Nareit's REIT Report Podcast

Green Street Managing Director Spenser Glimcher joined the REIT Report podcast to review developments in the self-storage sector, where a key demand driver is coming from consumers facing home affordability challenges and using storage as an extension of their current living space."We are seeing fewer top-of-the-funnel customers for self-storage come from home buying consumers than in the past. Today, more consumers are seeking self-storage due to other life events such as a lack of space,” Glimcher said.On the supply front, Glimcher says current conditions could benefit existing operators. "The quiet supply environment is the silver lining in this sector right now... New supply that came online in the last three to four years has finally been mostly absorbed."Moderated construction activity and rising costs have kept new developments at bay, which is a positive sign for current operators aiming to improve their fundamentals, she noted.Chapters:00:24 Welcome To REIT Report00:42 Demand Drivers Shift02:23 Supply Finally Eases05:06 Regional Supply Patterns06:21 Pricing And Retention07:36 Longer Stays Online09:16 Design Myths And Rents10:49 Why Consolidation Continues13:12 Canada Growth Opportunity14:06 Valuations And Returns15:22 AI Scenarios Wrap Up

Jacob Rowden, research director at JLL, told the REIT Report podcast that a 6.4% increase in U.S. office leasing during the last 12 months reflects an ongoing post-pandemic structural shift as companies realign space requirements with actual headcount.By mid-2025, companies had expanded headcounts by more than 5% from 2019 levels. At the same time, they had cut almost 10% of their office portfolios, Rowden noted. This gap between workforce size and available office space has fueled the current surge in leasing.Rowden said that while certain geographic markets have been more advanced within this recovery, “today we’re at a point where there’s more parity across markets than there has been really at any point in the last six years.”Meanwhile, five consecutive quarters of positive net absorption “gives us a lot of confidence that we've entered a new expansionary cycle. This is not a one quarter or two quarter temporary trend that's potentially going to reverse in the short term. It's something that we're seeing sustained over more than a year now.”Chapters:00:00 AI Hype Reality Check 00:30 Welcome and Guest Intro 00:49 Why Leasing Is Rising 02:35 Which Markets Lead 03:38 Net Absorption Signals 05:18 Inventory Shrinking Conversions 09:49 Trophy Rents Surge 12:05 Is Recovery Durable 13:50 Interest Rates Volatility 17:03 What to Watch Next 19:16 Closing Thanks Subscribe

Mike Moran, managing director, and Audrey Symes, head of research at global organizational consulting firm Jackson Lucas, joined the REIT Report podcast to share insights into the intricacies of c-suite succession and hiring practices in the REIT sector.Internal succession remains the dominant model for REITs, a trend supported by Jackson Lucas’ most recent data. Moran explained the reasons for this preference: internal candidates are already known to the board, they come with valuable institutional knowledge, and promoting from within can motivate existing employees.However, the decision to promote internally often hinges on the company's performance prior to the transition, with boards more inclined to continue current strategy if a company is thriving.Despite the strong trend towards internal hiring, “the interesting part is finding out where companies choose to break from that… these roles that are filled from outside really tell you what the company thinks it needs from the market to go forward,” Symes said.Chapters:00:30 Welcome and Guests00:54 Turnover Trends Overview03:08 When REITs Hire Outside03:59 CFO Hiring Differences04:48 Accounting and Audit Complexity05:49 Tech Leadership and AI07:09 Company by Company Variation08:04 Building the Talent Bench09:11 Where Talent Is Tight09:53 Final Takeaways and Wrap

Carrie Szarzynski, executive managing director,at Hiffman National, joined a sponsored episode of the REIT Report podcast to discuss how property management can operate as a vital profit center to create growth in today's market.Hiffman National is one of the nation’s largest independent commercial real estate property management firms, providing institutional and private clients with customized solutions for property management, project management, property accounting, lease administration, marketing, and research.Operational excellence has emerged as a critical factor in dictating performance across various property types, Szarzynski notes, and stresses the importance of managing assets thoughtfully, moving beyond merely collecting rent. "It's about thinking like an asset manager."This approach includes identifying low-cost improvements that enhance tenant satisfaction and engagement. For instance, she recounts a successful case where Hiffman National helped a client identify adjustments that quadrupled their initial expectations without impacting tenant experience.In today's high-mobility environment, retaining tenants is more crucial than ever. Szarzynski points out that tenants are more inclined to stay put if they feel valued and heard. "It's that manager touch that makes all the difference."

