Global Real Estate Undervalued Small Caps With Insider Buying

Morguard North American Residential Real Estate Investment Trust

Market Cap: CA$974.5m

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

Nexus Industrial REIT

Market Cap: CA$690.7m

A growth-oriented real estate investment trust focused on increasing unitholder value through the acquisition of industrial properties located in primary and secondary markets in Canada, and the ownership and management of its portfolio of properties.

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.

Paramount Group

Market Cap: US$1.5b

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.

Plymouth Industrial REIT

Market Cap: US$743.1m

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties.

Spear Reit

Market Cap: R3.2b

Spear REIT Limited listed as a Real Estate Investment Trust (“REIT”) on the AltX of the Johannesburg Stock Exchange (“JSE”) on 11 November 2016.

Flagship Communities Real Estate Investment Trust

Market Cap: CA$628.2m

An unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated August 12, 2020 (as subsequently amended and restated, the “Declaration of Trust”) under the laws of the Province of Ontario.

Safestore Holdings

Market Cap: UK£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.

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.

Plaza Retail REIT

Market Cap: CA$431.8m

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.

Hammerson

Market Cap: UK£1.4b

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.

Helical

Market Cap: UK£279.4m

Engages in the development, investment, and rental of real estate properties in the United Kingdom.

BTB Real Estate Investment Trust

Market Cap: CA$317.6m

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

Firm Capital Property Trust

Market Cap: CA$222.7m

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

Pro Real Estate Investment Trust

Market Cap: CA$332.9m

PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

Picton Property Income

Market Cap: UK£409.7m

Picton, established in 2005, is a UK REIT.

Precinct Properties NZ & Precinct Properties Investments

Market Cap: NZ$1.8b

Precinct is New Zealand’s only listed city centre specialist investing predominantly in premium and Agrade commercial office property.

Charter Hall Retail REIT

Market Cap: AU$2.3b

Charter Hall Retail REIT is the leading owner of property for convenience retailers.

Arena REIT

Market Cap: AU$1.5b

An ASX200 listed property group that develops, owns and manages social infrastructure properties across Australia.

RLJ Lodging Trust

Market Cap: US$1.1b

RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 95 premium-branded, rooms-oriented, high-margin, urban-centric hotels located within the heart of demand locations.

Spring Real Estate Investment Trust

Market Cap: HK$2.5b

Spring Real Estate Investment Trust (“Spring REIT”, stock code: 1426) is a real estate investment trust which invests in high quality income-producing real estate.

Piedmont Office Realty Trust

Market Cap: US$867.1m

Piedmont Office Realty Trust, Inc. (also referred to herein as "Piedmont" or the "Company") (NYSE: PDM) is an owner, manager, developer, redeveloper and operator of high-quality, Class A office properties located primarily in major U.S.

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: CA$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.

Armada Hoffler Properties

Market Cap: US$724.9m

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.

DiamondRock Hospitality

Market Cap: US$1.6b

A self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets.

NexPoint Residential Trust

Market Cap: US$869.5m

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.

CLS Holdings

Market Cap: UK£252.0m

Engages in the investment, development, and management of commercial properties in the United Kingdom, Germany, and France.

Whitestone REIT

Market Cap: US$626.2m

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.

Argosy Property

Market Cap: NZ$899.4m

Argosy Property Limited in properties in New Zealand.

Automotive Properties Real Estate Investment Trust

Market Cap: CA$541.0m

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.

Wereldhave

Market Cap: €804.7m

Wereldhave N.V. (“the Company”) is an investment company that invests in real estate (shopping centers and offices).