Advertise on podcast: Nareit's REIT Report Podcast

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

Mike Acton, head of research and strategy at AEW, told the REIT Report podcast that with interest rates remaining high, and likely to stay that way for some time to come, the next couple of years for real estate are going to be all about income growth. That income growth is going to be generated through fundamental property investment and asset management, Acton said. That involves picking the right property in the right location, controlling expenses, keeping it occupied, being smart about capex, and having the discipline to sell it when it's time, he noted. “These are all sort of old school real estate skill characteristics. That's what's going to be rewarded in the marketplace over the next handful of years. It's not going to be taking risk and hoping for yield compression. It's going to be growing income the old-fashioned way,” Acton said. Acton also said that this is a good entry point into the market, with yields the highest they've been in at least a decade and most assets trading below physical replacement cost. “Those are great entry point signals but it's not broad based,” he noted. Today, it’s very much a sector, location, and property-specific market, he stressed. Chapters:  00:00 Back to Basics Investing 00:58 Macro Forces and Rates 02:05 Why Now Is Entry Point 02:59 Income Driven Returns 04:26 Supply and Construction Reset 05:05 Adaptive Reuse Reality Check 05:52 Transactions Tell Truth 06:42 Sector Winners and Activity 07:11 Senior Housing Boom 08:40 Affordability Challenge 09:30 Second Half Themes 10:12 Old School Asset Management 11:13 Closing Thoughts and Wrap

Rich Hill, Global Head of Research and Strategy at Principal Asset Management, told the REIT Report podcast that the REIT market’s transition from recovery into expansion is an important signal that indicates the path forward for the broader commercial real estate market. REIT gains so far in 2026 indicate that “predictable earnings and income-driven total returns are becoming more attractive again. That's been out of favor for the past several years, but it seems to be a little bit more in vogue right now,” Hill said. Hill stressed that dispersion in returns is a continuing theme in the CRE market and “investors are going to have to recognize that this cycle is really about picking the right property types in the right markets…this is a cycle for selectivity, this is not a cycle where you can play broad-based mega themes.” Hill said the current cycle should also be viewed through a longer-term lens. Market expansions, he explained, usually last around 12 years. “Why do they last so long? It's just not about price returns, it's also about underappreciated income returns. We think this is actually a really interesting cycle. If you think you've missed the bottom, you haven't. This is going to play out for a long period of time.”

Nareit Senior Vice President for Research Ed Pierzak joined the REIT Report podcast to review key themes of Nareit’s 2026 mid-year update. He noted that REITs have maintained their outperformance so far this year, with all but two sectors posting gains, and pointed to “really strong momentum” for REITs not only for the remainder of 2026, but beyond. Pierzak noted that often when REITs outperform early in the year, they tend to best broad equity market performance through the remainder of the year—barring any unexpected shocks. As for REIT sectors, he noted that data centers have been one of the top performers so far this year, after they were one of the worst performers in 2025. Taking the top spot this year to date is lodging and resorts, fueled by very strong leisure and business travel demand, Pierzak said. Elsewhere in the podcast, Pierzak discussed the valuation divergence seen between REITs and the broader equity market, as well as private real estate, and the potential for outperformance when that gap closes. He also commented on REIT M&A trends, as well as how REITs are increasingly being used to complement existing investment portfolios. 0:00 — Why REITs Now 0:21 — Welcome and Guest Intro 0:40 — 2026 Performance in Context 1:58 — Sector Winners and Losers 3:13 — REITs vs Equity Valuations 4:07 — Public vs Private Pricing Gap 5:41 — What Divergence Means 6:17 — M&A and Industry Consolidation 7:15 — Capital Access and Financing 8:10 — Outlook for Rest of 2026 9:07 — Wrap Up and Subscribe

Dave Bragg, CFO at UDR, Inc. (NYSE: UDR), joined the REIT Report podcast to discuss the multifamily REIT’s decision to adopt a monthly dividend, its strategic focus on operational excellence, and the current state of the multifamily real estate market.  Bragg noted that adopting a monthly dividend reflects the REIT’s efforts to seek new and different sources of capital, including individual investors. Through a range of education efforts, UDR is looking to showcase its “50-year history of about $9 billion of dividends paid,” and a healthy dividend yield today that has been characterized by “stability and growth over time.” UDR is also increasingly applying a data-driven approach to capital allocation, according to Bragg. “It's a very collaborative process that has informed our dispositions and our share buybacks, which have been a focus so far this year,” he said.

