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

Equinix

Market Cap: US$101.7b

Equinix, Inc. shortens the path to boundless connectivity anywhere in the world.

American Tower

Market Cap: US$82.1b

American Tower Corporation is one of the largest global real estate investment trusts.

Simon Property Group

Market Cap: US$73.8b

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

Digital Realty Trust

Market Cap: US$64.9b

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$58.7b

An S&P 500 company, is real estate partner to the world's leading companies.

Public Storage

Market Cap: US$51.0b

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

Ventas

Market Cap: US$40.3b

A leading S&P 500 real estate investment trust enabling exceptional environments that benefit a large and growing aging population.

Crown Castle

Market Cap: US$37.3b

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

Iron Mountain

Market Cap: US$31.8b

A global leader in information management services, and 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.

VICI Properties

Market Cap: US$29.6b

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.

AvalonBay Communities

Market Cap: US$23.6b

A member of the S&P 500, is an equity REIT.

Equity Residential

Market Cap: US$23.5b

Equity Residential is committed to creating communities where people thrive.

Essex Property Trust

Market Cap: US$16.8b

An S&P 500 company, is a fully integrated real estate investment trust.

Sun Communities

Market Cap: US$16.2b

A REIT that, as of September 30, 2025, owned, operated, or had an interest in a portfolio of 501 developed properties.

Invitation Homes

Market Cap: US$15.5b

Invitation Homes is a leading owner and operator of single-family homes for lease, offering residents high quality homes in sought after neighborhoods across the United States.

Kimco Realty

Market Cap: US$15.3b

A real estate investment trust and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States.

Mid-America Apartment Communities

Market Cap: US$15.0b

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.

Regency Centers

Market Cap: US$14.5b

Regency Centers is a fully integrated real estate company and self-administered and self-managed real estate investment trust that began its operations as a publicly-traded REIT in 1993.

Host Hotels & Resorts

Market Cap: US$13.7b

Host Hotels & Resorts, Inc., herein referred to as we, Host Inc., or the Company, is a self-managed and self-administered real estate investment trust that owns hotel property.

Lamar Advertising

Market Cap: US$13.4b

Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with over 362,000 displays across the United States and Canada.

Equity LifeStyle Properties

Market Cap: US$12.8b

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

UDR

Market Cap: US$12.5b

A 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 properties in targeted U.S.

American Homes 4 Rent

Market Cap: US$12.2b

American Homes 4 Rent (AMH or the General Partner) is an internally managed Maryland real estate investment trust (REIT) formed on October 19, 2012.

Healthpeak Properties

Market Cap: US$11.8b

A Standard & Poor’s 500 company that owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery in the United States.

Camden Property Trust

Market Cap: US$10.9b

An S&P 500 Company, is a real estate company.

Federal Realty Investment Trust

Market Cap: US$9.3b

A recognized leader in the ownership, operation and redevelopment of high-quality retail-based properties located primarily in major coastal markets and select underserved regions with strong economic and demographic fundamentals.

BXP

Market Cap: US$9.3b

BXP, Inc. 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.

American Healthcare REIT

Market Cap: US$9.2b

A Maryland-based self-managed REIT, owns and operates a diversified portfolio of clinical healthcare real estate across the U.S., U.K., and the Isle of Man.

Brixmor Property Group

Market Cap: US$9.0b

A real estate investment trust that owns and operates a high-quality, national portfolio of open-air shopping centers.

CubeSmart

Market Cap: US$8.8b

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

Lineage

Market Cap: US$8.7b

Lineage, Inc. is the world’s largest global temperature-controlled warehouse REIT with a network of over 500 strategically located facilities totaling approximately 88 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific.

CareTrust REIT

Market Cap: US$8.7b

A self-administered, publicly traded REIT engaged in the ownership, acquisition, financing, development and leasing of skilled nursing, senior housing and other healthcare-related properties.

NNN REIT

Market Cap: US$8.3b

Invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures.

Alexandria Real Estate Equities

Market Cap: US$7.8b

An S&P 500 company, is a best-in-class, mission-driven life science REIT making a positive and lasting impact on the world.

Healthcare Realty Trust

Market Cap: US$6.2b

Healthcare Realty (NYSE: HR) is a real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses.

Vornado Realty Trust

Market Cap: US$5.6b

A fully integrated real estate investment trust with a 26 million square-foot portfolio of premier New York City office, retail and multifamily assets and the developer of the new PENN DISTRICT.