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 portfolio companies both subjectively and objectively.  We strive to meet with companies at least twice a year to review their business strategy and 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.

Given our focus on the real estate values of assets held by the portfolio companies, we take every opportunity to visit properties owned by our holdings.  Our analysts endeavor to visit every major market and more than 25% of the assets for each company within the portfolio over the course of our holding period.

Our portfolio management team has, combined, 86 years experience in real estate investment, both public and private.