Dexus

• Third Avenue Management International Real Estate Value Fund Q2 2026 ↗ International listed real estate is presented as unusually cheap against U.S. REITs despite continued underlying earnings growth. The fund added Spanish homebuilder Neinor Homes and Australian logistics landlord Dexus Industria, while arguing that housing shortages, nearshoring and e-commerce demand support residential and industrial holdings. quarter ended June 30, 2026 NNRHF $1.9BTAGOF $2.4B
• Third Avenue Management Third Avenue International Real Estate Value Fund Portfolio Manager Commentary ↗ Third Avenue International Real Estate Value Fund added Spanish homebuilder Neinor Homes and Australian logistics platform Dexus Industria, extending its bets on undersupplied housing and industrial property. The team argues that international listed real estate trades at an unsustainable discount to U.S. REITs despite stronger underlying earnings growth and potential catalysts from M&A and capital rotation. Q2 2026 DXI $519MNNRHF $1.9BTAGOF $2.4B

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