Nareit's REIT Report Podcast

Nareit Senior Vice President for Research Ed Pierzak joined the REIT Report podcast to review key themes of Nareit’s 2026 mid-year update. He noted that REITs have maintained their outperformance so far this year, with all but two sectors posting gains, and pointed to “really strong momentum” for REITs not only for the remainder of 2026, but beyond.Pierzak noted that often when REITs outperform early in the year, they tend to best broad equity market performance through the remainder of the year—barring any unexpected shocks.As for REIT sectors, he noted that data centers have been one of the top performers so far this year, after they were one of the worst performers in 2025. Taking the top spot this year to date is lodging and resorts, fueled by very strong leisure and business travel demand, Pierzak said.Elsewhere in the podcast, Pierzak discussed the valuation divergence seen between REITs and the broader equity market, as well as private real estate, and the potential for outperformance when that gap closes. He also commented on REIT M&A trends, as well as how REITs are increasingly being used to complement existing investment portfolios.0:00 — Why REITs Now0:21 — Welcome and Guest Intro0:40 — 2026 Performance in Context1:58 — Sector Winners and Losers3:13 — REITs vs Equity Valuations4:07 — Public vs Private Pricing Gap5:41 — What Divergence Means6:17 — M&A and Industry Consolidation7:15 — Capital Access and Financing8:10 — Outlook for Rest of 20269:07 — Wrap Up and Subscribe

Dave Bragg, CFO at UDR, Inc. (NYSE: UDR), joined the REIT Report podcast to discuss the multifamily REIT’s decision to adopt a monthly dividend, its strategic focus on operational excellence, and the current state of the multifamily real estate market. Bragg noted that adopting a monthly dividend reflects the REIT’s efforts to seek new and different sources of capital, including individual investors. Through a range of education efforts, UDR is looking to showcase its “50-year history of about $9 billion of dividends paid,” and a healthy dividend yield today that has been characterized by “stability and growth over time.”UDR is also increasingly applying a data-driven approach to capital allocation, according to Bragg. “It's a very collaborative process that has informed our dispositions and our share buybacks, which have been a focus so far this year,” he said.

Brendan Lynch, co-head of U.S. equity REIT research at Barclays, discussed data center REITs on the latest REIT Report episode, noting that the sector is rebounding as enterprise AI demand accelerates, leasing pipelines grow, and investors seek more direct exposure.Lynch said the recent Blackstone Digital Infrastructure Trust (NYSE: BXDC) IPO shows “there are investors who are looking for a specific type of exposure,” in the data center sector, notably stabilized assets.Meanwhile, record demand should support revenue growth, margin expansion, and cash flow growth as operators scale, he said. Development yields have improved from 6% to 7% in 2021–2022 to low double digits and, in some cases, the mid-teens, although customers’ ability to self-build limits the upside.Power remains a key constraint, Lynch observed, but operators are getting more creative through retrofits, grid solutions, and behind-the-meter options. On regulatory pushback, “a lot of the things that are the cause of NIMBYism, I think, are misunderstandings about how data centers can fit into a given environment," he said.Chapters:  00:00 AI CapEx Runway00:39 Welcome to REIT Report00:58 Data Center REIT Comeback02:39 Leasing Pipelines Growth03:08 Development Yields Shift04:28 Power Constraints Markets05:38 Creative Power Solutions06:06 NIMBY Pushback Regulation07:41 Winners Ecosystem Pricing08:49 Is Now Good Entry09:53 Data Centers in Space10:53 Wrap Up Subscribe

David Bujnicki, senior vice president of investor relations and strategy at Kimco Realty(NYSE: KIM), joined the REIT Report podcast to discuss the significant changes that have occurred across the investor relations landscape. The importance of understanding your audience, leveraging technology, educating and managing expectations, and soliciting feedback were among the main themes addressed.Bujnicki described how the focus of investor relations has shifted from net asset value and portfolio management to earnings growth and how companies are managing their cost of capital. He attributed this to the continued rise of passive investors and hedge funds that are more short-term focused. He emphasized the importance of adapting IR strategies to cater to the evolving needs of these investors.Furthermore, educating investors on operational fundamentals has become crucial, Bujnicki said. He noted that while Kimco's operating fundamentals are at their best, it is essential to help investors understand why earnings growth may not always reflect that reality. Informing investors about the longer timelines involved in real estate transactions can help manage these expectations more effectively, he noted.Chapters: 00:00 Flexible Disclosures00:28 Welcome to REIT Report00:53 IR Changes Decade01:25 From NAV to Earnings03:32 Educating Investors Today05:25 Capital Allocation Levers06:39 Staying Long Term08:06 Pivoting in Crises08:44 AI in Investor Relations10:57 Investor Feedback Loop12:59 Future IR Priorities14:12 Symposium Takeaways15:58 Closing Thanks

