Demographic shifts have long influenced REIT performance, often acting as early indicators of real estate demand.  In 2025, key demographic trends – including an aging population, migration shifts, affordability constraints, and income disparities – are shaping sector allocations and investment strategies as they have for years.  However, while demographics provide valuable context, we recognize that […]

REIT Outlook

March 1, 2025

Demographic Trends Shaping REIT Portfolio Construction | March 2025

In December 2024, the Chilton REIT Strategy celebrated its 20th year since being founded by Bruce Garrison in January 2005.  Over this period, the strategy produced an annualized total return of +9.3% gross of fees (+8.5% net of fees), which compared to the MSCI US REIT Index (Bloomberg: RMZ) at +7.0% and the Vanguard Real […]

REIT Outlook

February 1, 2025

The Ten Commandments of REIT Investing | February 2025

From January to November, 2024’s REIT market went largely as predicted in the 2024 Chilton REIT Forecast, a welcome feat in the fast-paced modern world, especially given some of the unexpected exogenous economic and political events.  Our forecast of +12% to +16% was higher than any sell-side forecast we saw, and we appreciate the confidence […]

REIT Outlook

January 1, 2025

2025 Chilton REIT Forecast | January 2025

Commercial real estate fills many roles in society and, arguably, none is more essential than feeding the population.  The first thought might be grocery stores, but today’s report dives deeper into the extensive infrastructure and logistics existing between food producers and consumers.  Not only are frozen food sales growing rapidly (estimated 5% compound annual growth […]

REIT Outlook

September 1, 2024

Essential Business Spotlight: Cold Storage | September 2024

Originally created in 1960, the REIT structure’s purpose was to democratize real estate for the masses.  In addition to managing properties, reporting and complying with SEC requirements, and paying dividends from cash flow, they also employ finance, investment, development, and strategic personnel to make decisions that can grow value beyond a steady state portfolio.  In […]

REIT Outlook

August 1, 2024

The ‘X’ Factor for REITs | August 2024

In recent history, e-commerce can be argued as the biggest societal shift to impact commercial real estate.  We’ve detailed the topic in retail outlooks from November 2022 and November 2021, and more recently in our Industrial Outlook from March 2024.  Many expected the surge in online shopping during the pandemic to supercharge the “death of […]

REIT Outlook

June 3, 2024

Retail REITs: Near Term Capex Caution Despite Strong Fundamentals | June 2024

Unfortunately for REIT investors, REIT prices have yet to decouple from movements in long term interest rates – and rates are rising again in 2024 as of April 30.  Because real estate typically generates a steady (and growing) yield, there has historically been a playbook that REIT prices should trade down when rates are rising, […]

REIT Outlook

May 1, 2024

An Interesting Time to Invest in REITs | May 2024

In March 2024, the MSCI US REIT Index (RMZ) produced a total return of +2.0%.  The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +1.7% both gross and net of fees.  Year to date, the Chilton REIT Composite has underperformed the RMZ by producing a total return of […]

REIT Commentary

April 1, 2024

REIT Commentary | First Quarter 2024

2023 could be described as nothing short of a rollercoaster, as shown in Figure 1.  Our 2023 total return forecast of +8% to +12% ended up being too low relative to the actual calendar year total return of +13.7%, in spite of mid-year prices on the MSCI US REIT Index (Bloomberg: RMZ) falling to levels […]

REIT Outlook

January 1, 2024

2024 Chilton REIT Forecast | January 2024

In November 2023, the MSCI US REIT Index (RMZ) produced a total return of +10.4%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of +11.2% both gross and net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of […]

REIT Commentary

December 1, 2023

REIT Commentary | November 2023

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