Nareit's REIT Report Podcast

Lee Schalop, former managing director of Bank of America Securities and one of the REIT industry's most influential analysts in 2001, joined the REIT Report podcast to mark the 25th anniversary of the inclusion of REITs in S&P indices.

Schalop, working alongside Nareit, leading analysts, investors, and REIT executives, became a key voice lobbying for REIT inclusion in the S&P 500 25 years ago.

Their success in convincing the S&P Index Committee to add REITs into the indices played a crucial role in transforming publicly-traded real estate from a niche investment opportunity to a major force in the economy.

"Real estate is a vital part of the U.S. economy, and excluding it from indices meant investors missed critical insights," he notes.

Chapters:
00:00 REITs Join S&P Era
01:49 REIT Market in 2001
02:35 Why REITs Were Ignored
04:30 Dot Com and 9/11 Backdrop
04:59 Mutual Fund Misconception
06:51 Winning Over S&P
10:31 Allies and Strategy
13:47 The Decision Call
15:21 Investor and CEO Reactions
17:27 Liquidity and Valuation Boost
19:16 25 Years of Change
20:59 Surprises and Milestones
22:39 From Wall Street to Med
24:15 Biotech and Drug Approval
26:44 Alternate Universe Wrap

Noah Springer, president of Extra Space Storage Inc. (NYSE: EXR) and its next CEO, spoke to the REIT Report about leadership continuity, fundamentals, and how scale, data, and operational efficiency are crucial elements supporting the REIT’s performance.

Springer, who becomes CEO at the start of 2027, emphasized the significant role that mentorship has played in his career at Extra Space and how working with three different CEOs, including current CEO Joe Margolis, has provided him with a diverse education in leadership. Continuity is not about stagnation, he said, but rather about focusing on what works while pushing for innovation.

While the demand for storage remains steady, the supply environment is improving, he pointed out, creating a healthier backdrop for business operations. In the second quarter, same store revenue grew 2.4%. Springer attributed the gain to strong operational efficiency. He also highlighted that once the REIT’s customers are in the facility, vacate rates are historically low.

Chapters:
00:00 Extra Space Outlook
00:23 Meet Noah Springer
00:51 Mentorship And Continuity
02:49 Bench Strength Culture
03:14 Fundamentals And Guidance
05:14 Retention And Pricing
05:39 Acquisitions Capital Playbook
07:22 Third Party Platform Growth
08:22 What Makes Partnerships Work
09:31 Competitive Edge Scale Data
10:47 Tech Culture And AI
11:43 Fragmentation And Consolidation
12:24 Industry Changes Ahead
12:55 Closing Thoughts And Wrap

Gina Szymanski, chief investment officer at  AEW Capital Management’s global securities business, told the REIT Report that for long-term investors in the REIT market, “there is no better time in the cycle than now,” as historically low levels of supply across all sectors bolster prospects for growth and fundamentals.

“We actually are very bullish,” Szymanski said. “We are sitting at a trough in the cycle. When interest rates started to rise in 2022, it was really pencils down in terms of new development and it took a while for the supply pipelines to empty across the board. But now, really across all sectors, we're sitting at historically low levels of new supply. That will ultimately lead to more pricing power for landlords, and we are seeing green shoots of that,” she added.

Acknowledging that the spread between REIT implied cap rates and the 10-year Treasury has halved since the start of the year, Szymanski emphasized that REITs can still thrive if investors focus on growth sectors, which include senior housing, data centers, and retail.

Chapters:
00:00 Bullish REIT Snapshot
00:22 Meet the Host and Guest
00:43 What Changed Since January
02:28 Bond Yields and Valuation Cushion
03:23 High Growth Sector Picks
05:23 Is There Still Upside
06:02 Apartments and Office Discounts
08:08 Balance Sheets and Deal Activity
09:02 US Versus Global Allocation
09:57 Volatility as an Advantage
11:00 Cycle Trough and Closing Takeaways
12:12 Final Thanks and Subscribe

Patrick Wilson, portfolio manager on the real estate securities team at CenterSquare Investment Management, told the REIT Report that reasonable demand, pockets of strength, and very low supply on the horizon should amount to “pretty healthy” earnings growth for REITs in the next 12-24 months.

The combination of higher interest rates suppressing development for most property sectors with the exception of data centers, alongside solid balance sheets, creates “a really good scenario and outlook for REITs today,” Wilson said. “I really do think we're in an attractive point in the cycle right now for listed real estate.”

In many ways the current K-shaped economy is playing out in favor of the REITs that cater to higher-end consumers versus the broader commercial real estate market as a whole, Wilson noted. He also pointed to increased M&A activity as evidence that scale, balance sheet strength, and access to lower-cost capital are becoming more important in a higher-rate environment.

