Adelante's investment philosophy has not changed as the public market for real
estate securities has grown and evolved in the past ten years:

We believe that real estate securities are effective vehicles for the allocation of
capital to real estate.

We believe that the best way to invest in real estate securities is to select
companies that are trading at or below the private market value of the
underlying real estate; other significant metrics include property type and
strength of management.

We believe that the public market for real estate securities is still relatively
inefficient, despite its dramatic expansion, and that there are opportunities to
create excess return through disciplined trading.