Since the inception of the Chilton REIT strategy in 2005, we have used the MSCI US REIT Index (Bloomberg: RMZ) as our primary benchmark.  However, the REIT landscape has evolved over those 21 years, and so has our investment universe.  Due to the lack of inclusion of several new sectors into the RMZ, including cell […]

AI’s rapid evolution is producing substantial productivity gains, and we fully expect gains to continue.  The expectation for exponential growth into perpetuity is driving volatility across the broader market, but, more importantly, we are seeing the early stages of a rotation into HALO asset classes (Heavy Assets, Low Obsolescence, introduced by Josh Brown on CNBC).  […]

In the first quarter, the Chilton REIT Composite underperformed the RMZ by producing a total return of +3.4% gross of fees and +3.3% net of fees, which compares to the RMZ’s total return of +4.8%.  However, the Chilton REIT Composite outperformed the Vanguard Real Estate Index (VNQ), our secondary benchmark, that produced a total return […]

Seniors Housing (SH) REITs are on a historic run.  Typically, average SSNOI (same store net operating income) growth is 3-4% for all REITs.  In contrast, Welltower (NYSE: WELL), the largest SH owner, is on track for its fourth consecutive year above 20%, and Ventas (NYSE: VTR) is pacing for four years well into double digits. […]