Extra Space Storage Inc (EXR) is slightly undervalued and Rexford Industrial Realty Inc (REXR) is overvalued.
Against our estimates of intrinsic value, EXR trades at the wider discount: a margin of safety of +19%, against -61% for REXR.
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 2 methods) values the shares at $23.75; the price of $38.23 is 61% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | EXR | REXR |
|---|---|---|
| Verdict | Slightly undervalued | Overvalued |
| Price | $134.99 | $38.23 |
| Intrinsic value | $167.23 | $23.75 |
| Margin of safety | +19% | -61% |
| Leak Score | 57/100 (8/12) | 0/100 (2/12) |
| Market cap | $29.8B | $8.5B |
| Revenue growth, 5 years | 20.0% | 24.4% |
| Operating margin | 26.1% | 39.4% |
| Net margin | 27.7% | -40.5% |
| Return on equity | 7.1% | -4.8% |
| Debt to equity | 1.09 | 0.45 |
| P/E | 30.2x | — |
| Forward P/E | 28.0x | 25.1x |
| P/B | 2.1x | 1.1x |
| Dividend yield | 4.8% | 4.6% |