The Chilton REIT Team recently embarked on a three-day journey to New York City, braving the haze of Canadian wildfire smoke that engulfed the air in early June.  This expedition was fueled by a multitude of management meetings and property tours, all in conjunction with the highly significant REITWeek annual conference, hosted by NAREIT.  For […]

REIT Outlook

July 1, 2023

Equity REITs: Takeaways from NAREIT REITWeek 2023 | July 2023

In May 2023, the MSCI US REIT Index (RMZ) produced a total return of -3.1%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of -3.3% both gross and net of fees. Quarter to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of […]

REIT Commentary

June 1, 2023

REIT Commentary | May 2023

The capital window for commercial real estate has substantially lessened if not virtually closed for all but the best borrowers, just like in the early 1990’s.  In this cycle, property owners that financed with floating rate debt are seeing reduced cash flows, and many have negative cash flow after rising interest expense and other operating […]

REIT Outlook

June 1, 2023

The Bull Case for Active REIT Management | June 2023

It’s no secret the office sector faces extreme stress due to the surge in remote work.  Though there was some progress on return to office (RTO) last fall, technology tenants reversed a multi-year leasing spree while financing risks only added fuel to the decline in 2023.  As a result of the pandemic’s ‘forced experiment’ with […]

REIT Outlook

May 1, 2023

Public Office REITs: Where is the Bottom? | May 2023

In April, the MSCI US REIT Index (RMZ) produced a total return of +0.8%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +1.9% gross of fees and +1.7% net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return […]

REIT Commentary

May 1, 2023

REIT Commentary | April 2023

The S&P 500 continued to climb a wall of worry in the first quarter of 2023, breaking out with a strong January, dropping in February and the first half of March, and then rallying to post a +7.5% return for the quarter.  Evidence is mounting that Federal Reserve rate hikes are having the desired effect […]

Portfolio Insights

April 18, 2023

Portfolio Insight   |   1st Quarter 2023

In March, the MSCI US REIT Index (RMZ) produced a total return of -2.5%.  The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -0.3%, both gross and net of fees.  In the first quarter, the Chilton REIT Composite outperformed the RMZ by producing a total return of +4.1% […]

REIT Commentary

April 1, 2023

REIT Commentary | March 2023

In June, 2022, we published ‘The Private Equity Put’, essentially urging all public REIT teams to consider going private at valuations that now most companies would only dream of getting.  Unfortunately, soon after that piece was published, the financing environment changed dramatically for private real estate players.  – While the tombstones may have different names […]

REIT Outlook

April 1, 2023

Arbitrage Opportunity Available in Public REITs | April 2023

Every facet of the real estate industry was upended by Covid-19 and ensuing lockdowns, but arguably no industry saw a more material impact than travel and lodging.  We sold the entirety of our lodging exposure during March of 2020 (going from ~5% in early 2020 to 0% by the end of March) as we anticipated […]

REIT Outlook

March 1, 2023

Lodging REITs: Valuations Already Reflect Improvements | March 2023

Though the elevator pitch for data centers due to their vital role as the backbone of the internet seems like ‘easy money’, investing in this sector has many more elements to consider other than ‘data creation is growing exponentially’.  Yes, the demand for data storage has been a major growth story for ten years, but […]

REIT Outlook

February 1, 2023

Positive Data for Data Centers | February 2023

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