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 […]

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 […]

Since the last Chilton REIT Outlook covering the self-storage sector was released in October 2020, “Essential REIT Evaluation: Self Storage”, the sector has grasped the attention of investors due to the unprecedented levels of demand and considerable outperformance through the pandemic.  The sector has also been grabbing headlines recently due to the Extra Space (NYSE: […]

The stock market delivered a third consecutive quarter of gains, building on the rally that started in October 2022.  The S&P 500 finished the quarter up 8.7% and advanced 16.9% for the first half of 2023. The top performing sectors for the period were once again Information Technology, Communication Services, and Consumer Discretionary, while those […]

In June 2023, the MSCI US REIT Index (RMZ) produced a total return of +5.1%.  The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +6.1% both gross and net of fees.  The Chilton REIT Composite produced a second quarter total return of +4.4% net of fees and +4.5% gross of […]

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 […]

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 […]

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 […]