Jay 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 Reality
00:28 Welcome to The REIT Report
00:56 Lamar Longevity and Evolution
02:18 Out of Home Market Tailwinds
03:06 New Verticals Pharma and AI
04:33 Footprint and Economic Signals
05:30 Digital Conversion Strategy
07:11 Local Sales Engine
08:16 Top Local Advertiser Verticals
09:12 SEC Reporting Debate
10:17 Three Competitive Pillars
12:26 Scale Performance and Wrap Up

Jonathan 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.

Chapters

00:18 Welcome And Guest Intro
00:40 2025 Deal Activity Recap
01:20 2026 Outlook And Hot Sectors
02:03 Data Centers Power And Deal Structures
03:44 Where Data Centers Are Growing
04:29 Office Sector Winners And Losers
05:50 Residential Markets By Region
07:37 Single Family Rentals Policy Watch
08:47 Platform Consolidation And Vertical Integration
10:04 How Investors Can Prepare
10:59 Office To Residential Conversion Wrap Up

Adam 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 Supply
00:23 Welcome to REIT Report
00:41 Macro Uncertainty Outlook
02:04 Supply Cycle Nearing End
04:33 Coastal vs Sun Belt
06:03 Submarket Divergence
07:36 NOI Growth Drivers
09:39 Balance Sheets and Rates
10:38 Management Priorities Ahead
11:41 Closing and Subscribe

Geoffrey 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.” 

Tim 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.

Seth 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.

In 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. 

Vikram 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

Marc DeLuca, CEO and Eastern regional president of KBS, and chairman of the board at KBS REIT III, joined the latest episode of the REIT Report to discuss how the current market cycle presents a unique challenge, particularly regarding capital availability and costs. 

Today's environment resembles a capital markets "reset" rather than a structural change in how real estate is used, he said. DeLuca also shared how REITs have performed well compared to other major indices, with their strategic focus on high-quality assets and sustainability attracting investors seeking resilience in their portfolios. As interest rates start to decline, REITs “can act quickly, and their ability to use leverage will be greatly enhanced and allow REITs to grow tremendously,” he said.

Chapters:

00:00 Rates And Deal Flow 

00:27 Meet The Host And Guest 

00:59 Capital Markets Reset

01:51 Why REITs Diversify 

02:49 REIT Sentiment Today 

04:02 Prime Office Defined 

06:11 AI And Office Demand 

07:57 Beyond Office Focus 

09:21 Picking Winning Markets 

11:03 Deal Approval Playbook 

14:02 Relationships Drive Deals 

14:39 AI In Real Estate Ops 

17:53 Sustainability That Pays 

21:10 Watching Rates Ahead 

23:07 Closing And Subscribe

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's the REITs that are treating leadership capability the way that they treat portfolio construction, (with) the same rigor, intentionality, looking at a long time horizon, that are going to differentiate,” Cordingley said.