“Decades have passed since activists have been so successful in forcing a change of control that would otherwise not have transpired,” Green Street said, citing the sudden change up in Equity Commonwealth (NYSE: EQC).

Moreover, value investors may also find some cheaper plays in the mortgage REITs space. For instance, the iShares Mortgage Real Estate Capped ETF (NYSEArca: REM) and the Market Vectors Mortgage REIT Income ETF (NYSEArca: MORT) both show a 9.1 price-to-earnings ratio and a 1.0 price-to-book. Nevertheless, potential investors should be aware that interest rate risk has been a major negative factor whenever yield expectations rise. Given their robust yields, mREITs provide investors some cushion in case of a pullback on rising rates. REM has a 12-month yield of 14.52% and MORT has a 10.11% 12-month yield. [Issues to Consider With mREIT ETFs in 2015]

Vanguard REIT ETF

For more information on the real estate invest trusts, visit our REITs category.

Max Chen contributed to this article.