Global Real Estate Potentially Undervalued Companies

Innovative Industrial Properties

Market Cap: US$1.4b

A real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate.

American Tower

Market Cap: US$84.9b

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 149,000 communications sites and a highly interconnected footprint of U.S.

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.

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.

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.

American Healthcare REIT

Market Cap: €9.1b

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.

Gaming and Leisure Properties

Market Cap: €12.7b

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.

CapitaLand China Trust

Market Cap: S$1.4b

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

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.

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 and select underserved regions with strong economic and demographic fundamentals.

Ascencio

Market Cap: €345.6m

A company incorporated under Belgian law, specialising in commercial property investments, and more specifically, supermarkets and retail parks.

Care Property Invest

Market Cap: €446.8m

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

Macerich

Market Cap: US$4.6b

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

Iron Mountain

Market Cap: US$25.5b

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.

NewRiver REIT

Market Cap: UK£308.9m

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

NewRiver REIT

Market Cap: €308.9m

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

BXP

Market Cap: US$12.8b

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.

Healthpeak Properties

Market Cap: €12.9b

A Standard & Poor’s (“S&P”) 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States (“U.S.”).

NewLake Capital Partners

Market Cap: US$266.8m

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.

Global Net Lease

Market Cap: US$1.8b

A publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, United Kingdom, and Western and Northern Europe.

Alexandria Real Estate Equities

Market Cap: US$9.3b

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.

Ashford Hospitality Trust

Market Cap: €23.1m

Together with its subsidiaries (“Ashford Trust”), is a real estate investment trust (“REIT”).

Park Hotels & Resorts

Market Cap: US$2.2b

Park is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value.

Iron Mountain

Market Cap: US$25.5b

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.

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.

NNN REIT

Market Cap: US$7.9b

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

Park Hotels & Resorts

Market Cap: €2.2b

Park is one of the largest publicly-traded lodging real estate investment trusts (“REIT”) with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value.

Rayonier

Market Cap: €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.

Plymouth Industrial REIT

Market Cap: US$988.2m

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.

Picton Property Income

Market Cap: UK£389.0m

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$3.4b

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.

Growthpoint Properties Australia

Market Cap: AU$1.9b

Our vision is to create sustainable value in everything we do, by being the forward-thinking, trusted partner of choice.

Centuria Capital Group

Market Cap: AU$1.8b

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

Centuria Capital Group

Market Cap: AU$1.8b

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

Growthpoint Properties Australia

Market Cap: AU$1.9b

Our vision is to create sustainable value in everything we do, by being the forward-thinking, trusted partner of choice.

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.