The Future of Cap Rate Compression in the Sector

Spencer: I think five years from now, if you just look at the macro landscape and five years as we've learned is a hell of a long time, I think cap rates are going to be materially lower in our sector. To me, that's the long-term trend. It's the force of capital, not just institutional capital, but effectively retirement capital from around the industrialized world. And this is a perfect maelstrom to provide current income.