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

Brixmor Property Group

Market Cap: US$8.1b

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers.

NNN REIT

Market Cap: US$7.9b

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

First Industrial Realty Trust

Market Cap: US$6.7b

First Industrial Realty Trust, Inc. (NYSE: FR) is a leading U.S.-only owner, operator, developer and acquirer of logistics properties.

STAG Industrial

Market Cap: US$6.6b

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

Ryman Hospitality Properties

Market Cap: US$5.9b

Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences.

Terreno Realty

Market Cap: US$5.7b

Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, the “Company”) acquires, owns and operates industrial real estate in six major coastal U.S.

Phillips Edison

Market Cap: US$4.7b

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

Americold Realty Trust

Market Cap: US$4.7b

Americold is a global leader in temperature-controlled logistics real estate and value-added services.

Kilroy Realty

Market Cap: US$4.5b

Kilroy is a leading U.S. landlord and developer, with operations in San Diego, Los Angeles, the San Francisco Bay Area, Seattle, and Austin.

Macerich

Market Cap: US$4.5b

Macerich is a fully integrated, self-managed, self-administered real estate investment trust (REIT).

EPR Properties

Market Cap: US$4.2b

EPR Properties (NYSE: EPR) is the leading diversified experiential net lease real estate investment trust (REIT), specializing in select enduring experiential properties in the real estate industry.

Independence Realty Trust

Market Cap: US$4.1b

Independence Realty Trust, Inc. (NYSE: IRT) is a real estate investment trust that owns and operates multifamily communities, across non-gateway U.S.

National Storage Affiliates Trust

Market Cap: US$3.9b

A real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States.

National Health Investors

Market Cap: US$3.4b

Incorporated in 1991, National Health Investors, Inc.

PotlatchDeltic

Market Cap: US$3.3b

PotlatchDeltic Corporation (Nasdaq: PCH) is a leading Real Estate Investment Trust (REIT) with ownership of 2.1 million acres of timberlands in Alabama, Arkansas, Georgia, Idaho, Louisiana, Mississippi and South Carolina.

COPT Defense Properties

Market Cap: US$3.2b

COPT Defense, an S&P MidCap 400 Company, is a self-managed REIT focused on owning, operating and developing properties in locations proximate to, or sometimes containing, key U.S.

Highwoods Properties

Market Cap: US$3.1b

Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE: HIW), fully-integrated office real estate investment trust (“REIT”) 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.

Apple Hospitality REIT

Market Cap: US$2.8b

Apple Hospitality REIT, Inc. (NYSE: APLE) is a publicly traded real estate investment trust (“REIT”) that owns one of the largest and most diverse portfolios of upscale, rooms-focused hotels in the United States.

Four Corners Property Trust

Market Cap: US$2.7b

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties.

Acadia Realty Trust

Market Cap: US$2.6b

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

LXP Industrial Trust

Market Cap: US$2.4b

LXP Industrial Trust (NYSE: LXP) is 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.

Empire State Realty Trust

Market Cap: US$2.0b

Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and operates a portfolio of well-leased, top of tier, modernized, amenitized, and well-located office, retail, and multifamily assets.

LTC Properties

Market Cap: US$1.6b

LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through RIDEA, triple-net leases, joint ventures, and structured finance solutions.

Getty Realty

Market Cap: US$1.6b

A publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate.

DiamondRock Hospitality

Market Cap: US$1.6b

A self-advised real estate investment trust (REIT) that is an owner of a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets.

Global Net Lease

Market Cap: US$1.5b

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

UMH Properties

Market Cap: US$1.4b

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 143 manufactured home communities, containing approximately 26,700 developed homesites, of which 10,600 contain rental homes, and over 1,000 self-storage units.

SmartStop Self Storage REIT

Market Cap: US$1.4b

SmartStop Self Storage REIT, Inc. (“SmartStop”) (NYSE: SMA) is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop Self Storage brand.

Alexander & Baldwin

Market Cap: US$1.3b

Alexander & Baldwin, Inc. (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai'i commercial real estate and is the state's largest owner of grocery-anchored, neighborhood shopping centers.

RLJ Lodging Trust

Market Cap: US$1.1b

RLJ Lodging Trust ("RLJ") is a self-advised, publicly traded real estate investment trust that owns 94 premium-branded, rooms-oriented, high-margin, urban-centric hotels located within the heart of demand locations.

Easterly Government Properties

Market Cap: US$1.1b

Easterly Government Properties, Inc. (NYSE: DEA) is based in Washington, D.C., and 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$1.1b

As of March 31, 2025, 93.9% of the commercial portfolio was leased compared to 94.6% as of March 31, 2024.

Centerspace

Market Cap: US$956.6m

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

NexPoint Residential Trust

Market Cap: US$802.5m

NexPoint Residential Trust is a publicly traded REIT, with its shares listed on the New York Stock Exchange under the symbol "NXRT," 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.

Armada Hoffler Properties

Market Cap: US$689.2m

Armada Hoffler (NYSE: AHH) is a vertically integrated, self-managed real estate investment trust with over four decades of experience developing, building, acquiring, and managing high-quality retail, office, and multifamily properties located primarily in the Mid-Atlantic and Southeastern United States.

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.