Front & Center

In our latest episode of Front & Center, Uma Moriarity is joined by senior leadership from Aligned Data Centers, a company that specializes in data center solutions designed to meet the evolving needs of businesses in the digital age. Featuring Chief Executive Officer and Board Member Andrew Schaap alongside Chief Financial Officer Anubhav Raj and Managing Director for CenterSquare’s Strategic Capital platform, Chad Burkhardt, this week’s conversation explores the company’s origins and innovative strategies that have positioned Aligned as an industry leader within the ever-evolving data center space. “Aligned for Success: Exploring Data Center Dynamics” discusses the current risks and opportunities impacting data centers and the revolutionary impact of artificial intelligence on future computing demands. The group also dives into key considerations surrounding the site selection process, Aligned’s proprietary cooling technologies, their sustainability initiatives, and the immense growth potential that still lies ahead for the data center industry.

This week on Front & Center, Uma Moriarity welcomes back Portfolio Manager Alex Snyder to discuss the impact of inflation on interest rates and the REIT market. Uma and Alex discuss the recent increase in the 10-year treasury yield and its effect on cap rates across various sectors. They then delve into inflation data, highlighting the discrepancy between reported inflation and real-time shelter inflation. The conversation then shifts to the state of the consumer and the strength of the job market. “Assessing Economic Indicators: REITs, Inflation, and Interest Rates” explores how these economic factors are shaping investment strategies and offers valuable insights for navigating the current market landscape. The episode concludes by covering the upcoming REITs earnings season and the potential for positive results.

This week on Front & Center Uma Moriarity welcomes Brad Molotsky, a partner at Duane Morris LLP specializing in real estate law, to examine the evolving role of sustainability regulations in the real estate industry and its potential implications for investors. The conversation covers topics such as transition risk, green building requirements, and sustainability reporting and highlights the varying levels of awareness and adoption of sustainability practices among real estate investors and operators. Uma and Brad then discuss the impact of these regulatory updates on real estate transactions and the growing consideration of climate-related risks by buyers and investors. “Sustainability Shift: Navigating Real Estate's Regulatory Landscape” offers an insightful discussion, underscoring the role sustainability principles play in navigating regulatory changes effectively and mitigating climate risk across real estate strategies.

In this episode, Uma Moriarity is joined by Portfolio Manager Patrick Wilson to examine the REIT market throughout the first quarter of 2024. With earnings season fresh in mind, Uma and Patrick dissect the trends observed in REIT performance and explore the implications for investors heading into Q2. “Exploring Q1 REIT Trends and Investment Implications” reflects upon key takeaways from a variety of recent industry events and discusses fundamental changes within the REIT ecosystem. The conversation closes by delving into the impact of recent capital market activities, shedding light on how REITs are leveraging their robust balance sheets and access to capital to seize strategic opportunities within an evolving market.

This week on Front & Center, Uma Moriarity welcomes special guest Joe Gyourko, Director of the Zell/Lurie Real Estate Center at the University of Pennsylvania’s Wharton School of Business for a thought-provoking conversation on the current state of the economy and its future trajectory. “Macro Markers: Trends & Trajectories” delves into the nuances of labor market strength, geopolitical risks, and the impact of rising interest rates. The episode concludes by exploring the housing market and its implications for rental residential real estate.

This week on Front & Center, Uma Moriarity is joined by Alex Snyder and special guest Jonathan Hughes, Director of Equity Research at Raymond James. Together, they discuss the ever-evolving healthcare space and provide insights into the demographic trends shaping the sector’s future outlook. The conversation begins by explaining how today’s aging population has triggered a “silver tsunami” of demand, shaping the healthcare sector’s trajectory over the next two decades. Jonathan then provides a look into the dynamics of key sub-sectors, highlighting regulatory nuances impacting both operators and investors alike and exploring the market forces at play. From senior housing to skilled nursing and outpatient medical facilities, “Insights into Tomorrow's Healthcare Spaces” discusses the diverse array of sub-sectors driving healthcare real estate, each presenting a unique set of opportunities and challenges. As the episode closes, the group reflects on the implications of interest rates and market dynamics for healthcare real estate investors.

As we wrap up our 2024 outlook series, Uma Moriarity is joined by Managing Director, Chad Burkhardt to explore the complexities of CenterSquare’s Strategic Capital strategy. The conversation delves into the advantages of investing in both singular assets and dynamic platforms, shedding light upon the bespoke approaches utilized during market disruptions. From the resurgence of retail real estate to burgeoning demand for data centers, “Navigating Opportunities Through Capital Cycles” dissects this unique strategy which bridges the gaps within traditional real estate investment approaches.

In our latest episode of Front & Center, Uma Moriarity is joined by Managing Directors Jeff Reder and Rob Holuba to discuss their expectations for the private equity real estate market in the coming year. The conversation begins by examining the current phase of the real estate market cycle and the potential for a reset in valuations. The impact of the credit market on the investment landscape is also explored, with a focus on the availability and cost of debt. “Investing with Insight in the Private Markets” delves into the bid-ask spread and price discovery, as well as the opportunities in the retail, industrial, and housing sectors. Uma, Jeff and Rob go on to highlight the importance of value-add opportunities and the potential impact of a weakening consumer on the retail sector. The episode concludes with the group sharing their overall expectations for the coming year.

This week on Front & Center, Uma Moriarity welcomes back managing directors Michael Boxer and Richard Gorsky to provide their insights into the latest trends and developments within the real estate debt landscape. The conversation begins by examining the current lending environment, drawing comparisons to previous cycles and highlighting both unique challenges and advantages that have shaped the market. “Strategies for Success in an Evolving Debt Landscape” goes on to address the wall of maturities approaching in 2024, and sheds light upon the potential outcomes for lenders in the coming year. The group then examines the role of alternative debt providers within the market, focusing on fundamentally distressed assets and those needing to resize their capital structure. The episode wraps up with Michael and Richard sharing their optimism for the coming year, highlighting potential opportunities for lenders to thoughtfully deploy capital in 2024.

This week, Uma Moriarity is joined by portfolio managers Alex Snyder, Matthew Goulding, and Joachim Kehr to analyze the outlook for Global REITs in 2024. Starting with a discussion to understand the economic outlook across global markets, the group then explores fundamentals and capital markets impacting property sectors from data centers to the Chinese housing market and everything in between. “Global Perspectives on Listed REITs” delves into sector-specific expectations around the world and offers a comprehensive overview of global REITs, highlighting key trends and opportunities for navigating the global real estate landscape in 2024.

In our first episode of the year, Uma Moriarity is joined by CenterSquare’s CEO and CIO, Todd Briddell, to kick off our 2024 outlook series featuring a variety of thought leaders across the firm sharing their insights for the upcoming year. The conversation starts with Todd and Uma breaking down key factors impacting real estate today, underlining the influence of fundamentals, capital markets and government policies on the real estate investment landscape. This first episode of our 2024 outlook series titled “Setting the Stage,” explores the impact of interest rates upon pricing, highlighting challenges and opportunities within the real estate market, and discusses strategies for generating alpha across public and private real estate investment strategies in 2024.

In our final episode of the year, Uma Moriarity welcomes back Portfolio Manager Alex Snyder to discuss key events that shaped the commercial real estate market in 2023. “2023 Year in Review” explores the surprising economic resilience, evolution of interest rates, and tightening credit environment before diving into the highs and lows of various sectors over the past year. As the episode wraps up, we offer a glimpse into what to expect in the upcoming year, with Front & Center returning in January for our 2024 outlook series featuring a variety of firm thought leaders. Happy holidays to our listeners, and we look forward to bringing you more insights next year.

In this episode, Managing Director and Head of Strategic Capital Chad Burkhardt joins Uma Moriarity to discuss the world of investing in real estate operating companies (REOCs) and the appeal of investing in platforms. The conversation then explores the current transaction environment, highlighting challenges and opportunities amid ongoing market changes. "Navigating the REOC Universe" offers valuable insights into capital movements, shedding light on sidelined capital, and influencing factors in institutional investors' allocations.

This week, Front & Center host Uma Moriarity is joined again by Portfolio and Regional Manager Matthew Goulding, for a timely discussion on the state of the European REIT market. The episode opens with Uma and Matthew analyzing recent market trends across the continent, offering insights into the impact of inflation, monetary policy, and interest rates. “European REITs and Real Estate Trends” provides a comprehensive look into European REIT fundamentals, offering key takeaways from recent earnings releases and exploring performance across various sectors. The conversation concludes with an analysis of valuations, deciphering significant discounts between public and private markets and shedding light upon the dynamics that continue to shape the industry.

This week on Front & Center Uma Moriarity is joined by Patrick Wilson, Portfolio Manager for CenterSquare’s Listed Real Estate Platform to wrap up U.S. REITs earnings season and provide a comprehensive update on various property types and markets. The conversation starts by synthesizing fundamentals across the industrial, residential, and retail sectors and closes with a discussion about the general capital strength of REITs, focusing on leverage levels and potential opportunities arising within the current real estate cycle. “REIT Earnings Recap” highlights key takeaways and thematics across the broader real estate landscape, providing valuable insights for listeners as REITs earnings season draws to a close and we approach the end of the year.