Extra Space Storage Inc (EXR) vs Rexford Industrial Realty, Inc. (REXR)

Extra Space Storage Inc and Rexford Industrial Realty, Inc. are both Reit Industrial companies. Extra Space Storage Inc is the larger, with a market value of $29.2B against $8.5B — 3.4× the size. Rexford Industrial Realty, Inc. has negative trailing earnings, so its P/E is not meaningful; Extra Space Storage Inc trades at 29.4×. Extra Space Storage Inc grew revenue faster over the last twelve months: 4.16% against 0.55%. Extra Space Storage Inc has the higher net margin (27.8% vs −40.4%) and the higher return on invested capital (3.25% vs 2.19%). Both pay a dividend; Extra Space Storage Inc yields more (4.51% vs 3.08%). Across the 22 metrics below, Extra Space Storage Inc leads on 13 and Rexford Industrial Realty, Inc. on 9.

Valuation

Metric EXR REXR Reit Industrial median
P/E 29.44 n/m 28.30
P/S 8.16 8.45 8.16
P/B 1.98 1.08 1.89
Price to free cash flow 21.44 36.92 21.44
EV/EBITDA 19.10 16.89 17.97
EV/Sales 11.92 11.71 11.71
Earnings yield 3.40% (4.83%) 3.38%
Free cash flow yield 4.66% 2.71% 2.71%

Profitability

Metric EXR REXR Reit Industrial median
Gross margin 70.78% 76.80% 73.76%
Operating margin 40.91% 39.27% 39.85%
Net margin 27.79% (40.39%) 28.04%
Free cash flow margin 38.07% 22.90% 13.63%
Return on equity 6.64% (4.78%) 6.83%
Return on assets 3.25% (3.24%) 3.45%
Return on invested capital 3.25% 2.19% 2.92%

Growth

Metric EXR REXR Reit Industrial median
Revenue growth (TTM) 4.16% 0.55% 3.86%
EPS growth (last fiscal year) 13.90% (28.33%) —
Revenue growth, 5-year CAGR 20.02% 24.89% 13.33%
Net income growth, 5-year CAGR 15.12% 26.68% 9.91%

Health

Metric EXR REXR Reit Industrial median
Debt to equity 0.96 0.41 0.84
Current ratio 1.56 1.70 0.78
Net debt to EBITDA 6.12 4.52 4.76

Dividend

Metric EXR REXR Reit Industrial median
Dividend yield 4.51% 3.08% 3.14%
Payout ratio 1.18 1.42 1.14

Size

Metric EXR REXR Reit Industrial median
Market cap 29.18b 8.47b 8.24b

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