It has been three years since we published our September 2023 REIT Outlook titled ‘Warren Buffett Should Buy the Cell Tower REITs’.  In the three years from September 1, 2023, to August 31, 2026, the straight average total return of the three cell tower REITs was -3.8%, or a disappointing -1.4% annualized.  This compares to […]

Following two years of underperformance, lodging REITs surged to the top property type of 2026.  Part of the strength reflects improving industry fundamentals.  Accordingly, Smith Travel Research revised its 2026 US revenue per available room, or RevPAR, forecast from +0.6% in the February release to +2.8% in the June 2026 release.  The upgrade owed little […]

Since the inception of the Chilton REIT strategy in 2005, we have used the MSCI US REIT Index (Bloomberg: RMZ) as our primary benchmark.  However, the REIT landscape has evolved over those 21 years, and so has our investment universe.  Due to the lack of inclusion of several new sectors into the RMZ, including cell […]