Download the PDF version. – When we last wrote about multifamily in our February 2024 REIT Outlook, the story felt simple: a 50-year peak in deliveries, collapsing starts, the Fed nearing the end of its hiking cycle, and a rent recovery on the other side.  While the supply call was right, apartment rents have been […]

In the third quarter, the Chilton REIT Composite outperformed the VNQ by producing a total return of -5.9% gross of fees and -6.0% net of fees, which compares to the VNQ’s total return of -6.2%.  Year to date, the Chilton REIT Composite has outperformed the VNQ by producing a total return of +8.7% gross of […]

Download the PDF version. – It has been three years since we published our September 2023 REIT Outlook titled ‘Warren Buffett Should Buy the Cell Tower REITs’.  In the three years from September 1, 2023, to August 31, 2026, the straight average total return of the three cell tower REITs was -3.8%, or a disappointing […]

Download the PDF version. – Following two years of underperformance, lodging REITs surged to the top property type of 2026.  Part of the strength reflects improving industry fundamentals.  Accordingly, Smith Travel Research revised its 2026 US revenue per available room, or RevPAR, forecast from +0.6% in the February release to +2.8% in the June 2026 […]

In the second quarter, the Chilton REIT Composite outperformed the VNQ by producing a total return of +11.8% gross of fees and +11.6% net of fees, which compares to the VNQ’s total return of +9.7%.  Year to date, the Chilton REIT Composite has outperformed the VNQ by producing a total return of +15.5% gross of […]

Download the PDF version. – 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 […]

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. […]