Episodios
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In this episode of the REIT Report special series âBuilding to Zero,â Duane Desiderio, senior vice president at the Real Estate Roundtable (RER) shares a recently released 20-point policy guide which outlines lessons learned from the building owner perspective over the past seven years since the first building performance standard was implemented in 2017.
Since Local Law 97 was passed by the City Council in New York City as part of the Climate Mobilization Act in April 2019, commercial building owners in the United States have experienced the rise in regulations know as Building Performance Standards (BPS), which are intended to regulate the use of energy in existing buildings. Buildings owners are currently navigating a patchwork of law with various rules, processes, and compliance pathways in cities and states across the county.
âA good way to start the conversation is by drawing a bit of a contrast to the climate and energy policies on buildings that we've seen come from the federal level, where the emphasis has been on carrots not sticks, incentives to encourage buildings to push the envelope to reduce emissions to become more efficient. At the state and local level unlike the federal level, these BEPS laws would impose mandatory limits on buildings to either reduce their energy by certain amounts every year or to reduce their carbon emissions every year or in some cases both.â
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Sally Ann Flood, vice chair and U.S. real estate sector leader at Deloitte, was a guest on the latest episode of Nareitâs REIT Report podcast. She reviewed highlights of the firmâs 2025 commercial real estate outlook, which indicates that next year could be a potential turning point for the sector.
âAfter two consecutive years where most survey respondents expected revenue declines, this year 88% of global respondents now report they expect revenues to increase going forward,â Flood said.
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Jacob Rowden, senior manager for U.S. office research at JLL, was a guest on the latest episode of Nareitâs REIT Report podcast. He noted that within the last year, a top-down recovery has been evident in the office sector that is now beginning to spill over more broadly.
Rowden noted that factors supporting a more positive direction for the sector include employees spending more time in the office, a lack of new construction, and a record volume of office inventory being removed for conversions or redevelopments to other property types.
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Jeremy Banoff, vice chairman of Ferguson Partners and co-leader of the firmâs Compensation Consulting group, was a guest on the latest episode of the Nareit REIT Report podcast. Banoff discussed some of the key findings from the 2024 Nareit Compensation & Benefits survey, which is conducted by Ferguson Partners and sponsored by Nareit.
The participation rate for this yearâs survey represents approximately 72% of the U.S. listed equity REIT industryâs total market capitalization.
This yearâs survey showed a slight downward shift in voluntary turnover levels. Banoff explained that in the past few years, the baseline has been relatively higher, with âthe pendulum tilted toward employees.â Thatâs now started to stabilize, with the pendulum swinging back toward employers, he said, although ânot all the way.â
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Brandon Pizzola, economist in EYâs Quantitative Economics and Statistics (QUEST) practice, was a guest on the latest episode of Nareitâs REIT Report podcast. Nareit commissioned EY to estimate the economic contribution of U.S. REITs in 2023, the most recent year of complete information. The data showed that REITs supported an estimated 3.5 million full-time equivalent (FTE) jobs and $278 billion of labor income.
âThe one thing to flag is that REITs continue to grow,â Pizzola said. He pointed out that in 2021, the economic footprint of REITs was 3.2 million FTE jobs, with that number growing to 3.4 million in 2022, before rising again in 2023. The data encompasses public listed, public non-listed, and private REITs.
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Todd Kellenberger, REIT client portfolio manager at Principal Asset Management, was a guest on the latest episode of Nareitâs REIT Report podcast. Kellenberger discussed how REITs are likely to perform amid either an economic soft landing or mild recession, as well as the impact of lower interest rates on the sector.
âThe general trajectory of where markets are headed is favorable for real estate,â Kellenberger said. He noted that the Federal Reserve is seeking to ease monetary conditions to avoid an economic hard landing, âand that will importantly bring down the cost of capital for real estate and likely bring a recovery to property values.â
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Mike Acton, head of research at AEW Capital Management, was a guest on the latest episode of Nareitâs REIT Report podcast.
Acton discussed the broader macro backdrop for commercial real estate. While markets are excited about the prospect of interest rate cuts, that sentiment is set against concern about potential recession and possible policy changes after the election. âIt's a little bit of a mixed bag as far as the broader outlook goes.â
During the interview, Acton also noted that at this stage, most investors have rebalanced their portfolios along property sector lines. Going forward, it's likely going to be less about what specific property sectors investors are targeting and probably a lot more about the quality of the individual properties and locations. âMicro locations are becoming much, much more important in the investment decision than say market decisions,â he said.
