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DEBT (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Unsecured Senior Notes and Components of Debt

The components of term debt are summarized as follows:

Term Debt			March 31, 2025						December 31, 2024
Secured notes payable (1)			$	1,001,851					$	1,013,661
Unsecured term loans			1,955,000						2,200,000
Unsecured senior notes			8,875,000						8,025,000
Total			11,831,851						11,238,661
Less: Discount on unsecured senior notes, net (2)			(206,461)						(222,254)
Less: Unamortized debt issuance costs			(61,650)						(56,391)
Total			$	11,563,740					$	10,960,016
(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 March 31, 2025:

2025			$	534,123
2026			1,402,104
2027			1,309,675
2028			1,627,500
2029			1,515,976
2030			1,692,473
2031			1,650,000
2032			600,000
2033			—
2034			600,000
Thereafter			900,000
			$	11,831,851

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 March 31, 2025
Revolving Lines of Credit and Commercial Paper			Amount Drawn						Capacity						Interest Rate												Maturity						Basis Rate (1)
Secured credit line			$	8,000					$	140,000					5.76%												7/1/2026						SOFR plus 1.35%
Unsecured credit line (2)			390,000						2,000,000						5.29%												6/22/2027						SOFR plus 0.875%
Commercial paper			580,000						1,000,000						4.66% (3)												Various
			$	978,000					$	3,140,000
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of March 31, 2025. 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.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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