Global Real Estate Undervalued over 20% based on DCF

Curbline Properties

Market Cap: US$3.4b

Curbline Properties Corp. is the owner and manager of convenience shopping centers.

Park Hotels & Resorts

Market Cap: US$3.2b

Park Hotels & Resorts inc. is one of the largest publicly traded lodging real estate investment trusts.

CT Real Estate Investment Trust

Market Cap: CA$4.3b

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

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.

Acadia Realty Trust

Market Cap: US$3.1b

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

Hammerson

Market Cap: UK£2.2b

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

Brookfield India Real Estate Trust

Market Cap: ₹284.4b

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

Invincible Investment

Market Cap: JP¥468.0b

Invincible Investment Corporation in accordance with the Investment Trust and Investment Corporation Act (Act No.

Frasers Logistics & Commercial Trust

Market Cap: S$3.6b

A Singapore-listed real estate investment trust.

Four Corners Property Trust

Market Cap: US$2.8b

A real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties.

Shurgard Self Storage

Market Cap: €2.4b

Engages in the acquisition, development, and operation of self-storage facilities for business and personal use.

Fibra Danhos

Market Cap: Mex$46.6b

A Mexican trust established primarily to develop, lease, operate, and acquire iconic, premium-quality real estate assets in Mexico.

Carmila

Market Cap: €2.2b

Carmila S.A. is Europe's third-largest listed property company specializing in shopping centres, with a portfolio in France, Spain and Italy worth 6.8 billion euros at 30 June 2026.

InvenTrust Properties

Market Cap: US$2.6b

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.

Douglas Emmett

Market Cap: US$2.5b

A fully integrated, self-administered and self-managed real estate investment trust , and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu.

Big Yellow Group

Market Cap: UK£1.8b

Big Yellow Group Plc is the UK's brand leader in self-storage and operates from a platform of 111 stores.

Boardwalk Real Estate Investment Trust

Market Cap: CA$3.3b

Boardwalk Real Estate Investment Trust strives to be Canada's friendliest community provider and the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever.

RL Commercial REIT

Market Cap: ₱140.8b

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

Crombie Real Estate Investment Trust

Market Cap: CA$3.1b

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

Sunstone Hotel Investors

Market Cap: US$2.1b

A lodging real estate investment trust (REIT).

Xenia Hotels & Resorts

Market Cap: US$1.9b

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.

Global Net Lease

Market Cap: US$1.9b

A publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe.

SmartStop Self Storage REIT

Market Cap: US$1.9b

A self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop Self Storage brand.

Sunway Real Estate Investment Trust

Market Cap: RM 7.5b

Sunway Real Estate Investment Trust (Sunway REIT or Trust) is one of the largest diversified real estate investment trusts (REITs) in Malaysia.

Primaris Real Estate Investment Trust

Market Cap: CA$2.6b

Primaris Real Estate Investment Trust is Canada’s only enclosed shopping centre focused REIT.

Region Group

Market Cap: AU$2.6b

An internally managed real estate investment trust (REIT) with 87 convenience-based retail properties, valued at $4,374 million.

Charter Hall Long WALE REIT

Market Cap: AU$2.6b

An Australian Real Estate Investment Trust (REIT) listed on the ASX and investing in high quality Australasian real estate assets that are predominantly leased to corporate and government tenants on long term leases.

Montea Comm. VA

Market Cap: €1.6b

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

RLJ Lodging Trust

Market Cap: US$1.7b

A self-advised, publicly traded real estate investment trust that owns 91 premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within the heart of demand locations.

Eurocommercial Properties

Market Cap: €1.5b

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

Icade

Market Cap: €1.4b

A real estate player that strives to make cities more pleasant places to live for everyone.

Killam Apartment REIT

Market Cap: CA$2.3b

Killam Apartment Real Estate Investment Trust (Killam, or the Trust) is an unincorporated open-ended mutual fund trust created pursuant to the amended and restated Declaration of Trust (DOT), under the laws of the Province of Ontario.

Pavilion Real Estate Investment Trust

Market Cap: RM 6.6b

Pavilion Real Estate Investment Trust with the largest exposure to the retail sector by any listed Malaysian REIT, Pavilion REIT owns a RM9.1 billion portfolio based on appraised value, to which its most prominent assets are its retail malls, Pavilion Kuala Lumpur Mall and Pavilion Bukit Jalil.

AEON REIT Investment

Market Cap: JP¥252.7b

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.

Comforia Residential REIT

Market Cap: JP¥245.9b

Comforia Residential Investment Corporation (the Investment Corporation) an investment corporation under the Act on Investment Trusts and Investment Corporations (Act No.

Mori Hills REIT Investment

Market Cap: JP¥243.0b

Mori Hills REIT Investment Corporation was incorporated by Mori Building Investment Management Co., Ltd.