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 […]

REIT Outlook

April 1, 2022

Chilton REIT Roadmap, Revisited | April 2022

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

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 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

It has been two years since we introduced the Chilton Global Real Estate Strategy in the October 2019 Chilton REIT Outlook.  We are proud that the initial concept of a three-pronged approach to alpha production has worked well, and we believe this process will be repeatable going forward.  As of September 28, 2021, the Chilton […]

REIT Outlook

October 1, 2021

Uneven COVID Response Worldwide Creates Opportunity in Global REITs | 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 Outlook

September 30, 2021

REIT Commentary | September 2021

Healthcare has been squarely in the spotlight since the beginning of the COVID pandemic in February 2020, and rightly so.  While the world may have yet to agree upon an answer for how to properly address or prevent a pandemic, the past 18 months have solidified healthcare as an essential sector of the economy, as […]

REIT Outlook

September 1, 2021

Healthcare REIT Check-up: Ready for a Boost | September 2021

As of July 31, 2021, the MSCI REIT Index has produced a year-to-date total return of +27.7%, which compares to our 2021 forecast of +13% to +19%.  While the actual return exceeds our expectations, we also believe this is not the time to reduce exposure to publicly traded equity REITs.  Since our initial forecast was […]

REIT Outlook

August 1, 2021

The Cycle Is Just Getting Started | August 2021

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