As we mentioned in the 2021 Chilton REIT Forecast, the rotation from the ‘COVID’ REITs (i.e. Cell Towers, Data Centers, Industrial) to the ‘Vaccine’ REITs (i.e. Regional Malls, Shopping Centers, Coastal Apartments, Lodging, Coastal Office) after the November 9 Pfizer announcement has been nothing short of extraordinary. While the increase in price over the past […]

REIT Outlook

March 2, 2021

Rotation Creates Long Term Buying Opportunity | March 2021

After a 40 year decline in interest rates to record lows, both for corporate and government bonds, fixed income investors can pop the champagne and celebrate the gains and income they have received. Coupled with the strong S&P 500 performance in the past few years, traditional 60% equity / 40% fixed income (or ‘60/40’) portfolios […]

REIT Outlook

February 2, 2021

Why Buy Fixed Income When Your Income Can Grow With REITs? | February 2021

While forecasting has historically been a sport where the winners were ‘more lucky than good’, 2020 was a doozy for even the most contrarian predictions due to the COVID pandemic. Looking back to the Chilton 2020 REIT Forecast, there wasn’t much we got right, though the top overweights (cell towers, data centers, residential) did help […]

REIT Outlook

January 5, 2021

The 2021 Chilton REIT Forecast | January 2021

The Chilton REIT Team participated in the recent virtual NAREIT where we had one on one meetings with multiple management teams in several property sectors. Herein, we discuss our takeaways on how a medical solution to COVID is impacting commercial real estate overall, and then we drill down to assess the impact on the REITs […]

REIT Outlook

December 1, 2020

Takeaways from REITWorld | December 2020

It has been 16 months since we dedicated a REIT outlook to retail, which is evidence of the massive uncertainty surrounding the future of brick and mortar stores. Even before COVID, the shift to online purchasing was growing at more than four times the rate of in-store purchases. In the face of e-commerce growth, we […]

REIT Outlook

November 3, 2020

Essential REIT Evaluation: Retail | November 2020

The essentialness of self storage has been in doubt many times in the past due to its lack of institutional owners and widespread professional management. However, it’s stability in the Global Financial Crisis (or GFC) cemented its status as a defensive property type that can protect revenue losses in a recession, in spite of the […]

REIT Outlook

October 2, 2020

Essential REIT Evaluation: Self Storage | October 2020

Commercial real estate has historically (and accurately) been described as ‘cyclical’, meaning there is a ‘reset’ at the end of every growth period. The reset has often come in the form of a ‘crash’, where the bottom falls out of pricing, and gains from the prior years are wiped out. As devastating as a crash […]

REIT Outlook

September 1, 2020

Welcome to the New Cycle | September 2020

One cannot go very far in today’s information age without seeing someone on a mobile device. As applications are built for so many facets of our daily lives, the need for a higher level of and faster data only grows. Even back in the mid 2000s just before the dawn of the smartphone, the Blackberry, […]

REIT Outlook

August 1, 2020

Essential REIT Evaluation: Cell Towers and Data Centers | August 2020

We are continuing on our ‘Essential’ theme from the June 2020 Chilton REIT Outlook. For those who have not read it, we have developed a decision tree for determining how ‘essential’ a business is, and thus where an investor should be spending his or her time. As shown in Figure 1, it focuses on the […]

REIT Outlook

July 1, 2020

Essential REIT Evaluation: Industrial and Office | July 2020

The word ‘essential’ has become very popular recently in its use by governing heads nationwide to delineate which businesses can remain open during the pandemic. A common definition uses the words, “…of upmost importance, something necessary or indispensable.”  We have been using the term long before 2020 in describing our portfolio, but today it has […]

REIT Outlook

June 1, 2020

Essential REIT Evaluation: Residential and Healthcare | June 2020

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