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 […]

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 […]

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 […]

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 […]

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% […]

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 […]

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 […]

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 […]

The S&P 500 Index had three extraordinarily strong years from 2019-2021, generating a 100.3% total return which culminated in an all-time high on January 3rd, 2022. Then, the S&P 500 stair-stepped lower throughout a volatile year, officially entering bear market territory in June. Though the market staged a 7.5% fourth quarter advance, including a multi-year […]