Jay Johnson, CFO and treasurer at Lamar Advertising Company (Nasdaq: LAMR), joined the REIT Report podcast to discuss the state of out-of-home (OOH) advertising, where Lamar sees new growth potential, the importance of serving local as well as national clients, the growing share of digital advertising, the enduring appeal of traditional billboard formats, and more. Founded in 1902, Lamar has been publicly traded for nearly 30 years and transitioned to a REIT 12 years ago. The company’s longevity is rooted in the ability to remain relevant to clients as the business has evolved from traditional billboards to digital and programmatic advertising, Johnson noted.Johnson described OOH advertising today as well positioned, with national advertising improving and new categories like pharmaceuticals opening meaningful opportunities. “It’s a great time to be in out-of-home,” he said, noting that even a small share of pharma ad spending could be significant for Lamar. Chapters: 00:00 Digital vs Static Reality00:28 Welcome to The REIT Report00:56 Lamar Longevity and Evolution02:18 Out of Home Market Tailwinds03:06 New Verticals Pharma and AI04:33 Footprint and Economic Signals05:30 Digital Conversion Strategy07:11 Local Sales Engine08:16 Top Local Advertiser Verticals09:12 SEC Reporting Debate10:17 Three Competitive Pillars12:26 Scale Performance and Wrap Up

Jonathan Keith, managing director at Deloitte & Touche LLP, joined the REIT Report podcast to discuss how, as commercial real estate M&A activity evolves, investors must remain agile and informed. By understanding market trends, focusing on sector-specific opportunities, and considering geographical dynamics, stakeholders can position themselves for success, he said.“It's tough to anticipate what's going to happen with interest rates. It's tough to anticipate what's going to happen geopolitically. But if you have access to capital and have your strategy in place, you can be nimble and pounce at the right time to make a deal when the right factors line up,” Keith said.Keith noted that in 2025, global commercial real estate M&A deal value fell 57% year-on-year as volume count dropped over 70%, with deals in the United States averaging about $300 million. For 2026, caution remains, with activity centered on sectors including data centers, multifamily, and industrial.Chapters00:18 Welcome And Guest Intro00:40 2025 Deal Activity Recap01:20 2026 Outlook And Hot Sectors02:03 Data Centers Power And Deal Structures03:44 Where Data Centers Are Growing04:29 Office Sector Winners And Losers05:50 Residential Markets By Region07:37 Single Family Rentals Policy Watch08:47 Platform Consolidation And Vertical Integration10:04 How Investors Can Prepare10:59 Office To Residential Conversion Wrap Up

Adam Kramer, vice president of equity research at Morgan Stanley, joined the REIT Report podcast to discuss developments in the multifamily REIT sector.While factors such as geopolitical tensions, elevated interest rates, and policy uncertainty have contributed to caution in the market, Kramer emphasized that the real focus is on the apartment supply cycle and the pace of demand recovery. “For us, it's much more about fundamentals, much more about rent growth, occupancy and how that looks in the recovery from supply,” Kramer said.According to Kramer, the sector is now clearly nearing the end of its historic construction wave, with the national under-construction pipeline at its lowest level since 2013 and housing starts trending toward their weakest levels since 2012.Chapters: 00:00 Recovery After Supply00:23 Welcome to REIT Report00:41 Macro Uncertainty Outlook02:04 Supply Cycle Nearing End04:33 Coastal vs Sun Belt06:03 Submarket Divergence07:36 NOI Growth Drivers09:39 Balance Sheets and Rates10:38 Management Priorities Ahead11:41 Closing and Subscribe

Geoffrey Dohrmann, founder, chairman, and CEO of Institutional Real Estate Inc. (IREI) joined the REIT Report podcast to discuss how institutional investors are navigating the changing landscape of real estate allocations amidst a prolonged period of market uncertainty. “There’s a pricing reset going on, there's capital market stress, and there are structural demand shifts that are happening all at once,” he said.Investors are increasingly unsure about which signals to heed, leading to a widening knowledge gap between those who understand the context of these changes and those who react purely on instinct, Dohrmann said. This moment in the market is marked by cautious capital, he said, “but curiosity is starting to come back, which is a good thing.”Dohrmann also pointed to a “tremendous opportunity” for REITs to create joint ventures. REITs are “integrated vertical operating companies. A lot of pension funds and a lot of pension fund investment managers like to invest in joint ventures with operating companies. But the advantage a REIT has is access to both private and public capital.” 

Tim Bodner, global and real estate deals leader at PwC, told the REIT Report podcast that the commercial real estate environment is marked by cautious optimism, with investors increasingly focused on how quickly to deploy capital as macro volatility impacts the pace, rather than the direction, of recovery.“We like to think of it as a mood of cautious optimism with the dial creeping up,” he said.Private real estate values appear to have bottomed in late 2024, transaction volumes are expected to rise 16% to 20% this year, and institutional investors have returned as net buyers, he pointed out.Global investors, meanwhile, have raised their planned U.S. allocation from 11% to 16% during the last year. “So even with tariffs and political noise, the U.S. still wins on liquidity, transparency, and just the options around growth,” Bodner said.

Seth Laughlin, head of real estate strategy & research at Cohen & Steers, joined the REIT Report podcast to discuss key forces shaping REIT and listed real estate performance today, including the importance of sector positioning amid an economy facing accelerated disruptions.Citing “massive” changes in corporate and consumer behavior, Laughlin noted that “as we look forward, I think AI is going to be the next disruption to how the economy takes space.” Given these vast shifts, “I do think sector allocation is going to be crucial as we seem to be accelerating these disruptions in the economy.”Laughlin also discussed how, despite geopolitical tension, REITs have managed to maintain their position, showcasing resilience compared to broader market movements. He also pointed to a wide dispersion in sector performance, with some sectors like shopping centers thriving while others are struggling.

