Peter Zabierek, senior portfolio manager at Easterly Ranger, joined the REIT Report podcast to discuss some of the complexities of the current real estate market in which “the easy answers are gone,” but where more opportunities exist for investors who can be selective.

“It's less about broad sector calls and more about understanding where demand is actually showing up and how capital is being allocated and who can execute. So that's what's driving outcomes right now and that's where the opportunity is,” Zabierek said.

During the interview, Zabierek noted that real estate has become a “much more operational business and outcomes are increasingly driven by how well companies execute.” As a result, now is really the time to focus on management teams and how they're executing their business plans, not just the assets that they own, he said.

Michael Bellisario, senior research analyst at Baird, joined the REIT Report to review the outlook for the lodging and hotel REIT sector in 2026, focusing on demand trends, the impact of major events like the World Cup, and strategies for maintaining occupancy and navigating market challenges.

Bellisario said the overall outlook for the sector for 2026 is “positive but muted,” following a tough 2025. The World Cup is expected to boost revenue this year, with Baird estimating it will contribute 75 basis points or more to REVpar for the year. “It’s going to be a tailwind. It's just a matter of how much and when do we see those bookings start to pick up,” he said.

Meanwhile, Bellisario pointed out that wealthy travelers are currently driving growth within the leisure sector, with high-end hotels performing better than economy and mid-scale segments. Higher-end establishments can charge more for additional services, he noted, such as dining and experiences, beyond room rates. This trend indicates a potential strategy for hotels to focus on non-room revenue streams.

CenterSquare Investment Management CEO Todd Briddell joined the REIT Report podcast to discuss the evolution of the firm’s REIT strategy during the past 30 years, the impact of market volatility and adjustments, AI and data assimilation in real estate, public versus private real estate market dynamics, sector-specific IPO opportunities, and more.

“Over the past 30 years, our team has done an absolutely spectacular job underwriting companies, assessing market conditions, knowing what we don't know in periods of high volatility and uncertainty, positioning the portfolio defensively at the right time periods, (and) not getting over our skis,” Briddell said.

Briddell highlighted some of the benefits of public real estate, noting that volatility should be “embraced, not feared” in the REIT market. “What we have done at CenterSquare is really try to educate our investors that volatility is actually a source of alpha. And it is as true today as it has ever been,” he added.