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DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The components of term debt are summarized as follows:
Term DebtJune 30, 2025December 31, 2024
Secured notes payable (1)
$1,128,719 $1,013,661 
Unsecured term loans1,955,000 2,200,000 
Unsecured senior notes8,875,000 8,025,000 
Total11,958,719 11,238,661 
Less: Discount on unsecured senior notes, net (2)
(205,553)(222,254)
Less: Unamortized debt issuance costs(59,185)(56,391)
Total$11,693,981 $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 of $293,134 to be amortized over the term of the debt. Also includes net premium from bond offerings of $13,853 offset by discount from assumed debt of $10,049.
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2025:
2025$405,592 
20261,402,104 
20271,308,197 
20281,627,200 
20291,665,592 
20301,692,034 
20311,758,000 
2032600,000 
2033— 
2034600,000 
Thereafter900,000 
$11,958,719 
On November 20, 2024, the Company established a commercial paper note program. Under the terms of the program, the Company may issue up to $1,000,000 of unsecured commercial paper notes that bear interest at variable rates and have varying maturities (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 are 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 condensed consolidated balance sheets. At June 30, 2025, there were $700,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 19 days.
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 June 30, 2025
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$6,000 $140,000 5.74%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
505,000 2,000,000 5.27%6/22/2027
SOFR plus 0.875%
Commercial paper700,000 1,000,000 
4.70% (3)
Various
$1,211,000 $3,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of June 30, 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.
On August 21, 2024, the Company entered into Amendment 1 to the Third Amended and Restated Credit Agreement (the “Credit Agreement”). 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 June 30, 2025, the Company was in compliance with all of its financial covenants.
As of June 30, 2025, the Company’s percentage of fixed-rate debt to total debt was 77.6%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2% and 5.3%, respectively. The combined weighted average interest rate was 4.4%.