In this special episode of the REIT Report, Bridget Bray, director of partnerships at Power TakeOff, joins Nareit’s Jessica Long, senior vice president of environmental stewardship and sustainability, to discuss how the company delivers utility-funded Virtual Commissioning (VCx) programs across the United States. She shares how the firm works with commercial real estate owners to improve net operating income and increase asset value by identifying and rectifying energy waste through analysis of utility smart meter data. She explains how Virtual Commissioning is distinct from traditional retro-commissioning programs—it requires no on-site visits, no hardware installation, and no contracts with building owners. The service is free for building owners and is funded directly by utility partners.Power TakeOff partners with nearly 30 utilities across the country to deliver utility-funded Virtual Commissioning (see map for details). Bray shares details on how Power TakeOff's team of experienced energy advisors analyzes smart meter data remotely to identify abnormalities in energy usage patterns and, through virtual consultations with property managers, facilities managers, or on-site engineers, provides personalized recommendations to optimize existing building systems and controls. 

Vikram Malhotra, managing director, real estate equities at Mizuho, joined the REIT Report to review trends in the industrial/logistics REIT sector. Despite some softness in the first quarter, a new upcycle remains in place, with big box demand playing a key role, he said.Warehouses of over 500,000 square feet have done “very well,” Malhotra said, as companies like Walmart and Amazon adapt to the necessity of quick, last-mile distribution. Mizuho currently estimates overall sector vacancy at 7.5%. That rate is close to peaking, Malhotra said, and then should modestly trend down. “Until we see vacancy trend to about 6%, I think it'll be really hard to see real rent growth…I think we're at least a year away from a very strong market trend.”As for the impact of current global instability, Malhotra noted that “in the very near term, spot demand is strong, but we are monitoring factors where we could see a sign of a pause.”  Instability is likely to strengthen the reshoring trend that has been a theme for the past few years, Malhotra added. Despite the ongoing conflict, the demand for logistics space is expected to reach 150-200 million square feet annually, a significant uptick from previous years.Chapters:00:00 AI Sparks Logistics Upside 00:57 Industrial Outlook 2026 01:44 Big Box Demand Split 02:33 Conflict Impact Check 03:54 Supply Chains And Data Centers 05:54 Markets Supply Risk 2026 07:55 Vacancy And Rent Path 09:07 Warehouse Design Shifts 10:49 Power And Automation Edge 11:59 AI Driven E Commerce Cycle 12:49 Wrap Up And Subscribe

Marc DeLuca, CEO and Eastern regional president of KBS, and chairman of the board at KBS REIT III, joined the latest episode of the REIT Report to discuss how the current market cycle presents a unique challenge, particularly regarding capital availability and costs. Today's environment resembles a capital markets "reset" rather than a structural change in how real estate is used, he said. DeLuca also shared how REITs have performed well compared to other major indices, with their strategic focus on high-quality assets and sustainability attracting investors seeking resilience in their portfolios. As interest rates start to decline, REITs “can act quickly, and their ability to use leverage will be greatly enhanced and allow REITs to grow tremendously,” he said.Chapters:00:00 Rates And Deal Flow 00:27 Meet The Host And Guest 00:59 Capital Markets Reset01:51 Why REITs Diversify 02:49 REIT Sentiment Today 04:02 Prime Office Defined 06:11 AI And Office Demand 07:57 Beyond Office Focus 09:21 Picking Winning Markets 11:03 Deal Approval Playbook 14:02 Relationships Drive Deals 14:39 AI In Real Estate Ops 17:53 Sustainability That Pays 21:10 Watching Rates Ahead 23:07 Closing And Subscribe

Courtney Calinog, senior director, and Mike Cordingley, managing director at Ferguson Partners, joined the REIT Report podcast to discuss how leadership expectations for REIT CEOs are shifting in a more complex, capital-constrained environment. Based on conversations with CEOs and senior executives, they found a strong consensus: while technical and financial expertise remain essential, they are now “table stakes,” Calinog said. What differentiates top leaders are people-centered capabilities like self-awareness, communication, and the ability to build trust and clarity amid uncertainty, she noted.The current market demands more strategic, adaptive leadership as cheap capital is no longer a reliable driver, Cordingley pointed out. CEOs must act as “enterprise translators,” he said, connecting capital markets, investor expectations, and operational decisions. At the same time, leadership turnover is accelerating. Most REIT CEOs are still promoted from within—making early leadership development critical. “It's the REITs that are treating leadership capability the way that they treat portfolio construction, (with) the same rigor, intentionality, looking at a long time horizon, that are going to differentiate,” Cordingley said.

