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Nareit's REIT Report PodcastMid-Year Update: REITs Weather Volatility, Positioned for GrowthNareit Senior Vice President for Research Ed Pierzak was a guest on the latest episode of the REIT Report to share highlights of Nareit’s 2025 mid-year update. Pierzak reviewed expectations for the REIT industry coming into the year, and how the reality has played out in recent months. He described the first half of the year as a roller coaster ride for REIT investors, with turbulence resulting from new directions in trade policy and economic uncertainty. “The current thinking is that the ride may have ended at mid-year, really kind of leaving us in the same p...
2025-07-1008 minNareit's REIT Report PodcastEpisode 444: Nareit Hawaii Executive Director on Making the State a Better Place for Future GenerationsNareit Hawaii Executive Director Gladys Quinto Marrone was a guest on the latest episode of Nareit’s REIT Report podcast. Marrone discussed the mission of Nareit Hawaii, including its community outreach work.As to how the Nareit Hawaii Community Giving Initiative, established by the Nareit Foundation, goes about selecting the programs it chooses to support, Marrone noted, “We try to ensure that grantees come from all around the state and serve as many people as possible.”Typically, four to five Nareit Foundation grants have been awarded annually, totaling about $350,000 to $400,000. In addition, five to six grants...
2025-03-2010 minNareit's REIT Report PodcastEpisode 441: REIT Performance Over 25-Year Period Warrants Inclusion in Investment Portfolios: CEM Maaike van Bragt, senior research associate, and Chris Flynn, head of product development at CEM Benchmarking, were guests on the latest episode of Nareit’s REIT Report podcast. Van Bragt and Flynn discussed some of the findings from the 2024 CEM Benchmarking study into investment performance across various asset classes.In research sponsored by Nareit, CEM Benchmarking took a comprehensive look at investment allocations and realized investment performance across 12 asset classes over a 25-year period (1998–2022). While private equity was the strongest performer over that period, with an average net return of about 12%, REITs and U.S. smal...
2025-02-2716 minNareit's REIT Report PodcastEpisode 436: Nareit’s Abby McCarthy on the Benefits REITs Offer to Investment Portfolios Abby McCarthy, Nareit’s senior vice president for investment affairs, joined the REIT Report podcast to discuss the value REITs can provide to an overall investment portfolio. “REITs offer investors a low cost, effective, and liquid means of investing in commercial real estate. As real estate stocks, they provide meaningful benefits to investment portfolios, which does include competitive long-term total returns, a strong portfolio diversification, and stable dividend income,” McCarthy said.Research shows that 78% of financial advisors recommend REITs to their clients, McCarthy said, with advisors appreciating their dividend income, diversification opportu...
2025-01-2707 minNareit's REIT Report PodcastEpisode 434: REIT Access to Debt Markets, Ability to Issue Equity, Points to Growth Opportunities in 2025 John Worth, Nareit executive vice president, research and investor outreach, was a guest on the latest episode of the REIT Report podcast. Worth discussed some of the key features of Nareit’s recently-published 2025 REIT Outlook.REITs have ready access to unsecured debt markets as well as the ability to issue equity, Worth said, which puts the sector in a strong position for 2025.Meanwhile, Nareit has identified four key megatrends that will continue to shape the global REIT landscape over the coming decade: specialization, scale, innovation, and sustainability. “All four of them are areas wher...
2025-01-0210 minNareit's REIT Report PodcastEpisode 426: Nareit 2024 Compensation Survey Shows Voluntary Turnover Fluidity Starting to Stabilize Jeremy Banoff, vice chairman of Ferguson Partners and co-leader of the firm’s Compensation Consulting group, was a guest on the latest episode of the Nareit REIT Report podcast. Banoff discussed some of the key findings from the 2024 Nareit Compensation & Benefits survey, which is conducted by Ferguson Partners and sponsored by Nareit.The participation rate for this year’s survey represents approximately 72% of the U.S. listed equity REIT industry’s total market capitalization.This year’s survey showed a slight downward shift in voluntary turnover levels. Banoff explained that in the past...
2024-10-1705 minNareit's REIT Report PodcastEpisode 425: EY’s Brandon Pizzola Says REIT Industry’s Economic Footprint Continues to Grow Brandon Pizzola, economist in EY’s Quantitative Economics and Statistics (QUEST) practice, was a guest on the latest episode of Nareit’s REIT Report podcast. Nareit commissioned EY to estimate the economic contribution of U.S. REITs in 2023, the most recent year of complete information. The data showed that REITs supported an estimated 3.5 million full-time equivalent (FTE) jobs and $278 billion of labor income.“The one thing to flag is that REITs continue to grow,” Pizzola said. He pointed out that in 2021, the economic footprint of REITs was 3.2 million FTE jobs, with that number growing to 3.4 million...
2024-10-1006 minNareit's REIT Report PodcastEpisode 410: Nareit’s Mid-Year Outlook Highlights Strong REIT Operational Performance John Worth, Nareit executive vice president, research and investor outreach, was a guest on the latest episode of the REIT Report.Worth discussed some of the key features of Nareit’s newly-published 2024 Mid-Year Report.Worth noted that despite REITs underperforming the broader stock market this year, they remain able to navigate the current period of higher interest rates.“REITs’ operational performance has been very solid. We've continued to see high occupancy rates in the major property types and we've seen positive NOI and FFO growth. We're also seeing...
2024-07-1110 minNareit's REIT Report PodcastEpisode 401: Global Real Estate Professors Say Executive Training Program Fills Gap for Mid-Career Professionals Nils Kok, professor of real estate at the University of Maastricht, and Siqi Zheng, professor of real estate at the Massachusetts Institute of Technology, were guests on the latest episode of Nareit’s REIT Report podcast.Kok and Zheng are two of the academic directors of the Global Real Estate Leaders Program, an executive training program aimed at emerging real estate professionals with at least 10 years’ experience, sponsored by the MIT Center for Real Estate and Maastricht University Centre. Nareit is a participating organization in the new executive education program.Kok note...
2024-04-2516 minNareit's REIT Report PodcastEpisode 400: JBG SMITH’s Matt Kelly on Placemaking and Striking the Right Balance Across Communities Matt Kelly, CEO of JBG SMITH (NYSE: JBGS) and Nareit’s 2024 chair, was a guest on the 400 th episode of Nareit’s REIT Report podcast.In a wide-ranging interview, Kelly speaks about placemaking—a hallmark of the REIT’s approach to development—and the importance of “striking the right balance” between public space, retail, and work and living spaces, alongside basic neighborhood necessities.He also talks about the importance of affordable housing, JBG SMITH’s shift to become a majority multifamily REIT, the Potomac Yard arena project, the REIT’s ongoing commitment to Nati...
2024-04-2219 minNareit's REIT Report PodcastEpisode 397: Chilton Capital Management on Why REITs Stand to Benefit from Capex Spending Matt Werner, senior portfolio manager for REITs at Chilton Capital Management, was a guest on the latest episode of Nareit’s REIT Report podcast.Werner emphasized the resilience of public REITs amid economic challenges, especially in managing debt maturities and maintaining dividend payments during periods of uncertainty.According to Werner, public REITs are now positioned to capitalize on market volatility, with robust balance sheets enabling them to acquire distressed properties. "We're still kind of waiting for the sort of big moment for public REITs to go out and make significant acquisitions or...
2024-04-0414 minNareit's REIT Report PodcastEpisode 396: DigitalBridge on Digital Infrastructure as Real Estate for the Modern Economy Bill Hughes, managing director of liquid strategies at DigitalBridge Investment Management, was a guest on the latest edition of the Nareit REIT Report podcast.Hughes discussed some of the trends and developments in digital infrastructure and real estate securities markets today. He noted that the types of real estate businesses that get characterized as digital infrastructure currently compose around 40% of the publicly traded real estate market by value. “That's something that was not true a decade, a decade and a half ago.”When analyzing digital infrastructure, the same issues that impact trad...
