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 […]

Although the change in public REIT equity prices over the past 12 months would not suggest it, 2022 actually saw earnings growth arrive above our initial expectations.  Specifically, occupancy continued its positive trajectory, leading to further upward pressure on rents across nearly every property type.  Additionally, the inflationary pressures helped to slow new construction, creating […]

In December, the MSCI US REIT Index (RMZ) produced a total return of -5.1%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of -5.5% gross of fees and -5.5% net of fees. For the full year of 2022, the Chilton REIT Composite underperformed the RMZ by producing a […]

In November, the MSCI US REIT Index (RMZ) produced a total return of +5.8%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +7.0% gross of fees and +7.0% net of fees. Year to date, the Chilton REIT Composite has performed in line with the RMZ by producing […]

The Chilton REIT Team descended upon San Francisco in mid-November for a packed three days of meetings with management and property tours.  The annual REITWorld conference is extremely important for us to catch up in person with the CEOs and CFOs of our portfolio companies, ramp up on potential new ideas, connect with peers, and […]

In October, the MSCI US REIT Index (RMZ) produced a total return of 4.9%. 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 underperformed the RMZ by producing a total return […]

For much of the last decade, pundits have been calling for the death of brick and mortar retail.  Rather than a supposed death knell, the last few years – marked by continued e-commerce growth, changing consumer behavior, and supply chain constraints – proved out the benefit of retailers offering customers multiple channels and highlighted the […]