Hoya Capital

Four Corners Property Trust (NYSE: FCPT) is a small-cap Net Lease REIT focused on restaurant properties which owns over 1,100 properties across 48 states. Initially spun-out from Darden Restaurants in 2015, FCPT has diversified its tenant base to 156 brands. Approximately 75% of its portfolio is invested in restaurants, with the balance invested in auto service and medical retail properties.

FCPT’s CEO William Lenehan joins the Hoya Hotseat to discuss the evolution of FCPT’s portfolio since its spin-off from Darden, the impact of interest rates on acquisitions and cap rates, demand for “small-box” single-tenant retail and restaurant space, and the importance of balance sheet management and cost of capital for net lease REITs.

Hoya Capital

Farmland Partners (NYSE: FPI) is one of two publicly-traded Farmland REITs, which owns approximately 135,000 acres of farmland across 15 states. Roughly 90% of FPI's portfolio is Row Crop Farms, which are planted and harvested annually (corn, soybeans, wheat, rice, cotton), while 10% of its portfolio is Permanent Crop Farms (trees, bushes, or vines are planted and harvested every 10-25 years).

Founder and Executive Chairman Paul Pittman joins the Hoya Hotseat to discuss the unique investment case for FPI as a means to own American farmland, FPI's evolution from a small personal portfolio into a public REIT, potential technological risks to traditional farming, and the outlook for the broader farmland industry.

Hoya Capital

NewLake Capital Partners (NLCP) is an internally managed REIT that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases for build-to-suit projects. NewLake owns a portfolio of 32 cultivation facilities and dispensaries that are leased to single tenants on a triple-net basis.

NewLake CEO Anthony Coniglio joins the Hoya Hotseat to discuss the growth of the legal cannabis industry, the opportunity for REITs in providing capital to cannabis operators, the recent cash flow struggles among some cannabis operators, and the long-term outlook for the broader cannabis industry.

Hoya Capital

Braemar Hotels & Resorts is a real estate investment trust (REIT) focused on investing in luxury hotels and resorts. BHR owns 15 hotel and resort properties comprising approximately 3,800 hotel rooms under a handful of brands, including Ritz Carlton, Four Seasons, and Park Hyatt. Focused primarily in Florida and California, BHR derives roughly 60% of its revenues from Resort properties and 40% from Urban properties.

CEO Richard Stockton joins the Hoya Hotseat to discuss BHR's unique focus on the resort segment, the company's growth since its 2013 spin-off from Ashford Hospitality Trust, and broader hotel industry fundamentals,

Hoya Capital

Healthpeak Properties (NYSE:DOC) is one of the largest owner of medical office and life sciences buildings in the United States, with interests in 700 properties comprising 49 million square feet. One of 29 REITs listed on the S&P 500, Healthpeak’s portfolio is roughly 70% medical office, 25% life sciences, and 5% senior housing.

Healthpeak CEO Scott Brinker joins the Hoya Hotseat to discuss DOC’s backstory and growth since its IPO four decades ago, its transition from senior housing toward medical office, and broader healthcare industry fundamentals.

Hoya Capital

Apple Hospitality (NYSE:APLE) is a publicly traded real estate investment trust (“REIT”) that owns one of the largest portfolios of limited-service hotels in the United States. Its portfolio consists of 223 hotels with over 30,000 guest rooms located in 86 markets in 37 states. APLE's hotel portfolio consists of 99 Marriott-branded hotels, 119 Hilton-branded hotels, and five Hyatt-branded hotels.

Apple Hospitality CEO Justin Knight joins the Hoya Hotseat to discuss APLE's unique strategy focus, the factors behind its emergence into one of the largest hotel REITs since its 2015 public listing, and broader hospitality industry fundamentals.

Hoya Capital

Rexford Industrial (REXR) is one of the largest industrial real estate owners in the United States, owning nearly 50 million square feet of logistics space with an exclusive focus on the Southern California market. The second-largest industrial REIT by market cap ($11.3B), REXR's portfolio is comprised of 374 properties with 46.1M SF of rentable space. REXR is listed on the NYSE and is included the S&P Mid-Cap 400 Index. CFO Laura Clark joins the Hoya Hotseat to discuss the impressive growth and outperformance of REXR since its 2013 IPO, the advantage of the public REIT model on its access to capital, and the favorable supply/demand fundamentals of West Coast logistics markets.

Hoya Capital

Easterly Government (DEA) is a small-cap office REIT ($1.1B market-cap) with a unique focus on properties leased to U.S. government agencies. DEA owns 90 properties across a national footprint, with 99% of leases backed by the U.S government. Founder and Chairman Darrell Crate joins the Hoya Hotseat to discuss the company's strategy of tailoring facilities to meet the unique needs of each US Government agency. He notes the steady growth nature of government spending, particularly for mission-critical activities and shared Easterly's journey, starting as a private equity business in 2009 and going public in 2015.

