Podcast
Nareit's REIT Report Podcast
Hosted by Nareit · EN
A show about the latest news and developments in REITs and real estate investment. All episodes feature informative and timely interviews with REIT and publicly traded real estate executives, analysts, industry professionals, and thought leaders.
29episodes
Episodes
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Barclay’s Brendan Lynch on Data Center REITs’ Extended Growth Opportunity Amid AI Demand
1w ago00:10:46Tap to summarizeBrendan 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
Transcribe →Kimco Realty’s David Bujnicki on Navigating Today’s Shifting IR Landscape
2w ago00:16:12Tap to summarizeDavid 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
Transcribe →Lamar Advertising CFO on Digital Strategy, Local Market Strength, OOH Opportunity
3w ago00:12:47Tap to summarizeJay 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
Transcribe →Deloitte’s Jonathan Keith Says CRE Investors Should Remain Nimble as M&A Conditions Shift
4w ago00:11:50Tap to summarizeJonathan 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
Transcribe →Morgan Stanley Sees Focus Shifting to Demand as Multifamily REIT Supply Pressures Ease
Jun 400:11:55Tap to summarizeAdam 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
Transcribe →IREI’s Geoffrey Dohrmann Says Investor Capital Remains Cautious, But Curiosity Returning
May 2800:19:01Tap to summarizeGeoffrey 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.”
Transcribe →PwC’s Tim Bodner Sees Volatility Impacting Pace, Not Direction, of CRE Recovery
May 2100:20:39Tap to summarizeTim 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.
Transcribe →Cohen & Steers’ Seth Laughlin on Value of Sector Positioning Amid Disruption
May 1400:16:51Tap to summarizeSeth 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.
Transcribe →How REITs Can Improve Energy Efficiency with Free Virtual Commissioning Resource
May 1200:22:53Tap to summarizeIn 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.
Transcribe →Mizuho’s Vikram Malhotra Sees Logistics Real Estate in Early Stages of New Upcycle
May 700:13:03Tap to summarizeVikram 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
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