U.S. Real Estate Potentially Undervalued Companies

Community Healthcare Trust

Market Cap: US$405.0m

A real estate investment trust that focuses on owning income-producing real estate properties associated primarily with the delivery of outpatient healthcare services in our target sub-markets throughout the United States.

Orion Properties

Market Cap: US$154.9m

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S.

AvalonBay Communities

Market Cap: US$27.7b

A member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.

COPT Defense Properties

Market Cap: US$3.4b

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.

OUTFRONT Media

Market Cap: US$3.1b

OUTFRONT is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most.

Strawberry Fields REIT

Market Cap: US$682.0m

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

Icade

Market Cap: US$1.6b

A full-service real estate company with expertise in both property investment (portfolio worth €6.2bn as of 06/30/2025 – 100% + Group share of joint ventures) and property development (2024 economic revenue of €1.2bn) that operates throughout France.

Omega Healthcare Investors

Market Cap: US$12.8b

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.

Equity Residential

Market Cap: US$25.4b

Equity Residential is committed to creating communities where people thrive.

Sila Realty Trust

Market Cap: US$1.4b

Sila Realty Trust, Inc., headquartered in Tampa, Florida, is a net lease real estate investment trust with a strategic focus on investing in the growing and resilient healthcare sector.

Tritax Big Box REIT

Market Cap: US$3.5b

Tritax Big Box REIT plc (ticker: BBOX) is the largest listed investor in high-quality logistics warehouse assets and controls the largest logisticsfocused land platform in the UK.

LondonMetric Property

Market Cap: US$4.2b

LondonMetric Property Plc is the UK's leading triple net lease REIT with a £7 billion portfolio aligned to structurally supported sectors of logistics, convenience, healthcare, entertainment and leisure.

Wheeler Real Estate Investment Trust

Market Cap: US$6.3m

A Maryland corporation, is a fully integrated, self-managed commercial real estate investment trust that owns, leases and operates income-producing retail properties with a primary focus on grocery-anchored centers.

Primaris Real Estate Investment Trust

Market Cap: US$1.6b

Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests in leading enclosed shopping centres located in growing Canadian markets.

Inland Real Estate Income Trust

Market Cap: US$435.2m

The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States.

KBS Real Estate Investment Trust III

Market Cap: US$44.6m

KBS Real Estate Investment Trust III, Inc.

FibraHotel

Market Cap: US$6.6b

A Mexican trust created primarily to acquire, develop, and operate hotels in Mexico.

Aedifica/SA

Market Cap: US$2.9b

A Regulated Real Estate Company under Belgian law specialised in European healthcare real estate, particularly in elderly care.

United Hampshire US Real Estate Investment Trust

Market Cap: US$259.6m

Listed on the Main Board of the Singapore Exchange on 12 March 2020, UHREIT is a Singapore real estate investment trust established with the principal investment strategy of investing in a diversified portfolio of stabilised income-producing (i) grocery-anchored and necessity-based retail properties (“Grocery & Necessity Properties”), and (ii) modern, climate-controlled self-storage facilities (“Self-Storage Properties”), located in the U.S.

Fibra Danhos

Market Cap: US$31.3b

We are a Mexican trust constituted, primarily, to develop, own, lease, operate, and acquire iconic and premier-quality real estate assets in Mexico.

Sella Capital Real Estate

Market Cap: US$1.6b

A real estate investment trust, is engaged in the acquisition, management, holding, and rental of yielding real estate properties in Israel.

NorthStar Healthcare Income

Market Cap: US$343.6m

Together with its consolidated subsidiaries (the Company), owns a diversified portfolio of seniors housing properties, including independent living facilities (ILFs), assisted living facilities (ALFs) and memory care facilities (MCFs) located throughout the United States.

Terreno Realty

Market Cap: US$6.0b

Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, the “Company”) acquires, owns and operates industrial real estate in six major coastal U.S.

Summit Hotel Properties

Market Cap: US$667.0m

A publicly traded real estate investment trust focused on owning premium-branded lodging facilities with efficient operating models primarily in the upscale segment of the lodging industry.

Whitestone REIT

Market Cap: US$645.8m

Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

Sun Communities

Market Cap: US$16.5b

Established in 1975, Sun Communities, Inc.

Alexander & Baldwin

Market Cap: US$1.3b

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.

NexPoint Residential Trust

Market Cap: US$815.2m

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with "value-add" potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States.

Eurocommercial Properties

Market Cap: US$1.4b

A Euronext-quoted property investment company and one of Europe’s shopping centre specialists.

Ingenia Communities Group

Market Cap: US$2.2b

Ingenia Communities Group (ASX: INA) is a leading operator, owner and developer of communities offering quality affordable rental and holiday accommodation focussed on the growing seniors’ market in Australia.

Wheeler Real Estate Investment Trust

Market Cap: US$6.3m

A Maryland corporation, is a fully integrated, self-managed commercial real estate investment trust that owns, leases and operates income-producing retail properties with a primary focus on grocery-anchored centers.

Japan Prime Realty Investment

Market Cap: US$416.8b

Japan Prime Realty Investment Corporation (JPR) was established on September 14, 2001, under the Act on Investment Trusts and Investment Corporations (Act No.

Prime US REIT

Market Cap: US$177.9m

Listed on 19 July 2019 on the Main Board of the Singapore Exchange, Prime US REIT (“PRIME”) is a well-diversified real estate investment trust ("REIT") focused on stabilised income-producing office assets in the United States ("U.S.").

Regency Centers

Market Cap: US$13.0b

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics.

Rayonier

Market Cap: US$4.1b

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.

Farmland Partners

Market Cap: US$486.5m

An internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to third-party farmers (both tenant and non-tenant) and landowners secured by farm real estate and/or other agricultural related assets.