The information contained herein should be considered to be current only as of the date indicated, and we do not undertake any obligation to update the information contained herein in light of later circumstances or events. This publication may contain forward looking statements and projections that are based on the current beliefs and assumptions of Chilton Capital Management and on information currently available that we believe to be reasonable, however, such statements necessarily involve risks, uncertainties and assumptions, and prospective investors may not put undue reliance on any of these statements. This communication is provided for informational purposes only and does not constitute an offer or a solicitation to buy, hold, or sell an interest in any Chilton Capital Management investment or any other security.
Year to date, the largest contributors to relative performance were an overweight to data center/tech and large underweights to self storage and healthcare. Detractors from relative performance included an overweight to malls, as well as stock selection in the diversified and industrial sectors.
Positive contributors to relative performance included an overweight to the data centers/tech sector, an underweight to the specialty sector, and stock selection within the industrial sector. Stock selection within the shopping center, and underweights to the self storage and triple net sectors detracted from relative performance.
In March, Chilton participated in property tours in Miami and attended the Citi Global Real Estate Conference in Fort Lauderdale. We were able to sit down in one-on-one meetings with CEOs of 37 companies, and actively participate in group meetings of another 30 companies over a three day period. The tone at the conference was understandably bullish given the strong year to date performance of REITs. However, sectors such as office and retail are still trading at significant discounts to net asset value, and each company attempted to explain why it should be able to close the valuation gap. We came back with increased confidence in our portfolio overweights, which include data centers/tech, apartments (including single family rentals), office, and regional malls. Less than enthusiastic forecasts from management teams in self storage and healthcare (particularly senior housing) strengthened our conviction that supply will remain a headwind for even the best companies in those sectors.
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