U.K. Real Estate Potentially Undervalued Companies

Alexandria Real Estate Equities

Market Cap: US$13.8b

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world.

Social Housing REIT

Market Cap: UK£258.5m

Social Housing REIT plc (the "Company") is a Real Estate Investment Trust ("REIT") incorporated in England and Wales under the Companies Act 2006 as a public company limited by shares on 12 June 2017.

PRS REIT

Market Cap: UK£593.2m

A closed-ended real estate investment trust established to invest in the Private Rented Sector ("PRS") and to provide shareholders with an attractive level of income together with the potential for capital and income growth.

Life Science REIT

Market Cap: UK£152.6m

Life Science REIT plc (the “Company”) is a closed-ended Real Estate Investment Trust (“REIT”) incorporated in England and Wales on 27 July 2021.

Inmobiliaria Colonial SOCIMI

Market Cap: €3.3b

Grupo Colonial is a listed SOCIMI on the Spanish stock exchange and a leader in the prime office market in Europe, present in the main business areas of Barcelona, Madrid and Paris with a prime office portfolio of almost 1.5 million m2 and a value of assets under management of more than €11,000m.

Life Science REIT

Market Cap: UK£152.6m

Life Science REIT plc (the “Company”) is a closed-ended Real Estate Investment Trust (“REIT”) incorporated in England and Wales on 27 July 2021.

Simon Property Group

Market Cap: US$56.5b

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”).

alstria office REIT-AG

Market Cap: €1.3b

alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets.

Unibail-Rodamco-Westfield

Market Cap: €9.7b

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

Custodian Property Income REIT

Market Cap: UK£326.2m

A UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.

Essex Property Trust

Market Cap: US$18.2b

An S&P 500 company, is a fully integrated real estate investment trust (“REIT”) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets.

alstria office REIT-AG

Market Cap: €978.5m

alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets.

Picton Property Income

Market Cap: UK£371.7m

Picton, established in 2005, is a UK REIT.

Tanger

Market Cap: US$3.7b

Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 44 years of expertise in the retail and outlet shopping industries.

Custodian Property Income REIT

Market Cap: UK£326.2m

A UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.

Nextensa/SA

Market Cap: €453.1m

Nextensa is a mixed-use real estate investor and developer.

MERLIN Properties SOCIMI

Market Cap: €5.2b

MERLIN Properties SOCIMI, S.A. (MC:MRL) is the largest real estate company trading on the Spanish Stock Exchange.

Patrimoine et Commerce

Market Cap: €344.8m

A real estate company, engages in the acquisition, development, and operation of commercial real estate properties in France.

Social Housing REIT

Market Cap: UK£247.1m

Social Housing REIT plc (the "Company") is a Real Estate Investment Trust ("REIT") incorporated in England and Wales under the Companies Act 2006 as a public company limited by shares on 12 June 2017.

Fonciere Inea

Market Cap: €373.1m

A real estate investment company, engages in owning and managing business real estate properties in France.

Equinix

Market Cap: US$76.7b

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company.

Prologis

Market Cap: US$92.7b

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets.

Irish Residential Properties REIT

Market Cap: €522.7m

Irish Residential Properties REIT plc (together with IRES Residential Properties Limited & IRES Fund Management Limited, the "Group") is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing and developing investments primarily focused on private residential rental accommodations in Ireland.

Aedifica/SA

Market Cap: €3.0b

Aedifica is a Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care.

Town Centre Securities

Market Cap: UK£52.0m

Town Centre Securities PLC (the "Company") is a public limited company domiciled in the United Kingdom.

Gladstone Commercial

Market Cap: US$627.0m

A real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States.

Schroder Real Estate Investment Trust

Market Cap: UK£234.8m

A real estate investment company with a premium listing on the Official List of the Financial Conduct Authority and whose shares are traded on the premium segment of the Main Market of the London Stock Exchange (ticker: SREI).

Federal Realty Investment Trust

Market Cap: US$8.0b

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C.

PRS REIT

Market Cap: UK£608.6m

A closed-ended real estate investment trust established to invest in the Private Rented Sector ("PRS") and to provide shareholders with an attractive level of income together with the potential for capital and income growth.

CLS Holdings

Market Cap: UK£232.5m

Engages in the investment, development, and management of commercial properties in the United Kingdom, Germany, and France.