Nareit's Reit Report Podcast

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&ap

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 cap

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 s

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 lo

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 les

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 ri

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 perf

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

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

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 wit

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 ear

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.