Nareit's Reit Report Podcast

Mike Acton, head of research and strategy for North America at global real estate asset manager AEW, joined the latest episode of the REIT Report. He discussed why commercial real estate provides an anchor amid today’s tech-driven market boom, how many smaller and retail investors are under-allocated to the sector, and why now could be the best entry point in a decade for real estate investment.Acton noted that the largest, most sophisticated institutional investors typically have real estate allocations that are anywhere from 10% to 15% of their portfolio. Within that real estate allocation, 10% to 20% might be in the listed space.“There's a lot of evidence that the leading investors are doing something very different than what a lot of smaller investors, certainly what a lot of retail investors, are not doing and probably should be,” Acton said.

Darren Richman, CEO of Millrose Properties, Inc. (NYSE: MRP), joined the REIT Report podcast to discuss the land banking business model and how the REIT works with major home builders to improve capital efficiency.Millrose was spun off from home builder Lennar Corp. in February, allowing Lennar to focus on the consumer-facing aspect of its business by transferring the land development side to Millrose. The REIT works with Lennar and 11 other homebuilders.“The more modern form of land banking is about capital efficiency, where a builder is looking to clarify their own business model, looking to separate the opco (operating company) from the propco (property company),” he said.

Doug Weill, founder and co-managing partner at Hodes Weill and Associates, joined the REIT Report podcast to discuss findings from the 2025 Institutional Real Estate Allocations Monitor. Weill noted that institutions decreased target allocations by 10 basis points this year, although allocations are expected to increase by about the same amount in the coming 12 months. The survey showed market conviction “tick up a bit,” he added. “That to us indicates that institutions are increasingly ready to deploy capital and are viewing the next couple of years as potentially good vintages, which is what we hear over and over from institutions.”Weill also highlighted that about one in three institutions are actively allocating to REITs. “When we ask them about what it is about REITs that is most appealing, the two main or top objectives are liquidity and a proxy for core,” he noted.Larger institutions are more actively allocating to REITs, according to Weill, using dedicated in-house teams.

Randy Moss, an industry principal at Yardi, joined the latest episode of the REIT Report podcast to discuss the current landscape for energy management and sustainability reporting facing REITs and commercial real estate (CRE). Yardi is a Nareit Real Estate Sustainability Partner. Moss pointed to funding and building performance standards as key issues of the moment. “The challenge is understanding where your buildings have to comply, (and) what all-new data points you may be needing to collect,” he said. At the same time, utility companies are putting more roadblocks in the way of providing data, especially for tenant-occupied spaces in buildings, according to Moss. “Staying ahead of all of that is going to take some real focus within the REIT space,” he said.

Daniel Ismail, co-head of strategic research at Green Street, joined the REIT Report to discuss recent REIT M&A activity and its implications for the sector.REIT M&A activity has been lively in 2025, with the pace expected to continue into 2026, especially if interest rates decline, Ismail said. At the same time, however, the size of transactions is about 80% smaller than over the past decade, he added.Deals announced this month include the acquisition of Sotherly Hotels Inc. (Nasdaq: SOHO) by a joint venture backed by Kemmons Wilson Hospitality Partners and Ascendant Capital Partners, and the acquisition of Plymouth Industrial REIT, Inc. (NYSE: PLYM) by Makarora Management LP and Ares Alternative Credit funds.Ismail pointed out that in a typical REIT M&A event, the premium to unaffected share price is about 15%. In the case of Plymouth Industrial, that premium stands at 50%, and jumps to 150% for Sotherly. 

James Davidson, Houston-based capital markets partner in the REIT practice at Hogan Lovells, was a guest on the latest episode of the REIT Report podcast. He discussed the recent Fermi Inc. IPO and its implications for the REIT industry, particularly in the context of the energy and infrastructure assets that are needed to fuel the buildout of AI technology.“The way to think about Fermi is that it's a mainstream attempt to finance the physical side of artificial intelligence with a REIT wrapper…that is highly investable to the broadest set of investors,” Davidson said. He discussed the evolving role of infrastructure in the REIT space, the potential for strong foreign capital investment, and the challenges faced in integrating energy and infrastructure assets into the REIT model. 

In this conversation, Brian Rubin discusses the key issues and priorities facing REIT boards today, including economic uncertainty, regulatory compliance, and the need for technology fluency. He emphasizes the evolving skills required for board members, strategies for effective governance, and the role of AI in enhancing board operations. The discussion highlights the importance of continuous improvement in governance practices to adapt to changing risks and opportunities in the real estate sector.

