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Commercial Observer | By Mark Hallum

Real estate investment trusts (REITs) proved to be as good as gold, or perhaps better, in the stock market’s recent period of instability.

Where many investors found even safe-haven commodities like gold to be extremely volatile as President Donald Trump’s tariff war with the world played out dramatically in the first days of April, many REITs ended up holding steady, keeping shareholder value well above water. 

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Alexander & Baldwin (ALEX) is a small-cap retail-focused REIT that invests exclusively in the Hawaii market. ALEX traces its roots on the island back 150 years, but is among the newer REITs following its conversion from a C-Corp in 2017.

ALEX owns and operates roughly 4 million square feet of commercial space, including 21 retail centers, 14 industrial assets, and four office properties, as well as 142.0 acres of ground lease assets.

President & CEO Lance Parker joins the Hoya Hotseat to share the story behind Alexander & Baldwin’s evolution into Hawaii’s only publicly traded REIT, its strategic approach to balancing long-term growth with its deep community roots, and the unique real estate dynamics and economic drivers shaping the Hawaiian market.

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COPT Defense Properties (CDP) is a specialized office REIT focused on serving the U.S. government and defense-related tenants. The company owns a portfolio of 203 mission-critical properties located primarily in key defense markets - 45% of which are leased to U.S. government agencies - with a strong concentration in the Washington, D.C. region and other strategic military and intelligence hubs.

COPT’s properties are typically located near defense installations and are leased to high-credit government agencies and defense contractors, creating a uniquely resilient tenant base. The company’s development strategy is closely aligned with federal spending priorities, particularly those tied to cybersecurity, defense technology, and national security.

President & CEO Stephen Budorick joins the Hoya Hotseat to discuss COPT’s strategic evolution, its focused approach to serving mission-critical government and defense tenants, and the long-term trends driving demand in the defense real estate sector.

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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 United States government. DEA pays a 10%+ dividend yield with a relatively healthy balance sheet - particularly for a small-cap office REIT.

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.

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Chatham Lodging Trust (CLDT) is a small-cap hotel REIT that owns a portfolio of 36 hotels with roughly 5,500 rooms. CLDT focuses exclusively on select-service hotels, which typically have better margin profiles than full-service hotels. Roughly two-thirds of its hotels are extended-stay properties, a unique skew within the REIT space.

The majority of its portfolio is operated by one of the major hotel brands, including roughly half of its portfolio under Marriott’s Residence Inn brand. CLDT’s portfolio spans 16 U.S. states, with a regional skew towards the West Coast - particularly Silicon Valley - and the Northeast.

President & CEO Jeffrey Fisher joins the Hoya Hotseat to discuss Chatham’s backstory and growth strategy since its 2010 IPO, the advantages of its relatively unique focus on extended-stay and select-service hotels, and the broader industry trends shaping the hospitality sector.

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National Storage Affiliates (NSA) is the fourth-largest self-storage REIT ($4.8B market cap), owning and managing over 1,000 storage facilities across 42 states.

NSA's 70M square foot portfolio is focused primarily on secondary and tertiary markets, two-thirds of which are located in the Sunbelt region.

CEO David Cramer joins the Hoya Hotseat to discuss the company’s growth strategy, the advantages of its differentiated operating model, and the key long-term demand drivers and near-term market dynamics shaping the self-storage industry.

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VICI Properties Inc. (NYSE:VICI) is an S&P 500® experiential REIT specializing in the acquisition, ownership, and triple‑net leasing of premier casino, hospitality, and entertainment properties. As of January 31, 2025, the company’s diversified portfolio comprises 93 experiential assets spanning approximately 127 million square feet across the United States and Canada—including 54 gaming properties and 39 other venues—that feature over 60,300 hotel rooms along with more than 500 on‑site restaurants, bars, nightclubs, and sportsbooks.

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American Healthcare REIT (AHR) is a mid-cap healthcare REIT that owns a diverse portfolio of roughly 300 clinical healthcare properties across the United States. Among the newest public REITs following its 2024 IPO, AHR was formed through the merger of several non-traded REITs managed by Griffin-American.

Including its majority holdings in Trilogy Holdings - which operates the company’s Senior Health Campuses - roughly 45% of AHR’s portfolio is comprised of senior housing properties, 35% are skilled nursing facilities, and 20% are medical office properties.

President & CEO Danny Prosky joins the Hoya Hotseat to discuss the company’s backstory, the merits of its strategy of investing across healthcare sub-sectors, and the key long-term demographic tailwinds and shorter-term challenges shaping the future of the healthcare sector.

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NewLake Capital Partners, Inc. is an internally-managed real estate investment trust that provides real estate capital to state-licensed cannabis operators through sale-leaseback transactions and third-party purchases and funding for build-to-suit projects.

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Summit Hotels & Resorts (INN) is a small-cap hotel REIT with a portfolio of 97 hotels comprising 14,500 rooms. The company primarily focuses on upscale, select-service hotels across key markets in the United States.

Summit’s properties include major brands such as Marriott, Hilton, and Hyatt, with a strong presence in top markets like Dallas, Atlanta, Miami, Phoenix, New Orleans, and Portland. The portfolio is well-diversified, with 50% of properties located in urban areas, 25% in suburban locations, and 10% each in resort and airport properties.

President & CEO Jonathan Stanner joins the Hoya Hotseat to discuss the company’s evolution since its 2011 IPO, its unique focus on upscale limited-service hotels - which facilitates an industry-leading operating margin profile - and the key trends and challenges shaping the future of the hospitality sector.

