---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-175502"
form_type: "8-K"
ticker: "EXR"
cik: "0001289490"
company_name: "Extra Space Storage Inc."
filed_at: "2023-06-27T23:59:59+00:00"
generated_at: "2026-06-13T16:03:17.526320+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Extra Space Storage LP enters into $4.865B amended credit facility

## Summary
- Aggregate borrowings of $4.865B: $1.94B revolving facility due June 20, 2027, and seven term loans from $175M to $1.0B with maturities through 2029.
- Term loans include Tranche 8 ($1.0B due June 22, 2024) and Tranche 7 ($425M due July 27, 2029); upsize option to $5.925B.
- SOFR-based interest rate margins range from 0.700% to 2.200% per annum depending on credit ratings; 0.10% credit spread adjustment added.
- Financial covenants: max total debt/total asset value 60% (65% post-material acquisition); adjusted EBITDA/fixed charges >=1.50x; secured debt <=40%.
- Guaranteed by Extra Space Storage Inc. and certain subsidiaries; unsecured; includes usual EOD provisions and cross-default triggers.

## SEC filing metadata
- accession: 0001193125-23-175502
- form_type: 8-K
- ticker: EXR
- cik: 0001289490
- company_name: Extra Space Storage Inc.
- filed_at: 2023-06-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1289490/000119312523175502/0001193125-23-175502-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289490/000119312523175502/d506248d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-175502
- JSON: https://secwatch.observer/filing/0001193125-23-175502.json
- Plain text: https://secwatch.observer/filing/0001193125-23-175502.txt

## Key facts
- Debt Financings
  Extra Space Storage Inc. incurred credit facility of $4.865 billion with U.S. Bank National Association, as administrative agent maturing due June 20, 2027 (the “Revolving Credit Facility”), ... due June 22, 2024.
  - Instrument: credit facility
  - Principal: $4.865 billion
  - Counterparty: U.S. Bank National Association, as administrative agent
  - Maturity: due June 20, 2027 (the “Revolving Credit Facility”), ... due June 22, 2024
  - Event: incurrence
  source text: The Credit Agreement provides for aggregate borrowings of up to $4.865 billion, consisting of a senior unsecured revolving credit facility of $1.94 billion, due June 20, 2027
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523175502/0001193125-23-175502-index.htm
- Material Agreements
  Extra Space Storage Inc. entered into Credit Agreement with certain lenders, U.S. Bank National Association as administrative agent, and various co-syndication agents, co-documentation agents, joint lead arrangers and book runners valued at aggregate borrowings of up to $4.865 billion (effective 2023-06-22).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: certain lenders, U.S. Bank National Association as administrative agent, and various co-syndication agents, co-documentation agents, joint lead arrangers and book runners
  - Value: aggregate borrowings of up to $4.865 billion
  - Effective: 2023-06-22
  source text: On June 22, 2023, Extra Space Storage LP (the “Operating Partnership”), the operating partnership subsidiary of Extra Space Storage Inc. (the “Company”), entered into a third amended and restated credit agreement (the “Credit Agreement”) with (i) certain lenders named therein, (ii) U.S. Bank National Association, as administrative agent, (iii) the following co-syndication agents: Bank of America, N.A., BMO Harris Bank, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, TD Bank, N.A., Truist Bank and Wells Fargo Bank, National Association, with respect to the Revolving Credit Facility (as defined below), Bank of America, N.A. and Wells Fargo Bank, National Association, with respect to the Tranche 1 Term Loan Facility (as defined below), TD Bank, N.A., Wells Fargo Bank, National Association and PNC Bank, National Association, with respect to the Tranche 2 Term Loan Facility (as defined below), PNC Bank, National Association, with respect to the Tranche 3 Term Loan Facility
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000119312523175502/0001193125-23-175502-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.