NSA vs EXR

For growth investors, Extra Space Storage Inc.

(EXR) is the stronger pick with 1. 2% revenue growth year-over-year, versus -2. 3% for National Storage Affiliates Trust (NSA). Extra Space Storage Inc. (EXR) offers the better valuation at 30. 5x trailing P/E (30. 1x forward), making it the more compelling value choice. Analysts rate National Storage Affiliates Trust (NSA) a "Hold" — based on 19 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.

On trailing P/E, Extra Space Storage Inc.

(EXR) is the cheapest at 30. 5x versus National Storage Affiliates Trust at 59. 9x. On forward P/E, Extra Space Storage Inc. is actually cheaper at 30. 1x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Extra Space Storage Inc. wins at 6. 91x versus National Storage Affiliates Trust's 13. 91x.

Over the past 5 years, Extra Space Storage Inc.

(EXR) delivered a total return of +16. 8%, compared to +16. 4% for National Storage Affiliates Trust (NSA). Over 10 years, the gap is even starker: NSA returned +178. 4% versus EXR's +106. 5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Extra Space Storage Inc.

(EXR) is the lower-risk stock at 0. 52β versus National Storage Affiliates Trust's 0. 81β — meaning NSA is approximately 57% more volatile than EXR relative to the S&P 500. On balance sheet safety, Extra Space Storage Inc. (EXR) carries a lower debt/equity ratio of 105% versus 2% for National Storage Affiliates Trust — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Extra Space Storage Inc.

(EXR) is pulling ahead at 1. 2% versus -2. 3% for National Storage Affiliates Trust (NSA). On earnings-per-share growth, the picture is similar: Extra Space Storage Inc. grew EPS 13. 9% year-over-year, compared to -40. 7% for National Storage Affiliates Trust. Over a 3-year CAGR, EXR leads at 19. 8% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Extra Space Storage Inc.

(EXR) is the more profitable company, earning 28. 8% net margin versus 9. 8% for National Storage Affiliates Trust — meaning it keeps 28. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: EXR leads at 44. 1% versus 37. 0% for NSA. At the gross margin level — before operating expenses — NSA leads at 46. 0%, 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.

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 6. 91x versus National Storage Affiliates Trust's 13. 91x. 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 30. 1x forward P/E versus 79. 6x for National Storage Affiliates Trust — 49. 5x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for EXR: 6. 7% to $149. 13.

All stocks in this comparison pay dividends.

National Storage Affiliates Trust (NSA) offers the highest yield at 5. 4%, versus 4. 6% for Extra Space Storage Inc. (EXR).

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. 52), 4. 6% yield, +106. 5% 10Y return). Both have compounded well over 10 years (EXR: +106. 5%, NSA: +178. 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.

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.

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.