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Paul Adornato, managing director at BMO Capital Markets, joined REIT.com for a video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Adornato said most real estate sectors are “looking pretty good” for the second half of the year: Although November’s general election is a “wild card,” the economy remains on a slow-growth track, which is positive for REITs.
Lukas Hartwich, senior analyst at Green Street Advisors, joined REIT.com for a video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Hartwich discussed the factors contributing to lagging fundamentals in the lodging sector. The most prominent one, he said, is weakness in business travel and spending. Hartwich pointed out that business travel accounts for about 75 percent of demand for lodging REITs.
REITs outperformed the broader market in June and the first half of the year, as sector fundamentals and capital markets remained healthy during a period of global uncertainty, analysts said.
The FTSE/NAREIT All REIT Index had a total return of 6.7 percent in June, while the S&P 500 Index gained 0.3 percent.
For the year to July 1, the FTSE/NAREIT All REIT Index had a total return of 13.8 percent, while the S&P 500 Index gained 4.1 percent. The yield on the 10-year Treasury note fell 0.8 percent during the first six months of the year.
Peter Moglia, chief investment officer at Alexandria Real Estate Equities (NYSE: ARE), joined REIT.com for a video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Alexandria provides real estate for the life science and technology industries. The company is active in the San Francisco Bay area, Boston, San Diego, New York and Seattle markets, among others.
Joel Beam, managing director at Salient Partners, joined REIT.com for a video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
According to Beam, volatility has been the dominant theme for REITs in the first half of 2016.
“Volatility really has been the story from our point of view, and I think it’s really what gives investment managers that challenge of staying steady at the wheel,” he said.
Looking to the second half, Beam said he will be focused on “the landscape of returns.”
Laura Grant, director of global real estate hedging and capital markets group at Chatham Financial, joined REIT.com for a video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Negative interest rates have been a consistent topic in 2016. Grant commented on the practical considerations for REITs and their financings.
Justin Knight, president and CEO of Apple Hospitality REIT (NYSE: APLE), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Apple Hospitality’s hotels operate exclusively under the Hilton and Marriot brands, with locations in urban, high-end suburban and developing markets.
Stephen Lebovitz, president and CEO of CBL & Associates Properties, Inc. (NYSE: CBL), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
CBL owns enclosed malls and open-air shopping centers across the United States.
Lebovitz discussed the main changes occurring in CBL’s portfolio.
Glenn Rufrano, CEO at VEREIT, Inc (NYSE: VER), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
VEREIT owns and manages a diversified portfolio of retail, restaurant, office and industrial real estate assets subject to long-term net leases.
In May, VEREIT doubled the size of its initial bond offering to $ 1 billion. Rufrano said actual demand for the offering totaled $ 5.5 billion.
Ragavan Bala, managing director of real estate investment banking group and head of real estate mergers and acquisitions (M&A) at Barclays PLC, joined REIT.com for a video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
Bala noted that REIT M&A activity levels are generally consistent with the last couple of years, but the type of activity has changed. Whereas three to four years ago activity was mainly driven by nontraded REITs, activity in 2016 has been more public-to-public, he said.
