Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Unsecured Senior Notes and Components of Debt

The components of term debt are summarized as follows:

Term Debt	December 31, 2024		December 31, 2023
Secured notes payable (1)	$	1,013,661	$	1,279,105
Unsecured term loans	2,200,000		2,660,000
Unsecured senior notes	8,025,000		6,725,000
Total	11,238,661		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.

Schedule of Maturities of Long-Term Debt

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at December 31, 2024:

2025	$	780,922
2026	1,409,467
2027	1,311,163
2028	1,627,800
2029	1,516,380
2030	1,342,929
2031	1,650,000
2032	600,000
2033	—
2034	600,000
Thereafter	400,000
Total	$	11,238,661

Schedule of Information on Lines of Credit

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 Paper	Amount Drawn		Capacity		Interest Rate	Maturity	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 paper	500,000		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.