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

Armada Hoffler Properties

Market Cap: US$691.2m

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.

Plymouth Industrial REIT

Market Cap: US$665.3m

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties.

Whitestone REIT

Market Cap: US$624.7m

Whitestone REIT (NYSE: WSR) is a community-centered real estate investment trust (REIT) that acquires, owns, operates, and develops open-air, retail centers located in some of the fastest growing markets in the country: Phoenix, Austin, Dallas-Fort Worth, Houston and San Antonio.

One Liberty Properties

Market Cap: US$484.8m

One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982.

Inland Real Estate Income Trust

Market Cap: US$442.4m

The Company was formed on August 24, 2011 to acquire and manage a portfolio of commercial real estate investments located in the United States.

Chatham Lodging Trust

Market Cap: US$336.8m

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

BRT Apartments

Market Cap: US$296.2m

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

Alpine Income Property Trust

Market Cap: US$220.4m

Alpine Income Property Trust, Inc. (the “Company” or “PINE”) is a real estate investment trust (“REIT”) that owns and operates a high-quality portfolio of commercial net lease properties.

Clipper Realty

Market Cap: US$151.6m

Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.

Orion Properties

Market Cap: US$143.9m

Orion Office REIT specializes in the ownership, acquisition and management of a diversified portfolio of mission-critical and corporate headquarters office buildings in high-quality suburban markets across the U.S.

Global Self Storage

Market Cap: US$58.4m

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