Pulkit Sharma, head of J.P. Morgan Asset Management’s Alternatives Investment Strategy and Solutions (AISS) business, joined the REIT Report podcast to review the evolving landscape of real estate investing, emphasizing the benefits of diversified portfolios that combine public and private strategies. “When it comes to alternatives today, we believe more is better in client portfolios, broader is better, as well as active is better,” Sharma said. Real estate, and REITs in particular, play an important part of that alternative investment landscape, he added.Sharma noted that the increased availability of data today has resulted in a more science, less art-based approach to designing outcome-oriented portfolios that target various client priorities such as income orientation, growth orientation, or a combination of both.  A research piece, coauthored with GIC Singapore, shares insights into a framework for building multi-alternatives portfolios, integrating strategic sizing of positions with active marginal capital allocation  to improve portfolio outcomes.

Peter Zabierek, senior portfolio manager at Easterly Ranger, joined the REIT Report podcast to discuss some of the complexities of the current real estate market in which “the easy answers are gone,” but where more opportunities exist for investors who can be selective.“It's less about broad sector calls and more about understanding where demand is actually showing up and how capital is being allocated and who can execute. So that's what's driving outcomes right now and that's where the opportunity is,” Zabierek said.During the interview, Zabierek noted that real estate has become a “much more operational business and outcomes are increasingly driven by how well companies execute.” As a result, now is really the time to focus on management teams and how they're executing their business plans, not just the assets that they own, he said.

Michael Bellisario, senior research analyst at Baird, joined the REIT Report to review the outlook for the lodging and hotel REIT sector in 2026, focusing on demand trends, the impact of major events like the World Cup, and strategies for maintaining occupancy and navigating market challenges.Bellisario said the overall outlook for the sector for 2026 is “positive but muted,” following a tough 2025. The World Cup is expected to boost revenue this year, with Baird estimating it will contribute 75 basis points or more to REVpar for the year. “It’s going to be a tailwind. It's just a matter of how much and when do we see those bookings start to pick up,” he said.Meanwhile, Bellisario pointed out that wealthy travelers are currently driving growth within the leisure sector, with high-end hotels performing better than economy and mid-scale segments. Higher-end establishments can charge more for additional services, he noted, such as dining and experiences, beyond room rates. This trend indicates a potential strategy for hotels to focus on non-room revenue streams.

CenterSquare Investment Management CEO Todd Briddell joined the REIT Report podcast to discuss the evolution of the firm’s REIT strategy during the past 30 years, the impact of market volatility and adjustments, AI and data assimilation in real estate, public versus private real estate market dynamics, sector-specific IPO opportunities, and more.“Over the past 30 years, our team has done an absolutely spectacular job underwriting companies, assessing market conditions, knowing what we don't know in periods of high volatility and uncertainty, positioning the portfolio defensively at the right time periods, (and) not getting over our skis,” Briddell said.Briddell highlighted some of the benefits of public real estate, noting that volatility should be “embraced, not feared” in the REIT market. “What we have done at CenterSquare is really try to educate our investors that volatility is actually a source of alpha. And it is as true today as it has ever been,” he added.

Sam Sahn, managing partner and portfolio manager at Hazelview Investments, joined the REIT Report podcast to discuss the opportunity set within public real estate. He pointed to an uptick in investor interest in REITs after a number of years of negative sentiment, and noted that fundamentals are strong across most property types.“We are seeing today more inbound phone calls from potential investors that are interested in increasing exposure to REITs and real estate in general…they've been out of the sector for the past five to six years, or they've been underweight, and they're looking to increase that allocation,” Sahn said. “They're looking for asset classes that give them cash flow stability. They're looking for income. They're looking for diversification, liquidity, all of which REITs provide,” he added.As for performance, Sahn noted that U.S. REITs are “starting to regain their footing” in 2026, while Japan and Hong Kong continue to show strength in global markets. “As we look at the world today and over the next 12 months, we're seeing more opportunities in the U.S. than we have over the last several years,” he added.

Diane Hoskins, global co-chair at international architecture and design firm Gensler, joined the REIT Report podcast to review themes from Gensler’s 2026 design forecast. The impact of AI on design processes, the importance of human experience in architecture, and the evolving needs of workplace design in a post-pandemic world were among topics covered.Hoskins also looked at adaptive reuse as a strategy for urban vibrancy and the critical need for climate resilience in future designs. She emphasized the importance of investing in human experiences.“It's about creating value, being ahead of some of these curves,” Hoskins said, while also focusing on investing in humans and in places “where experiences matter, because that's really where value is going to be.”

Michael Knott, head of U.S. REIT research at Green Street, told the REIT Report podcast that REITs have enjoyed a number of tailwinds so far this year, including an AI-driven selloff across broader markets, lower interest rates, and strong access to debt capital. He described it as “a little bit of a nice comeback for the industry on a relative basis.”At the same time, Knott notes that these positive tailwinds are set against a cross current of a weaker outlook on the employment side.During the interview, Knott also commented that one of the newer trends that many larger REITs are gravitating to is fund management and gathering private pools of capital as an alternative to public equity to fund their business. 

