REIT Report Card · August 15, 2026
Extra Space Storage is the larger storage name, $32.6B, about $183 million a day. EBITDA margins are about 65.8% and the indicated yield is 4.38%. EV / EBITDA is about 20.1x after a +7.0% year. Interest coverage of 3.6x is the softer number.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A- | Enough daily volume for most individual sizes |
| Balance Sheet | B | A lot of debt. Worth keeping an eye on |
| Debt Service | B | Coverage is fine, but not abundant |
| Operating Quality | A | Excellent profit margins |
| Cash Generation | B+ | Healthy cash generation relative to the equity value |
| Dividend | B | The dividend is covered. Yield is not the whole story |
| Valuation | B | Priced fully, but not extreme |
| Recent Performance | B+ | Up over the past year, but not a huge move |
| Overall | B+ | Larger storage name, fuller price, thinner interest coverage than you would like |
1. Valuation
This is the price of EXR's operating earnings, counting both the equity and the debt.
At about 20.1x EV / EBITDA, EXR trades at a full but less extreme multiple.
Bottom line: Not a cheap screen. The operating year and the growth still have to show up.
2. Leverage
For every $1 of annual EBITDA EXR generates, it has about $5.94 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: EXR uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 30% of EXR's total enterprise value is net debt.
That gives equity investors a thinner equity cushion than lower-debt peers.
Bottom line: A large net-debt share of EV means equity holders have less of a cushion.
4. Interest Protection
EXR generates about 3.59x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Coverage is okay, but there's less spare room than at the strongest credits here.
5. Operating Profitability
EXR turns about 66 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
EXR generated operating cash flow equal to about 5.8% of its current equity value.
For every $100 of current equity value, the company generated about $5.82 of trailing operating cash flow.
Bottom line: There's real cash in dollars, but a higher stock price compresses the yield you get today.
7. Cash Conversion
About 82% of EXR's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers EXR's annualized dividend about 1.33x.
EXR generates roughly 1.33x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks covered by operating cash flow, though the margin isn't huge under this conservative method.
9. Dividend Yield
EXR is not mainly a high-income REIT.
Put $10,000 into EXR at the current indicated yield and you'd get about $438 a year if the dividend stays the same.
Bottom line: People who buy EXR are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $183 million of EXR stock changes hands on an average trading day.
Bottom line: EXR trades about $183 million on an ordinary day.
If you put $10,000 into EXR today, based on the numbers in this report:
EXR has $14.41B of total debt against $0.70B of cash (5.94x net debt / EBITDA). Interest coverage of 3.6x only partly offsets that load.
At 20.1x EV / EBITDA, the multiple sits in the middle of this list. The shares are not a deep-value screen.
OCF dividend coverage is 1.33x and the indicated yield is 4.38%. The dividend looks supported, but the margin isn't huge, and capex definitions still matter.
Average daily dollar volume is $182.5M, active enough for most individual-sized trades.
Extra Space is the larger storage name at 20.1x EV / EBITDA with a 4.38% yield. Interest coverage of 3.6x is the number that keeps it from looking tidy.
CapEx was only 1.1% of OCF, so reinvestment drag was light. Interest coverage of 3.6x is the number that does not look light.
20.1x EV / EBITDA, 5.94x leverage, 1.33x coverage, 4.4% yield. A fuller storage price. Interest coverage of 3.6x is the soft spot.
| Metric | EXR |
|---|---|
| Market Capitalization | $32.63B |
| Enterprise Value | $46.35B |
| Share Price | $147.90 |
| Revenue (TTM) | $3.51B |
| EBITDA (TTM) | $2.31B |
| EBIT (TTM) | $1.59B |
| Operating Cash Flow (TTM) | $1.90B |
| CapEx (TTM) | $0.02B |
| Cash | $0.70B |
| Total Debt | $14.41B |
| Average Daily $ Volume | $182.5M |
| Daily Equity Turnover | 0.56% |
| EV / EBITDA | 20.06x |
| EBITDA Yield on EV | 4.98% |
| EBITDA Margin | 65.81% |
| Net Debt / EBITDA | 5.94x |
| Net Debt / Market Cap | 42.03% |
| Net Debt / Enterprise Value | 29.59% |
| Debt / Total Capital | 30.63% |
| Cash / Debt | 4.83% |
| EV Premium to Equity | 42.05% |
| Operating Cash Flow Yield | 5.82% |
| OCF / EBITDA Conversion | 82.25% |
| CapEx / Operating Cash Flow | 1.10% |
| CapEx / Revenue | 0.60% |
| Post-CapEx Cash Yield | 5.76% |
| Dividend / OCF Burden | 0.75x |
| OCF Dividend Coverage | 1.33x |
| Implied Interest / Revenue | 18.34% |
| EBITDA Interest Coverage | 3.59x |
| Reported Interest Coverage (source) | 2.47x |
| Dividend Yield | 4.38% |
| 52-Week Price Change | +7.01% |
| Approx. 1-Year Total Carry | +11.39% |
| Beta (5Y) | 1.18 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/exr/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.