Extra Space Storage Inc. (EXR) vs Realty Income Corporation (O)
A side-by-side comparison of Extra Space Storage Inc. and Realty Income Corporation 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 O
growth of $100 · dividends reinvested · last 10yEXR vs O: by the numbers
- •O is the larger company ($57.12B vs $29.42B market cap).
- •EXR converts more revenue to profit (27.96% vs 22.25% net margin).
- •O grew revenue faster over the past five years (27.99% vs 18.58% CAGR).
- •O pays the higher dividend yield (5.29% vs 4.65%).
Metrics side by side
Valuation
| Metric | EXR | O |
|---|---|---|
| P/E ratio | 31.15 | 44.71 |
| Forward P/E | 30.15 | 40.05 |
| P/S ratio | 8.96 | 9.65 |
| P/B ratio | 2.31 | 1.45 |
| EV / EBITDA | 20.05 | 14.08 |
| FCF yield | 5.75% | 3.81% |
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 Realty Income Corporation, 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 | O |
|---|---|---|
| Gross margin | 23.00% | 89.80% |
| Operating margin | 43.37% | 29.19% |
| Net margin | 27.96% | 22.25% |
| ROE | 7.22% | 3.34% |
| ROIC | 5.09% | 2.24% |
Dividends
| Metric | EXR | O |
|---|---|---|
| Dividend yield | 4.65% | 5.29% |
| Payout ratio | 144.97% | 236.57% |
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.
Realty Income Corporation'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 | O |
|---|---|---|
| Revenue CAGR (5Y) | 18.58% | 27.99% |
| EPS CAGR (5Y) | 4.35% | 0.35% |
| FCF CAGR (5Y) | 16.09% | 13.20% |
| Total return CAGR (5Y) | -2.58% | 2.60% |
Frequently asked
- Which has grown faster, EXR or O?
- Over the past five years, O grew revenue faster — EXR at a 18.58% CAGR versus O at 27.99%.
- Does EXR or O pay a bigger dividend?
- EXR yields 4.65% and O yields 5.29% based on trailing dividends and the latest price.
- Is EXR or O more profitable?
- EXR runs the higher net margin — EXR at 27.96% versus O at 22.25%.
- How have EXR and O total returns compared?
- Over the past 10 years, EXR delivered 9.51% and O delivered 4.43% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Extra Space Storage & Realty Income 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.