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 […]

Since we began publishing the Chilton REIT Outlook, we have consistently been proponents of a US-focused, actively managed strategy. However, international REIT markets across both developed and emerging countries have made significant advancements in the ‘investability’ of their own publicly traded real estate securities as of late. We now believe such markets have matured and […]

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 […]

  The S&P 500 continued to show remarkable resilience in the third quarter, gaining 1.7% to close at 2,977 despite a spreading global economic slowdown and continued lack of a US-China trade deal. This result brings the YTD total return of the index to 20.6%. The top performing sectors for the quarter were Utilities, Real […]

On August 29, the US 10 year US Treasury yield was 1.5%, approximately one basis point (or bp) below the US 2 year Treasury yield. This ‘inverted’ yield curve has predicated each recession by an average of 19 months for the past 50 years. Figure 1 shows the past 20 years of the spread between […]

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 […]

Another month, another retail bankruptcy, another ‘win’ for e-commerce, and a ‘loss’ for brick-and-mortar. Houston-based Charming Charlie’s filed for Chapter 11 bankruptcy on July 11, which will result in 261 store closings across the country. It is the second bankruptcy in as many years for Charming Charlie’s, which the media roundly blames on the impact […]

  Despite a continued economic slowdown and lack of a US-China trade deal, the robust 2019 market rally continued in the second quarter, with the S&P 500 moving +4.3% to close at 2,941. For the first six months of the year, the total return of the index was +18.5%, the best first half since 1997. […]

Equity REITs have become a ‘mirror’ of the US economy, and it’s increasingly difficult to make generalizations about all REITs since fundamental drivers vary among the 15 REIT sectors. But, as yield-oriented companies, they do benefit when interest rates move downward as we have seen recently. As of June 30, 2019, Equity REITs are up […]