Equity Residential (EQR) vs Extra Space Storage Inc. (EXR)
A side-by-side comparison of Equity Residential 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 — EQR vs EXR
growth of $100 · dividends reinvested · last 10yEQR vs EXR: by the numbers
- •EXR is the larger company ($28.52B vs $23.87B market cap).
- •EXR grew revenue faster over the past five years (18.58% vs 5.22% CAGR).
- •EXR pays the higher dividend yield (4.71% vs 4.38%).
Metrics side by side
Valuation
| Metric | EQR | EXR |
|---|---|---|
| P/E ratio | 28.66 | 30.20 |
| Forward P/E | 44.91 | 29.23 |
| P/S ratio | 7.61 | 8.32 |
| P/B ratio | 2.27 | 2.15 |
| EV / EBITDA | 17.15 | 19.07 |
| FCF yield | 4.93% | 6.12% |
For REITs like Equity Residential, 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 | EQR | EXR |
|---|---|---|
| Gross margin | 45.96% | 23.00% |
| Operating margin | 36.33% | 43.37% |
| Net margin | 27.91% | 27.96% |
| ROE | 8.32% | 7.22% |
| ROIC | 4.45% | 5.09% |
Dividends
| Metric | EQR | EXR |
|---|---|---|
| Dividend yield | 4.38% | 4.71% |
| Payout ratio | 122.37% | 144.97% |
Equity Residential'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 | EQR | EXR |
|---|---|---|
| Revenue CAGR (5Y) | 5.22% | 18.58% |
| EPS CAGR (5Y) | 4.71% | 4.35% |
| FCF CAGR (5Y) | 2.37% | 16.09% |
| Total return CAGR (5Y) | -1.45% | -2.12% |
Frequently asked
- Which has grown faster, EQR or EXR?
- Over the past five years, EXR grew revenue faster — EQR at a 5.22% CAGR versus EXR at 18.58%.
- Does EQR or EXR pay a bigger dividend?
- EQR yields 4.38% and EXR yields 4.71% based on trailing dividends and the latest price.
- How have EQR and EXR total returns compared?
- Over the past 10 years, EQR delivered 3.75% and EXR delivered 9.65% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Equity Residential & 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.