American Assets Trust Inc (AAT) is slightly undervalued and Empire State Realty Trust Inc (ESRT) is undervalued.
Against our estimates of intrinsic value, ESRT trades at the wider discount: a margin of safety of +62%, against +17% for AAT.
Values as of the 19 Oct 2026 close.
Discounting its cash flows at 7.3% (average of 3 methods) values the shares at $24.78; the price of $20.62 is 17% below that value, and 82% of that value comes from beyond year five.
Leak Score 57/100 on 10 of 12 signals
Discounting its cash flows at 11.6% (average of 3 methods) values the shares at $12.06; the price of $4.61 is 62% below that value, and 67% of that value comes from beyond year five.
Leak Score 67/100 on 9 of 12 signals
| Metric | AAT | ESRT |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $20.62 | $4.61 |
| Intrinsic value | $24.78 | $12.06 |
| Margin of safety | +17% | +62% |
| Leak Score | 57/100 (10/12) | 67/100 (9/12) |
| Market cap | $1.3B | $815M |
| Revenue growth, 5 years | 6.9% | 4.8% |
| Operating margin | 22.8% | 16.8% |
| Net margin | 4.1% | 0.4% |
| Return on equity | 1.6% | 0.7% |
| Debt to equity | 1.53 | 2.18 |
| P/E | 70.0x | 261.7x |
| Forward P/E | 56.1x | — |
| P/B | 1.1x | 0.8x |
| Dividend yield | 6.6% | 3.0% |