Perspective

A Conversation Between Andy Duffy, CIO, and Peter Zabierek, CFA, Senior Portfolio Manager
In this conversation, Easterly Ranger CIO Andy Duffy sits down with long-time colleague and new Senior Portfolio Manager, Peter Zabierek, to discuss his career path, investment philosophy, and outlook for U.S. real estate.

Andy: Peter, you’ve taken a non-traditional path into real estate investing. Can you share a bit about your background and what led you to join Easterly Ranger?

Peter: I actually began my career as an engineer, working with developers and local communities to bring projects to life. That experience gave me an appreciation for the impact real estate has on people’s lives—something that still shapes how I invest today.

From there, I moved to Wall Street: first in real estate investment banking at Citigroup, then in REIT research at Morgan Stanley, before joining CenterSquare. Over a decade, our team grew the platform from $200 million to nearly $8 billion. Later, I moved to Montréal as CEO of Presima, where we expanded the business from $500 million to more than $2 billion.

After that, I launched Sugi Capital to bring institutional REIT strategies to family offices and individual investors. Joining Easterly Ranger is a natural next step—an opportunity to marry those strategies with a global platform and world-class team. And personally, it’s a full-circle moment. You and I first met over 20 years ago, and I credit you with sparking my passion for REIT investing.

Andy: That’s true, we first connected back when you were still on Wall Street. What does it mean to you that we’re now working side by side after all these years?

Peter: Early in my career, people kept telling me, “You need to meet Andy Duffy.” You were already recognized as a pioneer in global real estate investing. We met for coffee, and that conversation was transformative. It opened my eyes to the possibilities of REIT investment management.

We’ve stayed in touch ever since, sharing perspectives and trading ideas throughout our careers. In many ways, our paths have run alongside one another, sometimes as competitors, but always in a collegial and collaborative way. Bringing those shared philosophies together on one team is both exciting and rewarding.

Andy: You’ve managed U.S. real estate portfolios through many market cycles. Looking back, what lessons stand out most from that experience?

Peter: The biggest lesson is that people matter more than cycles. Markets rise and fall, but it’s relationships with clients, colleagues, and company management teams that carry you through.

Another lesson is humility. Markets will always surprise you. Staying curious, listening to both bulls and bears, and being willing to adapt is essential.

 

Andy: Building on that, how do you strike the right balance between staying disciplined and adapting when markets inevitably shift?

Peter: One of our guiding philosophies is that we effectively “buy our portfolio every day.” Markets move constantly, and every new piece of information—interest rates, politics, earnings, sentiment—forces us to reassess. If the portfolio we’d draw up today doesn’t match what we held yesterday, we need to act.

That daily discipline requires both agility and humility. Agility to adjust quickly when conditions change, and humility to check egos at the door. It’s never about whose idea it is; it’s about investing client capital, and that means making the best decision with the information we have in the moment. For example, in periods where interest rates have moved quickly, we’ve actively re-underwritten positions and reallocated capital toward sectors where pricing has adjusted more rapidly than fundamentals.

Andy: Stepping back a bit, how would you describe your investment philosophy when it comes to U.S. REITs?

Peter: It’s pragmatic and disciplined. We look for companies led by management teams we trust with leaders who are transparent, aligned with shareholders, and able to adapt to change.

Valuation and fundamentals matter, of course, but so does character. At the end of the day, we’re not just investing in assets, we’re investing in people running those businesses.

We believe our edge is the combination of long-standing relationships with management teams and a disciplined process of continuously re-underwriting the portfolio as conditions evolve.

 

Andy: You’ve mentioned management quality as a key factor. How do you evaluate management teams when considering new investments?

Peter: For us, investing in a REIT means underwriting both the real estate and the management team—just like private equity investors do when backing a fund. Over time, we’ve built long-term relationships with REIT executives. On average, CFOs in this space turn over every four years. Having followed many companies for two decades, we’ve known multiple CFOs and developed deep knowledge of how those businesses are run. That history, combined with open communication, builds mutual trust.

We also track management decisions closely—good deals, bad deals, performance through different cycles. Often, we know a management team’s track record almost as well as they do. There’s really no shortcut; it’s the product of decades of experience and relationships.

Andy: Turning to the market itself, where do you see the most compelling opportunities in U.S. real estate today?

