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Investing

Nareit's REIT Report Podcast

Updated 8 days ago

Business
Investing
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A show about the latest news and developments in REITs and real estate investment.

Read more

A show about the latest news and developments in REITs and real estate investment.

iTunes Ratings

17 Ratings
Average Ratings
16
1
0
0
0

Great

By runningbear boom - Jul 03 2019
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This podcast has open up my eyes to new ideas.

Sound Quality

By EddHM - Mar 26 2019
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The materials covered along with guests are great, but the quality of voice is low. I think they can fix that easily with a better recording system.

iTunes Ratings

17 Ratings
Average Ratings
16
1
0
0
0

Great

By runningbear boom - Jul 03 2019
Read more
This podcast has open up my eyes to new ideas.

Sound Quality

By EddHM - Mar 26 2019
Read more
The materials covered along with guests are great, but the quality of voice is low. I think they can fix that easily with a better recording system.
Cover image of Nareit's REIT Report Podcast

Nareit's REIT Report Podcast

Latest release on Jan 15, 2020

Read more

A show about the latest news and developments in REITs and real estate investment.

Rank #1: Leisure and Hospitality REIT VICI Properties Lists on NYSE

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VICI Properties CEO Ed Pitoniak discusses the timing of the company's IPO on Feb. 1.

Feb 01 2018

7mins

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Rank #2: REIT Supply and Demand Fundamentals Largely in Balance Heading into 2019

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Tom Bohjalian, Cohen & Steers’ head of U.S. real estate and a senior portfolio manager for the firm’s real estate securities portfolios, was a guest on the latest edition of Nareit’s REIT Report podcast. Bohjalian sees REIT fundamentals in 2019 looking a lot like 2018, “with supply and demand largely in balance and with landlords still having some relative pricing power.” Cash flow and dividend growth on a per share basis should remain in a mid-single digit range for both 2019 and 2020. Asset values should also remain relatively stable. Bohjalian shared the view that REITs remain significantly underrepresented in defined contribution (DC) pension plans. Increased investor education on the positive attributes of REITs, including strong returns, diversification, and liquidity, will result in investors moving away from a traditional equity and fixed income allocation to one that adds more alternatives, including REITs, he said. “It will be a continued process of education and that will take time,” Bohjalian noted.

Jan 07 2019

9mins

Play

Rank #3: Senior Housing Occupancy Trends “Relatively Weak,” NIC Chief Economist Says

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In the latest edition of the Nareit REIT Report podcast, Beth Burnham Mace, chief economist and director of outreach at the National Investment Center for Seniors Housing & Care (NIC), looked at the latest trends and developments in the senior housing sector. Mace described today’s typical senior housing resident as 83 years old with higher acuity needs than in the past. “Because of the great recession, people delayed the timing of when they moved into senior housing, and that has held to be true even today.” Occupancy trends have been “relatively weak,” Mace said. In the third quarter, the senior housing occupancy rate was 88%, up from 87.7% in the second quarter—which was the lowest level in eight years. Net absorption of senior housing units in the third quarter was the highest number in a single quarter since NIC began recording data in 2006. Assisted living occupancy in the third quarter moved off its record low level seen over the prior three quarters to hit 85.4%. Independent living occupancy, meanwhile, was 90.2% in the third quarter.

Nov 01 2019

10mins

Play

Rank #4: REIT Portfolio Managers Watching Capital Formation, M&A Activity and Risk-Taking

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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.

Jun 15 2018

7mins

Play

Rank #5: Infrastructure REITs Playing Growing Role in Digital Economy

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The latest edition of the Nareit REIT Report podcast looked at the advent of 5G—and what it means for infrastructure REITs—with Ji Zhang, senior research analyst at Cohen & Steers. Zhang discussed the evolution of infrastructure REITs as a component of the broader REIT industry. In 2000, traditional REIT sectors accounted for about three quarters of REIT market capitalization, she observed. Today, they count for just under half. The first data center REIT was listed in 2004 at just under $300 million in market cap. In 2012, the first tower company converted to a REIT at about a $30 billion market cap. Today, tower and data center REITs comprise just under 25% of the REIT investment universe. “We believe these technology-oriented sectors will continue to gain in importance given their secular demand drivers and important roles in the digital economy,” Zhang noted.

