U.S. Real Estate Potentially Undervalued Companies

Great Portland Estates

Market Cap: US$1.3b

We are a FTSE 250 property investment and development company, owning a £2.4 billion portfolio of London real estate.

Hammerson

Market Cap: US$1.5b

Hammerson is the largest UK-listed, pure-play owner and manager of prime retail and leisure anchored city destinations across the UK, France and Ireland.

Firm Capital Apartment Real Estate Investment Trust

Market Cap: US$32.8m

Firm Capital Apartment Real Estate Investment Trust (the “Trust”) is a U.S.

Daiwa House REIT Investment

Market Cap: US$572.9b

DHR is a real estate investment trust (J-REIT) whose sponsor is Daiwa House Industry Co., Ltd.

GPT Group

Market Cap: US$10.2b

GPT is one of Australia’s leading property groups, with assets under management of $34.1 billion across a portfolio of high quality retail, office and logistics assets.

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.

Postal Realty Trust

Market Cap: US$505.2m

Postal Realty Trust, Inc. (NYSE: PSTL) is an internally managed real estate investment trust that owns properties primarily leased to the United States Postal Service ("USPS").

H&R Real Estate Investment Trust

Market Cap: US$3.3b

H&R REIT is one of Canada's largest real estate investment trusts with total assets of approximately $10.5 billion as at March 31, 2025.

SmartStop Self Storage REIT

Market Cap: US$1.4b

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE:SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop® Self Storage brand.

Scentre Group

Market Cap: US$21.4b

Scentre Group (ASX: SCG) owns 42 Westfield destinations across Australia and New Zealand encompassing 12,000 outlets.

Ventas

Market Cap: US$31.6b

Ventas, Inc. (NYSE: VTR) is a leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population.

Slate Grocery REIT

Market Cap: US$874.8m

An owner and operator of U.S.

British Land

Market Cap: US$3.5b

British Land is a UK commercial property company focused on real estate sectors with the strongest operational fundamentals: London campuses, retail parks, and London urban logistics.

Independence Realty Trust

Market Cap: US$4.0b

Independence Realty Trust, Inc. (NYSE: IRT), an S&P 400 MidCap Company, is a real estate investment trust (“REIT”) that owns and operates multifamily communities, across non-gateway U.S.

Canadian Apartment Properties Real Estate Investment Trust

Market Cap: US$6.4b

CAPREIT is Canada's largest publicly traded provider of quality rental housing.

Empiric Student Property

Market Cap: US$661.5m

Empiric Student Property plc is a leading provider and operator of modern, predominantly direct-let, premium student accommodation serving key UK universities.

Lippo Malls Indonesia Retail Trust

Market Cap: US$107.8m

LMIR Trust is a Singapore-based real estate investment trust established with the principal investment objective of owning and investing, on a long-term basis, in a diversified portfolio of income-producing real estate in Indonesia that are primarily used for retail and/or retail-related purposes.

Choice Properties Real Estate Investment Trust

Market Cap: US$10.6b

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through places where people thrive.

Supermarket Income REIT

Market Cap: US$955.9m

Supermarket Income REIT plc (LSE: SUPR, JSE: SRI) is a real estate investment trust dedicated to investing in grocery properties which are an essential part of the feed the nation infrastructure.

CapitaLand Integrated Commercial Trust

Market Cap: US$17.2b

CapitaLand Integrated Commercial Trust (CICT) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST) with a market capitalisation of S$15.9 billion as at 30 June 2025.

Xenia Hotels & Resorts

Market Cap: US$1.5b

A self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States.

Medalist Diversified REIT

Market Cap: US$29.7m

Medalist Diversified REIT (NASDAQ: MDRR) is a real estate investment trust that specializes in acquiring, owning, and managing value-add commercial real estate.

SITE Centers

Market Cap: US$467.8m

SITE Centers is an owner and manager of open-air shopping centers located primarily in suburban, high household income communities.

Global Medical REIT

Market Cap: US$463.1m

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

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.

Empire State Realty Trust

Market Cap: US$2.1b

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets.

Gladstone Commercial

Market Cap: US$573.6m

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States.

VIB Vermögen

Market Cap: US$648.4m

Engages in the development, acquisition, and management of commercial real estate properties in Germany.

FIBRA Terrafina

Market Cap: US$27.9b

Terrafina (BMV: TERRA13) is a Mexican real estate investment trust formed primarily to acquire, develop, lease and manage industrial real estate properties in Mexico.

R&R Real Estate Investment Trust

Market Cap: US$37.2m

R&R REIT is an unincorporated, open-ended real estate investment trust established pursuant to the Declaration of Trust (“DOT”) dated July 16, 2014, and is governed by the laws of the province of Ontario.

Diversified Healthcare Trust

Market Cap: US$1.1b

DHC is a real estate investment trust focused on owning high-quality healthcare properties located throughout the United States.

PotlatchDeltic

Market Cap: US$3.1b

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) with ownership of 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina.

True North Commercial Real Estate Investment Trust

Market Cap: US$133.0m

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

Armada Hoffler Properties

Market Cap: US$706.0m

Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States.

Highwoods Properties

Market Cap: US$3.5b

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE: HIW), fully-integrated office real estate investment trust (REIT) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.

Vornado Realty Trust

Market Cap: US$8.4b

Vornado Realty Trust (“Vornado”) is a fully-integrated real estate investment trust (“REIT”) and conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P.