Comprehensive Stock Comparison
Compare First Industrial Realty Trust, Inc. (FR) vs Extra Space Storage Inc. (EXR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | EXR | 27.6% revenue growth vs FR's 8.7% |
| Value | EXR | Lower P/E (31.7x vs 36.5x), PEG 7.10 vs 12.55 |
| Quality / Margins | FR | 33.2% net margin vs EXR's 28.9% |
| Stability / Safety | EXR | Beta 0.56 vs FR's 0.78 |
| Dividends | EXR | 4.3% yield, 15-year raise streak, vs FR's 2.3% |
| Momentum (1Y) | FR | +13.7% vs EXR's +3.2% |
| Efficiency (ROA) | FR | 4.3% ROA vs EXR's 3.3%, ROIC 4.6% vs 3.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
First Industrial Realty Trust is a real estate investment trust that owns, operates, and develops industrial properties like warehouses and distribution centers across major U.S. markets. It generates revenue primarily through property leasing — collecting rent from tenants — with additional income from property sales and development activities. The company's competitive advantage lies in its strategic portfolio concentrated in high-demand logistics hubs and its integrated platform for development, leasing, and property management.
Extra Space Storage is a real estate investment trust that owns and operates self-storage facilities across the United States. It generates revenue primarily through rental income from storage units — including boat, RV, and business storage — with property management fees contributing additional income. The company benefits from economies of scale as the second-largest self-storage operator in the U.S., leveraging its national brand recognition and sophisticated revenue management systems.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
FR leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). EXR leads in 2 (Valuation Metrics, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
EXR is the larger business by revenue, generating $3.3B annually — 4.6x FR's $714M. Profitability is closely matched — net margins range from 33.2% (FR) to 28.9% (EXR). On growth, FR holds the edge at +7.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FRFirst Industrial … | EXRExtra Space Stora… |
|---|---|---|
| RevenueTrailing 12 months | $714M | $3.3B |
| EBITDAEarnings before interest/tax | $455M | $2.1B |
| Net IncomeAfter-tax profit | $237M | $953M |
| Free Cash FlowCash after capex | $437M | $1.9B |
| Gross MarginGross profit ÷ Revenue | +73.6% | +67.7% |
| Operating MarginEBIT ÷ Revenue | +36.9% | +43.1% |
| Net MarginNet income ÷ Revenue | +33.2% | +28.9% |
| FCF MarginFCF ÷ Revenue | +61.3% | +57.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.9% | -9.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -34.7% | -14.3% |
Valuation Metrics
At 29.1x trailing earnings, FR trades at a 22% valuation discount to EXR's 37.5x P/E. Adjusting for growth (PEG ratio), EXR offers better value at 8.40x vs FR's 10.00x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | FRFirst Industrial … | EXRExtra Space Stora… |
|---|---|---|
| Market CapShares × price | $8.4B | $32.1B |
| Enterprise ValueMkt cap + debt − cash | $10.5B | $44.9B |
| Trailing P/EPrice ÷ TTM EPS | 29.10x | 37.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 36.53x | 31.65x |
| PEG RatioP/E ÷ EPS growth rate | 10.00x | 8.40x |
| EV / EBITDAEnterprise value multiple | 22.24x | 21.39x |
| Price / SalesMarket cap ÷ Revenue | 12.44x | 9.60x |
| Price / BookPrice ÷ Book value/share | 3.04x | 2.15x |
| Price / FCFMarket cap ÷ FCF | 62.00x | 17.17x |
Profitability & Efficiency
FR delivers a 8.6% return on equity — every $100 of shareholder capital generates $9 in annual profit, vs $7 for EXR. FR carries lower financial leverage with a 0.81x debt-to-equity ratio, signaling a more conservative balance sheet compared to EXR's 0.88x. On the Piotroski fundamental quality scale (0–9), FR scores 7/9 vs EXR's 5/9, reflecting strong financial health.
| Metric | FRFirst Industrial … | EXRExtra Space Stora… |
|---|---|---|
| ROE (TTM)Return on equity | +8.6% | +6.6% |
| ROA (TTM)Return on assets | +4.3% | +3.3% |
| ROICReturn on invested capital | +4.6% | +3.7% |
| ROCEReturn on capital employed | +5.9% | +5.0% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 0.81x | 0.88x |
| Net DebtTotal debt minus cash | $2.2B | $12.9B |
| Cash & Equiv.Liquid assets | $45M | $138M |
| Total DebtShort + long-term debt | $2.2B | $13.0B |
| Interest CoverageEBIT ÷ Interest expense | 3.59x | 2.22x |
Total Returns (with DRIP)
A $10,000 investment in FR five years ago would be worth $16,273 today (with dividends reinvested), compared to $14,619 for EXR. Over the past 12 months, FR leads with a +13.7% total return vs EXR's +3.2%. The 3-year compound annual growth rate (CAGR) favors FR at 8.7% vs EXR's 1.2% — a key indicator of consistent wealth creation.
| Metric | FRFirst Industrial … | EXRExtra Space Stora… |
|---|---|---|
| YTD ReturnYear-to-date | +9.1% | +15.3% |
| 1-Year ReturnPast 12 months | +13.7% | +3.2% |
| 3-Year ReturnCumulative with dividends | +28.3% | +3.5% |
| 5-Year ReturnCumulative with dividends | +62.7% | +46.2% |
| 10-Year ReturnCumulative with dividends | +245.4% | +140.5% |
| CAGR (3Y)Annualised 3-year return | +8.7% | +1.2% |
Risk & Volatility
EXR is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than FR's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FR currently trades 98.7% from its 52-week high vs EXR's 94.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FRFirst Industrial … | EXRExtra Space Stora… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.78x | 0.56x |
| 52-Week HighHighest price in past year | $64.00 | $160.58 |
| 52-Week LowLowest price in past year | $40.31 | $121.03 |
| % of 52W HighCurrent price vs 52-week peak | +98.7% | +94.1% |
| RSI (14)Momentum oscillator 0–100 | 72.9 | 58.2 |
| Avg Volume (50D)Average daily shares traded | 885K | 1.1M |
Analyst Outlook
Wall Street rates FR as "Buy" and EXR as "Hold". Consensus price targets imply 1.2% upside for FR (target: $64) vs -0.7% for EXR (target: $150). For income investors, EXR offers the higher dividend yield at 4.30% vs FR's 2.31%.
