Debt (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Debt Disclosure [Abstract] |
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| Schedule of Unsecured Senior Notes and Components of Debt |
The components of term debt are summarized as follows: | | | | | | | | | | | | | Term Debt | March 31, 2026 | | December 31, 2025 | Secured notes payable (1) | $ | 1,079,385 | | | $ | 1,082,899 | | | Unsecured term loans | 1,500,000 | | | 1,500,000 | | | Unsecured senior notes | 9,675,000 | | | 9,675,000 | | | Total | 12,254,385 | | | 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. |
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| Schedule of Maturities of Notes Payable |
The following table summarizes the scheduled maturities of term debt, excluding available extensions, at March 31, 2026: | | | | | | | 2026 | $ | 1,314,124 | | | 2027 | 903,673 | | | 2028 | 1,882,692 | | | 2029 | 1,764,360 | | | 2030 | 1,690,634 | | | 2031 | 1,777,702 | | | 2032 | 600,000 | | | 2033 | 800,000 | | | 2034 | 600,000 | | | 2035 | 900,000 | | | Thereafter | 21,200 | | | $ | 12,254,385 | |
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| 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, 2026 | | | | | | | | Revolving Lines of Credit and Commercial Paper | Amount Drawn | | Capacity | | Interest Rate | | | | Maturity | | 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 paper | 850,000 | | | 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. |
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