Content:
00:00 Why REITs Look Attractive
00:35 Welcome and Guest Intro
01:02 Macro Outlook Next 24 Months
05:35 M&A Surge Explained
07:50 Will Deals Keep Coming
08:50 Top Sector Picks Now
12:54 Data Center Moratorium Risks
16:42 Life Sciences and AI Rebound
24:23 Closing Takeaways

Dave Rodgers, managing director at Raymond James Equity Research, joined the REIT Report podcast to discuss the outlook for health care REITs, noting that the sector—and senior housing in particular—is one of the most attractive areas for investment across the REIT industry today.

A large and wealthy older generation, and limited supply, provide a “really good runway for strong organic growth” in senior housing, marked by rent growth and margin expansion, Rodgers said. Over the next decade, “we don't think it's a stretch to think that maybe this business can grow at 10% annually,” he added.

Senior housing occupancy nationwide is around 90% today, Rodgers pointed out. He noted that older, wealthy individuals considering senior housing options are more interested in the lifestyle component than ever before. “They really want to benefit from living in one of these facilities.” At the same time, enhanced technology is improving the resident experience and reducing labor intensity in operations.

Chapters: 
00:36 Healthcare REIT Breakdown
01:14 Senior Housing Demand Surge
02:42 How Senior Living Evolved
04:53 Mid Market Supply Question
06:12 Labor Costs And Margins
07:27 Skilled Nursing And Medical Office
09:29 Life Science Recovery Check
10:50 Where Deals Are Happening
13:25 Risks Next Two Years
15:12 Final Investment Takeaways

Allan Swaringen, CEO of JLL Income Property Trust, joined the REIT Report to discuss the growing role that NAV REITs play, alongside listed REITs, in enabling leading wealth management firms to diversify portfolios beyond traditional equities and fixed income.

JLL IPT is an institutionally managed, daily NAV REIT advised by LaSalle and sponsored by JLL with approximately $7 billion in portfolio equity and debt investments. Swaringen is chair of Nareit’s Public Non-Listed REIT Council.

Greater investment allocations in alternative investments is a trend that's been growing for 10 years, Swaringen said, “and we think it still has a lot of legs to run. Wealth management firms want to move their clients beyond the traditional 60-40 stock and bond allocation model.” 

Swaringen added, “we're truly helping private client and high net worth investors expand beyond the traditional traded market. We think it's good that they have both a public listed REIT exposure, but also have a private market exposure like we provide with the NAV REIT.”

Swaringen also highlighted JLL IPT’s increased focus on industrial/warehouse properties, which now comprise about 38% of the portfolio. A key demand driver for traditional warehouses is the new construction and development of data centers, which is creating demand for storing the range of components that go into those properties, he said. “We're seeing a very interesting kind of symbiotic relationship between growing AI demand and growing warehouse demand.”

Chapters:

00:00 Alternatives Trend Teaser
00:32 Welcome and Guest Intro
01:10 Strategy and Portfolio Shift
02:44 CRE Fundamentals Snapshot
03:48 Industrial Demand Drivers
05:55 What We Buy and Why
08:18 Office Outlook
09:17 Retail Healthcare Views
10:47 Geography and Site Selection
11:49 NAV REIT Sector Explained
13:36 Closing Wealth Trends
14:54 Thanks and Subscribe

Sigrid Zialcita, CEO of the Asia Pacific Real Assets Association (APREA), joined the REIT Report during Nareit's REITweek: 2026 Investor Conference in New York earlier this summer to highlight the long-term investment opportunities in both developed and emerging markets in the Asia Pacific region.

Zialcita described a "balanced opportunity set across Asia Pacific. There's something for everyone in terms of opportunities.” 

Zialcita pointed to emerging markets, including India, and parts of Southeast Asia, where the growth outlook is still quite positive. “They're going be driving the economic growth in Asia Pacific and that bodes well for real estate,” she said. Investors can leverage the continued urbanization in those markets, she added.

Developed markets such as Japan, Australia, and Singapore are also positioned to be core allocations for many global investors, and that will continue to be the case going forward, Zialcita said.

Meanwhile, China can be a significant long-term opportunity for many, according to Zialcita. APREA is very positive about developments in China, she noted, based on the country’s willingness to amend regulations to ensure they are conducive to the growth of REITs

Chapters: 

00:53 Welcome to REIT Report
01:34 How REITs Transformed APAC
02:51 What Counts as Core
04:13 Developed vs Emerging Markets
07:14 Geopolitics and Supply Chains
09:53 REIT Performance in 2026
16:08 China REITs Expansion
17:31 Public vs Private Valuations
20:06 Climate Resilience and Green Premium
26:33 Where Capital Flows Next
28:39 Educating Investors on REITs
31:16 Decade Outlook and Closing

Brian Finnegan, CEO of Brixmor Property Group Inc. (NYSE: BRX), joined the REIT Report podcast to highlight the positive environment for open-air retail—supported by consumer resilience and strong tenant performance—and the REIT’s ongoing efforts to reposition assets to capitalize on those favorable conditions.

