Global Real Estate Undervalued over 20% based on DCF

MREIT

Market Cap: ₱53.9b

Operates as a real estate investment trust.

Hudson Pacific Properties

Market Cap: US$937.0m

A real estate investment trust, or REIT, and the sole general partner of our operating partnership.

Ping An Guangzhou Comm Invest Guanghe Expressway

Market Cap: CN¥6.5b

Ping An Guangzhou Comm Invest Guanghe Expressway Close-end Infrastructure Fund operates as an infrastructure fund.

Far East Hospitality Trust

Market Cap: S$1.2b

Far East H-Trust is a Singapore-Focused Hotel and Serviced Residence Hospitality Trust listed on the Main Board of The Singapore Exchange Securities Trading Limited (“SGX-ST”).

NorthWest Healthcare Properties Real Estate Investment Trust

Market Cap: CA$1.2b

Northwest provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at May 14, 2025, of interests in a diversified portfolio of 169 income-producing properties and 15.8 million square feet of gross leasable area located throughout major markets in North America, Brazil, Europe, and Australasia.

AIMS APAC REIT

Market Cap: S$1.1b

Managed by the Manager, AIMS APAC REIT (“AA REIT”) is a real estate investment trust listed on the Mainboard of the SGX-ST since 2007.

Empiric Student Property

Market Cap: UK£624.9m

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

Charter Hall Social Infrastructure REIT

Market Cap: AU$1.2b

Charter Hall Social Infrastructure REIT is the largest Australian ASX-listed real estate investment trust (A-REIT) that invests in social infrastructure properties.

NexPoint Residential Trust

Market Cap: US$783.9m

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.

Cromwell Property Group

Market Cap: AU$1.2b

Cromwell Property Group (ASX: CMW) is a real estate investor and manager with $4.5 billion of assets under management in Australia and New Zealand.

Abacus Group

Market Cap: AU$1.1b

A strong asset backed, annuity style business model where capital is directed towards assets that provide potential for enhanced income growth and ultimately create value.

INDUS Realty Trust

Market Cap: US$683.2m

INDUS is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/logistics properties.

Morguard North American Residential Real Estate Investment Trust

Market Cap: CA$939.6m

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

Minto Apartment Real Estate Investment Trust

Market Cap: CA$844.4m

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

Wereldhave Belgium

Market Cap: €516.4m

A public regulated real estate company (OGVV) under Belgian law, focusing on commercial real estate in Belgium and Luxembourg.

Slate Grocery REIT

Market Cap: CA$826.5m

An owner and operator of U.S.

MIRAI

Market Cap: JP¥88.6b

MIRAI is diversified J-REIT. Based on the Act on Investment Trusts and Investment Corporations of Japan (Act No.

Attacq

Market Cap: R10.3b

An innovative Real Estate Investment Trust (REIT) based in South Africa, with a vision to create sustainable value for all stakeholders.

SOSiLA Logistics REIT

Market Cap: JP¥86.3b

A real estate investment trust company, engages in the real estate leasing business in Japan.

Hamborner REIT

Market Cap: €472.6m

HAMBORNER REIT-AG is a stock corporation listed on the SDAX that operates exclusively in the real estate sector and is a portfolio holder for high-yield commercial real estate.

Care Property Invest

Market Cap: €471.2m

Care Property Invest NV/SA is a Public Regulated Real Estate Company (public RREC) under Belgian law.

Picton Property Income

Market Cap: UK£390.0m

Established in 2005, Picton is listed on the main market of the London Stock Exchange and is a constituent of a number of EPRA indices including the FTSE EPRA Nareit Global Index.

Sunlight Real Estate Investment Trust

Market Cap: HK$4.1b

Listed on The Stock Exchange of Hong Kong Limited since 21 December 2006, Sunlight REIT (stock code: 435) is a real estate investment trust authorized by the Securities and Futures Commission, and constituted by the trust deed dated 26 May 2006 (as amended and restated) (the “Trust Deed”).

Centuria Office REIT

Market Cap: AU$773.6m

COF is Australia’s largest ASX listed pure play office REIT and is included in the S&P/ASX300 Index.

One REIT

Market Cap: JP¥73.3b

One REIT has Mizuho REIT Management Co., Ltd.

One Liberty Properties

Market Cap: US$486.4m

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

CapitaLand Malaysia Trust

Market Cap: RM 2.0b

CapitaLand Malaysia Trust (CLMT) is a real estate investment trust (REIT) and was listed on the Main Market of Bursa Malaysia Securities Berhad on 16 July 2010.

Rural Funds Group

Market Cap: AU$728.8m

An agricultural Real Estate Investment Trust (REIT) listed on the ASX under the code RFF.

YTL Hospitality REIT

Market Cap: RM 2.0b

YTL Hospitality REIT has a market capitalisation of approximately RM1.81 billion (as at 30 May 2025) with a wide portfolio of prime hospitality assets across a range of unique locations worldwide.

Menivim - The New Reit

Market Cap: ₪1.6b

Menivim - The New Reit Ltd was founded in 2015 and is headquartered in Caesarea, Israel.

Custodian Property Income REIT

Market Cap: UK£338.6m

A UK real estate investment trust, which listed on the main market of the London Stock Exchange on 26 March 2014.

IMPACT Growth Real Estate Investment Trust

Market Cap: ฿14.8b

IMPACT Growth Real Estate Investment Trust (the Trust) is a real estate investment trust established under the Trust for Transaction in Capital Market Act, B.E.2550 (the Act) in accordance with the Trust Deed signed on 22 September 2014 between RMI Company Limited as the Trust Settlor and Kasikorn Asset Management Company Limited as the Trustee.

Flagship Communities Real Estate Investment Trust

Market Cap: CA$624.5m

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.

NewRiver REIT

Market Cap: UK£334.7m

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

Inland Real Estate Income Trust

Market Cap: US$442.4m

The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States.

Patrimoine et Commerce

Market Cap: €375.0m

A real estate company, engages in the acquisition, development, and operation of commercial real estate properties in France.