AAT
Fairly Valued
American Assets Trust, Inc.
Price$25.51
Model IV$25.00
P/IV0.93
Premium +2%
Return to IV: -2.0%
Market implies +3.1%/yr
vs model +4.3% · in line
ABR
Deep Undervalued
ARBOR REALTY TRUST INC
Price$5.27
Model IV$24.66
P/IV0.23
Discount 79%
Return to IV: +368.0%
Market implies -18.6%/yr
vs model +6.0% · below model
ACR
Deep Overvalued
ACRES Commercial Realty Corp.
Price$18.00
Model IV$8.28
P/IV2.46
Premium +117%
Return to IV: -54.0%
Market implies +10.7%/yr
vs model +3.0% · above model
ACRE
Deep Undervalued
Ares Commercial Real Estate Corp
Price$4.52
Model IV$6.70
P/IV0.74
Discount 33%
Return to IV: +48.2%
Market implies -7.6%/yr
vs model +1.0% · below model
ACTG
Deep Overvalued
ACACIA RESEARCH CORP
Price$4.54
Model IV$0.99
P/IV2.54
Premium +357%
Return to IV: -78.1%
Market implies +20.8%/yr
vs model +3.0% · above model
ADAM
Fairly Valued
ADAMAS TRUST, INC.
Price$9.14
Model IV$8.31
P/IV1.11
Premium +10%
Return to IV: -9.0%
Market implies +1.0%/yr
vs model +1.0% · in line
ADAMG
Deep Overvalued
ADAMAS TRUST, INC.
Price$25.15
Model IV$12.17
P/IV2.07
Premium +107%
Return to IV: -51.6%
Market implies +10.3%/yr
vs model +1.0% · above model
ADAMH
Deep Overvalued
ADAMAS TRUST, INC.
Price$25.24
Model IV$12.17
P/IV2.11
Premium +107%
Return to IV: -51.8%
Market implies +10.3%/yr
vs model +1.0% · above model
ADAMI
Deep Overvalued
ADAMAS TRUST, INC.
Price$25.04
Model IV$12.17
P/IV2.09
Premium +106%
Return to IV: -51.4%
Market implies +10.2%/yr
vs model +1.0% · above model
ADAML
Deep Overvalued
ADAMAS TRUST, INC.
Price$24.30
Model IV$12.17
P/IV1.99
Premium +100%
Return to IV: -49.9%
Market implies +9.8%/yr
vs model +1.0% · above model
ADAMM
Deep Overvalued
ADAMAS TRUST, INC.
Price$24.81
Model IV$12.17
P/IV2.08
Premium +104%
Return to IV: -50.9%
Market implies +10.1%/yr
vs model +1.0% · above model
ADAMN
Deep Overvalued
ADAMAS TRUST, INC.
Price$23.86
Model IV$12.17
P/IV1.91
Premium +96%
Return to IV: -49.0%
Market implies +9.6%/yr
vs model +1.0% · above model
ADAMO
Deep Overvalued
ADAMAS TRUST, INC.
Price$25.13
Model IV$12.17
P/IV2.08
Premium +106%
Return to IV: -51.6%
Market implies +10.3%/yr
vs model +1.0% · above model
ADAMZ
Deep Overvalued
ADAMAS TRUST, INC.
Price$18.73
Model IV$11.32
P/IV1.62
Premium +65%
Return to IV: -39.6%
Market implies +6.4%/yr
vs model +1.0% · above model
ADC
Fairly Valued
AGREE REALTY CORP
Price$77.81
Model IV$81.77
P/IV0.91
Discount 5%
Return to IV: +5.1%
Market implies +4.4%/yr
vs model +6.0% · in line
AGNC
Deep Undervalued
AGNC Investment Corp.
Price$11.00
Model IV$30.70
P/IV0.34
Discount 64%
Return to IV: +179.1%
Market implies -8.8%/yr
vs model +6.0% · below model
AGNCL
Deep Undervalued
AGNC Investment Corp.
Price$24.85
Model IV$41.75
P/IV0.60
Discount 40%
Return to IV: +68.0%
Market implies -1.4%/yr
vs model +6.0% · below model
AGNCM
Deep Undervalued
AGNC Investment Corp.
Price$24.75
Model IV$41.75
P/IV0.60
Discount 41%
Return to IV: +68.7%
Market implies -1.5%/yr
vs model +6.0% · below model
AGNCN
Deep Undervalued
AGNC Investment Corp.
Price$25.38
Model IV$41.75
P/IV0.62
Discount 39%
Return to IV: +64.5%
Market implies -1.2%/yr
vs model +6.0% · below model
AGNCO
Deep Undervalued
AGNC Investment Corp.
