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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt DEBT
The components of term debt are summarized as follows:
Term DebtDecember 31, 2024December 31, 2023
Secured notes payable (1)
$1,013,661 $1,279,105 
Unsecured term loans2,200,000 2,660,000 
Unsecured senior notes8,025,000 6,725,000 
Total11,238,661 10,664,105 
Less: Discount on unsecured senior notes, net (2)
(222,254)(274,350)
Less: Unamortized debt issuance costs(56,391)(55,007)
Total$10,960,016 $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 December 31, 2024:
2025$780,922 
20261,409,467 
20271,311,163 
20281,627,800 
20291,516,380 
20301,342,929 
20311,650,000 
2032600,000 
2033— 
2034600,000 
Thereafter400,000 
Total$11,238,661 

On November 20, 2024, the Company established a commercial paper note program. Under the terms of the program, the Company may issue up to $1 billion of unsecured commercial paper notes that bear interest at variable rates with a maturity of varying amounts (generally 30 days or less, with a maximum of 397 days). The commercial paper notes are issued under customary terms in the commercial paper market and are issued at a discount from par or, alternatively, can be issued at par and bear varying interest rates on a fixed or floating basis. The net proceeds from the issuances of the notes will be used for general working capital and other general corporate purposes. General corporate purposes may include, but are not limited to, the repayment of other debt and selective development, redevelopment, or acquisition of properties. Outstanding commercial paper notes have been included in revolving lines of credit and commercial paper on the Company's consolidated balance sheets. The commercial paper notes sold during the year ended December 31, 2024 had a weighted-average maturity term of 20 days. At December 31, 2024, there were $500 million in issuances outstanding under the commercial paper program.
All of the Company’s lines of credit and commercial paper are guaranteed by the Company. The following table presents information on the Company’s lines of credit and commercial paper for the periods indicated:
As of December 31, 2024
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$25,000 $140,000 5.8%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
837,000 2,000,000 5.4%6/22/2027
SOFR plus 0.875%
Commercial paper500,000 1,000,000 
4.8% (3)
Various
$1,362,000 $3,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of December 31, 2024. Rate is subject to change based on the Company's investment grade rating.
(3) Commercial paper interest rate is variable based on market rates at the time of each issuance. Therefore, interest rate shown in the table above is a weighted average interest rate.
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. On August 11, 2023, the capacity was increased by $60 million.
On August 21, 2024, the Company entered into Amendment 1 to the Third Amended and Restated Credit Agreement, which increased the overall term debt borrowings by $275,000 and reduced the spread on a portion of term debt borrowings by 30 basis points.
As of December 31, 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 December 31, 2024, the Company was in compliance with all of its financial covenants.
As of December 31, 2024, the Company’s percentage of fixed-rate debt to total debt was 75.8%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.1% and 5.4%, respectively. The combined weighted average interest rate was 4.4%.