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

Kilroy Realty

Market Cap: US$4.3b

A leading U.S.

Independence Realty Trust

Market Cap: US$4.0b

An S&P 400 MidCap Company, is a real estate investment trust that owns and operates multifamily communities across non-gateway U.S.

LXP Industrial Trust

Market Cap: US$3.6b

A publicly traded real estate investment trust (REIT) focused on Class A warehouse and distribution investments in 12 target markets across the Sunbelt and lower Midwest.

Highwoods Properties

Market Cap: US$3.5b

A publicly traded fully integrated office real estate investment trust that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa.

Curbline Properties

Market Cap: US$3.4b

Curbline Properties Corp. is the owner and manager of convenience shopping centers.

Park Hotels & Resorts

Market Cap: US$3.2b

Park Hotels & Resorts inc. is one of the largest publicly traded lodging real estate investment trusts.

Acadia Realty Trust

Market Cap: US$3.0b

An equity real estate investment trust focused on delivering long-term, profitable growth.

Four Corners Property Trust

Market Cap: US$2.8b

A real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties.

InvenTrust Properties

Market Cap: US$2.5b

A premier Sun Belt, multi-tenant essential retail REIT that owns, leases, redevelops, acquires and manages grocery-anchored neighborhood and community centers as well as high-quality power centers that often have a grocery component.

Douglas Emmett

Market Cap: US$2.4b

A fully integrated, self-administered and self-managed real estate investment trust , and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu.

Sunstone Hotel Investors

Market Cap: US$2.1b

A lodging real estate investment trust (REIT).

Xenia Hotels & Resorts

Market Cap: US$1.9b

A self-advised and self-administered REIT that invests in uniquely positioned luxury and upper upscale hotels and resorts with a focus on the top 25 lodging markets as well as key leisure destinations in the United States.

Global Net Lease

Market Cap: US$1.9b

A publicly traded real estate investment trust that focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe.

SmartStop Self Storage REIT

Market Cap: US$1.9b

A self-managed REIT with a fully integrated operations team of more than 1,000 self-storage professionals focused on growing the SmartStop Self Storage brand.

RLJ Lodging Trust

Market Cap: US$1.7b

A self-advised, publicly traded real estate investment trust that owns 91 premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within the heart of demand locations.

UMH Properties

Market Cap: US$1.4b

A public equity REIT that owns and operates 145 manufactured home communities.

Easterly Government Properties

Market Cap: US$1.3b

Focuses primarily on the acquisition, development and management of Class A commercial properties that are leased to the U.S.

Saul Centers

Market Cap: US$1.2b

A self-managed, self-administered equity REIT.

Service Properties Trust

Market Cap: US$1.0b

A real estate investment trust with 9.7 billion Dollar invested in two asset categories: service-focused retail net lease properties and hotels.

Centerspace

Market Cap: US$953.8m

An owner and operator of apartment communities committed to providing great homes by focusing on integrity and serving others.

JBG SMITH Properties

Market Cap: US$894.7m

Owns, operates, and develops mixed-use properties concentrated in amenity-rich, Metro-served submarkets in and around Washington, DC, most notably National Landing, where through our focus on placemaking, we cultivate vibrant, highly amenitized, walkable neighborhoods.

INDUS Realty Trust

Market Cap: US$683.2m

INDUS is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/logistics properties.

AH REALTY TRUST

Market Cap: US$663.2m

A vertically integrated, self-managed real estate investment trust.

Chatham Lodging Trust

Market Cap: US$652.7m

A self-advised, publicly traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels.

NexPoint Residential Trust

Market Cap: US$628.5m

A publicly traded real estate investment trust (REIT), primarily focused on acquiring, owning and operating well-located middle-income multifamily properties with value-add potential in large cities and suburban submarkets of large cities, primarily in the Southeastern and Southwestern United States.

Gladstone Commercial

Market Cap: US$625.5m

Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States.

Industrial Logistics Properties Trust

Market Cap: US$554.0m

A real estate investment trust focused on owning and leasing high quality industrial and logistics properties.

One Liberty Properties

Market Cap: US$527.5m

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

Inland Real Estate Income Trust

Market Cap: US$381.6m

Manages a portfolio of commercial real estate investments located in the United States.

BRT Apartments

Market Cap: US$284.3m

A real estate investment trust that owns, operates and, to a lesser extent, holds interests in joint ventures that own multi-family properties.

First Real Estate Investment Trust of New Jersey

Market Cap: US$159.4m

First Real Estate Investment Trust of New Jersey, Inc.

Bluerock Homes Trust

Market Cap: US$116.9m

An externally managed REIT that owns and operates a portfolio of institutional residential properties including single-family homes, build-to-rent communities, and other residential communities located in attractive markets with a focus on the knowledge-economy and high quality of life regions of the Sunbelt and high growth areas of the Western United States.

Global Self Storage

Market Cap: US$63.4m

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

Lightstone Value Plus REIT I

Market Cap: US$61.8m

Lightstone Value Plus REIT I, Inc. has elected to be taxed and qualify as a real estate investment trust for United States federal income tax purposes.

Strategic Student & Senior Housing Trust

Market Cap: US$34.4m

Strategic Student and Senior Housing Trust, Inc.

KBS Real Estate Investment Trust III

Market Cap: US$9.7m

KBS Real Estate Investment Trust III, Inc.