U.S. Real Estate Potentially Undervalued Companies

Essential Properties Realty Trust

Market Cap: US$5.9b

A real estate company, acquires, owns, and manages single-tenant properties in the United States.

Peakstone Realty Trust

Market Cap: US$480.9m

Peakstone Realty Trust (NYSE: PKST) is an internally managed real estate investment trust currently shifting its portfolio composition towards industrial properties.

VICI Properties

Market Cap: US$34.6b

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.

Sotherly Hotels

Market Cap: US$16.6m

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.

Digital Core REIT

Market Cap: US$639.0m

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

Lineage

Market Cap: US$9.7b

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.

Piedmont Realty Trust

Market Cap: US$1.1b

Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt.

CubeSmart

Market Cap: US$9.3b

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

Global Self Storage

Market Cap: US$57.4m

Global Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self-storage properties.

Unite Group

Market Cap: US$3.5b

Unite was founded in 1991 in Bristol and has grown to become the UK's largest owner, manager, and developer of PBSA serving the country's world-leading higher education sector.

Gecina

Market Cap: US$6.2b

A leading operator, that fully integrates all real estate expertise, owning, managing, and developing a unique prime portfolio valued at 17.0bn Euro as at June 30, 2025.

Alexandria Real Estate Equities

Market Cap: US$14.5b

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world.

Medical Properties Trust

Market Cap: US$3.0b

A self-advised real estate investment trust formed in 2003 to acquire and develop net-leased hospital facilities.

Fibra UNO

Market Cap: US$105.9b

Fibra UNO Trust was established as a Real Estate Investment Trust on January 12, 2011, by Fibra UNO Administración, SA de CV (the "Settlor") and Deutsche Bank México, SA, Institución de Banca Múltiple, División Fiduciaria (the "Trustee" or "Deutsche Bank").

HomeCo Daily Needs REIT

Market Cap: US$2.4b

An Australian Real Estate Investment Trust listed on the ASX with a mandate to invest in convenience-based assets across the target sub-sectors of Neighbourhood Retail, Large Format Retail and Health & Services.

CIFI Holdings (Group)

Market Cap: US$5.4b

Engages in the property development and investment business in the People’s Republic of China.

Public Storage

Market Cap: US$50.4b

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

Essex Property Trust

Market Cap: US$17.9b

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.

Host Hotels & Resorts

Market Cap: US$12.2b

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.

Equity LifeStyle Properties

Market Cap: US$12.1b

We are a self-administered, self-managed real estate investment trust (“REIT”) with headquarters in Chicago.

InvenTrust Properties

Market Cap: US$2.2b

InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component.

Kimco Realty

Market Cap: US$14.6b

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.

National Health Investors

Market Cap: US$3.8b

Incorporated in 1991, National Health Investors, Inc.

FIBRA Prologis

Market Cap: US$115.7b

FIBRA Prologis (BMV: FIBRAPL 14) is a leading real estate investment trust and manager of Class-A industrial properties in Mexico.

CBL & Associates Properties

Market Cap: US$937.1m

Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market-dominant properties located in dynamic and growing communities.

Warehouses De Pauw

Market Cap: US$4.9b

WDP develops and invests in logistics real estate warehouses and offices.

Picton Property Income

Market Cap: US$402.6m

Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.

Safestore Holdings

Market Cap: US$1.4b

Safestore is the UK's largest self-storage group with 210 stores on 31 July 2025; comprising 139 in the UK (including 78 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 32 in the Paris region, 16 in Spain, 16 in the Netherlands and seven in Belgium.

Carmila

Market Cap: US$2.5b

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.

Fibra MtyP.I. de

Market Cap: US$28.5b

Fibra Mty is a Mexican real estate investment trust (“FIBRA”) that initiated operations on December 11th, 2014 identified by the number F/2157 (“Trust 2157”), and also as “Fibra Mty” or “FMTY”.

Wereldhave

Market Cap: US$762.2m

Wereldhave N.V. (“the Company”) is an investment company that invests in real estate (shopping centers and offices).

Pebblebrook Hotel Trust

Market Cap: US$1.4b

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

SmartCentres Real Estate Investment Trust

Market Cap: US$4.6b

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country.

American Healthcare REIT

Market Cap: US$7.2b

A Maryland corporation, is a self-managed real estate investment trust, or REIT, that acquires, owns and operates a diversified portfolio of clinical healthcare real estate properties, focusing primarily on senior housing, skilled nursing facilities, or SNFs, outpatient medical, or OM, buildings and other healthcare-related facilities.

Canadian Net Real Estate Investment Trust

Market Cap: US$112.3m

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.

Hudson Pacific Properties

Market Cap: US$994.3m

A real estate investment trust, or REIT, and the sole general partner of our operating partnership.