Since the last Chilton REIT Outlook covering the self-storage sector was released in October 2020, “Essential REIT Evaluation: Self Storage”, the sector has grasped the attention of investors due to the unprecedented levels of demand and considerable outperformance through the pandemic.  The sector has also been grabbing headlines recently due to the Extra Space (NYSE: […]

REIT Outlook

August 1, 2023

Self-Storage REITs: A Cautious Outlook for a COVID Winner | August 2023

The stock market delivered a third consecutive quarter of gains, building on the rally that started in October 2022.  The S&P 500 finished the quarter up 8.7% and advanced 16.9% for the first half of 2023. The top performing sectors for the period were once again Information Technology, Communication Services, and Consumer Discretionary, while those […]

Portfolio Insights

July 13, 2023

Portfolio Insight   |   2nd Quarter 2023

The Chilton REIT Team recently embarked on a three-day journey to New York City, braving the haze of Canadian wildfire smoke that engulfed the air in early June.  This expedition was fueled by a multitude of management meetings and property tours, all in conjunction with the highly significant REITWeek annual conference, hosted by NAREIT.  For […]

REIT Outlook

July 1, 2023

Equity REITs: Takeaways from NAREIT REITWeek 2023 | July 2023

The capital window for commercial real estate has substantially lessened if not virtually closed for all but the best borrowers, just like in the early 1990’s.  In this cycle, property owners that financed with floating rate debt are seeing reduced cash flows, and many have negative cash flow after rising interest expense and other operating […]

REIT Outlook

June 1, 2023

The Bull Case for Active REIT Management | June 2023

It’s no secret the office sector faces extreme stress due to the surge in remote work.  Though there was some progress on return to office (RTO) last fall, technology tenants reversed a multi-year leasing spree while financing risks only added fuel to the decline in 2023.  As a result of the pandemic’s ‘forced experiment’ with […]

REIT Outlook

May 1, 2023

Public Office REITs: Where is the Bottom? | May 2023

In June, 2022, we published ‘The Private Equity Put’, essentially urging all public REIT teams to consider going private at valuations that now most companies would only dream of getting.  Unfortunately, soon after that piece was published, the financing environment changed dramatically for private real estate players.  – While the tombstones may have different names […]

REIT Outlook

April 1, 2023

Arbitrage Opportunity Available in Public REITs | April 2023

Every facet of the real estate industry was upended by Covid-19 and ensuing lockdowns, but arguably no industry saw a more material impact than travel and lodging.  We sold the entirety of our lodging exposure during March of 2020 (going from ~5% in early 2020 to 0% by the end of March) as we anticipated […]

REIT Outlook

March 1, 2023

Lodging REITs: Valuations Already Reflect Improvements | March 2023

Though the elevator pitch for data centers due to their vital role as the backbone of the internet seems like ‘easy money’, investing in this sector has many more elements to consider other than ‘data creation is growing exponentially’.  Yes, the demand for data storage has been a major growth story for ten years, but […]

REIT Outlook

February 1, 2023

Positive Data for Data Centers | February 2023

Although the change in public REIT equity prices over the past 12 months would not suggest it, 2022 actually saw earnings growth arrive above our initial expectations.  Specifically, occupancy continued its positive trajectory, leading to further upward pressure on rents across nearly every property type.  Additionally, the inflationary pressures helped to slow new construction, creating […]

REIT Outlook

January 3, 2023

2023 Chilton REIT Forecast | January 2023

The Chilton REIT Team descended upon San Francisco in mid-November for a packed three days of meetings with management and property tours.  The annual REITWorld conference is extremely important for us to catch up in person with the CEOs and CFOs of our portfolio companies, ramp up on potential new ideas, connect with peers, and […]

REIT Outlook

December 1, 2022

Property Type Round-Up from REIT World | December 2022

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