Extra Space Storage Inc.EXR
Extra Space Storage Inc. Debt Disclosure
DEBT
The components of term debt are summarized as follows:
| Term Debt | December 31, 2025 | December 31, 2024 | |||||||||
Secured notes payable (1) | $ | 1,082,899 | $ | 1,013,661 | |||||||
| Unsecured term loans | 1,500,000 | 2,200,000 | |||||||||
| Unsecured senior notes | 9,675,000 | 8,025,000 | |||||||||
| Total | 12,257,899 | 11,238,661 | |||||||||
Less: Discount on unsecured senior notes, net (2) | (187,742) | (222,254) | |||||||||
| Less: Unamortized debt issuance costs | (63,506) | (56,391) | |||||||||
| Total | $ | 12,006,651 | $ | 10,960,016 | |||||||
| (1) The loans are collateralized by mortgages on real estate assets and the assignment of rents. | |||||||||||
(2) Unsecured senior notes from the Life Storage Merger 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 December 31, 2025:
| 2026 | $ | 1,314,694 | |||
| 2027 | 905,209 | ||||
| 2028 | 1,882,992 | ||||
| 2029 | 1,764,798 | ||||
| 2030 | 1,691,128 | ||||
| 2031 | 1,777,878 | ||||
| 2032 | 600,000 | ||||
| 2033 | 800,000 | ||||
| 2034 | 600,000 | ||||
| 2035 | 900,000 | ||||
| Thereafter | 21,200 | ||||
| Total | $ | 12,257,899 | |||
In November 2024, the Company established a commercial paper note program. Under the terms of the program, the Company 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 consolidated balance sheets. At December 31, 2025, there were $680,000 in issuances outstanding under the commercial paper program with a weighted-average maturity of 21 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:
| As of December 31, 2025 | |||||||||||||||||||||||||||||
| Revolving Lines of Credit and Commercial Paper | Amount Drawn | Capacity | Interest Rate | Maturity | Basis Rate (1) | ||||||||||||||||||||||||
| Secured credit line | $ | 19,000 | $ | 140,000 | 5.2% | 7/1/2026 | SOFR plus 1.35% | ||||||||||||||||||||||
Unsecured credit line (2) | 525,000 | 3,000,000 | 4.7% | 8/21/2029 | SOFR plus 0.775% | ||||||||||||||||||||||||
| Commercial paper | 680,000 | 1,000,000 | 4.2% (3) | Various | |||||||||||||||||||||||||
| $ | 1,224,000 | $ | 4,140,000 | ||||||||||||||||||||||||||
| (1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines. | |||||||||||||||||||||||||||||
| (2) Basis Rate as of December 31, 2025. 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. | |||||||||||||||||||||||||||||
On August 21, 2025, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), which increased the commitment under the revolving credit facility to $3,000,000, extended the maturity of the credit facility to August 2029, and reduced the interest rate by 10 basis points. In connection with the amendment, the Company also paid off term loans within the credit facility in the amount of $655,000 and increased other term loans within the credit facility by $200,000. The Credit Agreement is guaranteed by the Company and is not secured by any assets of the Company. The Company’s unsecured debt is subject to certain financial covenants. As of December 31, 2025, the Company was in compliance with all of its financial covenants.
As of December 31, 2025, the Company’s percentage of fixed-rate debt to total debt was 82.1%. The weighted average interest rates of the Company’s fixed and variable-rate debt were 4.2% and 4.8%, respectively. The combined weighted average interest rate was 4.3%.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Feb 26, 2021 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.