EXR · 10-Q · 2026Q3 · Full report
Balance Sheet and Liquidity
Extra Space Storage Inc. · 2026-10-30 · Importance 49 · Surprise 6
At September 30, 2026, Extra Space had $114.8 million of cash and cash equivalents and $13.621 billion of debt at face value. Debt was 79.6% fixed-rate, including instruments treated as fixed-rate, and carried a 4.4% weighted-average interest rate; the total enterprise value ratio was 32.1%. The company had $850 million outstanding under its commercial-paper program, whose maximum aggregate principal amount is $1 billion, and reported BBB+/Stable from S&P and Baa2/Stable from Moody’s. Extra Space reported compliance with all financial covenants and stated that operating cash flow, cash on hand, credit lines, and capital-markets access were expected to meet anticipated cash needs over the next 12 months.
Key facts
- For the nine months ended September 30, 2026, Extra Space Storage generated $1,543.393 million of net cash from operating activities, used $286.416 million in investing activities, and used $1,280.483 million in financing activities. source
- At September 30, 2026, Extra Space Storage had total debt with a face value of $13,621.366 million, a total enterprise value ratio of 32.1%, fixed-rate debt and other instruments equal to 79.6% of total debt, and a weighted-average debt interest rate of 4.4%. source
- At September 30, 2026, Extra Space Storage had 1,796 unencumbered stores; unencumbered asset value was $30,709.273 million and total asset value was $36,503.421 million under its public-bond calculations. source
- Extra Space Storage had $1,401.151 million of bridge loans outstanding at September 30, 2026, compared with $1,544.719 million at September 30, 2025. source
- Extra Space Storage had $850 million outstanding under its commercial paper program at September 30, 2026; the program's maximum aggregate principal amount is $1 billion. source
- As of September 30, 2026, Extra Space Storage had $114.824 million in cash and cash equivalents. source
- Extra Space Storage was in compliance with all financial covenants at September 30, 2026. source