U.S. Real Estate Potentially Undervalued Companies

Equity LifeStyle Properties

Market Cap: US$12.8b

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

Farmland Partners

Market Cap: US$468.2m

An internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate.

FIBRA Prologis

Market Cap: US$114.4b

A leading owner and operator of Class-A industrial real estate in Mexico.

Safestore Holdings

Market Cap: US$1.4b

Safestore is the UK's largest self-storage group with 203 stores on 26 November 2024; comprising 138 in the UK (including 77 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), 30 in the Paris region, 15 in Spain, 14 in the Netherlands and 6 in Belgium.

Unibail-Rodamco-Westfield

Market Cap: US$10.5b

Unibail-Rodamco-Westfield is an owner, developer and operator of sustainable, high-quality real estate assets in the most dynamic cities in Europe and the United States.

Picton Property Income

Market Cap: US$399.2m

Picton, established in 2005, is a UK REIT.

Fortune Real Estate Investment Trust

Market Cap: US$9.2b

Established in 2003, Fortune REIT is a real estate investment trust constituted by a trust deed (as amended, supplemented or otherwise modified from time to time).

American Tower

Market Cap: US$102.0b

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 149,000 communications sites and a highly interconnected footprint of U.S.

NSI

Market Cap: US$475.3m

A specialist commercial property investor and the only listed real estate investment trust (REIT) focused on well-located offices in economic growth regions in The Netherlands.

AEON REIT Investment

Market Cap: US$262.4b

AEON REIT Investment Corporation (hereinafter, “AEON REIT”) invests primarily in retail and related properties which, as an integral part of the communities in which they are located, form the backbone of communities and their retail business infrastructure.

Urban Edge Properties

Market Cap: US$2.4b

A NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C.

CapitaLand Ascendas REIT

Market Cap: US$11.6b

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

Invitation Homes

Market Cap: US$21.3b

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools.

Weyerhaeuser

Market Cap: US$18.8b

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900.

Paramount Group

Market Cap: US$1.1b

Paramount Group, Inc. ("Paramount" or the "Company") is a fully-integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York and San Francisco.

Prologis

Market Cap: US$99.7b

Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets.

Starhill Global Real Estate Investment Trust

Market Cap: US$1.1b

Starhill Global REIT is a Singapore-based real estate investment trust investing primarily in real estate used for retail and office purposes, both in Singapore and overseas.

Argan

Market Cap: US$1.6b

ARGAN is the only French real estate company specializing in the DEVELOPMENT & RENTAL OF PREMIUM WAREHOUSES listed on EURONEXT and is the leading player of its market in France.

Cofinimmo

Market Cap: US$2.9b

Cofinimmo has been acquiring, developing and managing rental properties for 40 years.

CNL Healthcare Properties

Market Cap: US$589.7m

CNL Healthcare Properties, Inc. (the “Company”) is a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes.

Broadstone Net Lease

Market Cap: US$3.2b

Broadstone Net Lease, Inc. (the “Corporation”) is a Maryland corporation formed on October 18, 2007, that elected to be taxed as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2008.

Braemar Hotels & Resorts

Market Cap: US$147.1m

Together with its subsidiaries (“Braemar”), is a Maryland corporation that invests primarily in high revenue per available room (“RevPAR”) luxury hotels and resorts.

Lamar Advertising

Market Cap: US$11.8b

Operates as an outdoor advertising company in the United States and Canada.

Saul Centers

Market Cap: US$1.1b

A self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 62 properties, which includes (a) 50 community and neighborhood shopping centers and eight mixed-use properties with approximately 10.2 million square feet of leasable area and (b) four non-operating land and development properties.

NexPoint Diversified Real Estate Trust

Market Cap: US$160.0m

NexPoint Diversified Real Estate Trust (“NXDT”) is an externally advised diversified real estate investment trust (“REIT”), with its shares of common stock and 5.50% Series A Cumulative Preferred Shares listed on the New York Stock Exchange under the symbols NXDT and NXDT-PA, respectively.

Artis Real Estate Investment Trust

Market Cap: US$728.2m

Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States.

Mirvac Group

Market Cap: US$9.2b

Founded in 1972, Mirvac is an Australian Securities Exchange (ASX) top 50 company with an integrated asset creation and curation capability.

Land Securities Group

Market Cap: US$4.5b

At Landsec, we build and invest in buildings, spaces and partnerships to create sustainable places, connect communities and realise potential.

American Homes 4 Rent

Market Cap: US$16.2b

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes.

Alpine Income Property Trust

Market Cap: US$235.0m

Alpine Income Property Trust, Inc. (the “Company” or “PINE”) is a real estate investment trust (“REIT”) that owns and operates a high-quality portfolio of commercial net lease properties.

SBA Communications

Market Cap: US$25.4b

A leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells.

Big Yellow Group

Market Cap: US$2.0b

Big Yellow is the UK's brand leader in self storage.

Highlands REIT

Market Cap: US$58.5m

We are a self-advised and self-administered real estate investment trust (“REIT”) created to own and manage substantially all of the “non-core” investment properties previously owned and managed by our former parent, InvenTrust Properties Corp., a Maryland corporation (“InvenTrust”).

SEGRO

Market Cap: US$9.0b

SEGRO is a UK Real Estate Investment Trust (REIT), listed on the London Stock Exchange and Euronext Paris, and is a leading owner, manager and developer of modern warehouses and industrial property.

Plaza Retail REIT

Market Cap: US$416.3m

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada.

Safehold

Market Cap: US$1.1b

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings.