Global Real Estate Undervalued over 20% based on DCF

EC World Real Estate Investment Trust

Market Cap: S$226.8m

Listed on 28 July 2016, EC World REIT is the first Chinese specialised logistics and e-commerce logistics REIT listed on Singapore Exchange Securities Trading Limited ("SGX-ST").

Golden Ventures Leasehold Real Estate Investment Trust

Market Cap: ฿5.4b

A real estate investment trust, engages in the rental of properties in Thailand.

Firm Capital Property Trust

Market Cap: CA$221.9m

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

Octodec Investments

Market Cap: R2.8b

Octodec Investments Limited (Octodec or the company), its subsidiaries and associated company (the group) is a real estate investment trust (REIT) listed on the JSE Ltd (JSE) and A2X, with a diversified portfolio of 226 residential, retail, office and industrial properties situated in the major metropolitan areas of Tshwane and Johannesburg.

Clipper Realty

Market Cap: US$152.0m

Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.

Shinhan Seobu T&D REIT

Market Cap: ₩210.6b

n/a

Orion Properties

Market Cap: US$143.9m

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S.

Bleecker Société Anonyme

Market Cap: €122.6m

A property company, operates in the real estate sector in France.

Prospect Logistics and Industrial Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿4.6b

n/a

Société Centrale des Bois et des Scieries de la Manche

Market Cap: €121.4m

Societe Centrale des Bois et Scieries de la Manche engages in the ownership, management, and lease of real estate properties in France.

Uoa Real Estate Investment

Market Cap: RM 581.0m

UOA Real Estate Investment Trust (“UOA REIT” or “Trust”) is a real estate trust fund which commenced its operations on 1 December 2005 and was listed on the Main Market of Bursa Malaysia Securities Berhad on 30 December 2005.

Schroder European Real Estate Investment Trust

Market Cap: UK£89.4m

SEREIT invests in European growth cities and regions.

Bhiraj Office Leasehold Real Estate Investment Trust

Market Cap: ฿3.7b

n/a

Manulife US Real Estate Investment Trust

Market Cap: US$111.9m

Manulife US Real Estate Investment Trust (“Manulife US REIT” or “MUST”) is the first pure-play U.S.

Meridia RE IV SOCIMIU

Market Cap: €91.0m

Operates as a real estate investment company in Spain.

New Zealand Rural Land

Market Cap: NZ$142.1m

Invests in rural farmland and forestry land in New Zealand.

Atrium Real Estate Investment Trust

Market Cap: RM 345.2m

An industrial asset focused real estate investment trust constituted by a Trust Deed entered into on 20 November 2006, amended by the First Supplementary Deed dated 25 November 2008 and the Restated Deed dated 24 March 2016 between CIMB Commerce Trustee Berhad (formerly known as BHLB Trustee Berhad) as the Trustee and Atrium REIT Managers Sdn Bhd as the Manager (collective known as First Deed).

CPN Commercial Growth Leasehold Property Fund

Market Cap: ฿2.6b

Invests in real estate.

Hemaraj Industrial Property and Leasehold Fund

Market Cap: ฿2.3b

Specializes in acquiring and leasing the property.

ARRIENDA Rental Properties SOCIMI

Market Cap: €60.1m

n/a

Amata Summit Growth Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿2.2b

A real estate investment trust externally managed by Amata Summit REIT Management Co., Ltd.

Agro Finance REIT

Market Cap: лв121.1m

Agro Finance REIT invests in real estate properties, primarily agricultural lands in Bulgaria.

Global Self Storage

Market Cap: US$59.3m

Global Self Storage is a self-administered and self-managed REIT that owns, operates, manages, acquires, and redevelops self-storage properties.

Al-Salam Real Estate Investment Trust

Market Cap: RM 237.8m

Al-Salam Real Estate Investment Trust (“Al-Salam REIT”) is a Shariah-compliant fund that invests in diversified Shariah-compliant properties.

Luxury Real Estate Investment Fund

Market Cap: ฿1.6b

A real estate investment fund.

Millionaire Property Fund

Market Cap: ฿1.6b

A closed-ended real estate investment trust launched and managed by One Asset Management Limited.

Atakule Gayrimenkul Yatirim Ortakligi

Market Cap: ₺2.0b

Atakule Gayrimenkul Yatirim Ortakligi A.S.

Accelerate Property Fund

Market Cap: R808.1m

Accelerate Property Fund aspires to be the most valued property fund on the Johannesburg Stock Exchange by acquiring high-quality properties with long-term leases with strong tenants.

Centara Hotels and Resorts Leasehold Property Fund

Market Cap: ฿1.5b

A fund of Kasikorn Asset Management Co.,Ltd.

Super Borovets Property Fund REIT

Market Cap: лв74.3m

Operates as a special purpose investment company in Bulgaria.

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.

WHA Business Complex Freehold and Leasehold Real Estate Investment Trust

Market Cap: ฿1.3b

Specializes in real estate investing.

Aesapar Fundo de Investimento Imobiliário - FII

Market Cap: R$221.4m

Specializes in real estate investments.

K-TOP ReitsLtd

Market Cap: ₩44.6b

K-TOP REITS co.Ltd. is a real estate investment trust.

Grande Hospitality Real Estate Investment Trust

Market Cap: ฿1.0b

n/a

Trend Gayrimenkul Yatirim Ortakligi

Market Cap: ₺1.1b

Engages in the real estate business in Turkey.