Vikram Malhotra, managing director, real estate equities and research at Mizuho, joined the latest episode of the Nareit REIT Report podcast to share some of the findings from recent Mizuho research into the economic and investment implications likely to result from an aging population.

Malhotra noted that the 75-plus cohort in the United States is set to grow at about 4% per annum over the next five to 10 years. By 2030, the group will represent 10% of the total population, up from 7.5% today. At the same time, their spending is expected to grow over 80%, or $700 billion, through 2030.

Nareit Hawaii Executive Director Gladys Quinto Marrone was a guest on the latest episode of Nareit’s REIT Report podcast. Marrone discussed the mission of Nareit Hawaii, including its community outreach work.

As to how the Nareit Hawaii Community Giving Initiative, established by the Nareit Foundation, goes about selecting the programs it chooses to support, Marrone noted, “We try to ensure that grantees come from all around the state and serve as many people as possible.”

Typically, four to five Nareit Foundation grants have been awarded annually, totaling about $350,000 to $400,000. In addition, five to six grants a year totaling $150,000 to $200,000, from Nareit Hawaii are awarded to nonprofits supporting a variety of charitable causes.

https://nareithawaii.com/

Ji Zhang, portfolio manager for global real estate at Cohen & Steers, was a guest on the latest episode of Nareit’s REIT Report podcast. Zhang spoke about her firm’s recent entry into the active exchange traded fund space, including the Cohen & Steers Real Estate Active ETF.

Zhang explained that the ETF is designed specifically to invest in “high conviction ideas” in U.S. REITs, while opportunistically investing in international and other real estate-related securities. “The ultimate goal is to provide total return and portfolio diversification,” she said.

The backdrop for REIT fundamentals is “quite healthy,” supported by steady demand and meaningfully below-trend supply, Zhang said

Bill Ferguson, co-chairman and CEO of Ferguson Partners, and Mike Cordingley, who leads Ferguson’s North American Management Consulting and Leadership Consulting Business Units, were guests on Nareit’s REIT Report podcast. Ferguson and Cordingley discussed their latest research into REIT CEO succession trends and shared best practices for transition planning.

“Succession is, if not the highest priority for the board, one of the highest priorities,” Ferguson said. He noted that there were seven CEO succession events per year from 2013 to 2022. In 2023, there were nine and in 2024 that increased to 12.

Cordingley noted that the acceleration is set to continue for a number of reasons, including increasing activist involvement and an aging leadership cohort. “The average age per REIT CEO is 60 and typical retirement is occurring around 64,” he said.

Maaike van Bragt, senior research associate, and Chris Flynn, head of product development at CEM Benchmarking, were guests on the latest episode of Nareit’s REIT Report podcast. Van Bragt and Flynn discussed some of the findings from the 2024 CEM Benchmarking study into investment performance across various asset classes.

In research sponsored by Nareit, CEM Benchmarking took a comprehensive look at investment allocations and realized investment performance across 12 asset classes over a 25-year period (1998–2022). While private equity was the strongest performer over that period, with an average net return of about 12%, REITs and U.S. small cap stocks came in second place with average returns of about 9.7%. Returns for private real estate were about 7.7% during the 25-year period.

Van Bragt said CEM’s research “really shows that on a net return basis, REITs have done really well in the past 25 years. And so if you have real estate in your asset allocation, I think you should seriously consider using REITs or at least adding them to it.”

Read the CEM Study: https://www.reit.com/data-research/research/updated-cem-benchmarking-study-highlights-reit-performance

Melinda McLaughlin, global head of research at Prologis, Inc . (NYSE: PLD), was a guest on the latest episode of Nareit’s REIT Report podcast. She discussed broad trends impacting logistics today, including global trade, delivery speeds, new construction, e-commerce, rising barriers to supply, standout global markets, and more.

McLaughlin said 2025 looks set to be a “solid year” for both consumption and global trade, based on strong labor markets. E-commerce, meanwhile, is “absolutely gaining market share in all of our markets around the world,” she noted.

At the same time, there's been a lack of construction for the largest logistics buildings since 2022, McLaughlin pointed out. “Today, and looking at 2025 as a whole, we see deliveries down 35% year over year for all types of logistics real estate, but that number is a 65% decline for bulk buildings, so really setting the stage for demand and supply to rebalance and maybe even have some scarcity in certain markets.”

Allan Swaringen, president and CEO of JLL Income Property Trust, was a guest on the latest episode of Nareit’s REIT Report podcast.

JLL IPT is a daily NAV REIT that owns and manages a diversified portfolio of apartment, industrial, grocery-anchored retail, health care, and office properties located in the United States.

Swaringen said JLL IPT’s mission is to be a hybrid investment that balances the stability of performance in the private real estate markets with the same history of consistent, growing dividends that public REIT investors look for.

Three members of Citi’s global real estate research team—Nick Joseph in the United States, Aaron Guy in the U.K., and Howard Penny in Australia—joined the latest episode of the Nareit REIT Report podcast to share their thoughts on regional outlooks and sector performance.

Macro fundamentals, interest rates, and geopolitical sentiment are mixed globally, resulting in stock preferences that are heavily driven by regional teams’ micro analysis, Joseph said.

The key driver behind Citi’s list of most preferred stocks in 2025 is the presence of positive rental growth, with rental growth weakness and high valuation the key reasons for the least preferred subsectors. Sector preferences are not globally consistent, Joseph stressed, highlighting the presence of significant local supply and demand drivers.

Regionally, Citi is most positive on the U.S., Australia, Europe, the Philippines, and Indonesia, and more cautious on China, Latin America, India, Japan, Singapore, Hong Kong, and Thailand.

Richard Barkham, chief economist at CBRE, was a guest on the latest episode of Nareit’s REIT Report podcast.

CBRE is forecasting GDP growth of about 2.3% this year. With the economic momentum of 2024 continuing into 2025, “I think we're seeing the slow start to a new real estate cycle,” as vacancy begins to trend lower and rental growth generally firms and starts to head higher, Barkham said.

Barkham described investor sentiment as “very positive” given the GDP forecast and the outlook for the year, “and based on the fact that people haven't been active for two or three years, or not very active….people are anxious to get moving and adjust their portfolios and deploy capital.”

Abby McCarthy, Nareit’s senior vice president for investment affairs, joined the REIT Report podcast to discuss the value REITs can provide to an overall investment portfolio. 

“REITs offer investors a low cost, effective, and liquid means of investing in commercial real estate. As real estate stocks, they provide meaningful benefits to investment portfolios, which does include competitive long-term total returns, a strong portfolio diversification, and stable dividend income,” McCarthy said.

Research shows that 78% of financial advisors recommend REITs to their clients, McCarthy said, with advisors appreciating their dividend income, diversification opportunities, strong risk-adjusted returns, and liquidity. 

Sher Hafeez, senior managing director of JLL’s M&A and corporate advisory group, was a guest on the latest episode of Nareit’s REIT Report podcast.

Hafeez discussed how REITs are trading at a premium to net asset value, with certain sectors, including health care, data centers, and office accounting for the lion’s share of that premium.

Many of these sectors are taking advantage of this cost of capital benefit and have issued equity to shore up capital to be on the offensive in 2025, Hafeez said. “I’d expect REITs to be pretty active acquirers compared to the last couple of years,” he added.