Since we published our March 2018 REIT Outlook titled, “Equity REITs at Bargain Prices: An Asymmetric Opportunity,” on March 1, the FTSE NAREIT Equity REIT Index (Bloomberg: FNRE) has produced a total return of +14.1% through September 24. This compares to +8.8% for the S&P 500 (Bloomberg: SPX) over the same period. Interestingly, the 10 […]
October 1, 2018
US REITs are better known for being an inflation hedge, but investors often overlook their proven ability to hedge against international trade and currency risks. As of August 31, President Donald Trump has slapped nearly $30 billion of tariffs on $120 billion of US imported goods, and he has threatened an additional $170 billion of […]
September 1, 2018
Following a volatile and slightly negative first quarter, relative calm returned to the markets for most of Q2 as investors digested continued positive earnings results from domestic companies. For the quarter, the S&P 500 closed at 2,718, generating a total return of +3.4% and bringing the total return for the index to +2.6% in the […]
August 24, 2018
Self storage is a niche property type within commercial real estate. Self storage demand benefits from all aspects of life—in good times due to home renovations, new jobs/relocation, and summertime storage between college semesters, but also during difficult times such as dealing with a divorce, the passing of a family member, and job dislocation. The […]
August 1, 2018
The Chilton REIT Team recently attended the NAREIT REITWeek conference in New York City, where we met with over 50 REIT management teams in a one-on-one or small group setting. The conference was especially important this year due to the significant discounts to Net Asset Value (or NAV) at which many of them were trading. […]
July 1, 2018
The MSCI US REIT Index (RMS) had a total return of +4.4% in June, while the S&P 500 had a total return of +0.6%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +4.3%, both net and gross of fees. For the second quarter, the Composite produced a […]
June 30, 2018
We have long considered the cell tower business model as one of the most attractive, boasting consistent cash flow growth with low maintenance capital expenditures. As such, the cell tower REITs, consisting of Crown Castle (NYSE: CCI), American Tower (NYSE: AMT), and SBA Communications (NASDAQ: SBAC), produced average annualized total returns of 15% from 2007 to 2017, which compared to […]
June 1, 2018
The MSCI US REIT Index (RMS) had a total return of +3.9% in May, while the S&P 500 had a total return of +2.4%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +2.2%, both net and gross of fees. Year to date, the Chilton REIT Composite has […]
May 31, 2018
Since President Trump was elected on November 9, 2016, the lodging REIT sector (Bloomberg: BBREHOTL Index) has outperformed the MSCI US REIT Index (Bloomberg: RMS G) by over 2,350 basis points (bps) through April 16, 2018. The strong stock performance has likely been in anticipation of the pro-growth and pro-business agenda that President Trump’s election […]
May 1, 2018
The MSCI US REIT Index (RMS) had a total return of +1.4% in April, while the S&P 500 had a total return of +0.4%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +0.3% and +0.5%, net of fees and gross of fees, respectively. Year to date, the […]
