Hoya Capital

Kimco Realty (KIM) is a publicly traded REIT specializing in owning and operating a portfolio of open-air shopping centers. Kimco owns interests in 567 properties across major metro markets in the United States, comprising approximately 101 million square feet of gross leasable area.

Hoya Capital

Realty Income (NYSE:O) is the largest Net Lease REIT and one of the largest real estate operators in the world, owning over 15,000 properties across all 50 states in the U.S. and six European countries. Branded as "The Monthly Dividend Company", Realty Income is one of 29 REITs in the S&P 500 and is a member of the S&P 500 Dividend Aristocrats Index.

CEO Sumit Roy joins the Hotseat to discuss the backstory of Realty Income since its founding in 1969, the advantages of the REIT model in providing growth capital for M&A, and the headwinds and tailwinds impacting the broader net lease REIT industry.

Hoya Capital

Agree Realty Corporation (ADC) is a publicly traded Net Lease REIT that owns and operates a portfolio of 2,084 properties located in 49 states and containing approximately 43.2 million square feet of gross leasable area.

Hoya Capital

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.

Financial Advisor | By Christopher C. Williams

After a year of underperformance, REITS are set to rebound in 2025, buoyed by improving operating fundamentals, solid economic growth and an expected uptick in M&A activity.

And, importantly, the much-maligned office sector might have bottomed out.

Offices are less than 4% of overall REIT capitalization, but headlines about empty office cubicles, fire sales of underused office buildings and mounting bad CRE debt on banks’ balance sheets tend to negatively color the whole diversified sector. But in the third quarter, offices posted the fourth consecutive period of sequentially improving leasing volume, signaling that the sector could continue to be a tailwind for the sector this year.

Trepp | By Lonnie Hendry and Hayley Keen

In this special guest episode of The TreppWire Podcast, we are joined by David Auerbach, Chief Investment Officer at Hoya Capital to discuss the current state and future of the Real Estate Investment Trust (REIT) sector. David shares his journey into the REIT industry, insights on market trends, and the importance of long-term investment strategies. He emphasizes the significance of dividend growth and the need for investors to understand the underlying dynamics of the REIT market. David also goes over the current state of the REIT market, focusing on the single-family rental sector, the evolution of retail, and the importance of healthcare REITs. We wrap up with a discussion on the need for diversification in REIT investments and the outlook for the sector leading into 2025.

Hoya Capital

Terreno Realty (NYSE: TRNO) is the fifth-largest Industrial REIT, owning over 18 million square feet of distribution centers and warehouses across six high-density coastal markets: NYC, San Francisco, L.A., Miami, DC, and Seattle. TRNO’s portfolio of nearly 300 individual properties is comprised of a mix of core and value-add investments, focusing recent acquisitions on functional and flexible assets that are suitable for multiple tenants.

CFO Jamie Cannon joins the Hoya Hotseat to discuss the company's backstory with roots at AMB/Prologis, the factors and strategy behind TRNO’s impressive outperformance since its 2010 IPO, recent supply headwinds on industrial fundamentals, and the long-term outlook for well-located distribution space.

TRNO Quick Facts:

🎂IPO Date: 2010

📈 Market Cap: $5.3B (Small-Cap 600)

💸 Dividend Yield: 3.30% (📅Quarterly)

🏦 Debt/EV Ratio: 13%

💳 Fitch Credit Rating: BBB+

This Week in Coworking | By Hector Kolonas and Mike LaRosa

In this episode of ‘This Week in Coworking,’ hosts Hector Kolonas and Mike LaRosa are joined by REIT expert David Auerbach from Hoya Capital & The Daily REITBeat Newsletter.

They discuss the fundamentals of Real Estate Investment Trusts (REITs), including their structure, benefits, and impact on coworking spaces.

David explains how various types of REITs function and provides insights into the current real estate market trends.

The conversation also touches on the conversion of office spaces to multifaceted properties post-COVID and strategies for coworking operators and landlords to form successful partnerships.This Week in Coworking | By Hector Kolonas and Mike LaRosa

In this episode of ‘This Week in Coworking,’ hosts Hector Kolonas and Mike LaRosa are joined by REIT expert David Auerbach from Hoya Capital & The Daily REITBeat Newsletter.

They discuss the fundamentals of Real Estate Investment Trusts (REITs), including their structure, benefits, and impact on coworking spaces.

David explains how various types of REITs function and provides insights into the current real estate market trends.

The conversation also touches on the conversion of office spaces to multifaceted properties post-COVID and strategies for coworking operators and landlords to form successful partnerships.

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.

Bloomberg | By Charlie Wells

What was supposed to be a year of clarity for the property market has instead given way to fresh uncertainty.

Stubbornly high mortgage rates are keeping buyers out of the house hunt. Potential sellers are staying put. Commercial property valuations, on the other hand, are still depressed amidst disagreements over the value of everything from office buildings to warehouse space.

Expectations were that September’s jumbo rate cut would shake the market loose, but no boom has emerged and mortgage rates have remained elevated. The election of Donald Trump brought mixed signals. Some in the real estate industry welcome his promises of deregulation and his real-estate background, while others fear the effects of an “America-first” policy on property — tariffs and an immigration crackdown — could lift costs for materials and labor. And all of that may feed through to rates.

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

David Auerbach, Chief Investment Officer of Hoya Capital, joins Bloomberg TV to discuss the state of the U.S. REIT industry and the broader outlook for commercial real estate.

Commercial Observer | By Brian Pascus

At the start of Citizen Kane, Orson Welles’s 1941 cinematic masterpiece, the opening shot pans up through a mix of fog and shadow to highlight Xanadu, an immense private estate that we’re told during a newsreel voiceover “is the costliest monument a man has built to himself … since the pyramids.” 

Boasting “the loot of the world,” “the biggest private zoo since Noah,” and “a collection of everything so big it can never be cataloged or appraised,” Xanadu is undoubtedly a fictional creation. That is until you visit East Rutherford, N.J. 

CoStar | By Mark Heschmeyer

Publicly traded real estate investment trusts have come back to the capital markets this year to raise new funds, a sign that REIT stock and debt offerings are in favor again with investors.

The $64.9 billion in total fundraising through the first three quarters has already exceeded the full amounts raised in each of the past two years, according to new data from the trade group Nareit.

Retail REITs accounted for the most money raised through the first three quarters, bringing in $6.93 billion. Single-tenant retail REIT Realty Income took $2.33 billion of that total. Data center REIT Digital Realty Trust though had the highest total raised by an individual REIT with $2.63 billion.

The ETF Store | By Nate Geraci

Hoya Capital’s David Auerbach delves into the recent performance drivers of REIT ETFs and outlines key considerations for investing in the sector.  VettaFi’s Zeno Mercer highlights Tesla’s recent “We, Robot” event and offers perspective on the price of bitcoin moving forward.

ETF Prime | By Nick Peters-Golden

In this edition of the ETF Prime podcast, host Nate Geraci welcomed VettaFi Senior Research Analyst Zeno Mercer to discuss AI, autonomous vehicles, and robots. The pair reacted to Tesla (TSLA) unveiling a new robo-taxi as well as the company’s “Optimus” bot. Geraci also welcomed Hoya Capital CIO David Auerbach to discuss REITs. Hoya currently offers two REIT ETFs, the Hoya Capital High Dividend Yield ETF (RIET) and the Hoya Capital Housing ETF (HOMZ).