| Metric | FRFirst Industrial … | EXRExtra Space Stora… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $63.89 | $150.00 |
| # AnalystsCovering analysts | 29 | 28 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | +4.3% |
| Dividend StreakConsecutive years of raises | 13 | 15 |
| Dividend / ShareAnnual DPS | $1.46 | $6.50 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 100 | 142.25 | +42.2% |
| Extra Space Storage… (EXR) | 100 | 127.97 | +28.0% |
First Industrial Re… (FR) returned +63% over 5 years vs Extra Space Storage… (EXR)'s +46%. A $10,000 investment in FR 5 years ago would be worth $16,273 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | $366M | $672M | +83.7% |
| Extra Space Storage… (EXR) | $795M | $3.3B | +320.1% |
First Industrial Realty Trust, Inc.'s revenue grew from $366M (2015) to $672M (2024) — a 7.0% CAGR. Extra Space Storage Inc.'s revenue grew from $795M (2015) to $3.3B (2024) — a 17.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 20.2% | 42.7% | +111.9% |
| Extra Space Storage… (EXR) | 23.8% | 25.6% | +7.4% |
First Industrial Realty Trust, Inc.'s net margin went from 20% (2015) to 43% (2024). Extra Space Storage Inc.'s net margin went from 24% (2015) to 26% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 18.6 | 23.1 | +24.2% |
| Extra Space Storage… (EXR) | 23.3 | 37.1 | +59.2% |
First Industrial Realty Trust, Inc. has traded in a 18x–32x P/E range over 8 years; current trailing P/E is ~29x. Extra Space Storage Inc. has traded in a 23x–37x P/E range over 8 years; current trailing P/E is ~37x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 0.66 | 2.17 | +228.8% |
| Extra Space Storage… (EXR) | 1.56 | 4.03 | +158.3% |
First Industrial Realty Trust, Inc.'s EPS grew from $0.66 (2015) to $2.17 (2024) — a 14% CAGR. Extra Space Storage Inc.'s EPS grew from $1.56 (2015) to $4.03 (2024) — a 11% CAGR.
Chart 6Free Cash Flow — 5 Years
First Industrial Realty Trust, Inc. generated $135M FCF in 2024 (+298% vs 2021). Extra Space Storage Inc. generated $2B FCF in 2024 (+97% vs 2021).
FR vs EXR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is FR or EXR a better buy right now?
First Industrial Realty Trust, Inc. (FR) offers the better valuation at 29.1x trailing P/E (36.5x forward), making it the more compelling value choice. Analysts rate First Industrial Realty Trust, Inc. (FR) a "Buy" — based on 29 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FR or EXR?
On trailing P/E, First Industrial Realty Trust, Inc. (FR) is the cheapest at 29.1x versus Extra Space Storage Inc. at 37.5x. On forward P/E, Extra Space Storage Inc. is actually cheaper at 31.7x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Extra Space Storage Inc. wins at 7.10x versus First Industrial Realty Trust, Inc.'s 12.55x.
03Which is the better long-term investment — FR or EXR?
Over the past 5 years, First Industrial Realty Trust, Inc. (FR) delivered a total return of +62.7%, compared to +46.2% for Extra Space Storage Inc. (EXR). A $10,000 investment in FR five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: FR returned +245.4% versus EXR's +140.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FR or EXR?
By beta (market sensitivity over 5 years), Extra Space Storage Inc. (EXR) is the lower-risk stock at 0.56β versus First Industrial Realty Trust, Inc.'s 0.78β — meaning FR is approximately 40% more volatile than EXR relative to the S&P 500. On balance sheet safety, First Industrial Realty Trust, Inc. (FR) carries a lower debt/equity ratio of 81% versus 88% for Extra Space Storage Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — FR or EXR?
First Industrial Realty Trust, Inc. (FR) is the more profitable company, earning 42.7% net margin versus 25.6% for Extra Space Storage Inc. — meaning it keeps 42.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: FR leads at 44.3% versus 39.6% for EXR. At the gross margin level — before operating expenses — EXR leads at 76.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is FR or EXR more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Extra Space Storage Inc. (EXR) is the more undervalued stock at a PEG of 7.10x versus First Industrial Realty Trust, Inc.'s 12.55x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Extra Space Storage Inc. (EXR) trades at 31.7x forward P/E versus 36.5x for First Industrial Realty Trust, Inc. — 4.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FR: 1.2% to $63.89.
07Which pays a better dividend — FR or EXR?
All stocks in this comparison pay dividends. Extra Space Storage Inc. (EXR) offers the highest yield at 4.3%, versus 2.3% for First Industrial Realty Trust, Inc. (FR).
08Is FR or EXR better for a retirement portfolio?
For long-horizon retirement investors, Extra Space Storage Inc. (EXR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.56), 4.3% yield, +140.5% 10Y return). Both have compounded well over 10 years (EXR: +140.5%, FR: +245.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between FR and EXR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: FR is a small-cap quality compounder stock; EXR is a mid-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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