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Jeff Edison, chairman and CEO of Phillips Edison & Company, Inc. (Nasdaq: PECO), and James Corl, head of the private real estate group at Cohen & Steers, were guests on the latest episode of the Nareit REIT Report podcast.
PECO and Cohen & Steers Income Opportunities REIT, Inc. (CNSREIT) have formed a joint venture focused on acquiring open-air grocery-anchored shopping centers. The joint venture is 80% owned by CNSREIT and 20% by PECO and is targeting $300 million in equity. In the interview, Edison and Corl discuss the clear benefits they see from their partnership, their shared perspectives on what makes a strong investment in the sector, and the outlook for future growth.
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Brendan Cooper and Jared Morris, directors at Teacher Retirement System of Texas (TRS), joined the latest episode of Nareitâs REIT Report podcast to discuss how TRS tactically invested in REITs during a period of public and private real estate valuation divergence.
In 2022, the TRS Strategic Property REIT Execution and Delivery (SPREAD) team were monitoring a sell-off in public REITs and were ready to take action. One quarter of TRSâs total $400 million commitment was initially invested in December 2022, half was deployed in March 2023, and the remaining quarter was invested in October 2023. During that period, the internal rate of return achieved by TRS was 17.1%.
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Colin Trovato, portfolio manager at Ranger Global Real Estate Advisors, was a guest on the latest episode of Nareitâs REIT Report podcast. Trovato discussed housing trends and the role of the single family rental (SFR) sector in helping to alleviate the shortage of supply.
Trovato discussed the impact of rising interest rates on home ownership and the demand for SFRs. Higher rates since 2022 have increased home buying costs and reduced housing inventory, as many current homeowners are reluctant to move due to their favorable mortgage rates. This scarcity has boosted demand for SFRs, making renting more attractive compared to buying.
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Ashley Fox, CEO and founder of Empify and the WealthBuilders Community App, was a guest on the latest episode of Nareitâs REIT Report podcast. She spoke about the efforts Empify has undertaken to educate individuals with limited funds and investment experience, enabling them to build a financial foundation and begin building wealth.
Fox left a career on Wall Street in 2013 and set out to âfinancially empower the 99% that Wall Street often overlooks.â She created Empify with a goal to become the middleman between financial institutions and the everyday person, âbecause I understood the language of Wall Street, but I also understood the language in the hearts and minds of both adults and children and Empify bridges that gap.â
Empify has launched over 10,000 brand new investors, Fox said, adding that members of the WealthBuilders Community App have invested over $650,000 in REITs. She noted that a key takeway from Empifyâs five-week REIT Investing Accelerator program is the extent to which REIT-owned properties are a consistent feature of investorsâ everyday lives.
This episode is supported by LoopNet. -
In this episode of the REIT Report special series âBuilding to Zero,â the U.S. Green Building Councilâs Heather Payson and Wes Sullens share their perspectives on the building sectorâs sustainability journey and the path forward for decarbonizing commercial real estate.
When USGBC was founded over 30 years ago and the first version of LEED was released, it established a clear and understandable framework to measure and define âgreen buildings.â Today, LEED has become a widely used rating system around the globe and, as a recognized indicator of leadership, has become an indispensable resource for the buildings community at large.
âThere's just so much going on in this space, and the urgency is greater than ever. We have to balance the urgency of what the market needs with what's possible. While things like policy help establish a floorâŠ. it's become even more challenging to [define] what leadership means in these times,â shares Wes Sullens, LEED Fellow and Director at USGBC. âWe use our group of volunteers and experts⊠that help us write our rating system. It's not something we cook up in a vacuum, the idea is to make sure LEED is that consensus standard for leadership, which I think is a unique place in the market.â
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Ranjini Venkatesan, vice president and senior credit officer at Moodyâs Ratings, was a guest on the latest episode of the Nareit REIT Report podcast.
Venkatesan discussed how capital investment levels have been high for both Digital Realty (NYSE: DLR) and Equinix, Inc . (Nasdaq: EQIX), and are expected to remain so.
