WallStSmart

Extra Space Storage Inc (EXR)vsInnovative Industrial Properties Inc (IIPR)

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Smart Verdict

WallStSmart Research — data-driven comparison

Extra Space Storage Inc generates 1234% more annual revenue ($3.52B vs $263.89M). IIPR leads profitability with a 53.2% profit margin vs 29.5%. IIPR trades at a lower P/E of 12.3x. EXR earns a higher WallStSmart Score of 61/100 (C+).

EXR

Buy

61

out of 100

Grade: C+

Growth: 7.3Profit: 8.0Value: 3.3Quality: 3.0
Piotroski: 3/9Altman Z: 0.83

IIPR

Buy

56

out of 100

Grade: C

Growth: 3.3Profit: 7.5Value: 6.0Quality: 6.0
Piotroski: 3/9Altman Z: 2.10
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

EXRFair Value (-4.9%)

Margin of Safety

-4.9%

Fair Value

$135.84

Current Price

$158.20

$22.36 premium

UndervaluedFair: $135.84Overvalued

Intrinsic value data unavailable for IIPR.

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

EXR4 strengths · Avg: 9.3/10
Operating MarginProfitability
44.9%10/10

Strong operational efficiency at 44.9%

EPS GrowthGrowth
50.3%10/10

Earnings expanding 50.3% YoY

Profit MarginProfitability
29.5%9/10

Keeps 30 of every $100 in revenue as profit

Price/BookValuation
2.6x8/10

Reasonable price relative to book value

IIPR4 strengths · Avg: 9.5/10
Price/BookValuation
0.9x10/10

Reasonable price relative to book value

Profit MarginProfitability
53.2%10/10

Keeps 53 of every $100 in revenue as profit

Operating MarginProfitability
47.8%10/10

Strong operational efficiency at 47.8%

P/E RatioValuation
12.3x8/10

Attractively priced relative to earnings

Areas to Watch

EXR4 concerns · Avg: 3.5/10
P/E RatioValuation
32.6x4/10

Premium valuation, high expectations priced in

Revenue GrowthGrowth
1.1%4/10

1.1% revenue growth

Debt/EquityHealth
1.103/10

Elevated debt levels

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

IIPR4 concerns · Avg: 3.5/10
Revenue GrowthGrowth
0.4%4/10

0.4% revenue growth

EPS GrowthGrowth
2.1%4/10

2.1% earnings growth

Market CapQuality
$1.51B3/10

Smaller company, higher risk/reward

Return on EquityProfitability
6.3%3/10

ROE of 6.3% — below average capital efficiency

Comparative Analysis Report

WallStSmart Research

Bull Case : EXR

The strongest argument for EXR centers on Operating Margin, EPS Growth, Profit Margin. Profitability is solid with margins at 29.5% and operating margin at 44.9%.

Bull Case : IIPR

The strongest argument for IIPR centers on Price/Book, Profit Margin, Operating Margin. Profitability is solid with margins at 53.2% and operating margin at 47.8%.

Bear Case : EXR

The primary concerns for EXR are P/E Ratio, Revenue Growth, Debt/Equity.

Bear Case : IIPR

The primary concerns for IIPR are Revenue Growth, EPS Growth, Market Cap.

Key Dynamics to Monitor

IIPR carries more volatility with a beta of 1.38 — expect wider price swings.

EXR is growing revenue faster at 1.1% — sustainability is the question.

EXR generates stronger free cash flow (426M), providing more financial flexibility.

Monitor REIT - INDUSTRIAL industry trends, competitive dynamics, and regulatory changes.

Bottom Line

EXR scores higher overall (61/100 vs 56/100), backed by strong 29.5% margins. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Extra Space Storage Inc

REAL ESTATE · REIT - INDUSTRIAL · USA

Extra Space Storage is a real estate investment trust headquartered in Cottonwood Heights, Utah that invests in self storage units.

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Innovative Industrial Properties Inc

REAL ESTATE · REIT - INDUSTRIAL · USA

Innovative Industrial Properties, Inc. is a self-advising Maryland corporation focused on acquiring, owning, and managing specialty properties leased to experienced state-licensed operators for their regulated medical cannabis facilities.

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