American Assets Trust Inc (AAT)vsBroadstone Net Lease Inc (BNL)
AAT
American Assets Trust Inc
$21.89
+0.14%
REAL ESTATE · Cap: $1.70B
BNL
Broadstone Net Lease Inc
$17.59
+2.87%
REAL ESTATE · Cap: $3.70B
Smart Verdict
WallStSmart Research — data-driven comparison
Broadstone Net Lease Inc generates 8% more annual revenue ($476.17M vs $440.11M). BNL leads profitability with a 30.6% profit margin vs 4.8%. BNL trades at a lower P/E of 23.2x. BNL earns a higher WallStSmart Score of 63/100 (C+).
AAT
Buy56
out of 100
Grade: C
BNL
Buy63
out of 100
Grade: C+
Intrinsic Value Comparison
Multi-model valuation · Graham Formula
Margin of Safety
+50.8%
Fair Value
$37.56
Current Price
$21.89
$15.67 discount
Margin of Safety
-37.0%
Fair Value
$14.21
Current Price
$17.59
$3.38 premium
Key Strengths & Concerns
Side-by-side fundamental analysis
Key Strengths
Reasonable price relative to book value
Earnings expanding 70.9% YoY
Strong operational efficiency at 25.8%
Reasonable price relative to book value
Keeps 31 of every $100 in revenue as profit
Strong operational efficiency at 46.2%
Earnings expanding 95.7% YoY
Areas to Watch
Smaller company, higher risk/reward
ROE of 2.0% — below average capital efficiency
4.8% margin — thin
Elevated debt levels
Distress zone — elevated risk
ROE of 4.4% — below average capital efficiency
Weak financial health signals
Comparative Analysis Report
WallStSmart ResearchBull Case : AAT
The strongest argument for AAT centers on Price/Book, EPS Growth, Operating Margin.
Bull Case : BNL
The strongest argument for BNL centers on Price/Book, Profit Margin, Operating Margin. Profitability is solid with margins at 30.6% and operating margin at 46.2%.
Bear Case : AAT
The primary concerns for AAT are Market Cap, Return on Equity, Profit Margin. A P/E of 62.5x leaves little room for execution misses. Debt-to-equity of 1.53 is elevated, increasing financial risk.
Bear Case : BNL
The primary concerns for BNL are Altman Z-Score, Return on Equity, Piotroski F-Score.
Key Dynamics to Monitor
AAT profiles as a value stock while BNL is a mature play — different risk/reward profiles.
AAT carries more volatility with a beta of 0.98 — expect wider price swings.
BNL is growing revenue faster at 8.3% — sustainability is the question.
BNL generates stronger free cash flow (57M), providing more financial flexibility.
Bottom Line
BNL scores higher overall (63/100 vs 56/100), backed by strong 30.6% margins. AAT offers better value entry with a 50.8% margin of safety. Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.
This analysis is generated from publicly available financial data. Not financial advice.
American Assets Trust Inc
REAL ESTATE · REIT - DIVERSIFIED · USA
American Assets Trust, Inc. is a self-managed, vertically integrated, full-service real estate investment trust, or REIT, based in San Diego, California.
Broadstone Net Lease Inc
REAL ESTATE · REIT - DIVERSIFIED · USA
BNL is an internally managed REIT that primarily acquires, owns and manages single-tenant commercial real estate that is rented out on a long-term basis to a diversified group of tenants.
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