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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 Report 00:42 Demand Drivers Shift 02:23 Supply Finally Eases 05:06 Regional Supply Patterns 06:21 Pricing And Retention 07:36 Longer Stays Online 09:16 Design Myths And Rents 10:49 Why Consolidation Continues 13:12 Canada Growth Opportunity 14:06 Valuations And Returns 15:22 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 Guests 00:54 Turnover Trends Overview 03:08 When REITs Hire Outside 03:59 CFO Hiring Differences 04:48 Accounting and Audit Complexity 05:49 Tech Leadership and AI 07:09 Company by Company Variation 08:04 Building the Talent Bench 09:11 Where Talent Is Tight 09:53 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 0:00 Show Intro and Guest 0:25 Industry Consolidation and Scale 0:46 More Consolidation Ahead 2:32 Timber Supply Demand Basics 2:55 Housing Rates and Recovery 5:15 Repair Remodel Demand Check 7:51 Climate Solutions and HBU 8:57 Closing the Valuation Gap 11:38 Commodity Versus Real Estate 14:34 Federal Forest Harvest Plans 15:40 Why Buy Timber REITs Now 17:57 Wrap 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 Era 01:49 REIT Market in 2001 02:35 Why REITs Were Ignored 04:30 Dot Com and 9/11 Backdrop 04:59 Mutual Fund Misconception 06:51 Winning Over S&P 10:31 Allies and Strategy 13:47 The Decision Call 15:21 Investor and CEO Reactions 17:27 Liquidity and Valuation Boost 19:16 25 Years of Change 20:59 Surprises and Milestones 22:39 From Wall Street to Med 24:15 Biotech and Drug Approval 26:44 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 Outlook 00:23 Meet Noah Springer 00:51 Mentorship And Continuity 02:49 Bench Strength Culture 03:14 Fundamentals And Guidance 05:14 Retention And Pricing 05:39 Acquisitions Capital Playbook 07:22 Third Party Platform Growth 08:22 What Makes Partnerships Work 09:31 Competitive Edge Scale Data 10:47 Tech Culture And AI 11:43 Fragmentation And Consolidation 12:24 Industry Changes Ahead 12:55 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 Snapshot 00:22 Meet the Host and Guest 00:43 What Changed Since January 02:28 Bond Yields and Valuation Cushion 03:23 High Growth Sector Picks 05:23 Is There Still Upside 06:02 Apartments and Office Discounts 08:08 Balance Sheets and Deal Activity 09:02 US Versus Global Allocation 09:57 Volatility as an Advantage 11:00 Cycle Trough and Closing Takeaways 12:12 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 Attractive 00:35 Welcome and Guest Intro 01:02 Macro Outlook Next 24 Months 05:35 M&A Surge Explained 07:50 Will Deals Keep Coming 08:50 Top Sector Picks Now 12:54 Data Center Moratorium Risks 16:42 Life Sciences and AI Rebound 24:23 Closing Takeaways

Dave Rodgers, managing director at Raymond James Equity Research, joined the REIT Report podcast to discuss the outlook for health care REITs, noting that the sector—and senior housing in particular—is one of the most attractive areas for investment across the REIT industry today. A large and wealthy older generation, and limited supply, provide a “really good runway for strong organic growth” in senior housing, marked by rent growth and margin expansion, Rodgers said. Over the next decade, “we don't think it's a stretch to think that maybe this business can grow at 10% annually,” he added. Senior housing occupancy nationwide is around 90% today, Rodgers pointed out. He noted that older, wealthy individuals considering senior housing options are more interested in the lifestyle component than ever before. “They really want to benefit from living in one of these facilities.” At the same time, enhanced technology is improving the resident experience and reducing labor intensity in operations. Chapters:  00:36 Healthcare REIT Breakdown 01:14 Senior Housing Demand Surge 02:42 How Senior Living Evolved 04:53 Mid Market Supply Question 06:12 Labor Costs And Margins 07:27 Skilled Nursing And Medical Office 09:29 Life Science Recovery Check 10:50 Where Deals Are Happening 13:25 Risks Next Two Years 15:12 Final Investment Takeaways

Sigrid Zialcita, CEO of the Asia Pacific Real Assets Association (APREA), joined the REIT Report during Nareit's REITweek: 2026 Investor Conference in New York earlier this summer to highlight the long-term investment opportunities in both developed and emerging markets in the Asia Pacific region. Zialcita described a "balanced opportunity set across Asia Pacific. There's something for everyone in terms of opportunities.”  Zialcita pointed to emerging markets, including India, and parts of Southeast Asia, where the growth outlook is still quite positive. “They're going be driving the economic growth in Asia Pacific and that bodes well for real estate,” she said. Investors can leverage the continued urbanization in those markets, she added. Developed markets such as Japan, Australia, and Singapore are also positioned to be core allocations for many global investors, and that will continue to be the case going forward, Zialcita said. Meanwhile, China can be a significant long-term opportunity for many, according to Zialcita. APREA is very positive about developments in China, she noted, based on the country’s willingness to amend regulations to ensure they are conducive to the growth of REITs Chapters:  00:53 Welcome to REIT Report 01:34 How REITs Transformed APAC 02:51 What Counts as Core 04:13 Developed vs Emerging Markets 07:14 Geopolitics and Supply Chains 09:53 REIT Performance in 2026 16:08 China REITs Expansion 17:31 Public vs Private Valuations 20:06 Climate Resilience and Green Premium 26:33 Where Capital Flows Next 28:39 Educating Investors on REITs 31:16 Decade Outlook and Closing

