2025 started off in promising fashion, with the S&P 500 gaining 4.6% to a fresh all-time high of 6,147 on February 19th.  The index then dropped over 10.0% into correction territory, rebounded, and finally rolled over again to end the quarter -4.3%, at 5,611.  This volatility has extended into 2Q.  Many investors worry that the […]

In the first quarter, the Chilton REIT Composite has outperformed the RMZ by producing a total return of +3.9% gross of fees and +3.7% net of fees, which compares to the RMZ’s total return of +1.1%.  Additionally, the Chilton REIT Composite outperformed the Vanguard Real Estate Index (VNQ), our secondary benchmark, that produced a total […]

On the two-year anniversary of one our most read REIT outlooks, ‘Arbitrage Opportunity Available in Public REITs’, we will be revisiting some of the predictions and observations on non-traded REITs versus public REITs from April 2023.  To summarize the April 2023 REIT Outlook, we warned investors that the ‘mark to magic’ (what we call the […]

Demographic shifts have long influenced REIT performance, often acting as early indicators of real estate demand.  In 2025, key demographic trends – including an aging population, migration shifts, affordability constraints, and income disparities – are shaping sector allocations and investment strategies as they have for years.  However, while demographics provide valuable context, we recognize that […]

In December 2024, the Chilton REIT Strategy celebrated its 20th year since being founded by Bruce Garrison in January 2005.  Over this period, the strategy produced an annualized total return of +9.3% gross of fees (+8.5% net of fees), which compared to the MSCI US REIT Index (Bloomberg: RMZ) at +7.0% and the Vanguard Real […]

The S&P 500 ended 2024 on a high note, weathering a few periods of high volatility in the fourth quarter to gain 2.4% and close at 5,882, just 3% below the all-time high set in early December.  For the year, the market moved 25.0% higher, on top of 2023’s impressive 26.3% move.  Inflation growth continued […]

From January to November, 2024’s REIT market went largely as predicted in the 2024 Chilton REIT Forecast, a welcome feat in the fast-paced modern world, especially given some of the unexpected exogenous economic and political events.  Our forecast of +12% to +16% was higher than any sell-side forecast we saw, and we appreciate the confidence […]

In the fourth quarter, the Chilton REIT Composite has underperformed the RMZ by producing a total return of -7.5% gross of fees and -7.7% net of fees, which compares to the RMZ’s total return of -6.1%.  For full year 2024, the Chilton REIT Composite underperformed the RMZ by producing a total return of +7.5% gross […]

We recently attended the annual REITWorld conference, where we conducted 33 meetings with REIT CEOs and CFOs.  We also attended two organized dinners, three property tours, and a run around the Las Vegas strip with a REIT management team to maximize our time in Las Vegas with REIT executives. – The key themes were: 1) […]

No area of real estate has been under more pressure than the office sector.  We won’t belabor the headwinds – flexible work, tech downsizing, debt maturities, etc. – in today’s report, but there is a niche section of office space benefiting from robust demand drivers.  Historically, we referred to this group as Medical Office Buildings […]