Extra Space Storage enters $4.5 billion unsecured credit agreement with U.S. Bank as agent
On August 21, 2025, the operating partnership of Extra Space Storage entered a fourth amended and restated credit agreement providing up to $4.5 billion in unsecured borrowings. The agreement replaces a June 22, 2023 credit agreement and extends maturities on the revolving and term loan facilities, which gives the company borrowing capacity under the terms set out in the filing.
Key points
- Aggregate borrowings of up to $4.5 billion: a $3.0 billion revolving facility due August 21, 2029, plus three $500.0 million term loans due in 2026, 2028 and 2029
- Commitments can be increased up to $5.50 billion; floating-rate pricing depends on the company's credit ratings
- Financial covenants include total indebtedness to total asset value of no more than 60% and adjusted EBITDA to fixed charges of at least 1.50 to 1.00
- Company guarantees the facility; the agreement is not secured by any assets
The filing
Written by AI on Nov 8, 2026, 1:30 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 26, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.