Allan Swaringen, president & CEO of JLL Income Property Trust, was a guest on the latest edition of the Nareit REIT Report podcast.
JLL Income Property Trust is a perpetual life, daily NAV REIT that is advised by LaSalle Investment Management and sponsored by JLL.
Swaringen described the landscape of the non-listed REIT sector today. He pointed to three substantive changes that have occurred in the last five to six years. They include: a move to perpetual offerings; increased regulation and the adoption of an institutional valuation methodology; and a movement toward programs diversified by property type.
SBA Communications is a wireless infrastructure REIT active in North, Central, and South American markets. The company has been in operation for nearly 30 years. Today it owns and operates close to 30,000 towers across the Western Hemisphere—from the upper reaches of Canada to the tips of Argentina and Chile.
Jeffrey Stoops, president and CEO, described the domestic leasing environment as “probably as good as it’s been in the last four or five years.” All four major wireless carriers are busy pursuing projects and enhancements that ultimately will advance their transition to 5G technology, he said. SBA benefits in terms of new leases and tenancies on towers where carriers may not have been before.
Brad Case, Nareit senior vice president for research and industry information, was a guest on the latest edition of Nareit’s REIT report podcast.
Case highlighted the turnaround in REIT market performance seen since February. Prior to that, REITs had underperformed the broader stock market – particularly growth stocks - for about a year and a half.
Stacy Slater, senior vice president for investor relations at Brixmor Property Group Inc. (NYSE: BRX), joined Nareit for a special edition of Nareit’s REIT Report Podcast recorded in New York during Nareit’s REITweek: 2018 Investor Conference.
Slater said some of the questions most frequently asked by investors focus on tenant demand at its shopping center properties and how that might have changed from last year. Investors are also interested in the disconnect between valuation levels and where Brixmor is selling its assets, she said. Other investor areas of interest include where Brixmor and other retail REIT stocks are trading on an implied cap, rate, and the impact of rising interest rates.
Slater described competition for capital as “hard,” noting that there have been outflows out of the REIT industry.
Steven Brown, senior portfolio manager at American Century Investments, joined Nareit for a special edition of Nareit’s REIT Report Podcast recorded in New York during Nareit’s REITweek: 2018 Investor Conference.
Brown commented on REIT fundamentals, noting that following a deceleration in the last couple of years, “we’re starting to see an inflection point in terms of same-store net operating income (NOI).” If the United States economy continues to improve, that could bode well for an acceleration in REIT fundamentals in 2019, he added.
Laurel Durkay, portfolio manager at Cohen & Steers, and J. Scott Craig, portfolio manager at Eaton Vance, were guests on a special edition of Nareit’s REIT Report Podcast recorded in New York during Nareit’s REITweek: 2018 Investor Conference.
Durkay and Craig discussed several key topics, including the messages from REIT management teams that they are paying most attention to.
Hans Nordby, managing director of CoStar Portfolio Strategy, is the guest on the latest edition of Nareit’s REIT Report podcast. Nordby discusses some of the main factors influencing REIT valuations and what the sharp disconnect between public and private market real estate values could mean going forward.
Nareit’s Brad Case sees signs that investors are regaining interest in REITs.
Bloomberg’s Lindsay Dutch says deal may not change competitive landscape overall.
Nareit’s Calvin Schnure says increased certainty on interest rates will support REITs.