2024-03-2117 minNareit's REIT Report PodcastEpisode 395: CBRE IM’s Elisabeth Troni on Deciding to Add Listed REITs to a Global Investment Strategy Elisabeth Troni, fund manager with CBRE IM’s flagship global investment strategy, was a guest on the latest episode of Nareit’s REIT Report.CBRE IM’s flagship global strategy began to allocate to listed REITs in December 2022. Troni explains the timing behind that decision and the scope it gave the strategy to access niche and specialized property sectors.Since December 2022, the strategy has entirely invested in an actively managed but broadly diversified strategy, Troni said. She added that the addition of a completion strategy, which would unlock opportunities in those specia...
2024-03-1413 minNareit's REIT Report PodcastEpisode 394: Raymond James’ Steve Loffman on REIT Capital Market Trends Steve Loffman, managing director at Raymond James, was a guest on the latest episode of Nareit’s REIT Report podcast. Loffman is also a program director and speaker at Nareit’s REITwise: 2024 Law, Accounting & Finance Conference in Hollywood Florida, March 19-21.Loffman described the contours of the REIT capital market landscape today, noting that broadly speaking, “it's been a little bit challenging,” with REITs trading at a discount to net asset value (NAV). “But as time moves on, and if we believe in the yield curve, which I certainly do, I think we'll be making strides to...
2024-03-0711 minNareit's REIT Report PodcastEpisode 393: SPECIAL EPISODE: Empire State Realty Trust Makes the Business Case for Decarbonization Strategy This episode of the Nareit REIT Report’s ongoing series, “Building to Zero,” features Dana Schneider, director of energy and sustainability and ESG at Empire State Realty Trust, Inc.(NYSE: ESRT) and continues the discussion related to the real estate industry’s journey to reduce emissions from the built environment.In this episode, Schneider shares how ESRT began the journey on decarbonization more than 15 years ago by focusing on making the business case for deep energy retrofits.“By creating a process and publishing our energy and financial modeling, we showed what every step...
2024-02-2720 minNareit's REIT Report PodcastEpisode 392: More Private Real Estate Likely to Shift to Public Over Time: Nareit’s Tony Edwards Tony Edwards, Nareit’s senior executive vice president, was a guest on the Nareit REIT Report® podcast. Edwards will be retiring from Nareit at the end of March, and in this episode he reflects on some of the highpoints of his career and the major changes in the industry during the past three decades.Edwards said he expects to see more private real estate shift to the public market over time, pointing to the benefits REITs offer in terms of market discipline, low leverage, and their ability to weather market disruptions such as the great fin...
2024-02-2216 minNareit's REIT Report PodcastEpisode 391: Citi Global Real Estate Outlook Sees Stock Picking as Key Theme in 2024 Three members of Citi’s global real estate research team—Nick Joseph in the U.S., Aaron Guy in the U.K., and Howard Penny in Australia—were guests on the latest episode of the Nareit REIT Report podcast. Amid the market cross currents of slower global economic growth, offset to some extent by anticipated lower interest rates, “we are generally constructive on commercial real estate in 2024,” Joseph said. At the same time, Citi’s 2024 global real estate outlook also stresses the importance of stock picking, rather than broader sector and subsector allocations.For the...
2024-02-1514 minNareit's REIT Report PodcastEpisode 390: Life Sciences Real Estate Market Looking More Positive After Challenging 2023: JLL Travis McCready, head of life sciences, Americas markets, at JLL, was a guest on the latest episode of Nareit’s REIT Report podcast.McCready said 2023 was one of the most challenging years in memory for life sciences real estate due to a slowdown in the deployment of venture capital, higher interest rates and inflation, and “rather aggressive” real estate development of lab space in the past two years.Based on activity so far in 2024, though, “the year is already shaping up to be much more positive than the year before, so fingers...
2024-02-0816 minNareit's REIT Report PodcastEpisode 389: REIT Valuations Look Attractive Amid Favorable Macro Backdrop: Morgan Stanley Laurel Durkay, head of global listed real assets at Morgan Stanley, was a guest on the latest edition of the Nareit REIT Report podcast.Durkay said REITs today are “cheap” versus broader equities. “They do screen attractively versus private real estate. They look compelling versus where REITs have historically traded, and they look pretty fairly valued versus fixed income. The macro backdrop is favorable with interest rate stabilization and the increasing likelihood of cuts this year… I think valuations look attractive.”Despite this backdrop, negative rhetoric about the real estate sector “and the pote...
2024-02-0113 minNareit's REIT Report PodcastEpisode 388: Cohen & Steers Launches Tool to Aid Investor Real Estate Allocation Decisions Jeff Palma, senior vice president and head of multi-asset solutions at Cohen & Steers, was a guest on the latest episode of Nareit’s REIT report podcast.Palma discussed the launch of Real Assets Compass, an interactive tool designed to help institutional investors and financial advisors make informed decisions about strategic allocations to listed and private real estate.“We feel that there's an education gap among clients, institutional and individual investors alike, about some of the benefits of real estate,” Palma said. “Despite the evidence that we have that historically real estate has posi...
2024-01-2512 minNareit's REIT Report PodcastEpisode 387: REITs Well-Positioned to Navigate and Potentially Thrive in 2024’s Higher Interest Rate Environment John Worth, executive vide president, research and investor outreach at Nareit, was a guest on the latest episode of the REIT Report podcast.Worth outlined some of the key messages in Nareit’s 2024 REIT Outlook, including three reasons that may make 2024 a good year for REITs. He noted that historically, at the end of a Federal Reserve tightening cycle, REITs have outperformed private real estate and equities over the following two and four quarters. “We think we saw a little preview of that at the end of the fourth quarter,” Worth said.Mean...
2024-01-1107 minNareit's REIT Report PodcastEpisode 386: RCLCO Fund Advisors Says U.S. Institutional Investors Under-Allocating to REITs William Maher, director of strategy and research at RCLCO Fund Advisors (RFA), was a guest on Nareit’s REIT Report podcast.RFA’s clients include some of the larger public pension funds, and increasingly non-U.S. investors.Maher said that most U.S. institutional investors today allocate less than 10% of their real estate allocation to REITs. “I think that indicates a big underweight that they're probably not aware of,” Maher said. He added that RFA’s investor clients continue to want greater exposure to a broader range of property types and will conti...
2024-01-0413 minNareit's REIT Report PodcastEpisode 385: Extra Space Storage Focusing on Fundamentals in 2024 After Hectic 2023 Gwyn McNeal, executive vice president and chief legal officer at Extra Space Storage Inc. (NYSE: EXR), was a guest on the Nareit REIT Report podcast.McNeal discussed her role at Extra Space, the merger with Life Storage and issues she has dealt with on the legal and personnel side, legal issues facing all REITs today, as well as advice for those seeking a legal career in the commercial real estate sector.Turning to the priorities for 2024 that she is most excited about, McNeal referred to a mandate from Extra Space’s CEO...
2023-12-1411 minNareit's REIT Report PodcastEpisode 383: Creating a Neuroinclusive Work Environment is “Good Business for Everybody” Tracy Powell-Rudy, vice president of corporate engagement at Integrate, a nonprofit that helps organizations identify, recruit, and retain autistic and neurodivergent talent, was a guest on the latest episode of Nareit’s REIT Report podcast.Powell-Rudy discussed the level of awareness around neurodiversity in the wider population today, the level of participation for neurodiverse individuals in the workplace, and some of the key factors impacting their hiring.She also discussed practical steps that companies can take to become more aware of neurodiversity, to make their hiring processes more amenable to neurodiverse ca...