Peter: Three areas stand out:

• Data centers and infrastructure: Artificial intelligence (AI) and connectivity are driving a once-in-a-generation wave of demand.
• Industrial and logistics: E-commerce, last-mile delivery, and the onshoring of manufacturing continue to drive demand for modern warehouse space.
• Senior housing: A recovery in occupancy combined with demographic tailwinds is creating a favorable supply-demand balance.

Even in challenged sectors like office, there will be winners—platforms with the vision and capital to reinvent space for the next era of work.

Andy: And among those three, which opportunity do you think is most misunderstood by investors today?

Peter: Data centers. Everything around the AI trade has taken off—from big tech to power utilities to even former bitcoin miners that pivoted into data centers. Yet even the largest REITs in the space haven’t fully participated in that upside despite massive long-term demand ahead.

There’s been some hesitation after concerns earlier this year that advances in computing efficiency might reduce the need for space. That hasn’t proven true, but it made investors wary. We think the market is underestimating that the real constraint in data centers isn’t demand—it’s power and infrastructure. Access to power, speed to delivery, and relationships with hyperscalers will ultimately separate winners from the rest.

We see some near-term volatility, but we believe the long-term trends are positive. When we talk with management teams in this space, their conviction is as strong as any property type in the REIT universe.

Andy: You’ve now relaunched two U.S. strategies under the Easterly banner. What makes them distinctive?

Peter: Both strategies are built for different client needs. The Easterly Ranger U.S. Real Estate Strategy seeks to provide balanced exposure across REITs, designed for stability and consistency. The Easterly Ranger U.S. Focused Real Estate Strategy is more concentrated and conviction-driven, leaning into areas of structural growth or market dislocation.

What we believe sets them apart isn’t just portfolio design, but our client engagement. We’re transparent about why we own what we do, and we focus on building trust through open, ongoing dialogue.

Andy: How do the U.S. strategies complement Easterly Ranger’s global platform?

Peter: The U.S. is the largest REIT market, but it doesn’t operate in isolation. By connecting our U.S. strategies with your global approach, we give clients a complete picture—how local opportunities fit into global trends, and how capital flows across markets. That dialogue between U.S. and global perspectives is a real strength of Easterly Ranger.

Andy: And how does access to Easterly Ranger’s resources enhance your work on the U.S. side?

Peter: Having direct access to you and the team adds real value. It’s a collaborative environment where ideas can be tested openly, and that culture is powerful.

On top of that, the resources here are excellent. For a smaller team, we’re remarkably well-equipped—from Bloomberg and data tools to specialized research on corporate filings, shareholder positioning and capital flows. Coming from a smaller shop, that level of support is a real advantage. It allows me to focus on what matters most: our clients and the portfolio.

The reality is I came to Easterly for that opportunity: to work with you and the team, as well as for the strength of the multi-affiliate model. At Sugi, I often had to juggle multiple roles myself. Here, I can rely on true professionals who excel in their areas of expertise, such as operations, compliance, and marketing, which frees me to focus entirely on investing.

I’ve worked within multi-affiliate structures before, so I know how to leverage people and resources, and how they can leverage me. Easterly has that same dynamic, and in my short time here I’ve had nothing but great experiences. Everyone has been collaborative and supportive, it’s really been energizing.

Andy: Looking back on your career so far, what are you most proud of?

Peter: I’m proud of building strategies and businesses that clients could rely on through cycles. But more than that, I’m proud of the relationships I’ve had the good fortune to develop. Some colleagues and clients have become lifelong friends.

And of course, you’re part of that story. Meeting you two decades ago helped set me on this path, and working alongside you today is something I value deeply.

Andy: Finally, as we look ahead to 2026, what excites you most in real estate?

Peter: The opportunities are where people’s lives are changing. AI and connectivity are reshaping infrastructure. Demographics are transforming healthcare and senior housing. Housing affordability remains one of the defining challenges of our time, creating opportunities for innovative residential REITs.

Even in sectors facing headwinds, like office, there will be leaders who can reimagine space for a new era. That’s what excites me most. The opportunity isn’t just in the assets—it’s in understanding how demand, capital, and real estate use are evolving in real time, and positioning portfolios accordingly.

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