Season 5, Episode 2: In this episode of Season 5, Jack and Alex sit down with David Auerbach, CIO at Hoya Capital and a leading REIT strategist known for his deep read on public real estate markets. David explains the current state of REITs, where valuations stand, which sectors are positioned for recovery, and how capital is behaving differently across public vs. private markets.

He highlights key themes shaping 2025–26, including liquidity pressures, balance sheet strength, and the growing gap between winners and laggards. David also shares what investors often overlook and how to read the signals that matter. A must-listen for anyone watching the REIT landscape closely.

Shoutout to our sponsor, Bracket. The AI platform transforming how we underwrite deals.

TOPICS

00:00 – Introduction
03:02 – Data Centers, Cell Towers, and Misunderstood REIT Sectors
05:02 – Media Narratives vs. Real REIT Fundamentals
07:03 – Why REITs Stay Cheap: Sentiment, Rates, and Risk Appetite
11:28 – The REIT Dividend Machine and Long-Term Compounding
17:01 – SL Green Case Study and Smart-Money Office Signals
22:40 – Sector Deep Dive: VICI, Vegas, Retail, and Data Centers
25:21 – NAV Discounts, M&A Activity, and REIT Consolidation
33:26 – Housing Crisis, SFR Growth, and Multifamily Cap Rates
43:18 – Mortgage REITs, Preferreds, and Signs of Market Turnaround

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About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.