In July, the MSCI US REIT Index (RMZ) produced a total return of +4.9%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +5.6% net of fees and +5.7% gross of fees. Year to date, the RMZ has produced a total return of +27.7%, which compares to the Chilton REIT Composite at +27.4% net of fees and +28.1% gross of fees.
Positive contributors to relative performance included underweight allocations to the regional mall and lodging sectors, as well as stock selection in the office sector. Overweight allocations to the diversified and cell tower sectors, and stock selection in the triple net sector detracted from relative performance.
Year to Date (YTD) Attribution
Year to date, positive contributors to relative performance included stock selection in the data center and healthcare sectors, as well as an underweight allocation to the lodging sector. An underweight allocation to the regional mall and shopping center sectors, as well as an overweight allocation to the cell tower sector detracted from relative performance.
YTD Contributors Summary
YTD Detractors Summary
In the August 2021 REIT Outlook titled, “This Cycle is Just Getting Started”, we present the top six reasons to add REITs to your portfolio today. Despite the strong performance year to date and over the past year, REITs still offer attractive upside, especially relative to other potential investments. For those investors that already have REITs in their portfolio, this is not the time to sell or trim exposure.
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.
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