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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

3Q17 Capital Market Outlook

Third Quarter 2017 is the fifth in a row that the Wilshire US REIT Index has underperformed the S&P 500 Index, an unprecedented losing streak based primarily on the assumption that deregulation and tax cuts at home and a broad based economic recovery abroad will jump start an economy (and earnings) in its eighth year of expansion, leading to

3Q17 Capital Market Review

Global synchronous recovery seems to be the financial community’s mantra for 2017, used to ward off evil spirits associated with tightening monetary policy, particularly in the US. Although Balkanization across the globe and climate change pose great long-term threats, their symptoms (Charlottesville, Catalonia and the severity of Hurricanes Hugo and Irma) resulted in only short-term market volatility and, thus

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
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

RLJ Lodging Trust (RLJ)

In the U.S.: November nonfarm payrolls increased 228K versus October’s downwardly revised 241K increase. The unemployment rate remained unchanged at 4.1% and wages disappointed with average hourly earnings increasing only 0.2% m/m versus the 0.3% m/m expected. REIT Focus: RLJ Lodging Trust (RLJ) announced the expansion of its relationship with Interstate Hotels and Resorts. Once the transaction is completed,

Alexandria Real Estate Equities, Inc. (ARE)

In the U.S.: As of midday Friday, the GOP’s tax overhaul seems to have the votes necessary to pass. Of note, Senator Bob Corker’s plan to include tax increases to offset the deficit impact was rejected, while a $10,000 deduction for state and local property taxes was added to the bill. Former Trump national security advisor, Michael Flynn, plead

Select Income REIT (SIR)

North America In the U.S.: Fed Chair Janet Yellen stated that the economy is “reasonably close” to the central bank’s dual mandate of maximum employment and price stability. However, while Yellen expects inflation to move back up over next year or two, she was “very uncertain” about this and the extent to which transitory factors are depressing inflation. The

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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