Commercial Observer | By Brian Pascus

A top U.S. health care real estate investment trust (REIT) is advancing into the United Kingdom after it acquired another REIT specializing in senior housing and care complexes.

Los Angeles-based CareTrust REIT purchased U.K.-based Care REIT on Tuesday in a $817 million acquisition. The deal values Care REIT’s stock at $577 million — a 33 percent premium on the $25.81 share price Care REIT closed at on Monday afternoon — and includes a debt assumption of $240 million.

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Seven Hills Realty (Nasdaq: SEVN) is a small-cap commercial mortgage REIT ($190M market cap) that invests in floating-rate first mortgage loans secured by middle-market and transitional commercial real estate. Among the best-performing commercial mREITs over the past three years, SEVN’s book is comprised of 22 loans totaling $610M in principal with a weighted average coupon rate of 9.1%.

Roughly 37% of SEVN’s loan book is secured by apartments, 27% in office, 22% in industrial, and the balance in hotels and retail properties. SEVN is externally managed by Tremont Realty Capital - an affiliate of The RMR Group.

President Thomas Lorenzini joins the Hoya Hotseat to discuss the founding of SEVN through its merger with Tremont Realty in 2021, its strategy of focusing on the “underserved” middle-market, the lingering headwinds on CRE office loans, and its belief that the worst is over for overall CRE loan performance.

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Plymouth Industrial REIT (NYSE: PLYM) is a small-cap Industrial REIT with a portfolio of 158 properties comprising 35 million square feet. PLYM focuses on secondary markets within the “Golden Triangle” - seven markets in the Midwest and Southeast United States - with 80% roughly of its portfolio rented to tenants under triple-net leases.

Plymouth owns a roughly 50/50 mix of single-tenant and multi-tenant properties, with roughly 60% classified as “distribution” warehouses and the other 40% being small-bay industrial or light manufacturing.

CEO Jeffrey Witherell joins the Hoya Hotseat to discuss the evolution of PLYM since its 2017 IPO, its strategic focus on shorter lease terms, the benefits of the REIT structure, and the key tailwinds and challenges shaping the future of the industrial property sector.

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Omega Healthcare Investors (NYSE: OHI) is the largest skilled nursing REIT, with a portfolio of 92,284 beds across 42 U.S. states and the UK. OHI specializes in providing long-term, triple-net lease financing to skilled nursing (70% of its portfolio) and senior housing operators (30% of its portfolio), leveraging demographic trends that drive demand for senior care.

President Matthew Gourmand joins the Hotseat to discuss OHI’s strategic vision, the evolution of its extensive portfolio, the advantages of the REIT structure in the healthcare sector, and the key industry tailwinds and challenges shaping the future of skilled nursing and senior housing investments.

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Whitestone REIT (NYSE:WSR) is a small-cap retail REIT that owns and operates 55 open-air shopping centers. Its exclusive focus is on a handful of Sunbelt markets: Austin, Dallas, Houston, and Phoenix. Unlike its REIT peers, WSR invests primarily in smaller neighborhood and community centers rather than "big box" power centers, which results in a grocery-heavy and more e-commerce-resistant tenant mix.

COO Christine Mastandrea joins the Hotseat to discuss the evolution of WSR’s portfolio strategy, the advantages of investing in neighborhood retail centers, the resilience of the Sunbelt markets, and the broader trends shaping the retail REIT industry.

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Howard Hughes Holdings (HHH) is one of the largest real estate developers in the United States, focused on large-scale master-planned community development. Initially spun out from General Growth Properties in 2010, HHH is among the largest landowners in the country with over 35k acres of developable land, on which it builds and manages a portfolio of commercial, residential, and mixed-use real estate properties across its five U.S. markets.

CEO David O'Reilly joins the Hotseat to discuss the backstory and evolution of Howard Hughes following its GGP spinoff, its unique self-funding business cycle, using proceeds from land and home sales to fund new developments, its adjacent portfolio of operating CRE assets, and the broader real estate outlook.

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Infrastructure Capital Advisors, LLC (InfraCap) is an SEC-registered investment advisor based in New York City that manages a suite of ETFs and hedge funds. The firm primarily focuses on income-generating strategies by investing in sectors such as energy, real estate, transportation, industrials, and utilities.

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Strawberry Fields REIT, Inc (NYSE:STRW) is a self-managed REIT investment trust specializing in the acquisition, ownership, and triple-net leasing of skilled nursing facilities and other post-acute healthcare properties. As of January 31, 2025, the company's portfolio comprises 115 healthcare facilities with over 12,900 licensed beds across nine U.S. states, including 104 skilled nursing facilities, nine assisted living facilities, and two long-term acute care hospitals.

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DiamondRock Hospitality (NYSE:DRH) is the sixth-largest Hotel REIT, owning 37 hotels and resorts comprising over 10,000 rooms across 26 U.S. markets. DRH focuses primarily on independently operated hotels apart from the major brand networks, with a focus on leisure-oriented urban destinations and luxury resorts.

CEO Jeff Donnelly joins the Hotseat to discuss the backstory and evolution of DRH from its roots as a Marriott spinoff in the early 2000s, its unique strategy to focus on non-branded hotels, the benefits of the REIT structure, and secular demand tailwinds and headwinds across the hotel REIT industry.