JPMorgan Chase & Co, Cohen & Steers Capital Management, and Bloomberg at REITWORLD: Nareit Virtual Conference - Spotlight Session Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Calvin, let's start with you. Maybe you can discuss the macroeconomic backdrop for us and provide some perspective on what happened in the third quarter and what you're expecting for economic growth as we head into 2021 and how the timing of the vaccine may impact that outlook.

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. Thanks. Laurel, Calvin mentioned jobs; you manage a global portfolio of REITs. Maybe you can dive right into the office market and discuss the differences you're seeing around the globe when it comes through a near-term office demand, but also the possibility for a longer-term shift

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. Thanks. And back to you, Calvin, just quickly, Laurel mentioned the job growth, but is there any other macroeconomic data points that we can be looking at to sort of give an indication of what's to come in office and maybe which of the regions may be better that are suited for those -- the landlords there?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. Mark, I really want to get you in this conversation. I think that one thing that has separated some REITs during the pandemic is their balance sheet. And that's been really important and the ability to access the capital markets. So could you talk about debt issuance with the pandemic? And how this time around is a lot different than the Financial Crisis? And how does the investor appetite vary by property type?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. And going back to those mall bankruptcies just for a second, so what should we be thinking about in terms of those -- as those REITs look to restructure? And how might changes in mall asset values really impact the process or the end results?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Perfect. Thank you. Laurel, maybe you can give sort of an equity perspective on retail, sort of the longer-term view there. What is the future of retail real estate? And if you have any thoughts on asset values.

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Right. And do you think (inaudible) I know right now it's open-air is preferred because of the pandemic. Do you think that's a long term thing? Or is it really about quality, location, with a quality tenant mix and that's where people are going to go shopping, whether it's a mall, whether it's an outlet or whether it's a strip center?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Perfect. (inaudible) about training (inaudible) for retail, there was basically a shutdown in the transaction market. It hasn't really picked up very much. So do you see that sort of picking up with a lowering of -- I'm sorry, or increase in cap rates? And do you see that sort of happening in 2021? Or what's your outlook there?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Got it. Right, let's switch gears a little bit and think about what are the sectors that saw an increase in demand: warehouse, data center, we talked about a little bit earlier, maybe some of the cell towers. Laurel, last one for you before I switch it off. But could you give some thoughts on those sectors and what you're sort of seeing, maybe going into 2021, but also longer term? And I think geography is also important here. I mean, the big data center REITs, they have portfolios all over the world. They continue to expand. Obviously, that's a big, important piece of their growth.

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Perfect. Look, when I think about these new economy sectors, do they approach raising capital the same way as sort of the traditional property types? Obviously, their stock prices make equity issuance an option, but I was curious on how they have a different thought process? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 17, 2020 / 3:15PM, JPM.N - JPMorgan Chase & Co, Cohen & Steers Capital Management, and Bloomberg at REITWORLD: Nareit Virtual Conference - Spotlight Session

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. And speaking of recovery and the snapback, so Calvin, when you think about sort of the macro data points that you look at and the parallel between those and REIT performance during the pandemic, what sectors do you expect the quickest rebound in fundamentals or even asset values from a wide distribution [over that segment]?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Mark, do you have any thoughts on sector and recovery strength there?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : That was very interesting. Laurel, you look like you wanted to chime in, so you can feel free. My next question for you is also on healthcare. So if you want to chime in on that or talk about healthcare.

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. Maybe switching gears here, Mark, do you want to talk about green bonds a little bit and sort of the level of issuance there for 2020, how that's compared, and how it might trend in 2021? And if you see any differences sort of by sector there?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. Laurel, do you want to talk about ESG and how that's becoming just more important for landlord and what those landlords are doing? And also whether stock prices are really reflecting those efforts?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Got it. Calvin, did you want to chime in on ESG?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Great. And I think we only have a couple of minutes left. So I'm going to go sort of around to all 3 of you on this last one. So what long-term, thinking about the structural shift, and I think I might know the answer on this a little bit, but what's the one factor that you're looking at either most positively or most negatively kind of coming out of the pandemic? And Calvin, I'll start with you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 17, 2020 / 3:15PM, JPM.N - JPMorgan Chase & Co, Cohen & Steers Capital Management, and Bloomberg at REITWORLD: Nareit Virtual Conference - Spotlight Session

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Okay. Laurel?

Question: Lindsay Dutch - Bloomberg Intelligence - Analyst : Mark?