American Assets Trust Inc (AAT) is undervalued and Broadstone Net Lease Inc (BNL) is overvalued.
Against our estimates of intrinsic value, AAT trades at the wider discount: a margin of safety of +49%, against -89% for BNL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.4% (average of 3 methods) values the shares at $43.11; the price of $22.01 is 49% below that value, and 82% of that value comes from beyond year five.
Leak Score 66/100 on 8 of 12 signals
Discounting its cash flows at 7.8% (average of 3 methods) values the shares at $10.11; the price of $19.12 is 89% above that value, and 80% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | AAT | BNL |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $22.01 | $19.12 |
| Intrinsic value | $43.11 | $10.11 |
| Margin of safety | +49% | -89% |
| Leak Score | 66/100 (8/12) | 0/100 (2/12) |
| Market cap | $1.4B | $3.7B |
| Revenue growth, 5 years | 6.9% | 7.2% |
| Operating margin | 22.8% | 49.7% |
| Net margin | 4.1% | 29.5% |
| Return on equity | 1.6% | 4.9% |
| Debt to equity | 1.53 | 0.95 |
| P/E | 74.3x | 25.5x |
| Forward P/E | 59.5x | 25.0x |
| P/B | 1.2x | 1.3x |
| Dividend yield | 6.2% | 6.1% |