DEBT (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Unsecured Senior Notes and Components of Debt

The components of term debt are summarized as follows:


Term Debt	June 30, 2025		December 31, 2024
Secured notes payable (1)	$	1,128,719	$	1,013,661
Unsecured term loans	1,955,000		2,200,000
Unsecured senior notes	8,875,000		8,025,000
Total	11,958,719		11,238,661
Less: Discount on unsecured senior notes, net (2)	(205,553)		(222,254)
Less: Unamortized debt issuance costs	(59,185)		(56,391)
Total	$	11,693,981	$	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 $10,049.

Schedule of Maturities of Notes Payable

The following table summarizes the scheduled maturities of term debt, excluding available extensions, at June 30, 2025:


2025	$	405,592
2026	1,402,104
2027	1,308,197
2028	1,627,200
2029	1,665,592
2030	1,692,034
2031	1,758,000
2032	600,000
2033	—
2034	600,000
Thereafter	900,000
	$	11,958,719

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 June 30, 2025
Revolving Lines of Credit and Commercial Paper	Amount Drawn		Capacity		Interest Rate	Maturity	Basis Rate (1)
Secured credit line	$	6,000	$	140,000	5.74%	7/1/2026	SOFR plus 1.35%
Unsecured credit line (2)	505,000		2,000,000		5.27%	6/22/2027	SOFR plus 0.875%
Commercial paper	700,000		1,000,000		4.70% (3)	Various
	$	1,211,000	$	3,140,000

(1) Daily Simple Secured Overnight Financing Rate (“SOFR”) for credit lines.
(2) Basis Rate as of June 30, 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.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Extra Space Storage Inc. 10-Q