XML 29 R18.htm IDEA: XBRL DOCUMENT v3.25.3
DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The components of term debt are summarized as follows:
Term DebtSeptember 30, 2025December 31, 2024
Secured notes payable (1)
$1,045,058 $1,013,661 
Unsecured term loans1,500,000 2,200,000 
Unsecured senior notes9,675,000 8,025,000 
Total12,220,058 11,238,661 
Less: Discount on unsecured senior notes, net (2)
(194,289)(222,254)
Less: Unamortized debt issuance costs(65,064)(56,391)
Total$11,960,705 $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 September 30, 2025:
2025$231,392 
20261,315,264 
2027906,711 
20281,651,900 
20291,765,202 
20301,691,589 
20311,758,000 
2032600,000 
2033800,000 
2034600,000 
Thereafter900,000 
$12,220,058 
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 September 30, 2025, there were $540,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 24 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 September 30, 2025
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$17,000 $140,000 5.59%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
385,000 3,000,000 5.02%8/21/2029
SOFR plus 0.775%
Commercial paper540,000 1,000,000 
4.44% (3)
Various
$942,000 $4,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of September 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, 2025, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), which increased the commitment under the revolving credit facility to $3,000,000, extended the maturity of the credit facility to August 2029, and reduced the interest rate by 10 basis points. In connection with the amendment, the Company also paid off term loans within the credit facility in the amount of $655,000 and increased other term loans within the credit facility by $200,000.
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 September 30, 2025, the Company was in compliance with all of its financial covenants.
As of September 30, 2025, the Company’s percentage of fixed-rate debt to total debt was 83.8%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2% and 5.2%, respectively. The combined weighted average interest rate was 4.4%.