Empire State Realty Trust Inc (ESRT) is undervalued and Global Net Lease Inc (GNL) is undervalued.
Against our estimates of intrinsic value, ESRT trades at the wider discount: a margin of safety of +62%, against +60% for GNL.
Values as of the 19 Oct 2026 close.
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
Discounting its cash flows at 9.2% (average of 2 methods) values the shares at $18.25; the price of $7.32 is 60% below that value, and 76% of that value comes from beyond year five.
Leak Score 64/100 on 10 of 12 signals
| Metric | ESRT | GNL |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $4.61 | $7.32 |
| Intrinsic value | $12.06 | $18.25 |
| Margin of safety | +62% | +60% |
| Leak Score | 67/100 (9/12) | 64/100 (10/12) |
| Market cap | $815M | $1.7B |
| Revenue growth, 5 years | 4.8% | 8.6% |
| Operating margin | 16.8% | 34.9% |
| Net margin | 0.4% | -13.3% |
| Return on equity | 0.7% | -1.0% |
| Debt to equity | 2.18 | 1.63 |
| P/E | 261.7x | — |
| P/B | 0.8x | 1.0x |
| Dividend yield | 3.0% | 10.3% |