2023-11-1614 minNareit's REIT Report PodcastEpisode 382: Institutional Real Estate Investors Largely Sidelined for Now; See REITs as Complementing Strategy Doug Weill, founder and co-managing partner of Hodes Weill & Associates, a leading global capital advisory firm, was a guest on the latest episode of Nareit’s REIT Report podcast.Hodes Weill recently released the 2023 Real Estate Allocations Monitor, which showed that institutions’ target allocations to real estate were flat at about 10.8% year-over-year.“Institutions are very cautious in the market today. And while they're reasonably optimistic about the opportunity to invest over the next couple of years, right now in the moment there are numerous cross currents,” Weill said.At the...
2023-11-0911 minNareit's REIT Report PodcastEpisode 381: American Tower CEO Says Global Presence Fosters Connectivity in Responsible, Equitable, Sustainable Way Tom Bartlett, president and CEO of American Tower Corp. (NYSE: AMT), was a guest on the latest episode of Nareit’s REIT Report podcast.Bartlett discussed American Tower’s recently launched Sustainability Report and provided an overview of the REIT’s broader sustainability strategy. He explained that “neutral hosting” is central to the company’s inherently sustainable business model. “Neutral hosting allows multiple customers to lease space on a shared single tower or asset, which reduces the number of sites required and minimizes the industry's overall environmental impact”, he said.Beyond providing digita...
2023-11-0211 minNareit's REIT Report PodcastEpisode 380: Modiv Industrial Sees Upside Potential in Mission-Critical Manufacturing Facilities Aaron Halfacre, president and CEO of Modiv Industrial, Inc. (NYSE: MDV), was a guest on the latest episode of Nareit’s REIT Report podcast.Halfacre discussed Modiv’s evolution toward focusing on industrial manufacturing facilities, after starting out as a diversified net lease REIT.“We discovered that industrial manufacturing facilities were, like us, flying a bit below the radar and also, like us, providing investors with very attractive upside potential. The manufacturing sector has strong fundamentals, solid cap rates, healthy contractual rent bumps, long-term dependable leases, and somewhat of an inefficient transa...
2023-10-2615 minNareit's REIT Report PodcastEpisode 379: REIT Fundamentals Remain Strong Ahead of Third Quarter Earnings David Auerbach, REIT industry expert and the chief investment officer of Hoya Capital & Hoya ETFs, was a guest on the latest episode of Nareit’s REIT Report podcast.Auerbach said fundamentals for REITs have remained “very strong,” despite the Federal Reserve’s tighter monetary policy. “If you look at the last quarter, public REITs reported same store property level income about 10% above where they were pre-pandemic. Many of these REITs have been preparing for winter for a long period of time, cleaning up their balance sheets, focusing less on variable rate debt.”He added t...
2023-10-1910 minNareit's REIT Report PodcastEpisode 378: REIT Scale and Cost of Capital Advantages Enhanced by PropTech Brad Thomas, real estate expert, analyst, and CEO of Wide Moat Research, was a guest of Nareit’s REIT Report podcast.In this latest episode, Thomas discusses many of the themes and topics that appear in his newly released book, REITs for Dummies, including the increasingly important role played by PropTech within the sector.“We've seen PropTech throughout most every property category, in multifamily, self-storage, you name it. Every sector has some PropTech component, which is really an interesting part of this innovation…it's really helped these companies grow and produce more e...
2023-10-1313 minNareit's REIT Report PodcastEpisode 377: New Research Shows REITs Historically Outperform Private Real Estate on Sustainability Performance Avis Devine, associate professor of real estate finance and sustainability at the Schulich School of Business at Toronto’s York University, was a guest on the latest episode of Nareit’s REIT Report.Devine discussed new research, sponsored by Nareit, into the sustainability performance of listed REITs and private real estate as well as their approaches toward sustainability commitments and disclosure, and the relationship between sustainability disclosure and performance among REITs.“Public and private real estate firms make different decisions regarding their sustainability commitments and their disclosure,” Devine said. Using the Global R...
2023-10-0518 minNareit's REIT Report PodcastEpisode 376: Listed REITs Offer a Compelling Opportunity Versus Equities, Private Real Estate: Principal Todd Kellenberger, REIT client portfolio manager at Principal Asset Management, was a guest on the latest episode of Nareit’s REIT Report podcast.Kellenberger noted that listed REITs currently trade at significant valuation discounts to both equities and private real estate. He pointed out that the earnings price multiple of REITs versus equities today is over two standard deviations away from the long-term mean—"a level that's even cheaper than what we saw during the GFC, particularly for U.S. listed REITs.”Meanwhile, the change in valuations for private real estate have b...
2023-09-2814 minNareit's REIT Report PodcastEpisode 375: Safehold CIO Says Modern Ground Lease Concept “Here to Stay” Marcos Alvarado, president and CIO at Safehold Inc. (NYSE: SAFE), was a guest on the latest episode of Nareit’s REIT Report.Alvarado said Safehold has made a “tremendous” amount of progress in the last six years in terms of portfolio expansion and growth in enterprise value, “but in the greater scheme of what we're looking to accomplish, I think we're still very, very early on…that's what excites us about the future.”
2023-09-2116 minNareit's REIT Report PodcastEpisode 373: Real Estate Roundtable says CRE Playing Key Role in Success of Federal Climate Programs As part of Building to Zero, an ongoing series of interviews on the decarbonization of the commercial real estate sector, Duane Desiderio, senior vice president and counsel for the Real Estate Roundtable, joined a special episode of Nareit’s REIT Report podcast.Desiderio spoke with Nareit’s Senior Vice President of Environmental Stewardship and Sustainability Jessica Long to discuss recent and upcoming activity related to federal policy that supports real estate owners’ efforts to measure and reduce carbon emissions, disclose climate-related financial risk and opportunity, and comply with local building standards.
2023-09-1229 minNareit's REIT Report PodcastEpisode 371: Actively Managed Funds’ Allocations Shed Light on REIT Market Performance Nicole Funari, Nareit vice president for research, was a guest on the latest episode of the Nareit REIT Report.Funari discussed Nareit’s new project that initially involves tracking quarterly investment holdings for the 28 largest actively managed real estate investment funds that focus on REITs from 2010 to the first quarter of 2023.While performance returns offer a broad market perspective on what investors think about REITs, by narrowing the focus to active managers, or “people whose income and livelihoods depends on how well they can read the market for commercial real estate, we r...
2023-08-3111 minNareit's REIT Report PodcastEpisode 370: REITs Well Prepared to Navigate Ongoing Economic, Capital Market Uncertainty at Mid-Year Nareit Senior Vice President for Research Ed Pierzak joined the latest episode of the REIT Report podcast to talk about some of the key findings from Nareit’s 2023 mid-year report.Pierzak noted that two main factors are at play today—the divergence in public and private real estate valuations, and challenges in the capital markets, particularly around refinancing.The public-private valuation gap really reached its peak in the latter half of 2022, Pierzak said. Progress has been made since then, albeit slowly, he noted. However, whenever such valuation dislocations occur, “they can presen...
2023-08-0310 minNareit's REIT Report PodcastEpisode 369: Management Consultant Says REITs Should Hone Their Story to Engage Investors Gene Rubin, president of management consultancy firm Rivel, joined the latest episode of Nareit’s REIT Report podcast to talk about strategic investor communications and investor engagement in the REIT space.Rivel recently carried out a generalist investor perception study on the REIT industry and Rubin discussed some of the findings that emerged. He noted that the outlook for REITs as an investment class in North America has “improved significantly” since a similar survey was undertaken in 2018. In the previous survey, over half of respondents said they were underweight in REITs, compared to about 40% this time.
