Adelante's primary investment focus is the value of the underlying assets ("Net
Asset Value") of each company. We dissect the income statements, balance
sheets and cash flow statements to identify the components of underlying Net
Asset Value. We evaluate macro economic trends, transaction activity, potential
for organic growth and sustainability of real estate specific locations. Additionally,
we will perform sensitivity analyses to changes in interest rates, loan to value
and debt service coverage to assess financial risk, which in turn will result in
incremental additions to or subtractions from Net Asset Value.

Adelante evaluates the management of companies both subjectively and
objectively. We strive to meet with companies at least twice a year to review
their business strategy and daily operating procedures. As an objective measure,
we are constantly monitoring each company's return relative to its peers in order
to invest in the best real estate operators.

Our three analysts have, combined, 48 years of experience in real estate
investment, both public and private.