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Debt (Tables) | 9 Months Ended
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Sep. 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 | September 30, 2024 |  | December 31, 2023
Secured notes payable (1) | $ | 1,018,209 |  |  | $ | 1,279,105 |
Unsecured term loans | 2,200,000 |  |  | 2,660,000 |
Unsecured senior notes | 7,725,000 |  |  | 6,725,000 |
Total | 10,943,209 |  |  | 10,664,105 |
Less: Discount on unsecured senior notes (2) | (241,786) |  |  | (274,350) |
Less: Unamortized debt issuance costs | (57,593) |  |  | (55,007) |
Total | $ | 10,643,830 |  |  | $ | 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 September 30, 2024:
Year | Amount
2024 | $ | — |
2025 | 782,722 |
2026 | 1,409,525 |
2027 | 1,312,689 |
2028 | 1,328,100 |
2029 | 1,516,807 |
2030 | 1,343,366 |
2031 | 1,650,000 |
2032 | 600,000 |
Thereafter | 1,000,000 |
| $ | 10,943,209 |
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 September 30, 2024 |  |  |  |  |  |
Revolving Lines of Credit | Amount Drawn |  | Capacity |  | Interest Rate |  |  |  | Maturity |  | Basis Rate (1)
Credit Line 1 (2) | $ | 55,000 |  |  | $ | 140,000 |  |  | 6.31% |  |  |  | 7/1/2026 |  | SOFR plus 1.35%
Credit Line 2 (3)(4) | 829,000 |  |  | 2,000,000 |  |  | 5.84% |  |  |  | 6/22/2027 |  | SOFR plus 0.875%
| $ | 884,000 |  |  | $ | 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 September 30, 2024. Rate is subject to change based on the Company's investment grade rating.

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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