2023-07-2724 minNareit's REIT Report PodcastEpisode 368: Tower REITs Gaining Important Underlying Cash Flow Driver from 5G Deployment: Invesco Darin Turner, managing director and chief investment officer for Invesco’s listed real assets team, was a guest on the latest edition of the Nareit REIT Report podcast.Turner discussed the scope and growth of the tower REIT industry, its performance history, how the leasing structure works, the impact of 5G, global opportunities and challenges, benefits for the sector from AI and edge computing, and more.Key Takeaways from the interview include:There are approximately 420,000 macro tower and small cell sites across the United States, with REITs owing ab...
2023-07-1317 minNareit's REIT Report PodcastEpisode 366: Top-Tier Office Properties Experiencing Continued Rent Growth: CBRE Julie Whelan, global head of occupier research at CBRE, was a guest on the latest episode of the Nareit REIT Report podcast.During the interview, Whelan discussed broad office occupancy trends, changes in how office space is utilized, the flight to quality, the role of flexible office space, the importance of an office’s location, and more.Among Whelan’s key takeaways were:Net effective rents, that account for landlord concessions, are continuing to grow at the top tier of the office market.In some cases, the rent diff...
2023-06-2916 minNareit's REIT Report PodcastEpisode 365: SPECIAL EPISODE: Norges Bank Says Real Estate Facing “Tremendous Pressure” to Decarbonize Nina Galbiati, Norges Bank’s global lead sustainability for real estate, was a guest on a special episode of Nareit’s REIT Report podcast.Norges Bank is a long-term investor that has roughly 4.1% of their global investment portfolio invested in real estate, with about half of that allocated to public REITs. With the firm’s focus on maximizing risk-adjusted returns, Norges has been an influential leader in promoting the adoption of sustainability for real estate companies globally for many years.On this episode of the REIT Report, Galbiati joined Nareit’s Senior V...
2023-06-2619 minNareit's REIT Report PodcastEpisode 364: COAERS Seeing Increased Diversification, Liquidity, Returns from REIT Completion Strategy David Stafford, deputy chief investment officer at The City of Austin Employees' Retirement System (COAERS), was a guest on the latest episode of Nareit’s REIT Report Podcast.During the interview, Stafford discussed COAERS’ decision to use REITs as part of a portfolio completion strategy starting in early 2020—an approach that has been successful for the fund and one that it continues to assess on an ongoing basis. He also spoke about the importance of having a mindset attuned to trying a new investment approach, the benefits that REITs provide to COAERS, market issues that C...
2023-06-2214 minNareit's REIT Report PodcastEpisode 362: REITs Likely to Outperform Equities and Private Real Estate Once Fed Rate Hike Cycle Ends Uma Moriarity, senior investment strategist at CenterSquare Investment Management, was a guest on the latest episode of Nareit’s REIT Report podcast.Moriarity spoke about how REITs are faring in the current interest rate climate, how their valuations compare to private real estate, REITs and their position in the capital markets, property sectors that CenterSquare is bullish on, and more.A pause in interest rate hikes is generally expected to occur at the next Federal Reserve meeting, Moriarity said. While some are expecting a subsequent rate hike in July, “it’s fair t...
2023-06-1209 minNareit's REIT Report PodcastEpisode 361: Listed Real Estate Offers Investors Ready Access to Specialty Property Types Andrew Duffy, co-founder, managing partner, chief investment officer, and senior portfolio manager of Ranger Global Real Estate Advisors, an independent investment advisor, was a guest on the latest episode of Nareit’s REIT Report podcast.Duffy spoke about: the state of commercial real estate today and how Ranger Global distinguishes between the performance of geographies and property types; the appeal of next generation property types; the advantages and risks of investing domestically versus globally; the dislocation between listed and private real estate; and the benefits of investing in listed real estate funds.
2023-06-0815 minNareit's REIT Report PodcastEpisode 360: Alexander & Baldwin CEO Says Right Time for Transition as REIT Nears Completion of Transformation Chris Benjamin, CEO of Alexander & Baldwin, Inc. (NYSE: ALEX), was a guest on the latest episode of Nareit’s REIT Report podcast.Benjamin, who will step down as CEO on June 30, reflected on his tenure at A&B, why supporting community organizations has played an important complement to his executive role, the transformation the company has undergone and its decision to convert to a REIT, changing the culture of A&B and its progress on DEI issues, and more.Benjamin said that now is a good time for a transition in le...
2023-06-0115 minNareit's REIT Report PodcastEpisode 359: Global Emerging Market Real Estate Fund Finds Opportunities from Rapid Urbanization Trends John Haskell, founder and chief investment officer at Atla Capital Management LLC, was a guest on the latest episode of the Nareit REIT Report.During the interview, Haskell talked about the opportunities from investing in global emerging market listed real estate, the scope of the market, the key theme of urbanization, challenges posed by the lack of reporting standardization, the potential shelter that emerging markets offer relative to other markets, and more.Haskell manages the Atla Global Urbanization Listed Fund. A key theme for the fund is urbanization, and the opportunities...
2023-05-2515 minNareit's REIT Report PodcastEpisode 358: REITs Set to Benefit from Prior Repricing, Anticipated Pause in Rate Hikes Jonathan Miniman, global portfolio manager and head of the Americas real estate securities research team at CBRE Investment Management, was a guest on the latest episode of the Nareit REIT Report.During the interview, Miniman discussed: concerns impacting commercial real estate—including the banking crisis; potential opportunities for REITs in the months ahead; the role REITs can play in conjunction with private real estate; and the role that active managers can play for REIT investors.Miniman said that the repricing of REITs that occurred last year, coupled with a likely near-term pa...
2023-05-1812 minNareit's REIT Report PodcastEpisode 356: Columbia Threadneedle Launches ETF Amid Signs of Maintained or Increased Real Estate Allocations Recent survey data from Columbia Threadneedle Investments shows that 93% of financial advisors plan to maintain or increase their real estate allocations over the next 12 to 24 months, confirming that the “timing is right” for the launch of the Columbia Research Enhanced Real Estate ETF (NYSE Arca: CRED), says Marc Zeitoun, head of strategic beta at the global asset manager.Columbia Threadneedle launched CRED on April 26. The ETF tracks a custom, proprietary index which typically tracks 70-90 REITs weighted across eight sectors. It is designed to outperform the FTSE Nareit All Equity REITs Index through research-driven security sele...
2023-05-0411 minNareit's REIT Report PodcastEpisode 355: REITs Increasingly Adopting Practices That Offer Visibility into Their Environmental, Social Performance REITs are making gains across the board in adopting practices that enable investors to make informed decisions taking into account environmental and social strategy and performance, says Jessica Long, Nareit senior vice president for environmental stewardship and sustainability.Speaking on the REIT Report, Long noted that Nareit’s latest REIT ESG Dashboard shows that 100% of the top 100 REITs are reporting publicly on ESG in some manner. “REITs really are demonstrating that as an industry, real estate is taking seriously the requests from investors and regulators and other key stakeholders that are saying that ‘these environmental and so...
2023-05-0111 minNareit's REIT Report PodcastEpisode 354: Championing DEI Change Requires Organizations to Take Multi-Pronged Approach Championing change related to diversity, equity, and inclusion matters requires organizations to actively commit people and resources to the task, to clarify that change is everybody’s responsibility, and to build coalitions wherever possible, says Adjoa B. Asamoah, an advocate of racial equity and an award-winning social impact strategist.Asamoah, a keynote speaker at Nareit's REITwise: 2023 Law, Accounting & Finance Conference, developed the legislative strategy for the CROWN Act and leads the movement on behalf of the CROWN Coalition to end race-based hair discrimination.Speaking on the Nareit REIT Report, she described th...