Brendan Lynch, co-head of U.S. equity REIT research at Barclays, discussed data center REITs on the latest REIT Report episode, noting that the sector is rebounding as enterprise AI demand accelerates, leasing pipelines grow, and investors seek more direct exposure. Lynch said the recent Blackstone Digital Infrastructure Trust (NYSE: BXDC) IPO shows “there are investors who are looking for a specific type of exposure,” in the data center sector, notably stabilized assets. Meanwhile, record demand should support revenue growth, margin expansion, and cash flow growth as operators scale, he said. Development yields have improved from 6% to 7% in 2021–2022 to low double digits and, in some cases, the mid-teens, although customers’ ability to self-build limits the upside. Power remains a key constraint, Lynch observed, but operators are getting more creative through retrofits, grid solutions, and behind-the-meter options. On regulatory pushback, “a lot of the things that are the cause of NIMBYism, I think, are misunderstandings about how data centers can fit into a given environment," he said. Chapters:    00:00 AI CapEx Runway 00:39 Welcome to REIT Report 00:58 Data Center REIT Comeback 02:39 Leasing Pipelines Growth 03:08 Development Yields Shift 04:28 Power Constraints Markets 05:38 Creative Power Solutions 06:06 NIMBY Pushback Regulation 07:41 Winners Ecosystem Pricing 08:49 Is Now Good Entry 09:53 Data Centers in Space 10:53 Wrap Up Subscribe

David Bujnicki, senior vice president of investor relations and strategy at Kimco Realty(NYSE: KIM), joined the REIT Report podcast to discuss the significant changes that have occurred across the investor relations landscape. The importance of understanding your audience, leveraging technology, educating and managing expectations, and soliciting feedback were among the main themes addressed. Bujnicki described how the focus of investor relations has shifted from net asset value and portfolio management to earnings growth and how companies are managing their cost of capital. He attributed this to the continued rise of passive investors and hedge funds that are more short-term focused. He emphasized the importance of adapting IR strategies to cater to the evolving needs of these investors. Furthermore, educating investors on operational fundamentals has become crucial, Bujnicki said. He noted that while Kimco's operating fundamentals are at their best, it is essential to help investors understand why earnings growth may not always reflect that reality. Informing investors about the longer timelines involved in real estate transactions can help manage these expectations more effectively, he noted. Chapters:  00:00 Flexible Disclosures 00:28 Welcome to REIT Report 00:53 IR Changes Decade 01:25 From NAV to Earnings 03:32 Educating Investors Today 05:25 Capital Allocation Levers 06:39 Staying Long Term 08:06 Pivoting in Crises 08:44 AI in Investor Relations 10:57 Investor Feedback Loop 12:59 Future IR Priorities 14:12 Symposium Takeaways 15:58 Closing Thanks

Jay Johnson, CFO and treasurer at Lamar Advertising Company (Nasdaq: LAMR), joined the REIT Report podcast to discuss the state of out-of-home (OOH) advertising, where Lamar sees new growth potential, the importance of serving local as well as national clients, the growing share of digital advertising, the enduring appeal of traditional billboard formats, and more.  Founded in 1902, Lamar has been publicly traded for nearly 30 years and transitioned to a REIT 12 years ago. The company’s longevity is rooted in the ability to remain relevant to clients as the business has evolved from traditional billboards to digital and programmatic advertising, Johnson noted. Johnson described OOH advertising today as well positioned, with national advertising improving and new categories like pharmaceuticals opening meaningful opportunities. “It’s a great time to be in out-of-home,” he said, noting that even a small share of pharma ad spending could be significant for Lamar.  Chapters:  00:00 Digital vs Static Reality 00:28 Welcome to The REIT Report 00:56 Lamar Longevity and Evolution 02:18 Out of Home Market Tailwinds 03:06 New Verticals Pharma and AI 04:33 Footprint and Economic Signals 05:30 Digital Conversion Strategy 07:11 Local Sales Engine 08:16 Top Local Advertiser Verticals 09:12 SEC Reporting Debate 10:17 Three Competitive Pillars 12:26 Scale Performance and Wrap Up

Jonathan Keith, managing director at Deloitte & Touche LLP, joined the REIT Report podcast to discuss how, as commercial real estate M&A activity evolves, investors must remain agile and informed. By understanding market trends, focusing on sector-specific opportunities, and considering geographical dynamics, stakeholders can position themselves for success, he said. “It's tough to anticipate what's going to happen with interest rates. It's tough to anticipate what's going to happen geopolitically. But if you have access to capital and have your strategy in place, you can be nimble and pounce at the right time to make a deal when the right factors line up,” Keith said. Keith noted that in 2025, global commercial real estate M&A deal value fell 57% year-on-year as volume count dropped over 70%, with deals in the United States averaging about $300 million. For 2026, caution remains, with activity centered on sectors including data centers, multifamily, and industrial. Chapters 00:18 Welcome And Guest Intro 00:40 2025 Deal Activity Recap 01:20 2026 Outlook And Hot Sectors 02:03 Data Centers Power And Deal Structures 03:44 Where Data Centers Are Growing 04:29 Office Sector Winners And Losers 05:50 Residential Markets By Region 07:37 Single Family Rentals Policy Watch 08:47 Platform Consolidation And Vertical Integration 10:04 How Investors Can Prepare 10:59 Office To Residential Conversion Wrap Up