Jul 26 2019

11mins

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Rank #6: REITs Enjoying Attractive Dividend Yields, Record-Low Leverage

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Michael Torres, CEO of Adelante Capital Management, and Jeung Hyun, portfolio manager, joined the latest edition of the Nareit REIT Report podcast. Torres and Hyun discussed a number of topics, including: REIT fundamentals; discounts to net asset value (NAV); merger and acquisition (M&A) activity; the role of active portfolio management; and the potential for increased Asian investment in real estate. Torres noted that the REIT industry is entering 2019 with attractive dividend yields and record-low leverage. On the other hand, private market participants have a lower cost of capital and the ability to outbid their public market counterparts. Hyun said he expects some property types will trade at discounts to NAV for the foreseeable future. As for M&A activity, public to public deals are not as likely because “investors aren’t making enough of a distinction between companies and management teams to whom they want to grant the cost of capital advantage.”

Jan 30 2019

10mins

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Rank #7: NAREIT CEO Previews REITWeek 2017

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NAREIT’s Steve Wechsler says NAREIT’s Investor Forum showcases “breadth and depth” of the REIT industry.

May 30 2017

4mins

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Rank #8: How the New Tax Law Affects REITs

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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.

Jan 11 2018

5mins

Play

Rank #9: REIT Portfolio Manager Steve Brown Sees Inflection Point in Same-Store NOI

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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.

Jun 21 2018

3mins

Play

Rank #10: As Stores Close, Analyst Says Investing in Upgrades Key for Retail REITs

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Alexander Goldfarb of Sandler O’Neill discusses how the wave of retailers going out of business has affected retail REITs.

Apr 06 2017

5mins

Play

Rank #11: REITs and Interest Rates with Nareit's Calvin Schnure

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Nareit's Calvin Schnure discusses the effects of interest rates and REITs.

Feb 15 2018

6mins

Play

Rank #12: BlackRock Focusing on Sustainability’s Quantifiable Financial Impact

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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 the risk and return analysis.

Dec 12 2018

5mins

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Rank #13: Postal Realty Trust CEO Sees “Tremendous Opportunity” in Niche Sector

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Andrew Spodek, CEO of Postal Realty Trust, was a guest on the latest edition of the Nareit REIT Report podcast. Postal Realty Trust owns 366 post office properties across 43 states and was one of only a handful of REIT IPOs that occurred in 2019. Spodek noted that there are 32,000 postal facilities throughout the country, of which 23,000 are leased and pay about $1 billion in gross rent. Of those 23,000, 16,000 are owned individually, he said: “That’s how fragmented this market is.” As for the timing of the IPO, Spodek pointed to two key determining factors: a “generational shift” in the ownership of post office assets; and a decision by the post office to outsource its real estate services, “which is very different from what these owners are used to.” Providing owners with an ability to move their assets into institutional hands “was something we felt was very timely,” Spodek said.

Nov 20 2019

10mins

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Rank #14: Real Estate Cycle “In a Good Place,” Strategist Says

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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, positive for the rest of the year,” he added.

Sep 04 2018

5mins

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Rank #15: PACE Loans, Opportunity Zones Emerge as Areas of Interest for REITs

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Michael Kessler, a partner in the New York REIT practice of Alston & Bird LLP, was a guest on the latest episode of Nareit’s REIT Report podcast. Kessler discussed the next wave of innovative ideas and concepts that are emerging in the REIT sector. One area that is generating attention is clean energy and Property Assessed Clean Energy (PACE) loans, Kessler said. These provide incentives and regulatory frameworks to enable private capital, including mREITs, to fund energy efficiency improvements in residential and commercial properties. Many states have adopted PACE programs or are actively considering them, according to Kessler, adding that estimates point to hundreds of billions of dollars of improvements needing funding over time. Kessler sees opportunity zones as another area of interest. While not every opportunity zone strategy is right for a REIT, such as a fix-and-flip strategy, “many other strategies could work nicely using a REIT platform and potentially see better valuations.”

