Extra Space Storage Inc. (EXR) vs VICI Properties Inc. (VICI)
A side-by-side comparison of Extra Space Storage Inc. and VICI Properties 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 — EXR vs VICI
growth of $100 · dividends reinvested · last 9yEXR vs VICI: by the numbers
- •EXR is the larger company ($28.88B vs $26.12B market cap).
- •VICI converts more revenue to profit (67.50% vs 27.96% net margin).
- •VICI grew revenue faster over the past five years (22.87% vs 18.58% CAGR).
- •VICI pays the higher dividend yield (7.13% vs 4.71%).
Metrics side by side
Valuation
| Metric | EXR | VICI |
|---|---|---|
| P/E ratio | 30.58 | 9.19 |
| Forward P/E | 29.60 | 8.52 |
| P/S ratio | 8.43 | 6.37 |
| P/B ratio | 2.18 | 0.90 |
| EV / EBITDA | 19.23 | 11.99 |
| FCF yield | 6.05% | 10.09% |
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 VICI Properties 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 | VICI |
|---|---|---|
| Gross margin | 23.00% | 99.33% |
| Operating margin | 43.37% | 88.77% |
| Net margin | 27.96% | 67.50% |
| ROE | 7.22% | 9.48% |
| ROIC | 5.09% | 7.64% |
Dividends
| Metric | EXR | VICI |
|---|---|---|
| Dividend yield | 4.71% | 7.13% |
| Payout ratio | 144.97% | 69.77% |
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.
VICI Properties 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 | VICI |
|---|---|---|
| Revenue CAGR (5Y) | 18.58% | 22.87% |
| EPS CAGR (5Y) | 4.35% | 8.20% |
| FCF CAGR (5Y) | 16.09% | 22.01% |
| Total return CAGR (5Y) | -2.12% | 2.05% |
Frequently asked
- Which has grown faster, EXR or VICI?
- Over the past five years, VICI grew revenue faster — EXR at a 18.58% CAGR versus VICI at 22.87%.
- Does EXR or VICI pay a bigger dividend?
- EXR yields 4.71% and VICI yields 7.13% based on trailing dividends and the latest price.
- Is EXR or VICI more profitable?
- VICI runs the higher net margin — EXR at 27.96% versus VICI at 67.50%.
- How have EXR and VICI total returns compared?
- Over the past 5 years, EXR delivered -2.12% and VICI delivered 2.05% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Extra Space Storage & VICI Properties 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.