Global Real Estate Potentially Undervalued Companies

Meta Estate Trust

Market Cap: RON 58.4m

Invests in real estate in Romania.

Alarko Gayrimenkul Yatirim Ortakligi

Market Cap: ₺6.1b

Alarko Real Estate Investment Company "ALGYO" was founded in 1996.

BTB Real Estate Investment Trust

Market Cap: US$333.6m

BTB is a real estate investment trust listed on the Toronto Stock Exchange.

Primaris Real Estate Investment Trust

Market Cap: €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.

Saul Centers

Market Cap: US$1.2b

As of March 31, 2025, 93.9% of the commercial portfolio was leased compared to 94.6% as of March 31, 2024.

Retail Estates

Market Cap: €1.0b

A Belgian public real estate investment trust and is a niche player specialised in making out-of town retail properties located on the periphery of residential areas or along main access roads to urban centres available to users.

Centerspace

Market Cap: US$1.1b

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

First Industrial Realty Trust

Market Cap: US$7.1b

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.

SEGRO

Market Cap: US$8.5b

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses, industrial property and data centres.

Creative Media & Community Trust

Market Cap: US$6.0m

As of March 31, 2025, our real estate portfolio consisted of 27 assets, all of which were fee-simple properties and five of which we own through investments in unconsolidated joint ventures (the “Unconsolidated Joint Ventures”).

Crombie Real Estate Investment Trust

Market Cap: CA$2.8b

Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow.

LTC Properties

Market Cap: €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.

BXP

Market Cap: €12.2b

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.

BRT Apartments

Market Cap: €310.9m

BRT is a real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties.

BWP Trust

Market Cap: €2.6b

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.

Bulgarian Real Estate Fund REIT

Market Cap: лв181.9m

Focuses on the development, management, and leasing of properties that have potential for cash-flow growth and capital appreciation.

Great Portland Estates

Market Cap: UK£1.2b

We are a FTSE 250 property investment and development company, owning a £2.4 billion portfolio of London real estate.

Simon Property Group

Market Cap: US$68.5b

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

Heriot REIT

Market Cap: R5.1b

Heriot REIT Limited (“Heriot” or “the Company”) is a property holding and investment company that is listed in the “Diversified REITs” sector on the Alternative Exchange of the JSE Limited (“JSE”).

Ryman Hospitality Properties

Market Cap: US$6.3b

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences.

Regional REIT

Market Cap: UK£199.4m

Regional REIT Limited ("Regional REIT" or the "Company") and its subsidiaries (the "Group") is a United Kingdom ("UK") based real estate investment trust that launched in November 2015.

Eurocommercial Properties

Market Cap: €1.4b

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

abrdn Property Income Trust

Market Cap: UK£20.6m

The objective of abrdn Property Income Trust Limited is to provide shareholders with an attractive level of income together with the prospect of income and capital growth.

Elaia Investment Spain Socimi

Market Cap: €15.0m

As of August 29, 2017, Socimi Eurosic Investment Spain operates as a subsidiary of Batipart SAS.

Home Invest Belgium

Market Cap: €396.9m

Operates as a real estate investment company in Belgium.

VICI Properties

Market Cap: €35.7b

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.

Highlands REIT

Market Cap: US$85.2m

Highlands REIT, Inc. (“Highlands”), which was formed in December 2015, is a Maryland corporation with a portfolio of investment properties including multi-family, retail and office properties, a correctional facility and unimproved land.

SF Real Estate Investment Trust

Market Cap: €2.3b

SF Real Estate Investment Trust (“SF REIT”) is the first logistics properties focused real estate investment trust (“REIT”) listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”).

Invincible Investment

Market Cap: €503.9b

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

Choice Properties Real Estate Investment Trust

Market Cap: €10.8b

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

Société Centrale des Bois et des Scieries de la Manche

Market Cap: €120.7m

Societe Centrale des Bois et Scieries de la Manche engages in the ownership, management, and lease of real estate properties in France.

Plaza Retail REIT

Market Cap: US$465.3m

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada.

Starts Proceed Investment

Market Cap: JP¥53.5b

Starts Proceed Investment Corporation (“SPI”) was established on May 2, 2005, with 150 million yen in capital (750 units) based on the Act on Investment Trusts and Investment Corporations (Act No.

Ingenia Communities Group

Market Cap: AU$2.3b

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.

NIPPON REIT Investment

Market Cap: JP¥171.7b

NIPPON REIT was established on September 8, 2010, by Polaris Investment Advisors K.K.

NTT DC REIT

Market Cap: US$978.7m

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