	1,028,400
2029	1,542,125
2030	1,343,742
2031	1,650,000
2032	600,000
Thereafter	600,000
	$	10,855,723

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 June 30, 2024
Revolving Lines of Credit	Amount Drawn		Capacity		Interest Rate	Maturity	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.