In November, the MSCI US REIT Index (RMZ) produced a total return of +5.8%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +7.0% gross of fees and +7.0% net of fees. Year to date, the Chilton REIT Composite has performed in line with the RMZ by producing a total return of -20.4% gross of fees and -20.9% net of fees, which compares to the RMZ total return of -20.4%.
Positive contributors to relative performance included stock selection within the healthcare sector, stock selection in the industrial sector, and an overweight to the cell tower sector. Detractors from relative performance included stock selection within the diversified sector, and overweight to the data centers sector, and stock selection within the shopping centers sector.
Year to Date (YTD) Attribution
Year to date, positive contributors to relative performance included stock selection in the health care sector, an underweight to the office sector, and an underweight to the data centers sector. Conversely, an underweight allocation to the triple net sector, an overweight to the cell tower sector, and an underweight to the lodging sector detracted from relative performance.
YTD Contributors Summary
YTD Detractors Summary
In the December 2022 REIT Outlook titled, “Property Type Round-Up from REIT World,” we discuss our key takeaways from the annual REITWorld conference, a jam-packed three day event in mid-November, taking place in San Francisco this year, that allowed us to catch up in person with the CEOs and CFOs of our portfolio companies, ramp up on potential new ideas, connect with peers, and explore the properties in the city that are owned by REITs. We came away from the conference with several actionable ideas that are highlighted throughout along with sector specific summaries discussing data centers, cell towers, shopping centers, healthcare, multifamily, self-storage, industrial, diversified, office, and lodging.
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.
Past performance is not indicative of future results. Investment returns and principal value will fluctuate so that an investor’s account, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
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