Global Real Estate Undervalued over 20% based on DCF

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.

Highwoods Properties

Market Cap: US$3.2b

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.

Mapletree North Asia Commercial Trust

Market Cap: S$4.2b

Listed on the Singapore Exchange Securities Trading Limited ("SGX-ST") on 7 March 2013, Mapletree North Asia Commercial Trust ("MNACT") is the first real estate investment trust (“REIT”) that offers investors the opportunity to invest in best-in-class commercial properties situated in prime locations in China, in Hong Kong SAR, in Japan and in South Korea.

Carmila

Market Cap: €2.5b

As the third-largest listed owner of commercial property in Europe, Carmila was founded by Carrefour and large institutional investors in order to enhance the value of shopping centres adjoining Carrefour hypermarkets in France, Spain and Italy.

Mindspace Business Parks REIT

Market Cap: ₹255.7b

Mindspace Business Parks REIT, sponsored by K Raheja Corp group, listed on the Indian bourses in August 2020.

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.

Apple Hospitality REIT

Market Cap: US$2.8b

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States.

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.

Four Corners Property Trust

Market Cap: US$2.7b

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties.

Acadia Realty Trust

Market Cap: US$2.6b

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

Frasers Logistics & Commercial Trust

Market Cap: S$3.3b

Frasers Logistics & Commercial Trust (“FLCT”) is a Singapore-listed real estate investment trust with a portfolio comprising 114 industrial and commercial properties, worth approximately S$6.8 billion, diversified across five major developed markets – Australia, Germany, Singapore, the United Kingdom and the Netherlands.

Dream Industrial Real Estate Investment Trust

Market Cap: CA$3.5b

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

Big Yellow Group

Market Cap: UK£1.8b

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

IGB Real Estate Investment Trust

Market Cap: RM 10.1b

Established on 25 July 2012, IGB REIT is a Malaysia-domiciled real estate investment trust.

LXP Industrial Trust

Market Cap: US$2.4b

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest.

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.

National Storage REIT

Market Cap: AU$3.4b

National Storage is the largest self-storage provider in Australia and New Zealand, with over 260 centres providing tailored storage solutions to over 97,000 residential and commercial customers.

Brookfield India Real Estate Trust

Market Cap: ₹194.1b

The Brookfield India Real Estate Trust is India’s only institutionally managed public commercial real estate vehicle.

Fibra Danhos

Market Cap: Mex$41.1b

We are a Mexican trust constituted, primarily, to develop, own, lease, operate, and acquire iconic and premier-quality real estate assets in Mexico.

RL Commercial REIT

Market Cap: ₱124.1b

A real estate company, invests in various real estate properties.

InvenTrust Properties

Market Cap: US$2.1b

InvenTrust Properties Corp. (the “Company,” "IVT," or "InvenTrust") is a premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component.

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.

Charter Hall Long WALE REIT

Market Cap: AU$3.1b

An Australian Real Estate Investment Trust (REIT) listed on the ASX.

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.

Safestore Holdings

Market Cap: UK£1.4b

Safestore is the UK's largest self-storage group with 209 stores on 30 April 2025; comprising 139 in the UK (including 78 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), 32 in the Paris region, 16 in Spain, 16 in the Netherlands and 6 in Belgium.

AEON REIT Investment

Market Cap: JP¥273.1b

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.

Goodman Property Trust

Market Cap: NZ$3.1b

GMT is a managed investment scheme, listed on the NZX.

LaSalle LOGIPORT REIT

Market Cap: JP¥266.9b

With LaSalle REIT Advisors K.K. as the organizer, LaSalle LOGIPORT REIT (LLR) was established on October 9, 2015, pursuant to the Investment Trusts Act, and was listed on the J-REIT section of the Tokyo Stock Exchange (Securities Code: 3466) on February 17, 2016.

Japan Logistics Fund

Market Cap: JP¥263.0b

JLF is the first logistics properties focused J-REIT, with target areas of Tokyo Metropolitan area, Osaka, Nagoya and Fukuoka Area.

Montea Comm. VA

Market Cap: €1.5b

Montea NV is a listed real estate company under Belgian law (GVV/SIR) that specializes in logistics property in Belgium, the Netherlands, France, and Germany.

Region Group

Market Cap: AU$2.7b

An internally managed real estate investment trust (REIT) with 92 convenience-based retail properties, valued at $4,368 million.

Eurocommercial Properties

Market Cap: €1.5b

A Euronext-quoted property investment company and one of Europe’s shopping centre specialists.

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.

Xior Student Housing

Market Cap: €1.5b

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.

ESR-REIT

Market Cap: S$2.2b

A leading New Economy and future-ready Asia Pacific S-REIT.

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.