âOver the last three years, annual investment by Digital Realty and Equinix averaged 5.5 % of their gross asset base, which is high,â she said. Both REITs have demonstrated the ability to raise capital at healthy pricing through different credit cycles and with strong leasing execution for the properties being built, she added.
This episode is supported by LoopNet. -
Scott Stubbs, executive vice president and CFO of Extra Space Storage Inc . (NYSE: EXR), joined the latest episode of Nareitâs REIT Report podcast. During the interview, Stubbs reflected on professional and personal accomplishments and challenges surrounding the REITâs 2004 IPO and discussed further growth opportunities ahead.
August marks the 20th anniversary of the Extra Space IPO. Stubbs noted that in 2004, self-storage was not considered a core asset class for a real estate investor.
âWe were a bit of an outlier at the time and there were still some negative connotations about self-storage. I think that it did take some time to help people understand that self-storage is a great asset class. It's very stable. It is institutional,â Stubbs said.
This episode is supported by LoopNet. -
Dominique Moerenhout, CEO of EPRA, the European Public Real Estate Association, was a guest on the latest edition of Nareitâs REIT Report podcast.
Moerenhout discussed political changes underway in Europe and the U.K. today and their impact on listed real estate. He noted that the EU's new competitiveness focus will create a more business-friendly environment, while the U.K. Labour partyâs proactive policies and commitment to a new industrial strategy are âvery welcome.â At the same time, political uncertainty in France following recent elections poses âsignificant risks,â he said.
âInvestors will need to navigate these varied landscapes carefully, balancing their opportunities with the potential changes ahead. The return to, in my view, a normal real estate transactions market will probably take more time than initially anticipated or hoped for,â Moerenhout said.
This episode is supported by LoopNet. -
Chad Tredway, managing director and head of real estate Americas at J.P. Morgan Asset Management, was a guest on the latest episode of the REIT Report podcast.
Tredway said the current environment represents âthe best buying opportunityâ for commercial real estate. Fundamentals are strong and investors are in a position to purchase assets at a 10% to 30% discount compared with pre-2022 levels, âwhich represents an amazing return.â
âNow is a great entry point for those that have capital. And we also see hope on the horizon as we believe rates will come down...we think it's a great time to think about long-term investment in this space and we do believe in real estate as a long-term anchor for portfolios,â Tredway said.
This episode is supported by LoopNet. -
David Bonser, global managing partner of the corporate practice and global co-head of the REIT practice at Hogan Lovells, was a guest on the latest episode of the Nareit REIT Report.
Bonser discussed the current state of the capital markets for REITs and the most popular methods for raising capital.
âYou are seeing people lock in to raise debt capital because they've held off for a couple of years, and you do need to get your debt balance sheet in order, so we're seeing a lot of activity there,â Bonser said.
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In this episode of the REIT Report special series âBuilding to Zero,â Bryn Baker from the Clean Energy Buyers Association (CEBA) discusses how energy customers are a powerful voice for modernizing the power system that underpins economic growth and development.
The Clean Energy Buyers Association (CEBA) represents members with about $15 trillion in market cap. That's about 400 members who collectively are a community of commercial, industrial, and institutional energy buyers. In this episode, Baker discusses how energy customers drive demand and how CEBA is focused on addressing barriers to energy supply challenges that hold back the demand for clean energy.
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Brian Klinksiek, LaSalleâs global head of research and strategy, was a guest on the latest edition of the Nareit REIT Report podcast.
Klinksiek said REITs are in a position to play a consolidator role in the market, given their access to capital, improving valuations, and operational advantages.
âWe've been framing the outlook for REITs as, are we at the dawn of the next REIT golden era? We think the answer is probably yes,â Klinksiek said.
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John Worth, Nareit executive vice president, research and investor outreach, was a guest on the latest episode of the REIT Report.
Worth discussed some of the key features of Nareitâs newly-published 2024 Mid-Year Report.
Worth noted that despite REITs underperforming the broader stock market this year, they remain able to navigate the current period of higher interest rates.
âREITsâ operational performance has been very solid. We've continued to see high occupancy rates in the major property types and we've seen positive NOI and FFO growth. We're also seeing the continuation of really disciplined balance sheets,â Worth said.
2024 REIT Mid-Year Report: https://www.reit.com/news/blog/market-commentary/2024-midyear-reit-key-themes - Mostrar más
