Almost fifteen years ago, we debuted the Chilton REIT Outlook in July 2011 titled ‘The Role of REITs’ with the goal of informing clients and prospects about the benefits of adding REITs to their portfolios.  Many of the attractive attributes of REITs remain today, but the investment landscape is vastly different.  Ultimately, the MSCI US […]

We recently attended the annual REITWeek conference, where we conducted 31 meetings with REIT CEOs and CFOs.  We also attended two organized dinners, one property tour, and even went for a run through Central Park with a REIT management team to maximize our time in New York City with REIT executives. – Similar to last […]

We published on the office sector two years ago and, following an over 50% pullback between March 2022 and May 2023, contemplated a potential bottom for public office REITs.  The bottom arrived several months later (Figure 1); however, that datapoint only scratches the surface of the office saga.  In our opinion, the real story lies […]

For any readers fortunate enough to avoid the constant and conflicting barrage of headlines in April, uncertainty is up and stocks are down.  The prospect of a trade war is impacting business and consumer confidence, and, more importantly, general uncertainty is further fanning the flames.  In our view, this environment has elevated volatility, which creates […]

On the two-year anniversary of one our most read REIT outlooks, ‘Arbitrage Opportunity Available in Public REITs’, we will be revisiting some of the predictions and observations on non-traded REITs versus public REITs from April 2023.  To summarize the April 2023 REIT Outlook, we warned investors that the ‘mark to magic’ (what we call the […]

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 […]

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 […]

In the fourth quarter, the Chilton REIT Composite has underperformed the RMZ by producing a total return of -7.5% gross of fees and -7.7% net of fees, which compares to the RMZ’s total return of -6.1%.  For full year 2024, the Chilton REIT Composite underperformed the RMZ by producing a total return of +7.5% gross […]

We recently attended the annual REITWorld conference, where we conducted 33 meetings with REIT CEOs and CFOs.  We also attended two organized dinners, three property tours, and a run around the Las Vegas strip with a REIT management team to maximize our time in Las Vegas with REIT executives. – The key themes were: 1) […]

No area of real estate has been under more pressure than the office sector.  We won’t belabor the headwinds – flexible work, tech downsizing, debt maturities, etc. – in today’s report, but there is a niche section of office space benefiting from robust demand drivers.  Historically, we referred to this group as Medical Office Buildings […]