Global Real Estate Potentially Undervalued Companies

abrdn Property Income Trust

Market Cap: UK£20.6m

The objective of abrdn Property Income Trust Limited is to provide shareholders with an attractive level of income together with the prospect of income and capital growth.

Keppel DC REIT

Market Cap: US$5.3b

Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia.

Crown Castle

Market Cap: Mex$41.9b

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.

SEGRO

Market Cap: US$8.5b

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses, industrial property and data centres.

BRT Apartments

Market Cap: €310.9m

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.

BXP

Market Cap: €13.6b

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.

BWP Trust

Market Cap: €2.6b

Established and listed on the Australian Securities Exchange (‘ASX’) in 1998, BWP Trust (‘BWP’ or ‘the Trust’) is a real estate investment trust investing in and managing commercial properties throughout Australia.

Taleem REIT Fund

Market Cap: ر.س506.4m

A Shariah compliant real estate investment trust externally managed by Saudi Fransi Capital LLC.

Pro Real Estate Investment Trust

Market Cap: US$328.0m

PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

Wereldhave Belgium

Market Cap: €424.8m

A public regulated real estate company (OGVV) under Belgian law, focusing on commercial real estate in Belgium and Luxembourg.

Mirvac Group

Market Cap: €8.4b

Founded in 1972, Mirvac is an Australian Securities Exchange (ASX) listed company, with an integrated asset creation and curation capability.

Montea Comm. VA

Market Cap: US$1.6b

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

Plaza Retail REIT

Market Cap: CA$465.3m

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada.

Granite Real Estate Investment Trust

Market Cap: €4.7b

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.

One Liberty Properties

Market Cap: US$508.9m

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982.

Innovative Industrial Properties

Market Cap: €1.6b

A real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities.

CTO Realty Growth

Market Cap: US$571.2m

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.

Mid-America Apartment Communities

Market Cap: US$17.3b

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States.

Clipper Realty

Market Cap: US$185.6m

Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.

Inmobiliaria Colonial SOCIMI

Market Cap: €3.4b

Inmobiliaria Colonial is the leading platform in the prime commercial real estate market in Europe, with a presence in the main business areas of Barcelona, Madrid, and Paris.

Invitation Homes

Market Cap: €18.7b

Invitation Homes, an S&P 500 company, is the nation's premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality homes with valued features such as close proximity to jobs and access to good schools.

Klépierre

Market Cap: US$9.6b

Klépierre is the European leader in shopping malls, with exclusive focus on continental Europe.

Firm Capital Property Trust

Market Cap: CA$223.8m

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income.

Killam Apartment REIT

Market Cap: CA$2.3b

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $5.5 billion portfolio of apartments and manufactured home communities.

Killam Apartment REIT

Market Cap: US$2.3b

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $5.5 billion portfolio of apartments and manufactured home communities.

Custodian Property Income REIT

Market Cap: UK£339.9m

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

Inmobiliaria Colonial SOCIMI

Market Cap: €3.4b

Inmobiliaria Colonial is the leading platform in the prime commercial real estate market in Europe, with a presence in the main business areas of Barcelona, Madrid, and Paris.

Macerich

Market Cap: US$4.9b

Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT).

Custodian Property Income REIT

Market Cap: UK£339.9m

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

True North Commercial Real Estate Investment Trust

Market Cap: CA$130.0m

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

STAG Industrial

Market Cap: US$6.9b

A real estate investment trust focused on the acquisition, development, ownership, and operation of industrial properties throughout the United States.

LondonMetric Property

Market Cap: UK£4.2b

LondonMetric Property Plc is the UK's leading triple net lease REIT with a £7 billion portfolio aligned to structurally supported sectors of logistics, convenience, healthcare, entertainment and leisure.

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.

Fideicomiso Irrevocable db/1616

Market Cap: Mex$3.5b

Fibra Inn is a Mexican trust formed primarily to acquire, develop, and rent a broad range of hotel properties for lodging in Mexico aimed at the business traveler.

Dream Industrial Real Estate Investment Trust

Market Cap: CA$3.6b

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

Sun Residential Real Estate Investment Trust

Market Cap: CA$1.0m

An unincorporated open-ended real estate investment trust governed by the laws of the Province of Ontario and established pursuant to a declaration of trust dated January 22, 2019, as amended and restated on March 22, 2019 and November 4, 2020.