LIVE
PSA
Public Storage · Real Estate
$318.12
+6.94% this month
VERSUS
⟷
COMPARE
EXR
Extra Space Storage Inc. · Real Estate
$145.33
+3.58% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
PSA
3
EXR
2
Comparison scoreboard
PSA LEADS 3/5AI Score
PSA 37.6
EXR ✓37.8
1Y Return
PSA ✓+8.33%
EXR -1.73%
Fwd P/E
PSA ✓31.10
EXR 31.43
Target Up.
PSA -1.15%
EXR ✓+2.49%
Op. Margin
PSA ✓46.03%
EXR 43.98%
Metrics last refreshed: 6/20/2026
Quick take
PSA vs EXR Stock Comparison: AI Score, Valuation, Performance and Upside
Public Storage and Extra Space Storage are the two largest US self-storage REITs, both benefiting from the same secular demand drivers (housing mobility, life transitions, downsizing) and facing the same near-term headwinds (Sun Belt market oversupply from 2021–2023 development). PSA's brand scale and balance sheet are its primary advantages; EXR's third-party management platform and revenue management technology differentiate it.
PSA vs EXR is the self-storage brand and balance sheet leader (Public Storage) versus the technology-driven revenue management and third-party management platform leader (Extra Space) — both are excellent REITs navigating the same supply cycle headwind with different operational approaches.
Live analysis · updated 6/20/2026
PSA holds the edge across 3 of 5 key metrics in this comparison. PSA leads on both 1-year return (+8.33%) and forward P/E (31.10x vs 31.43x for EXR), a relatively favorable combination of momentum and valuation. On fundamentals, EXR is growing revenue faster (3.80%), while PSA maintains the higher operating margin (46.03%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for EXR (+2.49%) than for PSA (-1.15%).
Normalized 1Y performance
PSA
EXR
Recent returns
PSA
EXR
Analyst price targets & sentiment
PSA · 18 analysts
STRONG BUYHOLDSTRONG SELL
Buy (2.0/5.0)
Price target range
analyst low$287.00
analyst high$380.00
analyst mean$322.19
current price$318.12
-1.2% upside to analyst mean
EXR
Price target range
analyst mean$154.35
current price$145.33
+2.5% upside to analyst mean
Who should consider this stock?
PSA may suit investors who:
- →prefer the world's largest self-storage REIT with brand-driven customer acquisition and balance sheet scale advantages
- →value Public Storage's marketing scale reducing customer acquisition cost vs smaller operators in a commodity storage market
- →want a large-cap REIT dividend with conservative financial management and development pipeline for long-term NOI growth
- →are comfortable with Sun Belt oversupply headwinds on same-store revenue and European operations currency risk from Shurgard
EXR may suit investors who:
- →prefer Extra Space's technology-driven revenue management and third-party management platform differentiating it from commodity storage peers
- →value the third-party management contract business providing fee income, market intelligence, and future acquisition optionality
- →want the second-largest self-storage REIT following Life Storage merger with post-merger integration upside as synergies realize
- →are comfortable with Life Storage integration complexity and third-party management contract renewal risk
Performance & AI score
| Metric | PSA | EXR |
|---|---|---|
| AI score | 37.6 | 37.8 |
| AI rank | #1370 | #1349 |
| Latest close | $318.12 | $145.33 |
| 1M return | +6.94% | +3.58% |
| 6M return | +19.07% | +10.20% |
| 1Y return | +8.33% | -1.73% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | PSA | EXR |
|---|---|---|
| 1Y ago | $10.94K (+9.4%) started 2025-06-18 | $9.92K (-0.8%) started 2025-06-18 |
| 5Y ago | $14.87K (+48.7%) started 2021-06-21 | $11.94K (+19.4%) started 2021-06-21 |
| 10Y ago | $28.37K (+183.7%) started 2016-06-20 | $33.53K (+235.3%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | PSA | EXR |
|---|---|---|
| Market cap | $57.22B | $33.24B |
| Trailing P/E | 33.67 | 33.92 |
| Forward P/E | 31.10 | 31.43 |
| Price/Sales | 11.21 | N/A |
| EV/Revenue | 14.69 | 13.37 |
| Analyst target | $322.19 | $154.35 |
| Target upside | -1.15% | +2.49% |
Growth, profitability & risk
| Metric | PSA | EXR |
|---|---|---|
| Revenue growth | 3.20% | 3.80% |
| Earnings growth | 32.80% | -10.60% |
| EPS growth | +32.80% | -10.60% |
| FCF margin | +47.98% | +38.55% |
| Operating margin | 46.03% | 43.98% |
| Profit margin | 39.06% | 27.14% |
| ROIC proxy | 20.18% | 6.83% |
| Return on equity | 20.18% | 6.83% |
| Dividend yield | 3.68% | 4.30% |
| Beta | 0.96 | 1.21 |
| Debt/equity | 107.65 | 98.09 |
| Current ratio | 0.19 | 0.69 |
