In the latest edition of the Nareit REIT Report podcast, Tim Bodner, U.S. real estate deals leader at PwC, discussed a range of topics, including the outlook for REIT mergers and acquisitions (M&A); the appeal of non-gateway markets; and the performance of non-traditional REIT asset classes. Last year saw several major REIT M&A deals, with an average value per transaction of $6.4 billion. Two deals exceeded $10 billion, Bodner noted.