Apr 02 2019

8mins

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Rank #16: Conditions in Place for Continued REIT M&A Activity in 2019

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In the latest edition of the Nareit REIT Report podcast, Tim Bodner, U.S. real estate deals leader at PwC, discussed a range of topics, including the outlook for REIT mergers and acquisitions (M&A); the appeal of non-gateway markets; and the performance of non-traditional REIT asset classes. Last year saw several major REIT M&A deals, with an average value per transaction of $6.4 billion. Two deals exceeded $10 billion, Bodner noted. “We do believe that conditions are in place for more of the same in 2019,” fueled in part by the “tremendous” amount of private capital available, Bodner said.

Feb 07 2019

14mins

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Rank #17: Global Investors Remain Confident in U.S. Property Market

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The latest edition of the Nareit REIT Report podcast featured Gunnar Branson, the CEO of AFIRE, an association for global investors focused on institutional real estate in the United States. Branson highlighted some of the key findings from AFIRE’s recently-released annual International Investor Survey. Despite the current length of the real estate cycle and geopolitical and economic concerns, Branson said there’s “a strong sense of confidence in how things look this year. There continues to be a lot of interest from non-U.S. investors in U.S. property markets.”

Apr 24 2019

14mins

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Rank #18: REIT Valuation Levels Likely to Result in More Go-Private Transactions

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Hans Nordby, managing director of CoStar Portfolio Strategy, is the guest on the latest edition of Nareit’s REIT Report podcast. Nordby discusses some of the main factors influencing REIT valuations and what the sharp disconnect between public and private market real estate values could mean going forward.

May 29 2018

8mins

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Rank #19: Focus on Tenant Experience Ranks High in Deloitte 2020 Outlook

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In the latest edition of the Nareit REIT Report podcast, Jim Berry, U.S. Real Estate leader at Deloitte & Touche LLP, highlighted some of the trends that emerged in Deloitte’s recently released 2020 commercial real estate outlook. Deloitte based its findings on a survey of 750 real estate owners and operators in 10 major global markets. One of the key trends in the outlook was the importance of tenant experience, with 64% of respondents saying they would continue to increase their investment in tenant experience technology. “We noted that the clear movement on the expectations of the tenants, as well as the overall end-user, was really impacting the way real estate companies are…continuing to make decisions,” Berry said.

Oct 17 2019

15mins

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Rank #20: REITs and Listed Real Estate Offer Potential for “Outsized Returns”

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REITs and listed real estate are likely to see minimal impact from ongoing trade tensions, while the sector offers the potential for “outsized returns” due to solid fundamentals, according to Laurel Durkay, senior vice president and portfolio manager of global and U.S. real estate at Cohen & Steers. Durkay was a guest on the latest edition of the Nareit REIT Report podcast. The domestically-focused nature of real estate securities provides “relative insulation” from trade tensions versus the broader equity market, Durkay said. “We do believe that real estate and REITs do offer a lot of very positive attributes in a time of heightened economic insecurity,” she noted.

May 31 2019

4mins

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Commercial Real Estate Market in ‘Mature Recovery’ Stage at Start of 2020

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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 going to be,” Schnure said. He added that because there is no clear idea of when the current expansion might end, the descriptor “late cycle” doesn’t really apply. A more accurate term for the state of the commercial real estate market is that of a “mature recovery,” he noted.

Jan 15 2020

7mins

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Differentiation Among Health Care Real Estate Portfolios Likely to Persist in 2020

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The latest edition of the Nareit REIT Report podcast looked at trends in the REIT health care real estate segment with Michael Gorman, a managing director and REIT analyst at BTIG. The key theme last year was the differentiation in the underlying performance of health care real estate portfolios, according to Gorman. That trend is likely to remain in place, at least in the first half of 2020, he noted. In 2020, “we don’t see a groundswell of improvement in any of the particular property types. Senior housing is still going to be pretty choppy at the national level,” Gorman said. However, the medical office building segment should return to external growth in a “more meaningful way” in 2020, he added. One key factor adding to uncertainty in the health care real estate sector this year is November’s general election, according to Gorman.

Jan 09 2020

10mins

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Retail Real Estate Faced Mixed Picture in 2019; Trend Likely to Hold in 2020

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While retail real estate faced challenges in 2019, performance varied quite widely across the sector, a trend that is likely to continue into 2020, according to Mizuho Americas REITs analyst Haendel St. Juste. St. Juste was a recent guest on Nareit’s REIT Report podcast. He highlighted the disparity in performance between regional malls, which faced challenges, and shopping centers, that have had a “formidable run.” In terms of the regional malls, “there’s lots of uncertainty with key tenants heading into 2020,” he said, while also describing Simon Property Group (NYSE: SPG) as “the most investable company in that space.” For those investors looking for retail exposure, St. Juste highlights the triple net lease segment, which he feels offers “the best risk-adjusted returns.”

Dec 18 2019

12mins

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REITs Should Highlight Their Uniqueness in Effort to Engage with Generalist Investors

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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. “It’s about introducing the story and making it compelling, it’s about leveraging the exciting aspects of a portfolio to draw in a new audience,” Keehner said. At the same time, he recommends that REITs take a fresh look at their IR exposure: “It’s [about] doubling down on the existing investor base and then thinking creatively about ways to engage with a new investor base.”

Dec 12 2019

20mins

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Selective, Strategic M&A to Continue in 2020, Portfolio Manager Says

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Frank Haggerty, Jr., portfolio manager for all dedicated global real estate securities managed by Duff & Phelps Investment Management, joined Nareit’s REIT Report podcast during REITworld 2019 in Los Angeles. Haggerty highlighted some of the geographic regions that are expected to perform well in 2020. In the United States, he said, Duff & Phelps is most positive on Southeastern markets. The region is seeing the technology job growth that is evident in other parts of the country, he noted, combined with a strong corporate relocation tailwind as companies seek lower-cost and more business-friendly environments. As for Europe, Dublin, Madrid, and Barcelona are all markets that are showing potential, he said. In terms of U.S. REIT fundamentals, Haggerty said Duff & Phelps is watching supply: “Clearly given where we’re at in the real estate economic cycle, supply is an issue in a number of property types,” he said. Growth in jobs and wages are also being closely watched, he added. Meanwhile, Haggerty said he expects to see a continuation of selective, strategic M&A between public companies next year. IPO activity is likely to also to be limited. “We will see a handful of property deals coming out, particularly if valuations stay at their current level,” he said.

Dec 05 2019

13mins

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REIT Investors Eyeing Cash Flow Growth, Dividend Growth, Value Creation

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John Guinee, managing director at Stifel, joined Nareit’s REIT Report podcast during REITworld 2019 in Los Angeles. Guinee noted that the overall REIT market has drifted from a “net asset value (NAV)-based investment bias to a real bias of cash flow growth, dividend growth, and value creation.” Across all property sectors there’s demand from investors for stocks that incorporate these three components, he said. Turning to the industrial sector, Guinee pointed to in-place rents that are 10%-20% below market value, while land costs are going up, and supply/demand is broadly in balance. At the same time, e-commerce is providing about 60 million square feet of additional demand. “With that backdrop, the industrial REITs are able to generate high FFO growth simply because they have such good fundamentals,” Guinee said. Multifamily is much the same, according to Guinee, with supply/demand largely in balance and topline revenue growth of 4%-5%. Office REITs, however, are finding it “very difficult” to grow FFO and the dividend.

