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“80% of the returns of these pods are generated on quarterly earnings or the day after quarterly earnings, which means they are looking out for one quarter.”

“That space that AI tenants are taking will be dwarfed by the magnitude of vacancy that they create over time.”

“Rent to income in the Sunbelt Has been going lower and lower and lower every year. So once you get back to equilibrium, we're of the view that it's not going to be, oh, we're back at equilibrium. We're going to grow a little bit. You're back with equilibrium. …”

“When we launched the fund, the first three years of the fund's existence versus the last three years of the fund's existence, the average move in the REIT space is literally two X today than it was then.”

“If a REIT traded at 125% of NAV, That was Wall Street Journal News. Today, it's the norm.”

“The output of that is in the last short period of time, we've seen six public processes for sales of real estate companies to the private market, all of which seem to be happening at Large premiums”

“These business models, you've got RevPar, you've got net unit growth, then with a little bit of operating and financial leverage and share repurchase, you're growing earnings, 15% a year, compared to the hotel REITs basically growing, not at all, or in some ca…”

“So the output of that is in these secularly winning real estate asset classes, Sunbelt departments, industrial, and self-storage, that supply starts are down, depending on market subsectors, 60, 70%.”

“25, 30% of the income from an office building is going into repairs, maintenance, capital expenditures on a recurring basis.”

“Our view is that institutional investors will adopt actively managed ETFs.”

“You're talking to somebody who's investing in the only GIC sector in the S&P that's still materially down since 22. The GIC and REITs is down almost 20%, while the S&P is up 40. We've now, since the beginning of 22, underperformed the S&P by 60%. I believe the…”

“90% of real estate in this country is owned outside of the public market. So you've got 10% of the market that trades publicly.”

“And the pods have grown four X since Long Pond has existed.”

“REITs are just under a trillion and a half, and the non-REIT side is actually larger than that. The companies are generally much bigger. In aggregate, we cover about 325 companies in our coverage model.”

“Interestingly, both of those companies did two dollars and 19 cents in free cash flow in 2017. This year, Hilton is going to do over nine dollars in free cash flow. Park Hotels is going to do less than the two 19 they did in 2017. Over that time period, Hilton…”

“Hyatt, when they came public, they owned 70% real estate and generated 30% of their income from management franchise. Today, it's 80% management franchise and 20% owned and leased.”

“This is a business that's grown earnings in 99, 2002 1001, 2007, 2008. You name the year, it's grown earnings. And their business is simple, but incredibly safe. They own the land underneath manufactured homes. They don't actually own the homes. It's an incred…”

“REITs were the antithesis of what anybody wanted to own. So the most impactful thing that I learned at Lazard, having been the grunt guy, running all the models in advance of the CEOs coming in to complain to my managing director why their stocks all traded at…”

“They used to call it the four major food groups, office, industrial, retail, and residential, and those companies accounted for over two-thirds of the entire REIT index.”