In December 2023, the MSCI US REIT Index (RMZ) produced a total return of +9.9%.  The Chilton REIT Composite underperformed the benchmark for the month by producing a total return of +7.0% both gross and net of fees.  For the full year of 2023, the Chilton REIT Composite outperformed the RMZ by producing a total […]

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 […]

We recently embarked on a three-day expedition to Los Angeles for the annual REITWorld conference.  We conducted 29 meetings, including 10 exclusive one-on-one sessions with REIT CEOs and CFOs.  Additionally, we attended two property tours organized by companies with properties in the area, for which we were able to not only meet with the CEOs […]

Public REIT pricing has declined in a steep fashion over the past 22 months.  Although this is not the first time they have had a significant pullback, it is quite rare, as shown in Figure 1.  As recently as March 2020, the drawdown in the FTSE NAREIT All Equity REITs Index (Bloomberg: FNER)* was nearly […]

In October 2023, the MSCI US REIT Index (RMZ) produced a total return of -4.4%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -3.6% gross of fees and -3.7% net of fees. Year to date, the Chilton REIT Composite has outperformed the RMZ by producing a total […]

In September 2023, the MSCI US REIT Index (RMZ) produced a total return of -6.8%. The Chilton REIT Composite outperformed the benchmark for the month by producing a total return of -6.4% both gross and net of fees. For the third quarter, the Chilton REIT Composite has underperformed the RMZ by producing a return of -7.3% gross […]

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 […]

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 […]

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 […]

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 […]