Global Real Estate Potentially Undervalued Companies

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.

Invincible Investment

Market Cap: JP¥510.8b

INV was established in January 2002 in accordance with the Investment Trust and Investment Corporation Act (Act No.

NTT DC REIT

Market Cap: US$989.0m

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

Ashford Hospitality Trust

Market Cap: US$23.1m

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

Safestore Holdings

Market Cap: UK£1.6b

Safestore is the UK's largest self-storage group with 210 stores on 31 July 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 seven in Belgium.

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.

Americold Realty Trust

Market Cap: US$3.1b

Americold is a global leader in temperature-controlled logistics real estate and value-added services.

United Hampshire US Real Estate Investment Trust

Market Cap: US$308.8m

United Hampshire US Real Estate Investment Trust, listed on the Main Board of the Singapore Exchange on 12 March 2020.

Digital Core REIT

Market Cap: US$658.5m

Digital Core REIT (SGX: DCRU) is a leading pure-play data centre REIT listed in Singapore and sponsored by Digital Realty, the largest global data centre owner and operator.

Regal Real Estate Investment Trust

Market Cap: HK$1.2b

Regal REIT is a Hong Kong collective investment scheme authorised under section 104 of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and its units (the “Units”) were listed on The Stock Exchange of Hong Kong Limited on 30th March, 2007.

OUE Real Estate Investment Trust

Market Cap: S$1.9b

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.

Fibra Shop

Market Cap: Mex$5.9b

FibraShop (BMV: FSHOP 13) is a unique real estate investment option in Mexico, distinguished by its specialization, highly experienced human capital in the commercial real estate sector, solid operational structure, and corporate governance.

Morguard North American Residential Real Estate Investment Trust

Market Cap: US$895.7m

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario.

Crown Castle

Market Cap: €39.8b

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.

H&R Real Estate Investment Trust

Market Cap: €2.9b

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $9.6 billion as at September 30, 2025.

City Office REIT

Market Cap: US$274.9m

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating office properties located predominantly in Sun Belt markets.

Healthcare Realty Trust

Market Cap: €6.5b

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.

VICI Properties

Market Cap: €30.8b

An S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.

Medical Properties Trust

Market Cap: €3.5b

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

Flagship Communities Real Estate Investment Trust

Market Cap: CA$627.0m

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.

PRS REIT

Market Cap: UK£628.3m

A closed-ended real estate investment trust established to invest in the Private Rented Sector ("PRS") and to provide shareholders with an attractive level of income together with the potential for capital and income growth.

BXP

Market Cap: €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.

Simon Property Group

Market Cap: US$70.3b

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”).

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.

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.

SBA Communications

Market Cap: US$20.7b

A leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells.

Waypoint REIT

Market Cap: AU$1.7b

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.

Killam Apartment REIT

Market Cap: US$2.1b

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 $5.6 billion portfolio of apartments and manufactured home communities.

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.

Service Properties Trust

Market Cap: US$292.5m

SVC is a real estate investment trust with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties.

Custodian Property Income REIT

Market Cap: UK£377.4m

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

Icade

Market Cap: €1.6b

A real estate player that strives to make cities more pleasant places to live for everyone.

Sun Communities

Market Cap: €16.3b

Established in 1975, Sun Communities, Inc.

Killam Apartment REIT

Market Cap: CA$2.1b

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 $5.6 billion portfolio of apartments and manufactured home communities.

Ravelin Properties REIT

Market Cap: CA$32.2m

An open-ended real estate investment trust based in Ontario, Canada.

Iron Mountain

Market Cap: €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.