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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
department stores

Department Store Disappearing Act Continues

Macy’s shook the retail real estate world last August, announcing plans to close approximately 100 full-line stores in early 2017 as department store sales continued their secular drift on-line, away from apparel (electronics and experiences) and into other more nimble competitors (fast fashion). Macy’s revealed specific locations slated for closure this week following another disappointing holiday selling season and
Close-up of a compass on stock market data chart

3Q16 Capital Market Outlook

The Wilshire US REIT Index hit its peak on August 1 and has since been on a steady decline in absolute and relative terms versus both the S&P 500 and the Russell 2000 Indices. During the same time period, the yield on the 10-Year Treasury Note has moved upward from 1.458% to 1.608%; perceived as being interest rate sensitive,
finance analysis report on desk top

3Q16 Capital Market Review

Brexit, Schmexit. To reverse paraphrase Ron Burgundy, that de-escalated quickly!  Brexit, an event that was touted as the end of the EU, quickly receded into the background as investors shifted from “the sky is falling” mode to “wait and see.” While fall-out day one was immediate with the S&P 500 Index down 3.6%, the recovery was nearly as quick;
SPG & GGP

SPG & GGP Call an Audible on Aéropostale

Mall REIT juggernaut Simon Property Group (“SPG”) and General Growth Properties (“GGP”) called an audible last week in a last ditch effort to save bankrupt retailer Aéropostale from liquidation. A group ostensibly led by SPG and GGP successfully bid $243.3 million at auction, beating a credit-bid of $150 million where the most likely outcome was the shuttering of the
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

Self Storage Summit

In the U.S.: December retail sales up 0.6% m/m versus November’s upwardly revised 0.2% m/m reading. Solid growth in automobile sales as well as gasoline were the main contributors to the better reading. Following Donald Trump’s press conference on Wednesday, the pharmaceutical industry lost almost $25B in just 20 minutes on the warning that Mr. Trump’s administration would push drug prices

Hilton Spinoffs

In the U.S.: December private payrolls increased 153K versus November’s 215K reading and nonfarm payrolls were 156K versus November’s revised 204K reading. Although, both results missed the estimates the last payroll reports for the Obama administration demonstrated that the U.S. labor market experienced seven years of growth. REIT Focus: Hilton Worldwide Holdings Inc. (HLT) announced the completion of the spinoffs of Park Hotels

Sanctions against Russia or ‘move on’?

In the U.S.: The Obama administration announced a series of sanctions against Russia, in retaliation to Russia’s cyber interference with the presidential elections. The sanctions include the expulsion of 35 Russian intelligence operatives, the closing of two Russian owned government entities in Maryland and New York, and further covert actions that would not be made public. In turn, Moscow

Domestic Real Estate 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 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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