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

Equinix

Market Cap: US$100.9b

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

Simon Property Group

Market Cap: US$84.4b

A self-administered and self-managed real estate investment trust (REIT).

American Tower

Market Cap: US$78.6b

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

Digital Realty Trust

Market Cap: US$66.3b

Digital Realty Trust, Inc. brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions.

Realty Income

Market Cap: US$59.2b

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

Public Storage

Market Cap: US$55.4b

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

Ventas

Market Cap: US$45.2b

An S&P 500 company enabling exceptional environments that benefit a large and growing aging population.

Iron Mountain

Market Cap: US$36.8b

Iron Mountain Incorporated 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.

Crown Castle

Market Cap: US$34.7b

Owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber.

VICI Properties

Market Cap: US$28.8b

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$27.2b

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

Equity Residential

Market Cap: US$26.2b

Equity Residential is committed to creating communities where people thrive.

SBA Communications

Market Cap: US$19.8b

A leading independent owner and operator of wireless communications infrastructure.

Essex Property Trust

Market Cap: US$19.5b

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

Invitation Homes

Market Cap: US$17.8b

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.

Host Hotels & Resorts

Market Cap: US$16.5b

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$16.3b

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.

Mid-America Apartment Communities

Market Cap: US$15.7b

A self-administered real estate investment trust (REIT) and member of S&P 500.

Healthpeak Properties

Market Cap: US$15.3b

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.

Omega Healthcare Investors

Market Cap: US$15.0b

A real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities.

Regency Centers

Market Cap: US$14.9b

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

Sun Communities

Market Cap: US$14.9b

Sun Communities, Inc. became a publicly owned corporation in December 1993.

UDR

Market Cap: US$14.1b

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$13.7b

American Homes 4 Rent (AMH or the General Partner) is an internally managed Maryland real estate investment trust (REIT).

Equity LifeStyle Properties

Market Cap: US$12.8b

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

BXP

Market Cap: US$12.3b

BXP, Inc. (BXP) is the largest publicly traded developer, owner, and manager of premier workplaces in the United States.

Camden Property Trust

Market Cap: US$11.7b

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.

Lineage

Market Cap: US$11.1b

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.

American Healthcare REIT

Market Cap: US$10.5b

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$9.6b

Owns and operates a high-quality, national portfolio of open-air shopping centers.

CubeSmart

Market Cap: US$9.2b

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

NNN REIT

Market Cap: US$9.0b

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

Vornado Realty Trust

Market Cap: US$8.2b

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.

Ryman Hospitality Properties

Market Cap: US$7.8b

A leading lodging and hospitality real estate investment trust.

Macerich

Market Cap: US$7.8b

A fully integrated, self-managed, self-administered real estate investment trust (REIT).

Healthcare Realty Trust

Market Cap: US$7.2b

A real estate investment trust (REIT) that owns and operates medical outpatient buildings primarily located around market-leading hospital campuses.