In December 2023, the MSCI US REIT Index (RMZ) produced a total return of +9.9%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +7.0% both gross and net of fees. For the full year of 2023, the Chilton REIT Composite outperformed the RMZ by producing a total return of +15.8% gross of fees and +15.1% net of fees, which compares to the RMZ’s total return of +13.7%. See the table on page 2 for historical numbers.
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Monthly Attribution
Positive contributors to relative performance for the month of December included stock selection within the healthcare sector, and an underweight allocation to the triple net and data center sectors. Conversely, an overweight to the cell tower sector, and stock selection within the residential and industrial sectors detracted from relative performance.
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Full Year 2023 Attribution
Positive contributors to relative performance for the full year of 2023 included an underweight to the triple net sector, and stock selection within the healthcare and self-storage sectors. Conversely, an overweight to the cell tower sector, and an underweight to the regional mall and specialty sectors detracted from relative performance.
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2023 Contributors Summary
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2023 Detractors Summary
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Market Commentary
In our highly anticipated January 2024 REIT Outlook titled, “2024 Chilton REIT Forecast,” we provide a look-back at what turned out to be a rollercoaster of a year, and discuss our overall REIT forecast for 2024. Despite a strong finish to 2023, we project the 2024 total return for the RMZ will be in the range of +12% to +16%. We also address the risks to our forecast, both upside and downside, that could arise, and highlight our strategic positioning within the REIT universe. In addition, we make 10 Predictions; if even half turn out to be correct, we believe it will be a good year for public REIT investors.
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Additional Disclosures
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 and Vanguard Real Estate ETF 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.
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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