2023-04-2013 minNareit's REIT Report PodcastEpisode 353: Life Sciences Market Being Driven by Late Stage Clinical Pipeline, CBRE Says A record number of products still under development in the life sciences sector continue to provide tailwinds for the industry, despite volatility in the broader macroeconomic environment, says Matt Gardner, CBRE’s U.S. life sciences leader.Speaking on the Nareit REIT Report, Gardner noted that a bull run of investment in life sciences, that started in 2015, “left us with an incredible number of products in development. And those are still there.”Gardner stressed that the life sciences industry doesn’t follow broader economic patterns. “If a product takes 10 to 15 years to develop...
2023-04-0613 minNareit's REIT Report PodcastEpisode 352: Residential REITs Benefitting from Strong Balance Sheets and Leasing Tailwinds Residential REITs offer investors a safe option amid current volatility, with strong balance sheets, leasing tailwinds, and the continued shortage of affordable starter homes among the key factors supporting growth in the sector, says David Auerbach, managing director at Armada ETF Advisors.Armada’s flagship product HAUS is an exchange traded fund (ETF) comprised of 25 pure play residential REITs in the multifamily, manufactured housing, single-family rental, and senior housing segments. It recently celebrated its one year anniversary of being a publicly traded entity.Speaking to the Nareit REIT Report, Auerbach noted th...
2023-03-3013 minNareit's REIT Report PodcastEpisode 351: Farmland Partners CEO Sees “Huge Potential” to Grow Asset Class Farmland Partners Inc . (NYSE: FPI) President and CEO Luca Fabbri says there is “huge potential” to grow the share of farmland assets within institutional investor portfolios, especially given the sector’s risk return profile, asset appreciation, and inflation protection benefits.A co-founder of Farmland Partners alongside former CEO Paul Pittman, Fabbri was named president in October 2021 after serving as the company’s CFO since its inception. He became CEO in February.Speaking with the Nareit REIT Report, Fabbri said the value of U.S. farmland assets is about $2.7 trillion, with institutional investor...
2023-03-2313 minNareit's REIT Report PodcastEpisode 347: Investors Should Prioritize Listed Real Estate Market Over Private: LaSalle Investors looking to allocate to real estate today should consider the listed market first, with REITs in particular priced to deliver annual returns in the high single digit range for the next several years, says Lisa Kaufman, head of global securities at LaSalle.“We see public real estate as unequivocally more attractive than private real estate today,” Kaufman told Nareit’s REIT Report podcast.Kaufman said the REIT market has been “really very rational” through the recent period of tightening financial conditions, “and financial conditions do remain in the driver's seat.” She noted that...
2023-02-2312 minNareit's REIT Report PodcastEpisode 346: REITs Offer Protection Against High and Moderate Inflation REITs provide protection against high and moderate inflation across a range of property types, says Nareit Vice President of Research Nicole Funari.Speaking on Nareit’s REIT Report podcast, Funari noted that, in terms of how REITs respond to inflation pressures, “people are inclined to believe that there might be differences among the property sectors, but the data doesn't bear that out.”
2023-02-1611 minNareit's REIT Report PodcastEpisode 345: Citi Analysts see Opportunities Amidst Uncertainty Across Global Real Estate Markets in 2023 The potential for rolling country-level recessions and the impact of higher interest rates on transactions and capital flows are among the main themes influencing global real estate investment in 2023. The result, according to Citi’s global real estate research team, are opportunities mixed in with the broader uncertainty facing investors.“I think there's a lot more uncertainty entering 2023 than we've seen at least in the past few years, putting aside COVID. I think that's going to be the biggest challenge and opportunity depending on how that turns out,” Nick Joseph, Citi’s global head of real est...
2023-02-0923 minNareit's REIT Report PodcastEpisode 344: Nareit’s Ayris Scales says REITs Undertaking “Critical” Work to Better Reflect Diverse Demographics The REIT industry is undertaking “critical” work to ensure that real estate’s leadership, staff, and procurement opportunities better reflect the nation’s wider demographics, says Ayris T. Scales, Nareit’s senior vice president for social responsibility and global initiatives.Speaking on Nareit’s REIT Report, Scales said that Nareit is working together with its REIT members to accelerate change collectively and “elevate the way that we do things on behalf of the industry.”Scales outlined two key projects underway at Nareit to advance diversity and inclusion throughout the industry.She n...
2023-02-0209 minNareit's REIT Report PodcastEpisode 343: Cohen & Steers’ Rich Hill Says Timing is Right for Building Exposure to REITs REITs have historically made solid returns following the onset of a recession, particularly in the early stages of the cycle, making this an ideal time for investors to begin building an exposure to the asset class, says Rich Hill, head of real estate strategy and research at Cohen & Steers.Speaking on the Nareit REIT Report, Hill said REITs have historically produced average 12-month forward returns of more than 10% following the onset of a recession, with early-cycle returns exceeding 20%.
2023-01-2614 minNareit's REIT Report PodcastEpisode 342: Real Estate Capital Markets Recovery Likely Around Mid-2023: CBRE A recovery in the real estate capital markets is likely to begin around the middle of the year, with transaction activity becoming better supported over the course of 2023 as financial stresses start to ease, says Richard Barkham, CBRE’s global chief economist.Speaking on the Nareit REIT Report podcast, Barkham said, “real estate capital markets tend to lead the economy, both on the downside and in the upturn…it’s going to take a while for investors to start to move because they want to assess the situation in terms of fundamentals. But we do see a ca...
2023-01-1909 minNareit's REIT Report PodcastEpisode 340: REITs Well Positioned to Navigate Economic and Market Uncertainty of 2023 REITs have demonstrated resilient operational performance and are well prepared for the continued economic uncertainty, higher interest rates, and elevated inflation expected in the coming year, says Ed Pierzak, Nareit’s senior vice president for research.Speaking on the Nareit REIT Report, Pierzak noted that REITs are not only performing well but are keeping pace with inflation. Meanwhile, balance sheets are in “great shape,” with leverage ratios near historical lows.With the risk of recession a dominant theme for 2023, Pierzak pointed out that “a recession does not have to equate to negative...
2023-01-0515 minNareit's REIT Report PodcastEpisode 322: Phillips Edison Seeing Strong Operating Environment in Grocery-Anchored Shopping Segment Phillips Edison & Co., Inc. is seeing a “really strong” operating environment across its portfolio, but the REIT also has a realistic view that there are going to be pressures weighing on the consumer from a range of macroeconomic factors, Chairman and CEO Jeffrey Edison said.Speaking on Nareit’s REIT Report, Edison noted that questions from investors at Nareit’s REITweek: 2022 Investor Conference last week revolved around the theme of potential disruption to the current environment from factors including higher interest rates and inflation pressure.“I think we have a realistic view that...
2022-06-1613 minNareit's REIT Report PodcastEpisode 307: Long-Term Interest Rates to Remain Very Favorable for Commercial Real Estate Anticipated interest rate increases of about one and a half percentage points by year-end will still create a “very favorable” environment for commercial real estate, says Nareit Senior Economist Calvin Schnure.Speaking on the Nareit REIT Report, Schnure noted that it is “appropriate” for the Federal Reserve to be raising interest rates at this point and removing the stimulus that was put in place early in the pandemic.Schnure noted that goods inflation has been at about 12% over the past year, while service price inflation has slowed somewhat. “This suggests that we're not...
