Key Points
Adelante Capital Management sold 209,976 shares of BXP .
At quarter end, Adelante held 75,363 BXP shares valued at $5.1 million.
Its BXP now represents 0.3% of the fund's AUM.
According to a filing with the Securities and Exchange Commission on Feb. 17, Adelante Capital Management LLC disclosed a sale of 209,976 shares of BXP(NYSE:BXP).
- Sold 209,976 shares of BXP
- Post-trade, Adelante held 75,363 of BXP valued at $5.1 million
- BXP stake now represents 0.3% of the fund’s AUM
What else to know
- Top five holdings after the filing:
- NYSE: WELL: $186.7 million (12.6% of AUM)
- NYSE: PLD: $169.8 million (11.4% of AUM)
- NASDAQ: EQIX: $97.9 million (6.6% of AUM)
- NYSE: SPG: $89.4 million (6.0% of AUM)
- NYSE: DLR: $73.7 million (5.0% of AUM)
Company overview
| Metric | Value |
|---|---|
| Price (as of market close Feb. 18) | $61.55 |
| Market capitalization | $9.8 billion |
Company snapshot
BXP is the largest publicly held developer and owner of Class A office properties in the United States, with a focus on major metropolitan markets and a diversified tenant base.
- Develops, owns, and manages Class A office properties concentrated in major U.S. markets, with a portfolio totaling 51.2 million square feet across 196 properties.
- Operates as a real estate investment trust (REIT), generating revenue primarily from rental income, property management, and development activities.
- Serves corporate tenants seeking high-quality office space in Boston, Los Angeles, New York, San Francisco, and Washington, DC.
What this transaction means for investors
Adelante Capital Management slashed its BXP holdings. At the end of the fourth quarter, it held about 75,000 shares, down from more than 285,000 shares on Sept. 30.
The value of its holdings decreased from $21.2 million to $5.1 million. Representing 0.3% of Adelante’s assets under management (AUM), it’s now one of the firm’s smallest holdings.
Adelante, specializing in real estate investment trusts (REITs), owned 42 equities worth $1.5 billion. Its five largest holdings accounted for 41.6% of its AUM, and the top 10 represented 61.6%.
Investors should note that BXP’s shares have performed poorly. The stock lost 16.8%, including dividends, over the last year through March 2. By comparison, the iShares FTSE NAREIT All Equity REIT Index Fund, a mutual fund tracking the index, returned 7.8%.
With a stubbornly weak office market, investors should use caution before making a purchase.
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Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Digital Realty Trust, Equinix, Prologis, and Simon Property Group. The Motley Fool has a disclosure policy.
