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Chilton Investment Outlook

December 14, 2023

3rd Quarter Investment Discussion & Market Outlook

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 […]

REIT Commentary

December 1, 2023

REIT Commentary | November 2023

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 […]

REIT Outlook

December 1, 2023

Property Type Round-Up from REITWorld | December 2023

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 […]

REIT Outlook

November 1, 2023

Public REITs: Are We There Yet? | November 2023

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 […]

REIT Commentary

November 1, 2023

REIT Commentary | October 2023

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 […]

REIT Outlook

October 1, 2023

Senior Housing REITs: The Cure for Rising Rates | October 2023

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 […]

REIT Commentary

October 1, 2023

REIT Commentary | September 2023

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% […]

REIT Commentary

September 1, 2023

REIT Commentary | August 2023

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 […]

REIT Outlook

September 1, 2023

Warren Buffett Should Buy the Cell Tower REITs | September 2023

In July 2023, the MSCI US REIT Index (RMZ) produced a total return of +2.9%.  The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +1.1% gross of fees and +0.9% net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of […]

REIT Commentary

August 1, 2023

REIT Commentary | July 2023

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