Global Real Estate Potentially Undervalued Companies

Keppel Pacific Oak US REIT

Market Cap: US$224.6m

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.

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.

Land Securities Group

Market Cap: US$4.2b

Land Securities Group Plc is one of the leading real estate companies in the UK.

Centuria Capital Group

Market Cap: AU$2.0b

An investment manager, markets and manages investment products primarily in Australia.

Growthpoint Properties Australia

Market Cap: AU$1.9b

Since 2009, we’ve been investing in high-quality Australian real estate.

NewLake Capital Partners

Market Cap: US$289.4m

An internally-managed real estate investment trust (“REIT”) that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects.

Alexandria Real Estate Equities

Market Cap: US$14.0b

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.

NewRiver REIT

Market Cap: UK£307.1m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Apple Hospitality REIT

Market Cap: US$3.0b

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States.

Tritax Big Box REIT

Market Cap: UK£3.5b

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in high-quality logistics warehouse assets and controls the largest logisticsfocused land platform in the UK.

NewRiver REIT

Market Cap: €307.1m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Shurgard Self Storage

Market Cap: €3.4b

Engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

ESR-REIT

Market Cap: €2.2b

A leading New Economy and future-ready Asia Pacific S-REIT.

Gaming and Leisure Properties

Market Cap: US$13.9b

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, 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.

Federal Realty Investment Trust

Market Cap: US$8.6b

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.

Land Securities Group

Market Cap: UK£4.2b

Land Securities Group Plc is one of the leading real estate companies in the UK.

Picton Property Income

Market Cap: UK£392.0m

Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.

Boardwalk Real Estate Investment Trust

Market Cap: US$3.7b

Boardwalk REIT strives to be Canada's friendliest community provider and is a leading owner/operator of multi-family rental communities.

NNN REIT

Market Cap: US$8.0b

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

Iron Mountain

Market Cap: US$27.1b

Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

Plymouth Industrial REIT

Market Cap: US$987.4m

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties.

Iron Mountain

Market Cap: US$27.1b

Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

Ventas

Market Cap: US$31.1b

Ventas, Inc. (NYSE: VTR) is a leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population.

Growthpoint Properties Australia

Market Cap: AU$1.9b

Since 2009, we’ve been investing in high-quality Australian real estate.

Centuria Capital Group

Market Cap: AU$2.0b

An investment manager, markets and manages investment products primarily in Australia.

RL Commercial REIT

Market Cap: ₱127.0b

A real estate company, invests in various real estate properties.

Sentral REIT

Market Cap: RM 920.5m

A commercial Real Estate Investment Trust (REIT), established through the restated trust deed dated 2 December 2019 and the supplemental deed dated 24 December 2020.

NewRiver REIT

Market Cap: UK£307.1m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

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.

Flagship Communities Real Estate Investment Trust

Market Cap: CA$622.0m

An unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated August 12, 2020 (as subsequently amended and restated, the “Declaration of Trust”) under the laws of the Province of Ontario.

Tritax Big Box REIT

Market Cap: UK£3.5b

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in high-quality logistics warehouse assets and controls the largest logisticsfocused land platform in the UK.

Safestore Holdings

Market Cap: UK£1.4b

Safestore is the UK's largest self-storage group with 209 stores on 30 April 2025; comprising 139 in the UK (including 78 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 32 in the Paris region, 16 in Spain, 16 in the Netherlands and 6 in Belgium.

Unite Group

Market Cap: €3.5b

Unite was founded in 1991 in Bristol and has grown to become the UK's largest owner, manager, and developer of PBSA serving the country's world-leading higher education sector.

Choice Properties Real Estate Investment Trust

Market Cap: €10.4b

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: US$1.2b

Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at May 14, 2025, of interests in a diversified portfolio of 169 income-producing properties and 15.8 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe, and Australasia.

Medical Properties Trust

Market Cap: €2.6b

A self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities.