U.S. Real Estate Potentially Undervalued Companies

Kimco Realty

Market Cap: US$13.6b

Kimco Realty (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States.

Rayonier

Market Cap: US$3.3b

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.

Gaming and Leisure Properties

Market Cap: US$12.8b

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, including coverage of the landlord's interests 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.

Global Net Lease

Market Cap: US$1.7b

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.

One Liberty Properties

Market Cap: US$442.0m

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982.

Crown Castle

Market Cap: US$39.4b

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.

Millrose Properties

Market Cap: US$4.9b

Millrose purchases and develops residential land and sells finished homesites to homebuilders by way of option contracts with predetermined costs and takedown schedules.

VICI Properties

Market Cap: US$32.2b

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.

Fibra UNO

Market Cap: US$101.3b

We are a REIT (FIBRA) and are primarily engaged in the acquisition, development, construction, leasing, and operation of industrial, commercial, and office properties.

CubeSmart

Market Cap: US$8.3b

A self-administered and self-managed real estate investment trust.

Alexander & Baldwin

Market Cap: US$1.1b

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers.

Essex Property Trust

Market Cap: US$16.8b

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.

Park Hotels & Resorts

Market Cap: US$2.0b

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$47.5b

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

Chatham Lodging Trust

Market Cap: US$327.2m

A self-advised, publicly traded real estate investment trust (REIT) focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels.

Carmila

Market Cap: US$2.3b

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.

Industrial Logistics Properties Trust

Market Cap: US$360.0m

ILPT is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties.

Innovative Industrial Properties

Market Cap: US$1.3b

A real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties and life science real estate.

American Tower

Market Cap: US$84.5b

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 149,000 communications sites and a highly interconnected footprint of U.S.

Canadian Net Real Estate Investment Trust

Market Cap: US$111.4m

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.

Urban Edge Properties

Market Cap: US$2.3b

A NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C.

Iron Mountain

Market Cap: US$26.2b

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.

Plymouth Industrial REIT

Market Cap: US$1.0b

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$8.3b

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals.

UMH Properties

Market Cap: US$1.3b

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that currently owns and operates 144 manufactured home communities containing approximately 26,800 developed homesites, of which 10,600 contain rental homes, and over 1,000 self-storage units.

NewLake Capital Partners

Market Cap: US$265.1m

An internally-managed real estate investment trust (“REIT”) that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects.

Apple Hospitality REIT

Market Cap: US$2.7b

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.

Boardwalk Real Estate Investment Trust

Market Cap: US$3.4b

Boardwalk REIT strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever.

NNN REIT

Market Cap: US$7.8b

NNN invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures.

Americold Realty Trust

Market Cap: US$3.1b

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

Morguard North American Residential Real Estate Investment Trust

Market Cap: US$888.4m

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

American Homes 4 Rent

Market Cap: US$13.5b

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes.

City Office REIT

Market Cap: US$277.3m

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

Clipper Realty

Market Cap: US$155.4m

Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.

EPR Properties

Market Cap: US$3.8b

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.

H&R Real Estate Investment Trust

Market Cap: US$2.8b

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.