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

Equinix

Market Cap: US$108.7b

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

Simon Property Group

Market Cap: US$83.3b

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

American Tower

Market Cap: US$81.8b

American Tower Corporation one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 148,000 communications sites and a highly interconnected footprint of U.S.

Digital Realty Trust

Market Cap: US$75.4b

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.

Public Storage

Market Cap: US$62.4b

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

Iron Mountain

Market Cap: US$38.5b

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$32.3b

Crown Castle owns, operates and leases approximately 40,000 cell towers across the U.S.

AvalonBay Communities

Market Cap: US$26.4b

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

Equity Residential

Market Cap: US$25.3b

Equity Residential is committed to creating communities where people thrive.

SBA Communications

Market Cap: US$19.6b

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

Essex Property Trust

Market Cap: US$19.1b

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

Invitation Homes

Market Cap: US$18.0b

An S&P 500 company, is the nation’s premier single-family home leasing and management company, helping to expand housing through new development and strategic partnerships.

Kimco Realty

Market Cap: US$16.4b

Kimco Realty 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.

Host Hotels & Resorts

Market Cap: US$15.9b

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.

Mid-America Apartment Communities

Market Cap: US$15.9b

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.

Lamar Advertising

Market Cap: US$15.8b

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.

Sun Communities

Market Cap: US$15.3b

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

Omega Healthcare Investors

Market Cap: US$14.7b

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

Healthpeak Properties

Market Cap: US$14.6b

A fully integrated real estate investment trust (REIT) and S&P 500 company.

Regency Centers

Market Cap: US$14.3b

A pre-eminent national owner, operator, and developer of shopping centers located in suburban trade areas with compelling demographics.

American Homes 4 Rent

Market Cap: US$14.0b

A leading large-scale integrated owner, operator and developer of single-family rental homes.

Equity LifeStyle Properties

Market Cap: US$13.2b

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

UDR

Market Cap: US$13.0b

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.

BXP

Market Cap: US$12.2b

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

Lineage

Market Cap: US$10.6b

Lineage, Inc. is the world’s largest global temperature-controlled warehouse REIT with a network of 498 strategically located facilities totaling approximately 87 million square feet and approximately 3.1 billion cubic feet of capacity across countries in North America, Europe, and Asia-Pacific, as of June 30, 2026.

Federal Realty Investment Trust

Market Cap: US$10.3b

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.

CubeSmart

Market Cap: US$9.4b

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

Brixmor Property Group

Market Cap: US$9.2b

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

NNN REIT

Market Cap: US$8.8b

A REIT that invests in high-quality properties subjected generally to long-term, net leases with minimal ongoing capital expenditures.

Ryman Hospitality Properties

Market Cap: US$8.6b

A leading lodging and hospitality real estate investment trust that specializes in group-oriented, upscale convention center resorts and entertainment experiences.

Alexandria Real Estate Equities

Market Cap: US$8.4b

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

Vornado Realty Trust

Market Cap: US$7.9b

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.

STAG Industrial

Market Cap: US$7.1b

A real estate investment trust focused on the acquisition, development, ownership and operation of industrial properties throughout the United States.

Healthcare Realty Trust

Market Cap: US$6.7b

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

Phillips Edison

Market Cap: US$5.7b

Phillips Edison & Company, Inc. (PECO) is one of the nation’s largest owners and operators of high-quality, grocery-anchored neighborhood shopping centers.

OUTFRONT Media

Market Cap: US$5.3b

OUTFRONT Media Inc. is one of the largest and most trusted out-of-home media companies in the U.S., helping brands connect with audiences in the moments and environments that matter most.