Following two years of underperformance, lodging REITs surged to the top property type of 2026.  Part of the strength reflects improving industry fundamentals.  Accordingly, Smith Travel Research revised its 2026 US revenue per available room, or RevPAR, forecast from +0.6% in the February release to +2.8% in the June 2026 release.  The upgrade owed little […]

The S&P 500 staged a steep rally in the second quarter following Iran-war-induced weakness in the first quarter.  Fears regarding the ultimate duration and impacts of the war on global inflation and growth subsided in April.  Ceasefires emerged, and the market advanced 15.2% for the period with steady gains in April and May before dropping […]

In the second quarter, the Chilton REIT Composite outperformed the VNQ by producing a total return of +11.8% gross of fees and +11.6% net of fees, which compares to the VNQ’s total return of +9.7%.  Year to date, the Chilton REIT Composite has outperformed the VNQ by producing a total return of +15.5% gross of […]

We recently attended the annual REITWeek conference in New York City, where we conducted 39 management meetings, toured several properties, attended peer dinners, and caught the infectious energy of the Knicks taking Game 1 of the NBA Finals. – The tone was more constructive than in recent years, especially considering a fairly noisy backdrop.  The […]

Since the inception of the Chilton REIT strategy in 2005, we have used the MSCI US REIT Index (Bloomberg: RMZ) as our primary benchmark.  However, the REIT landscape has evolved over those 21 years, and so has our investment universe.  Due to the lack of inclusion of several new sectors into the RMZ, including cell […]

AI’s rapid evolution is producing substantial productivity gains, and we fully expect gains to continue.  The expectation for exponential growth into perpetuity is driving volatility across the broader market, but, more importantly, we are seeing the early stages of a rotation into HALO asset classes (Heavy Assets, Low Obsolescence, introduced by Josh Brown on CNBC).  […]

The stock market reached a new all-time high on January 27th as hopes for strong corporate earnings, slowing inflation growth, and interest rate cuts buoyed investor sentiment.  However, February saw the beginning of weakness driven by renewed AI and private credit concerns as well as increasing tensions in Iran that boiled over into a full-blown […]

In the early 1990s, the Modern REIT Era commenced due to the abundance of overleveraged private real estate companies with no path to new equity other than to ‘sell’ shares to the public at a price below their perceived value.  To quote Chilton REIT Strategy founder Bruce Garrison, “they had to decide whether they wanted […]

In the first quarter, the Chilton REIT Composite underperformed the RMZ by producing a total return of +3.4% gross of fees and +3.3% net of fees, which compares to the RMZ’s total return of +4.8%.  However, the Chilton REIT Composite outperformed the Vanguard Real Estate Index (VNQ), our secondary benchmark, that produced a total return […]

Since the last Chilton REIT Outlook covering the self-storage sector was released in August 2023, “Self-Storage REITs: A Cautious Outlook for a COVID Winner”, the sector has faced several headwinds.  Over the 29 months ending December 31, 2025, self-storage REITs generated a total return of +1%, trailing the MSCI U.S. REIT Index (Bloomberg: RMZ) by […]