The business behind the dividend
| Measure | EXR | Median | Formula |
|---|---|---|---|
| Return on equity | 7.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $762.91m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $923.93m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | 0.70x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.50x | 4.43x | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.90x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 7.3% | 6.1% | 5.6% | 26.4% | 26.6% | 18.9% | 16.5% | 17.2% | 20.4% | 16.3% | 16.5% |
| Return on capital employed | 6.2% | 6.1% | 5.6% | 17.5% | 17.8% | 9.1% | 9.3% | 9.5% | 10.7% | 8.4% | 9.1% |
| Debt to equity | 0.70x | 0.56x | 0.45x | 0.85x | 0.76x | 1.88x | 1.70x | 1.71x | 1.59x | 1.43x | 0.85x |
| Cash conversion | 1.90x | 2.21x | 1.75x | 1.44x | 1.15x | 1.60x | 1.69x | 1.63x | 1.25x | 1.47x | 1.60x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, Extra Space Storage pays out less than 7 of them. The median for that group is 65.5%, against this company’s 81.3%.
Closest on funds from operations
- Gaming & Leisure Properties (GLPI) 78.4%
- Healthpeak Properties (DOC) 80.1%
- CubeSmart (CUBE) 80.6%
- Iron Mountain (IRM) 81.5%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →