In December 2023, the MSCI US REIT Index (RMZ) produced a total return of +9.9%.  The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +7.0% both gross and net of fees.  For the full year of 2023, the Chilton REIT Composite outperformed the RMZ by producing a total […]

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In November 2023, the MSCI US REIT Index (RMZ) produced a total return of +10.4%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +11.2% both gross and net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of […]

We recently embarked on a three-day expedition to Los Angeles for the annual REITWorld conference.  We conducted 29 meetings, including 10 exclusive one-on-one sessions with REIT CEOs and CFOs.  Additionally, we attended two property tours organized by companies with properties in the area, for which we were able to not only meet with the CEOs […]

Public REIT pricing has declined in a steep fashion over the past 22 months.  Although this is not the first time they have had a significant pullback, it is quite rare, as shown in Figure 1.  As recently as March 2020, the drawdown in the FTSE NAREIT All Equity REITs Index (Bloomberg: FNER)* was nearly […]

In October 2023, the MSCI US REIT Index (RMZ) produced a total return of -4.4%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -3.6% gross of fees and -3.7% net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total […]

Although healthcare was thrown for a loop during the pandemic, Senior Housing (SH) is experiencing some of the strongest fundamentals we have seen in a long time.  Rebounding occupancy, stronger rental rates, and moderating labor headwinds are generating double digit Net Operating Income (NOI) growth.  Occupancy is still below prior peaks, but we believe demographic […]

In September 2023, the MSCI US REIT Index (RMZ) produced a total return of -6.8%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -6.4% both gross and net of fees. For the third quarter, the Chilton REIT Composite has underperformed the RMZ by producing a return of -7.3% gross […]

In August 2023, the MSCI US REIT Index (RMZ) produced a total return of -3.0%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -2.0% gross and net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of +7.8% […]

The drumbeat calling for the fall of office real estate has been steady and unrelenting since REITs peaked on December 31, 2021.  As we reported in our May 2023 Chilton REIT Outlook titled, “Office REITs: Where is the Bottom?” most people are not surprised to hear that office REITs (as measured by the Bloomberg REIT […]