U.S. Real Estate Undervalued over 20% based on DCF

American Tower

Market Cap: US$99.3b

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 149,000 communications sites and a highly interconnected footprint of U.S.

Prologis

Market Cap: US$99.1b

Prologis, Inc., is the global leader in logistics real estate with a focus on high-barrier, high-growth markets.

Equinix

Market Cap: US$75.5b

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company.

Simon Property Group

Market Cap: US$60.6b

Simon Property Group, Inc. (NYSE:SPG) is a self-administered and self-managed real estate investment trust (“REIT”).

Digital Realty Trust

Market Cap: US$59.8b

Digital Realty Trust, Inc. (“Digital Realty” or the “company”) owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P.

Realty Income

Market Cap: US$51.2b

Realty Income (NYSE: O), an S&P 500 company, is real estate partner to the world's leading companies.

Public Storage

Market Cap: US$49.1b

A member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities.

Crown Castle

Market Cap: US$46.5b

Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 90,000 route miles of fiber supporting small cells and fiber solutions across every major U.S.

VICI Properties

Market Cap: US$35.3b

An S&P 500 experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality, wellness, entertainment and leisure destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip.

Extra Space Storage

Market Cap: US$30.9b

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500.

Ventas

Market Cap: US$30.7b

Ventas, Inc. (NYSE: VTR) is a leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population.

Iron Mountain

Market Cap: US$27.8b

Iron Mountain Incorporated (NYSE: IRM) is trusted by more than 240,000 customers in 61 countries, including approximately 95% of the Fortune 1000, to help unlock value and intelligence from their assets through services that transcend the physical and digital worlds.

AvalonBay Communities

Market Cap: US$26.4b

A member of the S&P 500, is an equity REIT that develops, redevelops, acquires and manages apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and Northern and Southern California, as well as in the Company's expansion regions of Raleigh-Durham and Charlotte, North Carolina, Southeast Florida, Dallas and Austin, Texas, and Denver, Colorado.

Equity Residential

Market Cap: US$24.6b

Equity Residential is committed to creating communities where people thrive.

SBA Communications

Market Cap: US$24.6b

A leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells.

Invitation Homes

Market Cap: US$18.7b

Invitation Homes, an S&P 500 company, is the nation’s premier single-family home leasing and management company, meeting changing lifestyle demands by providing access to high-quality, updated homes with valued features such as close proximity to jobs and access to good schools.

Weyerhaeuser

Market Cap: US$18.1b

Weyerhaeuser Company, one of the world's largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada.

Essex Property Trust

Market Cap: US$17.1b

An S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets.

Mid-America Apartment Communities

Market Cap: US$16.8b

MAA, an S&P 500 company, is a real estate investment trust (REIT) focused on delivering full-cycle and superior investment performance for shareholders through the ownership, management, acquisition, development and redevelopment of quality apartment communities primarily in the Southeast, Southwest and Mid-Atlantic regions of the United States.

Sun Communities

Market Cap: US$15.9b

Established in 1975, Sun Communities, Inc.

American Homes 4 Rent

Market Cap: US$14.8b

AMH (NYSE: AMH) is a leading large-scale integrated owner, operator and developer of single-family rental homes.

Kimco Realty

Market Cap: US$14.1b

Kimco Realty (NYSE: KIM) is a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States.

UDR

Market Cap: US$14.1b

UDR, Inc. (NYSE: UDR), an S&P 500 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate communities in targeted U.S.

Alexandria Real Estate Equities

Market Cap: US$13.1b

Alexandria Real Estate Equities, Inc. (NYSE: ARE), an S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world.

Regency Centers

Market Cap: US$12.8b

Regency Centers is a preeminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics.

Lamar Advertising

Market Cap: US$12.2b

Operates as an outdoor advertising company in the United States and Canada.

Equity LifeStyle Properties

Market Cap: US$12.2b

We are a self-administered, self-managed real estate investment trust ("REIT") with headquarters in Chicago.

Omega Healthcare Investors

Market Cap: US$12.2b

A Real Estate Investment Trust (“REIT”) providing financing and capital to the long-term healthcare industry with a focus on skilled nursing and assisted living facilities located in the United States and the United Kingdom.

Camden Property Trust

Market Cap: US$11.6b

An S&P 500 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities.

BXP

Market Cap: US$11.4b

BXP, Inc. (NYSE: BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States, concentrated in six dynamic gateway markets - Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC.

Host Hotels & Resorts

Market Cap: US$10.8b

An S&P 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels.

Lineage

Market Cap: US$10.7b

Lineage, Inc. (NASDAQ: LINE) is the world’s largest global temperature-controlled warehouse REIT with a network of over 485 strategically located facilities totaling approximately 86 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific.

CubeSmart

Market Cap: US$9.1b

A self-administered and self-managed real estate investment trust.

Rexford Industrial Realty

Market Cap: US$8.8b

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation.

EastGroup Properties

Market Cap: US$8.6b

EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 2000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in high-growth markets throughout the United States with an emphasis in the states of Texas, Florida, California, Arizona and North Carolina.

Federal Realty Investment Trust

Market Cap: US$7.9b

Federal Realty is a recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets from Washington, D.C.