Deloitte’s Brian Ruben, global real estate audit and assurance leader, and Kevin Richards, U.S. financial services industry leader, joined an in-person episode of the REIT Report podcast at the New York Stock Exchange on Oct. 8.Speaking ahead of the third annual NYSE Deloitte Nareit REIT Board Member Forum, Ruben and Richards highlighted the critical role of boards today, focusing on capital allocation, risk management, and strategic planning amidst changing market conditions. They shared insights on governance, AI/technology, and leadership development to help boards navigate complex challenges.Richards underscored that while capital is “very much available, it is selective.” He highlighted the essential role of REIT boards in advising on capital allocation strategies and noted that boards need to weigh several considerations in today's changing environment, including cost allocation, asset management, and partnership.Meanwhile, Ruben advised against relying on broad labels for portfolio classification. He urged boards to focus on the specifics of each portfolio, looking closely at the drivers of demand and geographic concentration. 

Kurt Yinger, senior vice president at D.A .Davidson, joined the REIT Report podcast to review the timberland REIT sector, which he described as offering an “attractive blend of defensive and offensive” characteristics amid an uncertain macro backdrop.“We like the timber REITs. It's been a frustrating one for investors, but I don't think we should just necessarily toss it aside because of some of the cyclical pressures that we see today,” Yinger said.He pointed to downside protection and relative outperformance potential for the sector “in kind of a lackluster housing environment.” At the same time, lumber and wood products, he noted, are exiting a trough.Chapters:Lumber Profitability Turning 0:00Show Intro and Guest 0:25Industry Consolidation and Scale 0:46More Consolidation Ahead 2:32Timber Supply Demand Basics 2:55Housing Rates and Recovery 5:15Repair Remodel Demand Check 7:51Climate Solutions and HBU 8:57Closing the Valuation Gap 11:38Commodity Versus Real Estate 14:34Federal Forest Harvest Plans 15:40Why Buy Timber REITs Now 17:57Wrap Up and Subscribe 19:41

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 Era01:49 REIT Market in 200102:35 Why REITs Were Ignored04:30 Dot Com and 9/11 Backdrop04:59 Mutual Fund Misconception06:51 Winning Over S&P10:31 Allies and Strategy13:47 The Decision Call15:21 Investor and CEO Reactions17:27 Liquidity and Valuation Boost19:16 25 Years of Change20:59 Surprises and Milestones22:39 From Wall Street to Med24:15 Biotech and Drug Approval26:44 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 Outlook00:23 Meet Noah Springer00:51 Mentorship And Continuity02:49 Bench Strength Culture03:14 Fundamentals And Guidance05:14 Retention And Pricing05:39 Acquisitions Capital Playbook07:22 Third Party Platform Growth08:22 What Makes Partnerships Work09:31 Competitive Edge Scale Data10:47 Tech Culture And AI11:43 Fragmentation And Consolidation12:24 Industry Changes Ahead12:55 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 Snapshot00:22 Meet the Host and Guest00:43 What Changed Since January02:28 Bond Yields and Valuation Cushion03:23 High Growth Sector Picks05:23 Is There Still Upside06:02 Apartments and Office Discounts08:08 Balance Sheets and Deal Activity09:02 US Versus Global Allocation09:57 Volatility as an Advantage11:00 Cycle Trough and Closing Takeaways12:12 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 Attractive00:35 Welcome and Guest Intro01:02 Macro Outlook Next 24 Months05:35 M&A Surge Explained07:50 Will Deals Keep Coming08:50 Top Sector Picks Now12:54 Data Center Moratorium Risks16:42 Life Sciences and AI Rebound24:23 Closing Takeaways