Global Real Estate Potentially Undervalued Companies

Gecina

Market Cap: €5.9b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at €17.0bn as at June 30, 2025.

Argan

Market Cap: €1.7b

ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France.

CapitaLand Malaysia Trust

Market Cap: RM 2.1b

CapitaLand Malaysia Trust (CLMT) is a real estate investment trust (REIT) listed on the Main Market of Bursa Malaysia Securities Berhad since 16 July 2010.

Sasseur Real Estate Investment Trust

Market Cap: S$860.1m

Invests in a portfolio of real estate and related assets.

Crown Castle

Market Cap: US$39.4b

Crown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S.

Carmila

Market Cap: €2.4b

As the third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and large institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy.

Rayonier

Market Cap: US$3.4b

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.

Independence Realty Trust

Market Cap: €4.2b

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities, across non-gateway U.S.

Gaming and Leisure Properties

Market Cap: US$12.6b

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

BRT Apartments

Market Cap: €295.8m

BRT Apartments Corp. (the "Company" or "BRT"), a Maryland corporation, owns, operates and, to a lesser extent, develops multi-family properties.

Workspace Group

Market Cap: €742.2m

Workspace is London's leading owner and operator of flexible workspace, currently managing 4.3 million sq.

Stoneweg Europe Stapled Trust

Market Cap: €849.2m

Stoneweg Europe Stapled Trust (SERT, formerly Cromwell European REIT and renamed as Stoneweg European Real Estate Investment Trust following the change in Sponsor) is a stapled group comprising Stoneweg European Real Estate Investment Trust (SEREIT) and Stoneweg European Business Trust.

Workspace Group

Market Cap: UK£742.2m

Workspace is London's leading owner and operator of flexible workspace, currently managing 4.3 million sq.

Workspace Group

Market Cap: UK£742.2m

Workspace is London's leading owner and operator of flexible workspace, currently managing 4.3 million sq.

Crown Castle

Market Cap: US$39.4b

Crown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S.

VICI Properties

Market Cap: US$30.8b

An S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.

Crown Castle

Market Cap: €39.4b

Crown Castle owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S.

Stoneweg Europe Stapled Trust

Market Cap: S$849.2m

Stoneweg Europe Stapled Trust (SERT, formerly Cromwell European REIT and renamed as Stoneweg European Real Estate Investment Trust following the change in Sponsor) is a stapled group comprising Stoneweg European Real Estate Investment Trust (SEREIT) and Stoneweg European Business Trust.

Carmila

Market Cap: €2.4b

As the third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and large institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy.

Peakstone Realty Trust

Market Cap: €497.0m

Peakstone Realty Trust (“PKST” or the “Company”) is a real estate investment trust executing a strategic transition to become an industrial-only REIT, targeting growth in the industrial outdoor storage (“IOS”) sector.

Alexander & Baldwin

Market Cap: US$1.1b

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.

Fibra UNO

Market Cap: US$101.8b

We are a REIT (FIBRA) and are primarily engaged in the acquisition, development, construction, leasing, and operation of industrial, commercial, and office properties.

Carmila

Market Cap: US$2.4b

As the third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and large institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy.

Care Property Invest

Market Cap: €447.6m

Care Property Invest nv/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law.

Emlak Konut Gayrimenkul Yatirim Ortakligi

Market Cap: ₺79.8b

In 1953, an understanding that would pioneer a country's urbanization efforts and raise people's quality of life came to life.

Keppel Pacific Oak US REIT

Market Cap: US$250.7m

Keppel Pacific Oak US REIT (KORE) is a distinctive office REIT listed on the main board of the Singapore Exchange Securities Trading Limited (SGX-ST) on 9 November 2017.

CapitaLand China Trust

Market Cap: S$1.4b

CapitaLand China Trust (CLCT) is Singapore’s largest China-focused real estate investment trust (REIT).

Argan

Market Cap: €1.7b

ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France.

Morguard North American Residential Real Estate Investment Trust

Market Cap: CA$884.8m

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario.

CTO Realty Growth

Market Cap: €585.6m

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.

Gaming and Leisure Properties

Market Cap: €12.6b

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, including coverage of the landlord's interests taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

American Healthcare REIT

Market Cap: €9.0b

A Maryland-based self-managed REIT, owns and operates a diversified portfolio of clinical healthcare real estate across the U.S., U.K., and the Isle of Man.

Primaris Real Estate Investment Trust

Market Cap: CA$1.8b

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in enclosed shopping centres in Canadian markets.

Boardwalk Real Estate Investment Trust

Market Cap: CA$3.4b

Boardwalk REIT strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever.

UMH Properties

Market Cap: ₪1.3b

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that currently owns and operates 144 manufactured home communities containing approximately 26,800 developed homesites, of which 10,600 contain rental homes, and over 1,000 self-storage units.

Fibra UNO

Market Cap: Mex$101.8b

We are a REIT (FIBRA) and are primarily engaged in the acquisition, development, construction, leasing, and operation of industrial, commercial, and office properties.