Global Real Estate Potentially Undervalued Companies

Firm Capital Property Trust

Market Cap: US$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.

Custodian Property Income REIT

Market Cap: €339.9m

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

SmartCentres Real Estate Investment Trust

Market Cap: CA$4.6b

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country.

Home Invest Belgium

Market Cap: €396.9m

Operates as a real estate investment company in Belgium.

Derwent London

Market Cap: UK£1.9b

Derwent London plc owns 62 buildings in a commercial real estate portfolio predominantly in central London valued at £5.0 billion as at 31 December 2024, making it the largest London office-focused real estate investment trust (REIT).

BTB Real Estate Investment Trust

Market Cap: CA$333.6m

BTB is a real estate investment trust listed on the Toronto Stock Exchange.

Target Healthcare REIT

Market Cap: UK£592.3m

UK listed Target Healthcare REIT plc (THRL) is an externally managed Real Estate Investment Trust which provides shareholders with an attractive level of income, together with the potential for capital and income growth, from investing in a diversified portfolio of modern, purpose-built care homes.

Crombie Real Estate Investment Trust

Market Cap: US$2.8b

Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow.

Hui Xian Real Estate Investment Trust

Market Cap: CN¥3.3b

Hui Xian Real Estate Investment Trust (“Hui Xian REIT”) is a real estate investment trust constituted by a deed of trust entered on 1 April 2011 between, amongst the others, Hui Xian Asset Management Limited (as manager of Hui Xian REIT), and DB Trustees (Hong Kong) Limited (“Trustee”) (as amended, modified or supplemented from time to time) (“Trust Deed”).

Starhill Global Real Estate Investment Trust

Market Cap: S$1.3b

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.

Major Cineplex Lifestyle Leasehold Property Fund

Market Cap: ฿1.4b

Major Cineplex Lifestyle Leasehold Property Fund.

AIM Commercial Growth Freehold And Leasehold Real Estate Investment Trust

Market Cap: ฿576.0m

n/a

Japan Prime Realty Investment

Market Cap: JP¥402.6b

Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001, under the Act on Investment Trusts and Investment Corporations (Act No.

Powergrid Infrastructure Investment Trust

Market Cap: ₹83.4b

An infrastructure investment trust, owns, constructs, operates, maintains, and invests in power projects and power transmission assets in India.

Sri panwa Hospitality Real Estate Investment Trust

Market Cap: ฿1.4b

Sri panwa Hotel Property Fund specializes in investing in real estate.

Wereldhave

Market Cap: €860.5m

Wereldhave N.V. (“the Company”) is an investment company that invests in real estate (shopping centers and offices).

Carindale Property Trust

Market Cap: €436.9m

Westfield Carindale is situated in an affluent quarter of Brisbane’s south eastern suburbs approximately 12 kilometres from the CBD.

Prime Office Leasehold Property Fund

Market Cap: ฿3.0b

Specializes in real estate investments in the office market.

Hammerson

Market Cap: US$1.5b

Hammerson is the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations across the UK, France and Ireland.

Pebblebrook Hotel Trust

Market Cap: €1.4b

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.

Menivim - The New Reit

Market Cap: ₪1.7b

Menivim - The New Reit Ltd was founded in 2015 and is headquartered in Caesarea, Israel.

Frasers Centrepoint Trust

Market Cap: US$4.7b

Frasers Centrepoint Trust (“FCT”) is a leading developer-sponsored retail real estate investment trust (“REIT”) and the largest suburban retail mall owner by net lettable area in Singapore with assets under management of approximately $7.1 billion.

Saint Croix Holding Immobilier SOCIMI

Market Cap: €320.6m

Saint Croix Holding Immobilier, Société Anonyme, through its subsidiaries, engages in the ownership and rental of real estate properties in Spain.

Agro Finance REIT

Market Cap: лв121.1m

Agro Finance REIT invests in real estate properties, primarily agricultural lands in Bulgaria.

Deutsche Konsum REIT-AG

Market Cap: €123.0m

A real estate investment trust, engages in the acquisition, leasing and management, and sale of retail properties in Germany.

World Trade Center Moscow

Market Cap: ₽7.2b

Joint Stock Company "World Trade Center Moscow" operates as a multifunctional business complex in Russia.

Manulife US Real Estate Investment Trust

Market Cap: US$111.9m

Manulife US Real Estate Investment Trust (“Manulife US REIT” or “MUST”) is the first pure-play U.S.

Daiwa House Logistics Trust

Market Cap: US$450.2m

Daiwa House Logistics Trust (“DHLT”) is a Singapore real estate investment trust (“REIT”) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.

Land and Houses Freehold and Leasehold Property Fund

Market Cap: ฿2.0b

A real estate investment trust launched and managed by Land and Houses Fund Management Co., Ltd.

Sub Sri Thai Real Estate Investment Trust

Market Cap: ฿841.1m

A real estate investment trust externally managed by SST REIT Management Company Limited.

Fibra Upsite

Market Cap: Mex$2.2b

Focuses on investment management specializing in financial advice, analysis, and portfolio management in Mexico.

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.

Waypoint REIT

Market Cap: €1.8b

Waypoint REIT is Australia’s largest listed REIT owning solely fuel and convenience retail properties; it has a high-quality network across all Australian States and mainland Territories.

Orion Properties

Market Cap: US$166.1m

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S.

Omega Healthcare Investors

Market Cap: US$13.1b

A Real Estate Investment Trust (“REIT”) providing financing and capital to the long-term healthcare industry in the United States and the United Kingdom with a focus on skilled nursing and assisted living facilities, including care homes in the United Kingdom.

Community Healthcare Trust

Market Cap: €418.5m

A real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in our target sub-markets throughout the United States.