It has been 16 months since we dedicated a REIT outlook to retail, which is evidence of the massive uncertainty surrounding the future of brick and mortar stores. Even before COVID, the shift to online purchasing was growing at more than four times the rate of in-store purchases. In the face of e-commerce growth, we […]

Supported by a continued global economic recovery, the market tacked on more gains in the third quarter. The S&P 500 index returned 8.5% (8.9% with dividends) to bring its year-to-date total return to 5.6%. This follows a significant (>50%) move higher from March lows. As a matter of fact, the index hit a new all-time […]

The essentialness of self storage has been in doubt many times in the past due to its lack of institutional owners and widespread professional management. However, it’s stability in the Global Financial Crisis (or GFC) cemented its status as a defensive property type that can protect revenue losses in a recession, in spite of the […]

In August, the MSCI US REIT Index (RMZ) produced a total return of +0.8%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of -1.1% both net and gross of fees. Year to date, the RMZ has produced a total return of -14.4%, which compares to the Chilton REIT Composite at -5.7% […]

Commercial real estate has historically (and accurately) been described as ‘cyclical’, meaning there is a ‘reset’ at the end of every growth period. The reset has often come in the form of a ‘crash’, where the bottom falls out of pricing, and gains from the prior years are wiped out. As devastating as a crash […]

In July, the MSCI US REIT Index (RMZ) produced a total return of +4.1%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +4.7% net of fees and +4.9% gross of fees. Year to date, the RMZ has produced a total return of -15.1%, which compares to the Chilton REIT Composite […]

One cannot go very far in today’s information age without seeing someone on a mobile device. As applications are built for so many facets of our daily lives, the need for a higher level of and faster data only grows. Even back in the mid 2000s just before the dawn of the smartphone, the Blackberry, […]

We are continuing on our ‘Essential’ theme from the June 2020 Chilton REIT Outlook. For those who have not read it, we have developed a decision tree for determining how ‘essential’ a business is, and thus where an investor should be spending his or her time. As shown in Figure 1, it focuses on the […]

After finishing the first quarter at depressed levels, growing evidence of an economic recovery as well as highly supportive government monetary and fiscal stimulus helped drive the S&P 500 20% higher in Q2, its biggest move in over twenty years. Remarkably at one point, the index even revisited unchanged territory for the year. However, the […]

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 […]