Nareit's REIT Report Podcast

Mike Acton, Head of Research and Strategy for North America at AEW, shares invaluable insights into the commercial real estate landscape. He explains how current valuations are driven by supply dynamics rather than recession fears, presenting a prime investment opportunity. Acton urges smaller investors to reconsider their portfolios, as leading institutional players are heavily invested in real estate. He also discusses potential M&A activity in distressed sectors, emphasizing the need for a focus on income growth amidst elevated tech valuations.

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. 

Sally Ann Flood, Vice Chair and U.S. Real Estate Sector Leader at Deloitte, shares vital insights from Deloitte's 2026 Commercial Real Estate Outlook. With an optimistic sentiment index of 65, she reveals that 75% of global executives plan to boost their real estate investments. Flood highlights key sectors like data centers and logistics, discusses capital market dynamics, and explores AI's growing role in the industry. She emphasizes the U.S. as a top investment destination, driven by strategic partnerships and evolving tax policies.