American Assets Trust Inc (AAT) is undervalued and VICI Properties Inc (VICI) is undervalued.
Against our estimates of intrinsic value, VICI trades at the wider discount: a margin of safety of +72%, against +49% for AAT.
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 7.9% (average of 3 methods) values the shares at $84.40; the price of $23.98 is 72% below that value, and 81% of that value comes from beyond year five.
Leak Score 60/100 on 9 of 12 signals
| Metric | AAT | VICI |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $22.01 | $23.98 |
| Intrinsic value | $43.11 | $84.40 |
| Margin of safety | +49% | +72% |
| Leak Score | 66/100 (8/12) | 60/100 (9/12) |
| Market cap | $1.4B | $26.4B |
| Revenue growth, 5 years | 6.9% | 26.7% |
| Operating margin | 22.8% | 88.7% |
| Net margin | 4.1% | 67.5% |
| Return on equity | 1.6% | 9.8% |
| Debt to equity | 1.53 | 0.61 |
| P/E | 74.3x | 9.3x |
| Forward P/E | 59.5x | 8.1x |
| P/B | 1.2x | 0.9x |
| Dividend yield | 6.2% | 7.6% |