Jussi Askola, president of Leonberg and author of the recently published book The REIT Advantage, joined the REIT Report podcast to share why he believes REITs typically offer a better investment option than private real estate.While acknowledging the benefits of a mix of public and private real estate, “in most cases, REITs make more sense for the majority of investors,” Askola said. Higher returns, liquidity, diversification, significant economies of scale, and access to the best talent are among the key reasons investors should consider REITs, he added. In addition to highlighting what he sees as the elements of a strong REIT management strategy, Askola discussed options for how to navigate the diverse set of REIT property sectors according to an investor’s risk tolerance and need for income. He also touched on how the sector might evolve and diversify going forward.“I'm very optimistic about the long-term prospects of REITs,” Askola said. Typically, “REITs offer better returns with lower risk and less required effort… than private real estate,” he concluded.

Jeremy Porter, chief economist at First Street, joined the REIT Report podcast to discuss the evolving landscape of climate risk and its significant impact on corporate operations and financial performance. Porter explained how physical climate risk now propagates through assets, suppliers, commodities, customers, and transportation networks. “Prior to this, we were thinking about all of these independently, or we were thinking about a supply chain independent of physical climate risk, and the ability to sort of pull all of those things together really helps to price in the downside and to protect facilities through adaptation and mitigation in a way that we weren't thinking about previously,” he said.Porter shared how corporate attitudes towards climate risk have shifted from it being a peripheral concern to a core financial risk indicator. The conversation highlighted the quantifiable effects of climate risk on corporate revenues, the investment community's response, and the challenges posed by rising insurance costs. 

Three members of Citi’s global real estate research team—Nick Joseph in the United States, Aaron Guy in the U.K., and Howard Penny in Australia—joined the latest episode of the Nareit REIT Report podcast to share their thoughts on regional outlooks and sector performance.Citi’s overall expectation is for higher real estate stock returns this year versus in 2025. One key theme across all markets is supply and demand, Joseph said. “The supply picture broadly is more encouraging globally,” he noted, while Citi economists are generally “constructive” on global growth this year.Higher total returns in 2026 are anticipated in the U.S., Europe, Latin America, Singapore, Thailand, and the Philippines. In Australia and China, Citi is expecting about similar performance this year versus last year, while weaker performance is forecast in Hong Kong, Japan, and the Middle East.REITs are well positioned in the U.S. for 2026, with about a 10% to 15% total return, Joseph said. He commented on the “massive dispersion” of performance within the REIT sector. “That's really what gets us excited about different REIT opportunities because different stocks and different sectors will perform differently and create a lot of different alpha generation opportunities.”

Henry Chin, global head of research at CBRE, joined the latest episode of the REIT Report podcast to review key themes for commercial real estate investing in 2026. Chin highlighted strong investor sentiment towards the sector, an expected increase in investment activity, the dynamics of supply and demand across various property types, and more.Chin said investors are expected to deploy capital into U.S. real estate markets this year on the back of recovering fundamentals and interest rates trending lower. As a result, investment volume is expected to increase by about 16%, he noted.Additional observations during the interview included:Total returns this year will be income-driven rather than appreciation-driven. “We are only going to see some strong capital value gain when the 10-year Treasury is trending down below 4%, but as of now, most of the total returns are driven by the income growth.”

Harsh Hemnani, senior debt research analyst at Green Street, joined the REIT Report podcast to review current trends across the commercial and residential mortgage REIT (mREIT) sector.Hemnani discussed the size and breakdown of the mREIT market, the current operating environment, macroeconomic forces impacting performance, valuation and total returns for MREITs, risk profiles, and the outlook for the sector over the next 12 to 24 months.Commercial mREITs are able to underwrite idiosyncratic, property-level risk, Hemnani said. Not only can they execute the loan quicker than other lenders, but they also provide certainty as to who the loan counterparty will be throughout the life of the loan. “mREITs take out that uncertainty and that’s the value proposition they provide to the commercial real estate market,” he noted.Hemnani described the backdrop for commercial mREITs today as encouraging. “If you think about commercial real estate credit, it's fairly attractive on a risk adjusted basis. Property values have declined roughly 20% from their peak and they seem to have stabilized. So the risk of a broad-based property value decline from there is fairly low.”

Breana Wheeler, director of U.S. operations at BREEAM, joined the REIT Report to discuss the evolving landscape of sustainability in real estate, including how investor expectations are shifting to performance-based frameworks that emphasize data and measurable outcomes.BREEAM is a Nareit Real Estate Sustainability Partner for 2026.Wheeler noted that capital providers and investors “are really looking for the data and performance that can validate the claims being made about sustainability risk and opportunity.” BREEAM’s focus on carbon emissions and resilience metrics is highlighted as a critical factor in asset valuation and risk management, particularly in light of increasing regulations and climate risks. Wheeler emphasized that resilience isn't about a single building. “True resilience is a team sport. It's not just thinking about your asset, it's about your block, your neighborhood, and your broader community. The willingness to tackle physical risk and mitigate at the community level is critical,” she said.

Gina Szymanski, chief investment officer at AEW Capital Management’s global securities business, joined the latest episode of the REIT Report to share her insights into the year ahead. She noted that REITs are facing a favorable macroeconomic backdrop marked by good demand, moderating supply, and stable interest rates.“The setup for us is great. and I would highly recommend the average investor take a look at REITs,” Szymanski said. “We're experiencing some of the best growth that we've ever experienced,” she added.For the most part, the sectors that AEW has been overweight in are still favorites, Szymanski said. Number one on that list is senior housing, where AEW has been overweight across the globe. Data centers are in second place, followed by retail. Industrial remains “on the margin,” she added.