Finnegan has served as president and CEO since January and has held a range of positions since joining a predecessor of Brixmor in 2004.

Second quarter results showed continued operational strength at Brixmor, with small shop occupancy hitting a new record.

“I think the success that you're seeing in small shops is really the fact that consumers are just demanding more of the suburbs…they're demanding higher levels of restaurant, of service uses, and we see that across our portfolio… that consumer demand is leading to us being able to attract great operators at our shopping centers,” Finnegan said.

Elevated brands including Sephora, Warby Parker, Williams Sonoma, and Pottery Barn  recognize the traffic that high-quality food and beverage and service “are bringing to complement great anchors at our shopping centers. And we've been a big beneficiary of that,” Finnegan pointed out.

Last month, visits to Brixmor centers rose almost 4%, Finnegan said. Retailers are noting the resiliency of the consumer, even if consumers are trading down a little in terms of what they ultimately purchase. At the same time, a focus on value helps Brixmor’s off-price tenants including TJX, Burlington, and Ross Stores, he added.

Chapters: 
 
00:00 Elevated Brands Arrive
00:26 Welcome and Guest Intro
00:57 Honoring Jim Taylor
01:49 Brian’s Path to CEO
03:01 Q2 Results and Occupancy
04:25 Small Shop Resilience
06:01 Hybrid Work Tailwinds
06:59 Consumer Trends and Value
09:10 Tenant Mix and Grocers
10:09 Site Priorities and Outparcels
11:28 Capital Allocation Playbook
13:44 Market Expansion Strategy
14:44 How Brixmor Uses AI
16:13 Community Commitment
17:41 What Excites Brian Next
19:10 ICSC Foundation Goals
20:28 Closing and Subscribe

Barry Jonas, managing director at Truist Securities, joined the REIT Report to discuss the gaming REIT sector, highlighting its acceptance as an asset class that provides a safe, secure rental stream

He noted that when the sector first emerged about 10-15 years ago, “it was seen as an orphan and really misunderstood. But as time has moved on, we are really seeing buy-in from the REIT community.”

Investors understand that gaming REITs are “a very safe, durable stream of rent that has tenants who are sizable, most of them are public, audited, and have at this point not seen any major defaults or lack of payments made,” he said.

In an environment of macro uncertainty and a K-shaped economic recovery, the sector has still seen low single-digit increases in gaming revenues, Jonas said. “Consumers generally want to go have fun, let off some steam, and go to a casino,” he added.

Chapters:
00:00 Gaming REITs Resilience
00:23 Welcome to REIT Report
00:41 How Gaming REITs Work
02:08 Tenant Strength and Coverage
03:38 Where Casinos Are Located
04:59 Fundamentals and Growth Outlook
07:40 Deal Flow and Sale Leasebacks
09:16 Investor Appetite and Valuations
10:26 Online Betting Cannibalization
14:03 Future Growth Drivers

Randy Moss, industry principal at Yardi, joined the REIT Report podcast to discuss the relationship between regulatory changes, rising energy costs, and net asset value (NAV), as well as how improving energy and utility data quality can reduce risk and support stronger REIT valuations. Yardi is a Nareit Real Estate Sustainability Partner.

When evaluating potential real estate investments, cash flows often take center stage, Moss noted. Investors are increasingly looking for properties that not only have robust cash flows but also incorporate efficiency improvements. Enhancements that boost property efficiency can lead to maximized rents per square foot and higher occupancy rates, ultimately contributing to a more favorable NAV.

Moss discussed how recent regulatory trends have introduced new challenges for real estate investors. Building performance standards (BPS) have emerged, mandating that owners meet specific energy and greenhouse gas emissions caps. As these regulations evolve, they come with significant penalties for non-compliance, impacting long-term cash flows dramatically.

New York City’s Local Law 97 sets stringent limits on emissions and requires reporting based on historical data. With nearly 27,000 buildings affected, compliance is a critical factor in maintaining property value and investment viability.

Chapters: 

00:50 Meet The Guests 
01:24 How Investors Value Buildings 
02:22 New Risks To NAV 
02:55 Building Performance Standards 
04:10 Local Law 97 Fines 
05:40 Compliance Keeps Tightening 
06:50 Why Data Quality Matters 
08:22 AI With Human Oversight 
10:50 Why Power Prices Rise 
13:34 Future Policy Uncertainty 
14:56 Mitigating Energy Cost Risk 
18:08 BPS Lease And Tracking Tips 
20:48 Bring In Leadership 
22:49 Wrap Up And Subscribe