Nov 25 2019

6mins

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Postal Realty Trust CEO Sees “Tremendous Opportunity” in Niche Sector

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Andrew Spodek, CEO of Postal Realty Trust, was a guest on the latest edition of the Nareit REIT Report podcast. Postal Realty Trust owns 366 post office properties across 43 states and was one of only a handful of REIT IPOs that occurred in 2019. Spodek noted that there are 32,000 postal facilities throughout the country, of which 23,000 are leased and pay about $1 billion in gross rent. Of those 23,000, 16,000 are owned individually, he said: “That’s how fragmented this market is.” As for the timing of the IPO, Spodek pointed to two key determining factors: a “generational shift” in the ownership of post office assets; and a decision by the post office to outsource its real estate services, “which is very different from what these owners are used to.” Providing owners with an ability to move their assets into institutional hands “was something we felt was very timely,” Spodek said.

Nov 20 2019

10mins

Play

Senior Housing Occupancy Trends “Relatively Weak,” NIC Chief Economist Says

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In the latest edition of the Nareit REIT Report podcast, Beth Burnham Mace, chief economist and director of outreach at the National Investment Center for Seniors Housing & Care (NIC), looked at the latest trends and developments in the senior housing sector. Mace described today’s typical senior housing resident as 83 years old with higher acuity needs than in the past. “Because of the great recession, people delayed the timing of when they moved into senior housing, and that has held to be true even today.” Occupancy trends have been “relatively weak,” Mace said. In the third quarter, the senior housing occupancy rate was 88%, up from 87.7% in the second quarter—which was the lowest level in eight years. Net absorption of senior housing units in the third quarter was the highest number in a single quarter since NIC began recording data in 2006. Assisted living occupancy in the third quarter moved off its record low level seen over the prior three quarters to hit 85.4%. Independent living occupancy, meanwhile, was 90.2% in the third quarter.

Nov 01 2019

10mins

Play

Focus on Tenant Experience Ranks High in Deloitte 2020 Outlook

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In the latest edition of the Nareit REIT Report podcast, Jim Berry, U.S. Real Estate leader at Deloitte & Touche LLP, highlighted some of the trends that emerged in Deloitte’s recently released 2020 commercial real estate outlook. Deloitte based its findings on a survey of 750 real estate owners and operators in 10 major global markets. One of the key trends in the outlook was the importance of tenant experience, with 64% of respondents saying they would continue to increase their investment in tenant experience technology. “We noted that the clear movement on the expectations of the tenants, as well as the overall end-user, was really impacting the way real estate companies are…continuing to make decisions,” Berry said.

Oct 17 2019

15mins

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Institutional Investors Paying Increased Attention to Public Real Estate Platforms

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In the latest edition of Nareit’s REIT Report podcast, Gil Menna, co-chair of the REITs and real estate M&A practice at law firm Goodwin, discussed the climate surrounding mergers and acquisitions (M&A) and initial public offering (IPO) activity. M&A activity has been light in 2019 compared to previous years, in large part due to an “anemic” REIT market performance last year, Menna said. “Certain sectors in the REIT market have been off. Normally that would result in privatization transactions of public companies that are trading at discounts to net asset value (NAV), but we haven’t seen a significant amount of activity there as well because there has been an abundance of private opportunities available for capital that’s attracted to the real estate asset class,” Menna explained.

Oct 02 2019

13mins

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CHROs Playing Increasingly Important Role on Executive Boards

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The latest edition of the Nareit REIT Report podcast looked at the increasingly important role that chief human resource officers (CHROs) are playing on executive boards. Bill Ferguson, CEO of Ferguson Partners Ltd., and Elizabeth Gaffney, global CHRO practice leader at Ferguson, discussed their new research on the topic. “Human capital issues are increasingly dominating boardroom discussions,” according to Ferguson. He noted that Ferguson research has identified 56 either active or retired CHROs on Fortune 500 boards. “We were surprised the number was as big as it was—75% of these had been appointed since 2015 and 30% since 2017,” he said. According to Gaffney, the human resources role has become much more important throughout all industries: “The role of HR has moved from one that has been viewed as tactical in nature to one that is strategic. CHROs are now reporting to the CEO in most companies and are certainly part of the C-suite.”

