Global Real Estate Potentially Undervalued Companies

Healthcare Realty Trust

Market Cap: €6.2b

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses.

OUE Real Estate Investment Trust

Market Cap: S$1.8b

OUE Real Estate Investment Trust ("OUE REIT"), formerly known as OUE Commercial Real Estate Investment Trust, is one of the largest diversified Singapore REITs ("S-REITs") with total assets under management of S$5.8 billion as of 31 December 2024.

LaSalle LOGIPORT REIT

Market Cap: JP¥258.8b

With LaSalle REIT Advisors K.K. as the organizer, LaSalle LOGIPORT REIT (LLR) was established on October 9, 2015, pursuant to the Investment Trusts Act, and was listed on the J-REIT section of the Tokyo Stock Exchange (Securities Code: 3466) on February 17, 2016.

United Hampshire US Real Estate Investment Trust

Market Cap: US$292.5m

Listed on the Main Board of the Singapore Exchange on 12 March 2020, UHREIT is a Singapore real estate investment trust established with the principal investment strategy of investing in a diversified portfolio of stabilised income-producing (i) grocery-anchored and necessity-based retail properties (“Grocery & Necessity Properties”), and (ii) modern, climate-controlled self-storage facilities (“Self-Storage Properties”), located in the U.S.

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.

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.

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.

Sun Communities

Market Cap: €16.0b

Established in 1975, Sun Communities, Inc.

Industrial Logistics Properties Trust

Market Cap: €391.4m

ILPT is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties.

Brixmor Property Group

Market Cap: US$8.4b

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers.

EPR Properties

Market Cap: US$4.1b

EPR Properties (NYSE: EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: €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.

Big Yellow Group

Market Cap: UK£1.8b

Big Yellow is the UK's brand leader in self storage.

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.

Killam Apartment REIT

Market Cap: CA$2.2b

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$2.2b

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.

NewRiver REIT

Market Cap: US$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.

Target Healthcare REIT

Market Cap: UK£596.0m

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.

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).

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.

Iron Mountain

Market Cap: €27.0b

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.

Summit Hotel Properties

Market Cap: €655.1m

A publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry.

Granite Real Estate Investment Trust

Market Cap: US$4.8b

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.

Centerspace

Market Cap: €1.0b

An owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others.

YTL Hospitality REIT

Market Cap: RM 1.9b

YTL Hospitality REIT has a market capitalisation of approximately RM1.81 billion (as at 30 May 2025) with a wide portfolio of prime hospitality assets across a range of unique locations worldwide.

Keppel DC REIT

Market Cap: S$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.

Carindale Property Trust

Market Cap: AU$455.1m

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

First Real Estate Investment Trust

Market Cap: S$579.4m

First Real Estate Investment Trust (“First REIT” or the “Trust”), is a healthcare real estate investment trust focused on investing in diverse yield-accretive healthcare and healthcare-related real estate assets within and outside of Asia.

Klépierre

Market Cap: €9.6b

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

Icade

Market Cap: €1.6b

A full-service real estate company with expertise in both property investment (portfolio worth €6.2bn as of 06/30/2025 – 100% + Group share of joint ventures) and property development (2024 economic revenue of €1.2bn) that operates throughout France.

Klépierre

Market Cap: €9.6b

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

Icade

Market Cap: €1.6b

A full-service real estate company with expertise in both property investment (portfolio worth €6.2bn as of 06/30/2025 – 100% + Group share of joint ventures) and property development (2024 economic revenue of €1.2bn) that operates throughout France.

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.

Wereldhave

Market Cap: €865.1m

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

Crown Castle

Market Cap: US$44.2b

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.