Friso Berghuis, director of listed investments at Dutch pension fund investment manager Bouwinvest, joined the REIT Report podcast to discuss the integration of REITs and listed real estate into Bouwinvest’s global investment strategy.Bouwinvest has executed on a fully integrated public and private real estate strategy since 2012. Berghuis noted that including listed real estate ensures the opportunity to invest in specific compelling geographic markets and sectors such as health care, self-storage, and data centers.“Essentially, investing in listed real estate means you are also adding high quality diversified portfolios to the mix. And these portfolios are generally managed by seasoned management teams,” Berghuis said.Other reasons to choose global listed real estate include the ability to move quickly to invest in multiple sectors and markets, and the fact that listed and unlisted investments generally do not move in sync, he noted. 

Victor Coleman, chairman and CEO of Hudson Pacific Properties, Inc. (NYSE: HPP), joined the latest episode of the REIT Report podcast. He discussed the unique positioning of Hudson Pacific in the REIT sector, with its focus on marquee office and studio properties for tech and media tenants.Coleman shared insights on current trends in the West Coast office market, the impact of AI on real estate, innovative leasing strategies, the effects of new tax incentives on studio demand in California and New York, and the financial improvements Hudson Pacific has made to ensure future growth. During the interview, Coleman observed that West Coast office fundamentals are “absolutely improving,” led by San Francisco, which he described as the “epicenter of AI.” Public safety initiatives in the city have also led to an increase in investment, he noted. 

In a special episode of the REIT Report, sponsored by Deloitte, a Nareit Platinum Industry Partner, Sally Ann Flood, vice chair and U.S. real estate sector leader at Deloitte, shared some of the highlights of Deloitte's 2026 commercial real estate outlook. Deloitte’s survey of more than 850 c-level executives across North America, Europe, and Asia Pacific revealed optimism in the sector, with a sentiment index of 65. This marked a slight pullback from last year’s high of 68, Flood noted, but is still positive. “We're seeing that leaders still see commercial real estate as potentially a safe investment haven, given its performance during similar periods of uncertainty in the past,” Flood said.According to the survey, 75% of global respondents plan to increase their investment levels in real estate over the next 12 to 18 months. Flood noted that as U.S. trade policy continues to be negotiated, and with a major tax bill now signed into law, “our survey shows the United States as the top market for inve

Bill Hughes, managing director, liquid strategies at Digital Bridge Investment Management, joined the latest episode of the REIT Report podcast. He discussed opportunities in listed real estate and REITs for institutional investors, the impact of liquidity on market dynamics, the importance of strategic portfolio construction in relation to interest rates, and more.Hughes noted that now is an “interesting time” for institutional investors to be thinking about their allocation to public real estate, where a number of higher quality assets are trading at material discounts to private market values. He described the public markets as having “a decent number of mispriced and interesting” investments available right now.During the interview he also noted that for DigitalBridge, focusing capital into “idiosyncratic stories within a fairly rich and diverse opportunity set that is the REIT market” provides its investors with exposure to investments that are significantly different from what they can find in the priva

In this episode, Sarah Borchersen-Keto and Uma Moriarity, senior investment strategist at CenterSquare Investment Management, discuss the implications of recent Federal Reserve decisions on interest rates and their impact on REITs and the commercial real estate market. They explore historical trends in REIT performance, current investor sentiment, and the valuation differences between public and private real estate markets. Moriarity shares insights on high conviction property types and strategies for building resilient portfolios amidst economic uncertainty.

Stacey McEvoy, partner at Hogan Lovells, was a guest on the latest episode of the REIT Report podcast. She discussed REIT transaction activity, capital raising, legal and regulatory issues facing the industry, and more. McEvoy noted that REITs demonstrated resilience in the first half of 2025 and pointed out that those REITs that have maintained disciplined balance sheets have been the most successful at navigating market volatility. “I do think the modest positive performance that REITs have experienced during these uncertain times have left them well-positioned to achieve stronger performance in 2026 as the markets stabilize,” she said. McEvoy also said the market is continuing to feel the effects of the high cost of capital from the last couple of years, along with higher cap rates. “And although those have been declining, investor sentiment remains cautious. As a result, transaction volume has been down.” 

