Following a spectacular rise in the second quarter, the S&P 500 managed a 2.3% gain in the third quarter, with most of that coming in August.  Continued strong AI-led earnings growth offset headwinds from the lingering Iran war, rising oil prices, renewed inflation pressure, and higher Treasury yields.  Year to date, the S&P has returned […]

Download the PDF version. – When we last wrote about multifamily in our February 2024 REIT Outlook, the story felt simple: a 50-year peak in deliveries, collapsing starts, the Fed nearing the end of its hiking cycle, and a rent recovery on the other side.  While the supply call was right, apartment rents have been […]

In the third quarter, the Chilton REIT Composite outperformed the VNQ by producing a total return of -5.9% gross of fees and -6.0% net of fees, which compares to the VNQ’s total return of -6.2%.  Year to date, the Chilton REIT Composite has outperformed the VNQ by producing a total return of +8.7% gross of […]

Download the PDF version. – It has been three years since we published our September 2023 REIT Outlook titled ‘Warren Buffett Should Buy the Cell Tower REITs’.  In the three years from September 1, 2023, to August 31, 2026, the straight average total return of the three cell tower REITs was -3.8%, or a disappointing […]

Download the PDF version. – 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 […]

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 […]

Download the PDF version. – 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 […]

Download the PDF version. – 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 […]

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).  […]