REIT Bulletin

Aspire Apartments in Victoria, British Columbia. Photo courtesy of Boardwalk. Aspire Apartments in Victoria, British Columbia. Photo courtesy of Boardwalk. SHARE For more than four decades, Calgary-based Boardwalk REIT (TSX: BEI.UN) has prioritized a hands-on operating model that controls costs, maintains high occupancy, and supports ongoing reinvestment – with the collective goal of offering multifamily properties that are among the most affordable across Canada.

Atlantic at Twin Hickory in Glen Allen, Virginia, serves residents earning no more than 60% of area median income. Photo courtesy of Community Development Trust. Atlantic at Twin Hickory in Glen Allen, Virginia, serves residents earning no more than 60% of area median income. Photo courtesy of Community Development Trust.

Kurt Yinger, senior vice president at D.A .Davidson, joined the REIT Report podcast to review the timberland REIT sector, which he described as offering an “attractive blend of defensive and offensive” characteristics amid an uncertain macro backdrop. “We like the timber REITs. It's been a frustrating one for investors, but I don't think we should just necessarily toss it aside because of some of the cyclical pressures that we see today,” Yinger said.

REITs raised $19.8 billion in the third quarter through secondary debt and equity offerings, matching capital-raising activities from the second quarter. On a year-to-date basis, REITs have raised $65.7 billion including at-the-market fundraising through the second quarter. Through the third quarter of 2025, REITs raised $65.9 billion, a figure that excludes at-the-market offerings for the third quarter for consistency.

Timberland REITs specialize in owning timberlands and harvesting and selling timber for lumber products through their taxable subsidiaries. Timberland REITs support climate solutions for decarbonizing the real estate sector by supplying wood-based construction materials, which absorb and store carbon during growth, offering a lower-carbon alternative to more emissions-intensive materials like concrete and steel.

For commercial real estate owners, the question of what to do with an aging or underperforming asset is becoming more nuanced. As tenant needs evolve, construction costs remain elevated and capital is constrained, owners are increasingly weighing whether existing buildings can be repositioned to serve new uses rather than replaced altogether. Adaptive reuse is one option gaining rapid momentum.

The FTSE Nareit All Equity REITs Index fell 5.7% in September, lagging broader equity markets on both a monthly and year-to-date basis. Broader equity markets also declined over the month, though more modestly, with the Russell 1000 falling 0.6% and the Dow Jones U.S. Total Stock Market declining 0.7%. On a year-to-date basis, the All Equity REITs Index has returned 7.9%, trailing the Dow Jones U.S. Total Stock Market’s 12.6% total return and gains of 12.3% from the Russell 1000.

Energy management software is assuming new importance for real estate investment trusts as jurisdictions across the U.S. put new regulations known as Building Performance Standards, or BPS, into force as a means of reducing buildings’ greenhouse gas (GHG) emissions and energy use.

Each month, Nareit highlights recent executive career moves, board changes, and other notable individual achievements and developments within the REIT and publicly listed real estate market. If you would like Nareit to share your news, please get in touch here. American Healthcare REIT, Inc. (NYSE: AHR) named Aric Chang as CFO, effective Oct.1. Chang succeeds Brian Peay, who is retiring after 10 years as CFO. Chang joins AHR from Public Storage (NYSE: PSA), where he served as CFO, real estate.

Lee Schalop, former managing director of Bank of America Securities and one of the REIT industry's most influential analysts in 2001, joined the REIT Report podcast to mark the 25th anniversary of the inclusion of REITs in S&P indices. Schalop, working alongside Nareit, leading analysts, investors, and REIT executives, became a key voice lobbying for REIT inclusion in the S&P 500 25 years ago.