AvalonBay Communities, Inc. (AVB) vs Extra Space Storage Inc. (EXR)
A side-by-side comparison of AvalonBay Communities, Inc. and Extra Space Storage Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — AVB vs EXR
growth of $100 · dividends reinvested · last 10yAVB vs EXR: by the numbers
- •EXR is the larger company ($28.88B vs $26.28B market cap).
- •AVB converts more revenue to profit (33.39% vs 27.96% net margin).
- •EXR grew revenue faster over the past five years (18.58% vs 6.62% CAGR).
- •EXR pays the higher dividend yield (4.71% vs 3.84%).
Metrics side by side
Valuation
| Metric | AVB | EXR |
|---|---|---|
| P/E ratio | 9.39 | 30.58 |
| Forward P/E | 11.29 | 29.60 |
| P/S ratio | 8.53 | 8.43 |
| P/B ratio | 2.19 | 2.18 |
| EV / EBITDA | 19.60 | 19.23 |
| FCF yield | 4.83% | 6.05% |
For REITs like AvalonBay Communities, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Extra Space Storage Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | AVB | EXR |
|---|---|---|
| Gross margin | 66.99% | 23.00% |
| Operating margin | 28.45% | 43.37% |
| Net margin | 33.39% | 27.96% |
| ROE | 8.56% | 7.22% |
| ROIC | 3.93% | 5.09% |
Dividends
| Metric | AVB | EXR |
|---|---|---|
| Dividend yield | 3.84% | 4.71% |
| Payout ratio | 97.25% | 144.97% |
AvalonBay Communities, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Extra Space Storage Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | AVB | EXR |
|---|---|---|
| Revenue CAGR (5Y) | 6.62% | 18.58% |
| EPS CAGR (5Y) | 4.67% | 4.35% |
| FCF CAGR (5Y) | 9.40% | 16.09% |
| Total return CAGR (5Y) | -18.27% | -2.12% |
Frequently asked
- Which has grown faster, AVB or EXR?
- Over the past five years, EXR grew revenue faster — AVB at a 6.62% CAGR versus EXR at 18.58%.
- Does AVB or EXR pay a bigger dividend?
- AVB yields 3.84% and EXR yields 4.71% based on trailing dividends and the latest price.
- Is AVB or EXR more profitable?
- AVB runs the higher net margin — AVB at 33.39% versus EXR at 27.96%.
- How have AVB and EXR total returns compared?
- Over the past 10 years, AVB delivered -5.84% and EXR delivered 9.65% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
AvalonBay Communities & Extra Space Storage appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.