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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

1Q18 Capital Market Outlook

As another 7.5% decline in the Wilshire REIT Index and numerous quarters of underperformance to the various private commercial real estate and equity market indices demonstrate, being relatively cheap is not reason enough for a positive outcome.  At the recent Citi CEO conference, REIT management teams quietly bemoaned their Net Asset Value discounts and analysts and investors cried out

1Q18 Capital Market Review

After a start to the year where the equity markets moved close to hitting year-end targets in one month, volatility returned with a vengeance, spurred most likely by the release of the Employment Situation Summary on February 2nd reporting a 2.9% year-over-year increase in average hourly earnings. Everyone became a Philips Curve acolyte and fears of runaway inflation took
Ala Moana Center

Take Out or Fake Out? Brookfield’s Offer for GGP Underwhelms, For a Reason

After nearly five months of behind-the-scenes negotiations, regional mall REIT GGP Inc. (GGP, formerly known as General Growth Properties) recently agreed to be acquired by its largest shareholder (34% owner, originated from its role as plan sponsor and cornerstone investor during GGP’s bankruptcy reorganization and recapitalization in 2010, including the receipt of 57.5 million warrants with an exercise price

4Q17 Capital Market Review

Risk assets enjoyed a smooth upward ride in Fourth Quarter. Investors are learning to ignore short-term political volatility and any suspense surrounding intermediate-term uncertainty involving the next chairman of the FOMC and the Republican tax plan seemed manufactured at best. There was some passing of the baton back and forth between secular growth (FANG stocks) to cyclical (airline, oil
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

Pebblebrook Hotel Trust (PEB)

In the U.S.: The G7 summit concluded over the weekend with the joint message of reducing trade barriers. Unfortunately, tensions between US President Donald Trump and Canadian Prime Minister Trudeau regarding tariffs, led the US President to withdraw support for the G7 joint message via twitter. The German Chancellor Angela Merkel described the situation as “sobering and a bit

CyrusOne, Inc. (CONE)

In the U.S.: In retaliation to the US tariffs on steel and aluminum, Mexico imposed tariffs on pork, apples, potatoes, bourbon, and cheese. Although the tariffs are valued at approximately $3B, roughly only 1% of total exports to Mexico, they are expected to materially impact the targeted industries. REIT Focus: CyrusOne, Inc. (CONE) purchased nearly 70 acres in Mesa,

Simon Property Group (SPG)

In the U.S.: In May, the U.S. economy added 223K jobs and the unemployment rate decreased to 3.8%. Wage growth rose slightly to 2.7% y/y, as higher oil prices and faster growth globally raised demand for manufacturing and construction workers. The US imposed steel and aluminum tariffs on EU, Mexico, and Canada. Canadian Prime Minister Justin Trudeau retaliated swiftly

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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