Extra Space Storage Inc (EXR) vs Terreno Realty Corporation (TRNO)

Extra Space Storage Inc and Terreno Realty Corporation are both Reit Industrial companies. Extra Space Storage Inc is the larger, with a market value of $29.2B against $7.2B — 4.0× the size. Terreno Realty Corporation trades at the lower P/E: 17.7× against 29.4×. Terreno Realty Corporation grew revenue faster over the last twelve months: 18.1% against 4.16%. Terreno Realty Corporation has the higher net margin (76.9% vs 27.8%) and the lower return on invested capital (2.42% vs 3.25%). Both pay a dividend; Extra Space Storage Inc yields more (4.51% vs 2.67%). Across the 22 metrics below, Terreno Realty Corporation leads on 14 and Extra Space Storage Inc on 8.

Valuation

Metric EXR TRNO Reit Industrial median
P/E 29.44 17.71 28.30
P/S 8.16 14.00 8.16
P/B 1.98 1.59 1.89
Price to free cash flow 21.44 n/m 21.44
EV/EBITDA 19.10 25.97 17.97
EV/Sales 11.92 15.87 11.71
Earnings yield 3.40% 5.65% 3.38%
Free cash flow yield 4.66% (9.75%) 2.71%

Profitability

Metric EXR TRNO Reit Industrial median
Gross margin 70.78% 76.17% 73.76%
Operating margin 40.91% 41.39% 39.85%
Net margin 27.79% 76.92% 28.04%
Free cash flow margin 38.07% (136.53%) 13.63%
Return on equity 6.64% 9.24% 6.83%
Return on assets 3.25% 7.23% 3.45%
Return on invested capital 3.25% 2.42% 2.92%

Growth

Metric EXR TRNO Reit Industrial median
Revenue growth (TTM) 4.16% 18.05% 3.86%
EPS growth (last fiscal year) 13.90% 103.65% —
Revenue growth, 5-year CAGR 20.02% 20.58% 13.33%
Net income growth, 5-year CAGR 15.12% 38.26% 9.91%

Health

Metric EXR TRNO Reit Industrial median
Debt to equity 0.96 0.22 0.84
Current ratio 1.56 0.43 0.78
Net debt to EBITDA 6.12 3.36 4.76

Dividend

Metric EXR TRNO Reit Industrial median
Dividend yield 4.51% 2.67% 3.14%
Payout ratio 1.18 0.87 1.14

Size

Metric EXR TRNO Reit Industrial median
Market cap 29.18b 7.24b 8.24b

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