GSR: How has the convention gone for you compared to past years?

Kieras: My personal assessment is that it's very good and upbeat. There is a lot of product out there and a lot of people looking to grow. I would say that overall, I think the industry, based on my feel at this convention, is very strong. REITs are continuing their growth. Even though interest rates are rising, REITs are still a favored investment, which is somewhat counterintuitive. People said that once interest rates go up, investors would bail out of REITs. What's happening is that there's been a secular change. Now people say that these are strong assets. People are going to buy. We're in good areas that are hard to duplicate, and we have long leases, so if there's a short-term downturn, that doesn't mean our income goes down. These people still pay us rent; we have credit-worthy tenants. I think people are realizing that this is a very strong, fundamental business that has a tremendous base and great growth prospects. I think the industry in general, and me in particular, is very bullish.

GSR: </b?There is quite a bit of retail on the Strip now. Will that make lasting CityCenter more difficult?

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.