Melinda McLaughlin, global head of research at Prologis, Inc. (NYSE: PLD), joined the REIT Report to review major supply chain trends expected for 2026. McLaughlin discussed the performance of international logistics markets, the impact of e-commerce on leasing demand, the growing power needs of logistics facilities, emerging trends in defense-related demand, and the challenges faced by the trucking industry. The conversation highlighted the need for adaptability in supply chains as companies navigate a changing landscape. “I think there's an acknowledgement that supply chains need to be adaptable rather than continue to wait for perfect information. And I think that's really going to shape a return to normal in a lot of different spheres of the logistics real estate market,” McLaughlin said.

Nareit’s Senior Vice President for Research Ed Pierzak and Nareit Vice President for Index Management and Industry Information John Barwick joined the REIT Report to highlight key themes and trends in Nareit’s 2026  REIT Outlook.Pierzak discussed the dual divergences at play between REITs and broader equities and REITs and private real estate. Each provides an opportunity for REITs to outperform, he said. At the same time, REIT balance sheets point to access to capital, putting the sector in a “great position to really embark on a growth opportunity in 2026,” alongside signs of a thawing in the transaction market, Pierzak said.Meanwhile, Barwick discussed global REIT performance, noting that currency movements were a significant tailwind for U.S.-based investors in 2025 as a weaker dollar bolstered the performance of international assets. For U.S. investors, strong local returns in developed Asia and developed Europe were further boosted when translated back into dollars, which widened the performance gap with North America, Barwick noted.Read the 2026 REIT outlook: https://www.reit.com/news/blog/market-commentary/2026-reit-outlook-trends-and-strategies

Ronald Kamdem, head of U.S. REITs and commercial real estate research at Morgan Stanley, joined the REIT Report podcast to discuss current performance in the office REIT sector and how it is positioned for 2026.Kamdem spoke about the recovery of the office market post-pandemic, highlighting regional variations, trends in leasing and utilization, the impact of new developments, and the future of class B assets. Current sentiment in the REIT space, and how valuations are influencing strategies moving forward, were also discussed.“There's a lot of excitement in the office market right now because there's certainly been a lot of leasing that's been done in 2025…for the first time from a financial perspective, you're in a position where in 2026 going into 2027, you're going to be able to post some sort of financial and earnings growth to the market that people want to see,” Kamdem said. He added that if interest rates continue to trend lower, that will provide an additional tailwind to earnings growth.

Andrew Alperstein, real estate partner at PwC, joined the REIT Report to share findings from the Emerging Trends in Real Estate 2026 outlook, produced with the Urban Land Institute. A major trend highlighted in the outlook is the shift away from a sector-based investment focus to one that drills down to the asset and submarket level.Alperstein explained that value creation in the real estate sector has reflected financing and lower cap rates. Going forward, “what we expect is that a lot more value creation will need to come through property operations, really driving revenue growth or rental growth, really being focused on expenses and capital spend, and less so on the capital markets in the coming years.”Alperstein described investor sentiment as slightly muted compared to recent years, reflecting uncertainty related to interest rates, valuations, transaction activity, and policy.

Jeff Edison, chairman and CEO of Phillips Edison & Co., Inc. (Nasdaq: PECO), joined the REIT Report to celebrate 65 years of REITs. He noted how the REIT structure has allowed PECO to efficiently raise capital in both the retail and institutional markets, enabling it to pursue aggressive growth and become one of the largest owners and operators of grocery-anchored shopping centers today.PECO was founded in 1991 and operated as a public non-listed REIT before its IPO in 2021.Edison noted that the REIT structure has made investing in real estate accessible to everyone. “PECO's investors can own the best necessity-based grocery and shopping centers across growing suburbs in the market... and our retail investors can invest alongside some of the biggest institutional investors in the world,” Edison said. Today, retail investors own about 25% of the REIT’s common shares, which is much higher than its peer average, he added.

Mike Acton, head of research and strategy for North America at global real estate asset manager AEW, joined the latest episode of the REIT Report. He discussed why commercial real estate provides an anchor amid today’s tech-driven market boom, how many smaller and retail investors are under-allocated to the sector, and why now could be the best entry point in a decade for real estate investment.Acton noted that the largest, most sophisticated institutional investors typically have real estate allocations that are anywhere from 10% to 15% of their portfolio. Within that real estate allocation, 10% to 20% might be in the listed space.“There's a lot of evidence that the leading investors are doing something very different than what a lot of smaller investors, certainly what a lot of retail investors, are not doing and probably should be,” Acton said.

Darren Richman, CEO of Millrose Properties, Inc. (NYSE: MRP), joined the REIT Report podcast to discuss the land banking business model and how the REIT works with major home builders to improve capital efficiency.Millrose was spun off from home builder Lennar Corp. in February, allowing Lennar to focus on the consumer-facing aspect of its business by transferring the land development side to Millrose. The REIT works with Lennar and 11 other homebuilders.“The more modern form of land banking is about capital efficiency, where a builder is looking to clarify their own business model, looking to separate the opco (operating company) from the propco (property company),” he said.

