Canadian Real Estate Undervalued over 20% based on DCF

Choice Properties Real Estate Investment Trust

Market Cap: CA$10.3b

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

RioCan Real Estate Investment Trust

Market Cap: CA$5.2b

RioCan is one of Canada’s largest real estate investment trusts.

Granite Real Estate Investment Trust

Market Cap: CA$4.5b

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe.

SmartCentres Real Estate Investment Trust

Market Cap: CA$4.4b

SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 196 strategically located properties in communities across the country.

First Capital Real Estate Investment Trust

Market Cap: CA$4.0b

First Capital Real Estate Investment Trust, with $9.2 billion in assets acquires, develops, owns and operates open-air grocery-anchored shopping centres in neighbourhoods with the strongest demographics in Canada.

Boardwalk Real Estate Investment Trust

Market Cap: CA$3.8b

Boardwalk REIT strives to be Canada's friendliest community provider and is a leading owner/operator of multi-family rental communities.

CT Real Estate Investment Trust

Market Cap: CA$3.7b

CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada.

Dream Industrial Real Estate Investment Trust

Market Cap: CA$3.4b

Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties.

H&R Real Estate Investment Trust

Market Cap: CA$3.2b

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.

Crombie Real Estate Investment Trust

Market Cap: CA$2.7b

Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow.

Allied Properties Real Estate Investment Trust

Market Cap: CA$2.4b

Allied is a leading owner-operator of distinctive urban workspace in Canada’s major cities.

Killam Apartment REIT

Market Cap: CA$2.3b

Killam Apartment REIT, based in Halifax, Nova Scotia, is one of Canada's largest residential real estate investment trusts, owning, operating, managing and developing a $5.5 billion portfolio of apartments and manufactured home communities.

Minto Apartment Real Estate Investment Trust

Market Cap: CA$858.2m

An open-ended real estate investment trust, owns and operates a portfolio of income-producing multi-residential rental properties located in Canada.

Slate Grocery REIT

Market Cap: CA$840.1m

An owner and operator of U.S.

Artis Real Estate Investment Trust

Market Cap: CA$716.9m

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

Plaza Retail REIT

Market Cap: CA$464.2m

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.

BTB Real Estate Investment Trust

Market Cap: CA$323.8m

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

Dream Residential Real Estate Investment Trust

Market Cap: CA$251.1m

Dream Residential Real Estate Investment Trust (“Dream Residential REIT” or the “REIT”) is an unincorporated, open-ended real estate investment trust established on February 24, 2022 pursuant to the REIT’s Declaration of Trust under the laws of the Province of Ontario.

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.

Northview Residential REIT

Market Cap: CA$56.7m

Northview is a real estate investment trust established pursuant to a declaration of trust dated April 14, 2020 as most recently amended and restated on August 21, 2023 (the “Declaration of Trust”) under the laws of the Province of Ontario for the primary purpose of acquiring, owning, and operating a portfolio of income-producing rental properties in secondary markets within Canada.

Ravelin Properties REIT

Market Cap: CA$32.6m

The REIT is an unincorporated, open-ended real estate investment trust governed by the laws of the Province of Ontario pursuant to an amended and restated Declaration of Trust dated as of December 31, 2024, as it may be further amended, supplemented or amended and restated from time to time (the "Declaration of Trust").