A lifetime’s worth of market action was packed into an unbelievably chaotic first quarter of 2020. After an early +5% move to an all-time high of 3,386 on February 19th, the quickly spreading coronavirus (COVID-19) pandemic, along with the collapse of the oil markets, pushed the S&P 500 down 34% to a new multi-year low. […]

This publication is sent with a heavy heart to all those who have been afflicted by COVID-19 thus far, understanding that we are likely just in the first few innings of a sharp recession and medical crisis.  This experience should be a reminder of what is truly ‘essential’ in life, and we are proud of […]

Since becoming a state in 1959, Hawaii has been portrayed as a sunny beach vacation spot with palm trees and a rich cultural history. As with most things, reality is much more complicated. While it does boast some of the most beautiful beaches in the world (with top notch surfing), the rich cultural ‘history’ is […]

MLPs or REITs?  These two have been linked ever since Apache (NYSE: APA) established the first MLP in 1981 due to their above average yields and tax-advantaged status. Other than MLPs having a K-1 for tax reporting versus public REITs having 1099’s like traditional C-corps, both structures provide tax benefits and serve as yield alternatives. […]

  After a harrowing end to 2018, which left the S&P 500 at a depressed starting point, an accommodative Federal Reserve and progress on trade wars drove the index to new all-time highs in 2019. Stocks gained ground each quarter, including a +9.1% fourth quarter move, finishing the year with a +31.5% total return, 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 […]

What a year it was for real estate securities!  We are proud that we had the highest forecast for the year relative to prominent sell side research firms.  However, even our +12-17% projection came up short relative to the actual 2019 MSCI US REIT Index (Bloomberg: RMSG) total return of 25.8%.  As a result of […]

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 […]

After attending November’s NAREIT Conference in Los Angeles, we returned with a wealth of new ideas, information, and perspectives gleaned from management teams and our fellow investors. It also reminded us how much the industry and its investor base have evolved over the past several decades. Specifically, investors that are not dedicated to any particular […]

The acronym R.E.I.T. stands for something specific: Real Estate Investment Trust. However, REITs come in many different forms. While the Chilton REIT Strategy is comprised of only publicly traded equity REITs, some brokers have recommended ‘non-traded REITs’ to their clients as a steady source of income and a safe store of principal. For the purposes […]