As a result of the normalization of e-commerce growth after the pandemic boom, there have been numerous headlines about retailers and logistics companies rationalizing their warehouse footprints, including from the 800 lb. gorilla, Amazon (NASDAQ: AMZN).  However, these normalizations come off an exceptionally high base, and we believe the forward outlook for industrial is far […]

REIT Outlook

March 1, 2024

A Differentiated View Within Industrial REITs | March 2024

Following a spectacular year of total returns and relative outperformance in 2021, multifamily REITs have underperformed the MSCI U.S. REIT Index (Bloomberg: RMZ).  The underperformance for multifamily REITs has been a product of both the macro environment (rising interest rates) and record high apartment deliveries, especially in Sun Belt markets.  While the fears are for […]

REIT Outlook

February 1, 2024

Multifamily REITs: Navigating the Sun Belt Amid Record Supply | February 2024

The S&P 500 regained its winning ways in the fourth quarter, ripping higher by 11.7% to close at 4,769, just 1% below its all-time closing high reached in January 2022.  The S&P 500 advanced a healthy 26.3% in 2023, a welcome reversal of the steep losses in 2022.  Inflation growth continued to slow during the […]

Portfolio Insights

January 25, 2024

Portfolio Insight   | 4th Quarter 2023

The S&P 500 hit a new 2023 high in late July before giving back some of its gains in the last few weeks of September.  For the quarter, the index finished down 3.3%, its first quarterly drop this year.  Inflation growth continued to slow, but continued Fed hikes, advancing commodity prices, and a re-accelerating economy […]

Portfolio Insights

January 25, 2024

Portfolio Insight   | 3rd Quarter 2023

2023 could be described as nothing short of a rollercoaster, as shown in Figure 1.  Our 2023 total return forecast of +8% to +12% ended up being too low relative to the actual calendar year total return of +13.7%, in spite of mid-year prices on the MSCI US REIT Index (Bloomberg: RMZ) falling to levels […]

REIT Outlook

January 1, 2024

2024 Chilton REIT Forecast | January 2024

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 […]

REIT Commentary

January 1, 2024

REIT Commentary | December 2023

https://zoom.us/rec/play/0Q5c-xZSAofQlqoDZ__qOtfyJI-82IrxRBvVyqwx8roBvSnQ13UmCmIXslk4Cl5BRmyOYnn2qCtIN7fC.umMpxk2Nvq4ZK6yO?autoplay=true

Chilton Investment Outlook

December 14, 2023

3rd Quarter Investment Discussion & Market Outlook

In November 2023, the MSCI US REIT Index (RMZ) produced a total return of +10.4%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +11.2% both gross and net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of […]

REIT Commentary

December 1, 2023

REIT Commentary | November 2023

We recently embarked on a three-day expedition to Los Angeles for the annual REITWorld conference.  We conducted 29 meetings, including 10 exclusive one-on-one sessions with REIT CEOs and CFOs.  Additionally, we attended two property tours organized by companies with properties in the area, for which we were able to not only meet with the CEOs […]

REIT Outlook

December 1, 2023

Property Type Round-Up from REITWorld | December 2023

Public REIT pricing has declined in a steep fashion over the past 22 months.  Although this is not the first time they have had a significant pullback, it is quite rare, as shown in Figure 1.  As recently as March 2020, the drawdown in the FTSE NAREIT All Equity REITs Index (Bloomberg: FNER)* was nearly […]

REIT Outlook

November 1, 2023

Public REITs: Are We There Yet? | November 2023

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