U.S. Real Estate Potentially Undervalued Companies

CapitaLand Ascendas REIT

Market Cap: US$12.5b

CapitaLand Ascendas REIT (CLAR) is Singapore’s first and largest listed business space and industrial real estate investment trust.

Millrose Properties

Market Cap: US$5.1b

Millrose Properties, Inc. is the premier homesite option platform for residential homebuilders.

Piedmont Realty Trust

Market Cap: US$957.6m

Piedmont Realty Trust Inc. is a fully integrated, self-managed real estate investment company focused on delivering an exceptional office environment.

Industrial Logistics Properties Trust

Market Cap: US$413.9m

A real estate investment trust focused on owning and leasing high quality industrial and logistics properties.

Park Hotels & Resorts

Market Cap: US$2.3b

Park Hotels & Resorts inc. is one of the largest publicly traded lodging real estate investment trusts.

Essex Property Trust

Market Cap: US$16.5b

An S&P 500 company, is a fully integrated real estate investment trust.

Japan Hotel REIT Investment

Market Cap: US$406.2b

Japan Hotel REIT Investment Corporation (JHR) was established under the Act on Investment Trusts and Investment Corporations.

Innovative Industrial Properties

Market Cap: US$1.5b

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

NNN REIT

Market Cap: US$8.5b

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

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 145 manufactured home communities, containing approximately 27,000 developed homesites, of which 10,800 contain rental homes, and over 1,000 self-storage units.

Gaming and Leisure Properties

Market Cap: US$13.7b

Gaming and Leisure Properties, Inc. 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.

Federal Realty Investment Trust

Market Cap: US$9.6b

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.

Iron Mountain

Market Cap: US$35.0b

A global leader in information management services, and 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.

Pebblebrook Hotel Trust

Market Cap: US$1.6b

A publicly traded real estate investment trust and the largest owner of urban and resort lifestyle hotels in the United States.

NewLake Capital Partners

Market Cap: US$311.3m

An internally-managed real estate investment trust 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.

Hudson Pacific Properties

Market Cap: US$388.0m

A real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries.

Sirius Real Estate

Market Cap: US$1.6b

Engages in the investment, development, and operation of commercial and industrial properties in Germany and the United Kingdom.

Simon Property Group

Market Cap: US$76.6b

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

Brandywine Realty Trust

Market Cap: US$493.1m

Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX.

Americold Realty Trust

Market Cap: US$3.5b

A global leader in temperature-controlled logistics and real estate, supporting the safe, efficient movement of food worldwide.

Morguard North American Residential Real Estate Investment Trust

Market Cap: US$927.7m

An unincorporated, open-ended real estate investment trust.

DEXUS

Market Cap: US$6.5b

A leading Australasian fully integrated real asset group, managing a high-quality Australasian real estate and infrastructure portfolio valued at $51.5 billion.

LTC Properties

Market Cap: US$2.0b

A real estate investment trust (REIT) focused on seniors housing and health care properties, principally investing through SHOP, as well as triple-net leases, and joint ventures.

GO Residential Real Estate Investment Trust

Market Cap: US$630.1m

A newly created, internally managed, open ended real estate investment trust established under, and governed by, the laws of the Province of Ontario.

Service Properties Trust

Market Cap: US$806.9m

A real estate investment trust with approximately 10 billion dollars invested in two asset categories service-focused retail net lease properties and hotels.

EPR Properties

Market Cap: US$4.3b

EPR Properties is the leading diversified experiential net lease real estate investment trust, specializing in select enduring experiential properties in the real estate industry.

AvalonBay Communities

Market Cap: US$23.7b

A member of the S&P 500, is an equity REIT.

Shurgard Self Storage

Market Cap: US$2.9b

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

Equity Residential

Market Cap: US$23.2b

Equity Residential is committed to creating communities where people thrive.

Strawberry Fields REIT

Market Cap: US$694.2m

A self-administered real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing and certain other healthcare-related properties.

RLJ Lodging Trust

Market Cap: US$1.2b

A self-advised, publicly traded real estate investment trust that owns primarily premium-branded, high-margin, focused-service and compact full-service hotels.

Flagship Communities Real Estate Investment Trust

Market Cap: US$667.0m

A leading operator of affordable residential MHCs primarily serving working families seeking affordable home ownership.

Omega Healthcare Investors

Market Cap: US$14.3b

A Real Estate Investment Trust (“REIT”) providing financing and capital to the long-term healthcare industry in the United States and the United Kingdom with a focus on skilled nursing and assisted living facilities, including care homes in the United Kingdom.

Xior Student Housing

Market Cap: US$1.3b

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC).

VICI Properties

Market Cap: US$30.4b

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.

Lineage

Market Cap: US$9.2b

Lineage, Inc. is the world’s largest global temperature-controlled warehouse REIT with a network of over 500 strategically located facilities totaling approximately 88 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific.