Hoya Capital

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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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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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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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.

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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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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.

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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.

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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+

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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.

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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.

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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.

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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,

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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.

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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.