American Assets Trust Inc (AAT) is undervalued and Safehold Inc (SAFE) is undervalued.
Against our estimates of intrinsic value, AAT trades at the wider discount: a margin of safety of +49%, against +45% for SAFE.
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 7.7% values the shares at $24.34; the price of $13.45 is 45% below that value, and 80% of that value comes from beyond year five.
Leak Score 54/100 on 8 of 12 signals
| Metric | AAT | SAFE |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $22.01 | $13.45 |
| Intrinsic value | $43.11 | $24.34 |
| Margin of safety | +49% | +45% |
| Leak Score | 66/100 (8/12) | 54/100 (8/12) |
| Market cap | $1.4B | $952M |
| Revenue growth, 5 years | 6.9% | 3.6% |
| Operating margin | 22.8% | 75.8% |
| Net margin | 4.1% | 28.1% |
| Return on equity | 1.6% | 4.8% |
| Debt to equity | 1.53 | 1.94 |
| P/E | 74.3x | 8.3x |
| Forward P/E | 59.5x | 7.9x |
| P/B | 1.2x | 0.4x |
| Dividend yield | 6.2% | 5.3% |