Extra Space Storage

The balance sheet is investment‑grade with staggered maturities and high fixed‑rate mix. As of December 31, 2025, total debt was about 13.5 billion, 82.1 percent fixed, with a combined weighted average interest rate of 4.3 percent and weighted average maturity of roughly 4.5 years.

The company also uses an unsecured revolver and a commercial paper program for low‑cost, flexible funding. These features, plus strong unencumbered NOI and broad access to bond markets, provide resilience through cycles. Ratings are BBB+ at S&P and Baa2 at Moody’s per recent filings.

Near‑term maturities appear manageable relative to liquidity and cash generation.