Sep 19 2019

10mins

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Former Highwoods CEO Ed Fritsch Looks Back on Three-Plus Decades at Office REIT

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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 2016. Fritsch said that holding a variety of positions throughout his career at Highwoods enabled him to “leverage that information to the good of the company.” A year after Fritsch became CEO, Highwoods implemented a strategic plan that remains in place today. “I knew Highwoods was a good company, but I was keenly interested in how we could make it better. The team made a pledge that no person, no process, and no property was sacred—we popped the hood and questioned every part of the engine,” Fritsch said.

Sep 06 2019

17mins

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Smaller and Mid-Sized Industrial Real Estate Deals on the Rise, JLL Says

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The latest edition of the Nareit REIT Report podcast looked at industrial real estate trends with George Cutro and Chad Buch from JLL’s Chicago industrial research team. Cutro and Buch also co-host JLL’s Chicago Industrial-Real Time Podcast. Buch said JLL is “cautiously optimistic” for industrial real estate in 2019. Despite global uncertainty, “the fundamentals are really healthy,” driven by consumer consumption, e-commerce, and supply chain innovations. Cutro noted that e-commerce has changed the supply chain cycle, with the advent of smaller sized distribution centers replacing a traditional hub-and-spoke system. “We’re seeing a lot more demand in that smaller size, call it under 500,000 square feet, that’s really driving today’s numbers,” Cutro said. “The big deals all happened a couple of years ago in the coastal and core markets…now this is the second round of smaller and mid-sized deals happening in some of the secondary markets,” Buch said.

Aug 21 2019

11mins

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Prologis Says Industrial Demand Growing at a Sustainable Pace

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The latest edition of the Nareit REIT report podcast featured Melinda McLaughlin, vice president of research at Prologis, Inc. (NYSE: PLD), who discussed some of the highlights of Prologis’ latest Industrial Business Indicator (IBI) index report, a quarterly survey of customer sentiment. McLaughlin described industrial demand at mid-2019 as “healthy,” with the IBI index currently at a level of around 60. Customers are continuing to grow at a “sustainable pace” following 2018, which was the second highest level for net absorption of industrial space seen in this cycle. “The tailwinds to demand, which we've seen throughout this cycle, continue to play a large part in what we're seeing in terms of customer leasing activity,” McLaughlin said.

Aug 12 2019

8mins

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Infrastructure REITs Playing Growing Role in Digital Economy

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The latest edition of the Nareit REIT Report podcast looked at the advent of 5G—and what it means for infrastructure REITs—with Ji Zhang, senior research analyst at Cohen & Steers. Zhang discussed the evolution of infrastructure REITs as a component of the broader REIT industry. In 2000, traditional REIT sectors accounted for about three quarters of REIT market capitalization, she observed. Today, they count for just under half. The first data center REIT was listed in 2004 at just under $300 million in market cap. In 2012, the first tower company converted to a REIT at about a $30 billion market cap. Today, tower and data center REITs comprise just under 25% of the REIT investment universe. “We believe these technology-oriented sectors will continue to gain in importance given their secular demand drivers and important roles in the digital economy,” Zhang noted.