2022-02-2307 min
Nareit's REIT Report PodcastEpisode 275: REIT Recovery From the Worst of the Pandemic Underway, Nareit T-Tracker Shows Nareit’s T-Tracker fourth quarter 2020 data indicate that the REIT industry is recovering from its weakest levels seen during the pandemic.Speaking on the REIT Report, Nareit Senior Economist Calvin Schnure said the REIT industry is “showing a good continuing recovery, not a complete recovery, but a recovery from the worst part of the pandemic a year ago.”According to the T-Tracker, funds from operations (FFO) of all equity REITs gained 11.3% in the fourth quarter from the third quarter, which itself was 10.3% higher than the second quarter. The recovery is not uniform, Schnure pointed out. Earnings for se...
2021-03-1506 min
Nareit's REIT Report PodcastEpisode 268: Recovery for Economy and Commercial Real Estate Backloaded to Second Half of 2021 While an economic recovery is expected to take hold, benefitting commercial real estate in its wake, any significant improvement is likely to occur starting in the second half of 2021, according to Nareit Senior Economist Calvin Schnure.Speaking on the REIT report, Schnure highlighted some of the key themes of Nareit’s 2021 Outlook for REITs and Commercial Real Estate.Schnure noted that “we’re going to see some strengthening of the economic recovery and that’s going to benefit the commercial real estate markets quite a bit.” However, the improvement will really be driven by vaccines bringing the pandem...
2021-01-2205 min
Nareit's REIT Report PodcastEpisode 266: Nareit Leader in the Light Awards Demonstrate How REITs Stepped Up to Face Pandemic Challenges Nareit’s 2020 Leader in the Light Awards highlighted a strong field of companies that have worked hard during the pandemic to put their tenants’ needs first, while also reducing their energy, water, and waste output, according to Cliff Majersik, senior advisor for policy and programs at the Institute for Market Transformation.Majersik served as a judge for the 2020 Leader in the Light Awards. He noted that REITs have put a premium on making their buildings comfortable, productive, desirable, and above all—safe for their tenants.
2021-01-0708 min
Nareit's REIT Report PodcastNareit Rent Collection Surveys from Past Half-Year Highlight Resiliency of REITs During Crisis The biggest story to emerge from the past six months has been the bounce-back in certain retail sectors. Funari noted that rent collection for free standing retail started out at 73% and by September was almost at 95% of typical rent collected. Shopping centers started the pandemic at slightly over 50% and were at 82% of typical rent collection by September, she noted.Nareit decided to end its regularly scheduled rent collection survey this month, Funari explained, because most property sectors had stabilized by July and the remaining sectors seemed to be heading in that direction through September.Furthermore, rent...
2020-09-2806 min
Nareit's REIT Report PodcastEconomic News Pointing to Ongoing Broad Recovery Most of the current economic news is pointing to an ongoing recovery, including for commercial real estate fundamentals, according to Nareit Senior Economist Calvin Schnure.Speaking Sept. 14th on the Nareit REIT Report, Schnure noted that August retail sales data, to be reported on Wednesday, are expected to show a 1% increase. “Most aspects of retail sales actually are above pre-pandemic levels,” he said.At the same time, the Job Openings and Labor Turnover Survey (JOLTS) showed that job openings rose 10% in July and are getting close to the range they were in late last year, Schnure said...
2020-09-1405 min
Nareit's REIT Report PodcastDuke Realty Executives Reflect on Lessons Learned on the ESG Journey Executives from Duke Realty Corp. (NYSE: DRE), a leader in corporate responsibility matters, joined a special edition of the REIT Report on August 5 to share their observations and advice on initiating and growing a vibrant ESG strategy that is embraced at all levels of the company.In conjunction with Nareit’s multimedia series ESG Exchange, Nareit Executive Vice President and General Counsel Cathy Barré spoke with Ann Dee, executive vice president and general counsel, and Megan Basore, vice president of corporate responsibility.Dee played a key role in the evolution of the ESG function at Duke Rea...
2020-08-0716 min
Nareit's REIT Report PodcastHousing Data Point to Economy’s Underlying Strength, Assuming Continued Reopening The economy continued to rebound in June, according to housing market data released last week, although the outlook depends on the reopening continuing on its current path—an open question at this point, Nareit Senior Economist Calvin Schnure said.Speaking July 27 on the Nareit REIT Report, Schnure highlighted the jump in new and existing June home sales, with new home sales actually higher than they were a year ago. He said this suggests that the underlying economic demand “is intact as long as it’s safe to go out and go about our business.” Although house prices were a bit so...
2020-07-2704 min
Nareit's REIT Report PodcastEconomic Data Show Potential for Rebound, But Dependent on Continued Reopening Economic data released last week show a lot of potential for rebound—as long as the reopening can continue to proceed, according to Nareit Senior Economist Calvin Schnure.Speaking July 20 on the Nareit REIT Report podcast, Schnure highlighted the range of economic indicators for June that were reported, including industrial production, retail sales, and housing starts. Those numbers underscore the possibility of getting the economy back to where it was before the pandemic, but “only as long as the virus is under control,” he said. News that the virus is surging in parts of the United States is creati...
2020-07-2004 min
Nareit's REIT Report PodcastREITs, Economy Remain Under Pressure as Coronavirus Case Numbers Climb REIT share prices edged lower last week, as both the broader economy and also the real estate sector continue to be buffeted by the opposing forces of economic reopening and the spread of the virus, according to Nareit Senior Economist Calvin Schnure.Speaking July 13 on the Nareit REIT Report, Schnure said news of more rapid growth of new cases, especially across the Sunbelt, is leading to a reconsideration of the prospects of reopening right away or being able to do so fully, rather than in slow stages.Those concerns were reflected in REIT performance last week...
2020-07-1304 min
Nareit's REIT Report PodcastREIT Executives “Cautiously Optimistic” at REITweek as Economy Begins to Reopen Nareit Senior Economist Calvin Schnure discussed some of the main themes from Nareit’s REITweek: Virtual Investor Conference and the May jobs report in the June 8 edition of the Nareit REIT Report podcast.Schnure characterized the overall mood at REITweek as “cautiously optimistic.”“Obviously we’re still in unchartered waters and there’s a lot of concern about unforeseen risks in the period ahead,” Schnure noted. While economic activity is beginning to resume, few expect it to be without glitches, he added.At the same time, property sectors are seeing a wide range of impacts from t...
2020-06-0805 min
Nareit's REIT Report PodcastREIT Earnings Fell 9% in the First Quarter as COVID-19 Crisis Hit Travel, Shopping Nareit’s T-Tracker, a comprehensive summary of REIT earnings and operating performance, showed an overall picture of weak earnings in the first quarter, with about half of the 9% decline in funds from operations (FFO) reflecting the lodging and hotels sector.Speaking May 26 on the Nareit REIT Report podcast, Nareit Senior Economist Calvin Schnure noted that regional malls also had a decline in earnings and most other property sectors had modest declines. Industrial REITs, meanwhile, had a 21.7% increase in FFO, and single family home REITs saw a 7% FFO increase.Most of the first quarter predated the COVID-19 crisis. As a...
2020-05-2704 min
Nareit's REIT Report PodcastData Show April Online Retail Sales Gains Unable to Offset Broader Declines The latest retail sales data point to a continued role for brick and mortar retail once the coronavirus crisis passes, according to Nareit Senior Economist Calvin Schnure.Speaking May 18 on the Nareit REIT Report podcast, Schnure noted that the more than 8% rise in non-store retail sales in April, which includes e-commerce, was unable to offset the overall decline of 16.4%.“Online commerce is still no substitute for a lot of the shopping that people do. So, even after this crisis passes, this tells us there’s still a strong role for brick and mortar retail sales,” Schnure said.
