Global Real Estate Potentially Undervalued Companies

Daiwa House Logistics Trust

Market Cap: S$402.4m

Daiwa House Logistics Trust (“DHLT”) is a Singapore real estate investment trust (“REIT”) established with the investment strategy of principally investing in a portfolio of income-producing logistics and industrial real estate assets located across Asia.

CapitaLand China Trust

Market Cap: S$1.4b

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

Golden Ventures Leasehold Real Estate Investment Trust

Market Cap: ฿5.1b

A real estate investment trust, engages in the rental of properties in Thailand.

Vakif Gayrimenkul Yatirim Ortakligi

Market Cap: ₺9.1b

A real estate investment trust.

Abacus Storage King

Market Cap: AU$1.9b

Owns, operates, and manages a self-storage operating platform in Australia and New Zealand.

Ingenia Communities Group

Market Cap: AU$2.4b

Ingenia Communities Group (ASX: INA) is a leading operator, owner and developer of communities offering quality affordable rental and holiday accommodation focussed on the growing seniors’ market in Australia.

RAM Essential Services Property Fund

Market Cap: AU$313.2m

RAM Essential Services Property Fund (REP) is a stapled real estate investment trust listed on the ASX.

BWP Trust

Market Cap: AU$2.5b

Established and listed on the Australian Securities Exchange (‘ASX’) in 1998, BWP Trust (‘BWP’ or ‘the Trust’) is a real estate investment trust investing in and managing commercial properties throughout Australia.

Centara Hotels and Resorts Leasehold Property Fund

Market Cap: ฿1.5b

A fund of Kasikorn Asset Management Co.,Ltd.

Unibail-Rodamco-Westfield

Market Cap: €6.6b

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

Fibra MtyP.I. de

Market Cap: US$28.5b

Fibra Mty is a Mexican real estate investment trust (“FIBRA”) that initiated operations on December 11th, 2014 identified by the number F/2157 (“Trust 2157”), and also as “Fibra Mty” or “FMTY”.

Logistea

Market Cap: SEK 1.6b

Engages in the real estate business in Sweden, Norway, Denmark, the Netherlands, Germany, Finland, Belgium, and Poland.

Region Group

Market Cap: US$2.7b

An internally managed real estate investment trust (REIT) with 92 convenience-based retail properties, valued at $4,368 million.

Immobiliare Grande Distribuzione SIIQ

Market Cap: €254.9m

Immobiliare Grande Distribuzione SIIQ S.p.A.

Civitas Social Housing

Market Cap: €483.9m

Civitas Social Housing PLC (CSH) was created in 2016 by Civitas Investment Management Limited as the first dedicated London listed REIT to raise long-term, sustainable, institutional capital to invest in care-based social homes and healthcare facilities across the UK.

Equity Commonwealth

Market Cap: €170.0m

Equity Commonwealth (NYSE: EQC) is a Chicago based, internally managed and self-advised real estate investment trust (REIT) with commercial office properties in the United States.

Wereldhave

Market Cap: US$762.2m

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

Automotive Properties Real Estate Investment Trust

Market Cap: US$581.1m

Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive and other OEM dealership and service properties located in Canada and the United States.

AmFirst Real Estate Investment Trust

Market Cap: RM 205.9m

Listed on 21 December 2006, AmFIRST REIT currently owns eight (8) properties valued at RM1.57 billion.

Eurocommercial Properties

Market Cap: €1.5b

A Euronext-quoted property investment company and one of Europe’s shopping centre specialists.

Macerich

Market Cap: Mex$4.9b

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

CT Real Estate Investment Trust

Market Cap: US$3.8b

CT Real Estate Investment Trust (CT REIT) is an unincorporated, closed end real estate investment trust formed to own income producing commercial properties primarily located in Canada.

LondonMetric Property

Market Cap: UK£4.3b

LondonMetric Property Plc is the UK's leading triple net lease REIT with a £7 billion portfolio aligned to structurally supported sectors of logistics, convenience, healthcare, entertainment and leisure.

Safestore Holdings

Market Cap: €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.

Canadian Net Real Estate Investment Trust

Market Cap: US$115.2m

Canadian Net Real Estate Investment Trust (the "Trust" or the "REIT") is an unincorporated open-ended real estate investment trust formed on March 11, 2011 under the Civil code of Quebec, pursuant to a trust agreement and is domiciled in Canada.

Shurgard Self Storage

Market Cap: €3.4b

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

American Healthcare REIT

Market Cap: US$7.3b

A Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities.

Eurocommercial Properties

Market Cap: €1.5b

A Euronext-quoted property investment company and one of Europe’s shopping centre specialists.

Bleecker Société Anonyme

Market Cap: €122.6m

A property company, operates in the real estate sector in France.

NSI

Market Cap: €419.7m

We are Amsterdam real estate specialists bringing together local market knowledge, experience and capital.

Sabra Health Care REIT

Market Cap: US$4.6b

Sabra Health Care REIT, Inc. as of March 31, 2025 investment portfolio included 364 real estate properties held for investment (consisting of (i) 224 skilled nursing/transitional care facilities, (ii) 39 senior housing communities (senior housing - leased), (iii) 69 senior housing communities operated by third-party property managers pursuant to property management agreements (senior housing - managed), (iv) 17 behavioral health facilities and (v) 15 specialty hospitals and other facilities), 15 investments in loans receivable (consisting of three mortgage loans and 12 other loans), four preferred equity investments and two investments in unconsolidated joint ventures.

Care Property Invest

Market Cap: €463.1m

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

Ascencio

Market Cap: €328.8m

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

Ravelin Properties REIT

Market Cap: US$33.9m

The REIT is an unincorporated, open-ended real estate investment trust governed by the laws of the Province of Ontario pursuant to an amended and restated Declaration of Trust dated as of December 31, 2024, as it may be further amended, supplemented or amended and restated from time to time (the "Declaration of Trust").

Warehouses De Pauw

Market Cap: €5.1b

WDP develops and invests in logistics real estate warehouses and offices.

Immobiliere Dassault

Market Cap: €372.7m

A real estate company, owns and manages offices and retail real estate assets in France.