In July, the MSCI US REIT Index (RMZ) produced a total return of +9.0%.  The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +7.9% gross of fees and +7.7% net of fees.  Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of -10.8% […]

The dominant force in the markets this year has been uncertainty.  Uncertainty around interest rates, inflation, and a myriad of other factors have driven investors into overdrive to figure out the playbook for changing times.  REITs have not been spared from the market turbulence, but we see the long term value proposition for REITs at […]

Many of you are probably wondering the same thing – what’s been going on with mortgage rates and where are they headed? With inflation intensifying, the average rate on a 30-year mortgage has jumped from 2.78% in July 2021 to the more recent 5.54% as of July 21, 2022, according to Freddie Mac. To grasp […]

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, […]