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.
In 2020, positive contributors to relative performance included an overweight to the cell tower and data center sectors, and an underweight to the healthcare sector. An underweight to the self storage sector, and stock selection in the office and diversified sectors detracted from relative performance.
Positive contributors to relative performance included an overweight to the cell tower sector, and stock selection in both the residential and data center sectors. An underweight allocation to healthcare and self storage sectors, along with stock selection in the shopping centers sector detracted from relative performance.
In the June 2020 REIT Outlook titled, “Essential REIT Evaluation: Healthcare and Residential,” we begin a series of outlooks where we will be concentrating on the theme of ‘essential’. We outline a series of questions that need to be asked about every sector and company to determine how essential it is, and thus how it should be valued. Both the healthcare and residential sectors have long term necessity and therefore bare little long term risk. However, depending on the segments within each (single family versus apartments, or senior housing versus skilled nursing facilities), there are varying degrees of short term risk. We identify one segment that we believe the market is not pricing correctly thus far, based on lower risk and more discounted valuation. As a reminder, due to the liquid nature of REITs, we have the luxury of changing the portfolio as our analysis finds anomalies of market mispricing.
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