U.S. Real Estate Potentially Undervalued Companies

Host Hotels & Resorts

Market Cap: US$9.8b

An S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels.

Rayonier

Market Cap: US$4.0b

Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand.

RioCan Real Estate Investment Trust

Market Cap: US$4.9b

RioCan is one of Canada’s largest real estate investment trusts.

Apple Hospitality REIT

Market Cap: US$2.8b

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust ("REIT") that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States.

Plymouth Industrial REIT

Market Cap: US$659.8m

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties.

Federal Realty Investment Trust

Market Cap: US$8.0b

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C.

City Office REIT

Market Cap: US$182.0m

City Office REIT, Inc. (the “Company”) was organized in the state of Maryland on November 26, 2013.

Americold Realty Trust

Market Cap: US$5.5b

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

Simon Property Group

Market Cap: US$56.5b

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

Brixmor Property Group

Market Cap: US$7.7b

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

Dream Industrial Real Estate Investment Trust

Market Cap: US$3.0b

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties.

Granite Real Estate Investment Trust

Market Cap: US$3.9b

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.

OUTFRONT Media

Market Cap: US$2.4b

OUTFRONT leverages the power of technology, location and creativity to connect brands with consumers outside of their homes through one of the largest and most diverse sets of billboard, transit, and mobile assets in the United States.

Nexus Industrial REIT

Market Cap: US$621.0m

A growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada, and the ownership and management of its portfolio of properties.

Fibra UNO

Market Cap: US$92.8b

Fibra Uno (Mexbol: FUNO11; Bloomberg: FUNO11:MM) is the first and largest FIBRA in the Mexican market.

Piedmont Office Realty Trust

Market Cap: US$783.8m

Piedmont Office Realty Trust, Inc. (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S.

Lineage

Market Cap: US$13.8b

Lineage, Inc. (NASDAQ: LINE) is the world’s largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 86 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific.

Chatham Lodging Trust

Market Cap: US$335.3m

Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009.

Kite Realty Group Trust

Market Cap: US$4.6b

Kite Realty Group Trust (NYSE: KRG) is a real estate investment trust (REIT) headquartered in Indianapolis, IN that is one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use assets.

Park Hotels & Resorts

Market Cap: US$1.9b

Park is one of the largest publicly-traded lodging real estate investment trusts ("REIT") with a diverse portfolio of iconic and market-leading hotels and resorts with significant underlying real estate value.

Public Storage

Market Cap: US$50.8b

A member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities.

National Health Investors

Market Cap: US$3.4b

Incorporated in 1991, National Health Investors, Inc.

Essex Property Trust

Market Cap: US$18.2b

An S&P 500 company, is a fully integrated real estate investment trust (“REIT”) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets.

Innovative Industrial Properties

Market Cap: US$1.4b

A self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities.

Hudson Pacific Properties

Market Cap: US$323.3m

Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries.

BXP

Market Cap: US$11.1b

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.

Pebblebrook Hotel Trust

Market Cap: US$1.0b

Pebblebrook Hotel Trust (NYSE: PEB) is a publicly traded real estate investment trust (“REIT”) and the largest owner of urban and resort lifestyle hotels and resorts in the United States.

NNN REIT

Market Cap: US$7.6b

NNN REIT invests primarily in high-quality retail properties subject generally to long-term, net leases.

Canadian Net Real Estate Investment Trust

Market Cap: US$106.7m

An open-ended trust that acquires and owns high quality triple net and management-free commercial real estate properties.

Gaming and Leisure Properties

Market Cap: US$13.7b

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

First Capital Real Estate Investment Trust

Market Cap: US$3.4b

First Capital Real Estate Investment Trust (“First Capital”, “RCF” or the “Fund”) is an unincorporated open-end mutual fund governed by the laws of the Province of Ontario, Canada, and established pursuant to a declaration of trust dated October 16, 2019, which may be amended from time to time (the “Declaration of Trust”).

Boardwalk Real Estate Investment Trust

Market Cap: US$3.3b

Boardwalk REIT strives to be Canada's friendliest community provider and is a leading owner/operator of multi-family rental communities.

Prologis

Market Cap: US$92.7b

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets.

Automotive Properties Real Estate Investment Trust

Market Cap: US$487.0m

Automotive Properties REIT is an internally managed, unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada.

Minto Apartment Real Estate Investment Trust

Market Cap: US$812.1m

An open-ended real estate investment trust, owns and operates a portfolio of income-producing multi-residential rental properties located in Canada.

FrontView REIT

Market Cap: US$345.1m

FrontView is an internally-managed net-lease REIT that acquires, owns and manages primarily properties with frontage that are net leased to a diversified group of tenants.