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DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Unsecured Senior Notes and Components of 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.
Schedule of Maturities of Notes Payable
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 
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 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.