---
schema_version: "secwatch.filing_event.v1"
accession: "0001289490-25-000017"
form_type: "8-K"
ticker: "EXR"
cik: "0001289490"
company_name: "Extra Space Storage Inc."
filed_at: "2025-08-26T23:59:59+00:00"
generated_at: "2026-05-17T09:54:02.885132+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Extra Space Storage enters $4.5B credit agreement; revolver upsized to $3B, maturity 2029

## Summary
- New $4.5B unsecured facility: $3.0B revolver due 2029, three term loans totaling $1.5B due 2026, 2028, 2029.
- Facility replaces June 2023 credit agreement; capacity can be increased up to $5.5B.
- Interest at SOFR plus margins from 0.70%-1.60% based on credit ratings; unsecured, guaranteed by the REIT.
- Covenants include max leverage 60%, max secured debt 40%, min EBITDA/fixed charges 1.50x.
- Proceeds for general corporate purposes, working capital, and acquisitions.

## SEC filing metadata
- accession: 0001289490-25-000017
- form_type: 8-K
- ticker: EXR
- cik: 0001289490
- company_name: Extra Space Storage Inc.
- filed_at: 2025-08-26T23:59:59+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/1289490/000128949025000017/0001289490-25-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1289490/000128949025000017/exr-20250821.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001289490-25-000017
- JSON: https://secwatch.observer/filing/0001289490-25-000017.json
- Plain text: https://secwatch.observer/filing/0001289490-25-000017.txt

## Key facts
- Debt Financings
  Extra Space Storage Inc. incurred credit facility of up to $4.5 billion with U.S. Bank National Association at Term SOFR plus the applicable SOFR rate margin maturing August 21, 2029.
  - Instrument: credit facility
  - Principal: up to $4.5 billion
  - Counterparty: U.S. Bank National Association
  - Rate: Term SOFR plus the applicable SOFR rate margin
  - Maturity: August 21, 2029
  - Event: incurrence
  source text: The Credit Agreement provides for aggregate borrowings of up to $4.5 billion, consisting of a senior unsecured revolving credit facility of $3.0 billion, due August 21, 2029
  evidence_url: https://www.sec.gov/Archives/edgar/data/1289490/000128949025000017/0001289490-25-000017-index.htm

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