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Alternative Market Briefing

Real estate securities add value for investors

Friday, September 14, 2012

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Michael Torres
Bailey McCann, Opalesque New York:

Michael Torres is a real estate security specialist. His firm, Adelante Capital is based out of California, and has $2.2b in assets under management. "Adelante Capital Management is a real estate securities investor, it is all we do. We are trying to bring real estate returns to our clients by owning property stocks. The advantage of doing that is our clients have the look into the property markets but also the liquidity of the liquid markets. We use a net asset value approach that we really look at as if we are buying buildings today for our clients and I think that is one of the most attractive parts, so great assets that trade on New York Stock Exchange today," explains Torres in a recent Opalesque TV interview.

In addition to managing money, he also developed the Wilshire Real Estate Securities Index, And has been a mortgage lender on large commercial real estate portfolios. He notes that after the collapse of the market In 2008, the industry and the banking system itself has been helped by "transparency that we have into a very large portfolio of owned assets, comparables." This allows investors today to focus more on quality.

"Real estate securities is probably one of the leading assets today at the midway mark in most investors’ portfolio that have been incorporated though. And so we are now seeing that we are within 5% of the 2007 highs," he says.

In fact, Torres sees positives in the ......................

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