Adelante’s investment philosophy guiding our real estate investing strategies has remained consistently focused on Net Asset Value (“NAV”) as the public market for real estate securities has matured since the mid-1990s.
- Real estate assets are the key drivers of company performance – Focusing on underlying real estate value differentiates us from many of our earnings growth-based competitors.
- Objective, on-site property research discerns the value of real estate assets – Visiting properties owned by our portfolio companies is essential to ascertain NAV.
- Comparison of stock price to real estate value is the best way to determine return opportunities for individual companies – Investing based on the premise that stock price trends toward private market value over time.
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