NEW YORK CITY—While their outlook on REITs was decidedly bullish, industry luminaries who participated in panel discussions during the annual NYU Schack Institute of Real Estate conference, held earlier this week, challenged several aspects of how companies in the space do business.

Speakers—including one of the industry’s most active players, Nicholas Schorsch, chairman and CEO, American Realty Capital—also talked about just where the industry is in the economic cycle and a big shift in real estate generally that, in particular, will benefit the net-lease arena.

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