Doug Weill, founder and co-managing partner at Hodes Weill and Associates, joined the REIT Report podcast to discuss findings from the 2025 Institutional Real Estate Allocations Monitor. Weill noted that institutions decreased target allocations by 10 basis points this year, although allocations are expected to increase by about the same amount in the coming 12 months. The survey showed market conviction “tick up a bit,” he added. “That to us indicates that institutions are increasingly ready to deploy capital and are viewing the next couple of years as potentially good vintages, which is what we hear over and over from institutions.”Weill also highlighted that about one in three institutions are actively allocating to REITs. “When we ask them about what it is about REITs that is most appealing, the two main or top objectives are liquidity and a proxy for core,” he noted.Larger institutions are more actively allocating to REITs, according to Weill, using dedicated in-house teams.

Randy Moss, an industry principal at Yardi, joined the latest episode of the REIT Report podcast to discuss the current landscape for energy management and sustainability reporting facing REITs and commercial real estate (CRE). Yardi is a Nareit Real Estate Sustainability Partner. Moss pointed to funding and building performance standards as key issues of the moment. “The challenge is understanding where your buildings have to comply, (and) what all-new data points you may be needing to collect,” he said. At the same time, utility companies are putting more roadblocks in the way of providing data, especially for tenant-occupied spaces in buildings, according to Moss. “Staying ahead of all of that is going to take some real focus within the REIT space,” he said.

Daniel Ismail, co-head of strategic research at Green Street, joined the REIT Report to discuss recent REIT M&A activity and its implications for the sector.REIT M&A activity has been lively in 2025, with the pace expected to continue into 2026, especially if interest rates decline, Ismail said. At the same time, however, the size of transactions is about 80% smaller than over the past decade, he added.Deals announced this month include the acquisition of Sotherly Hotels Inc. (Nasdaq: SOHO) by a joint venture backed by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners, and the acquisition of Plymouth Industrial REIT, Inc. (NYSE: PLYM) by Makarora Management LP and Ares Alternative Credit funds.Ismail pointed out that in a typical REIT M&A event, the premium to unaffected share price is about 15%. In the case of Plymouth Industrial, that premium stands at 50%, and jumps to 150% for Sotherly. 

James Davidson, Houston-based capital markets partner in the REIT practice at Hogan Lovells, was a guest on the latest episode of the REIT Report podcast. He discussed the recent Fermi Inc. IPO and its implications for the REIT industry, particularly in the context of the energy and infrastructure assets that are needed to fuel the buildout of AI technology.“The way to think about Fermi is that it's a mainstream attempt to finance the physical side of artificial intelligence with a REIT wrapper…that is highly investable to the broadest set of investors,” Davidson said. He discussed the evolving role of infrastructure in the REIT space, the potential for strong foreign capital investment, and the challenges faced in integrating energy and infrastructure assets into the REIT model. 

In this conversation, Brian Rubin discusses the key issues and priorities facing REIT boards today, including economic uncertainty, regulatory compliance, and the need for technology fluency. He emphasizes the evolving skills required for board members, strategies for effective governance, and the role of AI in enhancing board operations. The discussion highlights the importance of continuous improvement in governance practices to adapt to changing risks and opportunities in the real estate sector.

Friso Berghuis, director of listed investments at Dutch pension fund investment manager Bouwinvest, joined the REIT Report podcast to discuss the integration of REITs and listed real estate into Bouwinvest’s global investment strategy.Bouwinvest has executed on a fully integrated public and private real estate strategy since 2012. Berghuis noted that including listed real estate ensures the opportunity to invest in specific compelling geographic markets and sectors such as health care, self-storage, and data centers.“Essentially, investing in listed real estate means you are also adding high quality diversified portfolios to the mix. And these portfolios are generally managed by seasoned management teams,” Berghuis said.Other reasons to choose global listed real estate include the ability to move quickly to invest in multiple sectors and markets, and the fact that listed and unlisted investments generally do not move in sync, he noted. 

Victor Coleman, chairman and CEO of Hudson Pacific Properties, Inc. (NYSE: HPP), joined the latest episode of the REIT Report podcast. He discussed the unique positioning of Hudson Pacific in the REIT sector, with its focus on marquee office and studio properties for tech and media tenants.Coleman shared insights on current trends in the West Coast office market, the impact of AI on real estate, innovative leasing strategies, the effects of new tax incentives on studio demand in California and New York, and the financial improvements Hudson Pacific has made to ensure future growth. During the interview, Coleman observed that West Coast office fundamentals are “absolutely improving,” led by San Francisco, which he described as the “epicenter of AI.” Public safety initiatives in the city have also led to an increase in investment, he noted. 