Price$25.17
Model IV$41.75
P/IV0.61
Discount 40%
Return to IV: +65.9%
Market implies -1.3%/yr
vs model +6.0% · below model
AGNCP
Deep Undervalued
AGNC Investment Corp.
Price$24.76
Model IV$41.75
P/IV0.60
Discount 41%
Return to IV: +68.6%
Market implies -1.5%/yr
vs model +6.0% · below model
AGNCZ
Deep Undervalued
AGNC Investment Corp.
Price$25.16
Model IV$41.75
P/IV0.61
Discount 40%
Return to IV: +65.9%
Market implies -1.3%/yr
vs model +6.0% · below model
AHR
Deep Overvalued
American Healthcare REIT, Inc.
Price$55.04
Model IV$26.16
P/IV1.87
Premium +110%
Return to IV: -52.5%
Market implies +14.3%/yr
vs model +6.0% · above model
AHT
Deep Undervalued
ASHFORD HOSPITALITY TRUST INC
Price$3.17
Model IV$52.28
P/IV0.06
Discount 94%
Return to IV: +1,549.3%
Market implies -50.0%/yr
vs model +6.0% · below model
AIV
Deep Undervalued
APARTMENT INVESTMENT & MANAGEMENT CO
Price$2.96
Model IV$58.68
P/IV0.07
Discount 95%
Return to IV: +1,882.5%
Market implies -46.0%/yr
vs model +6.0% · below model
AKR
Overvalued
ACADIA REALTY TRUST
Price$21.27
Model IV$18.12
P/IV1.22
Premium +17%
Return to IV: -14.8%
Market implies +7.1%/yr
vs model +6.0% · in line
ALX
Fairly Valued
ALEXANDERS INC
Price$275.00
Model IV$241.22
P/IV1.02
Premium +14%
Return to IV: -12.3%
Market implies +1.5%/yr
vs model +1.0% · in line
AMH
Fairly Valued
American Homes 4 Rent
Price$34.08
Model IV$32.12
P/IV1.00
Premium +6%
Return to IV: -5.8%
Market implies +5.7%/yr
vs model +6.0% · in line
AMOD
Deep Overvalued
ALPHA MODUS HOLDINGS, INC.
Price$4.46
Model IV$0.05
P/IV4.37
Premium +8,395%
Return to IV: -98.8%
Market implies +68.2%/yr
vs model +3.0% · above model
AMT
Fairly Valued
AMERICAN TOWER CORP /MA/
Price$166.03
Model IV$181.13
P/IV1.03
Discount 8%
Return to IV: +9.1%
Market implies +3.9%/yr
vs model +6.0% · in line
APLE
Fairly Valued
Apple Hospitality REIT, Inc.
Price$16.64
Model IV$18.31
P/IV0.80
Discount 9%
Return to IV: +10.0%
Market implies +3.8%/yr
vs model +6.0% · in line
APPS
Deep Overvalued
Digital Turbine, Inc.
Price$12.71
Model IV$2.47
P/IV3.55
Premium +414%
Return to IV: -80.5%
Market implies +25.5%/yr
vs model +3.0% · above model
ARE
Deep Undervalued
ALEXANDRIA REAL ESTATE EQUITIES, INC.
Price$52.58
Model IV$90.72
P/IV0.55
Discount 42%
Return to IV: +72.5%
Market implies -2.5%/yr
vs model +6.0% · below model
ARI
Undervalued
Apollo Commercial Real Estate Finance, Inc.
Price$10.39
Model IV$12.36
P/IV0.89
Discount 16%
Return to IV: +19.0%
Market implies -2.7%/yr
vs model +1.0% · below model
ARR
Deep Undervalued
Armour Residential REIT, Inc.
Price$17.13
Model IV$61.28
P/IV0.28
Discount 72%
Return to IV: +257.7%
Market implies -12.2%/yr
vs model +6.0% · below model
AVB
Deep Overvalued
AVALONBAY COMMUNITIES INC
Price$193.96
Model IV$98.64
P/IV1.85
Premium +97%
Return to IV: -49.1%
Market implies +11.3%/yr
vs model +3.0% · above model
BDN
Deep Overvalued
BRANDYWINE REALTY TRUST
Price$3.24
Model IV$1.27
P/IV2.43
Premium +154%
Return to IV: -60.7%
Market implies +14.2%/yr
vs model +3.0% · above model
BFS
Fairly Valued
SAUL CENTERS, INC.
Price$37.59
Model IV$42.07
P/IV0.82
Discount 11%
Return to IV: +11.9%
Market implies +0.1%/yr
vs model +2.9% · in line
BHM
Deep Overvalued
Bluerock Homes Trust, Inc.
