Chilton Capital Mgt.

“The Delta variant posed headwinds to the economy in late August/early September, but the recent decline in cases, hospitalizations, and deaths should allow the economy to revive and reaccelerate into year end and 2022.” ed.gr/do6m5

“As of September 28, 2021, the Chilton Global Real Estate Strategy has produced a cumulative total return of +22.6% net of fees since inception on January 31, 2019, which compares to the FTSE EPRA NAREIT Global Real Estate Index total return of +12.2%.” ed.gr/doal6

“We believe our three-pronged approach to alpha production will take advantage of differences in valuation without adding significant country-specific or company-specific risk.” ed.gr/doal7

“The RMZ is approximately 1.6% above its pre-COVID high as of September 28, 2021, while countries such as China, German, and the United Kingdom are well below their pre-COVID highs.” ed.gr/doal8

“There are 40 countries with REIT legislation, many of which have their own associations that lobby for the structure in the government.” ed.gr/doal9

"the CMS projects that healthcare expenses will rise by an average of 5.5% per year through 2028 when expenses will be over $6.2 trillion!" ed.gr/dmft6

“In 2019, the US spent 17.7% of GDP on healthcare expenses according to the Centers for Medicare and Medicaid Service (or CMS), which compares to less than 13% in 2000” ed.gr/dmft8

“Since June 16, 2020, HR and HTA produced an average total return of +4.6% though August 31, 2021, which compares to the BBREHLTH and RMZ index total returns of +28.9% and +39.1%, respectively.” ed.gr/dmfub

“the Organization for Economic Co-Operation and Development expects the number of 80+ year olds to increase from 13 million in 2020 to almost 20 million by 2030, an increase of 4.5% per year” ed.gr/dmfud

“VTR recently announced the acquisition of New Senior Residential (NYSE: SNR) for $2.3 billion and expects it to be accretive by $0.10 per share.” ed.gr/dmfv7

“The typical real estate cycle lasts seven years, and we are barely one year into this one.“ ed.gr/dkgjn

“Predictability of above-average dividend growth is near an all-time high.“ ed.gr/dkgjm

“The rapid increase in construction costs should weigh on new construction, preventing any oversupply risk for the foreseeable future.“ ed.gr/dkgjj

“REITs should be a beneficiary of the out of control fiscal stimulus actions ramping the reopening of the economy” ed.gr/dkgji

“REITs are inexpensive compared to fixed income and equities” ed.gr/dkgjh

"The lack of yield around the world and in most asset classes has made REITs and other yield alternatives a ‘hot’ asset class." ed.gr/dkgjd

“Instead of adding exposure to the Vaccine trade via focused sectors that have gotten ahead of themselves from a valuation standpoint in our opinion, we have identified several diversified REITs that are underappreciated...” ed.gr/dil5m

"Year to date, the RMZ has produced a total return of +21.8%, which compares to the Chilton REIT Composite at +20.8% net of fees and +21.2% gross of fees" ed.gr/diz3z

“Fueled by rapidly dropping global COVID-19 cases and continued monetary and fiscal stimulus, equity markets continued to hit new record highs, with little volatility, in the second quarter.” ed.gr/djkye

"In the second quarter, the Chilton REIT Composite outperformed the benchmark by producing a total return of +13.6% net of fees and +13.7% gross of fees, which compared to the RMZ at +12.0%." ed.gr/diz30