Global Real Estate Potentially Undervalued Companies

Klépierre

Market Cap: €9.5b

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

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.

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.

EPR Properties

Market Cap: US$4.2b

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.

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.

Klépierre

Market Cap: €9.5b

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

Flagship Communities Real Estate Investment Trust

Market Cap: US$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.

Manulife US Real Estate Investment Trust

Market Cap: US$139.5m

Manulife US Real Estate Investment Trust (“Manulife US REIT” or “MUST”) is the first pure-play U.S.

LH Shopping Centers Leasehold Real Estate Investment Trust

Market Cap: ฿9.0b

A real estate investment trust externally managed by Land and Houses Fund Management Company Limited.

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.

Charter Hall Retail REIT

Market Cap: AU$2.5b

Charter Hall Retail REIT is the leading owner of property for convenience retailers.

ESR-REIT

Market Cap: S$2.2b

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

Medical Properties Trust

Market Cap: US$2.7b

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

Sotherly Hotels

Market Cap: US$14.8m

A self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States.

Gecina

Market Cap: €6.2b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

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.

Alexandria Real Estate Equities

Market Cap: €14.1b

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.

Digital Core REIT

Market Cap: US$671.6m

A pure-play data centre Singapore Real Estate Investment Trust (S-REIT) sponsored by Digital Realty, a global best-in-class pure-play listed data centre owner and operator.

Ventas

Market Cap: €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.

Flagship Communities Real Estate Investment Trust

Market Cap: US$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.

NexPoint Residential Trust

Market Cap: €856.2m

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States.

Gecina

Market Cap: €6.2b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

VICI Properties

Market Cap: US$36.0b

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.

Carmila

Market Cap: €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.

Granite Real Estate Investment Trust

Market Cap: CA$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.

Peakstone Realty Trust

Market Cap: US$463.6m

Peakstone Realty Trust (NYSE: PKST) is an internally managed real estate investment trust currently shifting its portfolio composition towards industrial properties.

Primaris Real Estate Investment Trust

Market Cap: US$1.6b

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets.

Central China Real Estate

Market Cap: HK$1.2b

An investment holding company, engages in property development business primarily in the People’s Republic of China.

Carmila

Market Cap: €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.

Gecina

Market Cap: US$6.3b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

Unite Group

Market Cap: US$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.

MIRAI

Market Cap: JP¥90.6b

MIRAI Corporation (hereinafter “MIRAI”) is diversified REIT.

LH Hotel Leasehold Real Estate Investment Trust

Market Cap: ฿12.3b

Operates as a real estate investment trust in Thailand.

New Zealand Rural Land

Market Cap: NZ$147.9m

Invests in rural farmland and forestry land in New Zealand.

Elite UK REIT

Market Cap: UK£210.5m

Operates as a real estate investment trust.

Peakstone Realty Trust

Market Cap: €463.6m

Peakstone Realty Trust (NYSE: PKST) is an internally managed real estate investment trust currently shifting its portfolio composition towards industrial properties.