Price$9.43
Model IV$4.30
P/IV2.32
Premium +119%
Return to IV: -54.4%
Market implies +7.3%/yr
vs model +1.0% · above model
BN
Valuation N/A
BROOKFIELD Corp /ON/
Price$43.43
Model IV—
P/IV—
Limited data — see page
BNH
Valuation N/A
BROOKFIELD Corp /ON/
Price$15.05
Model IV—
P/IV—
Limited data — see page
BNJ
Valuation N/A
BROOKFIELD Corp /ON/
Price$14.99
Model IV—
P/IV—
Limited data — see page
BNL
Undervalued
Broadstone Net Lease, Inc.
Price$21.25
Model IV$29.56
P/IV0.68
Discount 28%
Return to IV: +39.1%
Market implies +0.9%/yr
vs model +6.0% · below model
BRSP
Deep Undervalued
BrightSpire Capital, Inc.
Price$5.44
Model IV$11.82
P/IV0.49
Discount 54%
Return to IV: +117.3%
Market implies -6.3%/yr
vs model +6.0% · below model
BRT
Undervalued
BRT Apartments Corp.
Price$14.78
Model IV$17.81
P/IV0.81
Discount 17%
Return to IV: +20.5%
Market implies -0.5%/yr
vs model +4.6% · below model
BRX
Deep Overvalued
Brixmor Property Group Inc.
Price$31.20
Model IV$17.86
P/IV1.71
Premium +75%
Return to IV: -42.8%
Market implies +9.6%/yr
vs model +3.0% · above model
BXMT
Undervalued
BLACKSTONE MORTGAGE TRUST, INC.
Price$17.25
Model IV$23.33
P/IV0.78
Discount 26%
Return to IV: +35.2%
Market implies -3.6%/yr
vs model +1.0% · below model
BXP
Deep Overvalued
BXP, Inc.
Price$69.32
Model IV$44.90
P/IV1.34
Premium +54%
Return to IV: -35.2%
Market implies +6.9%/yr
vs model +1.0% · above model
CBL
Fairly Valued
CBL & ASSOCIATES PROPERTIES INC
Price$52.63
Model IV$50.71
P/IV0.95
Premium +4%
Return to IV: -3.6%
Market implies +4.6%/yr
vs model +6.0% · in line
CCI
Fairly Valued
CROWN CASTLE INC.
Price$76.60
Model IV$69.69
P/IV0.34
Premium +10%
Return to IV: -9.0%
Market implies +2.0%/yr
vs model +1.0% · in line
CDP
Deep Overvalued
COPT DEFENSE PROPERTIES
Price$37.67
Model IV$21.75
P/IV1.47
Premium +73%
Return to IV: -42.3%
Market implies +9.2%/yr
vs model +2.5% · above model
CHCT
Deep Undervalued
Community Healthcare Trust Inc
Price$18.31
Model IV$42.26
P/IV0.41
Discount 57%
Return to IV: +130.8%
Market implies -6.8%/yr
vs model +6.0% · below model
CHMI
Deep Undervalued
Cherry Hill Mortgage Investment Corp
Price$2.33
Model IV$8.47
P/IV0.28
Discount 72%
Return to IV: +263.3%
Market implies -22.3%/yr
vs model +1.0% · below model
CIM
Undervalued
CHIMERA INVESTMENT CORP
Price$13.12
Model IV$16.36
P/IV0.83
Discount 20%
Return to IV: +24.7%
Market implies -3.5%/yr
vs model +1.0% · below model
CIMN
Overvalued
CHIMERA INVESTMENT CORP
Price$25.41
Model IV$21.56
P/IV1.17
Premium +18%
Return to IV: -15.2%
Market implies +2.9%/yr
vs model +1.0% · in line
CIMO
Overvalued
CHIMERA INVESTMENT CORP
Price$25.40
Model IV$21.56
P/IV1.17
Premium +18%
Return to IV: -15.1%
Market implies +2.9%/yr
vs model +1.0% · in line
CIMP
Overvalued
CHIMERA INVESTMENT CORP
Price$25.19
Model IV$21.56
P/IV1.16
Premium +17%
Return to IV: -14.4%
Market implies +2.8%/yr
vs model +1.0% · in line
CLDT
Deep Overvalued
Chatham Lodging Trust
Price$13.04
Model IV$5.70
P/IV1.90
Premium +129%
Return to IV: -56.3%
Market implies +15.2%/yr
vs model +6.0% · above model
CLPR
Deep Undervalued
Clipper Realty Inc.
Price$2.87
Model IV$12.27
P/IV0.26
Discount 77%
Return to IV: +327.7%
Market implies -23.8%/yr
vs model +2.4% · below model
CMCT
Deep Overvalued
Creative Media & Community Trust Corp
Price$3.47
Model IV$1.28
P/IV3.56
Premium +172%
Return to IV: -63.3%
Market implies +12.5%/yr
vs model +3.0% · above model