In the fourth quarter, the Chilton REIT Composite performed in line with the RMZ by producing a total return of -1.6% gross of fees and -1.7% net of fees, which compares to the RMZ’s total return of -1.7%.  For the full year of 2025, the Chilton REIT Composite also performed relatively in line with the […]

While underlying fundamentals are improving across most property types, REITs (measured by the MSCI US REIT Index (Bloomberg: RMZ)) underperformed the S&P 500 for the fourth straight year in 2025.  With technology stealing headlines due to the incredible potential of AI, investor interest in public REITs continues to languish, ignoring what we view as an […]

After we discussed triple net REITs in our June 2021 REIT Outlook, rising interest rates turned spread math into a moving target.  From 2022 to 2024, higher weighted average cost of capital (or WACC), a slower transaction environment, and shifting acquisition cap rates made value creation difficult to underwrite.  In 2025, the pieces are finally […]

In the third quarter, the Chilton REIT Composite underperformed the RMZ by producing a total return of +2.3% gross of fees and +2.1% net of fees, which compares to the RMZ’s total return of +4.8%.  Year to date, the Chilton REIT Composite has performed in line with the RMZ by producing a total return of […]

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 […]

In the second quarter, the Chilton REIT Composite performed in line with the RMZ by producing a total return of -1.0% gross of fees and -1.2% net of fees, which compares to the RMZ’s total return of -1.1%.  Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total return of […]

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 […]