Extra Space Storage Inc. (EXR) vs Public Storage (PSA)
A side-by-side comparison of Extra Space Storage Inc. and Public Storage 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 PSA
growth of $100 · dividends reinvested · last 10yEXR vs PSA: by the numbers
- •PSA is the larger company ($56.32B vs $29.42B market cap).
- •PSA converts more revenue to profit (41.80% vs 27.96% net margin).
- •EXR grew revenue faster over the past five years (18.58% vs 9.62% CAGR).
- •EXR pays the higher dividend yield (4.65% vs 3.97%).
Metrics side by side
Valuation
| Metric | EXR | PSA |
|---|---|---|
| P/E ratio | 31.15 | 28.82 |
| Forward P/E | 30.15 | 30.12 |
| P/S ratio | 8.96 | 10.90 |
| P/B ratio | 2.31 | 5.80 |
| EV / EBITDA | 20.05 | 17.93 |
| FCF yield | 5.75% | 5.97% |
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 Public Storage, 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 | PSA |
|---|---|---|
| Gross margin | 23.00% | 24.96% |
| Operating margin | 43.37% | 48.30% |
| Net margin | 27.96% | 41.80% |
| ROE | 7.22% | 22.24% |
| ROIC | 5.09% | 11.74% |
Dividends
| Metric | EXR | PSA |
|---|---|---|
| Dividend yield | 4.65% | 3.97% |
| Payout ratio | 144.97% | 114.50% |
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.
Public Storage'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 | PSA |
|---|---|---|
| Revenue CAGR (5Y) | 18.58% | 9.62% |
| EPS CAGR (5Y) | 4.35% | 7.52% |
| FCF CAGR (5Y) | 16.09% | 9.64% |
| Total return CAGR (5Y) | -2.58% | 1.79% |
Frequently asked
- Which has grown faster, EXR or PSA?
- Over the past five years, EXR grew revenue faster — EXR at a 18.58% CAGR versus PSA at 9.62%.
- Does EXR or PSA pay a bigger dividend?
- EXR yields 4.65% and PSA yields 3.97% based on trailing dividends and the latest price.
- Is EXR or PSA more profitable?
- PSA runs the higher net margin — EXR at 27.96% versus PSA at 41.80%.
- How have EXR and PSA total returns compared?
- Over the past 10 years, EXR delivered 9.51% and PSA delivered 6.68% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Extra Space Storage & Public 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 8, 2026.