Jul 26 2019

11mins

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Kimco Realty CEO Says ESG Focus Embedded Across Entire Organization

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In the latest edition of the Nareit REIT Report podcast, Kimco Realty Corp. CEO Conor Flynn discussed the shopping center REIT’s unique approach to ESG matters. Flynn reflected on the evolution of Kimco’s ESG program since its inauguration 8 years ago. “Today we’re in a very different place,” he said. As the program has matured, Kimco has found ways to embed various ESG activities and responsibilities into existing teams across the entire organization. Now, instead of having one individual directing all its ESG efforts, Kimco has shifted to managing through a cross-functional steering committee comprised of various department leaders. From an environmental perspective, moving the needle requires a sustained multiyear commitment, Flynn observed. He noted that the scale with which Kimco has adopted energy efficiency measures has been “transformative.” For example, the REIT recently concluded a first-of-its-kind installation of over 4,500 submeters across every tenant space in its portfolio. Because tenants are now billed on their actual consumption, they have a direct financial incentive to conserve, he said.

Jul 18 2019

9mins

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REIT Fundamentals are “Sound” Heading into Second Half, Portfolio Manager Says

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Steven Brown, global head and senior portfolio manager, real estate, at American Century Investment Management, discussed broad trends impacting the REIT market during a podcast interview at REITweek: 2019 Investor Conference. REITs have had a “nice bounce” in 2019, partly because of how inexpensive they were at the end of 2018 but also because of the change in Federal Reserve language toward interest rates, according to Brown. “We think that real estate fundamentals are sound, but if we do get a period of easing, that will support real estate even more," he said.

Jul 02 2019

3mins

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Cold Storage Industry Demand Driven by Population Growth, Changing Retail Habits

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In the latest edition of the Nareit REIT report podcast, Matt Walaszek, associate director of industrial and logistics research at CBRE, provided an overview of trends in the cold storage sector. While cold storage represents only a small portion of the overall industrial warehouse inventory, major demand drivers such as population growth and changing consumer behaviors are driving increased attention to the segment, according to Walaszek. The strongest demand for cold storage facilities is currently coming from densely-populated metro areas, including Los Angeles, Seattle, Chicago, and the Northeast region. However, areas that are experiencing significant population growth, such as South Florida, Atlanta, and Dallas, are also fueling demand, he said.

Jun 26 2019

8mins

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REIT Industry Veteran Expects More Public-to-Private M&A Transactions

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Marty Cicco, senior managing director at Evercore Partners, spoke with Nareit’s REIT Report podcast in New York at REITweek: 2019 Investor Conference. Cicco assessed the state of the commercial real estate market at mid-year. “It ranges from healthy, to beyond healthy, to unbelievable in some cases, but there are still a few sectors that have some challenges,” he said. At the same time, the business cycle—while clearly in the later stages—is breaking all records, according to Cicco. “You’re in an extraordinary time with low interest rates, the economy in the U.S. appears healthy, but we’re obviously in the midst of a growing trade war with China…[and] you’ve got issue like North Korea and Iran out there that could jolt the markets,” Cicco said.

Jun 19 2019

13mins

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Trade Tensions Reinforce the Value of Real Estate Investment, Portfolio Manager Says

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Joel Beam, senior portfolio manager of real estate strategies at Salient, spoke with Nareit’s REIT Report podcast in New York at REITweek: 2019 Investor Conference. Trade tensions are reinforcing the value of property investment in general, according to Beam. REITs have outperformed this year and have outperformed “meaningfully” versus the broader market since April 30, he said. “I think that’s a testament that real estate represents a flight-to-safety approach for a lot of folks.” While certain subsectors may have more exposure to trade policy changes, “we’re really waiting for clarity on these matters before making portfolio changes. To some extent it’s too soon to tell,” Beam said. Beam also commented on the ongoing impact of e-commerce. “To me, the drama in this space is all about what happens to retail…we’re in a situation where tenants have more leverage and more choices, and landlords on the margin are having to rethink how they tenant their properties,” he said.

Jun 12 2019

7mins

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iTunes Ratings

17 Ratings
Average Ratings
16
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Great

By runningbear boom - Jul 03 2019
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This podcast has open up my eyes to new ideas.

Sound Quality

By EddHM - Mar 26 2019
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The materials covered along with guests are great, but the quality of voice is low. I think they can fix that easily with a better recording system.