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Adelante Capital Management

Founded in 1995, Adelante is a global investment management firm focused on real estate securities, predominantly REITs. We employ a disciplined investment process seeking high quality portfolios for our clients at attractive prices relative to direct real estate values or Net Asset Value (“NAV”). Learn more about our firm

Institutional Investors

Adelante’s legacy as a premier real estate securities investment firm is a reflection of our long-term relationships with institutional investors and the financial investment consultants that serve and represent our clients, as well as companies in the commercial real estate investment community.

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Financial Professionals

The inclusion of real estate securities in an investment portfolio and access to quality real estate investment expertise is no longer the sole realm of the institutional investor. Through their financial advisors, individual investors can access Adelante’s deep investment knowledge and experience.

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Insights

Learn from our library of articles showcasing our industry expertise

Amazon-Whole Foods Merger Casts Smaller Shadow Over Retail REITs

Amazon’s (AMZN) announcement on the morning of June 16, 2017 that it had entered into an agreement to acquire Whole Foods Market (WFM) for $42 per share in an all-cash transaction valued at $13.7 billion was positively received by shareholders of both companies. WFM shares ended the day up 29.1% (above the acquisition price in anticipation of a competing/higher

2Q17 Capital Market Outlook

If the dual mandate of the FOMC is full employment and stable price (i.e. fighting inflation) and the FOMC’s preferred measure of inflation, the core personal consumption expenditures price index (“PCE”) is tipping downward by their own admission, why is the FOMC continuing on their tightening path? Well, the FOMC’s Philips Curve models say so. Named after a British

2Q17 Capital Market Review

Politics provided plenty of entertainment during the quarter but looking back on the past three months, nothing much has really happened and the effect of politics on the financial markets have been ephemeral. President Trump firing FBI director Comey might have created a media firestorm and a sharp one-day drawdown in the equity markets but it may end up

Amazon’s $13.7 Billion Step into Bricks & Mortar

Last Friday, e-commerce juggernaut Amazon announced an agreement to acquire Whole Foods Market in an all-cash transaction valued at $13.7 billion. Whole Foods Market generated sales of nearly $16 billion in 2016 across more than 460 stores in the U.S., Canada and the U.K., which represents an estimated 2.5% share of the entire grocery industry. Share prices of competing
Michael Torres Testimonial
Michael TorresWe honor the privilege entrusted in us by each and every client.
Jeung Hyun Testimonial
Jeung HyunOur size allows us to apply our NAV metric in the most disciplined manner possible.

Friday Market Recap

Weekly Assessment of Global Real Estate Trends

August Retail Sales Down

In the U.S.: Headline August retail sales were down 0.2% m/m versus July’s downwardly revised 0.3% increase. Autos, electronics and appliances, building materials, and clothing all posted m/m declines. Online sales, which fell 1.1% m/m, posted the sharpest decline since April 2014. August industrial production was down 0.9% versus July’s 0.4% rise. Economists attributed the bulk of the slowdown

Hurricane Irma

In the U.S.: US continued to push for stronger UN Security Council sanctions against North Korea following its latest nuclear test. Bloomberg said a draft resolution is being circulated that imposes an oil embargo, bans North Korean textile exports and hiring of North Korean laborers abroad. Federal Reserve Vice Chairman Stanley Fischer announced that he would resign in mid-October.

Areas Affected by Hurricane Harvey

In the U.S.: August nonfarm payrolls increased 156K following a July’s downwardly revised 189K gain. The unemployment rate pushed up to 4.4% from 4.3% and the participation rate was unchanged at 62.9%. Hurricane Harvey flooded the gulf coast of Texas and Louisiana displacing thousands of families and killing over 40 people. Harvey has greatly interrupted the Texas energy sector

Domestic Real Estate Securities Strategy

Adelante Capital Management’s domestic real estate securities strategy is designed for those investors who recognize the diversification benefits of real
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Global Real Estate Securities Strategy

Adelante’s Global Real Estate Investment Strategy is designed for those private and institutional and individual investors who both recognize the diversification benefits of real estate in their overall investment portfolios and also desire exposure outside the U.S. commercial real estate market.

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