Empire State Realty Trust Inc (ESRT) is undervalued and W. P. Carey Inc (WPC) is slightly undervalued.
Against our estimates of intrinsic value, ESRT trades at the wider discount: a margin of safety of +62%, against +6% for WPC.
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 8.1% (average of 3 methods) values the shares at $68.14; the price of $63.77 is 6% below that value, and 79% of that value comes from beyond year five.
Leak Score 35/100 on 9 of 12 signals
| Metric | ESRT | WPC |
|---|---|---|
| Verdict | Undervalued | Slightly undervalued |
| Price | $4.61 | $63.77 |
| Intrinsic value | $12.06 | $68.14 |
| Margin of safety | +62% | +6% |
| Leak Score | 67/100 (9/12) | 35/100 (9/12) |
| Market cap | $815M | $14.6B |
| Revenue growth, 5 years | 4.8% | 7.3% |
| Operating margin | 16.8% | 53.2% |
| Net margin | 0.4% | 36.3% |
| Return on equity | 0.7% | 7.7% |
| Debt to equity | 2.18 | 1.03 |
| P/E | 261.7x | 22.0x |
| Forward P/E | — | 21.0x |
| P/B | 0.8x | 1.7x |
| Dividend yield | 3.0% | 5.8% |