Sustained inflation and supply chain pressures exacerbated by the ongoing war in Ukraine, a fresh set of COVID lockdowns in China, and an aggressive interest rate hiking cycle from the Federal Reserve caused equity markets to plummet in the second quarter.  The S&P 500 officially entered bear market territory in June, closing 2Q with a […]

In June, the MSCI US REIT Index (RMZ) produced a total return of -7.4%.  The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -6.5% net of fees and -6.5% gross of fees.  For the second quarter the Chilton REIT Composite has outperformed the RMZ by producing a total return of […]

After meeting with over 25 companies in New York for the first in-person NAREIT sponsored conference since November 2019, we came away extremely positive on the fundamentals for REITs.  Across the board, leasing, occupancy, and rent growth are tracking at or above expectations, and the recent increase in interest rates has already slowed new construction, […]

In May, the MSCI US REIT Index (RMZ) produced a total return of -6.2%.  The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -4.7% net of fees and -4.7% gross of fees.  Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of -11.9% […]

Things have changed drastically over the past six weeks in the market.  Volatility has spiked, and prices have retraced back to levels not seen in 12 months.  Some have been calling for a recession as early as this year.  Seemingly, there is little ‘good’ news for long-only investors, especially in REITs.  However, we see several […]

In April, the MSCI US REIT Index (RMZ) produced a total return of -4.5%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -3.7% net of fees and -3.6% gross of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return […]

Even before the pandemic, a sustained pattern of migration to the Sunbelt was unmistakable, driven by warmer weather, lower taxes, job growth and comparatively very affordable real estate prices (note that although Southern California is sometimes considered the Sunbelt, today’s report will treat California as distinct from the Sunbelt).  For example, according to American Counts, […]

Following a mostly calm ride in 2021, the stock market experienced serious turbulence due to both expected and unexpected factors in the first quarter of 2022.  Persistent inflation, a new Federal Reserve interest rate hiking cycle, and a violent incursion by Russia into Ukraine generated volatility not seen in a year.  The S&P 500 underwent […]

In March, the MSCI US REIT Index (RMZ) produced a total return of +6.5%.  The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +8.3%, both gross and net of fees.  In the first quarter, the Chilton REIT Composite outperformed the RMZ by producing a total return of -4.0% […]

We are once again peeling back the onion and revealing the secret sauce that has been driving our performance for the past 17 years!  It has been eight years since we wrote the April 2014 REIT Outlook titled, ‘The Chilton REIT Roadmap’.  Given the recent volatility of stock prices following a broad market increase in […]