| Quick ratio | 0.09 | 0.10 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
PSA max drawdown17.11%
EXR max drawdown17.13%
PSA max wkly drop10.73%
EXR max wkly drop12.25%
5Y risk snapshot
PSA max drawdown37.93%
EXR max drawdown51.36%
PSA max wkly drop12.88%
EXR max wkly drop14.36%
10Y risk snapshot
PSA max drawdown37.93%
EXR max drawdown51.36%
PSA max wkly drop18.98%
EXR max wkly drop22.18%
Performance metrics by period
| Period | Metric | PSA | EXR |
|---|---|---|---|
| 1Y | Growth | +9.39% | -0.76% |
| CAGR | +9.41% | -0.77% | |
| Sharpe ratio | 0.31 | -0.08 | |
| Max drawdown | 17.11% | 17.13% | |
| Max daily drop | 5.79% | 10.03% | |
| Max wkly drop | 10.73% | 12.25% | |
| 5Y | Growth | +24.01% | +2.47% |
| CAGR | +4.40% | +0.49% | |
| Sharpe ratio | 0.11 | -0.00 | |
| Max drawdown | 37.93% | 51.36% | |
| Max daily drop | 8.00% | 10.92% | |
| Max wkly drop | 12.88% | 14.36% | |
| 10Y | Growth | +87.40% | +129.92% |
| CAGR | +6.49% | +8.69% | |
| Sharpe ratio | 0.19 | 0.28 | |
| Max drawdown | 37.93% | 51.36% | |
| Max daily drop | 11.53% | 15.47% | |
| Max wkly drop | 18.98% | 22.18% |
Business comparison
| Category | PSA | EXR |
|---|---|---|
| Company | Public Storage | Extra Space Storage Inc. |
| Sector | Real Estate | Real Estate |
| Industry | REIT - Industrial | N/A |
| Core business | Public Storage is the world's largest self-storage REIT, operating 3,000+ facilities with 200M+ net rentable square feet across the US and Europe. Its brand dominance, marketing scale, and technology platform (app-based rentals, smart locks, digital marketing) enable customer acquisition at lower cost than smaller operators. Public Storage recently acquired Simply Self Storage and has a large development pipeline. The PS Business Parks disposition allowed PSA to focus purely on self-storage. | Extra Space Storage is the second-largest self-storage REIT after its acquisition of Life Storage, operating 3,700+ locations across the US. Extra Space's management platform (it manages 1,000+ third-party facilities in addition to its own) provides scale leverage in digital marketing, revenue management algorithms, and operational oversight. Its third-party management business generates fee income and provides optionality to acquire managed properties at favorable pricing. |
| Investor focus | Investors track same-store revenue growth, occupancy rates, realized annual rent per square foot, digital marketing and rental automation platform investments, and acquisition and development pipeline. | Investors track same-store NOI growth, third-party management contract count and growth, Life Storage integration progress, occupancy vs street rates (revenue management performance), and AFFO per share. |
PSA strengths
- →Brand scale advantage: Public Storage's brand recognition drives customer acquisition from direct search at lower marketing cost per customer than smaller operators
- →Technology platform investments in digital rentals, smart locks, and automated entry reduce operating costs per facility vs labor-intensive management
- →Balance sheet scale enables acquisitions and developments that smaller self-storage REITs cannot efficiently execute at comparable cost of capital
EXR strengths
- →Third-party management platform managing 1,000+ outside facilities provides competitive intelligence, future acquisition pipeline, and fee income
- →Revenue management algorithms are among the most sophisticated in self-storage, allowing real-time pricing optimization across markets
- →Life Storage acquisition created the second-largest self-storage operator with significant facility count to justify national marketing scale
Risks to watch — PSA
- →Self-storage market faced oversupply in many Sun Belt markets as pandemic-era development surged 2021–2023, driving same-store revenue weakness
- →Rate discounting to maintain occupancy compresses realized annual rent per square foot during supply-pressured periods
- →European operations (Shurgard, partially owned) add currency risk and operating complexity not shared by purely US peers
Risks to watch — EXR
- →Same-store revenue growth has been under pressure from Sun Belt oversupply similar to Public Storage's challenge
- →Life Storage integration is a large organizational project — synergy realization requires operational harmonization across both platforms
- →Third-party management contracts can be terminated — concentration among few large third-party owner relationships creates some concentration risk
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