v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt DEBT
The components of term debt are summarized as follows:
Term DebtMarch 31, 2026December 31, 2025
Secured notes payable (1)
$1,079,385 $1,082,899 
Unsecured term loans1,500,000 1,500,000 
Unsecured senior notes9,675,000 9,675,000 
Total12,254,385 12,257,899 
Less: Discount on unsecured senior notes, net (2)
(176,032)(187,742)
Less: Unamortized debt issuance costs(60,328)(63,506)
Total$12,018,025 $12,006,651 
(1) The loans are collateralized by mortgages on real estate assets and the assignment of rents.
(2) Unsecured senior notes from the Company’s merger with Life Storage 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 $15,018.
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2026:
2026$1,314,124 
2027903,673 
20281,882,692 
20291,764,360 
20301,690,634 
20311,777,702 
2032600,000 
2033800,000 
2034600,000 
2035900,000 
Thereafter21,200 
$12,254,385 
The Company has established a commercial paper note program and 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 March 31, 2026, there were $850,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 13 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 March 31, 2026
Revolving Lines of Credit and Commercial PaperAmount DrawnCapacityInterest RateMaturity
Basis Rate (1)
Secured credit line$17,500 $140,000 5.03%7/1/2026
SOFR plus 1.35%
Unsecured credit line (2)
285,000 3,000,000 4.46%8/21/2029
SOFR plus 0.775%
Commercial paper850,000 1,000,000 
4.07% (3)
Various
$1,152,500 $4,140,000 
(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of March 31, 2026. 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.
The Company's unsecured debt is not secured by any assets of the Company and is subject to certain financial covenants. As of March 31, 2026, the Company was in compliance with all of its financial covenants.
As of March 31, 2026, the Company’s percentage of fixed-rate debt to total debt was 82.5%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2% and 4.6%, respectively. The combined weighted average interest rate was 4.3%.