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 […]

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 […]

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 […]

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 […]

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 […]

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% […]

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 […]

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 […]