Years ago, the market had adages such as “when the shoeshine boy talks stocks” or “taxi drivers telling you what to buy” to serve as warnings for market tops.  Widespread equity interest was certainly one of the themes of the pandemic, but, as we turn to 2022, it feels like retail sentiment has shifted from […]

REIT Outlook

March 1, 2022

Equity REITs: Ready to Flex on Uncertainty | March 2022

In this publication, we look back on 2021 and explain how our process resulted in several changes in the composition of client portfolios.  While the REIT volatility in 2021 was nowhere near where it was in 2020, the dispersion of performance between the top and bottom quartile REITs was elevated at 78 percentage points, which […]

REIT Outlook

February 1, 2022

REITs are Ripe for Active Management | February 2022

The S&P 500 Index continued its remarkable run in the fourth quarter, climbing the proverbial wall of worry to close the year on a very high note.  Amid concerns about inflation and supply chains, Federal Reserve tapering, and COVID-19 variants, the index gained 11.0% in the quarter and hit a new all-time high on December […]

Portfolio Insights

January 13, 2022

Portfolio Insight | 4th Quarter 2021

In 2021, REITs produced one of the best calendar year total returns in history, clocking in at +43.1% through December 31 as measured by the MSCI US REIT Index (Bloomberg: RMZ).  Once again, our forecast missed the actual return by more than 1,000 basis points (or bps).  However, the top end of our forecast at […]

REIT Outlook

January 4, 2022

2022 Chilton REIT Forecast | January 2022

In December, the MSCI US REIT Index (RMZ) produced a total return of +8.7%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +9.9%, both gross and net of fees.  In the fourth quarter, the Chilton REIT Composite underperformed the RMZ by producing a total return of +15.5% […]

REIT Commentary

January 1, 2022

REIT Commentary | December 2021

In November, the MSCI US REIT Index (RMZ) produced a total return of -0.7%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of -1.0%, both gross and net of fees. Year to date, the RMZ has produced a total return of +31.6%, which compares to the Chilton REIT […]

REIT Commentary

December 1, 2021

REIT Commentary | November 2021

In November, we participated in the annual REIT World conference where we had the opportunity to speak with 31 REIT management teams.  While we hope it will be the last 100% virtual conference sponsored by NAREIT, we did find it productive to speak to current portfolio companies as well as connect with several new companies […]

REIT Outlook

December 1, 2021

Property Type Round-Up from REIT World | December 2021

It has been exactly one year since we published ‘Essential REIT Evaluation: Retail’, and, looking back on the piece, one could describe it as overly cautious and concerned with the longer term impact of the pandemic on this sector.  However, hindsight is 20/20, and we were working with much different information a year ago.  Just […]

Chilton Investment Outlook, REIT Outlook

November 9, 2021

Retail REITs: Revisited and Reconsidered | November 2021

In October, the MSCI US REIT Index (RMZ) produced a total return of +7.7%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +6.2% net of fees and +6.3% gross of fees.  Year to date, the RMZ has produced a total return of +32.5%, which compares to the […]

REIT Commentary

November 1, 2021

REIT Commentary | October 2021

In September, the MSCI US REIT Index (RMZ) produced a total return of -5.5%. The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of -6.1%, gross and net of fees. In the third quarter, the RMZ produced a total return of +1.0%, which compared to the Chilton REIT Composite […]

REIT Commentary

October 1, 2021

REIT Commentary | September 2021

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