This issue showcases several Nareit award winners from 2021. Some of the faces will be very familiar, others might be new to you. Collectively they demonstrate the breadth of talent, expertise, and commitment within the REIT industry——not only in the realm of ESG matters but also in terms of promoting industry knowledge and creating strong corporate structures.
Speaking of faces, one that has not appeared in REIT magazine before is mine. While this may be my first column, my involvement with this magazine stretches back many years. And just because the face here has changed, the same team, led by Matt Bechard, that plans, creates, writes, designs, and executes this publication—luckily for me—remains the same.
As we start a new year, one of my goals is to ensure that this publication continues to give readers a one-stop resource for all REIT-related news and information. To that end, I welcome your ideas and suggestions to ensure we continue to bring the most valuable industry insights and analysis to our readers. The award winners in this issue exemplify the industry's dedication to evolve and improve, and hopefully that is something the magazine mirrors as well.
One story in this issue that sums up the spirit of evolving and improving is Forging Ahead. It looks at the adaptive reuse of a former Model T plant in Pittsburgh into a new life science, mixed-use development spearheaded by Ventas, Inc. (NYSE: VTR) and its strategic partner Wexford Science & Technology, LLC.
The plant, erected in 1915, is significant for the role it played in the evolution of industrial facilities for the auto industry. Approximately 300 men worked on the assembly line, yet process changes and the Great Depression would lead to the closure of assembly operations by 1932—a thought that was probably inconceivable to those early workers.
Harder still would be to imagine that an entirely new and productive use for the same building would be found almost 90 years later. Indeed, today's burgeoning life science industry is bringing vital new medicines to market faster than ever and having appropriate facilities to conduct research in is essential. The cycle of innovation is alive and well in Pittsburgh, and we celebrate the fact that a REIT is a leading force behind that achievement.
Happy New Year.
Sarah Borchersen-Keto
Editor in Chief