2020-05-1805 min
Nareit's REIT Report PodcastRetail Real Estate Pioneering New Strategies for a Post-COVID 19 Return to Business The retail real estate sector is leading the way in terms of preparing for a post-COVID 19 return to more normal business operations, according to Nareit Senior Economist Calvin Schnure.Speaking May 4 on the Nareit REIT Report, Schnure pointed to the various new safety measures that Simon Property Group, Inc. (NYSE: SPG) has implemented in order to reopen some of its malls.“The retail sector and the shopping malls are not isolated, they’re just the first part of our economy that’s going to be dealing with a post-COVID world. They are pioneering the way so that p...
2020-05-0406 min
Nareit's REIT Report PodcastREIT Markets Lower, But Conditions Appear to be Settling While REIT share prices drifted lower in the past week, conditions appear to have settled somewhat compared to the large swings seen in the early weeks of the coronavirus crisis, said Nareit Senior Economist Calvin Schnure.Speaking April 27 on the Nareit REIT Report podcast, Schnure pointed to single digit moves in the past two weeks. One possible reason for the more restrained movement is the approach of first quarter earnings, he noted: “There could be a lot of investors who are in a wait-and-see mode.”Looking at real estate markets overall, Schnure highlighted the release of CoSt...
2020-04-2705 min
Nareit's REIT Report PodcastNareit April Rent Survey Shows Industrial, Multifamily, Office REITs Performing Well A Nareit survey of April rent collection across the REIT industry points to a strong performance by industrial, multifamily, and office REITs.Nareit Executive Vice President for Research and Investor Outreach John Worth told the REIT Report April 22 that industrial REITs saw 99% of typical rents received in April. The survey was conducted between April 8-15.Multifamily REITs collected 93.5% of typical April rents, while office REITs collected 89.3% of typical April rents. Worth noted that there had been uncertainty as to how office REITs would fare, but “the fact that nearly 90% of rents have been paid does reflect th...
2020-04-2307 min
Nareit's REIT Report PodcastSocial Aspect of ESG Expected to Gain Attention in Response to Coronavirus On the 50th annual Earth Day celebration, Nareit Senior Vice President for ESG Issues Fulya Kocak said the social aspect of ESG is likely to see greater focus as a result of the coronavirus crisis.Speaking on the Nareit REIT Report podcast, Kocak said that while attention to social matters was already gaining a lot of interest before the crisis, “after we return to our new normal we are going to see more focus on health and wellness as well as flexibility and adaptation of the workforce to different ways of getting things done.”Kocak also comm...
2020-04-2203 min
Nareit's REIT Report PodcastREITs’ Long-Term Leases Provide Some Stability During a Period of Market Turmoil In the latest edition of the Nareit REIT Report podcast, Nareit senior economist Calvin Schnure highlighted the latest developments surrounding the impact of the coronavirus pandemic on the economy and REITs.Schnure emphasized that this is first and foremost a public health crisis, but also one which is impacting the economic and financial livelihood of tens of thousands of people.The situation is changing quite rapidly, Schnure said. He noted that his analysis as of March 12 is different from what it was just a few days ago.Schnure noted that a pandemic of the...
2020-03-1305 min
Nareit's REIT Report PodcastREIT Property Count Continues to Rise Nareit’s vice president for research, Nicole Funari, joined the latest edition of the REIT Report podcast to discuss some of the findings from Nareit’s latest REITs Across America data, including the contribution that REITs make to the U.S. economy, their geographic footprint, and their shareholder base.Funari noted that the number of REIT properties has increased every year since Nareit began counting in 2016. The latest data shows over 520,000 REIT properties, comprised of 207,000 actual buildings, 219,000 signs or billboards, and 95,000 cellphone towers.Traditional REITs still have the highest level of gross asset value, according to Funa...
2020-02-2404 min
Nareit's REIT Report PodcastCommercial Real Estate Market in ‘Mature Recovery’ Stage at Start of 2020 In the latest edition of the Nareit REIT Report podcast, Calvin Schnure, Nareit senior vice president for research and economic analysis, shared his thoughts on the economy, real estate, and REITs in 2020.In Nareit’s 2020 Economic Outlook, Schnure uses the term “uncharted waters” to describe the current environment. He explained that the phrase underlines the fact that the risks normally faced this far into a typical expansion or commercial real estate boom aren’t present at this time.“We know there are risks ahead, we just can’t look to the usual corners to see where they are goi...
2020-01-1507 min
Nareit's REIT Report PodcastREITs Should Highlight Their Uniqueness in Effort to Engage with Generalist Investors Jonathan Keehner and John Roe, partners at strategic communications and investor relations firm Joele Frank, were guests on the latest edition of the Nareit REIT Report podcast.Nareit has worked with Joele Frank to create a Communications Toolkit with a framework for developing an effective communications strategy for generalist investors. It was recently distributed to Nareit members.Keehner described what he sees as a “real disparity between the dedicated investor group and the generalist group.” To help alleviate that gap, he suggests REITs “hit the reset button” and really focus on communicating what makes their company unique.
2019-12-1220 min
Nareit's REIT Report PodcastFormer Highwoods CEO Ed Fritsch Looks Back on Three-Plus Decades at Office REIT The latest edition of the Nareit REIT Report podcast featured an interview with Ed Fritsch, who stepped down as CEO of Highwoods Properties on Sept. 1 following a career of more than 30 years at the Raleigh, North Carolina-based office REIT.Fritsch joined Highwoods in 1982 at the age of 23 and was a partner in the predecessor firm before its IPO in June 1994. He served as COO from January 1998 to July 2004 and was vice president of operations and secretary from June 1994 to January 1998. He became the company’s president in December 2003 and CEO in July 2004. Fritsch also served as Nareit chair in...
2019-09-0617 min
Nareit's REIT Report PodcastReal Estate Associations Collaborate to Address Growing Need for Industry Talent In the latest edition of the Nareit REIT Report podcast, Doug Bibby, president of the National Multifamily Housing Council (NMHC), discussed a new initiative aimed at attracting talent into the real estate industry.The NMHC is part of a collaboration of 29 real estate industry organizations, including Nareit, that are working to highlight the diversity of career paths within the sector. Together they have created Careers Building Communities (CBC), a platform designed for students, educators, and other individuals to explore the industry and learn more about what it takes to obtain education and employment within each sector.“It...
2019-03-0812 min
Nareit's REIT Report PodcastCongressional Gridlock on the Agenda in 2019 In the latest edition of Nareit’s REIT Report podcast, Nareit Senior Vice President for Government Relations Robert Dibblee and Nareit Vice President for Government Relations John Jones discuss the outlook for the 116th Congress.With the House of Representatives now under Democratic control, and a divided Congress for the first time in nearly a decade—in addition to a looming presidential election cycle—prospects for legislative accomplishments are modest.“There will mostly be gridlock where policy is concerned, which we’re seeing reflected in the recent government shutdown,” Dibblee said. Must-do items, such as appropriations bills and de...
2019-01-1816 min
Nareit's REIT Report PodcastBlackRock Focusing on Sustainability’s Quantifiable Financial Impact Sherry Rexroad, chief investment officer of the Americas and global real estate securities platform at BlackRock, Inc., was a guest on Nareit’s REIT Report podcast, recorded in San Francisco during Nareit’s REITworld: 2018 Annual Conference.Rexroad said sustainability is playing an increasingly central role in investment decisions at BlackRock.“We really believe that sustainability-related issues, ranging from board composition and human capital to climate change, can, and often do, have real quantifiable financial impacts,” Rexroad said. BlackRock’s approach, she said, is to include environmental, social, and governance (ESG) information into the investment decision-making process as part of...
