So I guess with that, can you kind of give us a summary of how the REIT earnings season went for Q2 of 2026?

You know, it's interesting to start this out because you've got the earnings results versus the performance side with the stocks coming out of it.

So let's start with the earnings results.

Pretty solid across the board.

One of the cleanest periods that we've seen over the past several years.

But looking at the performance side of the equation, the stocks have sold off by about 5% or so in the past couple of weeks because it seems like it's been a real estate off type of trade.

If you want to dig a little bit deeper into the REIT earnings, here's an easy way to look at it.

But what's your overall take? Are REITs in a good place right now? Is there certain sectors within the REIT space that are struggling? Or is it really just clear sailing ahead? What's on the horizon?

Could patients become research participants? Do you have trials that are underway that they could join?

Yes.

My initial introduction to this field was I had the fortune of working with a large registry.

It was a long QT registry.

And this registry was so valuable because it didn't just include people with long QT syndrome.

It included all their affected and unaffected family members.

Results from these registries have really helped guide the field and the optimal diagnosis and care of people with long QT syndrome.

Do we understand enough about the cause of various arrhythmias? I know there's a lot more to learn about the genetic causes, but are there other factors that we're still investigating?

Can you kind of talk about what that landscape looks like right now?

Yeah, so far to date, we've seen 55 different REITs raise their dividend.

We've seen six cut.

And it's probably the most significant trend to look at towards REITs, or as far as a bullish indicator, frankly, because why would a management team raise their dividend if they're worried about, let's say, near-term liquidity, or if they can't cover their earnings going forward? So with so many REITs raising dividend, it provides that signal that things could be better than where people interpret things are currently.

As I tell people, when you buy REITs, you buy it for the dividend income stream that the companies provide.

And any stock price appreciation that you get is frankly the extra cherry on top of the sundae.

But you have to look at that long-term dividend income stream that a company pays.

Do you find any concern there?

I would say location.

Location, location, location.

That's correct.

What's the number one rule for REITs? I would imagine the same thing.

Location, location, management.

And I think that's the key factor is management.

So why do I say that? If you look at the typical REIT management team, they're very seasoned leaders.

Can you talk about kind of like the current state of what's happened already over the last year or so, and maybe some things that you're seeing in the future when it comes to the mergers and acquisitions of these public REITs?

Do you think investors, when they're looking at it, are using too broad of a brush to paint strokes here?

I think it's, uh, definitely on a sector by sector basis.

We cover 20 sectors at Hoya Capital.

We like to say that each sector's in a different stage of the real estate cycle.

But to use your office example, it's a perfect sector to look at.

One of the top performing sectors that we're seeing recently, leases are being signed right and left, especially by technology or AI firms.

It's a supply demand situation where trophy assets, which is what the majority of the office REITs own, are the at, located at the intersection of Main and Main or in the most desirable neighborhoods or markets or access to transportation, and that's why you're seeing a lot of these long-term leases being signed in office properties.

What is that telling you about management and how they're feeling right now?

Correct.

So retail was one of the more positive sectors at the...

First of all, the NAREIT conference, the tone was upbeat more so than in recent years because, by and large, fundamentals are stronger than what the public markets are valuing them at currently.

Retail is that perfect example because the sector is benefiting, frankly, from a lack of new supply.

So with healthy tenant demand, this lack of new supply, strong leasing spreads, Tanger has been reporting double-digit leasing spreads recently.

You know, they're able to push rents.

Retail is still a place that's, you know, out there.

Anything else that you would share with our audience about what you took away from the conference last week in New York? Anything that surprised you or anything that you were felt validated by? Anything else to share there?

So before we get into individual sectors, when you think broadly speaking about the health of real estate and REITs, what's the overall theme that stands out that we should pay attention to?

Well, Diane, first of all, great to be here.

Thanks for having me.

We are coming out of earnings season for the REIT sector, and we did see more than 60% beat their four-year guidance estimates.

You know, we use REIT-owned properties every single day, regardless of what's happening in the macro picture, whether it's an overseas conflict, tariffs, you name the headline, the REITs continue to hum along.

As an example, a sector is like senior housing.

Senior housing is on fire.

Tell me a little bit about more why they received the lowest grade.