U.S. Real Estate Potentially Undervalued Companies

Ventas

Market Cap: US$29.8b

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.

American Assets Trust

Market Cap: US$1.5b

A full service, vertically integrated and self-administered real estate investment trust ("REIT"), headquartered in San Diego, California.

CTO Realty Growth

Market Cap: US$582.0m

A publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States.

Clipper Realty

Market Cap: US$172.8m

Clipper Realty Inc. (the “Company” or “we”) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a current portfolio in Manhattan and Brooklyn.

Mid-America Apartment Communities

Market Cap: US$19.4b

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States.

W. P. Carey

Market Cap: US$13.3b

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,430 net lease properties covering approximately 172 million square feet and a portfolio of 78 self-storage operating properties as of September 30, 2024.

Scentre Group

Market Cap: US$19.3b

Owns and operates a leading portfolio of 42 Westfield destinations with 37 located in Australia and five in New Zealand.

Service Properties Trust

Market Cap: US$329.9m

Service Properties Trust (Nasdaq: SVC) is a real estate investment trust with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties.

EPR Properties

Market Cap: US$3.9b

EPR Properties (NYSE:EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry.

Slate Grocery REIT

Market Cap: US$878.3m

An owner and operator of U.S.

Postal Realty Trust

Market Cap: US$385.1m

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").

One Liberty Properties

Market Cap: US$507.5m

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982.

Canadian Apartment Properties Real Estate Investment Trust

Market Cap: US$6.8b

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

NewRiver REIT

Market Cap: US$369.0m

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK.

Hammerson

Market Cap: US$1.2b

Hammerson is a cities business. An owner, operator and developer of prime urban real estate, with a portfolio value of £4.7billion (as at 30 June 2023), in some of the fastest growing cities in the UK, Ireland and France.

FibraHotel

Market Cap: US$7.8b

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

United Urban Investment

Market Cap: US$470.7b

United Urban was listed in the real estate investment trust section of the Tokyo Stock Exchange (the J-REIT section) in December 2003 as a diversified J-REIT, investing in properties varied both in types of use and geographical location.

Essential Properties Realty Trust

Market Cap: US$6.3b

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

Acadia Realty Trust

Market Cap: US$2.7b

An equity real estate investment trust focused on delivering long-term, profitable growth.

LXP Industrial Trust

Market Cap: US$2.4b

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States.

Medalist Diversified REIT

Market Cap: US$16.6m

Medalist Diversified REIT Inc. is a Virginia-based real estate investment trust that specializes in acquiring, owning and managing commercial real estate in the Southeast region of the U.S.

Gladstone Commercial

Market Cap: US$652.2m

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

Choice Properties Real Estate Investment Trust

Market Cap: US$10.8b

Choice Properties is a leading Real Estate Investment Trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.

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 logistics-focused land platform in the UK.

Empiric Student Property

Market Cap: US$611.0m

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

VIB Vermögen

Market Cap: US$648.4m

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

Japan Prime Realty Investment

Market Cap: US$353.6b

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

Summit Hotel Properties

Market Cap: US$527.1m

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.

Easterly Government Properties

Market Cap: US$1.0b

Easterly Government Properties, Inc. (NYSE: DEA) is based in Washington, D.C., and focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S.

PotlatchDeltic

Market Cap: US$3.0b

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) that owns nearly 2.2 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina.

Terreno Realty

Market Cap: US$5.8b

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

Gecina

Market Cap: US$6.7b

As a specialist for centrality and uses, Gecina operates innovative and sustainable living spaces.

True North Commercial Real Estate Investment Trust

Market Cap: US$129.9m

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