Nareit's REIT Report Podcast

Mike Acton, head of research and strategy at AEW, told the REIT Report podcast that with interest rates remaining high, and likely to stay that way for some time to come, the next couple of years for real estate are going to be all about income growth.

That income growth is going to be generated through fundamental property investment and asset management, Acton said. That involves picking the right property in the right location, controlling expenses, keeping it occupied, being smart about capex, and having the discipline to sell it when it's time, he noted.

“These are all sort of old school real estate skill characteristics. That's what's going to be rewarded in the marketplace over the next handful of years. It's not going to be taking risk and hoping for yield compression. It's going to be growing income the old-fashioned way,” Acton said.

Acton also said that this is a good entry point into the market, with yields the highest they've been in at least a decade and most assets trading below physical replacement cost. “Those are great entry point signals but it's not broad based,” he noted. Today, it’s very much a sector, location, and property-specific market, he stressed.

Chapters: 

00:00 Back to Basics Investing
00:58 Macro Forces and Rates
02:05 Why Now Is Entry Point
02:59 Income Driven Returns
04:26 Supply and Construction Reset
05:05 Adaptive Reuse Reality Check
05:52 Transactions Tell Truth
06:42 Sector Winners and Activity
07:11 Senior Housing Boom
08:40 Affordability Challenge
09:30 Second Half Themes
10:12 Old School Asset Management
11:13 Closing Thoughts and Wrap

Rich Hill, Global Head of Research and Strategy at Principal Asset Management, told the REIT Report podcast that the REIT market’s transition from recovery into expansion is an important signal that indicates the path forward for the broader commercial real estate market.

REIT gains so far in 2026 indicate that “predictable earnings and income-driven total returns are becoming more attractive again. That's been out of favor for the past several years, but it seems to be a little bit more in vogue right now,” Hill said.

Hill stressed that dispersion in returns is a continuing theme in the CRE market and “investors are going to have to recognize that this cycle is really about picking the right property types in the right markets…this is a cycle for selectivity, this is not a cycle where you can play broad-based mega themes.”

Hill said the current cycle should also be viewed through a longer-term lens. Market expansions, he explained, usually last around 12 years. “Why do they last so long? It's just not about price returns, it's also about underappreciated income returns. We think this is actually a really interesting cycle. If you think you've missed the bottom, you haven't. This is going to play out for a long period of time.”

Nareit Senior Vice President for Research Ed Pierzak joined the REIT Report podcast to review key themes of Nareit’s 2026 mid-year update. He noted that REITs have maintained their outperformance so far this year, with all but two sectors posting gains, and pointed to “really strong momentum” for REITs not only for the remainder of 2026, but beyond.

Pierzak noted that often when REITs outperform early in the year, they tend to best broad equity market performance through the remainder of the year—barring any unexpected shocks.

As for REIT sectors, he noted that data centers have been one of the top performers so far this year, after they were one of the worst performers in 2025. Taking the top spot this year to date is lodging and resorts, fueled by very strong leisure and business travel demand, Pierzak said.

Elsewhere in the podcast, Pierzak discussed the valuation divergence seen between REITs and the broader equity market, as well as private real estate, and the potential for outperformance when that gap closes. He also commented on REIT M&A trends, as well as how REITs are increasingly being used to complement existing investment portfolios.

0:00 — Why REITs Now
0:21 — Welcome and Guest Intro
0:40 — 2026 Performance in Context
1:58 — Sector Winners and Losers
3:13 — REITs vs Equity Valuations
4:07 — Public vs Private Pricing Gap
5:41 — What Divergence Means
6:17 — M&A and Industry Consolidation
7:15 — Capital Access and Financing
8:10 — Outlook for Rest of 2026
9:07 — Wrap Up and Subscribe

Dave Bragg, CFO at UDR, Inc. (NYSE: UDR), joined the REIT Report podcast to discuss the multifamily REIT’s decision to adopt a monthly dividend, its strategic focus on operational excellence, and the current state of the multifamily real estate market. 

Bragg noted that adopting a monthly dividend reflects the REIT’s efforts to seek new and different sources of capital, including individual investors. Through a range of education efforts, UDR is looking to showcase its “50-year history of about $9 billion of dividends paid,” and a healthy dividend yield today that has been characterized by “stability and growth over time.”

UDR is also increasingly applying a data-driven approach to capital allocation, according to Bragg. “It's a very collaborative process that has informed our dispositions and our share buybacks, which have been a focus so far this year,” he said.

Brendan 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 Runway
00:39 Welcome to REIT Report
00:58 Data Center REIT Comeback
02:39 Leasing Pipelines Growth
03:08 Development Yields Shift
04:28 Power Constraints Markets
05:38 Creative Power Solutions
06:06 NIMBY Pushback Regulation
07:41 Winners Ecosystem Pricing
08:49 Is Now Good Entry
09:53 Data Centers in Space
10:53 Wrap Up Subscribe

David 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 Disclosures
00:28 Welcome to REIT Report
00:53 IR Changes Decade
01:25 From NAV to Earnings
03:32 Educating Investors Today
05:25 Capital Allocation Levers
06:39 Staying Long Term
08:06 Pivoting in Crises
08:44 AI in Investor Relations
10:57 Investor Feedback Loop
12:59 Future IR Priorities
14:12 Symposium Takeaways
15:58 Closing Thanks

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.”