Hoya Capital

VICI Properties (NYSE: VICI) is the largest owner of casino and gaming real estate assets in North America, with interests in 93 experiential assets, including 54 casinos - including Caesars Palace, MGM Grand, the Venetian Resort - and 39 other experiential properties across the United States and Canada. The 127M SF portfolio - fully occupied under long-term triple-net leases - features 60,300 hotel rooms and over 500 restaurants. VICI's CEO Edward Pitoniak joins the Hoya Hotseat to discuss the opportunities it sees in the gaming sector, and the firm's rapid growth since its 2017 IPO, becoming the fastest REIT to ascend into the S&P 500 Index.

Hoya Capital

Mid-America (NYSE:MAA) is the largest apartment owner in the United States by quantity of units, with ownership interest in over 100,000 units across 16 states. MAA focuses primarily on Sunbelt and Mid-Atlantic markets, and typically owns garden-style and low-rise communities in the "Class B+" quality tier, with average monthly rents of around $1,700. Listed on the NYSE since 1994, MAA is included in the S&P 500 and is one of just eight REITs with an S&P credit rating of A/A-. Chairman and CEO Eric Bolton joins the Hoya Hotseat to discuss the company's evolution into the largest apartment owner in the country, the compelling demand fundamentals for Sunbelt multifamily, the changing demographics of apartment renters, and its three-decade track record of growing its dividend.

Hoya Capital

Kimco Realty (NYSE: KIM) is North America's largest publicly traded real estate investment trust (REIT), specializing in grocery-anchored, open-air shopping centers and mixed use assets. Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company owned interests in 523 U.S. shopping centers and mixed-use assets comprising 90 million square feet of gross leasable space. CEO Conor Flynn joins the Hoya Hotseat to discuss retail real estate fundamentals and Kimco's growth over the past three decades into the largest shopping center owner in the nation.

Hoya Capital

Generation Income Properties (NASDAQ: GIPR) is a micro-cap ($10.6M) Net Lease REIT that owns 26 properties across 13 states. GIPR - which went public in 2021 - focuses primarily on single-tenant retail (55% of its portfolio) and net lease office (35% of its portfolio). GIPR pays a dividend yield of 11.4% on a monthly basis. (As of 1/26/2024).

Founder & CEO David Sobelman joins the Hoya Hotseat to discuss the firm's strategy of focusing on investment-grade tenants with shorter lease terms -which lends to a capitalization rate - and the advantage of its active, hands-on approach to property management.

Hoya Capital

CareTrust REIT (CTRE) is a small-cap healthcare REIT ($2.5B market cap) focused on the skilled nursing and senior housing sub-sector. CTRE owns 206 properties across 25 states - primarily in the Western United States. CTRE pays a dividend yield of 5.2% on a quarterly basis. (As of 1/25/2024)

CEO Dave Sedgwick joins the Hoya Hotseat to discuss CareTrust's growth from a one-tenant operator at its 2016 IPO into a diversified healthcare platform with 25 operators, and discusses the opportunities and risks of the Skilled Nursing space, including the role of government, demographic trends, and the importance of operator relationships.

Hoya Capital

Strawberry Fields REIT (NYSE: STRW) is a self-administered real estate investment trust engaged in the ownership, acquisition, development and leasing of skilled nursing and certain other healthcare-related properties. The Company's portfolio includes 107 healthcare facilities with an aggregate of 12,203 beds, located throughout the states of Arkansas, Illinois, Indiana, Kentucky, Michigan, Ohio, Oklahoma, Tennessee and Texas. The 107 healthcare facilities comprise 97 skilled nursing facilities, eight assisted living facilities, and two long-term acute care hospitals.

Hoya Capital

Getty Realty (NYSE: GTY) is a publicly traded, net lease REIT specializing in convenience, automotive and other single tenant retail real estate. As of December 31, 2023, the Company’s portfolio included 1,093 freestanding properties located in 40 states across the United States and Washington, D.C.

Hoya Capital

Centerspace (NYSE: CSR) is a small-cap Apartment REIT that owns 72 apartment communities consisting of 13,088 homes located in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. CEO Anne Olson joins the Hoya Hotseat to discuss the company's backstory, its unique Midwest-focused portfolio, and broader multifamily fundamentals.

Hoya Capital

UMH Properties, Inc. is a public equity REIT (real estate investment trust) headquartered in Freehold, NJ. The Company owns and operates a portfolio of 135 manufactured home communities with approximately 25,800 developed homesites. These communities are located in eleven states: New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.

Hoya Capital

Agree Realty (NYSE:ADC) is a publicly traded Net Lease REIT (Real Estate Investment Trust) that owns and operates a portfolio of 2,084 properties across 49 states and containing approximately 43.2 million square feet of gross leasable area. The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".

Hoya Capital

Alpine Income Property Trust (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net-leased commercial income properties.

Hoya Capital

CTO Realty Growth (NYSE:CTO) is a publicly traded real estate investment trust that owns and operates a portfolio of high-quality, retail-based properties located primarily in higher growth markets in the United States.