Jonathan Keehner, partner at Joele Frank, sat down for a video interview at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, March 24-26.
As M&A activity picks up across the REIT sector, Keehner said successful transactions increasingly hinge on how clearly companies communicate their strategy, not just how deals are structured. He warned that weak rollout plans can quickly create openings for activist investors or competing bidders.
“You only get one chance at a first impression,” Keehner said, noting that “if communications aren’t done well on day one of rolling out a transaction, the chances of an interloper [and] the chances of agitation are so much higher.”
He pointed to growing pressure from large-cap REIT buyers, alternative asset managers, sovereign wealth funds, and specialized activist investors, all of whom are closely watching the sector. In many cases, he said, companies fail to clearly explain why a transaction delivers the best outcome for shareholders.
Keehner also discussed how the shrinking traditional media landscape has changed corporate communications. After careers in investment banking and journalism at outlets including The Wall Street Journal, Reuters, and Bloomberg, he said REITs need both strong media relationships and direct communication channels.
“There’s so much more that you can do to tell your story away from the traditional medium,” he said, citing social media, shareholder engagement, and proprietary content channels.
For smaller and mid-cap REITs in particular, Keehner stressed that proactive governance, shareholder outreach, and clear storytelling can help companies avoid becoming vulnerable targets.