In a special episode of the REIT Report, sponsored by Deloitte, a Nareit Platinum Industry Partner, Sally Ann Flood, vice chair and U.S. real estate sector leader at Deloitte, shared some of the highlights of Deloitte's 2026 commercial real estate outlook. Deloitte’s survey of more than 850 c-level executives across North America, Europe, and Asia Pacific revealed optimism in the sector, with a sentiment index of 65. This marked a slight pullback from last year’s high of 68, Flood noted, but is still positive. “We're seeing that leaders still see commercial real estate as potentially a safe investment haven, given its performance during similar periods of uncertainty in the past,” Flood said.According to the survey, 75% of global respondents plan to increase their investment levels in real estate over the next 12 to 18 months. Flood noted that as U.S. trade policy continues to be negotiated, and with a major tax bill now signed into law, “our survey shows the United States as the top market for investment opportunity in the near term, chosen by respondents 53% of the time.” During the interview, Flood also discusses key global property sectors and trends, capital markets and access to financing, AI integration in commercial real estate, and more.

Bill Hughes, managing director, liquid strategies at Digital Bridge Investment Management, joined the latest episode of the REIT Report podcast. He discussed opportunities in listed real estate and REITs for institutional investors, the impact of liquidity on market dynamics, the importance of strategic portfolio construction in relation to interest rates, and more.Hughes noted that now is an “interesting time” for institutional investors to be thinking about their allocation to public real estate, where a number of higher quality assets are trading at material discounts to private market values. He described the public markets as having “a decent number of mispriced and interesting” investments available right now.During the interview he also noted that for DigitalBridge, focusing capital into “idiosyncratic stories within a fairly rich and diverse opportunity set that is the REIT market” provides its investors with exposure to investments that are significantly different from what they can find in the private markets or in a market cap weighted index.

In this episode, Sarah Borchersen-Keto and Uma Moriarity, senior investment strategist at CenterSquare Investment Management, discuss the implications of recent Federal Reserve decisions on interest rates and their impact on REITs and the commercial real estate market. They explore historical trends in REIT performance, current investor sentiment, and the valuation differences between public and private real estate markets. Moriarity shares insights on high conviction property types and strategies for building resilient portfolios amidst economic uncertainty.

Stacey McEvoy, partner at Hogan Lovells, was a guest on the latest episode of the REIT Report podcast. She discussed REIT transaction activity, capital raising, legal and regulatory issues facing the industry, and more. McEvoy noted that REITs demonstrated resilience in the first half of 2025 and pointed out that those REITs that have maintained disciplined balance sheets have been the most successful at navigating market volatility. “I do think the modest positive performance that REITs have experienced during these uncertain times have left them well-positioned to achieve stronger performance in 2026 as the markets stabilize,” she said. McEvoy also said the market is continuing to feel the effects of the high cost of capital from the last couple of years, along with higher cap rates. “And although those have been declining, investor sentiment remains cautious. As a result, transaction volume has been down.” 

Chad Lavender, president of capital Markets for North America at Newmark, was a guest on the latest episode of the REIT Report podcast. Lavender discussed REIT capital market activity today, including solid demand for larger asset portfolios, REIT sectors where capital is being deployed extensively, the anticipated wave of investment in alternative asset classes, and more. Lavender noted that capital market activity for the health care sector, particularly senior housing, has outperformed other asset classes over the past couple of years. Meanwhile, office REITs have also been active on the acquisition front, he noted, with many opting for JV partnerships in the process. Sovereign wealth funds in the Middle East and Asia continue to be active JV partners with REITs, he added. As for interest in alternative assets, Lavender described a “huge wave of investing,” pointing out that the digital infrastructure and data center boom “is a modern day gold rush.”

Earnest Sweat, a tech innovation expert, was a guest on the latest edition of the REIT Report podcast. In the last of a three-part miniseries, Sweat continued to examine the intersection of AI with the REIT sector, focusing on how REITs can evaluate AI pilots, partnerships, and capabilities. Sweat is a venture capitalist and general partner at Stresswood, an early-stage fund focused on backing exceptional founders building the next wave of enterprise technology. During the interview, Sweat discussed critical questions a REIT leader should ask before launching an AI initiative, as well as how REITs can balance the promise of AI with the reality of implementation, and how REIT leaders should effectively communicate the value and purpose of AI initiatives to their teams. 

Craig Ramiro, executive vice president of asset management at Armada Hoffler Properties, Inc. (NYSE: AHH), joined the latest episode of the REIT Report podcast. He discussed the company’s focus on creating value—including repositioning and redevelopment opportunities across the portfolio—as well as the strong demand it sees for its class-A office properties. Ramiro noted that Armada Hoffler is benefitting from the supply-demand imbalance for top office space in the best locations. In Baltimore, for example, where the REIT has 1.6 million square feet of office space, Ramiro pointed to a “pretty astounding” level of corporate relocations. 

Mark Wojteczko, Deloitte’s national real estate funds co-leader, was a guest on the latest episode of Nareit’s REIT Report podcast. He reviewed findings from a recent Deloitte report into the rise of alternative property types and how upcoming changes in corporate leadership could accelerate that trend. “We do believe that the emergence of these alternative property types is going to accelerate in the future and that many next-gen leaders are going to be a big part of that,” Wojteczko said, referring to an anticipated pick-up in c-suite retirements within the next decade. “We believe that the appetite for some of these younger executives to really continue to focus on the alternative property types as an investable universe is significant and something that we're certainly monitoring here.”