E69: The Reality of Real Estate
KEY TAKEAWAYS
- Real Estate Investment Trusts (REITs) show significant outperformance in early 2026 driven by robust cash-flow growth and strategic acquisitions signaling a positive market shift after a decade of underperformance
- AI is a pivotal theme attracting generalist investor interest to the real estate sector particularly boosting demand for data centers and driving operational efficiencies in leasing and underwriting
- The sector, characterized by strong balance sheets anticipates increased M&A activity and capital deployment with upcoming earnings and industry conferences offering crucial insights into future real estate trends
Anne Malone, North America Head of Equity Research, welcomes Nick Joseph, U.S. Real Estate and Lodging analyst, for an overview of themes and insights from the real estate sector. Topics of discussion range from development pipelines and potential M&A to the impacts of AI and the future of work and travel.
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Anne Malone, North America Head of Research, Citi
Anne Malone was named Head of NAM Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi, she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a Chartered Financial Analyst.Anne Malone was named Head of NAM Equity Research 2022; promoted from Deputy Director, a role she held since 2018. Anne started at the firm in 1996 as an Analyst covering Medical Technology stocks. She has held several positions since then, in both Equity Research and Citi Asset Management, taking on roles that utilized her analytical, product, and people skills. Prior to joining Citi, she was a Medical Device Analyst at Bear Stearns. Anne graduated from the St Leo College with a degree in Finance and a minor in Economics. She is a Chartered Financial Analyst.
Nick Joseph, U.S. Real Estate and Lodging Analyst, Citi
Nick Joseph is a Managing Director and Head of the Real Estate and Lodging team and the Global Real Estate Super Sector at Citi Research. The US Real Estate and Lodging team at Citi has coverage of ~80 equity securities. Nick is active in the real estate industry, including being on the Advisory Board of the White Ruffin Byron Center for Real Estate at UVA and the FTSE Nareit Index Series Advisory Committee. Before joining the team in 2010, Nick worked at the Citi Private Bank. Nick was named a Rising Star of Wall Street Research in 2015. The Citi REIT team has consistently been ranked as the top team in external client polls. Nick has an MBA from New York University’s Stern School of Business, with a concentration in Finance and Economics, and a Bachelor of Arts degree from the University of Virginia.
