Extra Space Storage Inc. (EXR) vs Invitation Homes Inc. (INVH)
A side-by-side comparison of Extra Space Storage Inc. and Invitation Homes Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 8, 2026. Differences are shown without an overall score or investment verdict.
Total return — EXR vs INVH
growth of $100 · dividends reinvested · last 10yEXR vs INVH: by the numbers
- •EXR is the larger company ($29.49B vs $16.88B market cap).
- •EXR converts more revenue to profit (27.96% vs 23.14% net margin).
- •EXR grew revenue faster over the past five years (18.58% vs 8.60% CAGR).
- •EXR pays the higher dividend yield (4.65% vs 4.19%).
Metrics side by side
Valuation
| Metric | EXR | INVH |
|---|---|---|
| P/E ratio | 31.15 | 26.05 |
| Forward P/E | 30.15 | 28.22 |
| P/S ratio | 8.96 | 5.89 |
| P/B ratio | 2.31 | 1.86 |
| EV / EBITDA | 20.05 | 15.55 |
| FCF yield | 5.75% | 6.43% |
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.
For REITs like Invitation Homes 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 | EXR | INVH |
|---|---|---|
| Gross margin | 23.00% | 3.69% |
| Operating margin | 43.37% | 30.16% |
| Net margin | 27.96% | 23.14% |
| ROE | 7.22% | 7.30% |
| ROIC | 5.09% | 4.67% |
Dividends
| Metric | EXR | INVH |
|---|---|---|
| Dividend yield | 4.65% | 4.19% |
| Payout ratio | 144.97% | 109.17% |
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.
Invitation Homes 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 | EXR | INVH |
|---|---|---|
| Revenue CAGR (5Y) | 18.58% | 8.60% |
| EPS CAGR (5Y) | 4.35% | 22.36% |
| FCF CAGR (5Y) | 16.09% | 12.11% |
| Total return CAGR (5Y) | -2.58% | -4.48% |
Frequently asked
- Which has grown faster, EXR or INVH?
- Over the past five years, EXR grew revenue faster — EXR at a 18.58% CAGR versus INVH at 8.60%.
- Does EXR or INVH pay a bigger dividend?
- EXR yields 4.65% and INVH yields 4.19% based on trailing dividends and the latest price.
- Is EXR or INVH more profitable?
- EXR runs the higher net margin — EXR at 27.96% versus INVH at 23.14%.
- How have EXR and INVH total returns compared?
- Over the past 5 years, EXR delivered -2.58% and INVH delivered -4.48% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Extra Space Storage & Invitation Homes 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 8, 2026.