2018-12-1205 min
Nareit's REIT Report PodcastReal Estate Recruitment Expert Optimistic on Diversity of Executive Board Composition Gemma Burgess, managing director at executive search firm Ferguson Partners Ltd., was a guest on Nareit’s REIT Report podcast, recorded in San Francisco during Nareit’s REITworld: 2018 Annual Conference.Burgess commented on California’s move to require public companies to have at least one female on their boards.“We see it as a great step forward. Moreover, the importance here is placed on the investor community and boards to do the right thing… I think we’re seeing that in huge numbers at the moment across the country,” Burgess said.
2018-12-0505 min
Nareit's REIT Report PodcastREIT Credit Trends Look Stable as Fundamentals Remain Solid, Moody’s Says Lori Marks, a senior credit officer at Moody's Investors Service, Inc., was a guest on Nareit’s REIT Report podcast, recorded in San Francisco during Nareit’s REITworld: 2018 Annual Conference.Marks said overall credit conditions for REITs are “stable, as real estate fundamentals remain solid and REITs maintain healthy balance sheets.” Growth is slowing for many property types, she said, with REITs expected to generate low single digit net operating income (NOI) growth next year.Moody’s expects REITs to maintain discipline as they seek investment opportunities, Marks said. “REITs are still able to issue unsecured debt at attr...
2018-11-2906 min
Nareit's REIT Report PodcastData Center REITs Gaining Acceptance from Ratings Agencies, CyrusOne CFO Says Diane Morefield, executive vice president and CFO of Cyrus One Inc. , was a guest on Nareit’s REIT Report podcast, recorded in San Francisco during Nareit’s REITworld: 2018 Annual Conference.CyrusOne received an investment grade rating from Standard & Poor’s in September. Although the company welcomed the news, Morefield said the ratings agencies have been slow to understand the data center model. She noted that prior to the CyrusOne upgrade there was only one other data center REIT with an investment grade rating.“Our profile, and that of the other data centers, is very consistent with the broa...
2018-11-1905 min
Nareit's REIT Report PodcastReal Estate Fundamentals in Equilibrium Across Most Sectors, LaSalle Global CEO Says Lisa Kaufman, global CEO and Americas portfolio manager for LaSalle Investment Management Securities, was a guest on Nareit’s REIT Report podcast, recorded in San Francisco during Nareit’s REITworld: 2018 Annual Conference.Kaufman said operating fundamentals are in equilibrium across most real estate sectors, with internal growth likely to roughly match inflation for the next couple of years.Among the outliers, however, are cell towers, where the runway for growth is “longer and better than what the market perceives,” she said.
2018-11-1405 min
Nareit's REIT Report PodcastBlockchain Could Shrink Differences in How Public, Private Real Estate Returns Are Measured Brad Case, Nareit senior vice president for research and industry information, was a guest on the latest episode of Nareit’s REIT Report podcast and discussed the impact of emerging blockchain technology on the real estate industry.Developed in connection with cryptocurrencies, blockchain is “essentially a set of practices that make it possible to keep records of who owns assets,” Case explaied. He noted that although blockchain is not the same as distributed ledger, for the purposes of considering the effect on real estate, the two terms can be treated as synonyms.Blockchain can establish ownership of an...
2018-09-1905 min
Nareit's REIT Report PodcastReal Estate Cycle “In a Good Place,” Strategist Says Jacques Gordon, global head of research and strategy at LaSalle Investment Management, was a recent guest on the Nareit REIT Report podcast.Gordon will be speaking on the economic outlook for real estate at Nareit’s SFO Forum 2018 on Sept. 24.In terms of the real estate cycle, “we’re in a good place,” Gordon said.“Fundamentals are healthy. There’s a lot of new supply but there’s also a lot of demand. Rent growth is steadily upward,” Gordon noted. “There’s a lot of good news already registered in 2018 and we expect steady as she goes, positiv...
2018-09-0405 min
Nareit's REIT Report PodcastREIT Returns Higher Across Broad Swath of Industry Brad Case, Nareit senior vice president for research and industry information, was a guest on the latest edition of Nareit’s REIT report podcast.Case highlighted the turnaround in REIT market performance seen since February. Prior to that, REITs had underperformed the broader stock market – particularly growth stocks - for about a year and a half.
2018-07-1606 min
Nareit's REIT Report PodcastBrixmor Says Investor Questions Focus on Tenant Demand, Valuation Disconnect Stacy Slater, senior vice president for investor relations at Brixmor Property Group Inc. (NYSE: BRX), joined Nareit for a special edition of Nareit’s REIT Report Podcast recorded in New York during Nareit’s REITweek: 2018 Investor Conference.Slater said some of the questions most frequently asked by investors focus on tenant demand at its shopping center properties and how that might have changed from last year. Investors are also interested in the disconnect between valuation levels and where Brixmor is selling its assets, she said. Other investor areas of interest include where Brixmor and other retail REIT stocks are...
2018-07-0603 min
Nareit's REIT Report PodcastREIT Portfolio Manager Steve Brown Sees Inflection Point in Same-Store NOI Steven Brown, senior portfolio manager at American Century Investments, joined Nareit for a special edition of Nareit’s REIT Report Podcast recorded in New York during Nareit’s REITweek: 2018 Investor Conference.Brown commented on REIT fundamentals, noting that following a deceleration in the last couple of years, “we’re starting to see an inflection point in terms of same-store net operating income (NOI).” If the United States economy continues to improve, that could bode well for an acceleration in REIT fundamentals in 2019, he added.
2018-06-2103 min
Nareit's REIT Report PodcastREIT Portfolio Managers Watching Capital Formation, M&A Activity and Risk-Taking Laurel Durkay, portfolio manager at Cohen & Steers, and J. Scott Craig, portfolio manager at Eaton Vance, were guests on a special edition of Nareit’s REIT Report Podcast recorded in New York during Nareit’s REITweek: 2018 Investor Conference.Durkay and Craig discussed several key topics, including the messages from REIT management teams that they are paying most attention to.
2018-06-1507 min
Nareit's REIT Report PodcastNareit Initiative Seeks to Promote Role of Women in Real Estate Bonnie Gottlieb, Nareit’s senior vice president for industry and member affairs, is Nareit’s liaison to its recently-launched Dividends Through Diversity initiative. She discussed the goals of the program, and why Nareit felt this was the right time to address the issue of diversity in REITs and the broader commercial real estate industry.
2018-03-1908 min
Nareit's REIT Report PodcastREITs and Interest Rates with Nareit's Calvin Schnure Nareit's Calvin Schnure discusses the effects of interest rates and REITs.
2018-02-1506 min
Nareit's REIT Report PodcastNareit ESG Forum Tackles Top Real Estate Sustainability Issues Nareit's Fulya Kocak provides a preview of the upcoming ESG Forum in Seattle from Jan. 23-24.
2018-01-1605 min
Nareit's REIT Report PodcastHow the New Tax Law Affects REITs Nareit’s Cathy Barre discusses impact of the new tax law changes on REITs.Nareit's REITwise: 2018 Law, Accounting & Finance Conference will have more in-depth information on the impact of tax reform on REITs.
2018-01-1105 min
Nareit's REIT Report PodcastEnhancements to Nareit D&O Insurance Program Learn about the changes to the Nareit Directors & Officers Liability Insurance Program from Tim Crowley, managing director, Crystal & Company; Stephen Kelly, director, Crystal & Company; and Howard Sider, underwriting manager, Arch Insurance Group. To learn more about how the 2017 enhancements can benefit your company, visit Nareit’s website or contact Crystal & Company Director Steve Kelly at 212-504-5847 or steve.kelly@crystalco.com.
2017-11-0105 min
Nareit's REIT Report PodcastNAREIT CEO Previews REITWeek 2017 NAREIT’s Steve Wechsler says NAREIT’s Investor Forum showcases “breadth and depth” of the REIT industry.
2017-05-3004 min