Essex Property Trust, Inc. (ESS) vs Extra Space Storage Inc. (EXR)
A side-by-side comparison of Essex Property Trust, 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 — ESS vs EXR
growth of $100 · dividends reinvested · last 10yESS vs EXR: by the numbers
- •EXR is the larger company ($28.88B vs $17.35B market cap).
- •EXR converts more revenue to profit (27.96% vs 21.63% net margin).
- •EXR grew revenue faster over the past five years (18.58% vs 6.01% CAGR).
- •EXR pays the higher dividend yield (4.71% vs 3.78%).
Metrics side by side
Valuation
| Metric | ESS | EXR |
|---|---|---|
| P/E ratio | 42.00 | 30.58 |
| Forward P/E | 47.78 | 29.60 |
| P/S ratio | 9.01 | 8.43 |
| P/B ratio | 3.26 | 2.18 |
| EV / EBITDA | 20.48 | 19.23 |
| FCF yield | 5.78% | 6.05% |
For REITs like Essex Property Trust, 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 | ESS | EXR |
|---|---|---|
| Gross margin | 69.38% | 23.00% |
| Operating margin | 43.88% | 43.37% |
| Net margin | 21.63% | 27.96% |
| ROE | 7.83% | 7.22% |
| ROIC | 4.34% | 5.09% |
Dividends
| Metric | ESS | EXR |
|---|---|---|
| Dividend yield | 3.78% | 4.71% |
| Payout ratio | 160.50% | 144.97% |
Essex Property Trust, 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 | ESS | EXR |
|---|---|---|
| Revenue CAGR (5Y) | 6.01% | 18.58% |
| EPS CAGR (5Y) | 3.68% | 4.35% |
| FCF CAGR (5Y) | 8.10% | 16.09% |
| Total return CAGR (5Y) | 0.30% | -2.12% |
Frequently asked
- Which has grown faster, ESS or EXR?
- Over the past five years, EXR grew revenue faster — ESS at a 6.01% CAGR versus EXR at 18.58%.
- Does ESS or EXR pay a bigger dividend?
- ESS yields 3.78% and EXR yields 4.71% based on trailing dividends and the latest price.
- Is ESS or EXR more profitable?
- EXR runs the higher net margin — ESS at 21.63% versus EXR at 27.96%.
- How have ESS and EXR total returns compared?
- Over the past 10 years, ESS delivered 5.62% and EXR delivered 9.65% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Essex Property Trust & 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.