Chad Lavender, president of capital Markets for North America at Newmark, was a guest on the latest episode of the REIT Report podcast. Lavender discussed REIT capital market activity today, including solid demand for larger asset portfolios, REIT sectors where capital is being deployed extensively, the anticipated wave of investment in alternative asset classes, and more. Lavender noted that capital market activity for the health care sector, particularly senior housing, has outperformed other asset classes over the past couple of years. Meanwhile, office REITs have also been active on the acquisition front, he noted, with many opting for JV partnerships in the process. Sovereign wealth funds in the Middle East and Asia continue to be active JV partners with REITs, he added. As for interest in alternative assets, Lavender described a “huge wave of investing,” pointing out that the digital infrastructure and data center boom “is a modern day gold rush.”

Earnest Sweat, a tech innovation expert, was a guest on the latest edition of the REIT Report podcast. In the last of a three-part miniseries, Sweat continued to examine the intersection of AI with the REIT sector, focusing on how REITs can evaluate AI pilots, partnerships, and capabilities. Sweat is a venture capitalist and general partner at Stresswood, an early-stage fund focused on backing exceptional founders building the next wave of enterprise technology. During the interview, Sweat discussed critical questions a REIT leader should ask before launching an AI initiative, as well as how REITs can balance the promise of AI with the reality of implementation, and how REIT leaders should effectively communicate the value and purpose of AI initiatives to their teams. 

Craig Ramiro, executive vice president of asset management at Armada Hoffler Properties, Inc. (NYSE: AHH), joined the latest episode of the REIT Report podcast. He discussed the company’s focus on creating value—including repositioning and redevelopment opportunities across the portfolio—as well as the strong demand it sees for its class-A office properties. Ramiro noted that Armada Hoffler is benefitting from the supply-demand imbalance for top office space in the best locations. In Baltimore, for example, where the REIT has 1.6 million square feet of office space, Ramiro pointed to a “pretty astounding” level of corporate relocations. 

Mark Wojteczko, Deloitte’s national real estate funds co-leader, was a guest on the latest episode of Nareit’s REIT Report podcast. He reviewed findings from a recent Deloitte report into the rise of alternative property types and how upcoming changes in corporate leadership could accelerate that trend. “We do believe that the emergence of these alternative property types is going to accelerate in the future and that many next-gen leaders are going to be a big part of that,” Wojteczko said, referring to an anticipated pick-up in c-suite retirements within the next decade. “We believe that the appetite for some of these younger executives to really continue to focus on the alternative property types as an investable universe is significant and something that we're certainly monitoring here.” 

In this special episode of the REIT Report, part of an ongoing series, “Building Resilience,” covering issues facing the REIT industry as it remains focused on investing for the long term, Michael Reed, senior director of building transformation at the New York State Energy Research and Development Authority (NYSERDA), joins Nareit’s Jessica Long, senior vice president of environmental stewardship and sustainability. They discuss the organization’s experience working with the commercial real estate community to advance energy efficiency, delivering benefits to the energy system more broadly, including reliability and resilience.Reed shares how NYSERDA has evolved in the 50 years since it was founded as the state’s atomic energy agency in the 1970s. “The mission of having energy work for, and benefit, New Yorkers, making that energy as reliable and affordable as possible, has not wavered. The challenges as we look towards the future intersect with this conversation on resilience because our climate in New York

Earnest Sweat, a tech innovation expert, was a guest on the latest edition of the REIT Report podcast. In the second of a three-part miniseries, Sweat continued to examine the intersection of AI with the REIT sector, focusing on real world solutions that are transforming the industry. Sweat is a venture capitalist and general partner at Stresswood, an early-stage fund focused on backing exceptional founders building the next wave of enterprise technology. Sweat stressed that AI allows humans “to do what they do best…show empathy, be creative, be influential, and make sales.” At the same time, he underlined the importance of “really thinking about what you are doing today, what is the process, and how could this potential technology improve it,” in addition to setting definitive key performance indicators. 

In this special episode of the REIT Report, part of an ongoing series, “Building Resilience,” covering issues facing the REIT industry as it remains focused on investing for the long term, Deborah Cloutier, chief sustainability officer of Legence and the president and founder of RE Tech Advisors, joins Nareit’s Jessica Long, senior vice president of environmental stewardship and sustainability, to discuss her perspective on the evolution of sustainability as part of strategic planning for building owners. She also looks at the role of data, engineering and skilled trades in advancing ROI-backed solutions that improve efficiency, resilience, and asset value. Cloutier shares how Legence is a leading provider of engineering, consulting, installation, and maintenance services for mission-critical systems in buildings, making them more energy efficient, resilient, and sustainable.