Global Real Estate Potentially Undervalued Companies

Patrimoine et Commerce

Market Cap: €387.7m

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

JBG SMITH Properties

Market Cap: €1.7b

JBG SMITH owns, operates and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, that we believe have long-term growth potential and appeal to residential, office and retail tenants.

Care Property Invest

Market Cap: €452.7m

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

Ground Rents Income Fund

Market Cap: UK£25.3m

Ground Rents Income Fund plc is a closed-ended real estate investment trust, listed on The International Stock Exchange and traded on the SETSqx platform of the London Stock Exchange.

BSR Real Estate Investment Trust

Market Cap: US$675.3m

An internally managed, unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

AvalonBay Communities

Market Cap: €27.4b

A member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.

Slate Grocery REIT

Market Cap: US$849.6m

An owner and operator of U.S.

NTT DC REIT

Market Cap: €978.7m

Primarily invests in data center assets owned and operated by NTT DATA.

UMH Properties

Market Cap: US$1.3b

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 143 manufactured home communities, containing approximately 26,700 developed homesites, of which 10,600 contain rental homes, and over 1,000 self-storage units.

Morguard Real Estate Investment Trust

Market Cap: €376.0m

The Trust is a closed-end real estate investment trust, which owns a diversified portfolio of 45 retail, office and industrial income producing properties in Canada with a book value of $2.2 billion and approximately 8.1 million square feet of leasable space.

Crombie Real Estate Investment Trust

Market Cap: €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.

Innovative Industrial Properties

Market Cap: US$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.

BXP

Market Cap: US$13.3b

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.

Mercialys

Market Cap: €1.0b

Mercialys is one of France’s leading real estate companies.

Dream Office Real Estate Investment Trust

Market Cap: €327.4m

Dream Office REIT is an unincorporated, open-ended real estate investment trust.

MERLIN Properties SOCIMI

Market Cap: €7.0b

We are the leading real estate company on the Iberian Peninsula, listed on both the Spanish (IBEX-35) and Portuguese stock exchanges.

Derwent London

Market Cap: €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).

LTC Properties

Market Cap: US$1.7b

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through RIDEA, triple-net leases, joint ventures, and structured finance solutions.

Social Housing REIT

Market Cap: UK£271.9m

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.

NNN REIT

Market Cap: €8.0b

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures.

British Land

Market Cap: US$3.3b

British Land is a UK commercial property company focused on real estate sectors with the strongest operational fundamentals: London campuses, retail parks, and London urban logistics.

Spear Reit

Market Cap: R3.3b

Spear REIT Limited (“Spear”) listed as a Real Estate Investment Trust (“REIT”) on the main board of the Johannesburg Stock Exchange (“JSE”) and is the only regionally-focused REIT listed on the JSE that predominantly invests in high-quality income-generating assets in the Western Cape.

SEGRO

Market Cap: UK£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.

Care Property Invest

Market Cap: €452.7m

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

Ashford Hospitality Trust

Market Cap: €37.4m

A REIT.

First Capital Real Estate Investment Trust

Market Cap: US$4.1b

First Capital Real Estate Investment Trust, with $9.2 billion in assets acquires, develops, owns and operates open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

Rural Funds Group

Market Cap: US$744.4m

An agricultural Real Estate Investment Trust (REIT) listed on the ASX under the code RFF.

WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust

Market Cap: ฿31.2b

A real estate investment trust externally managed by WHA Real Estate Management Company Limited.

Altarea

Market Cap: €2.3b

Altarea is the French leader in low-carbon urban transformation, with the most comprehensive real estate offering to serve the city and its users.

Ravelin Properties REIT

Market Cap: US$34.3m

The REIT is an unincorporated, open-ended real estate investment trust governed by the laws of the Province of Ontario pursuant to an amended and restated Declaration of Trust dated as of December 31, 2024, as it may be further amended, supplemented or amended and restated from time to time (the "Declaration of Trust").

Sunstone Hotel Investors

Market Cap: €1.8b

A lodging real estate investment trust ("REIT") that as of the date of this release owns 14 hotels comprised of 6,999 rooms, the majority of which are operated under nationally recognized brands.

Kilroy Realty

Market Cap: €5.1b

Kilroy is a leading U.S. landlord and developer, with operations in San Diego, Los Angeles, the San Francisco Bay Area, Seattle, and Austin.

Charter Hall Social Infrastructure REIT

Market Cap: AU$1.2b

Charter Hall Social Infrastructure REIT is the largest Australian ASX-listed real estate investment trust (A-REIT) that invests in social infrastructure properties.

Elanor Commercial Property Fund

Market Cap: AU$291.0m

Elanor Commercial Property Fund (ASX: ECF) is an externally managed real estate investment trust that invests in Australian commercial office assets.

KTBST Mixed Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿1.6b

A real estate investment trust, invests in various property development projects in Thailand.

Cromwell Property Group

Market Cap: AU$1.2b

Cromwell Property Group (ASX: CMW) is a real estate investor and manager with $4.5 billion of assets under management in Australia and New Zealand.