German Real Estate Potentially Undervalued Companies

Allied Properties Real Estate Investment Trust

Market Cap: €2.0b

Allied is a leading owner-operator of distinctive urban workspace in Canada’s major cities.

ESR-REIT

Market Cap: €1.6b

ESR-LOGOS REIT is a leading New Economy and future-ready Asia Pacific S-REIT.

H&R Real Estate Investment Trust

Market Cap: €2.6b

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $10.8 billion as at December 31, 2023.

BXP

Market Cap: €9.6b

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC.

BRT Apartments

Market Cap: €308.1m

BRT is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties.

Workspace Group

Market Cap: €768.3m

Workspace is London's leading owner and operator of flexible workspace, currently managing 4.7 million sq.

Global Net Lease

Market Cap: €1.6b

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE.

Centerspace

Market Cap: €1.0b

An owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others.

City Office REIT

Market Cap: €174.3m

City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013.

NexPoint Residential Trust

Market Cap: €889.4m

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States.

Americold Realty Trust

Market Cap: €5.5b

Americold is a global leader in temperature-controlled logistics real estate and value added services.

Kite Realty Group Trust

Market Cap: €4.5b

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets.

Peakstone Realty Trust

Market Cap: €407.2m

Peakstone Realty Trust (NYSE: PKST) is an internally managed, real estate investment trust (REIT) that owns and operates a high-quality, newer-vintage portfolio of predominantly single-tenant industrial and office properties.

Montea Comm. VA

Market Cap: €1.3b

Montea NV is a public regulated real estate company under Belgian law (GVV/SIR) that specializes in logistics real estate in Belgium, the Netherlands, France, and Germany.

Apple Hospitality REIT

Market Cap: €2.8b

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust ("REIT") that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States.

CTO Realty Growth

Market Cap: €557.6m

A publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States.

Host Hotels & Resorts

Market Cap: €9.7b

An S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels.

Dream Industrial Real Estate Investment Trust

Market Cap: €2.9b

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties.

Argan

Market Cap: €1.4b

Engages in designing, building, developing, owning, leasing, and managing logistical platforms in France.

Shurgard Self Storage

Market Cap: €3.2b

Engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

Rayonier

Market Cap: €3.8b

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand.

Unite Group

Market Cap: €4.1b

Owns, manages, and develops purpose-built student accommodation facilities for the higher education sector in the United Kingdom.

Retail Estates

Market Cap: €850.1m

The Belgian public real estate investment trust Retail Estates nv is a niche player specialised in making out-of town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users.

LondonMetric Property

Market Cap: €3.7b

LondonMetric is a FTSE 250 REIT that owns one of the UK's leading listed logistics platforms alongside a grocery-led long income portfolio, with 17 million sq ft under management.

Medical Properties Trust

Market Cap: €3.2b

A self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities.

COPT Defense Properties

Market Cap: €2.9b

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S.

Eurocommercial Properties

Market Cap: €1.2b

A Euronext-quoted property investment company and one of Europe’s shopping centre specialists.

Healthcare Realty Trust

Market Cap: €5.4b

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses.

RioCan Real Estate Investment Trust

Market Cap: €4.8b

RioCan is one of Canada’s largest real estate investment trusts.

UMH Properties

Market Cap: €1.4b

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities containing approximately 25,800 developed homesites.

Alexander & Baldwin

Market Cap: €1.2b

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai’i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers.

Granite Real Estate Investment Trust

Market Cap: €3.7b

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: €1.2b

Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (Northwest) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.

Redefine Properties

Market Cap: €26.9b

Redefine Properties Limited (Redefine) is a South African-based Real Estate Investment Trust (REIT).

Sun Communities

Market Cap: €15.4b

Established in 1975, Sun Communities, Inc.

Pebblebrook Hotel Trust

Market Cap: €1.0b

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States.