U.S. Real Estate Potentially Undervalued Companies

Tanger

Market Cap: US$3.5b

Tanger Inc. (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 44 years of expertise in the retail and outlet shopping industries.

Pebblebrook Hotel Trust

Market Cap: US$1.1b

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.

American Healthcare REIT

Market Cap: US$5.2b

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

First Real Estate Investment Trust

Market Cap: US$545.7m

First Real Estate Investment Trust (“First REIT” or the “Trust”), is a healthcare real estate investment trust focused on investing in income producing real estate properties which are primarily used for healthcare and healthcare related purposes.

CareTrust REIT

Market Cap: US$5.5b

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

CT Real Estate Investment Trust

Market Cap: US$3.6b

An unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada.

Boardwalk Real Estate Investment Trust

Market Cap: US$3.6b

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

First Capital Real Estate Investment Trust

Market Cap: US$3.7b

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”).

Rural Funds Group

Market Cap: US$715.1m

An agricultural Real Estate Investment Trust (REIT) listed on the ASX under the code RFF.

Automotive Properties Real Estate Investment Trust

Market Cap: US$506.6m

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.

Kiwi Property Group

Market Cap: US$1.4b

Kiwi Property (NZX: KPG) is one of the largest listed property companies on the New Zealand Stock Exchange and is a member of the S&P/NZX 20 Index.

Sabra Health Care REIT

Market Cap: US$4.3b

As of September 30, 2024, Sabra’s investment portfolio included 373 real estate properties held for investment (consisting of (i) 233 skilled nursing/transitional care facilities, (ii) 39 senior housing communities (“senior housing - leased”), (iii) 68 senior housing communities operated by third-party property managers pursuant to property management agreements (“senior housing - managed”), (iv) 18 behavioral health facilities and (v) 15 specialty hospitals and other facilities), 14 investments in loans receivable (consisting of three mortgage loans and 11 other loans), five preferred equity investments and two investments in unconsolidated joint ventures.

Creative Media & Community Trust

Market Cap: US$4.1m

Creative Media & Community Trust Corporation (the “Company”), is a Maryland corporation and real estate investment trust (“REIT”).

Ryman Hospitality Properties

Market Cap: US$5.7b

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: US$1.2b

Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (Northwest) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.

Generation Income Properties

Market Cap: US$8.7m

Generation Income Properties, Inc., located in Tampa, Florida, is an internally managed real estate investment trust formed to acquire and own, directly and jointly, real estate investments focused on retail, office, and industrial net lease properties in densely populated submarkets.

Reit 1

Market Cap: US$3.9b

Reit 1, Ltd. engages in the acquisition, management, and lease of real estate property.

Centerspace

Market Cap: US$1.1b

An owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others.

BTB Real Estate Investment Trust

Market Cap: US$305.1m

BTB is a real estate investment trust listed on the Toronto Stock Exchange.

CorEnergy Infrastructure Trust

Market Cap: US$19.4m

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution lines and crude oil gathering, storage and transmission pipelines and associated rights-of-way.

CIM Real Estate Finance Trust

Market Cap: US$1.3b

CIM Real Estate Finance Trust, Inc. (the “Company”) is a non-exchange traded real estate investment trust (“REIT”) formed as a Maryland corporation on July 27, 2010, that elected to be taxed, and operates its business to qualify, as a REIT for U.S.

Keppel DC REIT

Market Cap: US$4.9b

Keppel DC REIT was listed on the Singapore Exchange on 12 December 2014 as the first pure-play data centre REIT in Asia.

Morguard North American Residential Real Estate Investment Trust

Market Cap: US$921.0m

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

Mapletree Pan Asia Commercial Trust

Market Cap: US$6.3b

Mapletree Pan Asia Commercial Trust (“MPACT”) is a real estate investment trust (“REIT”) positioned to be the proxy to key gateway markets of Asia.

First Industrial Realty Trust

Market Cap: US$6.8b

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.

Daiwa Securities Living Investment

Market Cap: US$213.7b

Daiwa Securities Living Investment Corporation (hereinafter referred to as “the Investment Corporation”) is listed on the Tokyo Stock Exchange in June 2006 (stock code: 8986) and is located in the metropolitan area and major cities throughout Japan (Sapporo City, Sendai City) It is a rental apartment specialized REIT (REIT) that invests in rental apartments in Nagoya City, Osaka City, Fukuoka City, etc.

Montea Comm. VA

Market Cap: US$1.4b

Montea NV is a public regulated real estate company under Belgian law (GVV/SIR) that specializes in logistics real estate in Belgium, the Netherlands, France, and Germany.

Killam Apartment REIT

Market Cap: US$2.2b

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $5.3 billion portfolio of apartments and manufactured home communities.

MacKenzie Realty Capital

Market Cap: US$17.0m

MacKenzie Realty Capital, Inc. (the “Parent Company” together with its subsidiaries as discussed below, collectively, the “Company,” “we,” “us,” or “our”) was incorporated under the general corporation laws of the State of Maryland on January 27, 2012.

Macerich

Market Cap: US$4.0b

We own 43 million square feet of real estate consisting primarily of interests in 40 regional retail centers that serve as community cornerstones.

Firm Capital Property Trust

Market Cap: US$221.6m

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income.

Klépierre

Market Cap: US$9.4b

Klépierre SA is the European leader in shopping malls, combining property development and asset management skills.

H&R Real Estate Investment Trust

Market Cap: US$2.7b

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $10.8 billion as at December 31, 2023.

Frasers Logistics & Commercial Trust

Market Cap: US$3.1b

Frasers Logistics & Commercial Trust ("FLCT") is a Singapore-listed real estate investment trust with a portfolio comprising 107 industrial and commercial properties, worth approximately S$6.4 billion, diversified across five major developed markets - Australia, Germany, Singapore, the United Kingdom and the Netherlands.

FIBRA Macquarie México

Market Cap: US$24.9b

FIBRA Macquarie México (FIBRA Macquarie) (BMV:FIBRAMQ) is a real estate investment trust (fideicomiso de inversión en bienes raíces), or FIBRA, listed on the Mexican Stock Exchange (Bolsa Mexicana de Valores) targeting industrial, retail and office real estate opportunities in Mexico, with a primary focus on stabilized income-producing properties.

Crombie Real Estate Investment Trust

Market Cap: US$2.7b

Crombie invests in real estate that enriches local communities and enables long-term sustainable growth.