U.S. Real Estate Potentially Undervalued Companies

Host Hotels & Resorts

Market Cap: US$10.4b

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.

Federal Realty Investment Trust

Market Cap: US$8.2b

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.

Americold Realty Trust

Market Cap: US$4.9b

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

City Office REIT

Market Cap: US$193.7m

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

Dream Industrial Real Estate Investment Trust

Market Cap: US$2.9b

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

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.

Granite Real Estate Investment Trust

Market Cap: US$4.0b

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$2.6b

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.

Piedmont Office Realty Trust

Market Cap: US$834.8m

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.

Fibra UNO

Market Cap: US$95.2b

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

Industrial Logistics Properties Trust

Market Cap: US$204.4m

Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties.

Warehouses De Pauw

Market Cap: US$4.7b

Provides logistics property (warehouses and offices) real estate leasing services.

Modiv Industrial

Market Cap: US$161.5m

An internally managed REIT that is focused on single-tenant net-lease industrial manufacturing real estate.

National Health Investors

Market Cap: US$3.5b

Incorporated in 1991, National Health Investors, Inc.

Kimco Realty

Market Cap: US$14.0b

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.

Kite Realty Group Trust

Market Cap: US$5.0b

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.

Rayonier

Market Cap: US$3.7b

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.

Innovative Industrial Properties

Market Cap: US$1.6b

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.

ESR-REIT

Market Cap: US$1.8b

ESR-LOGOS REIT is a leading New Economy and future-ready Asia Pacific S-REIT.

Plymouth Industrial REIT

Market Cap: US$715.9m

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.

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.

NewLake Capital Partners

Market Cap: US$317.0m

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.

Gaming and Leisure Properties

Market Cap: US$13.1b

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.

Hudson Pacific Properties

Market Cap: US$332.0m

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.

Iron Mountain

Market Cap: US$28.5b

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.

NNN REIT

Market Cap: US$7.8b

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

Global Net Lease

Market Cap: US$1.8b

Global Net Lease, Inc. (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE.

FrontView REIT

Market Cap: US$322.5m

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.

Simon Property Group

Market Cap: US$61.4b

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

LTC Properties

Market Cap: US$1.6b

LTC is a real estate investment trust (REIT) investing in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions including preferred equity and mezzanine lending.

Mapletree Industrial Trust

Market Cap: US$5.6b

A real estate investment trust (“REIT”) listed on the Main Board of Singapore Exchange.

Xior Student Housing

Market Cap: US$1.3b

Xior Student Housing NV is the first Belgian public regulated real estate company (RREC) specialising in the student housing segment in Belgium, the Netherlands, Spain, Portugal, Germany, Poland, Denmark and Sweden.

COPT Defense Properties

Market Cap: US$3.1b

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S.

Digital Core REIT

Market Cap: US$668.8m

Digital Core REIT (SGX: DCRU) is a leading pure-play data centre REIT listed in Singapore and sponsored by Digital Realty (NYSE: DLR), the largest global data centre owner and operator.

Global Medical REIT

Market Cap: US$479.7m

Global Medical REIT Inc. (GMRE) is a net-lease medical office real estate investment trust (REIT) that owns and acquires healthcare facilities and leases those facilities to physician groups and regional and national healthcare systems.

Sotherly Hotels

Market Cap: US$15.2m

A self-managed and self-administered lodging REIT focused on the acquisition, renovation, upbranding and repositioning of upscale to upper-upscale full-service hotels in the Southern United States.