Brian Finnegan, CEO of Brixmor Property Group Inc. (NYSE: BRX), joined the REIT Report podcast to highlight the positive environment for open-air retail—supported by consumer resilience and strong tenant performance—and the REIT’s ongoing efforts to reposition assets to capitalize on those favorable conditions. Finnegan has served as president and CEO since January and has held a range of positions since joining a predecessor of Brixmor in 2004. Second quarter results showed continued operational strength at Brixmor, with small shop occupancy hitting a new record. “I think the success that you're seeing in small shops is really the fact that consumers are just demanding more of the suburbs…they're demanding higher levels of restaurant, of service uses, and we see that across our portfolio… that consumer demand is leading to us being able to attract great operators at our shopping centers,” Finnegan said. Elevated brands including Sephora, Warby Parker, Williams Sonoma, and Pottery Barn  recognize the traffic that high-quality food and beverage and service “are bringing to complement great anchors at our shopping centers. And we've been a big beneficiary of that,” Finnegan pointed out. Last month, visits to Brixmor centers rose almost 4%, Finnegan said. Retailers are noting the resiliency of the consumer, even if consumers are trading down a little in terms of what they ultimately purchase. At the same time, a focus on value helps Brixmor’s off-price tenants including TJX, Burlington, and Ross Stores, he added. Chapters:    00:00 Elevated Brands Arrive 00:26 Welcome and Guest Intro 00:57 Honoring Jim Taylor 01:49 Brian’s Path to CEO 03:01 Q2 Results and Occupancy 04:25 Small Shop Resilience 06:01 Hybrid Work Tailwinds 06:59 Consumer Trends and Value 09:10 Tenant Mix and Grocers 10:09 Site Priorities and Outparcels 11:28 Capital Allocation Playbook 13:44 Market Expansion Strategy 14:44 How Brixmor Uses AI 16:13 Community Commitment 17:41 What Excites Brian Next 19:10 ICSC Foundation Goals 20:28 Closing and Subscribe

Barry Jonas, managing director at Truist Securities, joined the REIT Report to discuss the gaming REIT sector, highlighting its acceptance as an asset class that provides a safe, secure rental stream He noted that when the sector first emerged about 10-15 years ago, “it was seen as an orphan and really misunderstood. But as time has moved on, we are really seeing buy-in from the REIT community.” Investors understand that gaming REITs are “a very safe, durable stream of rent that has tenants who are sizable, most of them are public, audited, and have at this point not seen any major defaults or lack of payments made,” he said. In an environment of macro uncertainty and a K-shaped economic recovery, the sector has still seen low single-digit increases in gaming revenues, Jonas said. “Consumers generally want to go have fun, let off some steam, and go to a casino,” he added. Chapters: 00:00 Gaming REITs Resilience 00:23 Welcome to REIT Report 00:41 How Gaming REITs Work 02:08 Tenant Strength and Coverage 03:38 Where Casinos Are Located 04:59 Fundamentals and Growth Outlook 07:40 Deal Flow and Sale Leasebacks 09:16 Investor Appetite and Valuations 10:26 Online Betting Cannibalization 14:03 Future Growth Drivers

Randy Moss, industry principal at Yardi, joined the REIT Report podcast to discuss the relationship between regulatory changes, rising energy costs, and net asset value (NAV), as well as how improving energy and utility data quality can reduce risk and support stronger REIT valuations. Yardi is a Nareit Real Estate Sustainability Partner. When evaluating potential real estate investments, cash flows often take center stage, Moss noted. Investors are increasingly looking for properties that not only have robust cash flows but also incorporate efficiency improvements. Enhancements that boost property efficiency can lead to maximized rents per square foot and higher occupancy rates, ultimately contributing to a more favorable NAV. Moss discussed how recent regulatory trends have introduced new challenges for real estate investors. Building performance standards (BPS) have emerged, mandating that owners meet specific energy and greenhouse gas emissions caps. As these regulations evolve, they come with significant penalties for non-compliance, impacting long-term cash flows dramatically. New York City’s Local Law 97 sets stringent limits on emissions and requires reporting based on historical data. With nearly 27,000 buildings affected, compliance is a critical factor in maintaining property value and investment viability. Chapters:  00:50 Meet The Guests  01:24 How Investors Value Buildings  02:22 New Risks To NAV  02:55 Building Performance Standards  04:10 Local Law 97 Fines  05:40 Compliance Keeps Tightening  06:50 Why Data Quality Matters  08:22 AI With Human Oversight  10:50 Why Power Prices Rise  13:34 Future Policy Uncertainty  14:56 Mitigating Energy Cost Risk  18:08 BPS Lease And Tracking Tips  20:48 Bring In Leadership  22:49 Wrap Up And Subscribe