In June 2023, the MSCI US REIT Index (RMZ) produced a total return of +5.1%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +6.1% both gross and net of fees. The Chilton REIT Composite produced a second quarter total return of +4.4% net of fees and +4.5% gross of fees, which outperformed the RMS total return of +2.7%. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of +8.9% gross of fees and +8.6% net of fees, which compares to the RMZ total return of +5.5%.
Positive contributors to relative performance for the month of June included stock selection within the industrial sector, an underweight to the triple net sector, and stock selection within the healthcare sector. Conversely, an underweight to the regional mall sector, and an overweight to the cell tower sector and cash detracted from relative performance.
Year to Date (YTD) Attribution
Year to date, positive contributors to relative performance included an underweight to the office and triple net sectors, and stock selection within the industrial sector. An overweight to the cell tower sector, stock selection with the shopping center sector, and an underweight to the specialty sector detracted from relative performance.
YTD Contributors Summary
YTD Detractors Summary
In the July 2023 REIT Outlook titled, “Equity REITs: Takeaways from NAREIT REITWeek 2023,” we discuss our key takeaways from the annual REITWeek conference, a jam-packed three day event in New York City that allows 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, multifamily, single family rentals, self-storage, shopping centers, regional malls, healthcare, industrial, and office.
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 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. MSCI US REIT Index performance is presented as a benchmark for reference only and does not imply any portfolio will achieve similar returns, volatility or any characteristics similar to any actual portfolio. The composition of a benchmark index may not reflect the manner in which any is constructed in relation to expected or achieved returns, investment holdings, sectors, correlations, concentrations or tracking error targets, all of which are subject to change over time.
Institutional Investment Strategies
Media & Press
Client / E-Path Login