Extra Space Storage Inc (EXR) is slightly undervalued and First Industrial Realty Trust Inc (FR) is overvalued.
Against our estimates of intrinsic value, EXR trades at the wider discount: a margin of safety of +19%, against -85% for FR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $167.23; the price of $134.99 is 19% below that value, and 77% of that value comes from beyond year five.
Leak Score 57/100 on 8 of 12 signals
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $33.50; the price of $61.89 is 85% above that value, and 76% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | EXR | FR |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $134.99 | $61.89 |
| Intrinsic value | $167.23 | $33.50 |
| Margin of safety | +19% | -85% |
| Leak Score | 57/100 (8/12) | 14/100 (3/12) |
| Market cap | $29.8B | $8.5B |
| Revenue growth, 5 years | 20.0% | 10.1% |
| Operating margin | 26.1% | 41.6% |
| Net margin | 27.7% | 47.9% |
| Return on equity | 7.1% | 13.4% |
| Debt to equity | 1.09 | 0.93 |
| P/E | 30.2x | 22.5x |
| Forward P/E | 28.0x | 31.7x |
| P/B | 2.1x | 3.0x |
| Dividend yield | 4.8% | 3.2% |